European Commission approves Griffin and Echo

European Commission agreed to takeover of Echo Investment by Griffin Group.

European Commission approved the takeover of common control over Echo Investment SA by Griffin Topco III Sarl and LVS II Lux XX Sarl under the EU regulation. The commission declared that the planned transaction does not increase anxieties related to competition due to its limited influence on the market’s structure. The transaction was analyzed within a simplified connection control.


We expected such a decision from the Commission. It certainly enables the transaction’s closure – that is the purchase of a package of 41,55 per cent of shares owned by Echo Investment. I hope it will be realized within the nearest weeks. After the finalization of the transaction, we will immediately announce a call to sales of the partnership’s shares to the level of 66 per cent – comments Przemysław Krach, chairman in Griffin Real Estate.


Echo Investment was put up for sales by Michał Sołowow in June 2014. The businessman from Kielce owns 45,88 per cent of company’s shares. The estimated value of the package amounts to 1,2-1,5 billion zlotys. The partnership debuted on the Warsaw Stock Exchange in 1996. At present, the shares of Echo Investment are valued at 2,8 billion zlotys. The agreement with an entity owned by Griffin Topco III and fund managed by PIMCO concerning an indirect sales of 41,55 per cent of shares owned by Echo Investment was signed on 28th February.


Echo Investment SA is one of the biggest investment and developer companies in Europe with a Polish capital. The partnership is realizing investments in four main sectors of the property market: residential construction, shopping malls as well as office and hotel building. The company realized over 1000 projects in several dozen cities of Poland with the total area exceeding 1 000 000 sq. m. The company is also conducting investments in Romania, Hungary and Ukraine.  


The Griffin Estate fund, which is registered in Luxembourg, is controlled by American Oaktree company. Griffin is the owner of several properties in Poland i.a. Warsaw Koszyki Hall, Renoma Dom Handlowy in Wrocław and Supersam in Katowice.


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