Opening new doors

Orco Property Group has unveiled its plans to enter the Warsaw Stock Exchange in H1 of 2007, a move aimed at sustaining the company's development in the CEE region.

"A public listing on the WSE is very important for Orco Property Group," said Arnaud Bricout, Orco Property Group's vice president of corporate finance. "The presence on the biggest stock exchange in this part of Europe is primarily the best way of getting funds for further development."

The company, already listed on both Paris' Euronext (since 2000) and the Prague Stock Exchange (since 2005), plans to simultaneously enter the Warsaw bourse and Budapest Stock Exchange. DMBH brokerage house will be the placement agent for Orco's debut on the WSE.

The company revealed that it wanted to raise around EUR 100 (zł.387) million to fund portfolio expansion in the CEE region.

Bricout said he believes this to be the best moment to enter the WSE, due to the excellent growth of both the real-estate market in Poland and the exchange itself.

In addition, Orco has revealed its strategy for the Warsaw market. The company will be looking for plots of land for residential developments, existing buildings as well as sites in central locations for residential refurbishment and redevelopment.

As far as Orco Property Group's present projects are concerned, the company's goal is to commence construction of the Złota 44, Mokotowska 59, Józefosław, Malborska, Drawska, Casa Verde and Szafirowa Aleja (in the Białołęka district) investments. Moreover, the company's strategy also includes finishing the refurbishment of Orco Tower (formerly FIM Tower) on behalf of the Endurance Fund by the third quarter of 2007.