When completed, the charge will result in a total reduction in net operating assets of its property division of approximately 145m euros (£101m).
P&O owns a 47.5% stake in HTC, the German property group that owns the buildings.
Under 2004 restated IFRS figures, P&O would have to increase its consolidated debt by 200m euros (£139m) and increase net operating assets by 105m euros (£73m). The sale of this property will negate both of these figures, however, it will write off shareholder loans provided to HTC, resulting in the £59m impairment charge.
Robert Woods, chief executive at P&O, said: ‘HTC is a sound development but has been our most challenging property project because of the poor market conditions in Germany. Although there is an up-front cost, we are pleased to have found a way of exiting the project while retaining some upside potential.
‘We will continue to withdraw from our property business.’
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars