Dec. 14 (Bloomberg) -- Orco Property Group SA climbed from a four-week low after the developer in central Europe said it reduced interest costs on a loan for its GSG project in Berlin.
The stock rose as much as 3.5 percent today before paring the gain to 0.2 percent at 65 koruna at the close in Prague. Share turnover was 36 percent of the three-month daily average. Orco fell 4.3 percent yesterday to the lowest since Nov. 16.
The company’s GSG unit signed yesterday the final agreement with five German banks on a 269.6 million-euro ($353 million) loan for five years, Orco said today in a regulatory filing. GSG will use the cash to refinance an older loan from Royal Bank of Scotland Group Plc at lower costs, it said.
“Now we are able to focus completely on extracting the operational and development potential of our property portfolio in Berlin,” the company said in the statement.
In Paris, Orco’s home market, the shares rose 2.4 percent to 2.56 euros as of 4.47 p.m.
To contact the reporter on this story: Krystof Chamonikolas in Prague at firstname.lastname@example.org
To contact the editor responsible for this story: Wojciech Moskwa at email@example.com