Pimco-backed Griffin Real Estate is looking to expand its 66-percent holding in the Polish developer Echo Investment. Griffin has refused to comment on the widespread reports. While buying a majority stake in Echo from the company’s founder, Michał Sołowow, earlier this year, the fund assured Echo shareholders it would not seek greater control over the developer.
At the same time, the bond fund behind Griffin said it was moving to replace its representative on Echo’s supervisory board. Sebastian Zilles will replace George Graham, assuming the decision is approved at a special general shareholders’ meeting next week.
