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Poland's Griffin Real Estate plans spin-off IPO -sources
February 27, 2017 / 3:37 PM / in 10 months

Poland's Griffin Real Estate plans spin-off IPO -sources

WARSAW/FRANFURT, Feb 27 (Reuters) - Poland-based Griffin Real Estate plans to sell part of its asset portfolio in an initial public offering (IPO) worth about 150 million euros ($159 million) to be announced within days, market sources 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 towns.

Perhaps its most high-profile investment has been the restoration of the historic Koszyki Hall, a former city centre marketplace built in 1909. Griffin has transformed the property into an upmarket landmark with elegant restaurants, bars and office space.

“(The) IPO and a debut in Warsaw is being planned for a company carved out of Griffin Real Estate Group. It is about a portfolio of office and office-retail buildings,” a source close to the transaction said.

Three other sources confirmed the news, saying the IPO would be valued at about 150 million euros.

Germany’s Berenberg and Santander’s BZ WBK are advising on the deal, sources said.

Griffin Real Estate declined to comment. ($1 = 0.9429 euros)

Reporting by Alexander Huebner, Anna Koper, and Agnieszka Barteczko; Editing by David Goodman

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