Polish property investor Echo Investment said on Monday that it had acquired a 34,000-m[sup]2[/sup] plot of land in central Warsaw from Polish investors BRJ Invest and BP Inwestycje for EUR17.7m. The land is currently undeveloped and Echo plans to build 50,000 m[sup]2[/sup] of lettable office and residential space. Work will commence in the second half of 2011.
Polish property investor Echo Investment said on Monday that it had acquired a 34,000-m2 plot of land in central Warsaw from Polish investors BRJ Invest and BP Inwestycje for EUR17.7m. The land is currently undeveloped and Echo plans to build 50,000 m2 of lettable office and residential space. Work will commence in the second half of 2011.
‘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,’ said Waldemar Lesiak, Director of the Office Department at Echo Investment.
