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Echo Polska acquires four Polish malls for €166.6m

1st February 2017

By: Anine Kilian

Contributing Editor Online

     

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JSE-listed real estate investment trust (Reit) Echo Polska Properties (EPP) plans to acquire four retail assets in Poland from real estate funds managed by property management company Blackstone for €166.6-million.

The acquisition, which is expected to close in April, includes the 23 039 m² Galeria Twierdza shopping centre, in Kłodzko, and an adjacent plot with a restaurant.

The other three malls are the 23 785 m² Galeria Twierdza shopping centre, in Zamość, the 16 003 m² Galeria Tęcza shopping centre, in Kalisz, and the 25 629 m² Wzorcownia shopping centre, in Włocławek.

“These shopping centres are dominant within their catchment area and represent a strategic fit in our retail long-term ownership,” Echo Polska CEO Hadley Dean said on Wednesday.

The acquisitions mark EPP’s entry into Kłodzko and Zamość. In Kalisz, the company already owns the Galeria Amber shopping centre.
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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