Orco has obtained the planning permission for its new investment in the downtown of Warsaw, Poland. Orco should develop 192 meter high luxury apartment skyscraper with up to 60,000 sqm of letable space. We see the news positively as it is Orco’s first step to reviving the city through combining residential and commercial developments, which Warsaw city center still provides. We reiterate our Buy recommendation.
Separately, note that today is the last day to indicate dividend payment, which can be made in cash or stocks. AGM approved dividend EUR 0.8 per share. If payment is made in stocks, one Orco share is delivered for 125 shares.