In terms of the purchase agreement, EPP will acquire a 70% interest in a special purpose vehicle that owns the property, with Echo Investment acquiring the remaining 30%.

The Towarowa property consists of a number of plots acquired through five separate transactions. As a result, the property is the biggest commercial area located in the center of Warsaw, with a total area of about 6.5 ha and development capacity of over 100 000 m2 gross lettable area.

Hadley Dean, EPP’s CEO said: “The property – because of its location and attractiveness – will be the perfect fit in EPP’s portfolio.”  He added that it was probably the last site of this nature available in Warsaw and noted further that despite seemingly high retail space saturation in Warsaw, when compared to other cities, the average retail area per 1,000 inhabitants is still relatively small at 450 m2 in Warsaw, compared to over 600 m2 in Poznań or Wrocław. He also commented on Varsovians’ high purchasing power, being 80 % higher than the national average.