Złota 44 sale won't cover Orco's losses

Orco Property Group, the developer on the Złota 44 project has released data showing losses in the first half of 2014. The sale of the Złota 44 project should lower the investor's obligations by €47 million, but will not be enough to cover its losses long-term. The building was sold to Amstar and BBI Development for an amount of €63 million. Orco is considering a sale of other assets to try to balance its bottom line. At the end of June, the company's Loan to Value ratio fell to 58 percent. The company's Gross Asset Value will be lowered to €318 million, while its net obligations are at €167 million. The financial news portal forsal.pl reported data based on an Orco Property Group semi-annual report.