Echo Investment has received a €65.6 million loan for the construction of three office buildings of Brain Park complex in Kraków. The financing of the project was provided by PKO Bank Polski as a loan agent as well as Bank Pekao S.A. acting as security agent.
According to the agreement, both banks granted Echo Investment a construction loan amounted to €65.6 million, as well as PLN 9 million VAT loan. The total financing period ends on 30 June, 2026.
"For over twenty five years, Echo Investment has been taking part in development of Polish cities, making them more friendly to people. Brain Park in Krakow, a modern office complex that soon become a location of work for several thousands professionals, is an example of this. Great interest of tenants in this project confirms the enormous business potential of Krakow, but also the good brand of Echo Investment as well as a great location and best quality of the office buildings. We are glad that such reputable financial institutions trust in our strategy, believe in the success of our projects and want to become part of them", says Grzegorz Iwański, Financing Director at Echo Investment.
The Brain Park office complex is being built in Kraków at al. Pokoju and ul. Fabryczna. It will consist of three buildings with 42.4 thousand sqm of modern space. Charging stations for bicycles, electric scooters and electric cars, bicycle stands as well as changing rooms and showers for cyclists will be located on the area of the project for its tenants. Other advantage of the buildings will also be a courtyard with places to rest, eat outside, play table tennis or chess, and a "street workout" zone. The first two buildings of Brain Park will be ready to hand over to tenants at the turn of 2022 and 2023. Their tenant will include among others PepsiCo GBS Kraków.
Both financial institutions that granted the loan for the construction of Brain Park are long-term partners of Echo Investment who already have financed several development projects. PKO Bank Polski has been engaged as loan provider, among others to the construction of Moje Miejsce office buildings in Warsaw and MidPoint 71 in Wrocław, while Bank Pekao S.A. participated financially in the construction of the Villa Offices and Malthouse Offices buildings being part of the Warsaw Brewery complex and continues to finance office buildings in the multifunctional Fuzja project in Łódź or Face2Face office complex in Katowice.
