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Oct 2017
echo investment
Joint Global Coordinator & Joint Bookrunner
PLN 188 million
Secondary Offering

Echo Investment

Echo Investment is the largest Polish development company which builds projects in the office, retail and residential sectors. This was Kempen’s first transaction in Poland.

Transaction highlights

- Echo’s largest shareholder Lisala, consisting of PIMCO, Oaktree and Griffin Real Estate, sold 40.8m existing shares via a 3 day bookbuild
- The company’s management supported the transaction by embarking on an extensive management roadshow in order to achieve further diversification of the company’s shareholder base and improve the liquidity of the shares
- The transaction priced at PLN 4.60, equal to a 9% discount of the market close prior to the start of the bookbuild, leading to gross proceeds to the selling shareholder of PLN 187.7m
- Kempen acted as Joint Global Coordinator and Joint Bookrunner in this transaction


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