Endurance Fund has acquired a new building in the centre of Bratislava
BRATISLAVA. The Endurance Real Estate Fund – Office Sub-fund, managed by Orco Property Group, is pleased to announce a successful acquisition of the former Palace hotel in Bratislava. Orco Slovakia plans to open new offices in the building in May 2008.
The property is located at the corner of Obchodná and Poštová Streets in the centre of the capital. It will provide app. 3,000 sqm of office space and 800 sqm of commercial premises. Currently the tenant is a branch of VUB Bank, the former owner of the building. Endurance Fund will offer the remaining space for rent after reconstruction which is planned for the upcoming months. Orco has already started negotiations on the lease of the commercial premises with significant tenants. Total investment costs are estimated at EUR 12.1 million.
„We are delighted that Endurance Fund broadened its portfolio with this building, which fully meets the requirements for offices of the Orco branch in Slovakia. Moreover it is located ideally right in the centre of the Slovak capital,” says Lucia Švecová, Director of Slovak branch, Orco Property Group.
***
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. 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