Orchid Developments Group Limited investment fund announced it had been granted a construction permit for the Grand Mall Varna project.
The fund had already provided the funding for the project, investor.bg said.
Digging had begun and was to be completed by late February 2008. Construction was expected to begin in Q3 of 2008 and to last nearly 24 months.
Orchid had negotiated loans, worth 107 million euro, with OTP Bank Nyrt and MKB Bank and its Bulgarian subdivisions DSK and Unionbank. The loans would be paid off in 20 years.
Grand Mall Varna was part of Orchid MultiUse Complex, which envisioned the construction of 80 000 sq m of retail and entertainment areas, 51 000 sq m of business areas and 1650 parking places, investor.bg said.
In mid-September, Orchid announced it had reached an agreement with French retailer Carrefour to become key tenant of the mall. Currently, nearly 34 per cent of the mall’s area had been rented out or lending negotiations for it were in process.
