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Another surge in tenants at the Grand Mall Varna

Date : 07/28/2011 @ 2:01AM
Source : RNS Non regulatory
Stock : Orchid Dev (OCH)
Quote : 1.875  0.0 (0.00%) @ 12:00AM
Orchid Developments share price Chart

Another surge in tenants at the Grand Mall Varna

TIDMOCH

Orchid Developments Group Ltd

28 July 2011

28 July 2011

Orchid Developments Group Ltd.

("Orchid" or the "Group")

Another surge in tenants at the Grand Mall Varna

Orchid Developments Group Ltd, the Bulgarian focused property developer and investor, today announces that it has secured seven new tenancy agreements at the Grand Mall Varna, to a host of new names including international food retailer McDonalds.

World famous fast food restaurant chain McDonalds, in addition to fashion retailers Accent, DeVib, Hot Spot, Perfections, Scandal and beauty salon Lia Belle are the latest retailers to sign tenancy agreements at Grand Mall Varna. These new names join international brands Bershka, Carrefour, Mango, Nike and Zara to make the Grand Mall a lifestyle destination and a new metropolitan centre for Varna.

The Grand Mall Varna now has in excess of 71.5% (35,532 sqm) of the total area leased. All seven new tenants opened their stores to customers in July, significantly enhancing the retail experience for the 20,000 people who visit the mall every day.

As announced on 21 April 2011, the Group recently completed the adjusted Grand Mall Varna credit facility agreement with the European banking consortium, securing a strong platform for growth.

Guy Meyohas, Chief Executive Officer of Orchid, said:

"We are excited by the progress made since the mall opened last year and the positive impact it has had on the area. Over the last six months we have secured a number of international retailers at the Grand Mall Varna who are complemented by the extensive dining, leisure and entertainment the mall has to offer. We remain committed to ensuring a superior experience for customers and a return on investment for our shareholders, therefore management continues to focus on reducing the Grand Mall vacancies and successfully completing the Group's development projects."

Ends

 
 Contacts: 
 Orchid Developments 
  Guy Meyohas                           +35 92 981 9955 
 Shore Capital and Corporate Limited 
  Dru Danford / Stephane Auton          +44 20 7408 4090 
 MHP Communications 
  Reg Hoare / Tim McCall / Vicky 
  Watkins                               +44 20 3128 8100 
 

Notes to Editors:

Orchid Developments Group Ltd (OCH.L), which listed on the AIM market in June 2005, was established with the aim of generating value for shareholders by investing in real estate and leisure business opportunities initially in Bulgaria.

The company is active in all principal sub-sectors of the Bulgarian real estate and leisure markets and currently holds three residential and six commercial property developments in Sofia and Varna. Its principal investment is Grand Mall Varna, Bulgaria's leading shopping mall.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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