Echo goes abroad

The company has acquired a 6.8-hectare plot in the Zuglo district of Budapest, for some EUR 15 (zł.61) million. There, the company plans to develop a modern shopping, office and leisure complex, an investment estimated at EUR 150 (zł.612) million.

"The investment in Budapest is the first investment by Echo Investment outside Poland. We are now analyzing a few markets considering the opportunities for developer activities for the company," said the vice president of EI, Jarosław Grodzki. He explains the company chose Hungary for first foray outside Poland due to the country's developed market, infrastructure and favorable business climate.

"The land we bought is ideally located in one of the largest and greenest districts of Budapest. The area's advantage is its proximity to the city center and excellent transport connections. Besides, Zuglo is a big sports center, with the largest national stadium in Hungary - Puskas Ferenc Stadium," says Grodzki.

According to an agreement EI signed with the self-government of the 14th district, the company has five years for developing the area. The details concerning the project and its size will be discussed after an agreement on the land purchase is enacted and negotiations with the self government.

EI is a listed company whose major shareholder is Michał Sołowow. In Poland, its most famous project is Pasaż Grunwaldzki, a shopping and leisure investment in Wrocław, worth an estimated zł.300 million. The scheme, will be finished by the end of this year. 

Agnieszka Barteczko