Echo Polska Properties snaps up three office buildings in Poland
JSE-listed Echo Polska Properties (EPP) has acquired three office buildings, located in Kraków, Gdansk and Lód, Poland. EPP — which made its JSE debut only three months ago — already owns €1.2bn worth of assets in Poland, where it originated. More than 10 of the 40-plus listed South African property groups have invested offshore in order to diversify risk. Eastern and Central Europe have become popular investment destinations. Earlier in December, the largest SA-based listed property company, Growthpoint Properties, announced it would invest in Romania. Its rival, Redefine Properties, had already bought into EPP a few months ago. EPP believes it can grow to own €3.5bn in assets by 2022. Management has said the company would make three acquisitions a year in Poland until 2022. On Wednesday the company announced the conclusion of its agreement to purchase the buildings for €124m, of which €113m would be paid this year.
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