SA fund opens flagship development in Warsaw

SA fund opens flagship development in Warsaw

Aerial view of EPP’s new flagship development Galeria Mlociny in Warsaw.

Real estate investment company, EPP, recently opened its flagship development in Warsaw with its partner, Echo Investment.

EPP operates like a Real Estate Investment Trust (REIT) and is the largest owner of retail real estate in Poland. Its portfolio includes 19 retail properties, six office buildings and two development sites in Warsaw, with one currently under construction, offering a total of over 835 000 m2 in Poland’s 20 biggest cities. EPP is listed on the stock exchanges in Johannesburg (JSE) and Luxembourg (Euro MTF).

“Galeria Mlociny gives Warsaw residents access to more than 200 shops with a mix of brands that appeal to every budget alongside one of the city’s most ambitious food and beverage projects,” says EPP chief executive, Hadley Dean.

“Galeria Mlociny features nearly 85 000m2 of modern, well-designed space with more than 6 000m2 of restaurant and entertainment options. In addition to a family zone with indoor and outdoor play options for the children, there are dedicated spaces for coworking next to the food hall. The centre also features the first cinema in Warsaw with seats that recline. The 10-screen multiplex is the first of its kind in the district.

“The main hall in the centre – dubbed “fashion avenue” – is designed to evoke the feeling of a high street, something that is lacking in Poland. The shopfronts, which were designed by top-tier architects, are nearly 8m high with natural light. The upper floors of the complex feature terraces with playgrounds, greenspace and panoramic views.”

Dean says careful planning has created a space that genuinely serves numerous different populations, from young urban professionals to families, and everyone in between, all under one roof.

“Galeria Mlociny is the largest project Echo Investment has developed so far. When creating it, we used 20 years of experience in the retail, entertainment and gastronomy sector. We wanted Galeria Mlociny to be a place that will attract people to Bielany, therefore as much as 20% of its space was intended for meetings, entertainment and eating. Creating places where people want to stay, work, play or relax is a very important keystone of our strategy,” says Nicklas Lindberg, CEO of Echo Investment.

For the opening, Galeria Mlociny welcomed a star-studded list of Polish celebrities and fashion icons including, due to its outstanding food and beverage offering, several celebrity chefs. Opening activities will continue to draw in Warsaw residents for the next month as they get to know Warsaw’s hottest new destination.

The centre is located just next to the Mlociny transport hub – in one of the best transit locations in Warsaw, with easy access to the metro station, numerous tram lines and city, local and country bus lines, a bicycle station and a P&R car park. It is the most important interchange for the northern part of the city and neighbouring towns, which is used by over 24 million passengers every year.

Galeria Mlociny’s investors are EPP (70% of shares) and Echo Investment (30% of shares). While the former will manage the newly opened complex, the latter was responsible for the development process and leasing.