BNP Paribas Bank Polska provides Echo Investment with loan for REACT office building construction
Echo Investment has received a loan for the construction of the first office building of the React complex, which is being developed at the corner of ul. Kilińskiego and al. Piłsudskiego in Łódź. The financing of the project was provided by BNP Paribas Bank Polska.
According to the signed loan agreement, the bank granted Echo Investment a construction loan amounted to EUR 19.2 million, as well as a VAT loan amounted to PLN 4 million. The total financing period ends on December 1, 2022.
"For over two decades, we have been taking part in developing Polish cities and changing their scenery to make them more friendly to people. We welcome the fact that we have prominent partners like BNP Paribas Bank Polska by our side. Partners who trust in our strategy, believe in success of our projects and want to become part of them. I am sure that due to our cooperation, Łódź will gain an excellent building that will be a great place to work for several thousand people," says Grzegorz Iwański, Financing Director at Echo Investment.
The first construction phase of the React office complex at the corner of ul. Kilińskiego and al. Piłsudskiego in Łódź, with an area of almost 15,000 sqm, started this spring. The entire office complex will be close to 50,000 sqm, and the first employees will start working in new offices in the second half of 2020.
Echo Investment is one of the first investors and developers that believed in the potential of Łódź. The company has been present here for over 20 years. Echo built two hotels here - Ibis and Novotel, four office buildings for about 4,000 people, as well as residential areas with over 400 apartments. Currently, the company is developing four projects with more than 600 apartments, and a month ago - at the former Karol Scheibler factory at ul. Tymienieckiego - started the construction of Fuzja - a city-forming, a multi-functional project combining offices, apartments, and a service and restaurant space.