EPP buys €692m retail portfolio
Echo Polska Properties (EPP) has acquired 12 major shopping centers and retail parks (M1 portfolio) in three tranches over the next three years.
The acquisition from a consortium (owned 25 percent by Redefine Properties), totals €692 million ($816 million) and forms part of a larger 28 property portfolio that has been acquired by the consortium.
Upon completion of the transaction in mid-2020, EPP's portfolio will comprise at least 27 modern shopping centers comprising almost 10 million square feet.
The M1 portfolio comprises 12 dominant retail properties with a total of 4.8 million square feet and over 620 stores situated in densely populated catchments.
All the properties are single level and fully leased, grocery anchored and are situated on large motorway fronting sites which total over 195 hectares. All of the centers are anchored by Auchan Hypermarkets as well as a variety of international and domestic brands such as MediaMarkt and fashion retai