July 19, 2017

EPP continues to build a Polish retail national champion with another retail acquisition

EPP continues to build a Polish retail national champion with another retail acquisition

Echo Polska Properties NV (EPP) has finalized another acquisition – a takeover of Galeria Solna in Inowrocław from a company owned by Libra Project and Acteeum Group.

CEO Hadley Dean said: “We are excited to add another regionally dominant centre to our portfolio, which advances our claim of building a Polish retail property champion. In the last nine months we have added seven retail acquisitions meaning we have now 16 major retail locations across Poland.”

In line with EPP strategy the 24,000 sqm centre is located in a regionally growing Polish city with a large catchment area and a proven track record since opening in 2013.

Galeria Solna was opened in May 2013. It is fully leased with a GLA of over 23,500 sqm. Its tenants include a Tesco hypermarket and the leading Polish and international retailers such as CCC, H&M, Reserved, Rossmann, Martes Sport, Deichmann, Smyk, Empik, Media Markt supported by the food court with McDonald’s and other food concepts. A DYI store, Leroy Merlin, is located in the direct vicinity of Galeria Solna.

Visitors have access to a parking lot with over 1,000 parking spaces and an excellent access to the mall is guaranteed by the Wojska Polskiego street as well as a bike path connecting the mall with the city’s spa area located next to the property. Galeria Solna’s unique design refers to the city’s signature – the salt tower.

The shopping centre was awarded a prestigious BREEM certificate that proves high environmental standards of the building.

The value of the deal was EUR 55.4 million.

This follows another recent EPP acquisition where the company finalised the EUR 141.60 million purchase of three retail centres: Twierdza Kłodzko, Twierdza Zamość and Wzorcownia in Włocławek (Northern Poland) on 29 June.

Colliers International, Dentons law firm, Deloitte, and APP Projekt were EPP’s advisors in the deal. JLL and Baker McKenzie law firm represented the Seller.

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