INTERNATIONAL - Listed Echo Polska Properties (EPP), the Polish property group in which JSE-listed Redefine Properties owns a 39.59percent stake, is making progress with its strategy to become the leading retail landlord in Poland.
Its portfolio comprised 14 retail, nine office and two retail developments valued at 1.9billion at end-September. The group acquired Solna in Northern Poland, opened phase three of Outlet Park Szczecin, which added 3330m² to the centre and 0.7million of annual net operating income, and post the nine months to September agreed to acquire the M1 portfolio comprising 12 retail properties for 692million and to dispose of three office properties.
Hadley Dean, the chief executive of EPP, said last week the group was now closer to its aim of leveraging both its scale and tenant relationships to be a leading cash- generating property compan. EPP in March this year reported that it had agreed to acquire a 70percent stake in the 81900m² Galeria Mociny in Warsaw for 29 million. Shares in EPP dropped 6.12percent on Friday to close at R17.64.
- BUSINESS REPORT