Echo Investment signs a loan deal for PLN 700 million with HSBC

Developer Echo Investment has signed an agreement with British lender HSBC and HSBC Bank Polska for a loan of over PLN 700 million (€165 million of investment loan plus PLN 14 million PLN for VAT payment). The funds are earmarked for refinancing Galeria Echo in Kielce as well as for the development of two office schemes: Tryton Business House in Gdańsk and Opolska Business Park in Kraków. “This is the largest credit agreement in the history of Echo Investment. We are the first Polish commercial real estate company to have signed an agreement with HSBC for such a large sum of money,” said Grzegorz Iwański, director of the Financing Department of Echo Investment. Galeria Echo in Kielce, southern Poland, features 70,000 sqm of GLA within 250 units. Tryton Business House will offer 22,000 sqm of office space in Gdańsk, while Opolska Business Park in Kraków will total 57,000 sqm, with its first stage, comprising 18,000 sqm, due in Q4 2015.