Retail investor EPP has recently delisted from the Johannesburg and Luxembourg stock exchanges and announced the sale of certain assets. Tomasz Trzósło, CEO of EPP talked to Property Forum about the rationale behind these decisions, the impact of the war in Ukraine on the Polish retail market and its overall condition in the new, post-pandemic era.

On March 8th 2022, EPP was delisted from the Johannesburg and Luxembourg stock exchanges with the support of the vast majority of the company's shareholders. The new owner of EPP is Redefine Properties, the second-largest Real Estate Investment Trust (REIT) listed on the Johannesburg Stock Exchange. There have also been changes in the EPP portfolio. The company has sold part of the assets by establishing two joint ventures and signed preliminary sale agreements for the Towarowa 22 and Power Park Opole projects.

EPP delivered a solid performance for the first six months of 2021 in line with expectations. Both EPP’s distributable earnings increased by 54% to €33.2 million, compared to H1 2020. EPP’s net asset value per share increased by 3% to €1.12. A swift operational recovery following lockdowns and the progress made in Poland’s COVID-19 vaccination programme, low infection rates, a resilient economy, and high employment levels all support EPP’s robust performance and bode well for the future.

Chariot Top Group BV, a company managed by Griffin Real Estate, has sold 4 retail parks, completing the third and the last tranche of retail assets acquisition by EPP. It is the biggest retail transaction on the Polish real estate market in terms of volume since the beginning of the pandemic.

JSE-listed EPP, the largest owner of shopping centres in Poland, announces the appointment of Agata Sekuła as the company’s Executive Management Team Member responsible for sales and acquisitions. Agata will join EPP from 1 March 2021 and be responsible for executing the EPP’s divestment and investment plans, with particular focus on acquiring institutional co-investors for EPP’s retail portfolio.

EPP’s general meeting of shareholders has approved the appointment of Tomasz Trzósło to the position of CEO of the largest owner of retail real estate in Poland. The company’s Board of Directors announced it will nominate Tomasz Trzósło to this post in December 2019.

The Board of Directors of EPP N.V., the largest owner of retail real estate in Poland in terms of GLA listed on the stock exchanges in Johannesburg and Luxembourg, has announced that it will nominate Tomasz Trzósło for appointment as CEO to succeed Hadley Dean, whose term of office is due to expire. Tomasz Trzósło is expected to assume his role in May 2020. The appointment is subject to approval by the general meeting of shareholders.

EPP has successfully completed the purchase of four M1 shopping centres, closing tranche 2 of its multi-year M1 transaction. The JSE-listed company is already the largest owner of retail real estate in Poland by GLA and this deal with adding an additional 141,000 sqm of GLA to its portfolio. Tranche 2 consisted of M1 shopping centres in Bytom, Czestochowa, Radom and Poznan. The deal is valued at EUR 224 million.  

Henderson Park, a pan-European private equity real estate platform, has completed the acquisition of a 70% interest in a portfolio of 11 newly built office buildings located in tier one cities in Poland from EPP.  EPP will retain a 30% stake in the portfolio and continue to manage the assets, in partnership with Henderson Park’s experienced asset management team.

225,000 sqm of total space, 82,000 sqm of GLA with 76,000 sqm allocated to retail and F&B, 6,000 sqm of office space, over 200 shops and 36 restaurants, the tallest shopfront windows in Poland (over 7 m high), 10 screen multiplex cinema with comfortable, recliner seating, a 200 sqm stage/event area, 2,500 sqm green terrace area, 2,000 parking spaces, 20 coworking spaces – these are some of the numbers which can be used to describe the Galeria Mlociny shopping centre which will open on 23 May.