The Endurance Real Estate Fund
The Endurance Real Estate Fund was founded in 2005 by ORCO Property Group S.A. It is a privately owned closed end property fund for investing in Central and Eastern European real estate. Endurance Real Estate Fund, a Luxembourg–regulated, closed–end mutual fund (fonds commun de placement - fonds d'investissement spécialisé) organised as an umbrella fund with six existing sub-funds focused on real estate acquisitions in the Office, Residential, Hospitality, Industrial & Logistic, and Health Care markets.
The total equity committed at year end 2007 jumped to € 475 Million from € 200 Million in 2006.
The Office I sub fund targeting office properties in Central Europe was successfully closed with € 150 Million in equity in 2006 and in 2007 became fully invested with a portfolio value of € 450 Million
In December 2007, The Endurance Fund closed its first Residential sub fund with € 220 Million in equity, with a final commitment of € 75 Million from Dutch pension fund ABP supplementing earlier commitments from PGGM, and Henderson Global Investors amongst others.
In December 2007 The Endurance Fund also successfully launched a new Office II sub-fund with a first commitment of €50 Million from TKP Pensioen.
In January 2008, The Endurance Real Estate Fund launched 2 new sub funds open to subscription: An Industrial & Logistics sub fund, expected equity of € 200 Million, which will focus on logistic and light/medium manufacturing sites in Central and Eastern Europe, and a Health Care sub fund, expected equity of € 150 Million, focusing on health care sector assets in Germany such as nursing homes, medical centers, private clinics and assisted senior living homes.
Orco Property Group holds the position of asset manager and co-investor in each of the funds, and has committed between 5%-20% equity to each sub-fund.
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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 2,5 billion, as estimated on 30.6.2007. Operating in Central Europe since 1991, Orco Property Group is a public company, based in Luxembourg, and listed on the Euronext, Prague, Warsaw and Budapest Stock Exchanges. Orco Property Group’s portfolio includes, IPB Real, MaMaison Hotels & Apartments, Viterra Development, Gewerbesiedlungs-Gesellschaft mbH (GSG), Orco Real Estate, Orco MOLCOM 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.
Contact persons:
Linda Hradilova
Tel: +33 1 40 67 67 00
E-mail: lhradilova@orcogroup.com
City: Paris
Joshua Elash
Tel: +33 1 40 67 67 00
E-mail: jelash@orcogroup.com
City: Paris