Orco Property Group in talks to take over Pekao Development

To this end, it announced its plan to take over Pekao Development. "We want to increase our share in the Polish market. We are especially interested in the housing market, both in Warsaw and other large cities," declared Arnaud Bricout, the deputy president of Orco Property Group. However, he refused to reveal the price offered to Pekao which owns Pekao Development and the date of finalising the negotiations. Pekao Development is currently completing three housing projects in Warsaw, while Orco has just begun the construction of two housing estates in a Warsaw suburb. "We bought land to build 133 apartments and we will invest zł.5 million there. We also have another plot, where we plan to construct around 400 apartments. The outlays on this project will amount to around zł.12 million," informed Bricout. Orco also intends to build luxury hotels in Poznań, Wrocław and Kraków. (Puls Biznesu, p. 11) E.B.