Orco Propery Group held an analyst meeting for its FY2004 results yesterday. The company said it wants to focus on further expansion, in particular into Croatia via the Suncani Hvar project. Initial investment into the project should be EUR 27m in equity and a further EUR 27 in bank loans. OPG is targeting an IRR of 30% for the Suncani Hvar project. Other new projects include the acquisition of residential buildings in Berlin at a yield of 7.2% and 7.3% respectively, the expansion of MMRs into Moscow, an office and retail center in Warsaw at a yield of 10% and a shopping center in Brno (CZ). OPG has a pipeline of 3,170 flats and 132 houses with delivery mostly in 2006 and 2007, therefore under the IAS2 accounting standards, the year 2005 should see a drop in development revenues as revenues are booked at ownership transfer. Orco proposes a dividend of EUR 0.6/share. Its AGM will be held on April 28.