PL

POLAND Echo enjoys 17 pct rise in portfolio value over H1

Investment & finance
Polish developer Echo Investment generated a net profit of PLN 10.4 mln in Q2 2020, mainly due to the appreciation in the value of its projects under construction and the handover of 222 apartments to buyers.

At the end of H1 Echo’s cash position came to more than PLN 340 mln, while the value of its assets stood at more than PLN 5 bln – almost 17 pct higher than a year earlier. The value of its investment properties grew by 80 pct and a 12 pct y-o-y.

Since the beginning of the year Echo Investment has completed five residential projects: in Warsaw, Łódź, Poznań and Wrocław, and was able to hand over 412 apartments to clients. It sold 653 units in H1, more than in the same period last year. In H1 the company bought two plots in Kraków and Warsaw, where 36,000 sqm of residential space could potentially be built, and also secured plots with app. 305,000 sqm of usable space. Its institutional apartment rental platform, Resi4Rent, received occupancy permits for its second Wrocław project. In August it also obtained an occupancy permit for its first Warsaw project - 450 apartments in Browary Warszawskie, where the first residents have already moved in.

In order to secure the company's development, in the second half of the year we are focusing on permitting processes. In addition, we are constantly monitoring the market for potential acquisition targets that are in line with our growth strategy. We also place great emphasis on the administrative processes related to occupancy permits for our residential projects, so that we can hand over app. 1,600 apartments to buyers by the end of the year,.
Nicklas Lindberg, the CEO of Echo Investment

Echo Investment has also commissioned four office buildings since the beginning of the year: Face2Face I in Katowice, West 4 Business Hub I in Wrocław, as well as Villa Offices and Malthouse Offices in Warsaw. The developer currently has office buildings under construction with a total leasable area of app. 140,000 sqm, including Fuzja CD in Łódź (the future Polish HQ of Fujitsu) , Moje Miejsce II in Warsaw, Face2Face II in Katowice and MidPoint71 in Wrocław. Two other buildings to be delivered in Q4 2020 – Moje Miejsce II and Face2Face II.

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schedule 26 October 2020
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schedule 23 October 2020
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schedule 23 October 2020
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schedule 22 October 2020
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schedule 22 October 2020
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schedule 21 October 2020
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schedule 21 October 2020
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schedule 21 October 2020
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schedule 21 October 2020
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schedule 21 October 2020
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schedule 21 October 2020
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schedule 20 October 2020
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schedule 20 October 2020
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schedule 19 October 2020
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schedule 16 October 2020
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Echo enjoys 17 pct rise in portfolio value over H1

Polish developer Echo Investment generated a net profit of PLN 10.4 mln in Q2 2020, mainly due to the appreciation in the value of its projects under construction and the handover of 222 apartments to buyers.

schedule 21 September 2020

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