First Third Generation Shopping Mall in Zagreb is 100% Leased

Retail project to produce EUR 10m of net annual rental income

Zagreb, Croatia, June 30, 2007 --( Avenue Mall – the first third-generation shopping mall in Zagreb, developed by GTC Croatia – has been 100% leased. The retail project, scheduled for opening this August, will produce EUR 10m of net annual rental income.

The mall features 130 shops, 36,500 sq m of gross retail space (26,500 sq m NRA), and some of the biggest names in the fashion world. One of the world's largest fashion retailers, Inditex Group, will open its first Zara and Bershka stores in Croatia. Other international brands include Marks & Spencer, Esprit, Benetton, Calvin Klein, Tommy Hilfiger, Lacoste, Mango, Pirelli, Top Shop, Nike, Adidas, Puma, Deichmann, Bata, Jack & Jones, and Sephora.

Avenue Mall will set a new standard for Zagreb's entertainment destinations with a nine-screen Blitz Cinestar multiplex cinema with 1,800 seats. There will also be more than 500 seats in the food court and restaurants, cafés and bars featuring names like Daily New Café, Escobar and Khala. Konzum supermarket has a signed 20-year lease for 3,500 sq m and will open its flagship store there. The vast majority of the leases in Avenue Mall have been concluded for 10 years.

Avenue Mall is the first mall in New Zagreb. Its catchment area within 30 minutes’ drive includes Zagreb's entire population of 800,000 people. It has been designed to the highest world-class standards and features superb, stylish architecture.

Colliers International was appointed as the exclusive leasing agent responsible for renting the retail space in Avenue Mall.

Shalom Mor, Country Manager of GTC Croatia, said: "Avenue Mall will be the first real shopping destination in Zagreb to meet international standards. We are very proud to have developed such a world-class facility and believe that it will transform shopping here."

Ivana Bozicevic, who lead the project at Colliers commented, "This is a great achievement for us. Not only did we achieve 100% leasing before the opening of the mall, but we brought in some fantastic names. Of course, we are especially proud to have secured Inditex brands Zara and Bershka which will open their first store in Croatia in Avenue Mall."

Colliers International Southeast Europe
Christen Thomson
+ (385) 99 218 7603