Echo Investment has secured a loan of €185m (more than PLN 820m) from Helaba – Landesbank Hessen-Thüringen to refinance its retail portfolio, part of the package that the South African fund Redefine bought an 85 percent stake in two months ago. The portfolio includes Galeria Amber, Galeria Sudecka, Outlet Park Szczecin, Galeria Veneda, CH Echo, Galeria Olimpia in Bełchatów and CH Echo in Przemyśl. Echo has seven years to pay off the debt. Having bought its controlling stake in Echo Investment from Griffin Real Estate, Redefine recently announced plans to further expand Echo’s portfolio by as much as €1bn.
