The shares of Griffin Premium RE.. have made their debut on Warsaw Stock Exchange on 13th of April 2017. JLL has acted as independent financial advisor and real estate advisor in the IPO process. JLL worked in the team together with Bank Zachodni WBK S.A. and Joh. Berenberg, Gossler & Co. KG, who were the global coordinators and joint bookrunners, and Dom Maklerski BOŚ S.A. who acted as co-lead manager.
Griffin Premium RE.. is a carve-out vehicle created by Griffin Real Estate, a leading investor on the commercial property market in Poland. The company is structured as a real estate investment trust ( REIT) and operates in Poland. It is the first REIT-type company listed on Warsaw Stock Exchange. The offering represents the largest IPO on the Warsaw Stock Exchange since December 2013. Griffin Premium RE.. was set up under Dutch legislation but the company plans to become the first REIT under a new Polish REIT law, which is being prepared by the government of Poland. The law is due to be adopted in 2017 and implemented in 2018 and it is expected to allow for the creation of REITs as a new asset class in Poland. Griffin Premium RE.. owns a portfolio of 9 real estate assets located in main Polish cities (Warsaw, Krakow, Wroclaw, Katowice, Lodz) with over 170,000 sqm of rentable space. The portfolio includes Hala Koszyki in Warsaw, Renoma in Wroclaw, or Centrum Biurowe Lubicz in Krakow. The total market value of the portfolio as at year-end 2016 was approximately EUR 514 million, before the pre-agreed post-IPO acquisitions.
The total value of the public offering amounted to approx. PLN 508 million (approx. EUR 118 million) and equated to a market capitalization of PLN 890 million (approx. EUR 206 million). The transaction was structured as a public offering to institutional and retail investors in Poland as well as a private placement to international institutional investor and consisted of a 66.9 million secondary share placement by existing shareholders as well as a 22.2 million primary share issuance with proceeds intended to finance the company’s acquisition pipeline (secured before the IPO). Free float post IPO amounts to approximately 57%. Shares were priced at PLN 5.70/share, within the envisaged bookbuilding range.
The transaction was supported by a JLL team comprising members of JLL Poland as well as JLL Corporate Finance in London, with a view to provide optimal and seamless real estate and finance support to the Griffin Real Estate. It is the second transaction executed for Griffin Real Estate within a period of 18 months after the successful sale of a majority stake in Echo Polska Properties to Redefine, and the first mandate where JLL acted as independent financial advisor in the context of an Initial Public Offering.
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