Johannesburg, South Africa – 03 October 2018: JSE listed diversified real estate investment trust Redefine Properties has appointed Pieter Prinsloo to head up Redefine Europe with effect 1 February 2019. Prinsloo arrives from Hyprop Investments where he was the CEO.
“The new role was necessitated as Redefine advances its geographic diversification strategy through direct investment in Central and Eastern Europe. Pieter is a seasoned industry veteran with more than 21 years of relevant experience and is a fantastic addition to our leadership team,” says Andrew Konig, CEO, Redefine Properties.
“We are confident that Pieter will build on our presence in Poland and continue to expand the strong global brand that Redefine investors have come to expect. The appointment demonstrates Redefine’s strong commitment to expand its operations in Europe across different sectors.”
Redefine recently acquired 95% share in a portfolio of nine operating logistics properties located throughout Poland for €185.8 million (R2.9 billion). It has also entered into a five-year exclusive priority right involving a pipeline of 24 new warehousing and logistics developments with Panattoni, a market leader in the leasing and development of logistics properties in Europe. Redefine has the right but not the obligation to acquire and develop these assets.
Whilst Redefine will continue to work closely with its local partners, Pieter, who will be based in Europe, will be responsible for representing all aspects of Redefine’s interests in its European investments.
Konig had said during the announcement earlier this year that the move into the rapidly expanding Polish logistics sector was an exciting opportunity to expand Redefine’s European brand by building a significant logistics platform.
The Polish industrial market, which has a total supply of 13.9 million square meters of modern industrial and logistics space, is benefiting from a significant increase in demand for logistics space on the back of robust retail growth. The sector is also underpinned by strong long-term fundamentals due to recently introduced limitations on agricultural land trades, which is slowing down the development pipeline and increasing the value of zoned land holdings.
Redefine late last year acquired a strategic 25% stake in Chariot Top Group for R907.9 million, giving it direct access to a retail portfolio of 28 quality, established and well-located assets across Poland. Prior to this Redefine had acquired a majority interest in EPP, marking the largest ever real estate investment transaction in Poland, as well as the largest ever single South African transaction in Central Eastern Europe.
“We aim to continue making inroads into markets that offer sustained growth potential, both at home and abroad, and we welcome Pieter to this new role and look forward to the value he will bring to the table,” concludes Konig.