Horse was established in March 2022 as a 50/50 joint venture between Redefine Properties and PIMCO with a target portfolio of 11 retail assets with a total GLA of 439 thousand sqm.
The transaction is divided into two stages - in March 2022, the platform acquired 9 M1 shopping centres previously owned by EPP (8 M1 locations across Poland) and Redefine Properties (M1 Marki). The entire process is planned to be completed in Q4 2022, when Horse JV will acquire 2 additional Power Parks.
The investment strategy of Horse JV is to provide long-term, stable returns on yielding assets to shareholders. EPP continues to be responsible for the management and leasing of the assets.
Establishing of the Horse JV is the biggest transaction on retail market in Poland and CEE since the COVID breakout. The transaction was a key part of implementing EPP’s new strategy. It was preceded by the delisting of EPP from the Johannesburg Stock Exchange and the acquisition of a controlling interest in EPP by Redefine Properties.
Griffin Capital Partners acted as the transaction manager and shall further support Horse JV for the benefit of the Investors.