ECHO INVESTMENT/GRIFFIN RE - PRESS RELEASE

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Wing, Hungary’s leadingreal estate company, has finalized the acquisition of 56% stake in Echo Investment, the largest Polish developer listed on the Warsaw Stock Exchange.

"Wing's acquisition of the largest,market leading Polish real estate developer is a major strategic milestone in  our  international  expansion.  Poland’s  real  estate  market  is  the  largest  in  the  CEE  region  and  offers significant growth anddevelopment opportunities," says Noah Steinberg, Chief Executive Officer at Wing. "The purchase of the majority stake of Echo Investment, a publicly listed profitable and reputable company will further strengthen both companies and will present Wing and EchoInvestment with new opportunities at a regional level."

Wing  cooperated  closely  with  Griffin  Real  Estate  in  the  course  of  transaction,  and  it  is  anticipated  that Griffin will become a co-investor in EchoInvestment in the coming months.

Noah Steinberg added that Wing is a long-term, value driven,regional strategic investor who intends to continue the company's development in line with the "Strategy for Profitable Growth" announced by Echo Investment in 2016, which means further cooperation with Griffin Real Estate and the current management team of Echo Investment.

"Wing and EchoInvestment will complement each other by creating a new regional leader," commented Steinberg."The  success  of  both  companies  is based  on their  outstanding  teams  of professionals,  and both companies are committed to similar values and outstanding performance. With Echo, Wing’s regional role is taking shape.

"Griffin  Real  Estate  will become a  co-investor  and  is  supporting  Wing  in  its  ambitious  growth  plans  with respect to Echo Investment and the Polish real estate markets."The purchase of 66% of Echo Investment back in 2015and the implemented transformation was a very successful investment,” says Nebil Senman, Managing Partner at Griffin Real Estate. "With the new investor the most exciting period is still ahead of us and we are looking forward to it. Wingis the right partner for a long-term investment project with strong growth focus," adds Maciej Dyjas, Managing Partner at Griffin Real Estate.

"During  the  last  4  years, the  company  has transformed from  being  a  developer  that  keeps  parts of  the completed  assets  to  a  pure,  dividend-generating  developer, in  line  with  the  strategy  of  the  profitable growth. We havebecomethe market leaderin office and retailreal estate sectorsin Polandand we are on a good way to achieve such a position withresidential part of our business. We have interesting years ahead  of  us,  transforming  parts  of  the  cities  around  Poland  by  developing  our mixed-useprojects,benefitingfrom all the competencesand experience inside the company," says Nicklas Lindberg, CEO at Echo Investment.

Wing is  one  of  the largest privately  owned  Hungarian  real  estate  companies  and  a  leading  Hungarian developer and investor. Wing has developed over 1 million square meters of buildings in Hungary in the 20  years  since  it  was  founded.  Wing  owns  a  large  development  and  investment  portfolio  as  well  as subsidiaries  specialising  in  asset  management  and  property  &  facility  management  and  architectural design.  Wing  has  delivered  complex HQ building  solutions  for  major  international  tenants  such  as Telekom, Ericsson, Allianz, E.ON, Siemens, Accor, GE Oil and Gas, Philip Morris and many others. The company was established in 1999 and today has a development pipeline of approximately 325,000 m2 and owns a standing portfolio of 740,000 sqm. The company is active in all segments of the real estate market including office, retail, industrial, hotel and residential. Wing was the first real estate company to list bonds on the Budapest stock exchange and remains the leading real estate bond issuer in Hungary.

Echo Investment is the largest Polish developer–listed on the Warsaw StockExchange since 1996 –andonly one with extensive experience in three sectors of the real estate market: residential, retail and office.  As  a  socially  responsible  developer,  Echo  Investment  is  involved  in  large  city-creating  projects combining various functions. It creates places where people can work, live, play, and satisfy their everyday life needs. The company is a pure developer focused on seven major Polish cities: Warsaw, Kraków, Łódź, Wrocław, Katowice, Gdańsk and Poznań. It has already completed over 160 projects with a total area of 1.7 million sqm.Currently, Echo Investmenthas under construction and development nearly 90 projects with a total usable area of approximately 1.3 million sqm, including multi-functional city-forming projects, such as Browary Warszawskie and Fuzja in Łódź.

Griffin Real Estate is thelargest andmost active investment manager in private equity real estate in CEE. Griffin  originates  and  manages  private  equity-type  investments  into  real  estate-related  companies  and assets.  Griffin  invests  on  behalf  of  both  its  owners  and  its  renowned  international  investors.  The  gross asset value of Griffin-managed investments across eight different platforms exceeds EUR 5 billion. Over the last several years, Griffin has been the most active and innovative investor in the region, introducing several new concepts and formats to the market. 

 

For further information:

Weronika Ukleja
PR Coordinator
Echo Investment
M: +48505024409
E: weronika.ukleja@echo.com.pl
Csenge Mátray
Marketing Communications Director
Wing
T: +36 (1) 451-4760
E: matraycs@wing.hu
Ewa Gawron-Jasińska
Marketing & PR Specialist
Griffin Real Estate
M: +48 696 244 235
E: egawron-jasinska@griffin-re.com
CMS

Wing, Hungary’s leadingreal estate company, has finalized the acquisition of 56% stake in Echo Investment, the largest Polish developer listed on the Warsaw Stock Exchange.

Wing, Hungary’s leadingreal estate company, has finalized the acquisition of 56% stake in Echo Investment, the largest Polish developer listed on the Warsaw Stock Exchange.

"Wing's acquisition of the largest,market leading Polish real estate developer is a major strategic milestone in  our  international  expansion.  Poland’s  real  estate  market  is  the  largest  in  the  CEE  region  and  offers significant growth anddevelopment opportunities," says Noah Steinberg, Chief Executive Officer at Wing. "The purchase of the majority stake of Echo Investment, a publicly listed profitable and reputable company will further strengthen both companies and will present Wing and EchoInvestment with new opportunities at a regional level."

Wing  cooperated  closely  with  Griffin  Real  Estate  in  the  course  of  transaction,  and  it  is  anticipated  that Griffin will become a co-investor in EchoInvestment in the coming months.

Noah Steinberg added that Wing is a long-term, value driven,regional strategic investor who intends to continue the company's development in line with the "Strategy for Profitable Growth" announced by Echo Investment in 2016, which means further cooperation with Griffin Real Estate and the current management team of Echo Investment.

"Wing and EchoInvestment will complement each other by creating a new regional leader," commented Steinberg."The  success  of  both  companies  is based  on their  outstanding  teams  of professionals,  and both companies are committed to similar values and outstanding performance. With Echo, Wing’s regional role is taking shape.

"Griffin  Real  Estate  will become a  co-investor  and  is  supporting  Wing  in  its  ambitious  growth  plans  with respect to Echo Investment and the Polish real estate markets."The purchase of 66% of Echo Investment back in 2015and the implemented transformation was a very successful investment,” says Nebil Senman, Managing Partner at Griffin Real Estate. "With the new investor the most exciting period is still ahead of us and we are looking forward to it. Wingis the right partner for a long-term investment project with strong growth focus," adds Maciej Dyjas, Managing Partner at Griffin Real Estate.

"During  the  last  4  years, the  company  has transformed from  being  a  developer  that  keeps  parts of  the completed  assets  to  a  pure,  dividend-generating  developer, in  line  with  the  strategy  of  the  profitable growth. We havebecomethe market leaderin office and retailreal estate sectorsin Polandand we are on a good way to achieve such a position withresidential part of our business. We have interesting years ahead  of  us,  transforming  parts  of  the  cities  around  Poland  by  developing  our mixed-useprojects,benefitingfrom all the competencesand experience inside the company," says Nicklas Lindberg, CEO at Echo Investment.

Wing is  one  of  the largest privately  owned  Hungarian  real  estate  companies  and  a  leading  Hungarian developer and investor. Wing has developed over 1 million square meters of buildings in Hungary in the 20  years  since  it  was  founded.  Wing  owns  a  large  development  and  investment  portfolio  as  well  as subsidiaries  specialising  in  asset  management  and  property  &  facility  management  and  architectural design.  Wing  has  delivered  complex HQ building  solutions  for  major  international  tenants  such  as Telekom, Ericsson, Allianz, E.ON, Siemens, Accor, GE Oil and Gas, Philip Morris and many others. The company was established in 1999 and today has a development pipeline of approximately 325,000 m2 and owns a standing portfolio of 740,000 sqm. The company is active in all segments of the real estate market including office, retail, industrial, hotel and residential. Wing was the first real estate company to list bonds on the Budapest stock exchange and remains the leading real estate bond issuer in Hungary.

Echo Investment is the largest Polish developer–listed on the Warsaw StockExchange since 1996 –andonly one with extensive experience in three sectors of the real estate market: residential, retail and office.  As  a  socially  responsible  developer,  Echo  Investment  is  involved  in  large  city-creating  projects combining various functions. It creates places where people can work, live, play, and satisfy their everyday life needs. The company is a pure developer focused on seven major Polish cities: Warsaw, Kraków, Łódź, Wrocław, Katowice, Gdańsk and Poznań. It has already completed over 160 projects with a total area of 1.7 million sqm.Currently, Echo Investmenthas under construction and development nearly 90 projects with a total usable area of approximately 1.3 million sqm, including multi-functional city-forming projects, such as Browary Warszawskie and Fuzja in Łódź.

Griffin Real Estate is thelargest andmost active investment manager in private equity real estate in CEE. Griffin  originates  and  manages  private  equity-type  investments  into  real  estate-related  companies  and assets.  Griffin  invests  on  behalf  of  both  its  owners  and  its  renowned  international  investors.  The  gross asset value of Griffin-managed investments across eight different platforms exceeds EUR 5 billion. Over the last several years, Griffin has been the most active and innovative investor in the region, introducing several new concepts and formats to the market. 

 

For further information:

Weronika Ukleja
PR Coordinator
Echo Investment
M: +48505024409
E: weronika.ukleja@echo.com.pl
Csenge Mátray
Marketing Communications Director
Wing
T: +36 (1) 451-4760
E: matraycs@wing.hu
Ewa Gawron-Jasińska
Marketing & PR Specialist
Griffin Real Estate
M: +48 696 244 235
E: egawron-jasinska@griffin-re.com