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.
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.