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Name of the deal
Wiśniowy Business Park Acquisition by Hungary's Appeninn
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Information about the transaction
Marking its first venture outside Hungary Budapest-based listed real estate holding company Appeninn acquired four office buildings of Wiśniowy Business Park (WBP) from Cherry MidCo B.V, in March 2023. A prestigious address in Warsaw’s Mokotów district, the buildings offer a total of 39,534 sqm of modern office space and 1,272 parking lots, housing major tenants like Bank Pekao, Janssen Cilag, Westminster Bank, Johnson & Johnson, Assa Abloy and Vaillant. Refurbished in 2017, the office buildings are a testament to modern architectural design and sustainability, holding BREEAM In-Use ‘Very Good’ certification. The acquisition has been pivotal for Appeninn's portfolio diversification strategy, with plans for more acquisitions and refurbishments to develop its core business portfolio. Indotek Polska, a subsidiary of Hungary’s Indotek Group, manages the asset. In Q2 2023, Indotek finalized multiple prime lease renewals in WBP, solidifying Appeninn's new ownership of the business park.
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The date of closing the deal
March 10, 2023
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Value of the transaction (in EUR)
40000000
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Yield
0
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Seller, plus brief information about the company
Cherry MidCo B.V., a Netherlands-based company was the previous owner of the four buildings in Wiśniowy Business Park.
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Consultancy which advised Seller
NA
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Purchaser, plus brief information about the company
Appeninn is a Hungarian asset management holding listed on the BSE, in the premium category since 2010. The holding manages over EUR 180 million worth of assets. The acquisition of WBP is its first acquisition abroad and a milestone in its portfolio diversification strategy. Appeninn embarked on a transformative journey in 2022 when it redefined its investment strategy by offloading its stock of low-performing development assets and acquiring high-performance commercial real estate.
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Consultancy which advised Purchaser
Commercial: Cushman & Wakefield, Tax and Financial: TPA, Technical: Arcadis, Legal: Allen & Overy
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Financing institution
Fully self-financed
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Current occupancy level
80
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Please say why this deal should be considered for the award
This acquisition is a landmark transaction in Poland's office market for the year, spotlighting a premier facility in Warsaw's distinctive office landscape. For Appeninn, it's not just an acquisition — it's their inaugural international endeavor and a monumental stride in portfolio diversification. Wiśniowy Business Park stands out with its state-of-the-art facilities, elite tenant roster, and sustainable architecture, all under the trusted management of Indotek Polska,a member of Indotek Group.
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