Redefine - Horse Group JV restructure
Redefine's wholly owned subsidiary, Redefine Europe B.V., and EPP N.V.'s subsidiary, EPP GP B.V., have restructured their ownership of Horse Group S.a r.l. ("Horse Group") with effect from 1 October 2026. The restructuring facilitates an orderly exit for Horse JV Lux, which holds retail assets in Poland, ahead of its March 2027 maturity. The transaction involved the disposal of Power Park Kielce for EUR24.4 million, used to reduce shareholder loans, and a subscription of EUR125.2 million by EPP GP and RMB Investments and Advisory (Pty) Ltd. ("RMBIA") to acquire and cancel Horse JV Lux’s 50% stake for a total consideration of EUR150.8 million. Post-restructure, Horse Group remains a joint venture, jointly controlled by EPP GP, Redefine Europe, and RMBIA, with a new shareholding structure and a quarterly distribution policy. The arrangement aims to optimise returns and reduce joint venture complexity.
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