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EPP DELISTED FROM STOCK EXCHANGES AND SHIFTS IN PORTFOLIO
On March 8th 2022, EPP was delisted from the Johannesburg and Luxembourg stock exchanges with the support of the vast majority of the company’s shareholders. The new owner of EPP is Redefine Properties, the second-largest Real Estate Investment Trust (REIT) listed on the Johannesburg Stock Exchange. There have also been changes in the EPP portfolio. The company has sold part of the assets by establishing two joint ventures and signed preliminary sale agreements for the Towarowa 22 and Power Park Opole projects.
The company’s decision to delist its shares and reorganise its portfolio by selling a significant part of its assets was influenced primarily by the two-year pandemic and related temporary restrictions on operations, which were particularly severe for the shopping centre industry in Poland.
“Our shareholders supported with a large majority the proposal to delist EPP and reorganise the company’s portfolio. It was not an easy decision, but in the current situation, it was unavoidable. The proposed changes in the portfolio enabled us to raise funds for the repayment of credit liabilities while keeping the management of the majority of our assets in our hands. As a result, our first-class team and the market position in Poland have not changed,” said Tomasz Trzósło, CEO of EPP.
“The measures we have taken, strengthen the company’s financial standing and allow us to repay part of the obligations under the loan agreements, which will have a positive impact on our debt ratios. Thus secured, we can fully concentrate on operations and develop in the future,” said Jacek Bagiński, CFO of EPP.
P180 IN WARSAW GETS TOPPED OUT
The construction of the P180 office building located directly next to the Wilanowska metro station in Warsaw is entering its final phase. A symbolic topping out of the building signifies the end of construction works. The project, by Skanska, will ultimately provide 32,000 sqm of office space. The building is scheduled to be commissioned in September 2022.
Its construction began in September 2020. Now, this 15-storey building has reached its final height of 55 meters.
“In P180, we focused not only on the future tenants’ comfort and convenience but also on sustainable solutions. The office space in the building is completely safe and meets the highest requirements for this type of interior, including with regards to international certification systems. This is important because, as our research has shown, more than half of Poles still go to the office every day, and over 70 percent of respondents consider it safe,” commented Tomasz Subocz, leasing manager at Skanska’s commercial development business unit in CEE.
NOOKA SPACE CONTINUES ITS DEVELOPMENT PLAN IN ROMANIA
Nooka Space continues its development plan and aims to develop in Bucharest an extensive network of micro proximity offices, through strategic partnerships with real estate developers.
Launched on the Romanian market last spring, after an investment of over 1 million Euros, the Irish Nooka Space start-up aims to redefine the hybrid work style, through an innovative business model, which invites people to enjoy individual workspaces and more flexibility, mobility, and creativity.
Last year, Nooka Space launched in Cluj Napoca the largest network of proximity offices and marked a European premiere, Floresti village from Cluj County becoming the first community beneficiary of a Nooka proximity office.
Sergiu Băbășan, Country Manager Nooka Space Romania, said: “The option of working remotely, as well as the flexibility, are becoming more and more important for employees. This puts a lot of pressure on employers, who are now forced to find the best solutions to keep a balance and to provide their employees with optimal working conditions.”
Real estate business confidence and expectations of profitability have dropped to a low level, reflecting widespread industry concerns across an array of indicators for the business, political and real...