Echo Investment concluded a loan agreement with the Berlin Hyp AG and ING Bank Śląski SA banks, which is worth nearly PLN 600 million. The acquired funds i.e. an investment loan of €132 million will be used to refinance Echo’s four office projects: Malta Office Park, Park Rozwoju, West Gate and A4 Business Park.
“It is one of the largest loan agreements in the history of Echo Investment. It is also another step in the implementation of our strategy which involves grouping similar projects and their joint refinancing. Such a solution considerably reduces the costs of day-to-day service of the projects. We are very glad that the group of our financing partners has been joined by such renowned institutions as BerlinHyp AG and ING Bank Śląski SA. It is our first opportunity to cooperate with Berlin Hyp, we had the pleasure of cooperating with ING Bank Śląski some time ago and we treat this contract as a ‘new opening’ in our cooperation,” said Grzegorz Iwański, director of Echo Investment’s Funding Department.
“We appreciate the significant real estate experience of Echo Investment and therefore are really proud to start cooperation with such a reputable partner. The concluded transaction reflects a strong belief of Berlin Hyp in the Polish market and contributes to strengthen the Bank’s presence in Poland,” commented Gero Bergmann, Member of the Board of Management of Berlin Hyp.
“Over years Echo Investment has proven to be one of the best developers in Poland, developing sustainable real estate assets. Now, it further develops its strategy as part of capital group of Griffin Real Estate – Oaktree – PIMCO. We are pleased that Echo has appreciated ING skills and standards and chosen us to provide financing for this transaction in a club with Berlin Hyp. We are proud to support Echo Investment’s success story into the future,” commented Wlodek Skonieczny, heading ING Real Estate Finance operations in Poland.