PRESS RELEASE
September 26, Bucharest

Tiago Malls, the biggest planned investment in Romanian Retail Malls is launched

Over 700 mil euros invested in 10 malls in less than 4 years. This is the investment plan that Mivan Development, the developer of Tiago Malls and one of the worlds' leading specialists' construction and development companies, backed by Irish Moritz Group, announced for the biggest malls project developed so far in Romania.

"Tiago Malls is the main investment recently announced in Romania. The total amount estimated to be invested at the moment is 700 million euros. We have already bought another 600,000 sqm of land with a value in excess of 150,000,000 million euros", states John Houghton, Property Director Mivan Development.

The ten Tiago Malls will be built in cities with over 100,000 citizens such as: Oradea, Targu Mures, Ploiesti, Brasov, Bacau, Sibiu, Brasov, Galati, Arad, Iasi and Baia Mare. For all these cities Tiago Malls will set the benchmark in terms of malls concept design, being the most expensive building in the area.

Two years of planning time and cost have been spent for Tiago Malls' concept design. The design of the interior and exterior space is carefully planned in order to result an elegant building alive and vibrant. The visitors will have a distinctive shopping experience, that of "a city within a building".

All Tiago Malls will occupy prime sites close to main urban areas. So far 70% of the land needed is secured and in preparation for construction. The first mall to be opened is Tiago Oradea in 2008. Another 4 will follow in 2009: Tiago Targu Mures, Tiago Ploiesti, Tiago Bacau and Tiago Brasov. Colliers International was appointed as exclusive agent for all five of them. In 2010 and 2011 Tiago Sibiu, Tiago Galati, and Tiago Arad and another two Tiago malls will be built.

Each mall will provide between 25,000 and 30,000 square meters of gross lettable area on two or three levels, benefiting from over 1,000 parking places and circa 150 shops. The efficient design of the retail space will ensure key locations for the anchor stores positioned in all main sectors of the mall. This layout generates high traffic in all areas of the center, balanced between large stores, medium and small shops with a good tenant-mix of various retail types and popular brands.

National and international brands already present on the market, as well as new entries are keen to open a future shop in Tiago Malls. With some brands, partnerships for several locations are at advanced discussion stage.

Also Tiago Malls will provide a well defined entertainment segment including multiplex cinema, games arcades and various food court outlets with international restaurants, fast food units and coffee shops. Besides these, Tiago Malls offer a variety of essential services to their visitors including pharmacy, dry cleaning, hair dressing, banking facilities, etc.

"Tiago Malls will expect over 15,000 customers daily. By 2011, 75% of all Romanians will have less than one hour car journey to a Tiago Mall" states Alan McCready, Operations Director Mivan Development.

The presence of Tiago Mall in a city will help developing the infrastructure of the immediate area. The total amounts invested in infrastructure for one mall is estimated between 70 - 90 mil euros. Besides the positive economic impact, a Tiago Mall will bring 750 new jobs for each location.

So far Mivan employed over 200 staff and consultants in Romania and abroad for developing Tiago Malls Project.

Tiago Malls in Figures

• 10 Tiago Malls will be built by 2011


• € 700,000 million is the estimated total investment


• € 5m to € 7m euros are invested in the planning and concept designs for each mall


• € 70 million is the estimated development budget for each mall


• 70% of the land necessary to build Tiago Malls has been acquired


• 25,000 - 30,000 square meters gross lettable area in each mall


• 150 stores in each mall


• An average of 1,000 parking places for each mall


• Over 15,000 visitors are expected daily in Tiago Malls


• Less than 1 hour driving distance from a Tiago Mall for 75% of the Romanian people

Notes for Editors:

1. The Mivan Group (www.mivan.com) is one of the world's leading specialist construction and development companies, with offices in the UK, Europe, USA, Middle East, Far East and now, Romania.