Appeninn significantly expanded its Central European property portfolio in the first half of 2026 and immediately after the period, with two Polish acquisitions lifting the group’s real estate holdings to more than €290 million.
The Hungarian-listed property company first acquired a 56,000 sqm logistics centre in Tarnów in February, leased to Goodyear under a long-term agreement. Shortly after the end of the first half, Appeninn completed another Polish transaction worth more than €100 million, acquiring the DEKADA retail portfolio.
The two deals have taken the value of Appeninn’s Polish assets to around €170 million, giving the company exposure across all three of its strategic segments: offices, logistics and retail.
DEKADA deal adds €10 million in annual rent
The July DEKADA acquisition included seven retail parks and four shopping centres with around 53,000 sqm of gross leasable area. The portfolio is 95% occupied and generates more than €10 million in annual gross rental income.
Following the transaction, Appeninn’s total portfolio increased from more than 180,000 sqm at the end of June to above 230,000 sqm, while its market value rose from over €191 million to more than €290 million.
Rental revenue rises 5%
Rental income increased 5% year-on-year to €11.339 million in the first six months, driven primarily by the addition of the Tarnów logistics asset. Operating profitability remained stable despite a stronger Hungarian forint negatively affecting consolidated after-tax results.
Direct contribution reached €7.487 million, while EBITDA excluding property revaluation effects was €6.913 million. Adjusted EBITDA margin remained above 60%.
During the first half, Appeninn also sold lower-yielding properties and assets no longer considered part of its strategic focus, while reallocating capital toward larger regional investments.
