WARSAW-Locally-based Echo Investments sold its Athina Park office park in Warsaw to the Polish PZU group company Pridehold for more than $43 million. The four-building complex with total GLA of 140,000 square feet is leased by firms including Roche, Colgate and Deutsche Leasing. Echo’s second office disposal this quarter, it is also the biggest Polish investment transaction between a local vendor and purchaser, enabling Echo to conduct negotiations faster in Polish.
Separately, the developer is to build Outlet Park Szczecin in the southern Polish city, the first facility of this type in the Pomeranian province.
Outlet Park Szczecin will be built on the site of the current PHS centre where Echo had earlier planned to build Astra shopping mall; it has since assessed the changing market and believes an outlet centre will meet demand and fill a market niche in this region, with a reach of over 2.2 million people.
The new outlet mall will house 120-130 tenants on a leasable area of about 250,000 square feet and will be developed in three stages, the first for launch in 1Q11. The Polish outlet market is still very young with few developers specialising in it, and the project is attracting much interest, said CB Richard Ellis, responsible for its marketing.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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