Amsterdam, May 26, 2011 - Kardan N.V. (“Kardan”), active in Real Estate, Water Infrastructure and Financial Services in emerging markets announces that Globe Trade Centre S.A. (“GTC SA”), the leading CEE real estate developer in which Kardan holds a 27% stake, has signed an agreement to sell its 50% stake in Galeria Mokotow in Warsaw to an affiliate of Unibail Rodamco S.E. The transaction values the asset at
EUR 475 million. The sale will generate approximately EUR 110 million of cash forGTC SA.

GTC S.A. signed an agreement for the sale of a 50% stake in its landmark development - Galeria Mokotów, based on an asset value of EUR 475 million. The purchaser is an affiliate of Unibail Rodamco S.E.– the current co-owner and manager of the shopping center. The transaction will strengthen GTC SA’s financial position even more and facilitate future developments.

“The value of the transaction demonstrates the high quality of GTC SA’s assets and its ability to generate profits upon their disposal as outlined in its strategy." said Eli Alroy, Chairman of the GTC SA Supervisory Board. "The transaction is in line with GTC SA’s strategy of rebalancing its property portfolio, including the sale of mature assets and reinvesting in further expansion. As the real estate investment market continues to improve, we proceed with recycling of capital and plan new investments in the commercial sector in Poland".

The final execution of the transaction is subject to standard closing conditions and regulatory approvals.
The estimated profit from this transaction for Kardan is approximately EUR 1 million.

Galeria Mokotow is a prime retail and entertainment center located in Warsaw. The property was completed in 2000 and remains a landmark development in the retail sector in Poland. The mall comprises 62,000 sqm of net rentable retail space, a number of renowned shops and service points, as well as a multiplex cinema. The rental income (100%) of Galeria Mokotow in 2010 amounted to EUR 24.8 million.