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Andrew Konig, chief executive of Redefine, said yesterday that the portfolio was acquired from a fund managed by one of the largest US badet management companies.
Griffin Real Estate, which bought the transaction 5% of the portfolio.
Konig stated that Redefine had also entered into a five-year exclusive right of priority for a pipeline of 24 new warehousing and logistics developments with Panattoni, a market leader in the rental and development of logistics properties in Europe. It has so far developed 35% of modern industrial facilities in Poland and has developed the nine operating properties that have been acquired.
Konig reported that the development pipeline included 24 identified development opportunities, which had a total gross leasable area of 1.9 million square meters. He pointed out that Redefine would have the right, but not the obligation to acquire and develop these badets.
Konig stated that Panattoni would act as developer of the development pipeline and, in collaboration with Griffin, would fulfill the role of portfolio manager, which included leasing. "This evolution in the growing logistics sector in Poland is an excellent opportunity to expand our European brand by building an important logistics platform."
"This transaction enhances the geographic and sector diversification of our portfolio. Redefining at the end of last year has acquired a 25% strategic stake in Chariot Top Group for 907.9 million rand, giving it direct access to a 28 quality retail portfolio Prior to this, Redefine In June 2016 acquired a majority stake in EPP in what it said was the largest real estate investment transaction ever made in Poland and the largest transaction ever conducted in South Africa. income-generating real estate badets in Central and Eastern Europe
Redefining equities up 1.62% on the JSE yesterday at R1 0.68
-BUSINESS REPORT
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