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Orco sold its units in the Office Sub-fund of the Endurance Real Estate Fund to J&T Banka

Orco sold its units in the Office Sub-fund of the Endurance Real Estate Fund to J&T Banka

11/02/2013 09:07
Author: Tomáš Sýkora, Patria Finance

Orco Property Group announces that it has sold its units in the Office Sub-fund of the Endurance Real Estate Fund to J&T Banka a.s. effective 4 February 2013 for a total sale price of EUR 8.7 million. The Endurance Real Estate Fund is a privately held closed end property fund. In addition, from 1 January 2013 through 8 February 2013, OPG sold 837,374 of its shares held in treasury at an average price of EUR 2.69 per share. OPG confirms the upcoming cash interest payment on the New Notes scheduled for 28 February 2013. In addition, OPG will make a mandatory prepayment ('cash sweep') on the New Notes of 25% of the net proceeds from the sale of the Sky Office building in the amount of EUR 420,000. / Sounds positive to us as Orco reinforces its cash position.


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