Poland’s EPP has released record results for the group’s financial year which ended on the 31st of December 2018. The group reported distributable earnings of €96 million, representing a 26% increase from the prior year. EPP has announced a dividend of €11.60 cents, up 6.7% from 2017 with the company’s total assets of €2.5 billion, increased by 27% during the year.
The largest owner of retail property by gross lettable area in Poland, EPP introduced several new properties to its portfolio during 2018, adding 54% to its total space which is now at 684 000 square meters with vacancies of less than 1%.
EPP CEO, Hadley Dean comments:
“EPP has experienced three consecutive years of growth. We currently have 100 million people visiting our shopping centres each year, and we look forward to watching that number grow even further in 2019 … Our first major project for 2019 will be the opening of Galeria Mlociny, our flagship development in Warsaw.”
Galeria Mlociny will add 84 400 square meters of quality retail to EPP’s portfolio. It is strategically located in the affluent part of Warsaw on the metro line with 24 million passengers annually. The shopping centre is located next to a park-and-ride facility for more than a thousand cars and a hub for buses and trams.
“This property is beautifully designed with eight-metre-high glass facades and a unique food and beverage offering that will really make it stand out in Warsaw … Mlociny will be the crown jewel of our portfolio and, from a financial standpoint, the project is already a success, having realised EUR100m in value,” Dean concluded.