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Acquisition of 70% interest in Galeria Mlociny
ECHO POLSKA PROPERTIES N.V.
(Incorporated in the Netherlands)
(Company number 64965945)
JSE share code: EPP
ISIN: NL0011983374
(“EPP” or “the company”)
ACQUISITION OF 70% INTEREST IN GALERIA MLOCINY
Shareholders are advised that EPP has concluded an acquisition agreement to effectively acquire 70% of the Galeria
Mlociny Shopping Centre (“Galeria Mlociny”). The investment will be effected via EPP’s acquisition of 70% of the
equity in Rosehill Investments sp. z o. o. (“Rosehill”) for an aggregate consideration of €29 million from Powell Real
Estate International B.V, Elsoria Trading Limited, Terbanacle Limited and Terbanacle Investments Limited. Rosehill
indirectly owns the land on which Galeria Mlociny is being developed (the “development”). Echo Investment S.A
will be appointed as the developer of Galeria Mlociny and will acquire the remaining 30% of the equity in Rosehill for
an aggregate consideration of €12.4 million. The transaction is expected to be completed by the end of May 2017 and
is in line with EPP’s stated strategy of acquiring quality retail assets and developments in strategic locations.
Galeria Mlociny is a mixed use development of approximately 81 900m2 (of which approximately 71 050 m2 will be
retail space) situated in North Warsaw, Poland. Construction of the first phase of Galeria Mlociny commenced in
October 2016, and is on track for completion in the second quarter of 2019. The development is c.50% preleased to
strong anchor tenants including Inditex brands, Van Graaf and H&M.
Galeria Mlociny is a new generation shopping centre that will service a rapidly growing residential area in North
Warsaw that lacks a modern fashionable retail offering. The development is complementary to EPP's other (previously
announced) Warsaw mixed use project, Towarowa 22. Galeria Mlociny is situated next to the Mlociny transport hub,
the main public transport hub for residents of North Warsaw and surrounds, which is used daily by c.40 000 people.
The total cost for the land on which Galeria Mlociny is being developed is approximately €104.5 million. The balance
of cost of the land on which Galeria Mlociny is being developed will be financed through mezzanine loans granted by
reputable private equity funds to the value of €63.1 million. Galeria Mlociny will be developed at an estimated
development yield on cost of c. 7.1% and on completion is expected to be accretive to EPP. The combination of the
Galeria Mlociny and the Towarowa 22 project (scheduled for completion in 2021) will afford EPP an earlier foothold
into the lucrative Warsaw retail market in 2019 and, combined with Towarowa 22, leverage its scale and influence
with retailers across the whole of Poland.
CATEGORISATION OF THE TRANSACTION
The transaction is not categorisable in terms of paragraph 9.5 of the JSE Listing Requirements and is not subject to
approval by EPP shareholders.
About EPP
EPP is a Dutch dual listed real estate investment company that follows the REIT formula, investing in retail, office
and industrial properties throughout Poland. With a current portfolio that includes 9 office, 15 retail projects and one
retail development site in the centre of Warsaw totaling GLA 626 783 m², EPP’s portfolio is highly diversified. The
buildings are located in 17 major cities across the country, characterized by their strong economy, purchasing power
and ability to attract international investment interests. EPP’s goal is to create Poland’s leading cash-generating
platform of well-performing office, retail and industrial assets that will deliver consistently high returns to EPP
shareholders. Further information on EPP is available on EPP’s website www.echo-pp.com.
10 March 2017
JSE Sponsor and Corporate Advisor
Java Capital
LuxSE Listing Agent
M Partners
More information:
Magda Cieliczko, Marketing Director Echo Polska Properties,
Mobile: +48 603 203 619
magda.cieliczko@echo-pp.com
Java Capital, JSE Sponsor
Phone: +27 11 722 3050
M Partners, Luxembourg Listing Agent
Phone: +352 263 868 602
Jacques de Bie, South Africa, Investor Relations, Singular Systems IR
Mobile: +27 (0)82 691 5384
Date: 10/03/2017 10:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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