More Orco news today, as it happens. Bloomberg is reporting that Orco will wind down the Endurance fund it manages beginning in 2011. Ales Vobruba of Orco’s executive board said that there had been disagreements with investors over management fees, and that recessions across Europe had hit the volume of office and residential sales over the past two years. Vobruba suggests that now might not have been the ideal moment for the move.
“We’d rather wait a year or two when markets are in a better recovery to maximize profits, but investors are demanding to proceed.”
Assuming this unwinding proceeds as announced, Vobruba’s revelation of an apparent rift between Orco and the Endurance fund’s investors could make it interesting to see who ends up controlling the actual sale of the assets remaining in the fund.