Echo creating separate housing business

Shareholders of Echo Investment are set to approve the creation of a residential subsidiary within the group. To be called Verwood Investments, the company will take over Echo’s activities in Polish housing sector, including a portfolio of 19 projects, located in Kraków, Łódź, Poznań, Wrocław and Warsaw. Echo says it will transfer this portfolio to Verwood in the near-term, along with 14 subsidiaries that are handling its strategic projects in Poznań and Warsaw. The purpose of the new structure is to provide financial independence and security to its housing division. Echo will remain Verwood’s only partner.