Echo Investment plans to deliver a 1,200-apartment residential project with retail components and social space in Warsaw’s Służewiec district. The plot on which the project will be built is the subject of a preliminary purchase agreement by Echo Investment from Immofinanz. Construction works could start in the middle of next year.
In the second quarter of 2020, Echo Investment generated a net profit of €2.3 million (PLN 10.4 million), which mainly resulted from the appreciation in the value of projects under construction and the handover of 222 apartments to buyers.
Knight Frank has been selected as the property manager of the building at Na Ostatnim Groszu Street, which is owned by Echo Investment. The office building with an area of over 21,000 square metres is the first stage constructed as part of the West 4 Business HUB office complex in Wrocław.
The first building of the Resi4Rent project, being part of the Warsaw Brewery, has obtained its occupancy permit. In the all-purpose part of Warsaw's Wola district, revitalized by Echo Investment, Resi4Rent has developed 450 apartments for long-term rent. The first tenants have been moving in.
Echo Investment has gained a building permit for the Bonarka Living residential estate in Kraków. The project is being developed in close proximity to the Bonarka City Center and an over two hectare nature reserve. The first apartments will be handed over to tenants at the turn of 2021 and 2022.
Echo Investment has gained a loan for the construction of the MidPoint71 office building, that is being built in Wrocław on Powstańców Śląskich street. PKO Bank Polski provided the financing of the project. In accordance with the signed loan agreement, the bank granted Echo Investment €54.4 million in a construction loan, as well as a PLN 7 million VAT loan. Once the construction is finished, the construction loan will be converted to an investment loan. The total funding period ends on 30 June 2026.
In Q1 2020, Echo Investment commissioned four housing projects and two office buildings, sold 399 apartments and handed over 190 to clients, started the rental process in the second Resi4Rent building in Wrocław and secured the purchase of attractive plots of land on which 4,000 apartments can be built. During this time, the Group’s next profit exceeded PLN 40 million.
The COVID-19 crisis has accelerated the adaptation of technology on the residential market with developers across the region now offering digital solutions for prospective home-buyers. Waldemar Olbryk, Board Member responsible for the residential sector at Echo Investment shared his thoughts on the topic.
LG Electronics Romania has leased around 1,400 sqm in myhive S-Park office building that will serve as its new HQ. The lease contract runs through to 2029. The lease deal was brokered by SVN Romania. The building’s landlord is CPI Property Group.
Confectionery Batida has joined the tenants of the LIXA City Gardens retail concept that is being arranged in the LIXA office complex near the Daszyński Roundabout in Warsaw.
Vileda expanded its office located in MyHive IO-1 in Warsaw, owned by CPI Property Group, to 712 sqm. Przemysław Urbański from Avison Young Poland supported Vileda in the negotiation process.
Axi Immo is developing its Capital Markets Department. As of November 2023, Jakub Grabara was appointed as Associate Director in the Capital Markets Department. He will be responsible for transactional services, i.e., acquiring, purchasing, and selling commercial real estate.
Romanian developer ARQA has named Alexandru Rădulescu as Chief Sales Officer. During his career, he has overseen the sale of 17 residential and mixed-use projects.
Multi Corporation appoints Ola Zajac as New Business Ventures Manager. Ola will be looking for new business expansion strategies and venture capital investment opportunities across Europe and will be based out of Lisbon.
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