The German arm of Orco Property Group has completed the sale of Orco Leipziger Platz GmbH, the owner of the Wertheim project on Leipziger Platz in Berlin. The net sales price amounts to EUR 89 mln, plus an additional payment of EUR 30 mln to be paid upon completion of the project.

The first part of the sales price of EUR 67 mln was paid earlier this week and has been solely used to repay the bank debt for the project, Orco said. A second part is expected to be paid in February. A third part is deferred to cover for project development risks while the last additional payment will become due after finalization of the project.

Orco announced in November that it had signed a preliminary agreement with local developer High Gain House Investments (HGHI) aimed at co-developing the plot of Leipziger Platz, in the heart of Berlin, into a mixed-use project made up of a shopping centre, offices and residential.

The total value of the project, which is majority pre-leased, is estimated to amount to roughly EUR 400 mln.

'We are very happy that the sale of the Leipziger Platz project has been completed successfully and construction has started,' said Jean-François Ott, CEO of Orco Germany.