CEO Maarten Hulshoff: "The acquisition of the Donauzentrum with its strong tenant mix and within an affluent catchment area in Vienna comprises a good strategic fit within Rodamco Europe's existing retail portfolio. Rodamco Europe is pleased with this acquisition, and through our retail management capabilities we are convinced to be able to add further value to this leading centre. Through our joint venture with the former owners we will focus on further growth opportunities in Austria. Given Austria's close proximity and historic ties to a number of Central European economies, Vienna and hence the Donauzentrum shopping centre, with its stable cash flow, will also be an ideal base for Rodamco Europe's growing activities in this part of Europe."
Mrs B. Breiteneder, CEO of the management company, "We believe the expertise Rodamco Europe brings in managing shopping centres across a number of key cities in Europe will benefit the Donauzentrum and will help attract additional retailers and visitors alike".
The Donauzentrum shopping centre, which will rank as second largest asset within Rodamco Europe's portfolio, is a dominant centre located in a large affluent catchment area of 1.85 million residents within 30 minutes driving time in the northern part of the city of Vienna. It has excellent public transport facilities. The (first phase of the) shopping centre opened in 1975 and a number of extensions over the last 25 years have increased the total lettable space to 112,000 m². The centre has 2,750 parking spaces and has a strong tenant mix, including Spar, C&A, H&M, Kleiderbauer, Esprit and Mango. The centre is almost 100% occupied, attracts approx. 18 million visitors a year and has a gross turnover of approx. € 275 million. An extension of the centre is considered and will add another 15,000 m² retail space.
Rodamco Europe acquires 90% of the shares and has a call-option for the other 10%. In turn, Sunrise Privatstiftung has a put-option for the remaining 10% shareholding. The options may be exercised from 1 January 2007 onwards. The 90% ownership will be transferred to Rodamco Europe with economic effect (and after receiving the required approvals) as per 31 December 2003. Rodamco Europe will also take over the shopping centre management organization in Vienna. The current CEO, Mrs. Breiteneder will continue heading the team during 2004. Furthermore, Rodamco Europe intends to set up an organisational hub for Central Europe in Vienna for managing other parts of Rodamco Europe's portfolio in the Czech Republic, Hungary and Poland.
