Appeninn, an interest of Lőrinc Mészáros, a billionaire businessman with ties to Prime Minister Viktor Orbán, is buying 18 real estates from two Erste investment funds. The current tenant of said properties is retail chain Spar. Appeninn shares soared on the back of the news on the Budapest Stock Exchange (BSE) on Thursday.
The Supervisory Board of fund management company Erste Alapkezelő Zrt. has approved the sale of 18 commercial real estate by two Erste investment funds (Erste Real Estate Investment Fund and Erste Euro Real Estate Investment Fund) to Appeninn Asset Management Holding, the buyer announced in a statement on the website of the BSE.
A tranzakció értéke 14,5 millió euró, azaz megközelítőleg a 4,5 milliárd forint.
The total transactional value of said purchase is EUR 14.5 million, nearly HUF 4.5 billion.
The expected total annual rental income after the tenancies is EUR 1,845,475 per annum (HUF 572 million) which is a 12.73%-annual return related to the total transactional value.
The transaction makes Appeninn the owner of over gross 18,000 square metres of commercial area, as well as nearly 80,000 sqm of pertaining plots and slightly more than 1,200 parking spaces.
The current transaction is the next step of a growth strategy announced earlier by Appeninn Holding’s new owner, by which the company’s portfolio is to be expanded by high-profitability offices and commercial real estate
, the company said in a statement.
It was revealed last August that Konzum, an interest of gas-fitter turned mayor and billionaire businessman Lőrinc Mészáros, and its private equity arm Konzum PE acquired a stake in Appeninn. At that time, Konzum CEO Gellért Jászai told business daily Világgazdaság that they consider Appeninn to be another key member of the group besides Konzum and Opus. HE added that Appeninn would be assigned the task to manage and develop the group’s real estate portfolio and that they would also focus local property acquisitions and potential foreign real estate investments in this company. In order to make sure the company is on the radar of foreign investors as well, its portfolio should be five times its present size and that is the direction they would like to go, Jászai added.
According to Portfolio’s sources, Erste initiated the transaction, and Spar had little to do with it. The reason why Appeninn was chosen was that it made an acceptable offer.
The announcement in question means only a property market transaction, in which only the ownership structure of said real estate changed, whereas the tenant remains SPAR Magyarország Kereskedelmi Kft.. This transaction does not affect the operation of our stores in any way
, Spar Hungary told Portfolio.
Appeninn soared by 15% to HUF 660 per share after the announcement.
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