Cayman Islands-based real estate investment trust Orchid Developments Group Ltd, the owner of the Grand Mall Varna shopping centre in Bulgaria`s Black Sea city of Varna, has started talks with Raiffeisenbank AG to renegotiate the repayment terms of a 3.1 million euro loan. The loan was obtained for the construction of Business Centre Varna, a project implemented by its subsidiary Orchid Centre Varna.

The company, however, decided earlier to freeze the project because of the economic crisis and wait for better market conditions. The project, started in 2008, envisions building a business centre on an area of 20 000 sq m. Originally, the loan was to be repaid in October 2011, but the parties agreed on an extension which has now expired.

Negotiations with the bank are still ongoing, but if discussions fail, Raiffeisenbank can claim only property owned by Orchid Centre Varna, not the properties of the group. The Bulgarian subsidiary declined to specify the extension period Orchid was seeking.

This News is listed at news.Guide-Bulgaria.com

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