[size=75:1m1mtj4l]Regal retail 23 March 2010

About 80% of the area in The Grand Mall Varna has already been rented

Investment company Orchid Developments Group Limited has entered into preliminary agreements for lease for 33 thousand square meters of land in Varna Mall Grand Mall, and for other 7 thousand square meters is currently negotiating with potential tenants.

This represents approximately 80% of the total area otdavaema shopping complex, reported by the company.
From Orchid, which is listed on the London Stock Exchange say they have full funding for the project through bank loans, such as mall is expected to open in May 2010

The company commented that the recession and lack of credit were affected by significant expansion plans for the tenants, it is expected that in the near future adverse market conditions will continue to have a negative effect on current and potential tenants for some time.

Among the key tenants of the center are Carrefour, Zara, Pull & Bear and others.

Estimate of Colliers International to December 31, 2009 the fair value of the trade center was 136 million euros.
The construction of Grand Mall Varna began in late 2007, a year later, in December 2008, the company announced they have entered into contracts for 60 percent of the land.

From Orchid reported that they intend to reduce its projects in development and to concentrate on three projects which they think have the greatest potential: Grand Mall Varna, multifunction Project Orchid Gardens Varna and housing complex Orchid Hills Varna.