Bloomberg News

Orco Rises 17% as Allianz RE May Buy Sky Office: Prague Mover

October 17, 2012

Orco Property Group (ORC) SA headed for the highest level in about five months on press reports that the developer is in advanced negotiations with Allianz Real Estate (ALRSEAT) about a sale of its Sky Office building in Dusseldorf.

Orco rose 10.59 koruna, or 17 percent, to 73 koruna by 1:49 p.m. in Prague trading, extending its rally this month to 83 percent. This is the highest value of the shares since May 30, based on closing prices. The stock turnover so far today has been at almost five times the daily average over the past three months.

Orco seeks 140 million euros ($184 million) for the building, while real-estate appraisers have valued the asset at 120 million euros, Immobilien Zeitung reported earlier this week citing unidentified people familiar with the matter.

Orco’s Chief Executive Officer Jean-Fracois Ott said on July 30 that the developer is in talks with two institutional investors and expects to sell the building for less than a previously planned 140 million euros.

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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