Viterra's portfolio includes existing commercial properties in the German cities of Berlin, Koln and Dusseldorf totaling 290,000 sf [27,000 m2]. It also has seven commercial projects under development, including two in the Czech Republic and several in Berlin, Munich, Essen and Duisburg. The projects total 861,112 sf [80,000 m2] and are more than 50% preleased. The company also has three further options for major flagship development projects in Berlin, Dusseldorf and Essen that total more than one million sf [100,000 m2].

Viterra Development also has 420 apartment units under construction in nine residential projects in Munich, Hamburg and Frankfurt, and four additional projects in Warsaw totaling 400 apartments. Orco officials say the Warsaw properties will enable Orco Property Group to double its Warsaw exposure and become one of the largest residential developers in the Polish capital. Orco says all projects under construction are pre-sold at the 50% to 70% level.

The acquisition includes 70 professionals in Germany, 19 in Warsaw and four in Prague that will be merged with local Orco Property Group teams. Orco says Viterra will contribute euro 130 million in cash over the next three years.

In 2003, Orco acquired IPB Real, which at the time was the largest residential developer in the Czech Republic. Both acquisitions are part of the company's 15-year-old strategy to diversify on price-attractive markets that have been under-supplied or stagnating for years, and to find windows to acquire projects with large upside potential.

Orco Property Group, listed on Euronext and the Prague Stock Exchange, currently manages assets of euro 737 million. Its portfolio of companies includes IPB Real, MaMaison Residences, Orco Hotel Collection, Orco Real Estate, and other retail properties. Orco operates primarily in the Czech Republic, Hungary, Poland, Russia, Croatia, Germany and Slovakia. Orco also is the sponsor and the manager of the Endurance fund, a regulated Luxembourg closed-end fund focused on Central Europe real estate assets dedicated to institutional investors with assets under management of euro 110 million.