EPP sells a portion of its office portfolio for R982m
Aim is to become the leading retail property company in Poland
JSE-listed landlord EPP, which is largely focused on retail assets in Poland, has sold shares in office parks in the Eastern European country for €60m (R982m).
The deal was in line with EPP’s strategy to “recycle office assets” so that it can focus on its positioning itself “as the leading Polish retail real estate company”, it said.
“The proceeds from the disposal will be used to fund future retail opportunities and to reduce EPP’s leverage,” the group said.
EPP said it had agreed to sell 70% of the shares in HP-EPP Office Venture, which owns Malta Office Park, Symetris Business Park, and O3 Business Campus A/B, to a subsidiary of the Henderson Park Private Equity Fund.
The Henderson Park Private Equity Fund is a pan-European private equity real estate fund based in London. “The fund has invested over $5bn in building a portfolio of real estate assets across Europe, primarily targeting Europe’s gateway and capital cities,” EPP said.
The deal will reduce EPP’s stake in the joint-venture company to 30%, but it will remain the asset and property manager of the properties, it said.
EPP is headed by CEO Hadley Dean. The company has primary listings on the main board of the JSE and the Euro MTF market of the Luxembourg Stock Exchange.