Orco announced acquisition of two class B office buildings – BesNet Center in Prague, Czech Republic. Properties provide 18,439 sqm of multi-functional office and storage space. The property is partially refurbished and current occupancy is 90%. The total investment including required CAPEX is estimated at some EUR 20m. Our view: Orco continues its specific approach to acquire properties, where they see redevelopment potential. As this property is intended for its Endurance Office Sub-fund, where Orco holds only some 10-15% share and benefit rather from the management fee, we see the news as neutral.