In the first half of 2025, Echo Investment consistently strengthened its position in the real estate market. Shortly after the reporting period, the company took part in the largest transaction in the history of the Polish PRS market – the sale of 18 Resi4Rent projects worth PLN 2.4 billion – and sold its remaining shares in the Office House building, valued at more than EUR 160.5 million.

Both deals confirm the Group’s strong position and its ability to attract international investors. The Resi4Rent platform, in which Echo held a 30% stake, will be sold to Vantage Development, part of TAG Immobilien, subject to approval from the Polish antimonopoly authority.

The sale of the remaining 30% stake in Office House to AFI opens the way for the next stages of Towarowa22 destination project in Warsaw, where the two companies will soon begin i.a. the construction of a new office tower.

“Our strategy is effectively strengthening the Group’s foundations and opening room for further growth. These transactions are important for more than just financial reasons – it confirms the attractiveness of the Polish market and the potential of our projects. The proceeds will be used to reduce debt, finance new investments, and make distributions to shareholders,” said Nicklas Lindberg, CEO of Echo Group.

Solid results in the living sector

The Resi4Rent platform continues to strengthen its position in the subscription-based housing market – even after the transaction, the portfolio still includes 1,500 completed apartments, 2,700 under construction, and more than 900 in the pipeline and land bank. In 2025, construction began on over 600 new units in two Warsaw projects.

The StudentSpace private dormitory network is also growing rapidly. In the first half of the year, construction began on its first Warsaw project on Wołoska Street (500 beds), while in Kraków three projects were underway – two within the WITA complex and one on 29 Listopada Avenue – offering in total more than 1,200 places. Two of these Kraków buildings will be completed in time for the 2025/26 academic year.

Archicom strengthens its nationwide presence

Archicom, the Group’s residential arm, also reported strong results. In the first half of the year, 1,162 apartments were sold in Echo Group, including 632 in the second quarter alone. A total of 404 units were handed over to clients, most of them in Q2. By the end of June, more than 6,400 apartments were under construction, with 2,700 scheduled for completion by year-end.

Destination and office projects – further growth ahead

Office House – the first office building in the Towarowa22 project – was completed in May. It is fully leased and has received one of the highest BREEAM certification scores worldwide. Next to it, Archicom Collection is developing the premium M7 apartments (132 units) and will soon begin construction of the Gutenberga Apartments (160 units).

In Kraków, Echo completed the leasing of Brain Park and is advancing the WITA project, which includes 18,700 sqm of commercial space and 176 already-sold apartments. In Wrocław, work is progressing on the first stage of Swobodna SPOT, which will deliver 16,000 sqm of modern office space. Completion is planned for January 2026, with leasing efforts already underway.

Altogether, Echo Investment now manages nearly 90,000 sqm of office space in operation and has almost 35,000 sqm under construction. Meanwhile, the CitySpace network continues to expand, offering more than 4,000 flexible workstations across 12 locations.

The Group’s shopping centres – Libero Katowice and Galeria Młociny in Warsaw – remain almost fully leased, demonstrate strong operational performance, and are well-prepared for evolving customer needs.

In the first half of the year, Libero Katowice secured refinancing of EUR 61.4 million from a consortium of Bank Pekao S.A. and PKO Bank Polski. In addition, after the reporting period, the Group obtained a further EUR 28.5 million in loans from PKO Bank Polski for the construction and VAT financing of the Swobodna SPOT project.

“Our strong financial position and the trust of banking institutions confirm our credibility. We maintain safe levels of cash and debt, ensuring stable cash flows and strong asset values. This enables us to invest in new projects that combine ESG priorities with the needs of residents in Poland’s largest cities,” said Maciej Drozd, CFO of Echo Group.

As of 30 June 2025, the Group held PLN 291 million in cash, and its total assets amounted to PLN 7 billion.