Echo Polska takes another step in retail-only plan with R11bn acquisition
The Poland-focused, JSE-listed company has bought 12 new properties — eight shopping centres and four retail parks — across the country
JSE-listed Polish invested Echo Polska Properties has announced one of the largest commercial property deals of 2017, agreeing to buy 12 retail properties for about R11bn in a deal set to take two years to roll out. The company has grown tremendously since its formation in early 2016 and is competing with another South African-listed group, NepiRockcastle, as well as other real-estate owners in Poland — the largest economy of central and eastern Europe. The deal will double Echo Polska’s retail asset base and support its strategy of becoming a sole retail fund as it continues to dispose of its offices. The 12 new properties comprise eight shopping centres and four retail parks with more than 620 stores. They are located in strong regional cities across Poland, Echo Polska says. The portfolio has a gross lettable area of about 450,000m². "The transaction is consistent with our investment strategy and provides various benefits. It doubles our current retail portfolio gross lettable ar...
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