Orco announced that it completed the acquisition of Viterra Development, a Germany developer with commercial projects across Germany, Berlin and Prague as well as residential projects in Germany and Warsaw. The paid price totalled EUR75m against previously indicated EUR100m including debt.
Our view: We view the acquisition as valued creative due to Orco’s development experience and a perfect fit into its current strategy adding EUR18 to Orco’s valuation against previously assumed EUR15 per share.