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Report: South Africa's Redefine, partners establishing Polish REIT

SouthAfrica-based Redefine PropertiesLtd.'s new REIT in Poland is set to launch "as soon as"regulatory work is concluded regarding the establishment of domestic REITS inthe country, Property Investor Europereported.

Thenews outlet cited Maciej Dyjas, co-CEO of Griffin Real Estate, as saying thatthe new joint venture REIT is slated to increase its AUM by €1 billion in up tofour years.

GriffinReal Estate, which partneredwith Redefine Properties and Echo Investment, will manage the REIT, Dyjas toldPolish news agency PAP, according to the report. Redefine Properties, GriffinReal Estate and Echo Investment are jointly establishing the REIT.

Asreported previously,Redefine Properties snapped up a 75% stake in Echo Investment in what wascalled Poland's largest-ever real estate transaction. Redefine Chairman MarcWeiner indicated that the acquired properties could be spun off into a separateREIT.

TheWarsaw Stock Exchange was subsequently reportedto be working toward the establishment of domestic REITs in the country.

Dyjassaid the new REIT could debut on the Johannesburg stock exchange and on anundisclosed western European bourse by 2017-end, the PIE report said.