Endurance Fund
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Office Sub-fund

The first sub-fund, Office Sub-fund, has a final committed equity of 153,8 million EUR. The portfolio includes A and B class office buildings in Prague, Warsaw, Budapest and Bratislava, two shopping centres in the Czech Republic, one shopping centre in Lublin (Poland), a retail building in Budapest and a logistic centre in Warsaw.

Investment strategy

The Sub-fund follows a core plus strategy searching assets which need re/development, refurbishment, leasing and tenant mix change. The Sub-fund focuses on centrally-located, income-producing office buildings that are at least 70% leased, commercial galleries, or central properties in the capital cities and the largest regional cities of the target markets, well located income-producing distribution centres, logistics and industrial buildings.

The Sub-fund also invests in real estate assets of the mixed type which might among others include hotels or may be involved in substantially pre-let office and retail development projects, potentially in partnership with developers capable of delivering Real Estate Assets subject to the Investment Guidelines. The Sub-fund will also target large sale-and-leaseback portfolios from large financial institutions and corporations or public authorities.

Target markets

Target markets are Czech Republic, Hungary, Poland, Slovakia, Croatia, Bulgaria and Romania. In most of these target markets Orco already has an existing local execution platform.

Early identification of potential transactions through existing contacts and local platforms are expected to result in the Sub-fund being an advantage in the market place to capture investment opportunities.

Foundation 2005
Fund term 7 years + option for 2 more years
Committed capital 153,8 million EUR
Target IRR 17,5% 
LTV 65% 
Geographical focus Central Europe and future EU entrants
Number of acquisition* 15
Rentable area under management* 242 337 m2

 * as of 31st March 2010