Redefine Properties has been expanding aggressively in Poland in recent years. And the R7.2-billion takeover of Poland's property giant, EPP earlier this year has pushed the company's exposure in that market to 41% and reduced the portion of its SA portfolio to 59%.
The owner of Blue Route Mall and the Kenilworth Centre has ploughed R2.2 billion in completed new developments in Poland and has another R2.8 billion of new developments in progress. It plans to expand even more in that market's logistics property sector.
With an economy that grew by close to 5% in the years leading to 2020, and is still expected to record a 4% growth despite the war in its neighbouring country, Ukraine, it is obvious why Redefine would want more exposure there.