EPP acquires King Cross Marcelin shopping centre
EPP, a leading owner of retail real estate in Poland and a company listed on the Johannesburg stock exchange, completed the acquisition of the King Cross Marcelin shopping centre in Poznań. Experts from JLL advised EPP on the €91.1 million transaction.
King Cross Marcelin shopping centre is the nineteenth project in Poland acquired for EPP's Polish portfolio and its first asset in Poznań. EPP was advised and supported by JLL advisory team at all stages of the acquisition process, from due diligence to finalization of the transaction.
“While choosing our business partners we rely on our experience and real estate knowledge. The King Cross Marcelin transaction was a very important deal for EPP, not only because it is our first acquisition in Poznań, but also because it marks another important step in implementing our long-term strategy of becoming the dominant owner of retail properties in the most lucrative markets in Poland. Therefore, while working on this deal we decided to co-operate with proven and reliable partner, such as JLL,” said Hadley Dean, CEO of EPP.
King Cross Marcelin offers 45,353 sqm of leasable space, occupied by well-known tenants such as Auchan, Media Markt, H&M, Reserved, New Yorker, Intersport, House, Mohito, CCC, Empik and McDonald's. The project is nearly entirely leased and is an extremely popular shopping destination – with more than 202,000 people living within a 15-minute drive of the shopping centre.
“The acquisition of King Cross Marcelin confirms continuous investors’ interest in well performing schemes, benefiting from established market position and location in Poland's major cities. The transaction also confirms healthy condition of the retail investment market in Poland. Based on our data, the total retail investment volume already exceeded €2 billion as at the end of July 2018, and by the end of this year we believe it is likely to exceed €3 billion,” commented Adam Kiernicki, Associate Director, Retail Investment CEE, JLL.