by Ákos Budai | Investment

Echo Polska Properties (EPP) and Echo Investment have finalised the purchase of shares in the Galeria Młociny shopping centre in Warsaw, which is under construction. EPP is its majority shareholder (70%) and it will manage the completed asset whereas Echo Investment holds the remaining 30%, it is to finish the construction process and will be responsible for the commercialisation and marketing of the project.


Galeria Młociny is a retail and office project with a combined leasable area of 82,000 sqm, 71,000 sqm of which is earmarked for retail, entertainment and gastronomy. The facility is planned to include a modern cinema, a fitness club, an extensive food court and a medical centre. The mall is 60 percent leased, its key fashion brands include: Zara, Zara Home, Bershka, Pull & Bear, Stradivarius as well as C&A, Van Graaf, H&M and CCC. Contracts have also been signed with RTV Euro AGD, Jysk, Intermarche and Go Sport, Martes Sport, SMYK, CINEMA 3D and Calypso Fitness Club. 

Construction of the first phase commenced in October 2016 with completion scheduled for Q2 2019.
 
Echo Polska Properties (EPP) is a company which invests in Polish real estate and is quoted on stock exchanges in Johannesburg and Luxembourg.