Eurocommercial Properties NV (ECP) the Euronext quoted company specialising in Italian, French and Scandinavian shopping centres announced today that it will make a private placement of 2,597,500 new depositary receipts to Euro Immobilien Pte Ltd, an affiliate of GIC Real Estate (GIC RE). The new depositary receipts which will rank for the 2001/2002 dividend will be placed at a price of € 20.25 each and represent 9.9% of ECP's current issued share capital. The total number of depositary receipts on issue will increase to 28,572,841. Payment and settlement will take place on Thursday 23 May 2002.
The placement raises €52.6m which will be used to finance the acquisition of two further shopping centres in Italy on which, in principle, terms have been agreed.
ECP Chairman, Jeremy Lewis, said that he was very pleased to welcome GIC RE as a substantial investor with whom the Company looks forward to a long and productive relationship.
They join other compatible shareholders whose consistent support of the Company over the years has been a major factor in its success, Mr Lewis said.
Over 90% of ECP's properties, as a result of the expected transactions, will be modern shopping centres and prime city retail buildings of which nine will be in Italy, seven in France and one in Sweden, a country into which ECP has recently extended its operations.
GIC RE is the real estate arm of the Government of Singapore Investment Corporation (GIC), a fund management company established in 1981 to manage the foreign reserves of Singapore by investing globally. Total funds under management are reported to be in excess of US$100 billion.
Dr Seek Ngee Huat, President of GIC RE, said that GIC RE is committed to investing in Europe and will continue to look for attractive investment opportunities across Europe. Bernard Phang, Senior Vice President of GIC RE said, 'We believe in the long term prospects of the retail market in Europe and are pleased to have make this investment. ECP has a very capable and proven management team and they are very focused on what they do. We believe they are capable of delivering long term superior returns to investors.' .
For additional information please contact:
| Jeremy Lewis | Office: | + 44 20 7925 7860 |
| Home: | + 44 1293 783 218 | |
| Evert Jan van Garderen | Office: | + 31 20 530 6030 |
| Home: | + 31 184 653 057 | |
| Peter Mills | Office: | + 44 20 7925 7860 |
| Home: | + 44 1892 784 240 | |
| Tom Newton | Office: | + 44 20 7925 7860 |
| Home: | + 44 1604 743 077 | |
| Tim Santini | Office: | + 44 20 7925 7860 |
| Home: | + 44 1580 212 215 |