EBRD buys 9.48 percent stake in Griffin Premium RE
23:02
The European Bank for Reconstruction and Development acquired a 9.48 percent stake in WSE-bound real estate firm Griffin Premium RE IPO. The transaction was worth PLN 84.4 million.
The company will begin its trading on the Warsaw Stock Exchange on April 13. After the IPO, the free float will reach around 57 percent, with existing shareholders – entities indirectly controlled by the investment fund Oaktree Capital Group holding the remainder.
“We are very pleased to become a shareholder in Griffin Premium RE, which we see as a continuation and deepening of our existing cooperation, with the EBRD having financed Griffin’s student housing development last year. Griffin Premium RE is setting an example of how to expand the market into new products and attract investor interest. It is also creating an opportunity for local investors, institutional and retail, to invest in the real estate market in Poland. This transaction is timely and fits very well with the drafting of the new Polish REIT law, and the EBRD is coordinating with the relevant Polish authorities to provide support on that,” Claudia Pendred, EBRD Director for Property and Tourism, said.
Griffin Premium IPO is valued at PLN 508 million.
