Leading Hungarian property development and investment company the Wing group has announced the sealing of a deal regarding the complete acquisition of Poland’s Lisala, which owns a 55.96% stake in listed Polish developer Echo Investment.
The company says the transaction will make Wing a significant player on the regional market. The deal will be finalized on approval of the Polish competition authority.
“The company, building on its successes achieved on the domestic market, set international expansion as a strategic goal,” said Noah Steinberg, president-CEO of Wing. “During the mapping of regional markets, the Polish real estate market proved to be the most attractive investment destination, based on real estate development opportunities and the characteristics of the investorsʼ market. So, we were looking for a strategic investment opportunity that offers long-term growth potential besides stable and successful operation.”
“We are convinced that together with our new, long-term professional investor, which also operates as a real estate developer, Echo Investment could continue its growth course and further fortify its market position,” said Echo Investment CEO Nicklas Lindberg.
Echo Investment is one of the largest real estate developers in Poland, and the only one present on the residential, retail, and office markets at the same time. The company focuses on seven large cities in Poland: Warsaw, Kraków, Łódź, Wrocław, Katowice, Gdańsk, and Poznań.