Redefine completes M1 acquisition in Europe
JSE-listed real estate investment trust Redefine Properties’ European subsidiary has completed the acquisition of the M1 Marki Commercial Centre, near Warsaw, in Poland.
As part of the transaction, Redefine will sell its 25% equity interest in Chariot Top Group – which is the sole shareholder of Chariot Group – back to the company for £55.2-million.
M1 Marki has a gross leasable area of about 47 000 m2 and comprises two main retail buildings – the M1 shopping mall and a standalone Obi do-it-yourself store – as well as three smaller buildings that comprise a Norauto car repair shop, a Burger King and a Shell petrol station.
The centre, together with the neighbouring Ikea, Decathlon, Agata Meble and Homepark Targowek retail park form one of the biggest retail clusters in Warsaw.
Redefine CEO Andrew Konig says the transaction simplifies the company’s offshore asset platform and also facilitates the exit of a minority-held investment yielding nonrecurring income in exchange for a wholly-owned asset generating recurring income.
Redefine Europe was established by Redefine in 2018 for the purpose of holding the group’s European assets.
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