Bloomberg News

Orco Completes Sale of Russian Assets for 53 Million Euros

October 17, 2011

Oct. 17 (Bloomberg) -- Orco Property Group SA, a central and east European property developer, completed the sale of its Russian assets for 53 million euros ($73 million).

The sale to a local investor includes the logistics business, residential projects, offices and land plots that together are valued at about 57 million euros, the company said today in an regulatory statement.

Orco will retain Pokrovka, part of the Mamaison Hotels and Residences and a 10 percent stake in the Filion shopping center.

Link to Statement:{NSN LT76403PWT1D <GO>}

To contact the editor responsible for this story: Douglas Lytle at dlytle@bloomberg.net


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