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updated 6:54 AM SAST, Mar 14, 2031
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Echo Polska acquires Polish retail property portfolio

JSE-listed Echo Polska Properties has acquired a portfolio of 12 retail properties – of which eight are shopping centres and four are retail parks, with more than 620 stores – across Poland.

The portfolio has an aggregate gross lettable area (GLA) of about 450 000 m2 – doubling the GLA of Echo Polska’s current retail portfolio.

The new portfolio is stable and has significant anchor tenants, enables further geographic expansion into established regional cities and holds the potential for future value creation.

Echo Polska has split the acquisition into three tranches.

The first tranche portfolio comprises four properties with an aggregate GLA of 194 400 m2 and an aggregate value of €358.7-million. Echo Polska expects the first tranche conditions to be fulfilled in the first quarter of 2018.

The second tranche portfolio comprises a further six properties with a GLA of 184 000 m2 and an aggregate value of €222.5-million. The conditions for the second tranche are expected to be met by June 20, 2019. The aggregate purchase consideration payable for the second tranche portfolio is €75.2-million to be settled in cash.

Net operating income for the second tranche portfolio on an annualised basis going forward amounts to €16.3-million.

The third tranche portfolio comprises two properties with a GLA of 68 100 m2 and an aggregate value of €110.9-million. The conditions for the third tranche must be met by June 20, 2020. The aggregate purchase price in respect of the third tranche portfolio is €44.1-million to be settled in cash.

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