LONDON (Thomson Financial) - Orchid Developments Group Ltd said it has been
granted a construction permit for the Orchid multiuse complex in Bulgaria, which
includes the Grand Mall Varna, and has secured the financing required for the
development.
It said it will finance the development by a loan of about 107 mln eur
through OTP Bank Nyrt and MKB Bank Zrt.
The Bulgarian property developer said excavation and shoring works for the
complex are ongoing and are expected to complete by end-February 2008. The
construction permit allows building work to start, it added.
Construction of the mall and office tower is expected to begin in the first
quarter of 2008, and will take about 24 months, the company said.
TFN.newsdesk@thomson.com
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