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Former Orco owner says raised funds to buy Warsaw project-paper
June 9, 2014 / 8:47 AM / in 3 years

Former Orco owner says raised funds to buy Warsaw project-paper

PRAGUE, June 9 (Reuters) - The former head of real estate firm Orco Property Group , Jean-Francois Ott, has raised 115 million euros to buy and complete the Zlota 44 luxury residence project in Warsaw from the company, a Czech daily reported on Monday.

“We have informed Orco at the end of May that we got the money to buy Zlota,” Hospodarske Noviny business daily quoted Ott as saying.

“The total investment will be up to 115 million euros, out of which 60 million is the cost of buying the skyscraper. We partnered with an investment fund based in London,” Ott said.

Reuters could not immediately contact Ott nor Orco representatives.

Orco lost financing for the flagship Zlota 44 project in April in a setback for the central European property developer.

The skyscraper, designed by architect Daniel Libeskind, is one of the most prominent constructions in the Polish capital.

Orco had granted a short-term option on the skyscraper to OTT Properties, a group related to Ott, who left his roles as chief executive and chairman of Orco in March. Orco has revealed no details about the option.

The group suffered record losses last year. Czech investor and developer Radovan Vitek has built up the biggest stake in the company, 30.7 percent, giving him board control.

Vitek also controls 85 percent stake in Germany’s GSG Group , formerly named Orco Germany. (Reporting by Robert Muller, editing by Jan Lopatka)

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