Amsterdam, 4 August 2009- Kardan N.V. (“Kardanâ€?), active in Real Estate, Financial Services and (Water) Infrastructure in emerging markets, announces that its real estate developer in CEE/CIS, Globe Trade Centre S.A. (“GTC S.A.â€?), and Unibail Rodamco S.E. (“URâ€?),  finalized a EUR 205 million loan agreement, partly used for refinancing for their jointly owned shopping mall. The mall, Galeria Mokotów in Warsaw, is a leading shopping mall in Poland. Net proceeds from the loan amount to approx. EUR 120 million.

GTC S.A. and UR, each of them holding 50% of Galeria Mokotów, secured one of the largest real estate financing loans in Central Eastern Europe with a consortium of German banks. 

The consortium included Berlin-Hannoversche Hypotheken Bank A.G. and Westdeutsche ImmobilienBank A.G.

The term of the loan is 5 years, with the Borrower’s prolongation option for an additional 2 years. The interest is based on 3-month EURIBOR plus a margin of 2.25%. The refinancing was based on a valuation of EUR 378 million (USD 529m) for Galeria Mokotów, reflecting an initial LTV ratio (Loan-to-Value) of 54%.

“GTC has capitalised on its long-established relations with the leading European banks, which combined with the excellent financial standing of both GTC and Unibail Rodamco and prime quality of the asset - Galeria Mokotów, allowed to secure such a large amount of financing despite difficult credit market conditions.The proceeds from the loan will further increase cash resources of GTCâ€? – said Eli Alroy, GTC S.A.’s Chairman of the Supervisory Board.

Galeria Mokotów was developed by GTC S.A. in 2000, and further extended in 2002 and 2006.

Today it comprises 62,500 sqm of net rentable area. Galeria Mokotów was the first modern shopping mall in Poland and still remains one of the most prestigious and best performing retail projects in the country. In 2003, UR acquired a 50% interest in Galeria Mokotów.

For further information please contact:

Jan Slootweg

Management Board member Kardan NV

Office +31 (0)20 305 0010

www.kardan.nl

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