Orco has announced the acquisition of 5 buildings in the centre of Budapest for EUR 70m, yielding 7%. OPG has increased its Berlin portfolio to 5 residential houses. The company also plans to develop city centre luxury flats at EUR 100m CAPEX with revenues of EUR 40m in Berlin. OPG expects its Moscow extended stay hotel to open in mid-2006. OPG plans to issue new bonds to finance its expansionary plans worth CZK 1.5bn or around EUR 51m by the end of the year. The company has a FY2005 NAV target of EUR 40/share, hence it currently trades at a 2005 P/NAV of 1.4 compared to the 1.11 of its western peers (Austria).