(P) Immpuls: "The refurbishment needs of local shopping centers exceed 200 mil. EUR"

• More than a third of Romanian shopping malls have to go through renewals and improvements • Changes to the development of shopping centers will be discussed in the conference "The Future of Shopping Centers in Romania", the third event of Immpuls’ series "The Truth Behind the Facade" Immpuls – leading real estate consulting, design and project management company - estimates that more than 500,000 square meters of shopping centers require works to adapt to market conditions and trends. With investments of up to 500 EUR /sqm, the refurbishment costs for existing malls rise at over 200 mil. EUR. Of all the works, the reconversion of spaces and the expansions works needed to improve the mix of tenants make up 40 % of the total investments costs required for a shopping center. "Inside and outside face-lift is part of the normal life cycle of shopping malls in any market. But existing centers in Romania must do more and invest in functional changes to improve the tenant mix. That will help them to capitalize on the opportunities and consumer trends or simply to survive", stated Tudor Popp, Managing Partner Immpuls Real Estate Solutions. „The entertainment and leisure facilities are the key elements of the social mall. In the next period, we will see developments of the food courts, adding fine dining facilities, as well as an increase in the type and quality of the entertainment. Concurrently, owners need to value more the cinema, which, despite the 14 % market plus recorded last year, still has a low penetration rate of 0.45, compared to other markets, where the ratio of sold tickets and total population is 0.9 (Poland), 1.1 (Czech Republic), 1.8 (Austria) and 3 (France)”, added Popp . Refurbishment include processes like face-lifts (improving aesthetics, materials and design - requiring on average 30% of total investments), functional reconversion and extensions (accounting for 40% of costs) and technical upgrades needed to meet the requirements of international retailers or for cost effectiveness (improvements which represents about 30% of investments). The current status of commercial centers in Romania and the perspectives for development are subject of debate during the conference "The Future of Shopping Centers in Romania", Wednesday, May the 7th, at Hotel Novotel Bucharest, starting at 9.00. Local and international experts will cover: • Influencing factors (economy, consumers, retailers and competition) • The evolution of consumers and retailers • The quality of shopping centers • Development models and strategies • Differentiation and competition

• Getting the refurbishment right.

The conference, the third event of Immpuls’ series "The Truth Behind the Facade" benefits from a panel of leading speakers that includes: • Georgios Argentopoulos - CEO Baneasa Commercial Area • Domenico Del Priore - Director Goodster • Ali Ergün Ergen - Managing Partner TBE • Matei Florea - Partner Schönherr Romania • Harald Flöer - Fund Director Aberdeen Immobilien Kapitalgesellschaft • Razvan Gaita - CEO Anchor Group • Ioana Gheorghiade - Executive Director Project Finance BCR Erste Bank • Gijs Klomp - Managing Director Jones Lang Lasalle • Hannes Lindner - Managing Partner Standort + Markt • Stephan Mayer-Heinisch - Chairman Austrian Council of Shopping Centers • Robert Maxim - Managing Partner Ensight Management Consulting • Luiza Moraru - Head of Retail and Property Management CBRE Romania • Peter Pointner - Managing Partner Gastro Immobilien Börse • Harald Schaller - Senior Asset Manager Retail Immofinanz AG • Brigitte Schmitt - Managing Partner Oasis Shopping Center Services.