Orco Property Group has signed a contract with UniCredit Bank for the financing of two ongoing retail and office projects in Budapest - Váci1 and Paris Department Store, Eurobuild Poland reported. According to the contract the bank is to cover 75% of the investment value of the two projects.
Orco Property Group has signed a contract with UniCredit Bank for the financing of two ongoing retail and office projects in Budapest - Váci1 and Paris Department Store, Eurobuild Poland reported. According to the contract the bank is to cover 75% of the investment value of the two projects.
The 10,000 m2 Váci1 retail project, located in the heart of Budapest, is to be delivered in the spring of 2010. The construction of the 6,000 m2 Paris Department Store on Andrassy Avenue was concluded this year, with the Alexandra bookstore leasing 1,700 m2 of retail space in April 2009.
In late September, Orco was forced back to the drawing board after bondholders rejected the ailing CEE investor-developer's debt restructuring plan. Orco - which is registered in France - said it would seek to extend the protection from its creditors which was granted on a six-month renewal basis by the Paris commercial court in March.
Operating in Central Europe since 1991, Orco is a public company, based in Luxembourg, and listed on the Euronext exchange in Paris and on the Prague, Warsaw and Budapest Stock Exchange. The firm is an investor, developer and asset manager in the Central European real estate and hospitality market, and currently manages assets of EUR 2.2 bn.
