An office building in Mokotow has a new owner

Echo Investment decided to sell Park Postępu (Progress Park) in Warsaw. Money obtained from the sale will be used to protect sources of funding other investments.

Park Postępu is A-class office complex situated in Warsaw. On September 21, 2011, it was bought by Austrian investor, Immofinanz Group. Echo Investment company earned 102 MLN EUR on this transaction.

Echo Investment Wells has sold Park Postępu because it needs to maintain cash flow and is concerned that it may have problems with obtaining funds for the next investment.
 
Changeability of economic factors led us to the decision on the funds raised from the sale. We will use the money to secure financial resources we need for next project that we have scheduled. Outlook for the financial market is unpredictable – explains Piotr Gromniak, chairman of the board in Echo Investment.

This purchase is a huge success for us. Domestic and foreign investors were really interested in Park Postępu. Finally we convinced the seller – highlights Manfred Wiltschnigg, a board member of the Immofinanz Group.


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