Echo and EPP buys a plot in 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. 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 this property, while a subsidiary of EPP will manage the project. The contracts requires approval by the polish anti 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.