EPP have announced their first investment in Poznan: the purchase of the King Cross Marcelin Shopping Centre for 91.1 million euros. EPP already held the largest portfolio of retail real estate in Poland, now increased to 19 retail projects, six office buildings and two development sites.
“We’ve had our eye on Poznan because it stands out as one of the strongest consumer markets in the country,” said Hadley Dean, CEO of EPP. “Poland continues to prove itself an economic powerhouse in Europe, and even within that context, Poznan is remarkable.”
Poznan is one of Poland’s biggest cities, home to approximately 833,000 people and boasts a GDP second only to Warsaw, as well as an unemployment rate of just 1.5 per cent (one of the lowest in the country).
“Poznan will give us access to hundreds of thousands of Polish shoppers and Marcelin is ideally suited to cater to their needs. We look forward to providing them with a great experience,” Dean added.
The reason for choosing Marcelin, despite its hefty price, appears to be a strategic move on the part of EPP. The 45,353 sq m shopping centre is already 99 per cent let to both national and international brands, while the development of the Business Garden Office Park should increase footfall by 10 per cent.
“While Poznan has several modern shopping centres, Marcelin is dominant in its catchment with great growth potential. The development of the Business Garden Office Park should increase the footfall in the centre by 10 per cent once completed. This, combined with the extension opportunities, means EPP can unlock exceptional value from this project,” Mr Dean said.