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2010-07-21 ||| Resolution to Sponsor IBP Journalism Awards 2010

Resolution Property will be sponsoring the prestigious IBP Journalism awards on the 25 November 2010. The awards recognise and reward the outstanding talent of journalists writing in the business press.

2010-06-21 ||| Resolution acquires Polish mall for EUR 51m

European real estate investor Resolution Property has purchased Galeria Pomorska in the northern Polish city of Bydgoszcz for EUR 50.75 mln, reflecting an initial yield of 10%.

Resolution acquired the centre from Babcok & Brown on behalf of Resolution Real Estate Fund III. CB Richard Ellis advised Resolution, while Balmain Asset Management acted for the vendor. Balmain has been retained by Resolution as its local asset management partner. Resolution said that the 20,000-m2 Galeria Pomorska is one of the best-established shopping centres in Bydgoszcz, Poland's eighth largest city. The asset adjoins a 9,890-m2 Carrefour hypermarket, which is not included in the purchase. Resolution has an active asset management strategy for the centre. This will include tenant re-engineering, remerchandising and expanding the centre in line with a recently approved master plan that allows for a 12,000-m2 extension. Peter Todd, director at Resolution Property, said: 'Having monitored the Polish retail market for some time, our decision to acquire Galeria Pomorska was driven by its strong income stream coupled with the opportunity to unlock increased returns through Resolution's long-established active management strategy. This is against the backdrop of Poland's highly resilient economy and the recognised growth potential of the city of Bydgoszcz.' Galeria Pomorska is Resolution's second purchase in mainland Europe in recent weeks, following its acquisition of McArthurGlen Troyes from Henderson Global Investor's European Outlet Mall Fund for EUR 85.5 mln. Resolution Real Estate Fund III currently has close to EUR 1.5 bn of spending power to invest across mainland Europe and the UK.

2010-06-21 ||| Resolution Property buys McArthurGlen Troyes Mall for EUR85.5M

Resolution Property has acquired McArthurGlen Troyes from Henderson Global Investor’s European Outlet Mall Fund for €85.5m.

Resolution Property has acquired McArthurGlen Troyes from Henderson Global Investor’s European Outlet Mall Fund for €85.5m. The purchase, as part of the Resolution Real Estate Fund III L.P, is Resolution Property’s first in France, the finance for the deal was provided by German bank Helaba. Located in the heart of France’s textile region, McArthurGlen Troyes spans 30,000 sq m and is approximately 90 minutes from Paris. Comprising 118 units, it offers a comprehensive tenant mix, including brands such as Polo Ralph Lauren, Burberry, Guess, CK Jeans, Geox, Eden Park, Lacoste, Adidas, Reebok and Nitya among many others. Speaking about the acquisition, Peter Todd, Director at Resolution Property said: “This is a significant purchase for us, being our first in France - a location which we’ve been interested in for some time and where we continue to seek opportunities. As part of our Resolution III fund we have a spending capacity of approximately €1.5bn to invest across Europe, including the UK.” David Williams, Fund Manager for Henderson’s European Outlet Mall Fund added: “The sale of Troyes by the European Outlet Mall Fund has proved that high quality designer outlets remain attractive to the international investment community as a whole. Outlets of this quality are the hallmark of the European Outlet Mall Fund and generate strong turnover growth even during periods of negative economic growth. The investment, asset and development management skills of Henderson Global Investors and McArthurGlen have made Troyes one of the best outlets in France. Our intention now is to recycle the capital raised from the sale of Troyes back into our fund in order to help finance other exciting value creating opportunities which we are currently exploring.” Jeremy Eddy, Head of EMEA Retail Capital Markets at Jones Lang LaSalle said: “Resolution Property’s acquisition confirms the strong investor appetite for French retail property. Investment opportunities remain rare, particularly assets with characteristics of McArthurGlen Troyes outlet which has an attractive lot size, long term income security, and the potential for improvements to the rent roll and performance of the asset.” Opened in 1995, Troyes was McArthurGlen’s first outlet in Continental Europe and has since been successfully developed in four phases. With the potential to expand further still, Resolution Property will be assessing the benefits of future development. The outlet is located in Pont-Sainte-Marie, deemed one of the most successful areas for designer outlets in France. McArthurGlen Troyes benefits from a large catchment area and attracts approximately 3 million visitors a year. A proposed Oxylane Village by Decathlon on a site north of the outlet will work to strengthen the location further. McArthurGlen will retain its role as manager of the outlet, working in partnership with Resolution Property. Henderson’s European Outlet Mall Fund and McArthurGlen will continue their close partnership, with McArthurGlen managing all assets in the Fund’s €1.4bn portfolio. Henderson and McArthurGlen remain co-investors in the European Outlet Mall Fund. Jones Lang LaSalle acted on behalf of Resolution Property whilst Henderson Global Investor’s were represented by Cushman & Wakefield. Cushman & Wakefield Financial Services acted for Resolution Property during discussions with Helaba Bank. Helaba Bank acted as Arranger, Sole Lender and Swap Provider through it origination unit in Paris and has been advised by Godet Gaillard Solle Maraux & Associés and Allez & Associés.

2010-06-21 ||| Resolution Property buys Galeria Pomorska in Bydgoszcz, Poland for EUR50.75 million

Resolution Property, the leading European real estate investor, has purchased Galeria Pomorska in Bydgoszcz, Poland for €50.75 million, on behalf of Resolution Real Estate Fund III. Resolution was advised by CB Richard Ellis.

The 20,000-sq-m Galeria Pomorska is one of the best-established shopping centres in Bydgoszcz, Poland’s 8th largest city, boasting a first-class line up of tenants including Euro Rtv Agd, Empik, Reserved, Smyk, H&M, Almi Décor, CCC and Carry. It adjoins a 9,890 sq m Carrefour hypermarket, not included in the purchase. Resolution aims to capitalise on Galeria Pomorska’s established customer base and the strong economic growth potential of Bydgoszcz, via an active asset management strategy. This will include tenant re-engineering, remerchandising and the opportunity to expand the centre in line with a recently-approved masterplan that allows for a 30,000-sq-m extension to the existing mall. Peter Todd, Director at Resolution Property, said: “Having monitored the Polish retail market for some time, our decision to acquire Galeria Pomorska was driven by its strong income stream coupled with the opportunity to unlock increased returns through Resolution’s long-established active management strategy. This is against the backdrop of Poland’s highly resilient economy and the recognised growth potential of the city of Bydgoszcz.” The purchase represents an initial yield of 9.5%. Galeria Pomorska is Resolution’s second purchase in mainland Europe in recent weeks, following its acquisition of McArthurGlen Troyes from Henderson Global Investor’s European Outlet Mall Fund for €85.5 million. Resolution Real Estate Fund III currently has close to €1.5bn of spending power to invest across mainland Europe and the UK. Patrick O’Gorman, Head of Capital Markets Poland, CB Richard Ellis, said: "This transaction illustrates the significant latent value that is available in the Polish retail investment market when compared to other parts of Europe: buying strong real estate at attractive levels of return." The vendors were Babcock & Brown, who were advised by Balmain Asset Management and Cushman & Wakefield.

2010-06-21 ||| Soho House has made its European debut at Robert Laurence's Resolution Property 1 Torstrasse scheme

The private members club over six floors has a 40-room hotel, pool and spa, and will open in July with Italian restaurant Cecconi’s. Resolution has also let part of the scheme to venue and exhibition space the Vinyl Factory.