Kenmore Property Group - Retail Development - Germany

Date: 17 Jul 2008

Kenmore Property Group ("Kenmore") has unveiled the third phase of the Zweibrucken Factory Outlet Centre, which at 23,600 sq m is Germany's largest designer outlet centre.

Kenmore has invested €11 million in the development of Phase 3 of the Designer Outlet Zweibruecken, which has taken seven months to complete and created an additional 3,600 sq m of designer outlet space. 24 new units have been developed in the final phase, of
which 80% have been pre-let to designer brands including Tommy Hilfiger, Fossil and Marc O'Polo.

Situated close to the French border in the state of Rheinland-Pfalz in Southern Germany, the country's largest designer outlet shopping centre contains more than 100 designer brands. It has been developed over the course of seven years in three phases. It
represents one of only four purpose built shopping centres in the whole of Germany.

Kenmore, on behalf of Trading Places NV, acquired the completed first phase from Lehman Brothers in December 2005 and subsequently developed out Phase 2 of the scheme in 2006, adding a further 26 shopping units and 5,800 sq m of retail space. The second phase
is anchored by Polo Ralph Lauren and Adidas and mirrors the tenant culture and base of phase one, where occupiers include Esprit and Nike.

Now that all three stages are complete, the centre comprises a total of 106 retail units.

Daniel Hermann, Kenmore's Investment Director of Germany, comments: "Having achieved over 80% of pre-lets prior to the launch of the final phase illustrates the strength of appetite amongst International retailers to be represented at Zweibruecken and underpins the rationale for our ongoing investment. This scheme was Kenmore's first development project in Germany and typifies its strategy to invest in areas which offer opportunities for growth through active asset management."

Phase 3 of the Designer Outlet Zweibruecken

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