Echo Polska Properties announced earlier today, following the Company’s SENS release on 10 March 2017, that it has now concluded the agreement to acquire an effective 70% of Galeria Młociny Shopping Centre in Warsaw.
CEO Hadley Dean says: “We are delighted to have completed this acquisition which provides us with an earlier entry into the highly underserved Warsaw retail market. Notably it is located in a strategic transport hub in a large growing residential district, serving 40 000 people a day.”
Galeria Młociny is a mixed use project with a combined leasable area of 82 000m² of which 71 000m² is earmarked for retail, entertainment and gastronomy. It will include a modern cinema, a fitness club, an extensive food court and a medical centre. Already 55% pre-leaed tenants will include key fashion brands such as the Inditex group’s Zara, Zara Home, Bershka, Pull & Bear, Stradivarius as well as C & A, Van Graaf, H&M and shoe retailer CCC. Additional tenants include RTV Euro AGD, Jysk, Intermarche and Go Sport.
Construction of the first phase commenced in October 2016 with completion scheduled for Q2 2019.