NEWS RELEASE

2010 lettings success for Valad in CEE

Valad, the European multi-let real estate investment manager, achieved further success with lettings in the CEE region during 2010, with nearly 120,000 sq m of space let, generating nearly €6 million of rental income for the Central European Industrial Fund (“CEIF”).

CEIF is asset managed by Valad and fund managed by Aviva Investors through a joint venture which was established in 2005. It invests in multi-let industrial property across Central Europe with a primary focus on Poland, Hungary Romania and the Czech Republic.

Valad’s CEE team, which manages a total of 630,000 sq m for CEIF, across Romania, Hungary, Poland and the Czech Republic, achieved new lettings during 2010 of 38,230 sq m of predominantly warehouse space generating an annualised rental income of over €2.1 million. In the same period it renewed leases on 81,431 sq m with an annualised rental value of €3.8 million.

Highlights for the year included a new four year letting totalling more than €800,000 for 4,303 sq m of warehouse and office space at the A1 Business Park, Bucharest to Valsider Production, a sister company of the Italian steel giant, Cordioli. Elsewhere, a new seven year lease for 2,800 sq m was secured on the Budaörs Business Park in Hungary to Friss és Ropogós, a leading Hungarian bakery.

Key lease renewal deals included the five year renewal for 37,213 sq m of space at IOG Sanitas in the Czech Republic to Fast CR, a leading white goods retailer, at a rent of €1.3 million per annum. In Poland, Thomas Beton, a supplier of ready-mixed concrete, renewed their lease for a further 10 years on 5,502 sq m of space at City Point, at a rent of €59,000 per annum.

Matthew Bann, Valad’s Head of CEE, commented: “The CEE team’s hard work was rewarded with an encouraging number of new lettings and renewals in 2010, showing a good uplift compared to last year. We are looking to build on this solid performance in 2011 as markets continue to stabilise across the region.”

Valad manages 630,000 sq m of space in the CEE and has a team of 16 working out of offices in Romania, Hungary, Poland and the Czech Republic.

ENDS