Pacific Investment Management Co., or Pimco, and Oaktree Capital are looking to increase their stake in Poland’s Echo Investment to 66% through the acquisition of a further 24.4% of its share capital via investment vehicle Lisala.
In doing so the companies are looking to take advantage of a drop in the zloty’s exchange rate against the US dollar. Against the euro, however, the zloty has maintained its value, which means rental costs have largely remained stable – rents are mostly denominated in euros.
Echo Investment develops apartments, offices and shopping centres.
