FASHION HOUSE Development has some of the best performing Factory Outlets in Europe and that is official.

FHD celebrates two out of their four Outlet Centres appearing within the Factory Outlet Centre Performance report 2009 top ten list presented at the ICSC European Factory Outlet Centre Conference in Milan this month. FASHION HOUSE Outlet Centre Warsaw ranked at number 4 and FASHION HOUSE Outlet Centre Sosnowiec came in at number 10

GVA Outlets, who manage and operate all FHD outlets, were also tipped to be the rising stars of the Outlet sector.

Neil Thompson, CEO, FASHION HOUSE Development explains ’This is a significant achievement and a clear endorsement of what we do. We ranked higher than some of the top names in the Outlet sector in Europe.’ He adds ’This demonstrates the high regard in which our projects are held for their design, management and marketing and recognises our commitment, focus and expertise.’

The results were part of an ongoing joint research project by Ecostra and CBRE based on feedback from leading Outlet brands across Europe including Nike, Levi’s and Puma.

FHD are the only Outlet developer in Europe whose business model enables it to work with 100% FHD own-investor funded projects, or match up FHD investors with joint venture partners on FASHION HOUSE projects, or add value to appropriate 100% third party owned outlet development projects, by providing the FASHION HOUSE brand under licence tied in with the use of FHD’s renowned outlet expertise in development and management.

Since their launch in 2008 FHD have quickly become the leading Outlet developer in the CEE with Outlet Centres in Gdansk, Sosnowiec, Warsaw and Bucharest. They already have land acquired for a second Outlet Centre in Bucharest and two in Russia with sites in Moscow and St Petersburg. With several other locations in the planning stages it is exciting times for FHD.

Neil Thompson adds: ‘This is the latest achievement in the continuing success of FASHION HOUSE Development and is a reflection of our team’s commitment and expertise.’

For further details please contact Nancy Riach, Head of PR, FASHION HOUSE Development and GVA Outlets on 07984 176303 or nancy.riach@gvagrimley.co.uk

Notes to Editors

FASHION HOUSE Development (FHD) is the successor to Warsaw-based The Outlet Company (TOC), which developed the market leading portfolio of successful Fashion House Outlet Centres in Poland. FHD is a partnership between several parties formerly involved in TOC (including Liebrecht & Wood and GVA Outlets). Following the sale of these Outlet Centres to Allied Irish Bank’s Polonia Property Fund II, FHD continues with their operational management under the FASHION HOUSE brand licence. FHD is developing a considerable pipeline of Outlet Centre projects in Romania, Russia and Ukraine, including FASHION HOUSE Bucharest and FASHION HOUSE Moscow.

FASHION HOUSE Development is the only Outlet Centre developer in Europe with a business model enabling it to work with either 100% FHD own-investor funded projects; or with FHD investors in different joint venture partnerships on new FASHION HOUSE projects; or to add value to appropriate 100% third- party owned projects, by providing the FASHION HOUSE brand under licence, incorporating the use of FHD’s renowned outlet expertise in development and management.

Together with its principal partners, Liebrecht & Wood and GVA Outlets, FHD offers investors and developers an Outlet-dedicated, premium quality, experienced team, expert in the fields of Outlet shopping centre design, development, finance, operation and management across Europe. Consequently, the FH brand has built up a notable following of world-famous branded retail tenants. For further information see www.fashionhouse.com

Liebrecht & Wood is a Flemish construction project developer of retail, office and logistics parks. It has been focussing on CEE, successfully developing major projects in Poland and Romania over the last 20 years including: Flanders Business Park and Kopernik Office Buildings in Warsaw, and Victoria Park, and Militari Shopping Centre in Bucharest. For further information, see: www.liebrecht-wood.com

GVA Outlets is the only independent, pan-European, integrated, specialist Outlet services business able to Lease, set-up, operate and market Outlet Centre schemes. GVA Outlets dominates the Central & Eastern European region, leasing or operating nine Outlet Centres for five different clients in seven countries, with another seven schemes in development. For more information, see: www.gvagrimley.co.uk/outletservices