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Prague City Assembly Votes to Restart Bubny Masterplan Change Procedure

Prague, January 25, 2013 – By a majority of 37 votes, the Prague City Assembly yesterday granted the City of Prague the authority to restart the procedure required to change the Bubny masterplan. 

 

Bubny remains zoned as the last brownfield plot in the centre of Prague.  With this zoning, construction to revitalize the area cannot begin.  Yesterday’s decision marks a significant step towards changing the Bubny masterplan to facilitate a mixed use city centre zone and modern train station.

 

The procedure will involve a review by the relevant state and municipal bodies of the masterplan change proposal and urban study, which are being finalized. 

 

Orco owns 24 hectares of the Bubny area and intends to develop a mixed-use area consisting of residential and commercial units, offices and shops as well as educational, medical, and cultural facilities. In addition, a modern train terminal on Vltavská street and large green spaces will be incorporated. 

 

“Orco welcomes the decision of the Prague City Assembly.  We are committed to developing Bubny into a vibrant urban environment in the centre of Prague that will resonate with the public for years to come.  Yesterday’s decision brings us one step closer to the realization of that vision,” stated Jean-François Ott, President and CEO of Orco Property Group.  

 Orco Property Group is an investor, developer and asset manager in the Central European real estate and hospitality market. Operating in Central Europe since 1991, Orco currently manages circa EUR 1.7 Billion worth of assets. Orco Property Group, based in Luxembourg, is a public company listed on the Paris Stock Exchange Euronext and on the Prague and Warsaw Stock Exchanges.

Orco Property Group operates in a number of countries in Central and Eastern Europe with main focus on Germany, the Czech Republic, Hungary, Poland, Croatia and Slovakia. Orco Property Group portfolio integrates several well-known companies including MaMaison Hotels & Residences across Europe or Gewerbesiedlungs-Gesellschaft mbH (GSG) in Berlin. The company focus is on prime locations within capital cities in the Central European region and possesses a unique portfolio of prestigious real-estate assets.

In every city where it operates, the Group is dedicated to offer high standard facilities, together with a comprehensive set of prime services. As a developer, Orco Property Group pipeline is supported by a unique land bank well positioned in close vicinity of Central Europe capital cities. It grants to the company the opportunity to adopt a cherry picking strategy and to develop a set of key and ambitious projects with strong potential upside.  Zlota 44, a luxurious residential high-rise in Warsaw, Váci 1, a shopping emporium in Budapest and the ambitious development of the 24ha land plot of Bubny in Prague 7 are the vivid examples of the Group strategy.

Orco Property Group is also a founder, sponsor and manager of The Endurance Real Estate Fund. It is a privately owned closed end property fund for investing in Central and Eastern European real estate. The Fund is structured as a regulated Luxembourg Fonds Commun de Placement.


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