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Echo Polska Properties, the dual JSE and LuxSE listed ‘pure Polish property play’ announced earlier today.
Echo Polska Properties NV (EPP) has concluded an acquisition agreement to acquire a 70% stake in Galeria Młociny in Warsaw for €29 million from Rosehill Investments sp. z o.o. Galeria Młociny will be developed at an estimated development yield on cost of approximately 7.1% and on completion is expected to be accretive to EPP.
Echo Polska Properties NV (EPP) has concluded an agreement to purchase a stake in the 22 Towarowa Street retail development site in Warsaw, with all outstanding conditions precedent fulfilled.
EPP (Echo Polska Properties N.V.) and Echo Investment S.A. (“Echo Investment”) are pleased to announce the conclusion of a formal and binding agreement in terms of which they will purchase the 22 Towarowa Street property from Griffin Real Estate (“Griffin”), Poland’s leading real estate fund on which retail development will be undertaken.