Successful share issue of residential property developer, WING’s subsidiary in Poland
Archicom, a company of ECHO Investment Group focusing on residential developments, raised PLN 220 million in a new share issue. Majority-owned by WING, ECHO Investment is the largest property developer in Poland. Archicom will use most of the capital raised for the purchase of plots for its future developments. The company is planning to sell 4000 apartments per year in the future.
WING is the majority owner of Poland’s largest property development company, ECHO Investment Group, which is listed on the Warsaw Stock Exchange. Archicom, a residential property developer company in the Group, issued shares on 26 September 2023. The accelerated share subscription was highly successful and resulted in oversubscription. With a total of 10 million shares sold for a share price of PLN 22, Archicom raised PLN 220 million and can continue the implementation of its development plans and growth strategy, and can speed up the preparation of its planned property development projects. Archicom is planning to start the development of nearly 2500 apartments by the end of 2023 and to sell 4000 apartments per year in Poland in the future.
‘Echo Investment-Archicom Group, Poland’s leading property developer, shares WING’s values and business approach. This successful issue of shares is great feedback, as it shows that property market investors believe the group has excellent growth potential and they are happy to buy shares issued by Archicom. The share issue will create the necessary conditions and stable funding for Archicom to reinforce its leading role in Poland,’ said Noah Steinberg, Chairman and CEO of WING Zrt.
WING, a major property development and investment group in the Central European property market, made a decision in 2019 to start international expansion, based on its achievements on the Hungarian property market. Upon careful review of the regional markets, the Polish property market proved to be the most attractive investment destination for the company, based on property development opportunities and the features of the investment market. This is why WING sought out a strategic investment opportunity there that would also provide long-term growth potential, in addition to stable and profitable operation. Echo Investment then concluded an agreement on the purchase of a 66% stake in Wrocław-based Archicom in 2021, and the merger made the resultant group Poland’s largest residential property developer. Echo’s share has further increased since, and in the summer its entire residential property business was transferred to Archicom. As a result the Group now has a clear structure, with Echo Investment focusing on the commercial business unit, and Archicom developing residential properties as Archicom in Wrocłav and under the brand name ECHO Residential in other locations.
New Tenants to Move into WING’s Liberty Building this Summer
Four new tenants will be moving into Liberty, WING’s mixed-use development, in summer 2024. Coop, FedEx, Praktiker and 3 Print have concluded lease agreements for a total of more than 3,500 square meters of office space. The new tenants will have access to a number of services in the complex, in which the occupancy rate of retail areas is now 100%.
LIVING delivers its 1000th apartment
With the completion of its 1,000th apartment, LIVING, WING’s umbrella brand for residential developments, has reached a major milestone. The residential developer currently has three ongoing projects in Budapest’s 13th District, and the total number of LIVING apartments delivered since the company was established and that are currently under development is close to 2,000. LIVING focuses on smart and sustainable solutions, energy and cost-efficiency, and the individual needs of its clients. It uses this approach in all of its developments.
Another tenant chooses WING’s East Gate Pro Business Park
WING Industrial has concluded a major agreement with a leading regional parcel logistics operator at East Gate Pro Business Park. The business park, the latest phase of the popular East Gate project, is located at the junction of the M3 and M0 motorways. The third hall of East Gate PRO Park was completed last year, and now there is a long-term pre-lease agreement for the fourth hall, B2. The 9,000-square-meter building, a build-to-suit (BTS) development with a pre-lease agreement, is to be completed by the end of 2024.