IMMOEAST AG
IMMOEAST AG: IMMOEAST AG strengthens asset portfolio: Investments in expansion increase attractiveness of the Silesia City Center in Southern Poland
IMMOEAST AG / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Vienna, 31.08.2009 IMMOEAST AG strengthens asset portfolio: Investments in expansion increase attractiveness of the Silesia City Center in Southern Poland IMMOEAST AG is currently expanding one of the most successful real estate investments in Poland. The Silesia City Center in Katowice, the capital of the voivodship of Silesia (Southern Poland), has become the most important shopping centre in the entire region and, since its opening in November 2005, shown an impressive above-average performance. The number of customers this year has risen 3.4 percent year on year, turnover with tenants 5.4 percent. Rental income even rose an above average 9.1 percent. The fact that already upon opening 100 percent of the available space was let also demonstrates the shopping centre's success. The average remaining term of existing rental agreements is six years. Due to the country's robust economic constitution, the level of domestic consumption in Poland is high, providing growth especially to well-structured shopping centres such as the Silesia City Center. 12.8 million visitors per year, tendency rising Strong international anchor tenants such as retail chains Tesco, Saturn, C&A, Zara and Intersport are pleased with the steadily growing visitor numbers. In 2008 the electronically counted customer frequency had already totalled 12.8 million. Daily there are more than 35,000 visitors to the shops, which are distributed over 66,000 m². Expansion by 16,500 m² In order to accommodate this satisfying development, IMMOEAST AG is planning to expand the shopping centre and to create additional rental space on two sales floors after all necessary board approvals have been obtained. The property on which the new section is to be built already belongs to IMMOEAST AG and also has the required planning approval so that a speedy realisation is imminent. The expansion is to be concluded in spring 2011, whereby the total investment costs will be EUR 48 million. The square floor plan is to create the most attractive and flexible rental space combined with maximum space efficiency and is to be accessible through two entrances from outside and through direct entry from the existing shopping centre. Optimal vertical frequency is to be created on the inside by two escalators in the mall and another escalator within shops that have two levels. Numerous international chains have already signalled interest in renting retail space there and are in negotiation with local management concerning long-term rental agreements. Prizewinning, outstanding performance That the Silesia City Center is not only of enormous regional significance, but nationally also one of Poland's most renowned retail centres is documented by the numerous awards the centre has been distinguished with to date. In a 'Tenants' Satisfaction Study' conducted by Market Side it was recently named Poland's best and most popular shopping centre among tenants. Further distinctions stem from Newsweek and the International Council of Shopping Centers. Facts & Figures Silesia City Center Location Katowice (capital of the voivodship of Silesia, Southern Poland): 310,000 residents, 70 km from Cracow. Access: Near the Katowice city centre, directly on the A4 (Dresden-Cracow motorway, Poland's most important east-west link); 13 bus lines and 5 tram lines stop directly at the location. Opening: November 2005 Lettable space: approx. 66,000 m2 Occupancy rate: 100 % Anchor tenants: Tesco, Saturn, C&A, Zara, Intersport, Cinema City Average remaining term of existing rental agreements 6 years Customer frequency 2008: 12.8 m Planned expansion: 16,500 m2 to 2 sales levels Building plans: Start of construction April 2010, completion: March 2011 Total investment costs: approx. EUR 48 m Further information: Investor Relations & Corporate Communications: Margit Hermentin IMMOFINANZ AG T +43 (0)5 7111-2290 m.hermentin@immofinanz.com Press Coordination: Christoph Edelmann ACCEDO Austria GmbH T +43 1 533 87 00 christoph.edelmann@accedogroup.com 31.08.2009 Financial News transmitted by DGAP ---------------------------------------------------------------------- Language: English Issuer: IMMOEAST AG Gaudenzdorfer Gürtel 67 1120 Wien Österreich Phone: +43 (0) 5 7111 - 2290 Fax: +43 (0) 5 7111 - 8290 E-mail: investor@immoeast.com Internet: http://www.immoeast.at ISIN: AT0000642806 WKN: A0BLUL Listed: Freiverkehr in Berlin, München, Stuttgart; Open Market in Frankfurt; Foreign Exchange(s) Wien End of News DGAP News-Service ---------------------------------------------------------------------------
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