Echo Polska Properties NV is doubling its retail gross lettable area with an agreement to purchase a portfolio of 12 properties across Poland for €692.1 million from Chariot Top Group BV.
The portfolio offers 450,000 square meters of gross lettable area and comprises eight shopping centers and four retail parks, containing more than 620 stores in regional cities.
The transaction will be carried out in three separate tranches through the acquisition of 100% shares in the subsidiaries that hold the assets. The initial tranche will involve the acquisition of four properties, offering 194,400 square meters, for €358.7 million, according to a filing.
In the second tranche, Echo Polska will pay a sum of €222.5 million to purchase a further six assets, offering 184,000 square meters, and in the final tranche, the company will buy two properties, providing 68,100 square meters, for €110.9 million.
Final share purchase agreements for the three tranches, subject to certain conditions, are expected to be finalized by the first quarter of 2018; June 27, 2019; and June 29, 2020, respectively.