WARSAW, March 1 Griffin Premium RE, part of
Poland-focused Griffin Real Estate, plans an initial
public offering (IPO) in Warsaw in the first half of 2017, the
company said on Wednesday.
The planned offering will consist of newly issued shares,
with targeted proceeds of around 30 million euros as well as the
sale of existing shares by current shareholders - entities
indirectly controlled by investment firm Oaktree Capital Group.
Earlier this week sources told Reuters that Griffin Real
Estate plans to sell part of its asset portfolio in an IPO worth
about 150 million euros ($158 million) to be announced within
Griffin Premium RE operates via a Real Estate Investment
Trust (REIT) structure, which generates income mostly from
renting property and pays dividends on a regular basis.
"We plan to pay out approximately 65 percent of funds from
operations as a dividend," Dorota Wysokinska-Kuzdra, Griffin
Premium RE's CEO was quoted as saying in a statement.
Griffin Premium RE owns nine properties carved out from the
structure of Griffin Real Estate at the end of 2016, with a
market value of around 514 million euros, the company said.
Griffin Real Estate invests in the commercial real estate
market in Central and Eastern Europe. Its portfolio includes
office buildings and shopping galleries in Poland's biggest
One of its most high-profile investments has been the
restoration of the historic Koszyki Hall in Warsaw, a former
city centre marketplace built in 1909. Griffin has transformed
the property into an upmarket landmark with elegant restaurants,
bars and office space.
($1 = 0.9489 euros)
(Reporting by Agnieszka Barteczko; Editing by Louise Heavens)