ARTICLES LABELLED WITH TAG Echo Investment

The Wing Group recorded sales close to €300 million during 2024 over commercial and residential transactions across Germany, Poland and Hungary.

Echo Investment has signed a conditional sale agreement for React, the office building located at 24 Piłsudskiego in Łódź. Upon completion of the deal, React will be acquired by Summus Capital, an Estonian-based investment company. The transaction is valued at €32.5 million.

In the first half of 2024, Echo Investment Group successfully implemented its growth strategy, continuing construction projects, selling nearly 900 apartments, and debuting in the private student housing segment. The Group's total assets at the end of June exceeded PLN 6.5 billion (ca. €1.5 billion) with cash reserves surpassing PLN 523 million (ca. €121 million).

StudentSpace, a student housing platform, launched earlier this year by Signal Capital Partners, Griffin Capital Partners, and Echo Investment, announced the start of the construction of its first investments. The company has secured two prime plots in Kraków for the development of two dormitories. Located near public transportation, these new dormitories will provide convenient access to universities and downtown areas, accommodating over 1,200 students. Looking ahead, StudentSpace plans to launch projects in Warsaw, with construction expected to begin next year. These are the first investments by StudentSpace, which aims to build 5,000 beds over the next 3 to 5 years. The company also launched a website and brand identity.

A consortium of Santander Bank Polska and Bank Pekao S.A. granted AFI Europe and Echo Investment a construction and investment loan of €103.4 million and a VAT loan of PLN 20 million. The loan will finance the development of Office House, the first phase of the multifunctional Towarowa 22 project. It will be completed in the spring of 2025.

Immofinanz has completed the sale of three office buildings in Warsaw to Echo Investment Group. The transaction price amounts to €28.5 million.

EPP and Echo Investment have secured a loan of €145.2 million for the new financing of the Galeria Młociny shopping centre located in Warsaw. Erste Bank Group AG (Austria), Rand Merchant Bank, a division of FirstRand Bank Limited (Republic of South Africa) and Santander Bank Polska (Poland) acted as arrangers of the new credit facility, with Santander Bank Polska also acting as Facility Agent, Security Agent and Account Bank.

Signal Capital Partners, UK-based private asset management firm, along with Griffin Capital Partners and Echo Investment will, subject to anti-monopoly clearance, launch a new student housing platform. The new joint venture is aiming to develop, as a first step, an operating portfolio of 5,000 purpose-built student beds across key academic cities in Poland over the next three to five years.

In the third quarter of 2023, the total value of the Echo Investment Group`s assets increased to PLN 6.2 billion, while its further development is supported by a high level of cash amounting to PLN 627 million.

At the corner of Pańska Street and Wronia Street in Warsaw, the construction of the underground part of the first phase of the mixed-use project Towarowa 22 is coming to an end. In addition to offices, the Office House building offers retail spaces and attractive green areas. This is a promise of a joint project by companies belonging to the Echo Investment Group and AFI Europe.