SpaceandPeople PLC German Contract Ext / new pilot centres started
February 27 2019 - 4:30AM
RNS Non-Regulatory
TIDMSAL
SpaceandPeople PLC
27 February 2019
SpaceandPeople plc
("SpaceandPeople" or the "Group")
German Contract Extension / new pilot centres started
SpaceandPeople plc (AIM:SAL) is pleased to announce that it has
extended its agreement with GB Immobilien G.m.b.H. ("ECE") for the
provision of Retail Merchandising Units ("RMUs") in ECE managed
shopping centres in Germany (the "Agreement").
The Agreement has been extended for a further 24 months until 31
January 2021. The number of units included in the extension period
is larger than in the previous period, with 76 RMUs compared with
65 previously. Additionally, the average rental amount payable to
ECE is lower than in the previous agreement and this better
reflects the current retail market.
Matthew Bending, Group CEO of SpaceandPeople said: "This is our
tenth year of working with ECE as a provider of RMUs in Germany.
The agreement extension enables profitable trading without large
minimum guarantees and we have removed all the RMUs that have not
traded profitably in the past. ECE is working with us to bring more
of its managed centres to us for RMU operations and estimates the
number of units will increase from 76 to 91, with the balance of
new units anticipated to start in April 2019 in time for
Easter.
"Retail Profile GmbH has rebranded in Germany as PoPRetail.de
and has also started pilot projects with HBB group, DI group and
JLL in Darmstadt for the provision of RMUs. If these pilots are
successful we see the potential for another 10 to 15 RMUs being
installed throughout the year.
For further information, please contact:
SpaceandPeople plc 0845 241 8215
Matthew Bending / Gregor Dunlay
Cantor Fitzgerald Europe 020 7894 7000
David Foreman / Will Goode (Corporate Finance)
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END
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