Echo and EPP are buying a plot at Towarowa in central Warsaw for €120 mln

Echo Investment and Echo Polska Properties (EPP) have signed a contract concerning joint purchase of land from Griffin Real Estate and a construction investment at Towarowa 22 in Warsaw, according to Echo. The buyers will pay a total of €120 mln, out of which €78 mln will be paid immediately after signing of the contract, with the rest to be paid upon fulfillment of certain planning requirements. Echo Investment and EPP will create a joint venture in which EPP will have a 70 percent share and Echo Investment the remaining 30 percent. Based on separate contracts, Echo Investment will also be the developer of the project that will be built on this property, while a subsidiary of EPP will manage the project. The contracts require the fulfillment of certain conditions, including approval by the president of the Office of Competition and Consumer Protection. Towarowa 22 is a property consisting of several dozen plots consolidated into five independent transactions, which now constitutes the largest piece of land undergoing commercial development in the center of Warsaw, with a total area of 6.5 ha and potential leasing space of over 100,000 sqm.