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Redefine adds TLC in EUR 1 bln portfolio deal

Alex Hayes 08 November 2017

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Redefine adds TLC in EUR 1 bln portfolio deal
M1 in Czeladź is believed to be one of the properties in the deal
POLAND Redefine has signed a conditional contract to buy 28 retail properties as part of a consortium which includes PIMCO and Oaktree. Redefine’s stake in the portfolio will come to around 25 pct, while PIMCO and Oaktree will each hold a stake of 37.5 pct.

The seller has not been disclosed, but Eurobuild has established that it is Apollo Rida, Area Property Partners and Axa Group. The portfolio has a retail area of around 704,000 sqm. The estimated value of the deal is EUR 1 bln. Andrew Konig, the CEO of Redefine announced that the transaction should bring a return on equity of 15 pct and Redefine is looking to invest around EUR 58 mln in equity. The transaction should be finalised in February 2018. The portfolio also offers about 56,000 sqm in expansion opportunities, which Andrew Konig stated that: “with a lot of TLC they can become fantastic assets which we can capitalise on.”


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