NEWS RELEASE

Valad secures letting in Bucharest to Italian steel giant

Valad Europe (“Valad”), the pan-European real estate investment manager, announces that its Romanian team has signed a four year lease totalling more than €800,000 for 4,303 sq m of warehouse and office space at the A1 Business Park in Bucharest, with Valsider Production (“Valsider”), a sister company of the Italian steel giant, Cordioli.

Situated on the A1 Highway, the A1 Business Park is owned by Valad’s Central European Investment Fund (“CEIF”) and is one of the leading developments providing small and medium-sized quality office, commercial and warehousing space in the Bucharest area. Existing tenants include DHL, Dobrogea, Heinrig and Decomar Logistics, which leased 1,800 sq m from Valad in June 2010.

Silviana Badea, Country Manager at Valad Romania, said: “We are delighted that Valsider has chosen the A1 Business Park as a base for its Romanian operations. Given current market conditions, it is encouraging to see a company with Valsider’s international reputation, invest in Romania with a long term view.”

Jacopo Palermo, General Manager of Valsider, commented: “The A1 Business Park’s strategic location, next to one of the key transport routes in Romania, together with its modern office space, made it a perfect match for our business. We are looking forward to using it as a base to expand our Romanian operations.”

Valad has let over 15,000 sq m of space in Romania and 75,000 sq m across the whole of the Central and Eastern Europe (“CEE”) region so far this year, through both lease renewals and new lettings. Valad manages more than 600,000 sq m of space in CEE and employs 16 people across its four offices in Romania, Poland, Hungary and Czech Republic.

In the year ending 30 June 2010, Valad’s European asset management team leased over one million sq m of space across Europe, through 1,500 transactions, averaging 30 leases signed per week and six leases signed per day.

ENDS