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Poland Tesco sells city sites to Echo

Investment & finance
Echo Investment has bought properties from the Tesco group in Poznań, Łódź and Kraków and is planning to use the sites for open city quarter placemaking projects with a total of 240,000 sqm of residential, office and retail space.

The sites include land on ul. Opieńskiego in Poznań, a site on ul. Widzewska in Łódź and a property on ul. Kapelanka in Kraków. The purchase price came to nearly EUR 42 mln. The acquisition will allow Echo to develop up to 4,000 sqm of apartments in key Polish cities.

In recent years, it has been one of Echo Investment's priorities to acquire large well-located plots of land. The land bank we possess will enable us to build entire city quarters that are superbly designed and attractive. Moreover, we are the only company in the market that has experience of three real estate sectors – residential, retail and offices. This allows us to plan our projects on an urban scale, bringing in usages that are missing in a given location to integrate them better with the city.
Małgorzata Turek, a board member of Echo Investment

Echo Investment also owns a site in Warsaw’s Kabaty district that includes a first-generation Tesco shopping centre, where it is also planning a placemaking project that could transform the neighbourhood.

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