ORCO PROPERTY GROUP | Media
Media
Planning permission for Radio Free Europe/Radio Liberty
As of 1st August 2006, Orco Property Group has obtained planning permission for its Radio Free Europe project.
The exclusive “build-to-lease” agreement with Radio Free Europe/Radio Liberty concerns
a 15-year lease of 23,000 sqm with an option to extend by a further 30 years. This new development will be located in Hagibor district of Prague 10, between Vinohradska and Izraelska street and close to Zelivskeho metro station.
“Orco Property Group is immensely proud to have been chosen as developer of this exciting and high-profile project. Radio Free Europe/Radio Liberty is very well known not only in the Czech Republic, but throughout Europe and the rest of the world too. This upcoming development will be a chance for Orco Property Group to make a significant contribution to the social, political and cultural landscape of the Czech capital. We are currently working very closely with the authorities of Prague 10 in order to avoid any inconvenience to the local community,” states
Steven Davis, Senior Vice President of Orco Property Group.
Radio Free Europe will be relocated to the A - class building, which will be built to the highest specifications as requested by Radio Free Europe. The new Radio Free Europe/Radio Liberty headquarters will consist of a 5 floor main building, main entrance building, service entrance building, 2 water ponds. The new building will be easily accessible by public transportation. Cigler Marani Architects was appointed designers for the project.
The project is estimated to be finished in 2008.
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 737 million as valued at 31/12/2005. 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 Residences, Orco Hotel Collection, 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 analysing 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 fund whose total subscribed capital represents EUR 140 million, and which currently manages assets approx. of EUR 130 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.