Wing poised to swoop on Echo Investment

Waiting for permission Echo’s management board has announced that Wing IHC Zrt, a Hungarian special purpose vehicle owned by Wing, aims to acquire 100 pct (230,930,856 shares) of Lisala, which owns 55.96 pct of the share capital of Echo Investment. These shares, which are presently owned by the Pimco-Oaktree-Griffin Real Estate consortium, were priced at around PLN 4.6 on the WSE today (October 16th). This would value the eventual transaction at more than PLN 1 bln. However, the parties concerned are so far unwilling to disclose the financial details of the potential acquisition. The closing of the transaction requires the consent of the Polish Office of Competition and Consumer Protection (UOKiK). “In the last four years we have successfully turned the company from a long term holder of completed assets to a pure developer, in line with our strategy for profitable growth. Echo Investment is well prepared to continue growth in Poland, building residential, office and urban