Echo has finalized an agreement for the purchase of a plot at the intersection of Al. Górno�lšska and ul. Francuska in Katowice. Class A office center offering 70,000 sqm of functional space and underground parking facilities. Construction is expected to begin in Q2 2008 and the first phase should be completed by the end of 2009. Work on the design concept for the facility is expected to begin this month.
The investment is part of Echo's expansion strategy for its commercial-leasing portolio. The company is one of the biggest Poland-based developers on the market, valued at over E1 (zł.3.75) billion. The company has already delivered 630,000 sqm of space across Poland and its plans over the next four years call for 38 new developments, offering a further 630,000 sqm for sale and lease, at a total value of close to E1.3 (zł.4.8) billion.
The company is currently developing the Tryton complex in Gdańsk, comprised of two six-storeys and one 10 storey building on the construction property is also expected to begin in spring 2008 and completed in full by the end of 2009.
"Echo's investment strategy for 2007-2011 takes into account a growth of 170 percent for the office-space portfolio and 150 percent for the shopping center portfolio," says Jarosław Grodzki president of Echo's board. "We are also anticipating a growth of 300 percent with regard to apartment sales."
In order to fund growth, the company recently sold three of its properties in Łód� and Kielce to the Catalyst Capital investment group in a transaction valued at close to zł.249 million.
