WING Polish unit Echo to get 66% stake in Archicom
Polish property developer Echo Investment, majority-owned by Hungarian peer WING, has signed an agreement to acquire a 66% stake in Wroclaw-based Archicom, WING said on Thursday, according to a report by state news wire MTI.
The transaction will create the biggest property developer in Poland, WING said.
After the consolidation of the Echo-Archicom group, construction will start in 2021 on 7,000 homes for sale and rent, WING added.
Archicom, listed on the Warsaw Stock Exchange, has a portfolio of 5,700 homes under construction and in the pipeline.
WING acquired its controlling stake in Echo Investment, also listed on the Warsaw bourse, in 2019. Echo has completed 89 residential projects with close to 10,000 homes in a number of big cities around Poland.
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