RETAIL MARKET MOVE
Echo buys shopping centre in Poland
Echo Polska Properties acquires Galeria Solna in Inowroclaw, Poland, a step that moves it closer to becoming a pure retail property fund by 2019
JSE-and Luxembourg-listed Echo Polska Properties (EPP), a Polish property player, has acquired another retail asset, Galeria Solna in Inowroclaw, Poland, a step that moves EPP closer to becoming a pure retail property fund by 2019. CEO Hadley Dean said EPP’s acquisition of another regionally dominant centre advanced its strategy of "building a Polish retail property champion". EPP has made seven retail acquisitions over the past nine months, giving it a presence in 16 retail locations in Poland. The 24,000m² centre is in a city with a large feeder area and "a proven track record since opening in 2013", said Dean. EPP is working towards becoming a company that only invests in shopping centres. "There are very strong rental growth opportunities in retail. We like the Polish office market, but we recognise better value in the Polish retail market. We want to dominate the shopping centre market of over 30,000m² malls in the country," said Dean. Most of its buildings are less than five y...
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