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Orco Rises 6% After Sale of Sky Office: Prague Mover

Oct. 18 (Bloomberg) -- Orco Property Group SA headed for the highest price in about five months after it sold the Sky Office in Dusseldorf to Allianz Real Estate Germany.

Orco rose 3.6 koruna, or 5 percent, to 75.5 koruna as of 10:27 a.m. in Prague trading. That would be the highest level since May 29 based on closing price basis.

Orco said yesterday it agreed to sell the Sky Office in Dusseldorf for an undisclosed price. The deal is expected to close within two months, the developer said.

The news is “positive” for Orco and probably caused a strengthening of the shares in the last few days, Komercni Banka AS analyst Miroslav Adamkovic wrote in a note to clients today. However, the fact the company didn’t disclose the price is “startling”, said Adamkovic, who has a “hold” on the shares.

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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