Frankfurt-listed Orco Germany has announced the sale of a healthcare portfolio consisting of four properties in Germany for a total of EUR 40 mln.

Frankfurt-listed Orco Germany has announced the sale of a healthcare portfolio consisting of four properties in Germany for a total of EUR 40 mln.
The figure includes around EUR 28 mln in bank debt. The company has agreed not to disclose the name of the buyer of the assets.

The portfolio comprises 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 company is also in an 'advanced' stage of negotiations to sell a further EUR 230 mln worth of property in the country. 'The disposals in different stages of completion from advanced negotiation to closing comprise development projects and non-strategic assets,' Orco Germany said in a statement. The disposals are part of the company's strategy to raise liquidity and improve its financial position.

Orco Germany posted saw its losses narror in 2009 to EUR 105 mln from EUR 121 mln in 2008. The company has been active in Germany since 2004 and focuses on commercial property as well as on asset management and project development. Orco Germany is a subsidiary of Orco Property Group, a Central European developer.