EPP closes tranche 2 of M1 transaction
EPP has successfully completed the purchase of four M1 shopping centres, closing tranche 2 of its multi-year M1 transaction. The JSE-listed company is already the largest owner of retail real estate in Poland by GLA and this deal with add an additional 141,000 sqm of GLA to its portfolio. Tranche 2 consisted of M1 shopping centres in Bytom, Czestochowa, Radom and Poznan. The deal is valued at EUR224 million.
“This tranche of the M1 is great for us because it opens three new markets and we expand our reach throughout Poland’s most lucrative markets. The properties also add opportunities for us to strategically increase their value,” said EPP CEO, Hadley Dean.
EPP took control of the last four M1 shopping centres in tranche 2, which means it now controls the full portfolio of 8 M1 properties. The third and last tranche of its M1 shopping centre and Power Park retail park transaction, which is expected in June 2020, will add four Power Park properties.
“We stated a long time ago that we intended to be the dominant player in the Polish retail real estate market and with the addition of these assets our position is even stronger to capitalize on the unique and dynamic Polish consumer market,” said Dean.
EPP announced the acquisition of 12 M1 shopping centres and retail parks in December 2017.