Hungry like the Griffin

The transaction to sell a controlling block of shares in the Kielce-based developer is to be one of the largest corporate acquisitions on the real estate market inPolandin recent years. Admittedly the parties have not disclosed the sum to be paid for Echo Investment to change hands, but the speculation on the market is that it will cost around PLN 1.2 bln. However, this is not all. The new investors have announced that a consequence of the purchase of 41.55 pct shares of Echo Investment (it is worth adding that Sołowow’s block included 45.88 pct of the company’s shares) will be a tender to bring the total shareholding up to 66 pct of the company. The finalisation of the transaction is, however, subject to the consent of the European Commission. There will be changes The new investors have announce that they are not planning to buy a hundred per cent holding or to withdraw the company from the stock exchange. They assume that the price offered in the tender offer will be