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Marcelin sold to EPP

Alex Hayes 05 June 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Marcelin sold to EPP
King Cross Marcelin has a gla of 45,353 sqm
POLAND EPP has signed a preliminary purchase agreement for the King Cross Marcelin shopping centre in Poznań from King Cross Group at an initial yield of 7.3 pct (which compares to 7 pct in other regional markets). The transaction has a net value of EUR 91.1 mln.

“As Poznan is one of Poland's strongest regional markets, we are excited to find an asset that has strong KPIs (Key Performance Indicators), adds to the scale of EPP and provides long-term growth potential with its asset management opportunities,” said EPP's CEO, Hadley Dean. “We are confident that this will strengthen our portfolio of properties in Poland's most lucrative markets, and, more importantly, will deliver value to all our shareholders.” The acquisition will be funded through a combination of debt, existing cash resources and an equity capital raise (of around EUR45 mln). Redefine Properties has committed to participate to the full value of capital to be raised pursuant the bookbuild process at a price of not less than EUR1.235 per share without Redefine receiving any pre-commitment or other fees in consideration for its participation. “Whilst we had been looking at this asset for some time, we had not anticipated raising equity. However, given our share price, we believe this acquisition now makes economic sense and will further solidify our position as the leading retail landlord in Poland,” adds Hadley Dean. Poznań is the administrative and economic capital of the Wielkopolska region, the third most populous voivodeship in Poland. The number of the city’s residents stands at 540,400 while the larger Poznań metropolitan area is home to nearly 833,000 people.

King Cross Marcelin has a gla of 45,353 sqm with an immediate catchment of over 202,000 people living within a 15-minute drive. It has a weighted average rental per sqm of EUR 13.. The mall opened in March 2005 on ul. Bukowska.

The property is around 99 pct leased to 120 tenants with only a few small retail units remaining vacant. The tenants include Auchan, Media Markt, H&M, Intersport, Jysk, Reserved, New Yorker, CCC, Smyk, Empik Pepco, Rossmann, Super-Pharm and Mc Donalds. The transaction is expected to close on July 25th 2018.


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