Company
Epic Properties
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It reports that its subsidiary, “Epic Europe” (100% owned) has entered into binding agreements to purchase land and enter into a partnership to establish an office and rental housing project in Warsaw, Poland, amounting to about 160,000 square meters for approximately 94 million euros. Total revenue. The annual rent from the project (upon completion and with full occupancy) is approximately 38.5 million euros.
As part of the deal, Effie Europe will enter into a partnership with Echo Investment, a public company traded on the Warsaw Stock Exchange and a leading entrepreneur in Poland. Epic Europe will hold 70% of the rights and Echo will hold
In the balance. The two companies have signed additional agreements regulating the relationship between them including Call and Put mechanisms at the end of the establishment of each phase of the project.
The project is located in the WOLA district on the border of the city center and enjoys excellent transport accessibility with metro stations, bus, light rail and heavy rail within a few minutes walk. The city’s main business center is a 2-minute drive away.
Following the completion of the transaction, the company’s rental housing units are expected to stand at more than 5,000 housing units, of which about 60% in Poland.
Avi Barzilai, CEO of Efi Properties: “This deal is a unique opportunity to expand our activities in Poland in the areas of offices and rental housing which are key elements in the company’s growth strategy. As part of this, we enter into a strategic partnership with a leading Polish development company in the Warsaw business district. And on the city’s major transportation routes, will contribute to increasing the accumulation of rental apartments we own in Europe, and will position the company as one of the significant players in the field. ”
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