Echo Polska Properties – an international fund operating as a REIT –is purchasing seven office buildings with almost 112,000 sqm of GLA from Echo Investment, a Polish developer. The total value of the properties as at the agreement amounts to almost €264 million. The sold properties are: O3 Business Campus in Kraków (phase I, II and III), Tryton Business House in Gdańsk, A4 Business Park in Katowice (phase III) and Symetris Business Park in Łódź (phase I and II).
The transactions are a part of EPP executing its right of the first offer (ROFO) to purchase from Echo Investment 10 properties developed by Echo Investment. Buildings Tryton, O3 phase I, A4 Business Park III and Symetris I are ready; the completion of O3 phase II and Symetris II is planned for the end of the year, while the last from the sold buildings – O3 phase III – will be ready in 2017. Closure of the deal is conditional, on the satisfaction of certain conditions, including obtaining consent from Poland’s anti-monopoly office, the President of UOKiK.
“We are expanding our platform by new properties that guarantee stable flow of revenue and, as a result, good returns for our shareholders,” said Hadley Dean, CEO at EPP.
O3 Business Campus is an office complex located in northern part of Kraków, at the junction of Opolska street and 29th November Avenue. The complex consists of three 12-storey buildings with a total GLA of 57,000 sqm as well as ground and underground parking lots.
Tryton Business House is an office building located in Gdańsk, at the junction of Jan z Kolna and Wałów Piastowskich streets, close to the city’s historical canter. Tryton Business House consists of an 11-storey tower and two 6-storey buildings.
A4 Business Park, located close to Katowice’s main transportation routes, consists of two 10-storey buildings and one 7-storey building.
Symetris Business Park, located in Łódź, is a modern office complex with total space of 19,000 sqm, consisting of two buildings connected with a joint parking lot.