May 15, 2012 / 8:51 AM / 7 years ago

Orco Property sells Radio Free Europe building in Prague

PRAGUE, May 15 (Reuters) - Developer Orco Property Group said it has sold the Radio Free Europe office building in Prague to U.S. company L88 for $94 million.

The central European developer said on Tuesday it would receive $80 million in cash, $2 million in concessions, and $12 million in a note convertible into a 20 percent stake in L88.

The two companies also agreed to an alliance to build and develop a U.S. State Department building platform, Orco said without giving more details. (Reporting by Jason Hovet; Editing by Hans-Juergen Peters)

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