The purchase gives the partnership a 51% stake in Stokado, though its control is expected to increase up to 75% by growing the brand’s footprint via 50 development projects over the next five years”
A joint venture between South Africa-based real estate investment trust (REIT) Redefine Properties and Poland-based private-equity firm Griffin Capital Partners has acquired a majority stake in Stokado Self Storage, which operates 16 facilities in Poland. It’s the partnership’s first investment since announcing in February its intent to enter the Polish self storage market, according to the source.
The purchase gives the partnership a 51% stake in Stokado, though its control is expected to increase up to 75% by growing the brand’s footprint via 50 development projects over the next five years, the source reported.
Under the structure of the deal, Griffin will act as co-owner and asset manager of the investment platform, while Stokado founders will continue to manage the portfolio as minority shareholders, according to the source.
“This deal leverages the strengths of all parties and opens the door to expansion, diversity and growth in line with Redefine’s focus on strategically allocating capital into areas with upside at low risk,” said Redefine CEO Andrew König. “We are convinced this sector in Poland has many years of stable growth ahead.”
“Our strategy is to seek investment opportunities and growth potential in any sector that we find attractive,” said Maciej Dyjas, managing partner at Griffin. “The self storage market is performing strongly, and we see that investors’ interest continues to grow. We are pleased to continue our partnership with Redefine Properties while developing a new market in Poland.”
Griffin is an investment and asset manager that specializes in commercial, office and residential sectors.
Redefine’s property investments in Poland and South Africa have a value of R88.9 billion. The company focuses on industrial, office and retail asset classes.
