A €53 million deal to sell off a large part of its Russian property portfolio has been sealed by debt-burdened property developer Orco. The deal is parrty of the ongoing moves by the company to concentrate its activities on Czech, Polish, Hungarian and German real estate markets.

Debt burdened property group Orco has announced another step in its moves to cut its debt burden and concentrate on key markets. The company said Wednesday it had agreed to sell most of its Russian property portfolio for €53 million. The property group wants to focus on Prague, Berlin, Warsaw and Budapest.

Orco Property Group’s joint venture with the Croatian Privatization Fund (CPR) to develop the Sunčani Hvar hotel resort on the country’s Adriatic coast has gone from bad to worse, with disagreements leading to threats. The dispute centers around majority owner Orco’s restructuring plan for the loss-making project and claims its Croatian partners have failed to carry out their obligations.