Orco Germany has said managing director Rainer Bormann has decided not to extend his contract beyond end-October 2011 on the completion of the listed company’s restructuring programme.

Orco Germany has said managing director Rainer Bormann has decided not to extend his contract beyond end-October 2011 on the completion of the listed company’s restructuring programme.

As one of the founding members of Orco Germany, Bormann had to abandon most of his ambitious plans in Berlin after procedures for the protection of creditors were initiated against the parent company Orco Property. Since then Bormann has concentrated on restructuring the Orco Germany.

Major projects such as Haus Cumberland in Berlin, H2O-Office in Duisburg and various nursing home assets in Brandenburg were sold. The ‘Sky Office’ in Düsseldorf was completed and let on schedule.