JSE-listed retail property fund EPP has successfully completed an equity raise of R1.45-billion, or €90-million, to fund tranche 2 of its M1 portfolio acquisition.
The company expects to complete the transaction by June.
The equity raise was offered to investors through an accelerated bookbuild process on the JSE and Luxembourg Stock Exchange and adds a new equity investor with a stake of €75-million.
The M1 transaction adds 184 000 m2 of retail gross leasable area to EPP’s portfolio in Poland, which currently stands at 835 000 m2.
“Our strategy to invest throughout Poland’s wealthiest cities continued to be fruitful, especially in light of Poland’s expanded social programmes, which are sure to fuel consumer spending in the next year,” says CEO Hadley Dean.