June 10, 2015 / 3:36 PM / 3 years ago

Oaktree Capital and Pimco buy 41.6 percent stake in Poland's Echo Investment

WARSAW (Reuters) - Investment funds of Oaktree Capital Management and Pimco finalised a deal to jointly buy a 41.6 percent stake in Polish business space developer Echo Investment (ECH.WA), they said on Wednesday.

Oaktree Capital and Pimco also said they will without delay launch a tender offer to raise their stake in the firm formerly controlled by Polish billionaire Michal Solowow’s to 66 percent, in line with the requirements of Polish law.

The tender offer will be guaranteed by Poland’s top insurance firm PZU (PZU.WA).

Echo Investment’s market capitalization stands at $775 million making it one of the largest real estate transactions in Poland’s history.

Reporting by Marcin Goettig; Editing by Elaine Hardcastle

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