Echo Polska Properties has announced that following the Company’s SENS release on 12 December 2016, that it has now acquired 100% of the equity in EPISO 3 Zakopianka Sp. z o.o. which holds 38% of the leasehold rights to all rental income derived from leases from tenants in Zakopianka retail park.
All outstanding conditions precedent have now been fulfilled and the transaction was accordingly completed on the 25th of April 2017, for an amount of EUR53.3 million. The property is currently 98% leased.
CEO Hadley Dean says: “We are delighted with this acquisition as it is in line with our stated strategy of acquiring retail assets in strategic locations, with high density catchment areas and being the dominant centre in their location.”
Zakopianka is located in the affluent southern part of Kraków with a catchment area of 1.3 million people. The city is Poland’s top tourist destination and a leading destination for business process outsourcing and IT outsourcing in Europe.
The 27 463m² centre has a diversified tenant mix with a weighted average unexpired lease term of approximately four years. Opened in 1998 Zakopianka is well-established and boasts easy access by car and public transport. Retailers include Cinema City, Jysk, Intersport, Decathlon, Komfort, Reserved, Euro RTV AGD and many others.