Redefine Properties, a South Africa-based real estate investment trust (REIT), is diversifying its portfolio by investing in self-storage in Poland. The company is collaborating on the venture with strategic partner Griffin Capital Partners, an investment and asset manager that specializes in commercial, office and residential sectors. Redefine will hold 93% of the joint venture’s equity, with Griffin retaining the remainder and providing management services, according to the source.

“We need to pivot to focus on what matters most and realize that poly-crises can create opportunities,” Redefine CEO Andrew König said during the REIT’s financial reporting for the half-year ending on Feb. 28. “We need to remain innovative, agile and resilient, while placing our purpose and our stakeholders’ needs at the heart of what we do. While we are cautiously optimistic for the future, we must be realists of what we need to deal with.”

The Polish self-storage industry is in its infancy, with a much lower penetration rate than in other European countries, according to the source. It’s expected to grow at a compound annual growth rate of more than 8% over the next three years, König said.

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.

Source: Property Wheel, Redefine to Diversify Its Interests in Poland Through the Self-Storage Market