Echo finalizes €360 mln takeover of four M1 shopping centers

Listed on the Johannesburg Stock Exchange Echo Properties Polska completed the takeover of four M1 shopping centers with 194.4k sqm of GLA for €358.7 million, the company said in a market filing. This is the first part of the bigger, €692 million deal in which EPP will buy eight M1 centers and four PP retail parks from Chariot Top Group, an entity owned by PIMCO, Oaktree and Redefine Properties.

The first tranche includes shopping centers in Kraków, Łódź, Zabrze, and Czeladź with an aggregate NOI of €25.1 million. And the whole deal is expected to be finalized in mid-2020.

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