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Second Phase of The Orchard Complex Succeeds Fully Leased Building 1

Ostrava, 2nd July, 2008 – Construction of the 12,000 sqm five-storey office building of The Orchard complex on Hornopolní street in Ostrava has been completed, and the developer Red Group opened the doors of the second phase to new tenants. After the first building achieved fully leased status, opening the second building marks another successful milestone in the Ostrava development.

“The Orchard development contributes significantly to Ostrava’s ambition to become an attractive business location. We have achieved construction and leasing remarkably quickly and look forward to seeing the best-of-class office development in the city to full completion,” said Colin Glover, Development Director of Red Group. The entire second floor of building two is leased to TietoEnator and a substantial amount of office space is currently under negotiations. TietoEnator is also on the tenant list of the first building, where other significant tenant names include HSBC, Home Credit, Immorent or Top Office. Construction works will now focus on completion of the last of the three Orchard buildings, and on landscaping the outdoor piazza with a 2-storey restaurant, breakout areas, greenery and water features. After full completion, slated for autumn of this year, the Orchard complex will consist of 36,000 sqm of ‘Grade A’ office space.

Opening of the new Park Inn Ostrava hotel, which is a part of The Orchard complex, is less than a month away and the building is undergoing final touches. “We strongly believe that the first Park Inn hotel in the Czech Republic will quickly become the most sought after hotel destination in the Ostrava region,” said Colin Glover. The hotel will add 186 modern rooms and a conference centre to the Ostrava market.