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| Orco opens new Endurance Residential Fund  Endurance Real Estate Management Companya 100 % subsidiary of Orco Property Group, leading investor, developer, asset and fund manager in the Central European real estate and hospitality market, is to open a second sub fund in the Endurance umbrella fund. This sub fund with an initial equity target of Euro 100 million, dedicated to institutional investors, will be focused on the acquisition, development, management and disposition of middle class and luxury residential properties located across Central Europe, Germany, Croatia and Russia and will start its activities in October 2006. The Fund is structured as a regulated Luxembourg Fonds Commun de Placement, with RBC Dexia as custodian bank.As Christoph Manthe, Managing Director of Endurance Real Estate Management Company, states: “In the last few years, economic growth in the Central European region has supported a clear trend in wealth creation, essentially enriching millions of people in the middle and upper middle class. Such creation has been going on in Ireland and Spain for the last 20 years. This implies an important price increase of residential properties, making the real estate vehicle very safe to take advantage of it. The Endurance Residential Fund is to invest in positive demographic areas like Prague or Warsaw where people keep moving to take advantage of new jobs, lifestyle and infrastructure.” Last year, Orco launched their highly successful first sub fund focused on offices and retail, , targeting 17.5% internal rate of return.. The subscribed equity amounted to EUR 141.6 mil. The current Fund portfolio value is EUR 160 mil. with approx. 50% equity drawn down. write your comments about the article :: © 2006 Construction News :: home page |