Lisala, the majority shareholder of Polish developer Echo Investment, plans to acquire all remaining shares in the company through a public tender offer worth approximately PLN 807.5 million (€190 million). The transaction could lead to Echo Investment's delisting from the Warsaw Stock Exchange.
According to an official announcement published on 2 October 2026 by Erste Biuro Maklerskie, acting as intermediary, Lisala intends to launch a tender offer for 155,295,466 shares in Echo Investment, representing 37.63% of the company's share capital. The proposed purchase price is PLN 5.20 per share.
Lisala, an investment vehicle associated with Hungarian property group WING and Griffin Capital Partners, currently controls 62.37% of Echo Investment. Acquiring the remaining shares would give the investors full ownership of one of Poland's largest real estate developers.
The proposed transaction values Echo Investment's entire share capital at approximately PLN 2.15 billion (€505 million). The offer price is below the company's closing share price of PLN 5.44 on 2 October, representing a discount of approximately 4.4%.
WING entered the Polish market through its acquisition of a controlling stake in Echo Investment in 2019. Since then, the developer has undergone a significant transformation, including the acquisition of residential developer Archicom in 2021. Echo Investment has subsequently concentrated its activities on commercial developments, including offices, as well as investments in the private rented sector and student accommodation.
If the tender offer is successful, Lisala could take steps towards removing Echo Investment from the Warsaw Stock Exchange, where the company has been listed since 1996. However, the announcement does not establish a timetable for a potential delisting.
The planned tender offer was disclosed in an official notification issued by Erste Bank Polska on 2 October 2026. The announcement confirms the intended acquisition volume and price but does not specify the subscription period.
