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.
After the third quarter of 2023, the total number of apartments sold amounted to 1,315, while clients have already received the keys to 791 apartments. Currently, the group has 3,171 units under construction and the next stages of projects as well as new developments in Wrocław and Warsaw are planned to start shortly.
"We are strengthening the strategic position of Echo Investment as a developer of large-scale destination projects that are changing Polish cities, providing sustainable places to live, work and spend free time", comments Nicklas Lindberg, CEO of Echo Investment.
The activity of Echo Investment in the living sector keeps on growing. Resi4Rent maintains its position as the largest company in the PRS sector. It currently offers a total of 4,106 apartments for rent in 12 locations in the 6 largest cities in Poland. There are over 4,300 apartments under construction now and the secured pipeline is now exceeding 11 000 apartments for rent. On top of that, Echo Investment actively searches for plots for new projects and analyzes the potential of student housing.
Commercial real estate continues to be a strong pillar of Echo Investment’s business. In the office sector, the third quarter of 2023 was marked by the implementation of new projects. The company is currently focusing on the construction of office projects in the largest Polish cities - Warsaw, Wrocław and Kraków. In Warsaw, the construction of Office House - the first building in the multi-functional quarter of Towarowa 22 - has reached ground zero. In Wroclaw, the developer has started the construction of the first stage of Swobodna SPOT.
"In response to market trends, we are starting new office investments that go beyond office standards, also offering public spaces, greenery and publicly available services. The tenants market continues to be strong, and we see a solid demand for all our projects. Today our completed buildings are fully leased, and we see a shortage of office space in 2025 when our new developments will hit the market. The scale and quality of the projects offered by Echo Investment are reflected in the increase in the valuation of the Group's assets to PLN 6.2 billion", adds Maciej Drozd, CFO at Echo Investment.
In the retail sector, Galeria Młociny and Libero Katowice are almost fully leased and recorded increases in both turnover (12% and 16% y/y, respectively) and footfall (6% and 9% y/y, respectively) in the third quarter.
The net profit attributable to the shareholders of the parent company after Q3 2023 amounted to over PLN 33.2 million, and the total value of Echo Investment Group’s assets increased to almost PLN 6.2 billion. The net debt ratio is below 30%.
