Appeninn Acquires Andrássy Palace

  • 13 Feb 2018 10:03 AM
  • Hungary Around the Clock
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.

  • How does this content make you feel?

XpatLoop Media Partner

Hungary Around the Clock

Since 1995 Hungary Around the Clock has proven to be one of the most comprehensive sources of daily English-language news about Hungary. It covers ongoing domestic politics and foreign relations, as well as business and economic matters. For a free trial of HATC visit www.hatc.hu and click on 'Free Trial Subscription’.

Explore More Reports

  • Real Estate Market Activity Strong In May

    Real Estate Market Activity Strong In May

    • 17 Jun 2021 10:31 AM

    Estimates by real estate broker Duna House show the strongest May real estate market activity in years, with a 5% increase in sales compared to 2019 and a nearly 70% increase compared to last year's low point caused by the first wave of COVID.

  • Iconic 'Whale' Building in Budapest to be Renewed

    Iconic 'Whale' Building in Budapest to be Renewed

    • 9 Jun 2021 8:45 AM

    State tourism agency MTÜ is renewing the Bálna (“Whale”) exhibition centre in the Ninth District in Budapest for a net Ft 2.6 billion, according to the EU public procurement website.

  • Budapest Buys Back Historic Rác Baths

    Budapest Buys Back Historic Rác Baths

    • 1 Jun 2021 10:18 AM

    Budapest metropolitan council’s spas company has made a successful bid to repurchase properties housing the city’s historic Rác Baths, the council said.