Echo Polska Properties ends six-month period ahead of target
On Tuesday, JSE-listed Echo Polska Properties (EPP) released interim results for the six-month period ended June 2017 with distributions of 5.192 euro cents a share, 3.2% ahead of budget. During the period, EPP successfully concluded ¤262m in acquisitions boosting its portfolio to ¤1.7bn. Net profit for the period totaled ¤39.6m with distributable income of ¤36.6m, ahead of the ¤35.5m target. EPP’s retail-focused portfolio consists of 13 retail and nine office assets throughout Poland and two retail development sites in Warsaw. Vacancies for the period stood at 1.6% for the retail portfolio and 2.8% for offices. CEO Hadley Dean said the results were helped by positive Polish macro-economic conditions, which are helping fuel a boom in the retail sector. "Poland has one of the lowest unemployment rates in Europe, annual GDP growth of 4%, and stable inflation, all of which have contributed to retail sales increasing 6% year on year by June." With increased consumer spending power and a...
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