Galeria Orkana – Another Acquisition of Endurance Fund in Poland
LUBLIN, POLAND. The Endurance Real Estate Fund – Office Sub-fund, managed by Orco Property Group, is pleased to announce the successful acquisition of Galeria Orkana in Lublin, Poland.
The shopping centre Galeria Orkana totals cca 8,000 sqm and is located within the western residential suburbs of Lublin. The centre is part of a strong retail destination within the city with neighbouring occupiers including Tesco and OBI. The former owner of the building was Keen Property Partners. The mainly national and international tenant base will remain, with conversion and utilisation of further accommodation planned due to continuing high tenant demand. The acquisition price of the property amounted to cca EUR 26.5 million.
“We are delighted to acquire the first retail property in Poland for the Endurance Fund. After the acquisitions of successful office buildings in the centre of Warsaw this is yet another project notably expanding and diversifying the Endurance Fund portfolio,” says Stuart Jordan, Regional Investment Manager Orco Property Group.
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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.
Orco Property Group is also sponsor of The 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 sub-funds focused on real estate acquisitions on office and retail, residential, industrial & logistic, and Health Care markets.
Contact persons:
Séverine Farjon
Tel: +33 1 40 67 67 00
E-mail: mailto:sfarjon@orcogroup.com
City: Paris
Luc Leroi
Tel: + 352 26 47 67 47
E-mail: mailto:lleroi@orcogroup.com
City: Luxembourg
Aleš Vobruba
Tel: +42 02 21 416 311
E-mail: mailto:avobruba@orcogroup.com
City: Prague