EPP has increased its equity interest in the joint venture that owns the M1 shopping centre portfolio in Poland to 59.4%. The shareholder structure has been simplified and a new investor, RMB Investments and Advisory Proprietary Limited (RMBIA), has joined the venture. The three shareholders are now EPP (59.4%), RMBIA (23.1%) and Redefine Europe (17.5%).
"The larger stake in M1 reflects our belief in the potential of these centres to generate higher value. We are very pleased that RMBIA has joined the venture's capital structure as a new partner and appreciate that it sees the same opportunity in the portfolio's future," said Tomasz Trzósło, CEO of EPP.
The partners plan to focus on further refinement of the tenant line-up, a broader leisure offer, modernisation and an increase in gross leasable area across the nine M1 centres. Decisions on individual locations will be guided by their long-term prospects.
The M1 centres have recently undergone changes to their tenant mix and overall offer, reinforcing their position as shopping destinations for local communities.
