As reported by CIJ last week, Griffin Real Estate fund is set to take over the Polish developer Echo Investment. In an official statement issued to the Warsaw Stock Exchange, FTF Columbus, which controls a 41.55-percent stake in Echo, announced the upcoming changes at the company’s supervisory board. FTF Columbus is headed by the local businessman Michał Sołowow. The transaction still needs to be approved by the Polish Antimonopoly Regulator.
Echo wrote that all of its supervisory board members will be dismissed as soon as the new investor gains more than a 33-percent of vote in the company. Echo’s current market valuation stands at PLN 2.8bn, with a portfolio worth nearly PLN 6.5bn.
