Griffin to buy Polish Qualia and Echo Investem

Griffin Real Estate is considering acquiring PKO BP’s real estate arm Qualia, Puls Biznesu reported. According to the daily, the Luxembourg company is to purchase a controlling stake in Echo Investments as well.

Talks to buy 100 percent of Qualia, worth PLN 317 million are to be concluded in weeks. “Since the end of December we have been negotiating with one of the potential investors. We will not disclose that investors name. There has been no decisions made so far,” PKO BP’s IR and strategy director Paweł Borys said.

Michał Sołowow, the strategic Echo Investments stakeholder and Griffin president, Przemysław Krych did not comment on selling 46 percent of Echo's stakes possessed by Sołowow, Puls Biznesu informed.

Qualia (PKO Inwestycje previously) invests in apartments and condo hotels.

Echo has implemented 100 projects in Poland. It has been listed on the WSE since 1996.

Luxembourg’s Griffin has been present in Poland since 2008 and managed to gain a leading position on the Polish real estate market. There are some properties in Warsaw, Katowice and Wrocław in its portfolio.