Orco Property Group has reported that its net asset value per share for the first half of 2007 rose 65% year-on-year and over 16% since 31 December last year. First-half net profit was up 106% to EUR 55 mln as revenues climbed 270% to EUR 125 mln from EUR 34 mln in the first half of 2006 due to organic growth and acquisitions. Property advisor DTZ valued Orco's total portfolio at EUR 2.15 bn.
Orco Property Group has reported that its net asset value per share for the first half of 2007 rose 65% year-on-year and over 16% since 31 December last year. First-half net profit was up 106% to EUR 55 mln as revenues climbed 270% to EUR 125 mln from EUR 34 mln in the first half of 2006 due to organic growth and acquisitions. Property advisor DTZ valued Orco's total portfolio at EUR 2.15 bn.
The Luxembourg-registered company which is listed in Paris, Prague, Warsaw and Budapest said its largest transaction in the past six months was the acquisition of German property owner Gewerbesiedlungs-Gesellschaft (GSG) for EUR 378 mln in June. GSG is the largest provider of commercial property in the German capital, with a portfolio of 800,000 m2 of commercial and light industrial space. Orco also acquired a mixed portfolio in Berlin and Wertheim for EUR 78 mln and a logistics operation in Moscow for EUR 90 mln. It has also recently concluded a string of smaller transactions in Poland, Hungary, Croatia and Slovakia ranging in value between EUR 15 mln and EUR 21 mln.
Orco CEO Jean-Francis Ott said the company's strategy remained focused on 'a dynamic growth' of each of three areas: investment property, residential development and asset management. He said he believed the group could increase its 2007 turnover target to EUR 250 mln. 'For 2008. a 10% increase of turnover on a constant basis seems a reasonable target', he added.