JSE-listed Echo Polska Properties (EPP) has concluded an agreement to acquire 70% of the mixed-use Galeria Mlociny shopping centre, in Warsaw, Poland.
The investment will be effected through EPP’s acquisition of 70% of the equity in Rosehill Investments, for an aggregate consideration of €29-million, from Powell Real Estate International, Elsoria Trading, Terbanacle and Terbanacle Investments.
Echo Investment South Africa will be appointed as the developer of Galeria Mlociny and will acquire the remaining 30% of the equity in Rosehill for an aggregate consideration of €12.4-million.
The transaction is expected to be completed by the end of May.