In a bid to pay off liabilities associated with its troubled Złota 44 project in Warsaw, Orco Property Group sold its majority stake of Orco Germany to Aspley Ventures Limited for €55m. The deal was approved by the Paris Commercial Court, cutting Orco’s voting stake in the company from 44.41 percent to just 20.53 percent.
The deal comes several months after Orco’s Polish lender, Pekao, demanded the company pay off its debts from the Złota project by the end of April, forcing OPG to take over the liabilities of its Polish subsidiary. The agreement was announced a few weeks after Orco put Złota on the market, admitting the investment turned out to be a failure.
