Frankfurt-listed Orco Germany has announced the sale of Phase II of its H2 Office project in Duisburg for around EUR 32.5 mln. The latest appraised value for the asset was EUR 29 mln, the company said.

Frankfurt-listed Orco Germany has announced the sale of Phase II of its H2 Office project in Duisburg for around EUR 32.5 mln. The latest appraised value for the asset was EUR 29 mln, the company said.

The 12,000-m2 building is the latest disposal announced this year by Orco Germany, which earlier this year unveiled plans to divest up to EUR 230 mln of real estate assets.

In the first half, the company carried out EUR 110 mln worth of sales, including the disposal of three existing nursing homes providing a total of 400 beds in the German cities of Gütersloh, Rostock and Oranienburg as well as a nursing home currently under construction in Berlin. The transaction price amounted to EUR 40 mln.

The disposals are part of the company's strategy to raise liquidity and improve its financial position.

Orco Germany reported a profit of EUR 8.3 mln in the first six months of 2010, compared to a negative result of EUR 104.5 mln in the same period a year before. 'The first half marked a turning point as for the first time since the financial crisis the company was able to realise profits,' it said. Revenues increased by 171% to EUR 99 mln in H1 2010.