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Orchid Development to invest over EUR 100 M for Varna Mall

Date: 27.07.2007

Orchid Developments Group, a UK-listed property developer and hotel operator focusing on the Bulgarian market, plans to invest upward of EUR 100 M in the construction of its Grand Mall Varna.

The 150 000 square meters mall will include 45 000 square meters of commercial space for lease, as well as 40 000 square meters of office space.

Work on the project will start before the end of the summer and will be completed by end-2009.

Israeli firm Moore-Yasky-Sivan Architects (M-Y-S) will carry out the architectural design and oversight, together with Varna firm LAGIS Ltd.

M-Y-S also designed Mall of Sofia, which opened last year, while former Mall of Sofia chief executive Eli Egosi will act as consultant on the project.

Real estate consultants Colliers International will handle all leasing contracts in the complex.

The project has been recognised as a first-class investment by the country's investment agency BAI, which entitles it to certain tax breaks and state aid.

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