RECENTLY listed Echo Polska Properties (EPP) is set to drive development of the first major new shopping centre to open in Poland in nearly 10 years on a property it is acquiring in the centre of Warsaw. EPP, which listed on the JSE in September, will acquire the property, which includes plots on 22 Towarowa Street, Warsaw, from Griffin Real Estate, a Polish property fund. Its partner in the acquisition, Echo Investment, will develop a large retail centre that will be EPP’s flagship property. The mall is due to open in 2021. Warsaw is a rapidly growing city that houses many back-office processing and call centres used by German and multinational businesses. The Towarowa property consists of a number of plots acquired through five separate transactions. The property is the single biggest commercial area in the centre of Warsaw, with a total area of about 6.5ha and development capacity of more than 100,000m² to let. EPP says it can benefit from a growing middle class and expanding eco...
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