JSE Listed Echo Polska Properties (EPP) announces Two Acquisitions in Poland

Posted On Tuesday, 04 October 2016 15:25 Published by
Rate this item
(0 votes)

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.

Hadley_Dean

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. 

Last modified on Friday, 07 October 2016 15:32
" "

Most Popular

Equites Property Fund to list on A2X

Jun 25, 2019
ANDREA TARVENA
Equites Property Fund Limited has been approved for a secondary listing on A2X Markets…

Accelerate poised for growth with launch of Fourways Mall, Focus on shoppertaintment to differentiate the retail experience

Jun 20, 2019
 MICHAEL GEORGIOU
JSE-listed Accelerate Property Fund today reported financial results for the year ended…

Emira’s Denver property is changing the warehousing game

Jun 20, 2019
 ULAN VAN BIJON
Emira Property Fund’s refurbished warehouse facility superbly located in the popular…

McCormick Property Development Celebrates the Opening of Katale Square

Jun 29, 2019
 JASON MCCORMICK
McCormick Property Development celebrated the launch of its 66th development with the…

Growthpoint’s iconic 144 Oxford office development will be completed in October ‘19

Jun 20, 2019
 144 OXFORD 1
Growthpoint Properties’ multi-million-rand 144 Oxford Road development is set for…

Please publish modules in offcanvas position.