Echo granted EUR 18m funding for Szczecin outlet centre

Polish developer Echo Investment has concluded a credit agreement valued at EUR 18 mln with PKO BP bank. The acquired funds will be allocated to the development of Outlet Park Szczecin - the first outlet centre in the West Pomeranian region in Poland.

´It is our first credit signed with PKO BP for a commercial project. It is worth emphasizing that it is also one of the first credits with this bank based on the market value of a project,´ said Grzegorz Iwañski, director of funding at Echo Investment.

The development of the 24,000 m² Outlet Park Szczecin is progressing according to schedule and negotiations are being held with potential tenants, according to Marcin Materny, director of the shopping centre department at Echo Investment. Completion of the first phase is planned for H1 2012.

Outlet Park Szczecin is being developed in Szczecin’s Prawobrze¿e district, at the site of an operating shopping centre located which is owned by Echo Investment.

Tenants include such brands as: Reserved, Rebook, Adidas, Puma, House, Lee Wrangler, Atlantic, VIP, Wittchen, Bytom, Vero Moda, Jack & Jones, Ochnik, Coffeeheaven, Wójcik, McArthur, Kazar, Lancerto, Willsoor Group, Lavard, Lee Cooper and Puere.

Echo Investment is one of the largest investment and development companies in Poland. The company is active in four key sectors: housing, shopping and shopping/entertainment centres, office buildings and hotels. The company has been quoted on the Warsaw Stock Exchange since 1996.