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EPP to clean house

Eurobuild CEE 24 March 2020
EPP to clean house
EPP manages the Galeria Młociny shopping centre in Warsaw
POLAND EPP has announced that it intends to sell its three remaining office buildings.

It intends to offload the properties for no less than their book value, but if no buyer on such terms can be found it is prepared to transfer the properties to a joint venture company is sets up with another party. EPP is also considering offloading a number of shopping centres too.

In 2019, EPP recorded a footfall of 110 mln people across its portfolio, up by 1 pct y-o-y, with a 5 pct increase in sales. Home furnishing tenants saw revenues rise 9 pct, electronics retailers 7 pct while food beverage and entertainment revenues rose 7 pct. EPP had an occupancy rate of 99.2 pct over a gla of over 1 mln sqm.

“EPP is primed to integrate its recent acquisitions into the portfolio smoothly, continue to add value through asset management, and move forward with its asset recycling strategy. EPP is well positioned to deliver the best possible rates of return to shareholders by giving consumers unique shopping experiences and tenants attractive space, supported by the compelling Polish macro-economy and favourable property fundamentals,” says Hadley Dean, the CEO of EPP. EPP is a REIT formula with 25 shopping centres and six office locations as well as a mixed-use project (Towarowa 22). The company's projects are located in 20 largest cities in Poland.

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