Largest real estate transaction in Poland completed

Redefine Properties, Griffin Real Estate and Echo Investment have signed a Polish commercial property deal, estimated at EUR 1.2 billion. It is the largest ever real estate investment transaction in Poland. Moreover, it is the largest ever single transaction of income generating real estate assets in Central Eastern Europe. "The 18 properties tick all the boxes from an investment perspective and allow us to take advantage of what will be positive yield carry. This deal moves the needle as economic growth is driving demand for office space in Poland and opportunities in retail are even more exciting, as disposable incomes have improved in step with economic growth," said Redefine’s executive Chairman Marc Wainer. A significant benefit of the agreement is further complemented by a right of first offer on over EUR 500 million worth of newly developed properties from the large retail and office development pipeline of Echo, with more than 80 percent of the projects expected to be delivered within the next two years.