Warsaw (Puls Biznesu) – The homebuilding company will launch 54 projects in upcoming years. It expects no problems with financing.
Echo Investment, construction company with headquarters in Kielce, building shopping malls, office buildings and flats whose 39 percent is owned by famous investor Michal Solowow, has a new plan for the next six years.
“We hope to increase the surface of office buildings by 900 percent, shopping malls by 300 percent and the same for flats. It will generate EUR 330m of sales and EUR 140m of sales generated by leasing”, Jaroslaw Grodzki, Echo Investment CEO said.
Today, the company has three office buildings with 29,000 square meters of surface. Nine others are being prepared. Echo has 10 shopping malls with 220,000 square meters of surface, and 7 new ones are planned.
“In 2008, we will start five new projects, then 17, in 2010 13 and in the years 2011-13 as many as 21 ones. We also plan to buy lots. Till the end of 2008, we will spend PLN 1bn (EUR 266m)”, the CEO added.
Analysts believe that although this amount is high, the company has big credit potential.
“Besides, its sales are generated by, among others, selling intangible assets”, Michal Sztabler, DM PKO BP analyst said.
Kacper Zak from DI BRE agrees.
“The company has constant revenues from leasing buildings, so it has funds for further projects. Echo Investment plans are very ambitious but possible”, he said.
(PLN 1 = EUR 0.266)