Following the strategy of LAMDA Development for further development in Central Eastern Europe, as well as its strategy for further collaborating with major companies specializing in real estate and the optimum management of risk, the Company has signed an agreement with GEK SA for the joint establishment of a new company in Bulgaria in order to buy and develop a 13,5 sq plot of land in the ring road of Sofia. The total price of the plot is Euro 5 million approx and the participation of LAMDA Development or its subsidiary will be 50%. The plot will be developed following the final approvals from the authorities of Sofia in due time when also the business plan will be announced.