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.’
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016