The South African investor Redefine aims to expand Echo’s portfolio by more than €1bn over the next two to three years, according to Griffin Real Estate co-owner Maciej Dyjas. In the Polish market’s biggest ever transaction, Redefine acquired 85 percent of Griffin’s Echo Investment standing portfolio in Poland, worth €1.35m. He added that Echo’s current portfolio offers development opportunities, especially expansions of existing projects, but the company is also considering some greenfield developments.
“Projects will be financed with Griffin in-house equity,” Dyjas said adding that forward-purchase agreements make an alternative source of financing of its developments. He said Griffin is expected to see some fresh capital inflow within the next two years, with its plans of dual-listing. “Most likely it will be looking for an IPO in Luxemburg and in South Africa,” he added.
