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JULY 2006
MCARTHURGLEN
ANNOUNCES EXPANSION
INTO GREECE
McArthurGlen has signed an EURO 80 million development deal to expand its designer outlet operations into Greece, with plans for its seventeenth location at Yalou.
Located 25km east of central Athens, Yalou has a catchment of 4.5 million people within a 60-minute drive and excellent transport links. The designer outlet is scheduled to open in autumn 2008, covering 25,000 sq metres and accommodating approximately 125 stores.
"Yalou represents an excellent opportunity to establish a solid platform in Greece that will add value to the brands we bring into the project. There has already been significant interest from some of the more illustrious names in our portfolio and I am confident that with the location and proximity of Yalou to Athens, this project will fill the needs of even more brands that have long championed the economic growth and readiness of the Greek market. We intend to bring the same awarding-winning presentation and performance that constitutes our success throughout Europe." said J.W. Kaempfer, Chairman, McArthurGlen.
McArthurGlen, which operates designer outlets in the UK, Italy, France, Austria, Germany and the Netherlands, has joined forces with Bluehouse Development, a joint venture partner in the scheme at Yalou. Yannis Delikanakis, Chairman, said, "We intended to do this deal with a world-class partner with a proven management team. This deal not only fulfils that aim, it also delivers considerable economic benefits to the community. New jobs and revenues will be generated in the community as a result of this experience. We are especially pleased to be able to introduce this project to the Greek market under the aegis of a partner as performance-oriented and quality-driven as McArthurGlen who has a track record for making such contributions to the communities they enter."
The move is part of an aggressive and continued expansion for McArthurGlen. In the past four months the company has opened Barberino Designer Outlet near Florence, Italy, and has taken over management of the B5 outlet centre, Berlin, Germany and BIGG outlet, Austria.