Galaxy sold and expansion on hold. What next? – MM My City of Szczecin

Luxembourg Fund acquired the Echo Investment, the owner of the center of the Galaxy. The planned expansion of the center of the Galaxy has already decided the new owner of the company from Kielce

Group Griffin from Luxembourg, including operating Polish real estate market, take a majority stake in the company Echo Investment. Recall that the acquired company owns, among others, Kielce Shopping and Entertainment Centre Galaxy Oxygen office and outlet center Outlet Park Szczecin.

Relationships ownership

Wojciech Gepner, head of PR at Echo Investment has confirmed that last Friday Michael Sołowow submitted a request to convene an extraordinary general meeting of shareholders of that company.

Let’s explain that through its FTF Columbus, Michael Sołowow controlled Echo Investment. Griffin said the Luxembourg fund has since Sołowow acquire more than 41.5 per cent. shares of the company, which includes those Szczecin and office centers.

The general meeting of shareholders shall be held within a month. Wojciech Gepner indicates that perhaps the exact date will be announced today. Is set agenda. The main projects concern the dismissal of the Supervisory Board and the appointment of a new composition.

See also: Expanding the Galaxy in Szczecin is to begin in the spring

About the expansion of the new owner decides longer

The owner CHR Galaxy was about to apply for a permit for the expansion of the center. The investment area is prepared. This plot, which became a hotel Neptun. The building was demolished.

PR Director at Echo Investment has admitted that the fate of this investment will have a new owner decide. The expansion so far is questionable.


Projects are ready

In the new part of the building, which have had a surface of about 17 000 square meters, the expected place for fitness, new stores and another 200 parking spaces.

Arise shopping street was covered with a large inner square – a popular meeting place for locals and shopping and the region.

After the expansion, the Galaxy would grow into a commercial area of ​​60 000 square meters. Was created about 500 new jobs. It is worth noting that the current center visited annually by 14 million people.

Echo Investment

This is one of Europe’s leading investment and development of the Polish capital. Focused on investments in housing, office, hotel and shopping malls. In Poland, has completed more than one hundred projects, work or abroad – in Romania, Hungary and Ukraine. Since 1996. Is listed on the Stock Exchange in Warsaw. The shares are valued at 2.8 billion zł and the assets of 6.7 billion zł. Michael Sołowow holds 45.88 per cent. shares of the company estimated at 1.2-1.5 billion zł.

The Griffin Group of Luxembourg – one of the leading investors in the Polish real estate market. To date, the company has acquired, among others, Warsaw Hall Baskets, Trade House “reputation” in Wroclaw and Katowice Supersam. This entity is controlled by an American company Oaktree.