Echo sells Q22 tower in Warsaw for over €270 mln
12:36
Developer Echo Investment has finalized the sale of the Q22 office skyscraper in downtown Warsaw to investor Invesco Real Estate for a total of €273 million. The buyer has paid €230 million for the building to date, with the remaining sum due next year, once all the tenants have moved into the property. “The transaction is clearly in line with Echo's strategy of being a pure developer, focusing on development activity and selling its buildings as soon as they are leased up,” commented Nicklas Lindberg, the CEO of Echo Investment. “Not only have we diversified our core portfolio with this acquisition, the quality of the asset adds value to the portfolio by increasing the income return for the strategy and ultimately the performance for our investors,” said Paddy Bingham, the managing director, fund management – Europe, at Invesco Real Estate. The Q22 tower, which was completed by Echo Investment in July this year, offers 53,000 sqm of leasable area. The space in the building is currently 82 percent commercialized, with a number of new lease agreements now under negotiation expected to bring the figure to 90 percent within the next few weeks. The tenants at the skyscraper include Deloitte, Allegro, Linklaters, William Demant, Vestor DM, Citi Handlowy, Savills, White & Case, Griffin Real Estate, Echo Polska Properties and Echo Investment itself.
