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Echo takes over Immofinanz office buildings

Alex Hayes 14 August 2019

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

Echo takes over Immofinanz office buildings
Four buildings in the Empark office complex have been sold to Echo Investment
POLAND Immofinanz has sold a section of its Empark office development in Warsaw's Służewiec business district to Echo Investment. Prior to the deal, the Austrian investor had drawn up a concept design for a number of the buildings on the 1.17 ha plot to be pulled down to make way for a new residential development.

As stated in the original announcement, Immofinanz is to keep a number of the buildings, including Orion, Sirius, Saturn and Taurus. The Mars building is also not part of the deal because it is owned by IPN, which means that Echo is to take posession of four buildings (Galaxy, Neptun, Mercury and Jupiter). The office properties Immofinanz is to keep have a combined leasable area of 63,500 sqm. The preliminary agreement was signed on August 14th, with the deal to be closed in two stages, which are expected in 2020 and 2021. The agreed value of the properties comes to EUR 48.9 mln. According to Echo Investment, the deal also includes 5 ha of land. The developer has also confirmed that it intends to demolish the office properties.

“The Mokotow district of Warsaw is evolving more and more from a pure office location into a lively residential quarter. In order to ensure the best possible use of the Empark area, we have developed a mixed-use use concept that also includes the available land reserves. The related study has been prepared by well-known architects and includes the construction of attractive residential buildings which, together with the existing office properties, will create an ideal work and life location,” claims Oliver Schumy, the CEO of Immofinanz.

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