Johannesburg-listed EPP has successfully completed the purchase of another four M1-branded shopping centres for €224 mln, closing tranche 2 of its multi-year M1 transaction.
The firm is already the largest owner of retail real estate in Poland by gross lettable area (GLA), and this deal adds a further 141,000 m2 of GLA to its portfolio.
Tranche 2 comprises M1 shopping centres in Bytom, Czestochowa, Radom and Poznan.
'This tranche of the M1 is great for us because it opens three new markets and we expand our reach throughout Poland’s most lucrative markets. The properties also add opportunities for us to strategically increase their value,' said EPP CEO, Hadley Dean.
EPP took control of the last four M1 shopping centres in tranche 1, which means it now controls the full portfolio of eight M1 properties. The third and last tranche of its M1 shopping centre and Power Park retail park transaction, which is expected in June 2020, will add four Power Park properties.
'We stated a long time ago that we intended to be the dominant player in the Polish retail real estate market and with the addition of these assets our position is even stronger to capitalize on the unique and dynamic Polish consumer market,' Dean added.
EPP announced the acquisition of 12 M1 shopping centres and retail parks in December 2017, unveiling funding for the second tranche in April this year.
