Dentons has advised Redefine Properties, the South African Real Estate Investment Trust, and EPP, the largest asset manager of retail real estate located in Poland, on the establishment of two joint ventures, which will manage a portfolio of 22 retail and three office properties. The combined gross asset value brought into the joint venture makes it the largest investment in retail sector in Poland since the outbreak of the COVID-19 pandemic and one of the largest completed so far in this segment in the country.

The completion of both transactions was conditioned by the delisting of EPP shares from the Johannesburg Stock Exchange (JSE) and Luxembourg Stock Exchange (LuxSE Euro MTF), as well as Redefine's acquisition of a controlling interest in EPP. The transaction documents were subject to Polish, Luxembourg and Dutch law.

Ultimately, the Horse JV will hold a portfolio of nine M1 and two Power Park shopping malls spread across Poland.

Community Properties JV will manage a portfolio of 11 retail properties and three office complexes located in Poland.

The parties obtained a positive decision from the President of the Polish Office for Competition and Consumer Protection, which was one of the conditions for implementing the planned concentration.

The Horse JV transaction was managed by counsel Martyna Racz-Suchocka, while the Community Properties JV project was led by partner Marceli Kasperkiewicz. Both transaction leads were supported by senior associate Arkadiusz Dębski and associates Anna Misztela, Justyna Obniska, Marcin Urbański. Partner Piotr Nerwiński advised on the investment financing aspects of the deals. Legal advice in the area of competition law was provided by partner Agnieszka Stefanowicz-Barańska and counsel Anna Gulińska.

The project was supervised by Real Estate partners Bartłomiej Kordeczka (Deputy Head of the Real Estate practice in Poland) and Jacek Jezierski.

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