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Hungarian real estate investment company Appeninn is evaluating a potential listing on the Warsaw Stock Exchange following its recent acquisition of 11 retail properties in Poland worth more than EUR 100 million (USD 115 million), according to a Reuters report. The transaction strengthens the company's presence in Poland and aligns with its strategy of expanding income-generating real estate assets across Central and Eastern Europe. The acquisition also increases the value of Appeninn's Polish portfolio to more than EUR 170 million, making it one of the largest retail property transactions announced in Poland this year.
Hungarian real estate investment company Appeninn is considering a listing on the Warsaw Stock Exchange after completing its acquisition of 11 retail properties in Poland valued at more than EUR 100 million (USD 115 million), according to a person familiar with the matter.
The source, who spoke to Reuters on the condition of anonymity because the discussions are confidential, said the company is evaluating the possibility of listing its shares in Warsaw. However, Budapest-listed Appeninn declined to comment on any potential listing plans.
The acquisition of the 11 retail assets from Polish real estate operator Dekada was completed in the past week and marks another step in Appeninn's expansion strategy in Poland. The company's Chief Executive Gyorgyi Szucs told Reuters that the Dekada transaction has established a strong retail platform in Poland alongside its existing office and logistics investments.
Szucs further indicated that Poland will remain one of the company's priority markets. Appeninn plans to continue evaluating additional income-producing properties in Poland while also selectively exploring opportunities in other Central and Eastern European markets.
The latest acquisition increases the market value of Appeninn's Polish portfolio to more than EUR 170 million. The portfolio now includes office, logistics and retail assets. The company entered the Polish market in 2023 and has steadily expanded its presence since then.
The acquisition is also notable within the Polish commercial real estate market. Based on publicly available transaction data, the purchase of the 11 Dekada properties is among the three largest retail property transactions announced in Poland so far in 2026.
The expansion follows a portfolio restructuring strategy that Appeninn adopted in 2022. Under this plan, the company began divesting tourism projects, development assets and lower-yield properties while increasing investments in stable, income-generating office, retail and logistics assets across Hungary and Poland. The strategy has been aimed at improving recurring rental income and strengthening long-term portfolio performance.
The company's financial performance has reflected this transition. Between 2022 and 2025, Appeninn's rental revenue increased from EUR 8 million to EUR 23 million, while its equity grew from EUR 83 million to EUR 128 million, supported by the expansion of its income-producing real estate portfolio.
Source Reuters
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