Polish property group Echo Polska Properties (EPP) has raised SAR 2.2 bn (€150 mln) in additional capital in a share placing on Johannesburg Stock Exchange (JSE).
EPP is a Dutch registered company listed in Amsterdam and Johannesburg, and follows the real estate investment trust model.
The capital raising involved placing 119 million new shares at SAR 18.50 per share. The proceeds will be used to help fund previously announced acquisitions and for further M&A opportunities in retail segment within Poland. South African company Java Capital was the book runner of the issue.
'This is a huge success given that only 6 months ago we raised an additional €100 mln and it confirms investors’ confidence in EPPs assets, management team and Poland,' said EPP chief executive Hadley Dean.
EPP's portfolio comprises nine office buildings, 15 retail projects and two retail development sites in Warsaw, totalling 627,000 m2 gross lettable area.
