Poland’s leading retail landlord, EPP, announced record results for its financial year ended 31 December 2018. The JSE-listed company announced distributable earnings of €96 million, representing a 26 percent increase from the previous year. The company also announced a dividend of €11.60 cents, up 6.7 percent from 2017. The company’s total assets now total €2.5 billion, a 27 percent increase during the year.
EPP is the largest owner of retail property by GLA. The company added several new properties to its portfolio during 2018, adding 54 percent to its total space which is now at 684,000 sqm with vacancies of less than 1 percent.
“EPP has experienced three consecutive years of growth. We currently have 100 million people visiting our shopping centres each year, and we look forward to watching that number grow even further in 2019,” said EPP CEO, Hadley Dean. “Our first major project for 2019 will be the opening of Galeria Mlociny, our flagship development in Warsaw.”
Galeria Mlociny will add 84,400 sqm of quality retail to the EPP portfolio. It is strategically located in the affluent northern part of Warsaw on the metro line with 24 million passengers annually. The shopping centre is located next to a park and ride facility for more than a thousand cars, and a hub for busses and trams.
“This property is beautifully designed, with 8 meter-high glass facades, and a unique F&B offering that will really make it stand out in Warsaw,” said Dean. “Mlociny will be the crown jewel of our portfolio, and from a financial standpoint, the project is already a success, having realized €100 million in value,” Dean said.