Hungary-based real estate company Wing Zrt. agreed to acquire a majority stake in Poland-based developer Echo Investment SA.
Wing plans to acquire 100% of Echo's main shareholder Lisala, which owns approximately 56% of the shares of the Warsaw Stock Exchange-listed developer.
The transaction is subject to approval by the Polish antimonopoly authority.
Echo has delivered more than 160 projects spanning a total area of 1.7 million square meters across Poland. The company's pipeline includes about 90 projects with roughly 1.3 million square meters of estimated usable area.
Established in 1999, privately owned Wing invests in all segments of the real estate market including office, retail, industrial, hotel and residential.