Carrefour, the biggest retail chain in Europe, officially signed a long-term lease contract with Grand Mall in the Bulgarian Black Sea port of Varna, Orchid Developments Group announced Tuesday.

The Carrefour hypermarket will have a total area of 9 300 square meters, located underground which makes the company the biggest tenant in the mall. Carrefour will also turn into the largest hypermarket in Varna.

The contract with Carrefour is exceptional considering the size and the potential of the companies and shows the trust between them. The agreement was signed for a period of 30 years. The contract is expected to start immediately after completion of construction.

Grand Mall is the biggest complex of a mixed type in Varna and one of the biggest in Bulgaria. It will have a total built-up area of more than 150 000 square meters, including both commercial and office areas. The office space will be over 45 000 square meters, designed in the shape of towers, rising above the trading area.

Grand Mall will be build on 5 levels and will have more than 150 shops. On an area of near 80 000 square meters the mall will offer a great variety of shopping and entertaining places - a bookstore, cinema, restaurants and cafes, child corner, fast food places. The complex will have an underground parking, with 1650 parking lots.

Israeli firm Moore-Yasky-Sivan Architects (M-Y-S) will carry out the architectural design and oversight, together with Varna firm LAGIS Ltd.

M-Y-S also designed Mall of Sofia, which opened last year, while former Mall of Sofia chief executive Eli Egosi will act as consultant on the project.

Real estate consultants Colliers International will handle all leasing contracts in the complex.

The project has been recognised as a first-class investment by the country\'s investment agency BAI, which entitles it to certain tax breaks and state aid.