Orchid Developments Group Ltd Opening of Orchid Gardens following permit receipt (9495S)
06 Dicembre 2012 - 3:38PM
UK Regulatory
TIDMOCH
RNS Number : 9495S
Orchid Developments Group Ltd
06 December 2012
6 December 2012
Orchid Developments Group Ltd.
("Orchid" or the "Group")
Formal opening of Orchid Gardens Varna following receipt of
permits
Orchid (AIM: OCH), the Bulgarian focused property developer and
investor, is pleased to announce the formal opening of Orchid
Gardens Varna, its multi-use retail, offices and residential
complex, having received its final permits today. This follows
frustrating construction delays due to issues with the
contractor.
Orchid Gardens Varna is one of the largest multi-use complexes
ever built in Varna; the project has 42,000 sq.m of built area with
16 floors above ground and 3 floors below ground. It combines 2
levels of retail space (7,700 sqm), 4 levels of office space with
88 units (9,500 sqm), 10 levels of luxury apartments with 107
apartments (12,100 sqm) (of which 10 have already been sold) and
13,270 sqm of underground parking.
The project has panoramic views over the city of Varna and is
located in close proximity to the popular Sunny Varna Beach strip
and the City Centre.
Orchid through its local subsidiary, will manage the day-to-day
operations of the complex.
Orchid Gardens is held in a ring fenced subsidiary of the Group.
The development was financed by committed facilities at the project
level, which were renegotiated earlier in 2012, rescheduling the
repayment of the credit facility. Therefore, the subsidiary's cash
flow will not have an effect on the cash available to the Group in
the short term.
Guy Meyohas, Joint Chief Executive of the Company said:
"The opening of Orchid Gardens Varna is a significant milestone
for the Company and we are excited by the prospects for this
prestigious development. We have recently secured Carrefour as the
anchor retail tenant and are continuing to market the retail,
office and apartments in the complex with the intention of building
up this project's cash flow and enhancing and realising its
value."
Ends
Contacts:
Orchid Developments www.orchid-dev.com
Guy Meyohas +41 798 200 200
Shore Capital and Corporate
Limited
Bidhi Bhoma / Toby Gibbs +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, one of
Bulgaria's leading shopping malls.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEALAKEDXAFFF
Grafico Azioni Orchid Developments (LSE:OCH)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Orchid Developments (LSE:OCH)
Storico
Da Set 2023 a Set 2024