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EPP buys EUR 692 mln portfolio

Eurobuild CEE 13 October 2017

POLAND Echo Polska Properties (EPP) has issued a (JSE) stock exchange announcement informing that it has reached an agreement to acquire a Polish portfolio of eight shopping centres and four retail parks from Chariot Top Group, owned by Pimco (37,5 pct), Oaktree Capital Management (37,5 pct) and Redefine Properties (25 pct). The portfolio comprises around 450,000 sqm of gla with 620 stores.

Two of the sellers, Pimco and Oaktree, which own together 70 pct of the portfolio to be sold, are also the main shareholders of Echo Investment. Redefine Properties and Echo Investment are in turn the two largest shareholders of EPP.

EPP informed last year that it had plans of increasing the value of its portfolio form EUR 1.5 bln to EUR 3.5 bln within the next five years. In June this year Echo Polska Properties bought three shopping centres in Poland from real estate funds managed by Blackstone for EUR 141.60 mln. The company informed that the transaction is consistent with its strategy and enables it to double the leasable area of its current retail portfolio, acquire a stable portfolio with a strong track record, and further expand into established regional cities.

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