October 30, 2012

TCN UROP SE and Brandboxx Almere in suspension of payment

Earlier today, the Civil Court of Utrecht granted TCN UROP SE and Brandboxx Almere BV a suspension of payment. Earlier this month, B&S Modecentrum Almere II C.V. filed for bankruptcy of both Brandboxx Almere BV and parent company TCN UROP SE, because of a dispute over the financial lease obligations of Brandboxx Almere BV for the project Brandboxx Almere.

Because suspension of payment was granted, both bankruptcy applications were rejected. The other Brandboxx centers will not be affected by the suspension of payment for Brandboxx Almere BV and TCN UROP SE. LLM J. Westerhof of Holland Van Gijzen Lawyers and Notaries and LLM A. van der Schee of Van Benthem & Keulen Lawyers & Notaries were appointed administrator.

Background information
Brandboxx Almere BV, part of the TCN group, operate Brandboxx Almere, a 35,000 sqm purchasing and information center for retailers in the Dutch fashion industry. Brandboxx Almere BV lease two buildings, including half of the building 'the Cube', which is owned by B&S Mode Centrum Almere II CV.

The core of the dispute between the two parties is that the current economic climate has resulted in structural operating deficits for Brandboxx Almere BV. As a result they have been unable to meet the contractual rental payment obligations for building 'the Cube'.

Brandboxx Almere BV have presented a number of alternatives to B&S Mode Centrum Almere II CV to resolve the dispute. The parties, however, were unable to reach an agreement, resulting in the suspension of payment. TCN UROP SE are part of the dispute because they have issued a parent guarantee on the lease of Brandboxx Almere BV.

About Brandboxx Almere
Brandboxx Almere consists of two phases totaling 35,000 sqm exhibition space. The first phase, ‘the Dome’, is home to the majority of the total of 65 exhibitors and events regularly organized for retailers and exhibitors. The second phase of 15,000 sqm, 'the Cube', is largely vacant. Brandboxx Almere BV leases 7,500 sqm and B&S are responsible for the remaining 7,500 sqm. Brandboxx Almere BV have been looking for fashion tenants for this second phase for quite some time, but have also been investigating potential new destinations together with B&S.

TCN developed the then called 'Fashion Center Almere' in 2001 and expanded and renamed it Brandboxx Almere in 2006. The center was positioned by TCN as purchasing and information center for the fashion retailer. The property was transferred to investors. In recent years a lot of effort has been put into decorating the establishment and into providing services. For example, a fully equipped exhibition floor of approximately 2,500 sqm provides room to organize a large number of exhibitions every year, not just for exhibitors but also for other parties. The location also includes a number of additional areas that can be used for meetings and events.

Brandboxx network
Brandboxx Almere is part of an international network of trade centers under the formula "Brandboxx" with a focus on fashion, sports and shoes. All centers make use of the many years of development and management experience TCN has in the field of trade marts. The other Brandboxx centers will not be affected by the suspension of payment for Brandboxx Almere BV and TCN UROP SE.

TCN has been active in the European real estate market since 1994. TCN has a great track record in transforming existing buildings and areas into comfortable, functional and safe living environments. These transformations have resulted in an asset portfolio with a value of € 410 million. As an asset manager, TCN aims at optimizing the return on these assets for both users and investors. TCN is created by 200 employees and projects in the Netherlands, Germany, the United Kingdom, Spain and Austria.


More information:
For further information about TCN, please visit: www.tcnpp.com

For further information about this message, please send an email to directie@tcnpp.com.

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