News Article Appeninn Budapest Hungary investment Konzum office retail Spar
by Import Sys | Investment

Appeninn Nyrt. announced the purchase of a historic building in the centre of Budapest for €7 million through the acquisition of holding company Plaza House. Dávid House, located on Andrássy Road and formerly known as Andrássy Palace, has 2400 sqm GLA. It was transformed into a Class A office building in 2001.

Appeninn will utilize the building by leasing it, from which the management hopes to realize an annual yield of over 7%. To help finance the purchase, holding company Konzum, which announced it would acquire a majority in Appeninn last year, is providing a €2 million loan.
The previous day Appeninn announced the acquisition of 18 commercial properties currently leased by supermarket chain Spar for €14.5 million (HUF 4.5 billion) from two Erste funds (Erste Real Estate Fund and Erste Euro Real Estate Fund). The properties will generate an annual yield of 12.73%, Appeninn said.