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The Warsaw Voice » Real Estate » January 9, 2008
The Real Estate Voice
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Residential Market
January 9, 2008   
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Echo Investment Buys Land in Wrocław

Developer Echo Investment has bought 3 hectares of land on Grota Roweckiego Street in Wrocław with plans to build a housing project in the area. The development will offer 19,000 sq m of space, including 17,000 sq m of housing and 2,000 sq m of service space.

The company wants to obtain a building permit by the end of the year, with construction work planned to begin in the first quarter of 2009.

In a previous transaction in Wrocław in early November, the company bought a plot assigned for residential purposes on Jedno¶ci Narodowej Street. Echo Investment bought the 7,405-sq-m plot for zl.18.5 million. The project will offer around 200 apartments with a total area of 12,000 sq m. Construction will begin later this year.

Wrocław is yet another city where Echo Investment is preparing to build housing, after Warsaw, Cracow, Poznań, Szczecin, ŁódĽ and Kielce. Two major Echo Investment projects are currently under way in Warsaw. These are the third stage of the Inflancka residential development and the second stage of a project on Zwycięzców Street. The company is also pressing ahead with phase three of the Naramowice residential estate in Poznań.

Modena Park to Change Hands

Developer TUP Group will sell its Modena Park residential project in Poznań to Australian Opal Property Developments for zl.65 million.

The sale will proceed in two stages. In the first stage, Opal will purchase 61 percent of Tanis Investments, a company that owns the Modena Park project, for zl.40 million by March 31. Opal will then buy the remaining 39 percent of Tanis for zl.25 million by Dec. 31, 2009. This second stage of the transaction could be completed in cash or via a transfer of Opal shares to TUP, said TUP President Robert Jacek Moritz.
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