A TRIPLE WIN FOR FASHION HOUSE OUTLET CENTRE AS GDANSK WINS OUTLET CENTRE OF THE YEAR AT THE CEE RETAIL REAL ESTATE AWARDS

For the third year in a row a FASHION HOUSE Outlet Centre owned by POLONIA PROPERTY FUND II has won the CEE Factory Outlet of the Year.

FASHION HOUSE Outlet Centres have won the award for the last three years running with Liebrecht and wooD's development of phase 3 FASHION HOUSE Outlet Centre Warsaw in 2008, Polonia Property Fund II Limited's development of phase 3 FASHION HOUSE Outlet Centre Sosnowiec in 2009 and in February 2011 it was announced that FASHION HOUSE Outlet Centre Gdansk Phase 2 is the winner for 2010.

EuropaProperty CEE Retail Real Estate Awards highlight the growing international significance of the commercial retail real estate market and related industries in the CEE region from both a development and investment perspective.

The jury decision was based on the Centre's achievements in 2010, including the completion of the second phase of the expansion adding 50 outlets to the existing offer and adding 10,000 sq m build area with 7,200 sq m GLA, bringing the total to 16,600 sq m.

Brendon O'Reilly, Managing Director, FASHION HOUSE Group-which manages the Gdansk project on behalf of POLONIA PROPERTY FUND, is delighted: 'FASHION HOUSE Outlet Centre Gdansk is a well deserved winner and we are delighted. It is a fantastic Outlet and the team responsible do a superb job. The CEE is a rapidly expanding marketplace especially for the Outlet sector providing enormous opportunities for consumers, operators, brand manufacturers and retailers alike.'

Anna Duchnowska, Head of Asset Management, POLONIA PROPERTY FUNDS adds 'I would like to congratulate the FASHION HOUSE and POLONIA PROPERTY team and thank them for all their efforts and hard work which contributed to this great success. All 3 of our projects have now been recognised for their excellence and we aim to continue providing best of class services in order to maximise the performance of the Fashion House portfolio in Poland.'

The event held at the five-star Intercontinental Hotel, Warsaw brought together some of the top-performing firms from all of the major retail market sectors in the rapidly expanding CEE region. The award winners were selected by the esteemed members of the EuropaProperty CEE Retail Awards Academy comprised of senior industry professionals.

FASHION HOUSE Outlet Centre Gdansk is northern Poland's only Outlet Centre and is located in the Szadolki district near the Baltic coast and is one of the most popular tourist areas in Poland with over 1.7 million people within a 90 minute catchment area and a further 1.5 million visitors.

Phase one opened in October 2005 with 9,500 sq m and a range of leading retail names including adidas, Big Star, Gino Rossi, Levi's, Mexx, Lee Cooper, Wittchen, Timberland, Converse, Puma, Quiksilver and Nike with phase two adding a high calibre line up including Triumph, Clarks, Camel Active, Coccodrillo, Reserved and Benetton.

The FASHION HOUSE Outlet Centres in Poland were acquired in 2007/2008 by POLONIA PROPERTY FUND II Limited and continue to enjoy huge success being operated by FASHION HOUSE Group.

FASHION HOUSE Group has a three-fold offer including the FASHION HOUSE Development portfolio of owned FASHION HOUSE Outlet Centres, FASHION HOUSE Franchise offering a third party investment platform under the FASHION HOUSE brand and the FASHION HOUSE Management functions including the operations and management of third party owned outlet centres including the Polish centres.