Polish developer-manager Echo Investment has named former senior Skanska executive Nicklas Lindberg as CEO.
Lindberg stepped down as president of Skanska Commercial Development Europe, which specialises in developing properties in the CEE region, in October. He spent 15 years with Skanska in Poland and previously worked with Residential Development in the Nordics and for Skanska Russia as both CFO and CEO.
He said: 'I'm very happy and honored to be able to lead such a dynamic and professional company as Echo Investment. This year the company is celebrating 20th anniversary of its presence at the Warsaw Stock Exchange. Over all these years it has built exceptional position and reputation.
'This is an excellent background to strengthen its position as the leading provider of modern office and commercial space.'
Echo Investment invests in residential, retail, office and hotel properties in Poland and other CEE countries, with total assets valued at around €1.5 bn. Last year US private equity funds Pimco and Oaktree Capital bought a majority stake in the company in order to gain a foothold in the Polish market.
In March this year South African REIT Redefine Properties acquired a 75% stake in Echo's €1.2 bn income-producing commercial platform comprising 18 properties in Poland.
The deal - the single largest offshore property transaction by a South African property company - will be financed via debt and equity at a proposed 60% gearing at the property level.
Redefine is forking out €362 mln for the stake, net of debt, valuing the portfolio at €1.188 bn.
The deal is the largest-ever real estate investment transaction in Poland, as well as the largest-ever single transaction of income-generating real estate assets in Central Eastern Europe.
