PZU provides mortgage security for Warsaw Breweries

This is related to the mutual settlement between Michał Sołowow and the new owners of Echo connected with the Q22 skyscraper project in Warsaw. PZU has set up mortgages for Echo and its Warsaw properties to provide a guarantee to FTF Columbus (a subsidiary of Michał Sołowow) of up to PLN 180 mln. The guarantees are to secure payments of possible contractual penalties by the developer or a share in the hypothetical profit from the Q22 development. Echo’s obligations towards PZU amount to almost PLN 217 mln. The property on ul. Grzybowska in Warsaw is worth a total of PLN 182.5 mln.