Just weeks after Eurohypo’s announcement that it was leaving all the CEE markets besides Poland, Echo Investment has achieved a financing agreement with the bank for its 33,000 sqm Warsaw office scheme Park Postępu. To be handed out in five installments by September 2010, it will cover the construction costs of project where works began in January 2008.
Echo Investment president Piotr Gromniak says the deal could spell brighter days ahead for the property market. “I hope that the agreement with Eurohypo may be interpreted as the beginning of a change of the unfavorable market tendencies. Apparently decisions concerning financing of good and secure projects may be taken without needless delay.”