Echo Polska Properties has reached an agreement to acquire a portfolio of retail properties for €692.1 million. The portfolio comprises twelve retail properties of which eight comprise shopping centres and four retail parks with over 620 stores situated in strong regional cities across Poland. The portfolio has an aggregate gross lettable area around 450,000 sqm. The seller is the Chariot Top Group, owned by Pimco (37.5%), Oaktree Capital Management (37.5%) and Redefine Properties (25%).
Two of the sellers, Pimco and Oaktree, are also the main shareholders of Echo Investment. Redefine Properties and Echo Investment are in turn the two largest shareholders of EPP.
The sale will occur in three separate tranches. The first comprises 4 properties with an aggregate GLA of 194,400 sqm with an aggregate value of €358.7 million. The second comprises a further 6 properties with a GLA of 184,000 sqm with an aggregate value of €222.5million.The third comprises 2 properties with a GLA of 68,100 sqm with an aggregate value of €110.9 million.
