Hungary’s leading real estate company Wing is set to acquire a majority stake in Polish developer Echo Investment.
Wing intends to acquire 100 per cent of Lisala, the main shareholder of Echo Investment shareholder, which owns 56 per cent of the developer’s shares. The transaction is subject to approval by the Polish anti-monopoly authority.
“During the last four years we successfully turned the company from a long-term holder of completed assets to a pure developer, in line with our strategy of profitable growth,” said Nicklas Lindberg, CEO of Echo Investment. “Echo Investment is well prepared to continue growth in Poland, building residential, office and the urban destination projects. We have almost 90 projects in the pipeline, with the total estimated usable area of 1.3 million square meters. With the support of a new, long-term investor also being a developer, we are convinced that Echo Investment will continue its growth and strengthen its market position.”
“Following its success in Hungary, as a long term, value-driven, financially stable strategic investor Wing set regional expansion as a strategic goal and identified the Polish market as the most attractive target destination,” commented Noah Steinberg, chairman and CEO of Wing.
“Wing sought to invest in a platform, a profitable operating company with long term growth potential. In Echo we believe that we have found the ideal opportunity to enter the Polish market. With our acquisition of Echo, we will establish a market-leading regional player in CEE, and we look forward to generating exciting new opportunities in the future.”