VastNed Retail nominates Taco de Groot as new CEO (NL)

The supervisory board of VastNed Retail has resolved, in consultation with the supervisory board of VastNed Offices/Industrial, to nominate Taco T.J. de Groot MRICS for appointment as Chief Executive Officer of VastNed Retail during a specially convened extraordinary general meeting of shareholders (EGM) on November 25, 2011.

De Groot is already a Managing Director of VastNed Management, which conducts the management of VastNed Retail and VastNed Offices/Industrial. In anticipation of his official appointment by the EGM, he will start his work as CEO of VastNed Retail as of September 1, 2011 to allow him to focus on developing and implementing VastNed Retail's business strategy.

The new CEO will present an update of the company's strategy on September 14, 2011.

This resolution follows earlier communications on 25 February 2011 and 22 March 2011 regarding the intended termination of the management collaboration between VastNed Retail and VastNed Offices/Industrial.

De Groot and Chief Financial Officer Tom M. de Witte will jointly comprise the board of management of VastNed Retail. In the interim period until the EGM, De Groot and De Witte will continue to be responsible for VastNed Offices/Industrial.

At the request of the supervisory boards of VastNed Retail and VastNed Offices/Industrial, Reinier A. van Gerrevink, the current CEO of VastNed Retail and VastNed Offices/Industrial, will stay with the company until the end of 2011 in order to support the new boards of management where necessary. He will remain in his position as CEO of VastNed Offices/Industrial until the time when the merger with Nieuwe Steen Investments is completed.

Source: VastNed Retail and VastNed Offices/Industrial

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