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Category:  Press » Real Estate

 

Orco Acquires New Lucrative Property

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2006-09-25 01:19:29     
Orco Property Group

Orco Property Group, leading investor, developer, asset and fund manager, successfully closed the acquisition of a new 34,000 sqm property in Prague 7, Bubenska 1. The building is fully occupied as the IT headquarters of Ceska sporitelna, until the first half of 2008. Orco bought the property for EUR 24 million from PPF Alpha. At the same time, Orco acquired 20,000 sqm of mixed use leaseable space in minor cities throughout the Czech Republic, as well as a further 5 hectares of land for its Land bank.

Aleš Vobruba, Senior Vice-President Orco Property Group, said: "The recent acquisition of land surrounding the railway station at Bubny, and now this building in Bubenska 1, are directly in line with our strategic development and redevelopment plans for Prague 7. We plan to start with overall building reconstruction in 2008, and following this the transformation into first class office and retail space".

The Bubenska building is a unique architectural entity protected by monumental authority. All technological complexes are original and were built up in the first half of last century. The building is outstanding in terms of dimensions, and is part of the riverside view point.

Notes to editors:

Orco Property Group is a leading investor, developer and asset manager in the Central European real estate and hospitality market, currently managing assets of approximately EUR 1 billion as valued at H1 2006. Operating in Central Europe since 1991, Orco Property Group is a public company, based in Luxembourg, and listed on both the Euronext and Prague Stock Exchange. Orco Property Group's portfolio includes, IPB Real, MaMaison Hotels & Apartments, Orco Real Estate, and other retail properties. Orco Property Group operates in a number of countries including, mainly, the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. Orco Property Group is continually analyzing investment into new territories. Orco Property Group is also sponsor and manager of the Endurance Real Estate Fund for Central Europe, a Luxembourg-regulated, closed-end umbrella fund whose total subscribed capital represents EUR 141.6 million, and which currently manages assets of approx. EUR 160 million. Estimated total value of the Fund's portfolio after investment of full subscribed capital is ca. EUR 500 million. The Endurance Fund is dedicated to institutional investors and focuses on acquisitions in Central European real estate markets.

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