Echo Investment has finalized the acquisition of a 5 ha plot on Warsaw’s Grzybowska street, near Browary Warszawskie. The developer reportedly paid the Spanish investor Banco Financiero Y De Ahorros PLN 174.5m (€42m) for the land. An additional PLN 1bn has been earmarked for the construction of 100,000 sqm of commercial space, which will include office and residential components. In a statement issued to Warsaw Stock Exchange investors, Echo said it will develop the site within the next five to seven years. The plot is located near a Hilton hotel and the Warsaw Spire, a landmark office project currently under development by Ghelamco Poland.
