Echo to realize 38 new projects totaling €1.3 bln (PL)

Echo Investment has announced that it is planning 38 new projects in Poland with a combined leasable and saleable area of 630,000 m² and worth €1.3 billion. The investments are planned for the period between the summers of 2007 and 2011.

According to Jaros³aw Grodzki, president of the board of Echo Investment, the main target of the company is to ensure a long-term growth of its value. "The company is going to accomplish this goal through further building and raising the quality level of commercial real estate portfolio – offices and shopping centers - meant for lease."

The investment plans for the period 2007-2011 will assume an increase of the company's office buildings portfolio by 170%, and the shopping centers' portfolio by 150%. Echo also assumes an annual increase of 300% in the sale of apartments.

The financing of the investments is to come through target credits for the subsidiaries, from current and turnover credits, and also through the issuing of bonds which the company has been using since 2004.

Source: Echo

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