JSE-listed EPP, the Polish real-estate group in which Redefine Properties owns a 40% stake, last week said it had grown the size of its portfolio to R40 billion (EUR2.5 bn) mark.
In its financial year which ended December 2018, the Polish company reported distributed earnings of EUR96m, representing a 26% increase from the prior year.
The company also announced a dividend of EUR11.60 cents, up 6.7% from 2017. EPP’s total assets of R4 billion (EUR2.5 bn) increased by 27% during the year.
EPP is the largest owner of retail property by gross lettable area in Poland. The company introduced several new properties to its portfolio during 2018, adding 54% to its total space, which is now at 684,000m2 with vacancies of less than 1%.
“EPP has experienced three consecutive years of growth. We currently have 100 million people visiting our shopping centres each year, and we look forward to watching that number grow even further in 2019,” said EPP CEO, Hadley Dean. “Our first major project for 2019 will be the opening of Galeria Mlociny, our flagship development in Warsaw.”
Galeria Mlociny will add 84,400m2 of quality retail to the EPP portfolio. It is strategically located in the affluent northern part of Warsaw on the metro line with 24 million passengers annually.
The shopping centre is located next to a park-and-ride facility for more than a thousand cars and a hub for buses and trams.
“This property is beautifully designed with eight-metre-high glass facades and a unique food and beverage offering that will really make it stand out in Warsaw,” said Dean. “Mlociny will be the crown jewel of our portfolio and, from a financial standpoint, the project is already a success, having realised EUR100m in value,” Dean said.
Source: SA Commercial Property News http://www.sacommercialpropnews.co.za/property-companies-news/8948-epp-grows-asset-base-to-r4-billion.html