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| Orco Property Group to sell Russian assets Orco Property Group, a Luxembourg-based real estate company, has entered into an agreement to sell its stake in its Russian operations to a local investor. This EUR 53 million sale includes the logistics business, the residential projects, the offices and land plots that are collectively valued at circa EUR 57 million. The agreement contains a further provision entitling Orco to a percentage of future sales which should result in Orco reaching or exceeding the existing valuation. Formal closing should taking place in September. With an initial payment due on closing, a total sum of circa EUR 13.2 . Million will be payable in cash before year end 2011 with the balance to be paid in 2012. In Russia, Orco retains Pokrovka, which is part of Mamaison Hotels and Residences, and a 10% stake in the Filion shopping centre. write your comments about the article :: © 2011 Construction News :: home page |