Echo Investment is reportedly in talks to take over a 5 ha plot in Warsaw’s Wola district, near Browary w Warszawskie. Polish media have speculated for some time that the plot is poised to change hands. The Spanish investor GP-Investments acquired the land eight years ago for PLN 170m, with the intention of developing two 35-story apartment buildings and a hotel. However, the €300m development plan fizzled shortly after the fiscal crisis hit. The Spanish group weathered serious financial troubles and eventually went bankrupt.
Echo Investment has declined to comment on the transaction at this stage, but that hasn’t stopped Polish media from speculating that talks have reached an advanced stage. They say that the new plan for the area includes a business center.
