Endurance Real Estate Fund - Office Sub-fund, managed by Orco Property Group, has acquired the former Palace Hotel in Bratislava for an investment of EUR 12 mln from VUB Bank. Orco Slovakia plans to reconstruct the building, bringing approximately 3,000 m[sup]2[/sup] of office space and 800 m[sup]2[/sup] of commercial space onto the market in May 2008.
Endurance Real Estate Fund - Office Sub-fund, managed by Orco Property Group, has acquired the former Palace Hotel in Bratislava for an investment of EUR 12 mln from VUB Bank. Orco Slovakia plans to reconstruct the building, bringing approximately 3,000 m2 of office space and 800 m2 of commercial space onto the market in May 2008.
The building is located at the corner of Obchodna and Postova Streets in the centre of Bratislava. VUB bank is the building's current tenant and Orco will offer the remaining space for rent after reconstruction. Negotiations for the lease of the commercial space are already underway.
The Endurance Office Sub-fund closed in 2006 with EUR 150 mln in equity and has a current portfolio value of around EUR 450 mln. Properties held include A and B-class office buildings in Prague, Warsaw and Budapest, two shopping centres in the Czech Republic, a retail property in Budapest and a logistics centre in Warsaw. Croatia, Bulgaria and Romania are other countries the fund is targeting.
