The Orco Property Group has announced that it intends to be listed on the Warsaw stock exchange in the next 2 or 3 years. Before making such a move, the Luxembourg-based developer first plans to invest more than €100 mln in Poland.
Orco already owns the 10,000 m² mixed use City Centre in Warsaw, and is now planning a 192m-high residential block on the same site designed by Daniel Libeskind. As well as concentrating on the residential sector, they also intend to develop extended-stay hotels and retirement homes in Poland. Orco are still looking to buy a Polish-based developer, after failing in their bid to take over Pekao Development.Recently, Morgan Stanley became a new investor in Orco, acquiring around 4% of the group.
Source: Eurobuild/'Portfolio', Hungary