Echo Investment purchased from the Spanish BANCO FINANCIERO Y DE AHORROS, S.A. a plot of approx. 4.4h located in the centre of Warsaw, between Grzybowska, Wronia, Chłodna and Krochmalna streets, the area of the former Warsaw Brewery.

The value of transaction is EUR 42 m it was financed with the Capital Group"s own capital. On the purchased land Echo Investment plans to complete in the rime frame of 5-7 years, development projects with the estimated total area of 100,000 sqm. In accordance with the Local Spatial Development Plan for the area the Company will build there an office complex with an additional residential part. Preliminary, estimated cost of the investment is approx. PLN 1 bn.  “The purchase of the Warsaw Brewery is a success of the entire organisation. The process was long and difficult – negotiations with the Spanish bank"s changing team of many persons was a great challenge, especially that we had such a strong competition in the form of big, active and even aggressive investors. Today, however, we get a lot of satisfaction from this acquisition. It has to be underlined that this transaction is a consequence of the development strategy adopted by the Management Board of Echo Investment which assumes, among other things, the acquisition of large scale projects in best locations” - says Waldemar Lesiak, Vice-President of the Management Board responsible for the transaction.