Griffin two steps ahead

Maciej Dyjas, co-managing partner and co-CEO, Griffin Real Estate: Let’s start from the residential operations of Echo Investment in order to smoothly move onto apartments for rent. There are app. 600 active residential developers in Poland nowadays and Echo is one of the 15 largest ones, with sales of around 600 apartments last year. This year the company will sell app. 1,000 apartments and within two to three years it will reach an annual level of 1,500–1,800 apartments. We believe in the residential market and last year, having invested in Echo, we supported the company’s operations and purchases of land that would make it possible to increase the sales volume. How much will the developer spend on land this year? I do not want to disclose such details. Echo’s development strategy is being refined now. Generally there are two ways: organic development or acquisitions. The market has been speculating about Griffin’s subsequent acquisitions. Companies s