Orchid Developments Group Ltd Carrefour supermarket to open as anchor tenant (6559K)
August 23 2012 - 5:06AM
UK Regulatory
TIDMOCH
RNS Number : 6559K
Orchid Developments Group Ltd
23 August 2012
23 Aug 2012
Orchid Developments Group Ltd.
("Orchid" or the "Group")
Carrefour supermarket to open as anchor retail tenant at Orchid
Gardens Varna
Orchid (AIM: OCH), the Bulgarian focused property developer and
investor, announces that a new Carrefour supermarket will open as
an anchor retail tenant at Orchid Gardens, Varna ("Orchid
Gardens"), the Group's mixed used retail development that is
nearing completion. The lease agreement ("Lease") has been signed
with Carrefour's franchise partner in Bulgaria, CMB Bulgaria EAD
("Carrefour").
Under the Lease, Carrefour has agreed to occupy 850 sqm on the
ground floor of the retail section of Orchid Gardens and to open a
smaller footprint 'neighborhood' supermarket. The supermarket is
scheduled to open in the middle of November 2012, following the
completion of the development and the issue of a usage permit from
Bulgarian authorities.
This letting represents the first uptake by a tenant in this
project and represents 18% of the total net lease area of Orchid
Gardens.
Orchid Gardens is a 16 floor building with a gross area of
42,570 sqm of which, 12,100 sqm is for apartments (107 units, 12 of
which have already been sold), 9,500 sqm represents office space,
7,700 sqm of retail area and 13,270 sqm of underground parking.
Orchid Gardens is held in a ring fenced subsidiary of the Group.
Therefore this first letting will, on commencement, improve that
subsidiary's cash flow but will not have an effect on the Group
available cash in the short term.
Guy Meyohas, Chief Executive Officer of Orchid, said:
"We are delighted that once again Carrefour has chosen to open a
new supermarket in an Orchid project, following the success of its
existing store at our Grand Mall location. This demonstrates
Orchid's ability to attract quality retail brands to its
developments, which we hope to build on over the course of
2012-2013."
Ends
Contacts:
------------------------------------------------------
Orchid Developments
Guy Meyohas +35 92 981 9955
------------------------------------ ----------------
Shore Capital and Corporate Limited
Bidhi Bhoma / Toby Gibbs +44 20 7408 4090
------------------------------------ ----------------
MHP Communications
Reg Hoare / Vicky Watkins +44 20 3128 8100
------------------------------------ ----------------
Notes to Editors:
Orchid Developments Group Ltd (OCH.L), which listed on the AIM
market in July 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 the Grand Mall in Varna, a
leading shopping mall in Bulgaria.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBXLFLLVFBBBE
Orchid Developments (LSE:OCH)
Historical Stock Chart
From May 2024 to Jun 2024
Orchid Developments (LSE:OCH)
Historical Stock Chart
From Jun 2023 to Jun 2024