US private equity funds Pimco and Oaktree Capital are taking a majority stake in CEE listed property developer Echo Investment in a bid to gain a foothold in the Polish property market.
US private equity funds Pimco and Oaktree Capital are taking a majority stake in CEE listed property developer Echo Investment in a bid to gain a foothold in the Polish property market.
Griffin Real Estate, which is controlled by Oaktree, is joining forces with Pimco to buy a 41.55% stake in the business space owner, which has a total market value of $720 mln (€680 mln).
The shares are being sold by Polish billionaire and the group's largest shareholder, Michal Solowow.
Financial details were not disclosed.
Echo's other main shareholders include Dutch financial group ING, UK insurer Aviva and local insurer PZU.
Warsaw-listed Echo Investment owns around €1.5 bn of largely office assets in Poland, Budapest, Bucharest and Kiev. The firm also has a 1 million m2 development pipeline.
