Echo Polska Properties, the leading owner and operator of shopping centres in Poland, has officially announced a change of its brand name. From June 6th the company will operate as EPP. This concludes the company’s eight-month rebranding process which started in September 2017 with the introduction of its new logo.
Following a deal between South African fund Redefine Properties and Echo Investment in January 2016, EPP became the first Polish company operating in formula similar to REITs focused on domestic real estate in Poland.
“From the very beginning Echo Polska Properties has been operating as an entirely independent company. However, due to the fact that a large part of our team was previously involved with Echo Investment, as well as the word “Echo” featuring in our name, in the past we have often been confused with a company that has been present on the Polish market for more than 20 years.
In two short years, we have built Poland’s dominant retail property firm, with high-class shopping centres in the best locations to draw in the country’s thriving consumer base. The change in our name should ensure there is no confusion over who tenants, consumers, and investors should look to for the best retail experience in Poland,” said Hadley Dean, EPP’s CEO.
EPP has been developing rapidly by pursuing its long-term strategy of consolidating the retail market in Poland. In December 2017 the company acquired 12 shopping centres and retail parks from the M1 portfolio. The acquisition totalled €692 million and was one of the biggest transactions in the history of the commercial property market in Poland. The takeover will be executed in three tranches and will be completed in the next two years. The first stage was closed in January this year and the remaining two are scheduled for June 2019 and June 2020. Following the finalisation of the deal, EPP’s portfolio will include at least 27 shopping centres in a total Gross Leasable Area (GLA) of nearly 1 million sqm.
EPP manages its asset and real estate portfolio through in-house using proprietary technology to maximize tenants’ profits and allowing it to procure the highest lease values while maintain the lowest vacancy rates. The company has developed Poland’s premier asset management team responsible for lease and asset value growth.
With the resolution of the Annual General Meeting of Shareholders held on 24 May all companies operating within the former Echo Polska Properties Group will now change their names, including: Echo Polska Properties Sp. z o.o. and Echo Polska Properties N.V. that will operate as EPP Sp. z o.o. and EPP N.V. respectively.