EPP: Poland’s Dominant Retail Property Owner Changes its name
The leading owner and operator of shopping centres in Poland, has officially announced that a change of its company name from Echo Polska Properties N.V. to EPP N.V. has been registered by the trade register of the Dutch Chamber of Commerce. From 6 June 2018 the company will operate as EPP. This concludes the company’s eight-month rebranding process which started in September 2017 with the introduction of its new logo.
“In two short years, we have built Poland’s dominant retail property firm, with high-class shopping centres in the best locations to draw in the country’s thriving consumer base. The change in our name should ensure there is no confusion over who tenants, consumers, and investors should look to for the best retail experience in Poland,” said Hadley Dean, EPP’s CEO.
EPP has been developing rapidly by pursuing its long-term strategy of consolidating the retail market in Poland. In December 2017 the company acquired 12 shopping centres and retail parks from the M1 portfolio. The acquisition totalled €692 million and was one of the biggest transactions
in the history of the commercial property market in Poland. The takeover will be executed in three tranches and will be completed in the next two years. The first stage was closed in January this year and the remaining two are scheduled for June 2019 and June 2020. Following the finalisation of the deal, EPP’s portfolio will include at least 27 shopping centres in a total Gross Leasable Area (GLA) of nearly 1 million sqm.
EPP manages its asset and real estate portfolio in-house using proprietary technology to maximize tenants’ profits and allowing it to procure the highest lease values while maintaining the lowest vacancy rates. The company has developed Poland’s premier asset management team responsible for lease and asset value growth.
“Our strategy of providing our tenants with robust business support to ensure a great experience for Poland’s consumers has proven to be successful and translates to a better bottom line for our investors. We are constantly monitoring the market to meet its needs,” Dean said.
With the resolution of the Annual General Meeting of Shareholders held on 24 May 2018 all companies operating within the former Echo Polska Properties Group will now change their names, including Echo Polska Properties Sp. z o.o. and Echo Polska Properties N.V., which will operate as EPP Sp. z o.o. and EPP N.V., respectively.