Acquisition by Redefine Properties over 75 % in newly established real estate company Echo Polska Properties. Griffin Real Estate – a company managing Redefine’s Polish assets – was an architect of the deal.

Echo Investment S.A. is one of the biggest Polish real estate developer and one of the largest ones operating in CEE. Echo invests in four main sectors of the real estate market: residential, retail, office, and hotel. Since 1996, the company has been quoted on the Warsaw Stock Exchange. It has finalized over 120 projects in several dozens of Polish cities with an aggregate area of 1 100 000 sqm.
Since 2015 Echo Investment S.A. is a part of a dynamically developing capital group Griffin Real Estate – Oaktree – PIMCO.
Name of the deal Acquisition by Redefine Properties over 75 % in newly established real estate company Echo Polska Properties. Griffin Real Estate – a company managing Redefine’s Polish assets – was an architect of the deal.
Value of the transaction (in EUR) The value of Echo Polska Properties assets was 1.2 billion Euro. Under the deal, Redefine Properties Limited bought 75% shares in Echo Polska Properties, a newly established holding company controlling all yielding commercial assets of Echo Investment, i.e. the office and retail asset portfolio. The remaining 25% of shares remained with Echo Investment. The deal was the single largest offshore property deal in CEE market and the biggest transaction in the first half of this year.
Yield Confidential
Seller, plus brief information about the company Echo Investment S.A. is one of the biggest Polish real estate developer and one of the largest ones operating in CEE. Echo invests in four main sectors of the real estate market: residential, retail, office, and hotel. Since 1996, the company has been quoted on the Warsaw Stock Exchange. It has finalized over 120 projects in several dozens of Polish cities with an aggregate area of 1 100 000 sqm.
Since 2015 Echo Investment S.A. is a part of a dynamically developing capital group Griffin Real Estate – Oaktree – PIMCO.
Consultancy which advised Seller Echo Investment’s advisors were JLL and UBS bank, responsible for transaction advisory, Weil, Gotshal & Manges, responsible for legal advisory, EY responsible for tax advisory, Linklaters, Gleeds, Hill and WSP responsible for vendor due diligence and CBRE responsible for valuation of the Echo Investment’s assets for the transaction’s purposes.
Purchaser, plus brief information about the company Redefine Properties Limited - a South African REIT - is one of the Top 40 companies listed on the Johannesburg Stock Exchange. It manages the assets worth of 65 billion ZAR (ca. 4 billion EUR). The company has been quoted on the Johannesburg Stock Exchange since 2000 and has been systematically increasing its value since.The company’s portfolio includes office, retail and industrial assets. Besides South Africa, the group is present on the Australian market. Furthermore, Redefine invests on the German and British markets through Redefine International PLC – a fund quoted on the London Stock Exchange.
Consultancy which advised Purchaser Java Capital, Savills and law firms Pinsent Masons; Cliffe Dekker Hofmeyr and Kochański Zięba & Partners were Redefine’s advisors.
Financing institution N/A
Current occupancy level Occupancy rate varies depending on a building
Please say why this deal should be considered for the award The companies involved in the deal have created the first investment fund comprising Poland-based real estate assets and operating similar to REIT funds.
The deal was the single-largest offshore property deal in CEE market and the biggest transaction in the first half of this year.
Acquiring 75% stake in Echo Polska Properties was Redefine Properties' first major investment in Poland and will become a springboard for its further expansion.
On the other hand, setting up Poland's first REIT has been a real breakthrough in the country's real estate sector. As the first entrant to the market, EPP has all chances to become the dominant player and its success may speed up adopting legal framework that will facilitate such funds' operation. Also, EPP is the first Poland-originated real estate company listed on foreign stock exchanges – in Johannesburg and Luxembourg.
Name of the deal
Acquisition by Redefine Properties over 75 % in newly established real estate company Echo Polska Properties. Griffin Real Estate – a company managing Redefine’s Polish assets – was an architect of the deal.
Value of the transaction (in EUR)
The value of Echo Polska Properties assets was 1.2 billion Euro. Under the deal, Redefine Properties Limited bought 75% shares in Echo Polska Properties, a newly established holding company controlling all yielding commercial assets of Echo Investment, i.e. the office and retail asset portfolio. The remaining 25% of shares remained with Echo Investment. The deal was the single largest offshore property deal in CEE market and the biggest transaction in the first half of this year.
Yield
Confidential
Seller, plus brief information about the company
Echo Investment S.A. is one of the biggest Polish real estate developer and one of the largest ones operating in CEE. Echo invests in four main sectors of the real estate market: residential, retail, office, and hotel. Since 1996, the company has been quoted on the Warsaw Stock Exchange. It has finalized over 120 projects in several dozens of Polish cities with an aggregate area of 1 100 000 sqm.
Since 2015 Echo Investment S.A. is a part of a dynamically developing capital group Griffin Real Estate – Oaktree – PIMCO.
Consultancy which advised Seller
Echo Investment’s advisors were JLL and UBS bank, responsible for transaction advisory, Weil, Gotshal & Manges, responsible for legal advisory, EY responsible for tax advisory, Linklaters, Gleeds, Hill and WSP responsible for vendor due diligence and CBRE responsible for valuation of the Echo Investment’s assets for the transaction’s purposes.
Purchaser, plus brief information about the company
Redefine Properties Limited - a South African REIT - is one of the Top 40 companies listed on the Johannesburg Stock Exchange. It manages the assets worth of 65 billion ZAR (ca. 4 billion EUR). The company has been quoted on the Johannesburg Stock Exchange since 2000 and has been systematically increasing its value since.The company’s portfolio includes office, retail and industrial assets. Besides South Africa, the group is present on the Australian market. Furthermore, Redefine invests on the German and British markets through Redefine International PLC – a fund quoted on the London Stock Exchange.
Consultancy which advised Purchaser
Java Capital, Savills and law firms Pinsent Masons; Cliffe Dekker Hofmeyr and Kochański Zięba & Partners were Redefine’s advisors.
Financing institution
N/A
Current occupancy level
Occupancy rate varies depending on a building
Please say why this deal should be considered for the award
The companies involved in the deal have created the first investment fund comprising Poland-based real estate assets and operating similar to REIT funds.
The deal was the single-largest offshore property deal in CEE market and the biggest transaction in the first half of this year.
Acquiring 75% stake in Echo Polska Properties was Redefine Properties' first major investment in Poland and will become a springboard for its further expansion.
On the other hand, setting up Poland's first REIT has been a real breakthrough in the country's real estate sector. As the first entrant to the market, EPP has all chances to become the dominant player and its success may speed up adopting legal framework that will facilitate such funds' operation. Also, EPP is the first Poland-originated real estate company listed on foreign stock exchanges – in Johannesburg and Luxembourg.

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