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Orco Property says net asset value increased to €92 a share

Orco Property Group SA, a real estate developer in central and eastern Europe, said its net asset value rose to €92 ($119.17) per share at the end of 2006, from €49.67 at the end of 2005.

The growth of net asset value „confirms” the „ability to create value,” the Luxembourg-based company said in an e-mailed statement yesterday. It said its estimated total portfolio amounted to €1.31 billion at the end of 2006, compared with €737 million the year before.
Orco Property Group SA's non-audited sales for 2006 amounted to €169.3 million, excluding additional investment properties disposals not accounted as sales, which amounted to €2.5 million. „The 2007 market is well oriented,” with low interest rate in some countries, growth of percent of GDP in central Europe and recovery in Germany, the company's statement said. „The management is confident that residential price growth and commercial rents will keep on rising.”
Orco said that taking into account the sale of MaMaison Hotels and Apartments at the end of the Q1 of this year, expected sales for 2007 amount to €223 million. „Compared to our initial forecast of €200 million we confirm that the total of €28 million difference will be booked in the first semester 2007 as all the units were sold on time in 2006,” the company said. (Bloomberg)