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Panorama and Rimi Hypermarket shake hands

The shopping and entertainment centre Panorama, now under construction in Vilnius, today signed a lease agreement with AB Rimi Baltic Group. RimiHypermarket will cover the floor space of 8,840 square meters in the modern centre owned by the Baltic States’ currently largest real estate developer E.L.L. Real Estate.

The total area of Panorama will be 65,000 square meters, including 50,000 square meters for lease. The shopping and entertainment centre will devote 31,000 square meters to retail trade and around 10,000 to the leisure and entertainment area.

According to Aldo Dapon, Chairman of the Board of Directors of E.L.L. Real Estate, Rimi and ELL Real Estate look back at their lasting relationships. “This retail company operates in our developed centre Mandarinas and our owned shopping centre Saulės miestas, and now became our partner for Panorama as well. Apart from that, we co-operate with Rimi in Latvia,” Aldo Dapon says.

According to Panorama Director Raimondas Bureika, the agreement with Rimi is an extra significant event because the food operator has great influence on the type of customers who will visit the shopping and entertainment centre. “We believe that consumers of RimiHypermarket and Panorama are similar, which makes our co-operation purposeful,” Bureika says.

Rimi Hypermarket- a light, modern place to shop and popular among customers – will be a perfect match for the new and modern shopping and entertainment centre. We are convinced that both partners and visitors will be happy with the Rimi Hypermarket shopping centre. Here we will create a convenient space and a cosy environment to shop and will offer a wide assortment along with good prices,” Rimi Lietuva General Manager Paulo Peereboom said.

The opening of Panorama is due in the spring of 2008. E.L.L. Real Estate’s investments into this shopping and entertainment centre will exceed 260 million litas.