Former Orco head to buy Zlota 44 project

The former CEO of real estate company Orco Property Group, Jean-Francois Ott, has raised EUR 115 million to buy and complete the flagship Zlota 44 luxury residence project in Warsaw from the company, Reuters reported on Monday citing a Czech daily.

"We have informed Orco at the end of May that we got the money to buy Zlota," Hospodarske Noviny business daily quoted Ott as saying.

"The total investment will be up to EUR 115 million, out of which 60 million is the cost of buying the skyscraper. We partnered with an investment fund based in London," Ott said.