Echo Investment has placed bonds with a total value of PLN 50 million

Individual investors signed up for all series K bonds offered by Echo Investment, confirming their confidence in the company's strategy. The developer will issue securities with a total nominal value of PLN 50 million.
Echo Investment has been issuing bonds for individual investors since 2014. So far, it has placed among them securities with a total value of over PLN 630 million, of which PLN 334 million is still traded on the stock exchange, and the rest have been redeemed at maturity. Subscriptions for series K bonds began on January 10 and lasted until January 21, 2022. Subscriptions for over PLN 233 million were accepted, therefore the reduction rate was 79%, and the oversubscription was more than four times.

"We are glad that the issue addressed to individual investors met with such great interest. It is proof of the trust investors have in Echo Investment, the company's strategy and its projects. We plan to use the money obtained from the bond issue primarily to finance the development of the housing business. Our group currently has a land bank of nearly 15,000 sq m. apartments to be implemented in the next few years. Thanks to our experience, excellent projects, reputation and favorable market conditions, we are able to increase our market share while maintaining a high margin on projects," says Maciej Drozd, Echo Investment's vice president for finance.

Echo Investment's strategy assumes further development in the sector of apartments for sale and rent, while maintaining a large scale of activity in commercial real estate. In recent years, through organic growth and the acquisition of Archicom, Echo Investment Group has become one of the five largest developers selling apartments in Poland. Our goal is to further strengthen our position while maintaining a high level of margins on projects. The value of Echo Investment's assets at the end of the third quarter of 2021 amounted to nearly PLN 6.8 billion and was 25% higher than at the end of 2020. The value of residential assets almost doubled during this period, which is largely due to the acquisition of Archicom. After three quarters of 2021, the Group generated PLN 117 million of net profit.

The agent offering the series K bonds was Powszechna Kasa Oszczędności Bank Polski S.A. Branch - Brokerage House in Warsaw. The bonds have a maturity of 3 years. Their interest is based on the WIBOR 6M rate increased by a margin of 4%.

The public offering of series K bonds with a value of up to PLN 50 million was carried out on the basis of the prospectus approved by the Polish Financial Supervision Authority on November 26, 2021, as amended by Supplement No. 1.