Echo Polska Properties (EPP) has concluded a preliminary acquisition agreement with two real estate funds managed by Blackstone, to acquire 4 retail properties for €166.57 million. The properties are Galeria Twierdza in Klodzko (€40.67 million), Galeria Twierdza in Zamosc (€53.51 million), Galeria Tecza in Kalisz (€23.21 million) and Wzorcownia Shopping Centre in Wloclawek (€49.17 million).
Prior to the conclusion of the final sale agreement in respect of the transaction, a Cypriot subsidiary of EPP will assume all of EPP’s rights and obligations in respect of the transaction. The purchase consideration of €166.57 million represents an acquisition yield of approximately 7.5 percent, the company’s statement said.
The transaction is expected to close no earlier than 1 May 2017 and no later than 30 September 2017.
Income-producing properties are becoming an increasingly appreciated option for Romanian or foreign private investors who have previously been mainly active in the residential sector and who are now targeting...