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Echo Polska Properties to list on Luxembourg, Johannesburg exchanges

EchoPolska Properties seeks to list on the Luxembourg and Johannesburg bourses inAugust and September, respectively.

ThePoland-based company is jointly owned by Redefine Properties Ltd. and Echo Investment SA, and hasan initial portfolio worth €1.2 billion, as at June 30.

HadleyDean, CEO of Echo Polska, said Poland is "set to benefit hugely" fromBrexit, with big banks actively looking to acquire almost 60% cheaper officespace compared to London, according to the release.

Deanalso said the listings will provide the company with improved access toexpansionary capital, and the fund has the capacity to double in size in thenext two years partly due to the availability of significant investmentopportunities.

EchoPolska owns six office and 10 retail properties in major cities across Poland,with a gross leasable area of 446,400 square meters. The company also has a 25%development profit participation as well as first right offer to acquire sevenproperties that are under construction by Echo Investment. The projects have agross leasable area of approximately 200,000 square meters. Completion isplanned between 2016 and 2018.

Earlierin 2016, South Africa's Redefine Properties acquired a 75% stake in Echo Investment in what wascalled the biggest real estate transaction in Poland, and was also to be mulling the establishmentof a Polish REIT in partnership with Griffin Real Estate.

TheWarsaw Stock Exchange was also reported to be working toward establishingdomestic REITs in thecountry, following Redefine's stake acquisition.