Echo Investment has finalized the purchase of three plots of land from companies belonging to the Tesco group in Poznań, Łódź and Kraków. A total of approx. 240,000. sqm of modern residential, office as well as shopping and service space may be created on these plots.
Echo Investment has completed the transaction of purchasing plots in Poznań at Opieńskiego street, Łódź at Widzewska street and in Kraków at Kapelanka street. The transaction was worth nearly €42 million.
“In recent years, the acquisition of well-located, large plots of land has been one of Echo Investment's priorities. The land bank in our possession enables us to be able to build comprehensive, perfectly designed and attractive parts of cities. Moreover, we are the only company on the market with experience in three sectors of the real estate market – residential, shopping and service as well as office space, which allows us to plan investments on an urban scale, so that they introduce functions that are missing in a given area and improve its integration with the city,” says Małgorzata Turek, member of the management board of Echo Investment responsible for the investment department.
The developer also owns a plot of land in Warsaw, with a first-generation Tesco shopping centre. At the end of last year, the developer purchased a plot of land in Warsaw from this retail chain, located at KEN street, next to the Kabaty metro station. This area will be transformed into a city-forming "destination" project, which will completely alter this part of the district. An open multi-functional space will be created in place of the fenced parking lot and the shopping centre.
Echo Investment is continuously working on the development of the residential business in order to additionally strengthen its market position, improve profitability and resilience to changing market conditions. Given the new reality in which the company operates, social trends and changing consumer preferences, the developer is increasing its focus on the residential sector. The transaction with Tesco will enable Echo Investment to create city-forming projects with over 4 thousand sqm of apartments in key Polish cities. Project works are currently underway.
