Echo Investment summarized the first quarter of the year. The Company used early months of the year to prepare ambitious plans, among others, to raise funding for the development and to prepare new projects in the office and residential sector. In cooperation with a financial partner, it also launched a unique project – an institutional platform of apartments for rent, Resi4Rent. The Company is also satisfied with an 35% growth in residential sale.

The Company is pleased with the results posted in the first quarter of 2018. It generated a revenue of PLN 64 million, PLN 15 million of gross profit and the net profit of PLN 51 million. The main profit drivers were the gain on commercial projects under construction and a handover of 70 apartments. The Company enjoys a stable net debt ratio, which accounts only for 29% of the value of its assets. With a reputable financial partner, Echo launched Resi4Rent: Poland"s first and the biggest institutional entity to offer apartments for rent. 'Entering this segment gives us the possibility to significantly increase the scale of our business in the residential sector. Resi4Rent will enrich our flagship destination projects such as Browary Warszawskie or Wita Stwosza. We deeply believe in the potential of the rental market in Poland', says Nicklas Lindberg, CEO of Echo Investment . The Resi4Rent platform already has over 1,200 apartments under construction, and the development of further 1,700 will start within the next 12 months. Echo will be responsible for planning, designing and managing construction of the projects. 'The scale of Echo Investment"s activity grows dynamically, so the Company used the beginning of the year also to secure funding for the existing and new projects. Another bond issue program for retail investors was launched. Under the program, the first tranche of PLN 50 million has been placed. At the same time, institutional investors subscribed for bonds worth PLN 140 million. – The funds will be used to implement our ambitious business plans. We are very pleased with the trust the investors and financial institutions place in us', emphasizes Maciej Drozd, CFOof Echo Investment . In the first quarter of 2018 the apartment sales rose by 35%, to 348 apartments. Regarding the full year of 2018, the developer plans to sell between 1,300 – 1,400 apartments while maintaining high margin levels. Throughout the year, it will add to its offer 1,400 apartments in nine projects. 'The retail department has already commercialized 95% of Katowice"s Libero and 75% of Warsaw"s Galeria Młociny projects. The first shopping mall will open in the third quarter, and the second one - in the first half of the next year. The biggest achievement in the office sector is leasing of 100% of the first office building in Browary Warszawskie, the construction of which is expected to close by the end of the year. – We already can see a huge interest of funds interested in its purchase. This confirms that we build great projects and effectively implement the profitable growth strategy', says Nicklas Lindberg. Echo also closed a sale of Wrocław"s West Link office building immediately completing its construction and launched the construction of the Face2Face office complex in Katowice. By the end of the year the Company will launch the construction of five more office buildings in Warsaw, Gdańsk and Łódź.