WING and Griffin Plan to Take Echo Investment Private

Lisala, the majority shareholder of Polish property developer Echo Investment, plans to acquire the remaining shares in the company through a public tender offer worth approximately PLN 807.5 million (€190 million).

The proposed transaction could lead to the company's delisting from the Warsaw Stock Exchange.

According to an announcement published on October 2, 2026, by Erste Biuro Maklerskie, acting as intermediary, Lisala intends to acquire 155,295,466 shares, representing 37.63% of Echo Investment's share capital.

The proposed purchase price is PLN 5.20 per share.

Key Details of the Proposed Tender Offer

The planned transaction would give Lisala full ownership of Echo Investment if the offer succeeds. The main details include:

• Offer value: Approximately PLN 807.5 million (€190 million).
• Shares targeted: 155,295,466 shares, representing 37.63% of the company's share capital.
• Offer price: PLN 5.20 per share.
• Current ownership: Lisala holds 62.37% of Echo Investment.
• Implied company valuation: Approximately PLN 2.15 billion (€505 million) for the entire share capital.

The proposed offer price is below Echo Investment's closing share price of PLN 5.44 on October 2, representing a discount of approximately 4.4%.

Potential Delisting from the Warsaw Stock Exchange

Echo Investment has been listed on the Warsaw Stock Exchange since 1996.

If the tender offer succeeds, Lisala could take steps towards removing the company from the public market.

However, the announcement does not establish a timetable for a potential delisting.

The proposed acquisition remains dependent on the outcome of the tender offer.

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WING and Griffin's Investment in Echo Investment

Lisala is an investment vehicle associated with Hungarian property group WING and Griffin Capital Partners.

WING entered the Polish market in 2019 by acquiring a controlling stake in Echo Investment, while Griffin remained involved as a co-investor.

Echo Investment subsequently expanded its residential business through the acquisition of Archicom in 2021.

The developer has since focused its activities on commercial property development, including office projects, as well as investments in the private rented sector and student accommodation.

The proposed purchase of the remaining shares would consolidate ownership of one of Poland's major real estate developers under Lisala.

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What Happens Next?

The tender offer was disclosed in an official notification issued by Erste Bank Polska on October 2, 2026. The announcement confirms the intended acquisition volume and price but does not specify the subscription period.

The transaction's outcome will determine whether Lisala gains full ownership of Echo Investment and whether the company moves towards delisting. Until further details are announced, the proposed offer remains a planned transaction rather than a completed acquisition.

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