The acquisition is a further step in realising EPP’s strategy of becoming a pure retail property fund by 2019.
CEO Hadley Dean says: “We are excited to add another regionally dominant centre to our portfolio which advances our claim of building a Polish retail property champion. In the last 9 months we have added 7 retail acquisitions meaning we now have 16 major retail locations across Poland.” In line with EPP strategy the 24 000m² centre is located in a regionally growing Polish city with a large catchment area and a proven track record since opening in 2013.
Galeria Solna boasts 100% occupancy with 92 shops and anchor tenants including Tesco, McDonalds, LPP Group brands (Reserved), H&M, Rossmann, Media Markt, Martes Sport, Deichmann, CCC, Smyk and Empik.
Galeria Solna has been awarded the prestigious BREEAM certificate for the building's environmental standard.
Poland’s solid macroeconomic fundamentals as well as initiatives such as the state child allowance are expected to continue impacting positively on purchasing power. “With this retail growth we intend doubling the value of our retail portfolio by 2019 and becoming the Polish retail landlord of choice which will enable us to further leverage our retail portfolio and platform with retail tenants,” says Dean.
EPP was represented by Colliers International, Dentons, Deloitte and APP Projekt. The vendors were represented by JLL and Baker McKenzie.
This follows another recent EPP acquisition where the company finalised the €141,60 million purchase of three retail centres: Twierdza Kłodzko, Twierdza Zamość and Wzorcownia in Włocławek (Nothern Poland) on 29 June.