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Sep 14, 2007 19:26 EEST
September 14 (SeeNews) - UK-listed Orchid Developments said on Friday it had leased a retail area to France's Carrefour, the world's second-largest retailer, in its projected shopping mall in Bulgaria's third-biggest city of Varna.
"The agreement is for a total of approximately 9,300 square metres for a maximum 30 year period," the company said in a statement to the London Stock Exchange.
"Orchid welcomes Carrefour as a key tenant in the Grand Mall Varna. The project has generated a great deal of interest and we look forward to working with them and developing this multi-use complex further," Orchid chief executive Guy Meyohas said in the statement.
The lease is due to commence on the completion of mall construction, due in the fourth quarter of 2009.
Orchid, which plans to invest 100 million euro ($138.5 million) into the multi-use complex development in Varna, has already launched excavations and shoring works on the project. The complex will comprise 80,000 square metres of shopping and entertainment space, 51,000 square metres of commercial space and 1,650 parking places.
Orchid Developments, an international property developer focusing on Bulgaria, is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. The company has acquired several land plots in the European Union newcomer so far.
Carrefour said last year it would invest 81.6 million euro in expanding to Bulgaria with a hypermarket and a shopping centre project in the capital Sofia.
Key players on the Bulgarian retail market area local chains Fantastiko, Familia, Evropa, CBA and 345, and international majors like German Metro, Kaufland, HIT, REWE's Billa and Lithuania's VP Market. Other foreign giants, like German Plus, are expected to soon open their first outlets in Bulgaria, while German Lidl and Slovenian Mercator are still considering expansion to the country.
($ = 0.722 euro)
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