Orchid Developments Group Ltd
03 May 2012
03 May 2012
Orchid Developments Group Ltd.
("Orchid" or the "Company")
International retailer H&M Open flagship store in Grand Mall Varna
Orchid Developments Group Ltd, the Bulgarian focused property developer and investor, today announces that H & M, Hennes & Mauritz AB (H&M), the international fashion retailer has opened their flagship store at the Group's landmark retail development in Varna, the Grand Mall.
As announced in October 2011, the fashion retailer signed an agreement to take over 2,200 sqm across two levels of the Grand Mall for a full concept store, as part of H&M's international expansion plans.
This leasing represents 4.5% of the total net lease area of the Grand Mall and brings the current leased area to approximately 81.9% (40,660 sqm) , of which 81.4% is occupied and a further 0.5% is anticipated to be occupied by the end of the first half of 2012. This brings the total number of open shops to 131 units. The H&M flagship store sits alongside international brands already established at Grand Mall Varna, which include Bershka, Carrefour, Mango, Nike and Zara.
Guy Meyohas, Chief Executive Officer of Orchid, said: "We are delighted that H&M flagship store in the Grand Mall Varna has opened. Grand Mall Varna has become one of the leading malls in the City of Varna with 131 leased units occupying more than 80% of its lettable area. With a further 4.5% of lettable space currently under negotiation, we hope to build on this strong presence of high quality brands over the course of 2012."
Guy Meyohas +35 92 981 9955
Shore Capital and Corporate Limited
Bidhi Bhoma / Toby Gibbs +44 20 7408 4090
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 July 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 the Grand Mall in Varna, a leading shopping mall in Bulgaria.
This information is provided by RNS
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