Sale of a retail park in France, general trading update and introduction
of sustainability-linked interest rate swaps
Sale of Chasse Sud retail park at book value
Eurocommercial Properties NV (Eurocommercial) announced today that it has sold Chasse Sud, its hypermarket anchored retail park at Chasse-sur-Rhône in France to TwentyTwo Real Estate, a European real estate investment
and management firm. The property was sold at a price of €80 million net to the vendor, equal to its latest book
value.
Chasse Sud is located on the banks of the Rhône, between Lyon and Vienne, alongside the Autoroute du Soleil (A7) and is a modern retail park comprising approximately 52,000m² including a 14,000m² Casino Géant
hypermarket and a 5,000m² logistics warehouse. The property was extended and redeveloped in 2013, and other
important retail tenants include Decathlon, Boulanger, C&A, Gemo, Bricomarché and Conforama.
This sale forms part of Eurocommercial’s disposal programme announced last year, which also included the sale
of its city centre property in Grenoble (France) and its two other standalone retail parks located in Sweden,
Moraberg outside Södertälje and Bronsen in Norrköping. These sales were completed in 2021, again at their latest book values. The sale proceeds from Chasse Sud were received today and are being used partly to fund the recent purchase from its joint venture partner, AXA, of their 50% share in Shopping Etrembières in France, at a price of €45 million and partly to improve the net financial position of the Group. Negotiations for further disposals are in progress and are expected to complete early next year.

General trading update
The strong recovery in retail sales seen across the Company’s shopping centre portfolio was announced with its
Q3 results and has continued during October. During Q3, retail sales increased by 6.5% compared to Q3 2020,
also fully recovering to their pre-pandemic levels being 1.5% above Q3 2019.
During October, retail sales growth has increased further and was 13.6% above October 2020 and 6% above the pre-pandemic October 2019 (Italy 10%, Sweden 6%, France 1% and Belgium -1%). Similarly, footfall continued to
recover during October and was 6.4% above October 2020 and only 11% below October 2019. This full recovery
of retail sales on slightly reduced footfall continues to confirm the high sales conversion rates and increase in basket size which many retailers regularly comment on.With the recent increase in the number of COVID-19 cases, the Company continues to closely monitor government
response in its markets, particularly during this busy Christmas trading period. So far, all the Company’s shopping
centres remain fully open and trading, and any new government restrictions have been limited to a wider application
of the relevant country health pass, mainly affecting entry to food and beverage outlets.
Sustainability-linked interest rate swaps
Eurocommercial recently entered into sustainability-linked interest rate swap contracts with ABN AMRO Bank in order to partially hedge the interest rate risk related to the €100 million sustainability-linked loans granted by the
bank in April 2021. The loans are used to finance two shopping centres in Italy. These sustainability-linked interest
rate swaps include incentive mechanisms for Eurocommercial as the fixed interest paying party, which are fully aligned with the sustainable performance indicators provided in the underlying loans. Eurocommercial has enjoyed
a very long-standing relationship with ABN AMRO Bank, who are one of the few banks to offer sustainability-linked
derivatives. These derivative transactions demonstrate Eurocommercial’s commitment to further integrate its ESG targets with its operating business.