The Board of ORCO PROPERTY GROUP (“ORCO”) wishes to express its deep concerns in relation to recently published statements of Mr. Matej Stropnicky, Deputy Mayor of Prague, concerning the alleged buyout of Bubny land by the City of Prague.
According to an article published in the Czech newspaper PRAVO on 20 June 2015, Mr. Stropnicky stated that the City of Prague shall buyout major development areas, specifically mentioning Bubny, whereby these areas shall be re-sold for smaller projects. According to Mr. Stropnicky, “it is impossible that a single developer builds a whole city”, the article states.
The Board of ORCO considers unacceptable that the Deputy Mayor of Prague makes public statements aimed against the principles of the ownership of private property and disposition rights. ORCO condemns Mr. Stropnicky’s tone that suggests expropriation of the major developable areas, including Bubny. ORCO as a foreign investor, listed on the regulated markets of the NYSE Euronext Paris and the Warsaw Stock Exchange reserves all rights to protect its investments in the Czech Republic and the interests of its shareholders, creditors and other stakeholders.
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