Griffin to buy Polish Qualia and Echo Investemnt

Griffin Real Estate is considering acquiring PKO BP’s real estate arm Qualia, Puls Biznesu reported. According to the daily, Luxemburg’s company is to purchase controlling stake in Echo’s Investment (EI) 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 potential investors. We are not informing with whom. There has been no decisions made so far,” PKO BP’s IR and strategy director Paweł Borys said in the interview for the daily.

Michał Sołowow, the strategic EI’s stakeholder and Griffin president, Przemysław Krych do not comment on selling 46 percent of EI’s stakes possessed by Sołowow, Puls Biznesu informed.

Qualia (PKO Inwestycje previously) invests in apartment building and condo hotel.

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

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