Dutch real estate investment company Echo Polska Properties (EPP) and Warsaw Stock Exchange-listed developer Echo Investment are in the process of acquiring the under-construction Galeria Młociny shopping center project located in the northern Bielany district of the Polish capital from Rosehill Investments. The buyers will pay almost €42 million for the scheme, in which they will hold a 70 percent and a 30 percent stake respectively. The Galeria Młociny development, which is scheduled for completion in Q2 2019 and is now approximately 60 percent pre-leased, will offer a total of around 71,000 sqm of retail, restaurant and entertainment space. “The acquisition of Galeria Młociny is in line with our stated strategy of investing in quality retail assets in strategic locations,” said Hadley Dean, the CEO of EPP. “Galeria Młociny is another important step towards strengthening our position as a leading developer in the retail sector and Echo’s experience in this division of real estate business. This acquisition is in line with our strategy of fast capital turnover,” commented Echo Investment CEO Nicklas Lindberg.
Image: Echo Investment