Shopping Centre Development in Talavera Spain delayed by one year

Rodamco Europe, the largest publicly listed property investment and management company in the retail sector in Europe, announces a delay of approximately one year in the turn key delivery of the Azul Talavera shopping centre in Talavera, near Madrid, Spain, due to planning difficulties. The transfer of ownership is now estimated to take place in the first quarter of 2005 rather than the expected first quarter 2004.

CEO Maarten Hulshoff: 'Rodamco Europe continues to view Talavera as a solid investment and an attractive compliment to its existing 12 shopping centers in Spain. Rodamco Europe regrets the delay and will continue to support the developer. The impact of the delay will be minimal for Rodamco Europe.'

The developer has recently had delays in obtaining the required final licenses, forcing Rodamco Europe to delay the purchase of this € 49 million investment for the 20,900 m² GLA shopping centre part of the total 37,900 m² GLA shopping centre with hypermarket in Castilla y la Mancha. Rodamco Europe’s investment to date is € 11 million. Azul Talavera is well advanced in terms of letting (84%) and construction (90%). The development risk of the project is carried by the developer.

Source: Rodamco Europe

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