Orco Property Group announced that they have executed agreements to subscribe 6,666,667 new shares for Orco. The procurement raised the total acquired shares of Orco Property Group to a total of EUR15 million or US$20 million.
The subscription was priced at EUR2.25 per share. The shares are tagged to be listed and issued on the NYSE Euronext Paris in the next few days. The shareholders who were part of the purchase were Kingstown Capital Management, LP, Gamala Limited, Stationway Properties Limited and Alchemy Special Opportunities Fund II L.P.
Orco Property Group SA is a French real estate development company which was founded by Bernard Gauthier and Jean-François Ott. The company is mainly owned by Orco Holding and is headquartered in Luxembourg, Parc d'Activités Capellen.
The Orco Property Group is one of the current leaders in investment, development and asset management for the Central European hospitality and real estate market. The company has been operational since 1991. Orco currently manages an estimated EUR1.7 billion worth of assets.
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