Echo sells three office buildings for €124 mln
14:51
Developer Echo Investment and investor Echo Polska Properties (EPP) have signed final agreements for the sale of three office buildings across Poland – O3 Business Campus (phase I) in Kraków, Tryton Business House in Gdańsk and Symetris Business Park I in Łódź – for a total of €124 million. EPP has already paid Echo €113 million for the properties, with the remaining sum due next year, once all the tenants have moved into the buildings in question. The three buildings offer a combined 52,200 sqm of office space and are currently 80 percent leased out. “I am glad that EPP, in which Echo Investment is a minority shareholder, is the new owner of the three office buildings. This testifies to the quality and potential of the buildings,” commented Nicklas Lindberg, the CEO of Echo Investment. Hadley Dean, the CEO of EPP, pointed out that a total of more than 14,000 sqm of space has been leased in the three buildings since the end of September when the conditional sales agreement was signed. Earlier this year, Echo and EPP signed preliminary agreements for the sale of four more office buildings, which are expected to be finalized in 2017 and 2018. EPP will acquire the buildings – the second and third phase of O3 Business Campus, the second phase of Symetris Business Park and the third phase of A4 Business Park in Katowice – after they have obtained occupancy permits and have been at least 60 percent commercialized.
