Echo Investment majority shareholder WING named Hungary’s top real estate developer
WING has been recognised as the best real estate developer in the mixed-sector in Hungary in the prestigious Euromoney Real Estate Survey. WING has established itself as the leading developer in Hungary, delivering total more than 1 million sqm of high quality space to clients in all segments of the real estate market. WING is on track to deliver 300,000 sqm of new space in Hungary and has successfully expanded in the CEE region by acquiring a majority stake in Poland’s Echo Investment.
WING has been named the best real estate developer in the mixed-sector in Hungary for its oustanding property solutions for office, retail, industrial, hotel and residential sectors. Euromoney Real Estate Survey each year recognizes the best providers of real estate projects and services based on the opinions of real estate advisors, developers, investment managers, corporate end-users and banks across the globe.
Over the past 20 years, WING has delivered some of the biggest projects in all segments of the real estate market in Hungary, including headquarters buildings for major international tenants, such as Telekom, Ericsson, Allianz, E.ON, Siemens, Accor, GE Oil and Gas, Philip Morris and many other industry leaders.
– Our commitment to creating outstanding buildings and delivering the best quality is well reflected in this recognition. We will continue to focus on exceeding our clients’ property-related expectations. We are not only thriving in Hungary, but we have also begun a new chapter in WING’s history with the acquisition of Echo Investment, which plays a strategic role in our portfolio and opens new growth opportunities for us in Poland and at a regional level. – says Noah Steinberg, Chairman and CEO of WING.
WING spreads its wings in CEE
WING has a majority stake (66%) in Poland’s biggest developer Echo Investment, which is the only developer in the country with an extensive experience in three sectors of the real estate market: residential, retail, and office. Echo Investment has been listed on the Warsaw Stock Exchange for roughly 25 years. The company has completed 180 real estate projects with a total area of 1.9 million sqm, and it currently has 90 projects under construction or preparation. Echo Investment particularly focuses on the development of mixed-use „destination” projects, such as its flagship Warsaw Brewery in Warsaw, or Fuzja in Łódź combining historical textile manufacture buildings with new functions. The „destination projects” are perfectly designed to combine living, working and entertaining under one roof, thereby ensuring convenience and flexibility. Existing landbank and secured plots allow Echo Investment to develop further ca. 888,000 sqm in „destination projects”. Echo Investment is one of the top 10 residential developers in Poland, strengthening its position every year. As leading player on the office market, it currently develops 140,000 sqm of office space in Warsaw, Katowice, Łódź and Wrocław, for such great tenants as Fujitsu, Grupa Żywiec beer producer from Heineken Group, Honeywell, Capgemini, Deloitte, Havas Media and many others. In retail sector the main achievement of Echo Investment is to open the first Primark store in Poland in its successful Galeria Młociny in Warsaw. Apart from its ongoing office developments, the company strengthens its role in the market of flexible offices in cooperation with CitySpace. Echo Investment also has a 30% stake in Resi4Rent, the largest private institutional platform of apartments for rent in Poland that already has 1,200 units in operation and is expected to have in total 7,500 units by 2024.
Strong Hungarian development pipeline
Hungary continues to be WING’s most active market, with over 300,000 sqm of new space being constructed, some of which will be delivered to the market by the end of 2021. Among the highlights, WING is developing its new flagship office project – Liberty Office Building. Located in one of Budapest’s most dynamically developing districts, the 40,000 sqm Liberty Office Building will offer premium office space that will respond to current and future needs of tenants. In the office sector, WING is also developing a 20,000 sqm new headquarters for Evosoft-Siemens in Budapest. At the same time, currently WING is handing over its new residential project Kassák Residence near Váci Road, the main office corridor in Budapest and developing further three residential projects. Moreover B&B Hotel, also developed by WING, will be handed over at the end of 2020.
For further information on the Euromoney Real Estate Survey please visit euromoney.com.