Polish investor/developer Echo Investment has announced the sale of three commercial projects in Lodz and another in Kielce to pan-European investment group Catalyst Capital. The transaction, valued at close to EUR 66 mln, involves the Business Center, Entertainment Center and Orion office building in Lodz and the Swietokrzyski Arcade shopping centre in Kielce.

Polish investor/developer Echo Investment has announced the sale of three commercial projects in Lodz and another in Kielce to pan-European investment group Catalyst Capital. The transaction, valued at close to EUR 66 mln, involves the Business Center, Entertainment Center and Orion office building in Lodz and the Swietokrzyski Arcade shopping centre in Kielce.

Echo Investment plans to use the proceeds of the transaction to fund the next phases of construction of shopping centres in Kielce and the completion of office buildings in Kracow, Lodz and Katowice. It recently signed a contract for the purchase of 70,000 m2 of land in Katowice on which it will build a business park with underground car parking. Construction is due to start in the second quarter of 2008 and the first phase should be completed by the end of 2009. The projects form part of the company’s 2007-2011 investment programme, the realisation of which would increase its office portfolio by 170% and achieve a market value of around EUR 1.3 bn.