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Orco Jumps as Warsaw to Rule on Libeskind-Designed Tower Permit

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Oct. 7 (Bloomberg) -- Orco Property Group SA climbed the most in more than a week on speculation the developer will be allowed to resume its flagship Warsaw building project.

Orco jumped 4.1 percent to 196.8 koruna at 3:04 p.m. in Prague, heading for the biggest gain since Sept. 27. The project, intended to give Warsaw an architectural icon, was designed by Polish-born American Daniel Libeskind, who won the competition to rebuild the World Trade Center in New York.

“There may be some speculative trading going on” related to Orco’s Zlota 44 project, said Petr Bartek, a Prague-based analyst at Ceska Sporitelna AS. “The market generally expects the ruling to be positive for Orco.”

The governor of the Warsaw province will make a decision on the validity of the building permit today, Ivetta Bialy, a spokeswoman for the governor’s office, said by phone.

The project was stalled by the financial crisis and by protests from neighbors that led Polish authorities to suspend the permit. Today’s ruling will determine whether work can resume immediately.

Orco, which first received a final building permit for the site in 2008, originally planned to complete the 192-meter (630-foot) tower by the third quarter of this year.

To contact the reporter on this story: Pawel Kozlowski in Warsaw pkozlowski@bloomberg.net; Lenka Ponikelska in Prague lponikelska1@bloomberg.net.

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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