EPP has announced the acquisition of the King Cross Marcelin Shopping centre for €91.1 million. This marks the group’s first entry into Poznan, adding to the group’s portfolio of eighteen retail projects. The property is being purchased through its wholly-owned Polish subsidiary, EPP Development 7 SP.z.o.o from Poznań onkil S.A. which holds its legal title to the property. The initial yield of the acquisition is 7.30%.
The 45 353 sqm centre is currently 99% let to international and national retailers including Media Markt, H&M, Intersport, CCC and McDonald’s.
“This follows on the €334 million worth of acquisitions concluded at year-end (December 2017) and the €692 million acquisition of the M1 portfolio announced in December 2017. By 2020 EPP will own 27 shopping malls with almost 1 million square metres of GLA across Poland, which aligns with our aim of becoming a leading retail landlord in Poland,” says CEO Hadley Dean.
