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Topping-off Ceremony Marks a Milestone In The Orchard Construction

Ostrava, May 30, 2007 - Four months after breaking ground on the first building of the Orchard complex in Ostrava, a topping-off ceremony marks the halfway point in the construction of the 12,000 m2 of offices that will be available to tenants from the beginning of October.

"We succeeded in expediting the structural completion and are able to meet future occupier demand and accommodate tenants ahead of the original schedule," said Barry Cullen, General Director of Red Group. After completion of the combined metal/glass façade in the next phase, the contractor will commence internal works. In four months, the building will be ready for opening and the tree that was raised today on the last piece of a concrete block will be replanted as a part of the outside atrium landscaping. "In addition to the first building's concrete frame being in place, the second level of the hotel structure is almost finished and we aim to complete construction works for the hotel by the end of the year," said David Honek, Director of MDA Consulting that is responsible for the project development management.

The EUR 50 million development will consist of three seven-storey energy efficient office buildings, comprising 36,000 m2 of lettable area, a 185-room business hotel and conference centre, all complemented by restaurants and a health and fitness centre. As the general contractor Red Group appointed Czech construction company IMOS Brno and the architectural design was created by Ostrava-based architectural studio OSA Projekt.

The Czech-based property development company Red Group was established in 1992 and this year celebrates 15 years on the Czech property market. Currently the company has 7 projects in the development pipeline, representing over 275,000.