Redefine acquires M1 Commercial Centre
Redefine completes European acquisition in order to simplify its offshore asset platform.
Redefine Properties’ European subsidiary has completed the acquisition of the M1 Marki Commercial Centre near Warsaw in Poland.
Redefine Europe was established by Redefine in 2018 for the purpose of holding the group’s European assets. The JSE-listed real estate investment trust will sell its 25 percent equity interest in Chariot Top Group back to the company for £55.2 million.
M1 Marki has a gross leasable area of about 47,000m2 and includes 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 is one of the biggest retail clusters in Warsaw alongside the neighbouring Ikea, Decathlon, Agata Meble and Homepark Targowek retail park.
Redefine chief executive Andrew Konig says the transaction simplifies the company’s offshore asset platform and also facilitates the exit of a minority-held investment yielding non-recurring income in exchange for a wholly-owned, asset-generating recurring income.