Rodamco Europe formalizes Bratislavas Aupark shopping center transaction (SL)

Rodamco Europe N.V. has completed the formal purchase of a 50% stake in the Aupark shopping and entertainment center. Aupark is the largest and most successful regional shopping center in Bratislava, the capital of the Slovak Republic. The acquisition was announced on December 14, 2005.

During the formalization process, parties have also come to an agreement on the development of further planned extensions to the shopping center. Rodamco Europe has agreed to acquire 50% of the 14,400 m 2 extension at a yield slightly lower than the yield on the initial investment. Following the extension, Aupark's total GLA will be around 58,000 m2. The extension is scheduled for completion in 2007 and will offer larger units and open up the center further to international tenants, reinforcing the retail mix.

Following final approval from the Slovak Antimonopoly Office, expected during Q2 2006, the transaction will take effect as of 1 January 2006. Rodamco Europe will acquire Aupark for an initial purchase price of € 75 million at a guaranteed return on initial investment of 7.75% for the first three years. The final purchase price will be based on 2008 net rental income. Rodamco Europe will also be able to increase its stake in the state-of-the-art shopping center in the future. The 50% acquisition now formalized gives Rodamco Europe an option right to acquire an additional stake as from 2013. The vendor also has option rights to sell its stake from the final closing date. The purchase price on either option will be based on the market value at that date set by appraisers and for the put option also set by potential third party investors.

Source: Rodamco Europe

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