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Echo sold O3 Business Campus II office building for EUR 49.2 mln

EPP bought from Echo Investment the second building of 3-buildings office complex located on Opolska street in Kraków as a part of the ROFO transaction agreed in 2016.

The first instalment of the price for O3 Business Campus II amounting to EUR 43.5 mln has already been paid, the amount outstanding - EUR 7.3 mln will be paid after execution of fit-out works. Echo Investment has provided EPP with the amount of EUR 1.6 mln due to the rental guarantee for the vacant space. The building is in 70% leased to HCL Poland and HedgeServ and it was completed in Q3 2017.

O3 Business Campus II is one of seven office buildings included into preliminary sale agreement concluded between Echo and EPP in October 2016. After today’s transaction there are two buildings covered by preliminary agreement: O3 Business Campus III and Symetris II in Łódź. Both partners intend to finalise the transactions in H1 2018. O3 Business Campus is a 3 office buildings complex on Opolska street in Kraków. Each of them has 19.000 sqm of GLA. The first one was bought by EPP in December 2016, and the third one is being under construction. Its completion is expected in Q1 2018.

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