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The Orchard Emerging as Ostrava’s New Financial Centre

Ostrava, 24th March, 2009 - Red Group has signed new lease agreements with two leading Czech financial institutions for Ostrava’s major new office development – The Orchard. The new tenants - Komerční Banka and Česká Spořitelna -will take occupation of a substantial part of the 12,000 sqm A-Class office building, which is the last of the three Orchard buildings on Hornopolni street.

“The Orchard has been selected as the preferred business address by companies that represent major players in the financial arena, which is great recognition of the quality and high standard of our project,” said Seth Marks, Head of Leasing at Red Group. Half of the current Orchard tenants represent companies from the financial sector, including HSBC, Immorent, Home Credit and Acctus Consulting.  “Despite the current economic climate, Red Group has managed to sign lease agreements for over 6,000 sqm of offices since the beginning of the year,” said Marks. “The first building is now fully leased and only 20% of offices in the second building remain available.”

The EUR 50 mln office scheme, which is now fully completed, contributes to further business development of Ostrava by providing regional base to significant companies and creating new job opportunities. After all of the 36,000 sqm office space is fully leased, it is expected that over 3,000 jobs will be created. The Orchard enables flexibility of office space facilitating tenant growth within the same project. Moreover, the possibility of storage space within the same building is a huge plus for tenants. The Orchard also provides retail and storage areas on the ground and lower ground level, which may in the future include showrooms, as well as smaller specialized retail units for tenants.