Echo Polska Properties N.V. (JSE:EPP) agreed to acquire Portfolio of Retail Properties from Chariot Top Group B.V. for approximately €250 million on October 10, 2017. The Portfolio consists of 12 retail properties, eight of which are shopping centers and four retail parks with over 620 stores situated in strong regional cities across Poland. The sale will occur in three separate tranches valued at approximately €130 million, €75.2 million, €44.1 million respectively. As of October 20, 2020, the consideration for the third tranche has been reduced to €106 million. The first tranche acquisition, comprising of 4 properties valued at approximately €358.7 million, is expected to close in Quarter 1 of 2018. Under the first tranche, M1 Czeladz will be acquired for €56.2 million, M1 Krakow will be acquired for €57.7 million, M1 Lodz will be acquired for €3.1 million and M1 Zabrze will be acquired for €18 million. The purchase consideration of €130 million is supposed to be funded partly by cash and partly by issuance of Echo Polska. Financing will take place by way of 62% debt and the redeployment of some of the capital to be received on the sale of the offices previously announced, as well as the subscription by funds managed by Oaktree and LVS II Luxembourg II S.à r.l for €112.5 million of EPP shares at €1.27 per share. As a result there will be no need for EPP to raise capital from the market. The Second Tranche Acquisition comprising of 6 properties valued at €222.5 million is expected to close by June 20, 2019. Under the second tranche, M1 Bytom will be acquired for €1.9 million, M1 Czestochowa will be acquired for €25.6 million, M1 Radom will be acquired for €24.2 million, Power Park Olsztyn will be acquired for €9 million, Power Park Opole will be acquired for €5.2 million and Power Park Kielce will be acquired for €9.3 million. The purchase consideration of €75.2 million is to be funded by cash. EPP has raised EUR 90 million for the second tranche of its acquisition. The Third Tranche Acquisition comprises of 2 properties valued at €110.9 million. Under the second tranche, M1 Poznan will be acquired for €40.2 million and Power Park Tychy will be acquired for €3.9 million. The purchase consideration of €44.1 million is to be funded by cash. As of October 20, 2020, the acquisition of tranche 3 of will be funded from available cash reserves and new debt funding. As on October 10, 2017, the properties reported net operating income of €49 million. The deal is subject to antitrust regulations and senior lenders consenting to sale in the portfolio. As of January 4, 2018, the first tranche of the portfolio has been acquired. As of June 27, 2019, the second tranche of the portfolio has been closed and second tranche consisted of M1 shopping centres in Bytom, Czestochowa, Radom and Poznan. The deal is expected to close in the mid of 2020. As of October 20, 2020, closing of the third tranche was extended to no later than June 2021. Bartlomiej Kordeczka of Dentons Europe Dabrowski i Wspolnicy sp. k. acted as legal advisors to Echo Polska Properties N.V. Michèle Mackey and Jacques de Bie of Singular Systems acted as PR advisors for this transaction. Janusz Dzianachowski of Linklaters Warsaw acted as legal advisor for Chariot Group B.V. EPP N.V. (JSE:EPP) completed the acquisition of Portfolio of Retail Properties from Chariot Top Group B.V. on March 15, 2021. EPP N.V. completed the acquisition of four retail Parks from Chariot Group B.V., the final of the three tranches, on March 15, 2021.