November 5, 2012

Brandboxx Almere in bankruptcy

Bankruptcy Brandboxx Almere does not affect other TCN projects

On Friday, November 2, 2012, the Civil Court of Utrecht declared Brandboxx Almere BV bankrupt, after a short period of suspension of payment. The Board of Brandboxx Almere filed for bankruptcy in consultation with the administrators who were appointed last week.

The administrators were appointed insolvency receivers. Brandboxx Almere is part of an international network of Brandboxx centers. The other TCN projects are not affected by Brandboxx Almere BV’s bankruptcy.

Background information
Brandboxx Almere BV, part of the TCN group, operate Brandboxx Almere, a 35,000 sqm purchasing and information center for retailers in the Dutch fashion industry. Brandboxx Almere BV lease two buildings, including half of the building 'the Cube', which is owned by B&S Mode Centrum Almere II CV.

Brandboxx Almere consists of two phases totaling 35,000 sqm exhibition space. The first phase, ‘the Dome’, is home to the majority of the total of 65 exhibitors and events regularly organized for retailers and exhibitors. The second phase of 15,000 sqm, 'the Cube', is largely vacant. Brandboxx Almere BV leased 7,500 sqm and B&S were responsible for the remaining 7,500 sqm. Brandboxx Almere BV had been looking for fashion tenants for this second phase for quite some time, but had also been investigating potential new destinations together with B&S.

In October 2012, B&S filed for bankruptcy of Brandboxx Almere because of a dispute about rental payment obligations. The core of the dispute between the two parties was that the current economic climate resulted in structural operating deficits for Brandboxx Almere BV. As a result they were unable to meet the contractual rental payment obligations for building 'the Cube'.

Brandboxx network
Brandboxx Almere is part of an international network of trade centers under the formula "Brandboxx" with a focus on fashion, sports and shoes. All centers make use of the many years of development and management experience TCN has in the field of trade marts. The other Brandboxx centers are not affected by Brandboxx Almere BV’s bankruptcy.

TCN has been active in the European real estate market since 1994. TCN has a great track record in transforming existing buildings and areas into comfortable, functional and safe living environments. These transformations have resulted in an asset portfolio with a value of € 410 million. As an asset manager, TCN aims at optimizing the return on these assets for both users and investors. TCN is created by 200 employees and projects in the Netherlands, Germany, the United Kingdom, Spain and Austria.


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