JSE-listed Echo Polska Properties to become the largest owner of shopping centres in Poland
Echo Polska Properties (EPP), the only real estate company listed on the JSE that invests solely in Poland — the largest economy in eastern Europe — has completed the first of three tranches of a watershed deal that will double the value of company’s assets.EPP is now on track to become the largest owner of shopping centres in Poland.EPP, which is also listed in Luxemborg, is aiming to own only retail assets, having sold many of its business properties. The company has a market capitalisation of R11.7bn.The first tranche is valued at €358.7m and includes shopping centres M1 Czeladz, M1 Kraków, M1 Lódz and M1 Zabrze. The gross leasable area of the four centres is 194,400m², with an aggregate net operating income of €25.1m.This forms the first of three tranches of EPP’s acquisition of the M1 portfolio announced in December. The M1 portfolio comprises 12 major shopping centres and retail parks with an aggregate transaction value of €692m. The portfolio was acquired from Chariot Top Gro...
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