Griffin Premium RE, part of Poland-focused Griffin Real Estate , plans an initial public offering (IPO) in Warsaw in the first half of 2017, the company said on Wednesday, according to NASDAQ.

The planned offering will consist of newly issued shares, with targeted proceeds of around 30 million euros as well as the sale of existing shares by current shareholders – entities indirectly controlled by investment firm Oaktree Capital Group.

Earlier this week sources told Reuters that Griffin Real Estate plans to sell part of its asset portfolio in an IPO worth about 150 million euros ($158 million) to be announced within days.

Griffin Premium RE operates via a Real Estate Investment Trust (REIT) structure, which generates income mostly from renting property and pays dividends on a regular basis.

“We plan to pay out approximately 65 percent of funds from operations as a dividend,” Dorota Wysokinska-Kuzdra, Griffin Premium RE’s CEO was quoted as saying in a statement.

Griffin Premium RE owns nine properties carved out from the structure of Griffin Real Estate at the end of 2016, with a market value of around 514 million euros, the company said. Griffin Real Estate invests in the commercial real estate market in Central and Eastern Europe. Its portfolio includes office buildings and shopping galleries in Poland’s biggest cities.

One of its most high-profile investments has been the restoration of the historic Koszyki Hall in Warsaw, a former city centre marketplace built in 1909. Griffin has transformed the property into an upmarket landmark with elegant restaurants, bars and office space.