Michał Sołowow, the former majority shareholder of Echo Investment, has signed a preliminary agreement to take over Astra Park in Kielce. The €31.4m transaction isn’t expected close until 2020, according to the Polish news agency. Offering 16,200 sqm of leasable space, Astra Park is occupied by Echo Investment and Barlinek, a company owned by Sołowow.
In June, FTF Columbus, a fund in Sołowow’s portfolio, signed a put option agreement with Echo Investment regarding the Q22 skyscraper, now underway in Warsaw. Sołowow has six months after completion to buy the project. The contract spells out the terms governing how the companies will split the profits once the property is sold. “A key goal of the agreement is to reduce investment risk regarding development and leasing of the building,” Echo wrote in a statement. Sołowow sold his share in the Polish development company last year.
