Orco Germany has sold its unfinished project Leipziger Platz for €89m, to which €30m will be added upon completion. Of that total, €67m was paid today for the sole purpose of repaying “the bank”. The bank in question is not named in Orco’s press release.
“We are very happy that the sale of the Leipziger Platz project has been completed successfully andconstruction has started. We are convinced of the success of the project for both HGHI and Orco Germany” says Jean-François OTT, CEO of Orco Germany.
In November, Orco and High Gain House Investments announced they would be co-developing the project, once the sales purchase agreement was closed. Until that time (which is now), Leipziger Platz 12/13 was to be owned solely by Orco Germany.