PL

EPP raises EUR 90 mln for second tranche of M1 portfolio

Investment & finance
POLAND EPP has raised ZAR 1.45 bln (app. EUR 90 mln) for the second tranche of its acquisition of the portfolio of M1 shopping centres (also known as the Chariot portfolio) across Poland.

The EUR 222.5 mln transaction, which is expected to be completed in June, covers the transfer from Chariot Top Group of M1 Bytom, M1 Czestochowa, M1 Radom and Power Parks in Kielce, Olsztyn and Opole, totalling 184,000 sqm gla and with a combined net operating income of EUR 16.3 mln.

The equity raise was done through an accelerated bookbuild process that took place on the Johannesburg and Luxembourg stock exchanges on April 24th. The initial target from the issue of new ordinary shares had been ZAR 1.20 bln.

Chariot Top Group, an SPV created and co-managed by Griffin Real Estate, originally bought 28 Polish retail properties in late 2017 from Apollo-Rida, Ares Property Partners and Axa Group for app. EUR 1 bln. Twelve of these were then sold on to EPP for EUR 692 mln. These include those bought in the second tranche (mentioned above and the subject of the latest equity raise), as well as those in the first tranche of the deal – EUR 358.7 mln for M1 Czeladź, M1 Kraków, M1 Łódź and M1 Zabrze (194,400 sqm gla) – which was finalised in January 2018. The third and final tranche, EUR 109 mln for M1 Poznań and Power Park Tychy (68,100 sqm gla), is expected to be completed in June 2020.

Griffin Real Estate also owns or manages the assets of Pimco, Oaktree, Redefine through their ownership of EPP.


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