ORCO PROPERTY GROUP | Endurance Fund – a new acquisition in Warsaw, first in Poland
Endurance Fund – a new acquisition in Warsaw, first in Poland
The Endurance Fund announces its first acquisition in Poland: a refurbished B+ class office building on
Prosta Street number 69, in the centre of Warsaw only 500 m from the heart of the Central Business District. The property, which is 100% let, was acquired for EUR 15.5 million, and offers 11.150 sqm office space and 158 surface parking spaces. The building’s tenants include for example: PTK Centerel (cable TV), Group 4 Securicor, BOTM (Polish government international transport agency), and Conoco Philips.
The building was acquired by purchase of the shares of the company owning the asset. The previous owner WWG Management remains as tenant in the building.
This is the Endurance Fund’s seventh purchase in the Central European region, after its acquisition of three office buildings and a shopping centre in Prague, and two office buildings in Budapest at the end of 2005 and beginning of 2006.
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 of EUR 110 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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