September 21, 2011 Echo Investment sold Park Postępu, a fully leased, modern office building in Warsaw, to the Austrian investor and developer, the IMMOFINANZ Group. The value of the purchase contract amounts to EUR 102 mln.

The facility has been fully leased by renowned domestic and international companies.

“Echo Investment is selling the facility because it needs to maintain its financial liquidity and due to its fears concerning difficulties in obtaining funds for its next projects. The funds acquired from the sale will be allocated to securing the sources of financing of the projects prepared for the development. Using the funds from the sale to support the financial reserve results from the volatility of economic events, which contributes to uncertainty as regards forecasting the future situation on the financial market” says Piotr Gromniak, president of the Management Board of Echo Investment.

“The purchase is a great success for us. There was a lot of interest in Park Postępu from national and international investors. Ultimately we were the ones to convince the seller. The decisive factor was our long-term experience and the fact that we had smoothly carried out transactions of this type in the past” says Manfred Wiltschnigg, member of the Management Board of IMMOFINANZ Group, happy about the successful negotiations.

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Park Postępu is a modern A class office complex, consisting of 4 buildings connected by the ground floor. The complex is located at the junction of Postępu and Domaniewska streets in Warsaw’s Mokotów district. Each of the buildings has 7 above-ground floors and 2 underground ones. The whole complex offers 33,826 sqm of modern office space, providing full flexibility with regard to the division of space – from individual offices to the ‘open space’ formula. The buildings are equipped with modern fittings and infrastructure to assure comfortable working conditions. Car traffic takes place through 2 entrances and exits. The two-storey underground car park and a ground-level car park provide a total of over 800 parking spaces, enabling easy parking of vehicles. Its architectural design has been developed by the APA Wojciechowski architectural studio of Warsaw. Designers paid particular attention to details, the finishing, materials used, landscape architecture solutions, common areas and the interior design. The general contractor of the complex was Modzelewski & Rodek.

www.parkpostepu.com.pl