In 2024, the Echo Investment Group took further steps to diversify its portfolio and strengthen its growth strategy. By the end of the year, the Group maintained a cash reserve of PLN 366 million, while the total value of its assets exceeded PLN 6.77 billion.
The Group’s results in 2024 were influenced by factors such as the handover of 1,076 apartments to clients, as well as the valuation of commercial assets and the Resi4Rent platform, which now offers 5,400 rental apartments across six cities. The Group’s strong market position is supported by a stable commercial sector and sustained demand for multifunctional destination projects.
A significant milestone was the completion of the sale of the React office building in Łódź for EUR 32.5 million.
“This is the best confirmation of market recovery and international investors’ interest in our top-class buildings. We are actively engaged in discussions aimed at closing further similar transactions. The funds raised will be used to reduce the Group’s debt and finance new projects, with part of the profits distributed to our shareholders,” commented Nicklas Lindberg, CEO of Echo Investment Group.
In 2024, Archicom, the Group’s nationwide residential developer, commenced the construction of 2,598 residential units in Poland’s largest cities. In the last quarter of 2024, Archicom increased its sales by nearly 40 percent compared to the previous year.
To further diversify its portfolio for the benefit of investors, the Group launched a new venture in the living segment – the StudentSpace private student housing platform, developed in partnership with Signal Capital Partners and Griffin Capital Partners. The first StudentSpace projects are already under construction, aiming to provide 5,000 places for rest and study in Poland’s largest university hubs. The first 1,200 rooms will be available for rent at the start of the 2025/2026 academic year.
In 2024, Echo Investment leased over 47,000 sqm of office space. The Group’s completed projects portfolio expanded with the final phase of the Brain Park office complex in Kraków.
“All of our completed office buildings are fully leased. Considering market conditions, demand for our new projects remains strong due to their prime locations and exceptional green building standards,” said Nicklas Lindberg.
New office projects are being developed in high-demand markets. The Office House building in Warsaw (32,000 sqm), part of the Towarowa22 multifunctional district, will be completed in spring 2025. Meanwhile, the first phase of Swobodna SPOT (16,000 sqm) is under construction in Wrocław, while in Kraków, the WITA mixed-use project includes more than 26,000 sqm of commercial space.
Simultaneously, the Group is expanding its CitySpace flexible office concept, which now offers over 4 thous. workstations across Poland.
Echo Investment’s retail properties, Galeria Młociny in Warsaw and Libero Katowice have nearly 100% occupancy rates, with growing visitor numbers and increasing tenant revenues.
“The year 2024 reaffirmed the high reputation of our Group in capital markets and among leading financial institutions. Combined with our comfortable cash reserve of PLN 366 million and total assets exceeding PLN 6.77 billion, this creates a solid foundation for executing the next steps in our profitable growth strategy,” said Maciej Drozd, CFO of Echo Investment Group.
Echo Investment secured a EUR 103.4 million construction-investment loan from a consortium of Bank Pekao S.A. and Santander Bank Polska S.A. to finance, in partnership with AFI, the development of the Office House building.
Echo Investment Group has long built its business on best practices in sustainable development.
“Our urban-focused projects consistently meet the needs of various stakeholders and city-space users, standing out with environmentally and socially responsible solutions,” commented Maciej Drozd.
The Group’s fourth ESG report, published in the spring of 2024, was prepared by the new CSRD directive and ESRS standards. For the first time, the report disclosed the Scope 3 carbon footprint, covering CO₂ emissions across the entire value chain.
