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News Release


Jones Lang LaSalle Appointed to Market Silverburn Shopping Centre, Glasgow

Centre to be brought to the market in Q4 2009

London, 10th September 2009 – The Directors of Retail Property Holdings Limited, which owns Silverburn Shopping Centre, and representatives of Deloitte, acting as Receivers of The Elementary Property Company Limited (the holding company), have appointed Jones Lang LaSalle to advise them on the sale.

David Raven, Director, Retail Investment at Jones Lang LaSalle, who is leading the sale, commented: “Silverburn is the premier shopping centre in Scotland and will be highly sought after in the current market. Acquiring Silverburn offers a purchaser the opportunity to benefit from the rental growth and development opportunities offered by a maturing asset. The prime modern centre is built to a very high specification and opened in 2007.”

He continued: “Silverburn will be the largest UK shopping centre (by lot size) to be offered in its entirety to the market in 2009 and it is a very exciting project for Jones Lang LaSalle to be involved in, working alongside Deloitte.”

Jones Lang LaSalle reports that year to date, 12 shopping centres have transacted in the UK with a combined value of £1.075bn. David Raven added: “The proposed sale of Silverburn, together with other sales which are anticipated to close by the end of the year should enable the UK shopping centre market to see an annual turnover of over £2bn, double turnover in 2008. This illustrates how investor confidence is returning to the market.”