According to HN Daily, Orco acquired land in the suburbs of Russian capital city Moscow for its Endurance Fund. Company paid USD 200m for 18,000sqm plans to develop luxury residential units and hotel. Our view: Plot in Moscow was acquired for Endurance fund where Orco holds 10-15% stake and collects management fees. We see positively expansion in fast growing Russian market, but we do not expect any significant impact for today’s trading.