Echo sold the Villa Offices - part of Browary W-wskie - for approx. EUR 86.7 million

Echo Investment has sold the Villa Offices, which are part of the Browary Warszawskie complex, to KGAL Group for around EUR 86.7 million, the company said.

In addition to residential and catering and service functions, the Browary Warszawskie complex includes three office buildings, the first of which - the Gatehouse Offices - was commissioned and sold by Echo Investment in 2018. The Villa Offices building received an occupancy permit in April 2020, it said.

"Browary Warszawskie is an example of a future-oriented project that shapes a good city. A vibrant, well-designed neighborhood in the business center of Warsaw attracts people to live here, tenants - to open their headquarters, and investors - to invest in the purchase of great office buildings. Also fantastic bars, restaurants and other service points that are being built in the area, including the producer of craft beer and the restaurant of Robert Lewandowski. Browary Warszawskie is the first 'destination' project carried out by Echo Investment. The great success of the idea of ​​'destination' prompted us to make a strategic decision. about focusing on such projects in the future, "said Małgorzata Turek, member of the management board of Echo Investment responsible for the investment department, quoted in the announcement.

The Villa Offices building has 13 floors. It is located in the immediate vicinity of the restored Willa Schiele, the historic house of the former owner of the brewery, and is situated next to the entrance to the heart of the Warsaw Breweries. The 55-meter building has a total area of ​​over 16.6 thousand square meters. m2. The building is fully leased. Companies such as WeWork or Accenture have already located their seats in the Offices at the Villa, and the ground floor of the building is occupied by the cozy Etno Cafe. Soon, "renowned financial institution: and Echo Investment will also move into the building, and a Mediterranean restaurant known in Warsaw will start to operate in the basement.

"The strong tenant base and the excellent quality of the building significantly contributed to our decision to invest in this new business and lifestyle center," said Adam Scheitza, transaction manager from KGAL Investment Management.

The Browary Warszawskie project is located on a 4.5 ha plot between Grzybowska, Wronia, Chłodna and Krochmalna Streets. Echo Investment in cooperation with JEMS Architekci designed it as a multifunctional quarter of the city - a place where people will be happy to live, work and spend their free time. The culmination of the project will be an excellent service and food zone, which will revive and energize this place. Browary Warszawskie offers apartments, office space, pleasant restaurants and bars, as well as nearly 100,000 sq m. m2 of greenery and urban space.

KGAL is an independent entity managing investments and assets worth EUR 11.2 billion under management and EUR 4 billion in administration. The company focuses on long-term capital investments for institutional and private investors in real estate, infrastructure and aviation.