Since the start of the high street strategy in September 2011, Vastned has continued its strategy in a proactive and disciplined manner. We have made signifi cant improvements in the quality of the portfolio and we created stronger clusters. This has been one of our strengths over the past few years.

We will continue to focus on the best shopping streets in the best shopping cities in large European cities, primarily focusing on growth in five selected cities: Amsterdam, Antwerp, Madrid, Paris and Barcelona. We will focus on growth of the clusters in these cities in a pragmatic and disciplined way, step-by-step.

The divestment of the Turkish portfolio clearly adds to the further stability of the portfolio. The current geopolitical, political, and economic situation in Turkey and the expectation that it will not improve in the short to medium term, makes its less attractive for retailers to be present in Istanbul, putting rents under pressure in the future. As the divestment of this portfolio contributes to our goal of generating stable results, we are pleased we can today announce the sale of our Turkish entity.

Due to the size of this divestment we have decided to use part of the proceeds to buy back shares following the closing of the transaction. Due to the combination of the divestment and the share buy-back the expected direct result for 2017 of € 2.10 - € 2.20 per share, as announced on 15 February 2017, will be unchanged.