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Baltic Investments Ltd sells Jana Kazmierza International Trade Centrum
to Mandy Investments

Warsaw - combined news reports - February 20, 2006

Baltic Investments Limited, the New York-based real estate group, has sold its Jana Kazimierza International Trade Centrum -- a 9,000 s.m. office building and logistics facility in Warsaw's Wola district -- to Mandy Investments Sp. z o.o., led by developer Andrew Shepherd.

New York investment bankers M.C. Alcamo & Co., Inc. ran the auction.

"The investors held the property for six years, and were quite pleased to participate in the growth of the market," said Michael Alcamo, Managing Director for Baltic and the banker who led the deal. "We felt it was the right time to rationalize the portfolio in light of the strength in multiples in Poland."

The group also holds agricultural land south of Gdansk and an 8,000 sqm hotel development site in Malbork, opposite Malbork Castle.

After the Wola property came to market last summer a bidding war broke out, which lasted several months. "In the end, we felt the final price was very fair," said Alcamo, "I compliment Andy Shepherd on his commitment to the transaction."

Jana Kazimierza Centrum was 70% occupied at the close, and tenants include a Russian drill bit maker, a Chinese granite distributor, and several food wholesalers. Mandy Investments said it planned to continue to operate the structure as an office and logistics facility and to upgrade its operations.

Alcamo would not disclose the purchase price, but said it was "well north" of the price per square meter paid in late 2004 by French pharma company Servier a.s. for the 9,000 sqm adjacent parcel. Servier recently moved into its Polish headquarters on the site.

Baltic Investments Limited was advised by Michael Davies of Siemiatkowski & Davies, and received structuring, local market, and valuation advice from Ben Bannatyne, Central European Regional Director for Jones Lang LaSalle Sp. z o.o.

Mandy was advised by C/M/S Cameron McKenna. "We were extremely pleased with the professional advice we received," said Alcamo, "and we look forward to our next transaction in Poland."