 | |
| Company type | SA |
|---|---|
| Industry | real estate development |
| Founded | 1991 |
| Founder | Jean-François Ott |
| Headquarters | , |
| Revenue |  13.96millionEUR (2015)[1] |
| -13.4 million EUR (2015)[1] | |
 -20.8 million EUR (2015)[1] | |
| Total assets | 378.6 million EUR (2015)[1] |
Number of employees | 3 (2015)[1] |
| Parent | CPI Property Group (97.31%) |
| Website | www |
Orco Property Group S.A. (ORCO Group,ORCO) is areal estate development company based inLuxembourg, listed on the Euronext in Paris, Prague, Warsaw and Budapest Stock Exchange, it is a subsidiary ofCPI Property Group.[2]
The Group works in Central Europe since 1991, Orco Property Group’s portfolio includes IPB Real,Mamaison Collection, Viterra Development, Gewerbesiedlungs-Gesellschaft mbH (GSG) and Orco Real Estate. The team consists of over 2500 people from 15 different countries. Orco Property Group become sponsor and manager of the Endurance Real Estate Fund for Central Europe, a Luxembourg–regulated, closed–end andumbrella fund.
ORCO operated, through itssubsidiaries, mainly inCentral and Eastern European (CEE). It develops real estate markets ofCroatia,Czech Republic,Germany (Berlin,Duisburg,Düsseldorf,Frankfurt am Main,Hamburg andMunich, expanding the groups' focus also into ripe markets ofWestern Germany, Berlin fitting into the CEE strategy),Hungary,Luxembourg,Poland,Russia, andSlovakia. As of 2016 company operates in Czech Republic, Hungary, Poland and Luxembourg.[1]
The company was established in Luxemburg and started its activities in the Czech Republic in 1991. In 1999 its expansion to other countries began by investing inBudapest. Since 2000 the company was listed onEuronext,Prague,Budapest andWarsaw Stock Exchange, next toParis (main listing) andFrankfurt. In 2009 the company requested protection from claims by creditors in France.[3] Until 2016 the company was delisted from all stock exchanges[1] and acquired byCPI Property Group.[2]
In 2007, according to company report, the major shareholders were Orco Holding S.A. (11.15%),Bernard Gauthier (4.33%) and Jardenne Corporation S.a.r.l. (4.22%); 80.3% of shares were onfree float.[4]
In 2008 the stake of Jean-François Ott, owned through his Ott & Co, decreased to 1.6% on a compulsory sale due to his liquidity problems. The once majority holder – at the IPO in 2001 his stake was 94%, since then gradually declining – became the fourth-largest shareholder in Orco. According to the company report, the US private equity fundEuropean Investors became the new biggest shareholder with 5.4%. Bernard Gauthier and Jardenne Corp. held 2.5% each; the rest, some 88 percent, were on free float.[5]
In the beginning of 2009 the Czech-based investment fundProsperita became the largest shareholder with over 5%, closely followed by European Investors fund with 4.7%, a subsidiary of B with 4.2%, Bernard Gauthier with 1.9%, and Ott & Co, the investment vehicle of Jean-François Ott, holding on his 1.6%.[6]
In 2016 the company was acquired byCPI Property Group.[2]
ORCO Group valuated its property portfolio to EUR 2.7 billion in the first half of 2008,[7] down from 2,95 million EUR reported in 2007.[4] As of June 2009 ORCO's real estate portfolio value fell to EUR 1.83 billion from EUR 2.13 billion in the previous period according to the company's report.[8]
ČTK's sources say further that"Orco struggles a high degree of indebtedness ... Orco's debts total as much as some EUR 1.6 bn ... under a six-month court protection against creditors, with management expecting a possible extension by several weeks ... at the same time in talks about capital investment with US firm Colony Capital and is undergoing restructuring. Orco said ... to focus its future activities on Prague and Berlin."[8]
In 2008 and 2009, after the latest (as of 2009)real estate bubble crash,Czech Business Weekly (CBW) reported problems within the Czech subsidiary – in June 2009 Orco being"still on the verge of bankruptcy and, despite being under protection of a Paris court, might not survive the year without a capital increase from a new investor" and about Jean-François Ott's"talks on a capital increase with U. S.-based investment fund Colony Capital".[9][10]
Company was sold toCPI Property Group, renamed as GSG Group and again renamed to CPI Property Group.[11]
In 2003, ORCO, through its Czech subsidiary, purchased the Czech leading property groupIPB Real.[12]
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ORCO Germany S.A., with some 200 employees, and listed at the Frankfurt Stock Exchange, has been founded byRainer Bormann[13] and operating in Germany since 2004. Its main business areas are commercial property, asset management and project development. In 2006 ORCO Germany acquiredViterra Development and its activities and property in Berlin, Düsseldorf, Frankfurt, Hamburg and Munich. In June 2007 ORCO Germany overtook theGewerbesiedlungs-Gesellschaft (GSG) of Berlin, as ORCO-GSG expanding its real estate managed assets to over 1 million square metres of developed and undeveloped space there, with 44 commercial areas and centres and 235 residential units.[7]
In the beginning of 2009, ORCO owned 56.8% of ORCO Germany, which issued a statement of being"no more dependent on the ORCO Group after a successful restructuring during the last year".[14] Shortly after in April 2009, ORCO Germany diminished slightly the personal role of Jean-François Ott, replacing him by his Ott & Co. and inviting to its boardSteven Davis andAleš Vobruba, Prague members of the ORCO Group board.[15]
In 2005 ORCO founded its own privately ownedclosed end property (fonds commun de placement - fonds d'investissement spécialisé)fund, theEndurance Real Estate Fund (Endurance Fund), with (in 2009) six sub-funds for each area and/or region of interest. It isstructured (or schemed) as a regulatedLuxembourg Fonds withRBCDexia Investor Services as acustodian bank.[16]
Złota 44 building located in Warsaw, Poland. The construction is 192m high, the tallest residential tower in Continental Europe, with 54 floors and 251 apartments. The building has been designed by the Polish architect Daniel Libeskind.
ORCO Tower located in Warsaw, Poland, built in 1995. The tower has 26 floors in 14 400 m2.
Starlight Hotel located in Budapest, Hungary. The building has 5,015 sqm with 54 rooms, rebuilt in 2000.
GSG-HOF located in Naunynstrasse 68 Berlin, Germany.
Orco Business Park located in Budaörs, Budapest, Hungary. The construction is a complex of three main buildings.
Mamaison Collection (formerly Hotels & Residences) is a collection of 9 midscale to upscalehotels and residences. The parent company is CPI Hotels, a.s.[17]
CPI Hotels, a.s
Media related toOrco Property Group at Wikimedia Commons
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