Having agreed with Echo Investment founder Michał Sołowow to buy his 41.55 percent stake in the Polish developer, Griffin Real Estate and the US investment fund Pimco are planning to call on investors to sell them additional shares. The two groups hope to control a 66 percent stake after the move, in which shares would be sold at the company’s average share price for the past six months. They insist they have no interest in purchasing all Echo Investment shares or in withdrawing the company from the Warsaw Stock Exchange. The deal with Sołowow is still subject to regulatory approval.
Griffin rejected speculation that it would remove long-standing members of Echo’s board of directors and that it planned to implement a radically new business strategy.
