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12th February, 2018

Appeninn acquires Andrássy palace

Real estate property manager Appeninn has purchased a 100% stake in Plaza House, which indirectly owns the “A” category Andrássy Palace office building on Andrássy út, for €7 million.

The neo-renaissance Andrássy Palace, across from the House of Terror museum, was commissioned by Count Gyula Andrássy in 1878.

The asset management unit of Konzum holding will lend Ft 622 million for the transaction to be closed by April.

Appeninn will pay Konzum with shares, the issue price of which will be Ft 660, the same as Friday’s closing price.

Both companies are owned in part by Felcsút mayor Lőrincz Mészáros.

The property company plans to generate a 7% return on annual rents.

Appeninn completed the acquisition of another building on Andrássy street earlier this year, while last week it announced the acquisition from Erste asset management of 18 properties currently leased to retailer Spar.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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