Johannesburg-listed and Warsaw-based EPP announced on Monday that it has completed the acquisition of Poznan’s King Cross Marcelin Shopping Centre.
The 45,350 m2 shopping centre was acquired in early October last year for €91.1 mln. The asset is 99% let to international and national retailers including Media Markt, H&M, Intersport, CCC and McDonald’s.
‘We’ve had our eye on Poznan because it stands out as one of the strongest consumer markets in the country. Poland continues to prove itself an economic powerhouse in Europe,’ commented Hadley Dean, CEO of EPP.
This acquisition, the first one in Poznan, brings the company’s portfolio to 19 retail properties.
Next to the King Cross Marcelin shopping centre, the Business Garden Poznan business park is currently under construction. According to EPP, it will attract 12,000 people daily to the catchment area.
‘While Poznan has several modern shopping centres, Marcelin is dominant in its catchment with great growth potential. The development of the Business Garden Office Park should increase the footfall in the centre by 10% once completed. This, combined with the extension opportunities, means EPP can unlock exceptional value from this project,’ Dean concluded.