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Real Economy News in Real Time
R/€ = 15.52 Change: 0.02
R/$ = 13.89 Change: -0.03
Au 1423.34 $/oz Change: -4.36
Pt 852.08 $/oz Change: 1.60
 
 
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EPP forms JV to manage Poland office buildings

25th June 2019 BY: Creamer Media Reporter

JSE-listed property company EPP has established a joint venture (JV) with pan-European private equity real estate platform Henderson Park, which will acquire a 70% interest in EPP's Polish office building portfolio.

EPP will retain a 30% interest in the portfolio, which comprises 11 newly built office buildings located in tier-one cities in Poland. The fully let portfolio comprises 100 000 m2 of Grade A office space.

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EPP will continue to manage the assets in partnership with Henderson’s experienced asset management team.

“This partnership will allow Henderson Park and our office tenants to benefit from our know-how and experience as they continue to enjoy office management services of unparalleled quality. At the same time, it allows us to focus on our stated strategic goals involving our retail portfolio. We believe this is the best solution for our tenants and our shareholders," EPP CEO Hadley Dean says.

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Henderson founding partner Nick Weber notes that the transaction marks the company's entry into the Polish market.
 
"Structuring this deal alongside a listed company fits well with our ethos of finding unique and innovative ways to access real estate investment opportunities on behalf of our clients. We look forward to both working alongside EPP, an experienced blue-chip company, to manage these institutional quality office assets, and expanding our partnership in the years to come,” he adds. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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