Echo Investment preparing new investments

2010-08-26

The property developer Echo Investment recently purchased an investment plot in Warsaw. In addition, the company will build a hotel in the capital for the Orbis chain, according to ISB.
Echo bought the real estate, located on Konstruktorska Street, from the company Przedsiebiorstwo Budownictwa Uprzemyslowionego Warszawa Polnoc. The developer will pay PLN 63m (€15.8m) for the 73,600 m² plot together with the property rights to the buildings and structures standing on it. The cash for this purpose will come from the company's own coffers. The investor plans to put up a number of buildings on the purchased land. They will contain approximately 60,000 m² of residential and office space.
The company also recently inked an annex to a contract with the Orbis chain to build a hotel on Pilsudskiego Street in Lodz. According to the new document, the company will act as general contractor responsible for the construction of a 7,200 m² hotel. The hotel will stand on a plot currently owned by the company Echo-Kielce 1, which will be sold to Orbis by 15 January 2011 at the latest. The deadline for completing the undertaking is June 2012.

Find more news and analyses in internet service Construction Poland Online and pdf newsletter Polish Construction Review.