Echo intends to start construction of three more office buildings in 2021.

by   CIJ News iDesk III
2021-09-23   08:46

Echo Investment intends to start the construction of three more office buildings this year, CEO Nicklas Lindberg informed.

"In the first half of the year, we started the construction of the Brain Park office complex in Krakow and another office building in the Fuzja complex. We are acquiring new, renowned tenants, such as Playtika, 3M GSC Poland and ABB, which shows the strength of the office sector. Therefore, by the end of the year, we intend to start construction of three more office buildings," said Lindberg.

Echo Investment currently has office buildings under construction with a total leasable area of ​​approx. 100,000 sqm, and another 200,000 sqm is in the planning phase. From the beginning of 2021, two completed office buildings, which are part of the Browary Warszawskie complex, have found new owners. In March, the company sold the building of the Offices at the Villa, and in August - the Offices at the Warzelnia. Both transactions were worth a total of EUR 240 million.

"[Transactions] prove that multifunctional 'destination' projects - places that attract people - are more sought after by investors than ever before. Talks about the sale of more buildings are in advanced negotiations," the company also said.

Echo Investment is a Polish developer that carries out investments in three sectors of the real estate market: residential, commercial and office. The company has been listed on the WSE since 1996. In 2020, it had PLN 1.21 billion of consolidated revenues.