Investor

Galeria młociny in the hands of echo polska properties and echo investment

01-06-2017

The majority shareholder in the modern retail-office development in Warsaw's Bielany district, holding 70% of shares has become Echo Polska Properties (EPP). Listed on the stock exchanges in both Johannesburg and Luxembourg, the company will be responsible for managing the newly built facility. The owner of the remaining 30% of shares in Galeria Młociny is Echo Investment, which is responsible for completing the construction of the complex and for commercialization and marketing. The opening of Galeria Młociny is scheduled for March 2019.

“We are pleased to have completed this acquisition, which has given us the opportunity to be present on the Warsaw retail market. It is also important that the centre is located close to an important transportation hub, which is used by 40 thousand people on a daily basis, and serves a dynamically developing residential area” said EPP President Hadley Dean.

“Acquiring Galeria Młociny is a very important step to strengthen Echo’s position as the key developer in the commercial market. As a result of this transaction, our company is currently constructing or preparing investments totalling an area of ​​800,000 sq.m. That is 75% more than we held in the first quarter of last year” says Nicklas Lindberg. The Chairman of Echo Investment also underlines the fact that the Galeria Młociny acquisition, will allow echo Investment to further strengthen its position as a key-player amongst developers involved in the retail sector.

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