Retail Profile Germany - ECE Contract Renewal

RNS Number : 8095X

SpaceandPeople PLC

06 May 2021

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

SpaceandPeople plc

("SpaceandPeople" or the "Group")

Retail Profile Germany - ECE Contract Renewal

SpaceandPeople plc (AIM:SAL) is delighted to announce that it has renewed 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 is for a five-year period until April 2026. The number of RMUs included in the Agreement is a minimum of 58 RMUs in 30 shopping centres, with the aim of agreeing further venues and RMUs throughout the contract period. The commercial terms of this Agreement are attractive to both parties and the Group is looking forward to accelerating the number of RMUs in operation as soon as the venues reopen from lockdown.

Nancy Cullen, CEO of SpaceandPeople said: "This renewal of our commercial partnership with ECE, our largest client in Germany is a fantastic result for the Group and is testament to the great work that the management team in Germany have delivered over the past years. This Agreement will enable us to trade profitably without large minimum guarantees and expand the amount of business we do with ECE."

Hauke Hansen, Director of GB Immobilien G.m.b.H. said: "We are delighted to be extending and expanding our relationship with Retail Profile Germany for another five years. This new agreement will allow us to offer vibrant RMU retailing throughout our portfolio of shopping centres in Germany as soon as they begin to reopen from lockdown."

For further information, please contact:

SpaceandPeople plc    0845 241 8215

Nancy Cullen / Gregor Dunlay

Zeus Capital Limited (Nominated Adviser and Broker)           020 3829 5000

David Foreman, Jamie Peel, Rishi Majithia

 

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