Orco concludes agreement with Polish bank on Warsaw project debt

PRAGUE, April 22 Tue Apr 22, 2014 3:43am EDT

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PRAGUE, April 22 (Reuters) - Orco Property Group has concluded an agreement with Poland's Pekao bank to acquire loan receivables and collateral related to its Zlota project in Warsaw, the developer said on Tuesday.

The unfinished Zlota 44 residential project in the center of the Polish capital is one of the main financial drags weighing on the central European property developer.

Banking sources said earlier in April that Pekao, the Polish unit of Italy's UniCredit, called in loans worth $83 million for financing the Zlota project.

(Reporting by Robert Muller)

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