OPG: Joint venture between Orco Property Group and Unibail-Rodamco

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Press Release

Paris, Prague 14 May 2013

                                                                                               

Orco Property Group

Joint venture between Orco Property Group and Unibail-Rodamco

Orco Property Group ('Orco') has closed its joint venture with Unibail-Rodamco aimed at developing a prime shopping center in the Bubny area, downtown Prague.

On 30 April 2013, Orco has sold a plot of 3.6 hectares to the joint venture it has constituted with Unibail Rodamco. The parties will focus on implementing the development of the anchor shopping center in the Bubny area with the aim being to start construction in 2016.

“Following the January 2013 vote of the Prague City Assembly to restart the Bubny masterplan change procedure, closing the joint venture with Unibail-Rodamco is another piece of good news for the development of the entire Bubny area. Orco Property Group is proud to cooperate in this joint venture with Europe’s leading retail developer and operator.” stated Jean-François Ott, President and CEO of Orco Property Group.

For more information, please visit www.orcogroup.com


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