Orco Property Group, the central European property developer and investor, has reported annual turnover of EUR 299 mln in 2008. The figure was 10% up on 2007. Orco had originally estimated revenues of EUR 343 mln for the year but revised this forecast to EUR 300 mln in November due to the downturn in the real estate markets in Central Europe.
Orco Property Group, the central European property developer and investor, has reported annual turnover of EUR 299 mln in 2008. The figure was 10% up on 2007. Orco had originally estimated revenues of EUR 343 mln for the year but revised this forecast to EUR 300 mln in November due to the downturn in the real estate markets in Central Europe.
The company is however maintaining its minimum estimate for 2009 revenue at EUR 277 mln. This figure is based on secured by rents of EUR 110 mln, contracted residential development sales for EUR 118 mln, hospitality turnover of EUR 41 mln and management commissions of EUR 8.5 mln. Orco said unsecured sales of on-going developments could potentially lift revenues to EUR 391 mln.
Orco said it sold for EUR 186 mln of assets in 2008 and will sell more assets this year. During the fourth quarter, the group completed the sale of the Vinohrady portfolio and Brno Centrum. The net proceeds of the disposal program amount to EUR 100 mln for the whole year.
The company publishes its full-year results for 2008 on 17 March.
