SA’s largest listed property company, Growthpoint, is expanding into Poland, the biggest economy in eastern Europe. The group made a voluntary announcement on Thursday, saying that it would participate in the issue of new ordinary shares by Polish company Griffin Re (GPRE). Growthpoint would invest between €120m (R1.77bn) and €150m (R2.2bn) via its subsidiary, Growthpoint Properties International. The real estate investment trust (Reit) first entered east Europe when it spent R2.7bn at the end of 2016 on a stake in Globalworth Real Estate Investment, a Romanian company. Commentators said the investment was too small to have a strong material effect on Growthpoint’s distribution growth. Since that criticism, Growthpoint has been trying to find more deals in central and eastern Europe, and Poland has stood out as a feasible investment destination. The GPRE investment is in line with Growthpoint’s internationalisation strategy, as it wants 30% of its bottom line to be derived from offs...

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