By the end of H2 2017 space under construction by Echo Investment increased to over 1 million sqm, from 677,000 sqm at the end of 2016. According to its latest financial report, the company is moving forward with a number of residential, office and retail developments.
A significant part of Echo Investment’s profit resulted from the gain recognized on EPP shares – Echo sold 40 million shares generating €49 million of proceeds and re-valued remaining €51 million to the market value, achieving a total gain of PLN 88 million. Subsequently, the company paid a special dividend of PLN 0.5 per share to its shareholders. Echo Investment still holds 7,2 % of EPP shares.
In H1 2017, Echo sold 550 apartments and handed keys to 148. The company is well on its way to achieve full-year record goal of selling 1,300 apartments and handing over keys to at least 925 units. In H2 2017 Echo is planning to extend its offer by starting construction works on projects with 1,200 units.
Over the last few months, Echo signed preliminary sale agreements of two office buildings in Wrocław: West Link and Sagittarius. By the end of the year the company will complete three other office buildings: Symetris II in Łódź, O3 Business Campus II in Cracow and Nobilis in Wrocław, making them ready to be sold. The preliminary agreement to sell Symetris II and O3 Business Campus II is already signed with EPP.
The company took over Warsaw’s Galeria Młociny, a mixed-use retail and office property with total GLA of 81,900 sqm. The shopping mall, now under construction, sees high interest from potential tenants and is already 56 % leased.
In the next few weeks, Echo will be celebrating the completion of extensions of the Outlet Park and Galaxy retail projects being developed for EPP.
During the period, Echo has launched construction works in the Browary Warszawskie project. Two residential and one office buildings are currently under construction and the work on the third residential building will start in few weeks. Echo Investment also moves forward with its other flagship project – development of Towarowa 22. Here, the designing and permitting works are going on full speed in order to find the balance between retail, residential, office, service and leisure functions.
Over the last 12 months, the company continued to purchase of new plots and projects, acquiring almost 550,000 sqm of potential office and retail GLA, as well as residential space. An additional 70,000 sqm is secured by preliminary agreements, while another 390,000 sqm are subject to advanced negotiations (half of it for residential projects).
