EPP has acquired King Cross Marcelin Shopping Centre in Poznan, Poland for €91.1m. The deal marks the EPP’s first entry into Poznan and brings the company’s portfolio to 19 retail projects. The 45,353 m² centre is already 99% let to popular international and national retailers including Media Markt, H&M, Intersport, CCC and McDonald’s. It is the major shopping destination in western Poznan with an immediate catchment of over 202,000 people living within a 15 minutes’ drive, and directly adjacent to the Business Garden Poznan business park, which once completed will attract an additional 12,000 people daily to the catchment area.
“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. 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% once completed. This, combined with the extension opportunities, means EPP can unlock exceptional value from this project.”