Echo Polska Properties NV (EPP) and Echo Investment are buying Galeria Młociny in Warsaw from Rosehill Investments. The companies will pay nearly €42 million (including the liabilities of the company being the subject of the transaction) for the project which is already under construction.
EPP and Echo Investment will hold 70% and 30% shares in the new project, respectively. Furthermore, after the completion of the construction work EPP will be the asset manager of Galeria Młociny and Echo Investment is to complete the construction work and it will be responsible for the commercialization and marketing. After Towarowa 22, it is the second joint project, which will be developed by those two companies in this formula.
The facility is located near the main public transport hub in northern Warsaw, which sees 40,000 daily commuters. Construction of the first phase commenced in October 2016, and is on track for completion in Q2 2019. The development is approximately 60% preleased, mainly in food court, entertainment area and among key fashion brands including Inditex, Van Graaf and H&M.
