According to REITS in Deutschland, J.F. Ott has replaced Rainer Bormann as CEO of Orco Germany SA after recent elections. Other top management changes were made as well: Nicolas Tommasini is now deputy CEO, while Brad Taylor has become director of corporate and legal affairs.
Orco Germany recently announced an agreement with High Gain House Investments under which the two companies would co-develop Leipziger Platz, a major mixed-use scheme in the heart of Berlin.
Orco offered additional information about the deal on its website:
· The Leipziger Platz 12/13 plot belongs to Orco Leipziger Platz GmbH, in which ORCO Germany SA still holds indirectly 100% of the shares.
· A Sale Purchase Agreement (SPA) was concluded between subsidiaries of HGHI and ORCO Germany to acquire this company and the real estate therein, but has not yet been closed. The parties are working on fulfilling the conditions precedent to closing the contract.
· Orco Germany S.A. remains fully committed to the successful completion of this major project. The parties plan to co- develop the project. A majority of the commercial space has been pre-leased. Construction of the project is planned to begin in December of this year.