| In March 2008 this strategic review resulted in an agreement with CPI/Gazit Holdings Limited, a joint venture between Gazit-Globe Limited, and CPI Austria Holdings Limited. Under this agreement CPI/Gazit agreed to undertake a significant strategic investment of at least EUR 800m in the Property Company accompanying changes in the company structure agreed with CPI/Gazit include the internalization of the Group’s management and recruitment of a new management team as well as the reconstitution of the Board of Directors. In addition it was agreed to terminate the existing contractual arrangements with the manager and Meinl Bank and to repurchase and cancel the company’s partly paid shares, as well as the ordinary shares underlying the 88.815m certificates acquired and held on behalf of the Company Finally the name of the Company was changed to Atrium European Real Estate. |