RNS Reach Story
Go to market news section View chart   Print
SpaceandPeople PLC   -  SAL   

German Contract Ext / new pilot centres started

Released 10:30 27-Feb-2019

RNS Number : 2787R
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)

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
NRABDLFLKLFFBBB
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


German Contract Ext / new pilot centres started - RNS