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. Last Updated: 07/27/2016

Russian Purchases Boost Orco Figures

WARSAW -- Orco Property Group, a real estate developer that operates in Central and Eastern Europe, said Friday it would beat its full-year sales target because the initial forecast did not take into account acquisitions in Germany and Russia.

Sales may exceed the forecast by 10 percent to 15 percent, Orco vice president Arnaud Bricout said in Warsaw on Friday. Net income will probably be much better in the second quarter than in the first three months of the year, he added.

The Luxembourg-based company bought Gewerbesiedlungs-Gesellschaft, which leases commercial property in Berlin, for 400 million euros ($536 million) on June 12 and purchased Molcom, a Russian warehouse operator, for $85 million in April.

"This was a very conservative forecast because some of the acquisitions weren't taken into account, such as the Berlin acquisition and the Russian acquisition," Bricout said.