Echo selling West Link office project in Wrocław to Griffin

Warsaw Stock Exchange-listed developer Echo Investment has signed a preliminary conditional agreement for the sale of the under-construction West Link office project in Wrocław to Griffin Premium RE, a new platform created by commercial property investor Griffin Real Estate. The transaction is expected to be finalized by the end of next year. Additionally, Echo Investment and Griffin Premium RE have signed an agreement by which Griffin will indirectly invest 25 percent of the capital needed to complete the construction of two of Echo’s commercial projects in Warsaw – Beethovena (phase I and II) and Browary Warszawskie (phase J). The investor will be indirectly entitled to a 25 percent stake in the profits generated by the sale of those projects and will also obtain the right of first offer to acquire them. “The deals are in line with Echo Investment’s asset-light strategy that enables divestments of buildings leased up to a satisfactory level and makes it possible to invest this cash to grow the business further,” said Nicklas Lindberg, the CEO at Echo Investment. “It allows faster capital turnover and higher rates of return,” he added.

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