Viterra Development to become ORCO Projektentwicklung (Project Development)

In 2008, the real estate project developer Viterra Development GmbH will be operating under a new name, ORCO Projektentwicklung GmbH. The company that was taken over by ORCO Germany 18 months ago is sailing under this new flag to promote the ORCO brand in its successful positioning on the German real estate market. “The name change completes our smooth integration into the team and is evidence of the trust that has been developed since Viterra Development was taken over by ORCO Germany in June of 2006“, says Rainer Bormann, Chairman of the ORCO Germany Board of Management. “It bears noting that Viterra Development has made a strong contribution towards bringing ORCO Germany onto the road to success that it is currently on.”

The field of project development will continue to be of great significance for the business activities of ORCO Germany in the future,” Bormann went on. The projects that Viterra Development was pursuing at the time of the takeover have been completed or are progressing towards a successful conclusion. ORCO Projektentwicklung will continue this work. The construction of the Sky Office building in Düsseldorf, an innovative office building with 23 floors and around 37,400 m² gross floor space, was already begun in the fall of 2007. For the 20,000 m² site on Leipziger Platz in the heart of Berlin, three internationally renowned architectural firms are currently vying in an urban planning competition on how to develop this urban space. In a few weeks, a groundbreaking ceremony is scheduled for the neighboring site at Vossstrasse / Ebertstrasse. Otto Bock HealthCare GmbH, the leader in the world market and technology trailblazer for prosthetics, intends to construct prestigious headquarters for its medical engineering division.

ORCO Germany is already involved, via ORCO Projektentwicklung, in numerous development projects in Germany. This commitment and its interest in investments in the core markets of Berlin, Hamburg, Frankfurt, Düsseldorf and Munich will continue well into the future.

ORCO Germany is a property company that is listed in the Prime Standard on the Regulated Market at Frankfurt Stock Exchange. The company has been operating in Germany since 2004 and concentrates on residential and commercial property as well as on asset management and project development. ORCO currently has about 210 employees in Germany.

The company strengthened its project development operations in 2006 by the strategic acquisition of Viterra Development. Viterra Development (since 01/2008: ORCO Projektentwicklung GmbH) is one of the leading project developers and investors in the commercial and residential property field in the core German markets of Berlin, Düsseldorf, Frankfurt, Hamburg and Munich. ORCO Germany expanded its property portfolio in Berlin in June 2007 by taking over Gewerbesiedlungs-Gesellschaft (GSG) and now manages more than 1 million square metres of developed and undeveloped space in the German capital. GSG was established in 1965 and is the leading supplier of commercial space in Berlin with about 850 000 m² of office and multifunctional space. ORCO-GSG owns 44 commercial areas and centres and 235 residential units – most of the properties are in inner-city locations with excellent connections to the Berlin transport network.

ORCO Germany is a subsidiary of ORCO Property Group, which is one of the leading Central European property companies with a property portfolio of EUR 2.5 billion on 30.06.07. The company was established in 1991, is based in Luxembourg and has Euronext, Prague, Budapest and Warsaw Stock Exchange listings. It operates mainly in the Czech Republic, Hungary, Poland, Russia, Croatia, the Slovak Republic and Germany.

The switch from the Open Market, where ORCO Germany was listed since 2006, to the Regulated Market (Prime Standard) in November 2007 demonstrates that ORCO Germany is implementing a capital market strategy parallel to the fast operating growth it has achieved in recent years. ORCO Germany is increasing its openness to capital market players by starting to meet the most exacting transparency standards specified by Deutsche Börse.

Contact
Sabrina Eilers
Head of Marketing & Communications
ORCO Germany
T +49. 30. 440 123 190
F +49. 30. 440 123 299
E-mail seilers@orcogroup.com
www.orcogermany.de