Sofia-based Orchard Developments has been granted a permit for the construction of Orchid MultiUse Complex, which includes the Grand Mall Varna, in the Bulgarian port city of Varna.
Sofia-based Orchard Developments has been granted a permit for the construction of Orchid MultiUse Complex, which includes the Grand Mall Varna, in the Bulgarian port city of Varna.
The development is being financed by a 20-year loan of around EUR 107 mln through OTP Bank Nyrt and MKB Bank Zrt. and their Bulgarian subsidiaries DSK Ead and MKB Union banks.
Orchid MultiUse Complex, part of the largest multi-use complex in Varna, will include a total 80,000 m2 of shopping and entertainment space, 51,000 m2 of commercial space and 1,650 parking places. Orchid signed a 30-year anchor tenant agreement in September with French supermarket operator Carrefour for the Grand Mall section of the development. The company said it has pre-let or is in advanced negotiations on the letting of another 34% of the space.
Construction of the mall and office tower is expected to begin in the first quarter of 2008 and will take approximately 24 months.
