Echo Investment buys additional land for Brasov investment

Echo Investment has purchased additional plots with a combined area of approximately 9,000 sqm for its Korona shopping and entertainment center in Brasov. Echo Investment has become the owner of two plots with a combined area of 9,096 sqm, which are located next to a plot bought by the company earlier.

The purchase of the land completes the administrative and acquisition-related stage of the development process and marks the start of the preparation phase for the implementation of Echo Investment’s first foreign project. The developers of the project say the new acquisition increases the shopping and entertainment center’s leasable area. “New plots are also very important because of the possibility of staging the implementation and ultimately increasing GLA to 45,000 sqm. The land purchase transaction coincided with the final stage of negotiations with the anchor tenant of the mall. This means in practice that Echo Investment’s first foreign project will soon enter the construction phase,” said Marcin Materny, director of the Shopping Centre Department – Foreign Projects in Echo Investment.

Korona is a multifunctional entertainment and shopping centre. In the first stage of the project the space of 35,000 sqm was allocated to shops, service outlets, restaurants, entertainment area and a seven-screen cinema. The next stage will provide an additional 10,000 sqm of retail area. The clients of Echo will have minimum 1400 parking places. The conceptual design study for Korona was prepared by Bose International Planning & Architecture. The centre is o be built in the first half of 2013 and should be completed in the fourth quarter of 2014.

Echo Investment SA is one of the largest investors and developers with Polish capital in Europe. The company makes investments in four key sectors of the real estate market: housing, shopping and shopping/entertainment centers, office buildings and hotels. Since 1996, the company has been listed on the Warsaw Stock Exchange.

The company has already completed over 90 projects in several Polish cities, with a total area of approximately 800,000 sqm. The company is also manages investments in Romania, Hungary and in Ukraine.