Poland's Echo Polska Properties' listing on the Johannesburg stock exchange has been oversubscribed by investors. 

johannesburg

Johannesburg

EPP saw its private placement offer for around 71.5 million shares at an issue price of €1.45 raise an aggregate €100 mln.

'We are very happy about the subscription results,' said Hadley Dean, EPP’s CEO. 'They clearly show the attractiveness of EPP and its business model, as well as Poland’s economy to South African investors.'

EPP announced plans to list on both the Johannesburg and Luxembourg stock exchanges at the end of July.

Its shares are currently quoted on the Luxembourg Stock Exchange and its listing on the JSE on Tuesday, 13 September 2016 will constitute a dual primary listing.

'EPP’s listing on the LuxSE and the JSE will provide the company with significantly improved access to expansionary capital and provide existing and future shareholders with an opportunity to invest in a highly-attractive European economy,' added Dean.

EPP is a jointly owned by Poland’s largest developer Echo Investment S.A. and South Africa’s Redefine Properties, which holds a strategic 49.9% investment.

Currently, EPP owns six office and ten retail properties with a GLA of 424,216 m2. The company said it was focusing on acquiring retail or mixed-use assets in strategic locations.

Griffin Real Estate, which manages Redefine Properties’ assets in Poland, organised and advised on the deal.