The German arm of Orco Property Group and local developer High Gain House Investments (HGHI) have confirmed signing a preliminary agreement 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 German arm of Orco Property Group and local developer High Gain House Investments (HGHI) have confirmed signing a preliminary agreement 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.

Orco Germany, which owns 100% of Orco Leipziger Platz, the owner of the 20,000-m2 site, agreed to sell a stake in the project but did not disclose the share of the project that is being disposed. 'The parties are working on fulfilling the conditions precedent to closing the contract,' Orco added.

The development of the project is expected to start in December of this year. The total value of the project, which is majority pre-leased, is estimated to amount to roughly EUR 400 mln.