14:42 16 August 2019
Echo to buy part of Empark complex for almost €49 mln
Warsaw Stock Exchange-listed developer Echo Investment and Vienna and Warsaw Stock Exchange-listed commercial real estate investor Immofinanz have signed preliminary agreements for the sale of part of the Empark office complex that is located in the Mokotów district of the Polish capital and which currently totals approximately 117,000 sqm of GLA. Echo Investment will acquire four office buildings and a plot of undeveloped land there for a total of €48.9 million with the agreements expected to be finalized in two phases in 2020 and 2021. The transacted buildings and land site will be replaced with residential space thus making Empark a mixed-use scheme. Immofinanz will retain four office buildings with a combined leasable area of around 63,500 sqm and will focus on their management and further modernization.
(Warsaw Business Journal)
