Echo Investment buys land in Warsaw

Property developer Echo Investment has acquired land in Warsaw from Banco Financiero y de Ahorros for €42 million, the company said in a statement on Friday. Echo plans to invest into projects worth some PLN 1 billion in that area. The 4.4 hectare plot acquired by Echo is located between ul. Grzybowska, ul. Wronia, ul. Chłodna and ul. Krochmalna in Warsaw’s Wola district. It formerly housed a brewery. The company said that it would use the land to develop residential and office projects will a total area of about 100,000 sqm. These should be completed within the coming five to seven years.