Polish real estate company Echo Investment has agreed to sell an office building in Lódz, Poland, to Estonian real estate investment firm Summus Capital for €32.5 mln.
Located at 24 Pilsudskiego Avenue in central Lódz, the React office building provides over 15,000 m2 of premium workspace, fully occupied by high-profile tenants including Alorica Inc., Bank Pekao S.A. Group, and the Enel-Med medical centre.
React is an energy-efficient office building, featuring sustainable features, including optimized lighting and non-toxic materials, that have earned it a BREEAM Excellent rating and WELL Health and Safety certification. Amenities for cyclists, including parking, showers, and changing rooms, further enhance its appeal.
Judyta Sawicka, head of Investment and Divestment at Echo Investment, said: ‘The successful divestment of React proves that office projects in great locations with exceptional ESG credentials and a guarantee of good revenues continue to attract reputable international investors. The deal with Summus Capital also confirms the lasting potential of our fully leased office developments in Polish regional markets.’
Maciej Drozd, CFO of Echo Investment, commented: ‘Proceeds from the divestment of React and future sales will help us reduce the Group’s debt below the long-term target of 30%.’
Hannes Pihl, board member of Summus Capital and managing partner of Zenith Family Office, the strategic asset and investment management partner of Summus, added: ‘We are thrilled to enter a new market in Lódz with the purchase of the React office building. The excellent quality of the asset, its strong tenant base with long-term leases, high ESG compliance, and the seller’s proven track record were key factors in our decision to invest in this development. In our opinion, the project's returns outweigh the risks associated with both the region and the property, offering sustainable growth. It is well-suited for one of our first investments in Poland.’
CBRE and Greenberg Traurig acted as advisors to the seller, and Penteris advised the buyer in the transaction.
Echo Investment Group strengthened its position in the Polish real estate market during the first nine months of 2024, expanding into student housing with two new Kraków projects (1,200 beds by Q3 2025, with plans for 2,000 more by September 2026). Its residential development arm, Archicom, is building over 4,500 apartments (with 894 additional permits granted in Q3), aiming for 3,000 annual sales by 2025. Resi4Rent, its PRS platform, is on track to have over 6,000 rental units by early 2025 and 10,000 by 2026. Significant office development is also underway in Warsaw (Office House, 70% leased), Wroclaw (Swobodna SPOT), and Kraków (VITA project). Finally, a €103.4 mln loan was secured for the Warsaw Office House project.
