History and Company Milestones
1990 - 1991
Jean-Francois Ott notices the strong potential of real estate in the Central European region. His first acquisition in Prague signals the foundation of Orco Property Group.
Several acquisitions are finalized in Prague – Vinohrady district and rented to large companies establishing in Czech Republic: Philip Morris, Nokia…
Orco develops tailor-made offers for new companies establishing in the CR: offices for business headquarters and residential packages dedicated to foreigners.
1996 - 1998
The Group improves its management and portfolios with several additional acquisitions in the office and residential segments. In 1997, a major project for KPMG was delivered, in Anglicka 26.
Orco now owns and operates 15 buildings, and decides to expand to Budapest. Orco moves into the hospitality segment for the first time with two new investments: the Residence Masaryk is opened and fully rented as an extended-stay hotel in Prague, and Orco purchases an hotel in Budapest for renovation as the Andrassy Hotel. In order to finance the growth of the company and the numerous opportunities for acquisitions, Jean-Francois Ott makes the decision to list the Group on the Paris Stock Exchange.
On December 15th, Orco Property Group is listed on the Paris Stock Exchange. DTZ prepares the Group’s portfolio valuation at EUR 56.8 million, in May 2000. Orco opens a new office in Warsaw.
Two large projects are launched: Americka Park residential development and Luxembourg Plaza office building (20,000 sqm).Thanks to its listing on the Paris Stock Exchange, Orco is also able to purchase further key properties, such as: Imperial Hotel and Pachtuv Palace.The Bratislava Orco office begins operations.Additional recruitment is undertaken to develop the Group, which now employs more than 200 personnel.
With the support of EBRD, Orco opens MaMaison residences and Riverside Hotel. At the same time, additional residences and hotels are launched. The Mariott also signs an agreement with Orco, for an hotel in the Luxembourg Plaza project.
Orco wins the tender for the purchase of IPB Real, the leading medium-range residential property group in the Czech Republic. The group now owns a real estate portfolio of 740,000 sqm in Prague and the total portfolio valuation is estimated by DTZ at €178 million
The Americka Park project is delivered and Orco signs a joint-venture with GE Capital Golub for the €100 million Kosic project in Prague
Orco starts its longterm dividend distribution policy for the year 2002
The takeover of IPB Real marks major changes in the management of the Group. Chairman and CEO Jean-Francois Ott is now supported by two senior vice-presidents, and two vice-presidents. The senior vice-presidents, Ales Vobruba and Steven Davis manage activities in Central Europe; and of the two vice-presidents, Arnourd Bricout takes charge of corporate finance, and Nicolas Tommasini the hospitality segment.
The Endurance Fund is now under the total responsibility of Orco. This real estate Luxembourg fund is dedicated to institutional investors and takes advantage of real estate opportunities in Central Europe. Beyond its role as promoter and manager, Orco is the sole shareholder of the management company.
Construction starts on Luxembourg Plaza, and new residences and hotels are opened in Prague, Bratislava and Warsaw; among them Pachtuv Palace and the Regina Hotel. Orco finalized its first acquisitions in Berlin, and begins to take advantage of the great opportunities on the residential and new buildings market in Budapest. In Warsaw several acquisitions are given the go ahead for development, most notably in the medium-range residential sectors.
Orco finalized its first acquisitions in Berlin to take advantage of the great opportunities on residential market and new buildings in Budapest. In Warsaw several acquisitions are finalized to develop, notably, medium-range residential projects
The land bank of the Group now stands at over 1,000,000 sqm, which includes the large plot at Benice.
On the 1st February 2005, Orco is successfully listed on the Prague Stock Exchange. Thanks to successful financial operations, such as PACEO, bond issues and capital increases, the Group is able to bid for major deals and wins the tender for the privatization of the tourist and hotel assets of Suncani Hvar, Croatia.
MaMaison also improves its portfolio with the development of a residence in Moscow.The Luxembourg Plaza is now half rented and Orco becomes involved in a new and exciting project, having won the tender for the construction of the future Radio Free Europe headquarters in Prague.
The EUR 100 million Endurance fund now owns and manages a portfolio of several office buildings and shopping centres.
The Group strengthens its investment in markets like Berlin, and in Warsaw, where Orco announces the future development of a residential tower designed by architect Daniel Libeskind in the city centre.
The portfolio valuation now stands at EUR 1 billion.
Luxembourg Plaza has became a part of Orco`s portfolio. Trigranit sold its 50% stake in this building. The office space of Luxembourg Plaza has been added to the Endurance Fund’s assets, while the hotel section remains Orco’s property.
The Paris Department Store in Budapest is back in the Orco`s portfolio.
Orco Property Group today announces the acquisition of Viterra Development, a property development company based in Essen, Germany. Viterra Development, previously owned by Deutsche Annington, has been acquired by Orco Property Group’s German subsidiary, ORCO Germany. Total value of the transaction including the assumption of debt and the takeover of a number of properties is approximately EUR 100 million and will be completed subject to Polish merger approval.
A new corporate identity design of Orco Property Group. New slogan: Imagine the possibilities.
Grand opening of Luxembourg Plaza. This office building is fully leased.
Grand opening of Riva - Hvar Yacht Harbour Hotel. Suncani Hvar Hotels are moving to higher standards of comfort, new design and a trendy ambiance. Work has already started in Adriatic and Amfora.
Orco won a tender and has acquired a plot in Prague 7 – Bubny. This plot of 27 hectares is the only area of such a size in Prague near downtown. Orco will develop a mixed-use area to the modern and lively district of 21st Century Prague.
Orco decided to merge its hotel divisions into new brand: MaMaison Hotels & Apartments.
Orco acquired a new 34,000 sqm property in Prague 7, Bubenska 1. This office building is fully occupied.
MaMaison Hotels & Apartments acquired a luxury 4-stars hotel, Parkotel Vienna in Poland.
Orco has opened a second sub fund in the ENDURANCE umbrella fund, with an initial equity target of Euro 100 million. The fund is dedicated to institutional investors, and focused on the acquisition, development, management and disposition of middle class and luxury residential properties located across Central Europe, Germany, Croatia, and Russia.
Zlota 44: sales inauguration of luxury apartments. The tallest skyscraper in Warsaw.
Finalized more than 15 acquisitions since January 2007, among which GSG in Germany & Molcom in Russia are the largest ones
Czech Republic: a dynamic residential market
- Completed 12 acquisitions for future residential and property investment projects
- Bubny – a project for Prague`s influence
- Strong presence in secondary cities
Orco Germany: Becoming a top property investor in Berlin
- Integration of Viterra Development and Gewerbesiedlungs-Gesellschaft mbH (GSG)
- Wertheim – rebuilding the Mitte, site location on Leipziger Platz
- Admission of Orco Germany S.A. to the regulated market of Frankfurt Stock Exchange
Other Orco’s markets: unique high-end projects
- Building permit for Zlota 44: Luxury residential tower in Warsaw
- Opening of the Adriana and Amfora hotels refurbished in Hvar
- Obtain building permit for Paris Department Store and Vaci One - retail
Development of Endurance Fund and launching of Hospitality and residential funds