Disposal of Zlota 44 project
ORCO PROPERTY GROUP - Disposal of Zlota 44 project
Luxembourg, 27 August 2014
ORCO PROPERTY GROUP S.A. (the "Company") informs that on 27 August 2014 it entered into an agreement concerning a disposal of its stakes in the Zlota 44 project in Warsaw. The transaction with a subsidiary of international consortium of AMSTAR and BBI Development comprises of the disposal of shares that the Company held in the Zlota 44 project entity as well as of the disposal of loan receivables that the Company acquired from Bank Polska Kasa Opieki S.A. The aggregate gross transaction price is EUR 63 Million in cash; partially payable upon completion of transfers and partially deferred upon the realization of certain conditions. For further details concerning the impact of Zlota 44 project on the Company please refer to semi-annual management report to be published on 28 August 2014.
"Zlota 44 is a unique project on a European scale - distinguished by a great visionary architecture of Daniel Libeskind, luxury and a great location in the center of Warsaw. We are pleased that this investment has already its setbacks behind, caused mainly by external factors, resulting from the financial crisis. We entrust Zlota 44 to an experienced consortium composed of local and global partners, so they can jointly complete this prestigious work and turn it into a commercial success", stated Tomas Salajka, CEO of the Company.
For more information visit www.orcogroup.com