In the third quarter of 2024, the group continued to execute its development strategy for Archicom, solidifying its position as a nationwide residential developer. The total number of apartments sold this year increased to 1,471, with 589 units sold in Q3 alone—a 19% year-over-year growth. During the same period, keys to 337 apartments were handed over to customers.

In the first three quarters of 2024, the company launched a total of 2,784 apartments for sale across 11 projects. Currently, the company is constructing over 4,500 apartments and, in Q3, received permits to build an additional 894 units in Warsaw, Łódź, Wrocław, and Katowice. By 2025, the company aims to achieve annual sales exceeding 3,000 apartments.

“In Q3 2024, we focused on strengthening a healthy balance between residential and commercial investments, as well as PRS and student housing segment. The first projects under the StudentSpace brand are already under construction, and others are in advanced preparation stages, bringing us closer to becoming a leader in the private student housing segment”, said Nicklas Lindberg, CEO of Echo Investment.

Echo Investment's activities in the living segment gained momentum with the construction of two StudentSpace dormitories in Kraków, as part of a joint venture with Signal Capital Partners and Griffin Capital Partners. These projects will provide 1,200 places for study and relaxation, ready by Q3 2025. By September 2026, StudentSpace plans to deliver an additional 2,000 rooms for students in Warsaw and Kraków.

Resi4Rent remains the largest player in Poland's PRS market. By early 2025, the platform will offer over 6,000 rental units across 21 locations in six of the country’s largest cities. Approximately 5,500 PRS apartments are currently under construction or in the design phase. By 2026, Resi4Rent aims to have a portfolio of 10,000 completed units.

In Q3 2024, Echo Investment signed leases or letters of intent for approximately 12,800 sqm of office and retail space. The group's completed buildings are fully leased, while new developments are expected to fill supply gaps in 2025.

In Warsaw, the construction of Office House (32,000 sqm) is ongoing, with around 70% of the space already leased. In Wrocław, the first stage of Swobodna SPOT is underway, while in Kraków, the city-building WITA project (over 26,000 sqm of commercial space and 176 apartments) is advancing.

In the flexible office space segment, the CitySpace operator now offers 3,747 workstations across 11 locations.

The group's retail properties, Galeria Młociny and Libero Katowice, boast nearly 100% occupancy. Turnover at Galeria Młociny increased by 1% year-over-year in Q3, while Libero Katowice saw a 3% year-over-year increase.

In Q3 2024, Echo Investment, together with AFI Europe, secured a EUR 103.4 million construction and investment loan from Bank Pekao S.A. and Santander Bank Polska S.A. for the Office House project in the Towarowa22 quarter.

“This agreement highlights the potential of our destination projects. It’s one of the indicators that makes us optimistic about the future. We are witnessing a revival in the investment market and a narrowing gap between the expectations of developers and investors. Combined with lower interest rates, this will drive increased investment activity, including selling selected commercial properties from our portfolio. Proceeds from the divestment of React and future sales will help us reduce the Group’s debt below the long-term target of 30%”, commented Maciej Drozd, CFO of the Group.

In the first three quarters of 2024, the group introduced and listed additional series of Echo Investment bonds for individual investors worth PLN 200 million, and Archicom bonds for institutional investors worth PLN 358 million. Additionally, the Group issued PLN 400 million in bonds to institutional investors this year, extending the maturity of obligations due in 2024-2025 to five years.