Investment in an IPO of a Netherlands-based and Dutch law governed real estate investment trust ("REIT"), Griffin Premium RE..N.V. (the "Company"). The IPO enabled the Company to diversify its shareholding base and attract further capital for expansion. Post money, the Company owns a seed portfolio of 9 income producing real estate assets (6 pure offices and 3 high-street mixed-use), a 25% equity stake with right of first offer in 3 office assets under development, and 100% equity stake in one forward purchase office asset under development. The assets are located across Poland.
The investment enabled the Company to create a Dutch law governed REIT-like vehicle, as a new asset class in Poland, and the first such instrument to be listed on the Warsaw Stock Exchange, ultimately aiming to become the first REIT operating under the new Polish REIT law, expected to be adopted in 2018.
The transition impact of the project comes from the demonstration effect of a new investment product introduced on the Warsaw Stock Exchange, the policy dialogue pursued by the Bank on the draft REIT law and the corporate governance improvements in the Company. The REIT will be a new asset class in Poland (particularly attractive to both retail investors and pension funds) and will therefore contribute to the development of the Polish capital market, giving Polish investors access to the domestic property sector.
The Project is expected to have a strong demonstration effect and replication potential in Poland and across Central and Eastern Europe.
GRIFFIN PREMIUM RE BV
Pre IPO, the Company was indirectly controlled by funds managed by Oaktree Capital Group LLC, a global alternative investment management firm listed on the New York Stock Exchange. After the IPO, the free float reached around 57%, with existing shareholders holding the remainder. In December 2017, the Company attracted Globalworth Real Estate Investments Ltd as a strategic investor that will support its strategy and further expansion across Poland.
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Environmental and Social Summary
The results of the environmental due diligence confirm that the existing assets are in compliance with the environmental, building safety, life and fire safety regulations, as well as legal compliance with disability access provisions, presence of harmful construction materials, energy performance and resources efficiency. Given that the relevant legal requirements in Poland are aligned with the EU standards, the risks related to the operation of these assets are limited. The Environmental and Social Action Plan ("ESAP") developed for the Company is to formalise a standardised environmental and social management system for future acquisition, redevelopment and operations of their assets.
The EBRD will monitor the Company's environmental and social performance and compliance with ESAP through review of annual reports, and monitoring visits as required.
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