The amendment for master agreement
Current report no.: 13/2016
With reference to the current report number 43/2015 dated 22 December 2015, the Management Board of LPP SA hereby informs that on 31 March 2016 an amendment for a preliminary contract for lease of commercial premises in London, Oxford Street has been signed between LPP SA and LPP Reserved UK Limited and BHS Limited.
The duration of the lease agreement is changed – from 25 years to 10 years and the value of the lease agreement is changed from PLN 675 million to about 226 million PLN.
Opening of the store is expected in the fourth quarter of 2017 year.
The agreement does not differ from those commonly used for this type of agreement, and the criterion of declaration of the contract is the value exceeding 10% of the equity of LPP SA.