OPG: sells own shares and stake in Office Sub-fund of Endurance Real Estate Fund. New Notes payment to take place end of the month.
Paris, 8 February 2012
Orco Property Group
sells own shares and stake in Office Sub-fund of Endurance Real Estate Fund. New Notes payment to take place end of the month.
Orco Property Group (OPG) announces that it has sold its units in the Office Sub-fund of the Endurance Real Estate Fund to J&T Banka a.s. effective 4 February 2013 for a total sale price of EUR 8.7 million. The Endurance Real Estate Fund is a privately held closed end property fund (a Luxembourg fonds commun de placement - fonds d'investissement spécialisé), composed of three sub-funds, managed by the Endurance Real Estate Management Company, a subsidiary of OPG. OPG continues to hold units in the other two sub-funds - the Residential and Office II Sub-funds.
In addition, from 1 January 2013 through 8 February 2013, OPG sold 837,374 of its shares held in treasury at an average price of EUR 2.69 per share.
OPG confirms the upcoming cash interest payment on the New Notes (ISIN XS0820547724) scheduled for 28 February 2013. In addition, OPG will make a mandatory prepayment ('cash sweep') on the New Notes of 25% of the net proceeds from the sale of the Sky Office building in the amount of EUR 420,000.
For more information, visit our shareholder corner on www.orcogroup.com