Echo and EPP buy plot in Warsaw for €120 mln

Echo Investment and Echo Polska Properties (EPP) have signed a contract concerning the joint purchase of land from Griffin Real Estate and a construction investment at ul. Towarowa 22 in Warsaw, according to Echo. The buyers will pay a total of €120 million, out of which €78 million will be paid immediately after signing the contract. 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.  Echo Investment will also be the developer of the project that will be built on the property, while a subsidiary of EPP will manage the project. The contracts requires approval by the Polish antimonopoly watchdog UOKiK. 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. It has a total area of 6.5 ha and potential GLA of over 100,000 sqm.