Outlet announces start of Phase Three at Fashion House, Warsaw


Press release by: The Outlet Company

Warsaw-based The Outlet Company has confirmed that work has started on construction of the final 6,500 sq m Phase Three at its stunning Fashion House Outlet Centre in Piaseczno, Warsaw in Poland. Opening is scheduled for November 2007. This final phase will complete the Centre at a total of 24,000 sq m, with 130 Outlet stores plus Foodcourt, representing a total investment of EUR35 million.

What makes this remarkable is that the Centre first opened only on 16 November 2005 and, by that time, construction work had already started on a Phase Two, which duly opened on 23 August 2006. Currently, Fashion House Warsaw has 80 stores trading over 12,500 sq m GLA.

Neil Thompson, CEO of The Outlet Company commented "The rapid pace of our development in Poland, where we have three Fashion House Outlet Centres, is a sign of the dynamism of the Polish retail market, which has always been at the forefront for investors in Europe. The likely completion of our Outlet Centre in Warsaw within two years of opening is as positive an endorsement of the strength of the Polish market for international Outlet occupiers as it´s possible to get."

Thompson added that over 1.5 million visits had been recorded at Fashion House Warsaw in its first year of trading and the like-for-like retail sales comparisons were showing spectacular growth. He attributed this to the superb location just South of Warsaw city centre, the near-4 million catchment population as well as the award -winning, imaginative advertising and PR programme.

The Outlet Company is the market-leading developer of Outlet Centres in Poland. The company opened its first Fashion House Outlet Centre in 2004 – in Sosnowiec, near Katowice on 11 February and in then in Gdansk (26 October 2005), followed by Warsaw (16 November 2005). Each of them has a unique design theme; at Sosnowiec resembling a Victorian street with railway architecture and at Gdansk, a traditional fishing village, complete with its own lighthouse. The Warsaw design theme is based on Warsaw Old Town – ´Stare Miasto´. Development plans for the next two years include the opening of further Fashion House Outlet Centres in Poland and elsewhere in New Europe.

For more information on Fashion House Outlet Centres, see www.fashionhouse.pl

The Outlet Company is a joint venture between Flemish construction project developer Liebrecht & Wood and UK retail property investors experienced in the Outlet sector. It has been present on the Polish commercial real estate market for seven years.

Notes to Editors:

The Outlet Company (TOC) is a long-standing specialist outlet developer/owner on the Polish Market benefitting from expertise and investment from construction project developer Liebrecht & Wood and a British property team specialising in Outlet Centres. TOC is the sector leader in the Polish factory outlet market, with three Outlet Centres; in Sosnowiec (Southern Poland), Gdansk (Northern Poland) and Warsaw (Central Poland). Its founders have vast knowledge and experience both on local and international markets.

All Fashion House Outlet Centres are leased by CB Richard Ellis and GVA Grimley Outlet Services and are also operated by GVA Grimley Outlet Services.

There are two Outlet Centres in Poland´s capital city, Warsaw; one Fashion House Outlet Centre and one ´Factory´ owned/run by Neinver Polska. Fashion House is the bigger of the two.

For further information please contact:

Marta Stach, Imago Public Relations
tel./fax: +48 0 32 608 29 85
mobile: +48 609 808 119
e-mail: [email protected]