Orco sells Russian assets

The company has signed an agreement on sale of assets with a total value of 53 million Euro. It is conducting a thorough restructuring.

Based on the restructuring strategy assumed by the company's authorities, Orco Property Group has signed an agreement concerning sale of Russian assets. From now on the company intends to focus on four European capitals: Warsaw, Prague, Budapest and Berlin.

The sale for local investor comprises logistical structures, apartment projects, offices and plots of land. The total value of properties is estimated at 53 million Euro. Additionally, the contract includes an entry entitling Orco to recieve a percentage of future sale's value - it can result in exceeding their current valuation and increase in profit from transaction.

Transaction's formal conclusion is expected for september. Payment's first installment is going to amount 13.2 million Euro and will be handed over to Orco by the end of the year. The company is recieving the rest of the payment in 2012.

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