Echo Polska Properties to buy major retail portfolio in Poland
Echo Polska Properties (EPP), the Polish invested and JSE-listed company, will acquire a portfolio of 12 major shopping centres and retail parks in a deal worth €692m (R11.2bn). The portfolio is known as the M1 portfolio and it forms part of a larger, 28 property portfolio based in Poland. The assets will be acquired in three tranches over the next three years. EPP is buying the assets from a consortium, which is owned 25% by South African blue-chip property company, Redefine Properties, for €692m. The M1 portfolio is made up of 12 retail properties with a total of 446,500m² gross lettable area. It includes eight M1 regional shopping centres, ranging from 30,000m² to 55,000m² in leasable size, which attract more than 40-million annual visitors, and four retail power parks with a leasable area ranging from 20,000m² to 35,000m². Upon completion of the transaction in mid-2020, EPP’s portfolio would comprise at least 27 modern shopping centres, including almost 1-million square metres o...
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