Orchid Developments opens residential/office compound in Bulgaria's Varna city

"This follows frustrating construction delays due to issues with the contractor," the company said in a press release published on its website on Thursday.

Orchid Gardens Varna, located in Bulgaria’s Black Sea city of Varna, has 42,000 square metres (sq m) built area with 16 floors above ground and three underground levels. It comprises 7,700 sq m of retail space, 9,500 sq m of office space, a total of 107 apartments covering an area of 12,100 sq m and 13,270 sq m of underground parking.

The day-to-day operations in the complex will be managed by Orchid Developments’ local subsidiary.

“We have recently secured Carrefour as the anchor retail tenant and are continuing to market the retail, office and apartments in the complex [...],” the press release quoted the company’s joint chief executive, Guy Meyohas, as saying.

In August the company said it secured an extension to its 21.4 million euro ($28 million) credit agreement with Bulgaria's UniCredit Bulbank for the construction of Orchid Gardens Varna.

Orchid Developments Group operates 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 main investment is the Grand Mall in Varna, which opened in May 2011.

($=0.765 euro)