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Orco offloads Russian property assets

  16:43

Prague-listed property group Orco has announced it is offloading most of its Russian assets.

Prague Stock Exchange listed property group Orco announced Wednesday that it had agreed to sell its Russian portfolio of investments to a local investor.  The €53 million package being sold includes its logistics business, offices and plots of land officially valued at €57 million, the company said in a statement. The deal should be finalized in September, it added.

Orco’s current Russian assets also include 10 percent stakes in a Moscow hotel and shopping center.

“We continue to implement our strategy to focus on our four core cities of Prague, Berlin, Warsaw and Budapest. As such, the disposal of our assets in Moscow were important,” said company president and chief executive officer Jean-Francois Ott.

The outline deal allows Orco to profit from any increase in the value of the Russian assets being sold. Initial payments will be made by the end of 2011 with the balance coming in 2012.

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