Current reports
Current report no. 62/2011
Property purchase agreement
The Management Board of Echo Investment S.A. (hereinafter referred to as the Issuer) hereby communicates in connection with the current report no. 17/2010 of June 25, 2010 that on December 21, 2011 ‘Projekt Echo-70’ Limited Liability Company with its registered office in Kielce (address: 25-323 Kielce, Solidarności Avenue 36), entered in the Register of Entrepreneurs kept by the District Court of Kielce, 10th Commercial Department of the National Court Register, under the number KRS 0000271630, a subsidiary of the Issuer (hereinafter referred to as the Buyer), signed an agreement concerning the sale of the perpetual usufruct of a plot located in Warsaw on Grzybowska Street (the corner of Jana Pawła II Street 22), with an area of 3,260.00 sqm (three thousand two hundred sixty square metres), which includes a hotel building that constitutes a separate property, (herein referred to as the Property), with Ravenna Warszawa Limited Liability Company with its registered office in Warsaw (address: Ks. I. Skorupki Street 5), entered in the Register of Entrepreneurs kept by the District Court of the City of Warsaw, 12th Commercial Department of the National Court Register, under the number KRS 0000106498 (hereinafter referred to as the Seller).
The property sale price amounts to EUR 31,000,000.00 (thirty one million euro) net, which on the day of the agreement signing constitutes an equivalent of PLN 137,714,400.00 (one hundred thirty seven million seven hundred fourteen thousand four hundred zloty) in accordance with the average exchange rate of the National Bank of Poland.
The Property will be handed over to the Buyer no later than January 31, 2012.
There are no ties present between the Issuer or persons managing or supervising the Issuer or subsidiaries of the Issuer or persons managing subsidiaries of the Issuer and the Seller or persons managing the Seller.
The agreement has been considered significant on the basis of Issuer’s equity criteria.
The purchase of the assets will be financed from the Capital Group’s own funds.
On the purchased land Echo Investment S.A. is planning to develop a modern office building with height of 155 metres and an office space of approx. 50,000 sqm, including a multi-storey underground parking garage. Work on its architectural concept is pending at the APA Kuryłowicz & Associates architectural studio.
Legal basis: §5(1.1) and §7 of the Regulation of the Minister of Finance (Journal of Laws no. 33, item 259) of February 19, 2009 concerning current and periodical information published by issuers of securities and terms of recognizing as equivalent information required by laws of a non-Member state.