The asset management company closed the sale of its 51% share in Solum-Invest Ltd. That was the last unit in its tourism-related portfolio.
Appeninn Plc. entered the field of tourism in 2019 by acquiring the developer company Pro-Mot Hungária Ltd., which started to refurbish the famous communist party resort Club Aliga at lake Balaton. Later obtained 76% of the company operating the Balatonfüred port. Appeninn aimed to develop ports and construct hotels in several areas around the lake.
However, the asset management firm decided to focus on its core commercial real estate business in early 2022 and step-by-step sold all shares in different project companies. Appeninn’s new management now sees tremendous opportunities in the CRE sector in CEE and SEE regions. The value of its property portfolio exceeds €118 million.
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