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Real Estate Fund To Invest 200 Million Euro In Bulgarias Varna

Investment fund Orchid Development Group will invest nearly 200 million euro in three projects in Varna by the end of 2007.

The fund received a first class investment certificate for its Grand Mall project in Varna, reported.

The other two projects focus on the construction of an office building with a total area of 25 000 sq m and a complex of mixed type having residential part, offices and trade centre. Its gross built-up area will total 60 000 sq m.

Grand Mall will be located near the bus station in Varna. The company bought the terrain in 2006 for 12.7 million euro. Its gross built-up area is 150 000 sq m. Orchid said that this would be the largest complex of mixed type in Varna and among the largest ones in Bulgaria.

Construction works are to be completed by 2009.

Orchid has invested more than 100 million euro in Bulgaria. It owns and manages several Black Sea hotels and currently works on two residential projects in Varna and Sofia.

The company's chief executive Ofer Miretzky said that the investment was worth it because the company bought the terrains three years ago at lower prices