Polish developer-investor Echo Investment has announced the acquisition of three plots of land in Kraków, Lódz and Poznan from the Tesco Group for a price of €42 mln.
The company said that it plans to develop a total of 240,000 m2 of modern residential, office as well as shopping and service space on the sites.
‘In recent years, the acquisition of well-located, large plots of land has been one of Echo Investment's priorities. The land bank in our possession enables us to be able to build comprehensive, perfectly designed and attractive parts of cities. Moreover, we are the only company on the market with experience in three sectors of the real estate market – residential, shopping and service as well as office space, which allows us to plan investments on an urban scale, so that they introduce functions that are missing in a given area and improve its integration with the city,’ said Malgorzata Turek, member of the management board of Echo Investment responsible for the investment department.
