Echo bought Astra

Developer from Kielce took over shares in a copartnership which was the owner of office complex.

Memorandum of agreement of shares' sales in copartnership Astra Park was made on 11th August between Board of Echo Investment and alienor - Astra company. Transaction concerned all shares of Astra Park with a total nominal value of 36,94 zł million. Final sale contract has to be entered on 30th September 2011 the latest.

Astra Park copartnership is the owner of office park in Kielce at Solidarności 36 Street, consisting of three office buildings and adjoining land properties, which constitute a reserve for extension of complex. Echo Investment has building permit for fourth office building with a total space of 10 000sqm.

Parties of transaction settled a selling price of shares on 67,50zł million, which will be fully covered from own capitals of developer from Kielce. Disposal will be made on condition of getting permit from German bank Eurohypo Aktiengesellschaft, in which Astra has a credit with a value of 21,8 Euro million.

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