Echo Investment has purchased a plot of land located between the streets of Sobieskiego, Witosa, Beethovena and Idzikowskiego in Warsaw where it is planning to develop its next projects.

The plot of land with an area exceeding 34,000 sqm was bought from the owners of the land i.e. companies BRJ Invest and BP Inwestycje. The value of the property purchase is 70 mln PLN net.

The land is currently not developed. According to the provisions of the agreement Echo Investment will have the possibility to build an office and administration facility with services and a permissible residential function with a total area of over 50,000 sqm on the purchased plot of land.

“Purchasing the property on Beethovena and Sobieskiego streets is part of Echo Investment’s strategy of building an office property portfolio on the Warsaw market. The planned complex of office buildings will be carried out in a number of stages, which considerably limits risks connected with the fluctuation of the economic situation on the demand side and allows obtaining better conditions with regard to project financing. We are satisfied that we have managed to buy such an attractive property, both with reference to its location and its development possibilities,” says Waldemar Lesiak, Director of the Office Department at Echo Investment.

The planned launch date of the first stage of the project is H2 2011. Work is currently pending with regard to preparation of architectural concept of the facility, which is being carried out by JEMS Architekci architectural studio from Warsaw.