Echo Polska doubles its Polish retail portfolio


Echo Polska doubles its Polish retail portfolio


Published Date: 2017-10-12 | Source: Stephen Gunnion | Author: Stephen Gunnion

Echo Polska doubles its Polish retail portfolio

The REIT is exiting the office sector as it focuses on becoming a pure retail retail player

Echo Polska Properties is buying a portfolio of 12 retail properties in a deal worth €692.1 million as it shifts its focus from the office sector.

The Polish-focused property group says the deal will double its current retail portfolio gross lettable areas. It says the portfolio has a strong track record and will give it a presence in more established regional cities across Poland.

The properties include eight shopping centres and four retail parks with over 620 stores and an aggregate gross lettable area of around 450 000 m2. It's making the acquisition in a number of tranches, which will have a staggered effect on its earnings.

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Last week the group said it had agreed to sell a portfolio of office properties including Triton Business House in Gdansk, A4 Business Park in Katowice and West Gate in Wroclaw for €160 million. The real estate investment trust says the move is part of its strategy to become a purely retail investment platform over the next three to four years.

Echo Polska's shares slipped 0.2% yesterday to close at R21.60.


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