AutoWallis buys one of the most modern car salons in CEE
AutoWallis will gain possession of one of the largest and most modern BMW dealerships in the CEE region, a salon operating at Hungária körút 95, which has already been rented by a subsidiary of the Budapest Stock Exchange-listed group, according to a press release sent to the Budapest Business Journal.
Having concluded an agreement on the acquisition of DALP Kft., AutoWallis, will be further expanding its self-owned real estate portfolio. The property has already been in use by a subsidiary of the group, as Wallis Motor Pest has been renting it since 2016 when it opened one of the largest and most modern dealerships for BMW and MINI vehicles in Central and Eastern Europe, housed in a building with a floor area of more than 5,000 sqm.
Commenting on the transaction, AutoWallis CEO Gábor Ormosy emphasized that one of the important goals of the move was to increase shareholder value, given that the further expansion of the group’s real estate portfolio with a strategically located site will support the corporation’s automotive retail and related services. The CEO added that since the majority of dealerships operated by the group were self-owned, the development and resulting increase in value of such properties would be realized within AutoWallis.
The purchase price of HUF 1.54 billion was determined by an independent appraiser, and will be paid by AutoWallis relying exclusively on its own shares. Based on the earlier authorization of the corporation’s shareholders, the rate per share of the 15,400,000 shares to be newly issued as part of the contribution in kind is the stock exchange closing rate on the trading day preceding the decision, that is, HUF 100.
The new shares will be acquired by Wallis Asset Management Zrt. (WAM), which is the seller of DALP Kft., as well as the main owner of AutoWallis.
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