ORCO PROPERTY GROUP | Orco Property Group enters the tender for the plot Praha - Bubny
Orco Property Group enters the tender for the plot Praha - Bubny
Orco Property Group has entered a tender for a plot of 27 hectares in Praha 7 – Bubny district, with a minimal call-price of CZK 520 mil. The tender was announced by Správa železniční dopravní cesty (SŽDC).
“Orco duly evaluated the area and entered the tender with a bid that represents a multiple of the original call-price. This bid has been secured with a bank guarantee,” stated Ales Vobruba, Senior Vice President, Orco Property Group and added: “Orco’s strategy is to develop a mixed-use area within the next 10-15 years, inclusive of: a number of quality apartments, space for leisure activities, sports and shopping centre, as well as high standard office space – essentially a new, modern and lively district of 21st Century Prague.”
Orco is ready to closely cooperate with the Prague 7 municipality and Prague Town Hall on the preparation of this project, so that the final solution is in line with their requirements for optimal transport solutions and general use of the whole area.
On this plot, which is the only available area of such a size in the Prague city centre, Orco plans to develop this afore-mentioned mixed-use area with architectural input of world-renowned architects such as Daniel Libeskind or Coopers Robertson, as well as leading domestic architects who will bring new ideas to the scheme. The total investment is estimated in the order of CZK 20 bln.
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 142 million, and which currently manages assets of EUR 110 million. Estimated value of the Fund’s portfolio is ca. EUR 500 million. The Endurance Fund is dedicated to institutional investors and focuses on acquisitions in Central European real estate markets.
This press release was issued on behalf of Orco Property Group by Best Communications. For further information, please contact Martina Vavrova on martina.vavrova@bestcg.com, Pavla Drmotová on pavla.drmotova@bestcg.com, or tel.: 257 53 20 30.
Back