Echo Polska Properties signed a preliminary agreement with Echo Investment to take over Poland’s regional office portfolio for nearly €264m. Totaling 112,000 sqm of space, the deal includes seven office projects: O3 Business Campus in Krakowie (phase I, II and III), Tryton Business House in Gdańsk, A4 Business Park in Katowice (phase III) and Symetris Business Park in Łódźi (phase I and II).
While Tryton, O3 Phase I, A4 Business Park III and Symetris have already been delivered, the second phase of O3 and Symetris II are scheduled for completion by the end of the year. O3’s third phase is expected to be completed by the end of 2017.
EPP’s CEO, Hadley Dean, told CIJ earlier this month that the company’s strategy for office assets will be to hold on to it through at least one leasing cycle, which is expected to be about eight years, and then look to trade them.
