ING Real Estate, the developer of the Zlote Tarasy shopping centre announced today that the completion of the mixed development project (including the shopping centre) has been postponed due to the decision of the provincial administration court in July this year, which repealed the main building permission. The opening has been postponed until spring 2006 from the previously announced autumn 2005.
CEO Maarten Hulshoff: "We regret the delay in the construction of the Zlote Tarasy development project in Warsaw, but this delay will not have negative financial consequences for Rodamco Europe as we only committed ourselves to turnkey delivery and payment upon completion. We don't carry any development risks. Rodamco Europe will
carry some opportunity costs.
carry some opportunity costs.
Rodamco Europe will acquire a 50% share of the Zlote Tarasy development project upon completion, now expected in spring 2006. Under the terms of the agreement with the development company ING Real Estate, Rodamco Europe share will amount to approximately € 160 million.
