Echo Investment revealed it’s considering taking over the troubled Złota 44 project in Warsaw from Orco Property Group. Echo’s CEO, Piotr Gromniak, said the company will make a final decision based on the asking price. Led by the Czech-based development group, Złota was put on the market earlier this year, after Orco admitted the residential investment was primarily responsible for a crippling €159m in impairments.
Posting a net profit of more than PLN 400m in the first quarter of the year, Echo Investment currently has 700,000 sqm of GLA under construction, 54,000 sqm of which is residential space.
