Echo Investment secured its biggest-ever credit facility, amounting to nearly PLN 1.5bn, from a consortium between BZ WBK SA and Erste Group Bank AG. Divided into two loans worth €324m and PLN 15m, the funds will be used to refinance two of the company’s retail projects: Pasaż Grunwaldzki in Wrocław and Galaxy in Szczecin. Hogan Lovells advised on the transaction, while Knight Frank and Europtima carried out a valuation of the assets.
“Both Pasaż Grunwaldzki and Galaxy are key assets in Echo Investment’s portfolio, so we’ve been looking to secure unique financing terms for them,” said Grzegorz Iwański, head of finance of Echo Investment hinting that further refinancing could be released by the banks at the beginning of next year.
