Orchid Developments: Agreement with Carrefour | Company Announcements

Friday 14 September, 2007

Orchid Developments

Agreement with Carrefour

Orchid Developments Group Ltd
14 September 2007



                       Orchid Developments Group Limited

           Agreement with Carrefour regarding Varna MultiUse Complex


Orchid Developments Group Limited, ('Orchid' or 'the Company'), an established
property developer in Bulgaria, is pleased to announce an agreement with the
international retailer Carrefour as an anchor tenant in the Grand Mall Varna
(the shopping centre part of its multi-use complex development).  The agreement
is for a total of approximately 9,300 square metres for a maximum 30 year
period. The lease is expected to commence on completion of construction,
anticipated to be by Q4 2009.


The project will be the largest multi use complex in Varna and one of the
largest in Bulgaria. In total the complex comprises of 80,000 sqm of shopping
and entertainment space, 51,000 sqm of commercial space and 1,650 parking
places. The complex has been designed to the highest international standards and
the development has been awarded a class 'A' investor certificate by the
Bulgarian Foreign Investment Agency. The complex has been entirely conceived and
developed by Orchid and excavations and shoring works have now commenced.


Varna is a major city in Bulgaria, second only to Sofia in foreign direct
investments and is an important communications and transportation hub with the
Port of Varna on the Black Sea and inland waterways, International Airport,
railway and ferry terminals.


Guy Meyohas, joint CEO of Orchid, commented:


'Orchid welcomes Carrefour as a key tenant in the Grand Mall Varna. The project
has generated a great deal of interest and we look forward to working with them
and developing this multi use complex further. This is another step in realising
and delivering on our IPO strategy.'



Enquiries:


Orchid Developments
Guy Meyohas                                       +359 2 981 9955


Shore Capital and Corporate Limited
Graham Shore                                      +44 20 7408 4090
Dru Danford


Citigate Dewe Rogerson
Sarah Gestetner                                    +44 20 7638 9571
Fiona Mulcahy
Nicola Smith




                      This information is provided by RNS
            The company news service from the London Stock Exchange

Investegate takes no responsibility for the accuracy of the information within the site.

The announcements are supplied by the denoted source. Queries about the content of an announcement should be directed to the source. Investegate reserves the right to publish a filtered set of announcements. NAV, EMM/EPT, Rule 8 and FRN Variable Rate Fix announcements are filitered from this site.