Amsterdam, April 29, 2008 – International investment company Kardan N.V. (Kardan) announces that its real estate subsidiary Globe Trade Centre S.A. (GTC SA) intends to enter the Russian real estate market.  

GTC Real Estate Investments Russia B.V. (GTC Russia), a 95% subsidiary of GTC SA, signed a preliminary agreement to acquire a 50% stake in an office development project in Viborgsky, a district of St. Petersburg. The 4.3 hectare site is located in the north-west part of St Petersburg, about 1.5 km from the city centre. St. Petersburg is the second largest city in Russia, with a population of 4.6 million people. It is intended to develop 110,000 sqm of net office space, to be completed in 2011-13. The project is expected to generate approximately EUR 53 million of net rental income upon its full completion.

GTC Russia will pay approximately EUR 27 million for its share in the project. The acquisition is expected to be completed by the end of May 2008.

GTC SA’s tenant list includes approximately 200 leading international and domestic corporations, among them such renowned firms as Exxon Mobile, IBM, Hewlett Packard, Citibank, Allianz, Raiffeissen. In expanding its activity into Russia, GTC SA plans to capitalize on its close relations with the world’s largest corporate tenants and its track record of developing high quality office space that meets international standards.  

GTC SA is listed on the Warsaw Stock Exchange and is included in the WIG20, MSCI, GPR 250 and CAIB REX indices. GTC Real Estate N.V. (GTC RE), the real estate division of the Kardan Group, holds a 46.1% stake in GTC SA. GTC RE is active in Europe through GTC SA and GTC Investments B.V., in China through GTC Real Estate China Ltd, and as recently announced in India. GTC RE’s shares are listed on the Tel-Aviv Stock Exchange and are included in several of its major indices.

About Kardan

Kardan is an international investment company based in Amsterdam with a focus on three sectors: Real Estate, Financial Services and Infrastructure. The company is primarily active in emerging markets in Central and Eastern Europe and China, where it conducts most of its activities.

Kardan holds controlling interests in its main businesses and is actively involved in the definition and implementation of their strategy. Kardan has a consistent track record of creating long-term shareholder value through active management of investments in the group companies and by leveraging on its business experience, financial resources and local and international network.

Total assets per December 31, 2007 amounted to EUR 4.3 billion, with revenues of EUR 774 million. The number of employees engaged by the group is approximately 13,411 as of December 31, 2007. Kardan is listed on Euronext Amsterdam and the Tel-Aviv Stock Exchange.

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