On the 12th of June 2006 Echo Investment S.A. has signed a conditional agreement with the municipal authorities of XIVth District on the acquisition of 6,8 hectares land plot in Budapest. On the site purchased investor plans to develop a 150 million euro project. Echo Investment S.A. has signed a conditional purchase agreement on 6,8 hectares property in a prime location in Budapest.

The value of transaction amounts to 4 billion HUF, that is approx. EUR 15 million. The site is located in Zuglo, District XIV, which is one of the biggest and the greenest parts of Hungarian capital. Zuglo is a quickly developing residential district known for its large parks, many sports and leisure areas. Its proximity to the city centre and good public transportation with planned M4 subway line confirms attractiveness of the property.

On the purchased land Echo Investment plans to develop “New Centre of a District” which will comprise retail, entertainment, service, office and recreational functions. Investor aims to create a nice place for the citizens, corresponding with the neighbourhood sports complex planned by municipality. Expenditures are estimated at around 150 million Euro. Echo Investment plans to complete the project in 5 years from the day the conditions of coming into effect the property purchase agreement will be fulfilled.