Echo Investment has reached a preliminary agreement on a 30-year lease with the Polish arm of UK supermarket chain Tesco for almost 9,000 m[sup]2[/sup] of commercial space at the planned Arena shopping-entertainment centre scheme in the Polish city of Slupsk.

Echo Investment has reached a preliminary agreement on a 30-year lease with the Polish arm of UK supermarket chain Tesco for almost 9,000 m2 of commercial space at the planned Arena shopping-entertainment centre scheme in the Polish city of Slupsk.

The final agreement is expected to be signed by both parties by end-December 2010 at the latest, Echo said. But it is conditional upon a building permit for the construction of the centre and possession of the land on which the project will be built by 31 July next year at the latest. The estimated value of the agreement is EUR 17.69 mln.

Echo Investment's planned Arena shopping-entertainment centre in Slupsk will offer about 38,000 m2 of lease area, of which more than 90% has already been leased.