Redefine Properties to buy 25% stake in another Polish retail portfolio
Redefine Properties, the second largest SA-based property group, is due to expand its offshore property platform with another foray into Eastern Europe. It will acquire a 25% stake in a €1bn retail portfolio of 28 well-established assets in Poland. CEO Andrew Konig said on Monday that Redefine would co-invest in a consortium with American investment management firm, Pacific Investment Management Company (Pimco), and American asset manager Oaktree Capital Management, each of whom would have 37.5% of the portfolio being acquired. Key locations in the portfolio stretch from Warsaw to growing regions across the country, such as Krakow and Silesia, said Konig. Redefine Properties is just one of several South African real-estate landlords that have invested in Eastern Europe in the past three years. As much as 40% of the SA listed property sector’s asset base is offshore, and half of this 40% is in Eastern Europe. The likes of Resilient REIT, Fortress Income Fund, Tower Property Fund, Nep...
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