Becoming leading retail landlord

LISTED Echo Polska Properties (EPP), the Polish property group in which JSE-listed Redefine Properties owns a 39.59 percent stake, is making progress with its strategy to become the leading retail landlord in Poland. Its portfolio comprised 14 retail, nine office and two retail developments valued at 1.9 billion at endSeptember. The group acquired Solna in Northern Poland, opened phase three of Outlet Park Szczecin, which added 3 330m² to the centre and 0.7 million of annual net operating income, and post the nine months to September agreed to acquire the M1 portfolio comprising 12 retail properties for 692 million and to dispose of three office properties. Hadley Dean, the chief executive of EPP, said last week the group was now closer to its aim of leveraging both its scale and tenant relationships to be a leading cashgenerating property compan. EPP in March this year reported that it had agreed to acquire a 70 percent stake in the 81 900m² Galeria Młociny in Warsaw for 29 million. Shares in EPP dropped 6.12 percent on Friday to close at R17.64. – Roy Cokayne