Griffin Real Estate subsidiary Chariot Top Group BV signed a preliminary agreement to acquire the “M1 Portfolio” for circa €1 billion. Sellers are funds managed by Ares Management L.P., AXA Investment Managers – Real Assets and Apollo Rida.
The portfolio comprises 28 retail properties, including nine M1 shopping centres and has a total GLA of about 704,000 square metres. The acquisition will be partially financed with approximately €635 million of bank debt.
Following the closing of the transaction Griffin, backed by a consortium of Oaktree Capital Management, Pacific Investment Management Company (PIMCO) and Redefine Properties, will re-sell a part of the portfolio to EPP for €692 million. According to Redefine, the company’s stake in the portfolio will come to around 25%, while PIMCO and Oaktree will each hold a stake of 37.5%.
The portfolio, which will be forwarded to EPP, comprises twelve retail properties.
