Redefine expands in Poland
CEO hails diversification deal as a coup after Reit makes its second foray into the east European country
Redefine Properties, the blue-chip, JSE-listed diversified real estate investment trust (Reit), had advanced its geographic diversification strategy by buying a strategic 25% stake in a €1bn retail portfolio of 28 assets across Poland, said CEO Andrew Konig on Wednesday. Konig was providing details about a deal that had been alluded to a few weeks ago. At the time he was unable to elaborate on the acquisition due to European regulations and a specific lease on one of the malls. This is Redefine’s second major investment in Poland, having first entered the market early in 2016. Redefine bought its stake in the 28 assets through a consortium. Redefine acquired a 25% stake, while its two partners Pimco and Oaktree Capital Management each acquired 37.5%. Konig said that Poland offered a strong investment case and that the latest deal was a coup for Redefine. "There are solid fundamentals in place in this market driven by very strong retail sales growth of 8% and inflation of about 1%. S...
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