EPP, Poland’s largest asset manager of retail real estate, has secured a EUR 323.9 million loan to refinance existing debt on its fully-owned shopping centre portfolio. The financing covers four prime retail assets: King Cross Marcelin in Poznań, two assets in Szczecin (Galaxy and Outlet Park), and Pasaż Grunwaldzki in Wrocław.

The loan was provided by Santander Bank Polska S.A. (Poland), Erste Group Bank AG (Austria), and Helaba Landesbank Hessen-Thüringen (Germany). The Polish bank also acts as facility agent, security agent and account bank. The loan has a five-year term with a balloon payment at maturity and no amortisation requirement.

“Securing financing of this scale in the current geopolitical environment is a clear signal of financial institutions’ confidence in the Polish retail real estate market – in the sector’s fundamentals, and above all in the quality of our assets and the strength of our asset management. For EPP, this is another non-amortising facility, bringing us consistently closer to a REIT operating model,” said Tomasz Trzósło, CEO of EPP.

The refinanced portfolio comprises nearly 180,000 square metres of modern retail space, certified BREEAM In-Use at the “Very Good” level or higher, and located in key cities across Poland. Its diversified tenant mix includes leading international and Polish brands such as: Auchan, CCC, HalfPrice, Helios, H&M, MediaMarkt, Multikino, Peek & Cloppenburg, Reserved, Smyk, Zdrofit, McDonald’s, Starbucks, Popeyes®, and others.

Dentons advised and provided legal services to the lenders, while the borrower was represented by Greenberg Traurig.

EPP, Poland’s largest asset manager of retail real estate, has successfully met its greenhouse gas (GHG) reduction targets originally set for 2030. According to the company’s ESG report for the 2024/2025 financial year*, EPP reduced Scope 1 and 2 emissions by over 50% and Scope 3 emissions by 32% compared to the 2019 baseline, thereby fulfilling the objectives validated in 2023 by the Science Based Targets initiative (SBTi)**. These results stem from a consistent decarbonisation strategy, including building energy efficiency upgrades, renewable energy sourcing and reducing indirect emissions through collaboration with tenants and suppliers.

– Reaching our 2030 targets today is the outcome of a comprehensive transformation – from modernising building systems and expanding solar capacity to partnering with tenants on green lease agreements. A 50% reduction in emissions is not the end of the journey, but a confirmation that we are on the right track. Our focus now shifts to the long-term goal of achieving climate neutrality by 2050 – said Rafał Kwiatkowski, Chief Operating Officer and Board Member at EPP Poland, asset manager of the real estate portfolio managed by EPP Group.

Energy efficiency upgrades and renewables

In the past financial year, EPP N.V.*** reduced fossil fuel energy consumption in common areas and tenant spaces across its portfolio by 7.5% compared to the previous year. This was achieved through upgrades to building management systems (BMS), and installation of LED lighting and heat pumps. A flagship example is the comprehensive energy efficiency modernisation of King Cross Marcelin in Poznań. The replacement of energy and heating systems, among other things, reduced energy use in common areas by approximately 20% and primary energy demand by 78.6 kWh/m² annually. The building improved from energy class D to C, meeting EU Taxonomy criteria for significant contribution to climate adaptation.

EPP also prioritises sustainable energy procurement. Last year’s energy mix included wind energy under a PPA agreement (25%) supplemented by guarantees of origin and photovoltaics. This means that 35% of the electricity in retail properties and 100% in office buildings came from these sources.

The company also continues to expand its solar program. By the end of the 2026 financial year, it plans to launch 13 photovoltaic projects with a total capacity exceeding 7,100 kWp. In the last quarter of the past financial year, new solar installations appeared on the roofs of five shopping centres resulting in greater independence from the grid and a lower carbon footprint.
Digital tools

EPP invests in technologies supporting the circular economy. Its managed portfolio is gradually implementing WasteTracker – a digital monitoring system that tracks the weight and category of waste generated by tenants in real time. The tool enhances transparency in waste management, reinforces proper segregation and facilitates the identification of areas for improvement.
Sustainable standards for buildings and tenants

All office assets under EPP management hold BREEAM In-Use certification at the “Excellent” level, while 100% of shopping centres have achieved “Very Good” or higher. In the past financial year, EPP signed 1,238 green lease agreements, committing both the company and tenants to sustainable practices. Nearly half of all leases in the portfolio are now green.

Social impact and local community engagement

In 2024, EPP launched a Social Value Strategy aimed at increasing the positive impact of its properties on key stakeholders, including local communities. Between 1 September 2024 and 31 August 2025, the company delivered nearly 300 social initiatives benefiting over 37,000 people. More than 50% of EPP employees participated, contributing a total of 2,262 volunteer hours. Projects span four areas: portfolio-wide initiatives, local charity actions under the “5 Good Deeds” program, employee volunteering and additional grant-funded volunteer projects.

* ABOUT THE REPORT

EPP N.V. Sustainability Report covers financial year from 1 September 2024 to 31 August 2025. The document has been prepared in accordance with the European Sustainability Reporting Standards (ESRS), following the adoption of the Corporate Sustainability Reporting Directive (CSRD – Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022, amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU as regards corporate sustainability reporting). The report presents consolidated data for EPP N.V. and all its subsidiaries, in line with CSRD consolidation requirements (2022/2464). It also includes information on the implementation of the strategy adopted in 2021, which covers all properties managed by EPP.

The full report is available for download at: https://www.eppnv.nl/en/esg-en/reports/

** Science Based Targets (SBTi) is a global initiative enabling companies to set ambitious emission reduction targets aligned with the latest climate science. It focuses on accelerating business action worldwide to halve emissions by 2030 and achieve net-zero emissions before 2050.

*** The EPP N.V. portfolio includes: Galaxy in Szczecin, Galeria Echo in Kielce, King Cross Marcelin in Poznań, Outlet Park in Szczecin and Pasaż Grunwaldzki in Wrocław.