In Q3 2017, Echo Investment posted a net profit of €12 million (PLN 50 million). The main contributors were: signing final sale agreements for 238 apartments, increase in the value of projects under construction, the sale price increase of the Q22 building, dividend from EPP as well as the compensation for the expansion of Outlet Park in Szczecin.
“A year ago, we announced our strategy of profitable growth that assumed focusing on pure developing activity in Poland’s six largest cities, building ‘destinations’ - multi-function projects based on our expertise from office, retail and residential sectors as well as maintaining the dominant market position. The Q3 results proved, that our strategic assumption were right,” says Nicklas Lindberg, CEO at Echo Investment.
The Group’s debt remains at a stable level. At the end of the third and the beginning of the fourth quarter, Echo Investment completed the II Public Bond Issuance Program, under which investors purchased bonds with the total value of PLN 300 millon.
At the moment, the company has 75 projects under construction and preparation, with the total leasing and sale area exceeding 1.06 million sqm. Since the beginning of the year, the acquisition team has finalized the take-over of plots and projects that would accommodate 420,000 sqm of office, residential, retail, and service space. The list includes large sites in Łódź on Tymienieckiego street as well as in Kraków, on Wita Stwosza street, where new ‘destinations’, well-integrated with the city projects will be completed. Browary Warszawskie, on Grzybowska street in Warsaw, is the first such a complex venture in the company’s portfolio.
