Thursday, 01 June 2017 15:35

Echo Polska Properties completes acquisition of Warsaw retail development

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Echo Polska Properties, the dual JSE and LuxSE listed ‘pure Polish property play’ announced earlier today.

Following the Company’s SENS release on 10 March 2017, that it has now concluded the agreement to acquire an effective 70% of Galeria Młociny Shopping Centre in Warsaw.

CEO Hadley Dean says: “We are delighted to have completed this acquisition which provides us with an earlier entry into the highly underserved Warsaw retail market. Notably it is located in a strategic transport hub in a large growing residential district, serving 40 000 people a day.”

Galeria Młociny is a mixed use project with a combined leasable area of 82 000m² of which 71 000m² is earmarked for retail, entertainment and gastronomy. It will include a modern cinema, a fitness club, an extensive food court and a medical centre. Already 55% pre-leaed tenants will include key fashion brands such as the Inditex group’s Zara, Zara Home, Bershka, Pull & Bear, Stradivarius as well as C&A, Van Graaf, H&M and shoe retailer CCC. Additional tenants include RTV Euro AGD, Jysk, Intermarche and Go Sport.

Construction of the first phase commenced in October 2016 with completion scheduled for Q2 2019.

Last modified on Thursday, 01 June 2017 15:51

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