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EPP acquires mixed-development property in Poland

10th March 2017

By: Anine Kilian

Contributing Editor Online

     

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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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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