PR Newswire10 months ago
NEW YORK, Dec. 4, 2017 /PRNewswire/ --JSE listed Echo Polska Properties (EPP) today announced the acquisition of 12 major shopping centres and retail parks (M1 portfolio) in three tranches over the next three years. The acquisition from a consortium (owned 25% by Redefine Properties), totals €692 million and forms part of a larger 28 property portfolio that has been acquired by the consortium. Upon completion of the transaction in mid-2020, EPP's portfolio will comprise at least 27 modern shopping centers comprising almost 1 million square metres GLA. All the properties are single level and fully leased, grocery anchored and are situated on large motorway fronting sites which total over 195 hectares. All of the centres are anchored by Auchan Hypermarkets as well as a variety of international and domestic brands such as MediaMarkt and fashion retailers, TK Maxx, H&M and C&A. The average rental rate across the portfolio is a low €9.10 per m² per month and the average rent to sales ratio is below 9%.