Echo Investment has signed preliminary sales agreements with Resi4Rent for four projects under development in Warsaw, Wrocław and Łódź for a combined price of €78.6 million (PLN 338.7 million). The four projects - Browary Warszawskie in Warsaw, Wodna in Łódź, Rychtalska and Kępa in Wrocław – will comprise 1,200 apartments altogether.
Resi4Rent has also been granted a loan of €60 million (PLN 258.7 million) by a consortium led by Peka. Additionally Resi4Rent has provided its joint venture with Echo Investment with a cash injection of €9.6 million (PLN 41.4 million) by purchasing more shares in the company.
The company is to act as a development platform for Polish rental properties. In the first stage of the project the company is to open rental apartments in Warsaw, Łódź and Wrocław and in the second stage the company will take over around 1,700 apartments in projects developed by Echo Investment for which construction work is set to begin over the next twelve months. Tenants should start moving in in Q3 2019.
