A contract with entity owned by Griffin Topco III and fund managed by PIMCO concerning indirect purchase of 41,55 per cent shares of Echo Investment was signed on 28th February. The purchase transaction will be finally finalized after receive of permission from the European Commission. According to the press release of Griffin Real Estate, the next stage will be announcement of a public appeal for sales of shares owned by Echo Investment till the level of 66 per cent.
The new investors also informed that they were not going to purchase 100 per cent of shares and withdraw the partnership from the Warsaw Stock Exchange. Moreover, Griffin envisages that the price of shares offered in the appeal will be revolving around the level of minimal price calculated in accordance with proper regulations, including average market price of shares owned by Echo Investment from the period of six months exceeding the appeal's announcement.
According to the statement, the new investor will not conduct any changes in the management board of the partnership and Griffin is going to establish cooperation with existing executive board. In effect, a review of the strategy and its possible optimization will be conducted within a couple of months.