LUXEMBOURG, August 9 /PRNewswire-FirstCall/ -- As of 1st August 2006,
Orco Property Group has obtained planning permission for its Radio Free
Europe project.
    The exclusive "build-to-lease" agreement with Radio Free Europe/Radio
Liberty concerns a 15-year lease of 23,000 sqm with an option to extend by
a further 30 years. This new development will be located in Hagibor
district of Prague 10, between Vinohradska and Izraelska street and close
to Zelivskeho metro station.
    "Orco Property Group is immensely proud to have been chosen as
developer of this exciting and high-profile project. Radio Free
Europe/Radio Liberty is very well known not only in the Czech Republic, but
throughout Europe and the rest of the world too. This upcoming development
will be a chance for Orco Property Group to make a significant contribution
to the social, political and cultural landscape of the Czech capital. We
are currently working very closely with the authorities of Prague 10 in
order to avoid any inconvenience to the local community," states Steven
Davis, Senior Vice President of Orco Property Group
    Radio Free Europe will be relocated to the A - class building, which
will be built to the highest specifications as requested by Radio Free
Europe. Radio Free Europe/Radio Liberty will consist of a 5 floor main
building, main entrance building, service entrance building, 95 underground
parking places as well as 2 water points. Transport system will be
connected with the existing infrastructure. Cigler Marani Architects was
appointed designers for the project.
    The project is estimated to be finished in 2008.
    Notes to Editors:
    Orco Property Group is a leading investor, developer and asset manager
in the Central European real estate and hospitality market, currently
managing assets of approximately EUR 737 million as valued at 31/12/2005.
Operating in Central Europe since 1991, Orco Property Group is a public
company, based in Luxembourg, and listed on both the Euronext and Prague
Stock Exchange. Orco Property Group's portfolio includes, IPB Real,
MaMaison Residences, Orco Hotel Collection, Orco Real Estate, and other
retail properties. Orco Property Group operates in a number of countries
including, mainly, the Czech Republic, Hungary, Poland, Russia, Croatia,
Germany and Slovakia. Orco Property Group is continually analysing
investment into new territories. Orco Property Group is also sponsor and
manager of the Endurance Real Estate Fund for Central Europe, a
Luxembourg-regulated, closed-end fund whose total subscribed capital
represents EUR 140 million, and which currently manages assets approx. of
EUR 130 million. Estimated total value of the Fund's portfolio after
investment of full subscribed capital is ca. EUR 500 million. The Endurance
Fund is dedicated to institutional investors and focuses on acquisitions in
Central European real estate markets.
    Contact presse: Sarah Vidal, tel: +33-(0)1-40-67-67-07, e-mail
:svidal@orcogroup.com
    http://www.orcogroup.com

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