Echo Investment purchased from the Spanish BANCO FINANCIERO Y DE AHORROS, S.A. a plot of approx. 4.4h located in the center of Warsaw, between Grzybowska, Wronia, Chłodna and Krochmalna streets, the area of the former Warsaw Brewery.
The value of transaction is €42 mln it was financed with the Capital Group’s own capital.
On the purchased land Echo Investment plans to complete in the rime frame of 5-7 years, development projects with the estimated total area of 100,000 m². In accordance with the Local Spatial Development Plan for the area the Company will build there an office complex with an additional residential part.
“The purchase of the Warsaw Brewery is a success of the entire organization. The process was long and difficult–negotiations with the Spanish bank’s changing team of many persons was a great challenge, especially that we had such a strong competition in the form of big, active and even aggressive investors. Today, however, we get a lot of satisfaction from this acquisition. It has to be underlined that this transaction is a consequence of the development strategy adopted by the Management Board of Echo Investment which assumes, among other things, the acquisition of large scale projects in best locations”, says Waldemar Lesiak, Vice-President of the Management Board responsible for the transaction.
Source: Echo Investment