EPP and Henderson Park form a new property joint venture

Posted On Tuesday, 25 June 2019 14:41 Published by
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EPP, the JSE-listed leading Polish property company, and Henderson Park, the pan-European private equity real estate platform, have formed a new joint venture.

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Henderson Park has acquired a 70% interest in a portfolio of 11 office buildings from EPP, which will retain the remaining 30% stake in the portfolio and continue to manage the assets, in partnership with Henderson Park’s experienced asset management team.

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All 11 office buildings are newly built and located in tier one cities in Poland.

Hadley Dean, CEO of EPP, said: “This partnership will allow Henderson Park and our office tenants to benefit from our know-how and experience as they continue to enjoy office management services of unparalleled quality. At the same time, it allows us to focus on our stated strategic goals involving our retail portfolio. We believe this is the best solution for our tenants and our shareholders”.

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Nick Weber, Founding Partner of Henderson Park, commented: “This transaction marks our entry into the Polish market, where we see great potential, and at an attractive entry level. Structuring this deal alongside a listed company fits well with our ethos of finding unique and innovative ways to access real estate investment opportunities on behalf of our clients. We look forward to both working alongside EPP, an experienced blue-chip company, to manage these institutional quality office assets, and expanding our partnership in the years to come.”

The fully let portfolio comprises 100 000sqm of primarily brand-new Grade A office space across eleven buildings, all of which are located in top five Polish cities, as follows:

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  • O3 Business Campus in Kraków, Poland’s second largest city, comprising three 11-storey buildings totalling 55,765 sqm and 1,205 parking spaces;
  • Malta Office Park in Pozna?oland’s fifth largest city, comprising six individual buildings of five-six storeys totalling 29,065 and 599 parking spaces, and;
  • Symetris Business Park in ód, Poland’s third largest city, comprising two ten-storey buildings totalling 19,287 sqm and 383 parking spaces.

All the assets hold a BREEAM Very Good rating, offering flexible floor plates and high-quality finishes. The portfolio benefits from a diversified income base from more than 40 international and domestic tenants dominated by strong covenants such as McKinsey, Philips, Nordea Bank and Grant Thornton, with an average office area of 2,500 sqm per occupier.  Each asset occupies a strategic city centre location within its respective regional market and benefits from excellent visibility and access to a range of public transportation options.

While continuing to deliver solid growth, with GDP rising 5.1%(1) in 2018, Poland is also one of Europe’s most stable economies and presents compelling macro fundamentals with strong prospects. Coupled with a low unemployment rate and high levels of disposable income, Poland is attracting rising investment volumes while the growing presence of major international corporates has contributed towards establishing the market as a high-performing service-driven economy.

Last modified on Tuesday, 25 June 2019 14:59

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