Polish developer-investor Echo Investment has purchased a plot of 4.4 hectares in the city centre of Warsaw from Spanish savings bank Banco Financiero y de Ahorros.
Polish developer-investor Echo Investment has purchased a plot of 4.4 hectares in the city centre of Warsaw from Spanish savings bank Banco Financiero y de Ahorros.
The site, which was previously home to a Warsaw brewery, was bought for €42 mln in cash.
Echo Investment said it plans to develop over 100,000 m2 of office and residential space on the site within the next seven years. The estimated development cost is PLN 1 bn (€240 mln).
'The process was long and difficult – negotiations with the Spanish bank’s changing team of many persons was a great challenge, especially that we had such a strong competition in the form of big, active and even aggressive investors,' commented Waldemar Lesiak, vice-president of the management board responsible for the transaction.
