EPP, Poland’s largest retail real estate asset manager, has increased its equity interest in the joint venture that owns the M1 shopping centre portfolio to 59.4%. At the same time, the shareholder structure has been simplified and a new investor, RMB Investments and Advisory Proprietary Limited (RMBIA), has joined the venture. The joint venture’s three shareholders are now: EPP (59.4%), RMBIA (23.1%) and Redefine Europe (17.5%).

The new set-up allows the partners to plan further ahead for the nine M1 centres. Priorities include further refinement of the tenant line-up, a broader leisure offer, modernisation and an increase in gross leasable area, all aimed at making each of them more attractive to visitors and retailers. Decisions on individual locations will be guided by their long-term prospects.

“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 M1 centres are well-established properties with a loyal customer base built up over many years. Conveniently located in their respective cities, they have recently undergone significant changes to their tenant mix and overall offer. This transformation has helped them make better use of their strengths and reinforce their position as key shopping destinations for local communities.