ORCO PROPERTY GROUP - Announcement of Acquisition
ORCO PROPERTY GROUP (the "Company") announces two new acquisition of development projects located in the Czech Republic, in line with its new strategy.
The Company entered into an agreement concerning the development project located in Prague 10 today. The project comprises of approximately 33 thousand sqm of developable land. The Company already owns 31 thousand sqm of directly adjacent land. The completion is subject to certain corporate approvals on seller's side. Following this acquisition, the Company will have an excellent developable land plot of approximately 64 thousand sqm with good location. The purchase price for transfer of shares and receivables is EUR 5.7 million.
The Company also acquired a brownfield area in Brno, Czech Republic today. The project is located in Zidenice area of Brno with an area of approximately 22.5 hectares. The transaction is structured as a share deal and the transaction price amounts to EUR 13.95 million. The Company indents to build a mixed used project with similar size as its Bubny project in Prague.
For more information visit www.orcogroup.com
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