Space to create

Last year saw the largest transaction on the Polish real estate market to date. South African investor Redefine Properties purchased a 75 pct stake in Echo Polska Properties (part of Echo Investment) for EUR 1.18 bln. EPP’s portfolio included 18 assets: office buildings and shopping centres. However, it is important to note that in the same year one of Echo Investment’s tenants in Q22, internet retailer Allegro, was sold for almost three times that amount – USD 3.25 bln. This transaction was not about buildings, as it was in Echo’s case, since Allegro could not boast a substantial portfolio of properties in attractive locations. It was about a platform created by programmers and existing in The Cloud – and therefore something rather less tangible than brick and concrete structures. That technology has significantly changed the world is an obvious fact. Companies such as Facebook, Google and Amazon have become almost unfathomably huge, thanks to business m