n e w s

FOR IMMEDIATE RELEASE
June 15, 2007
For More Information:

Chris Schroder, SchroderPR, 404.872.7289
chris@schroderpr.com

Wanda Dunaway, Balfour Beatty, 678.919.7002
wdunaway@balfourbeattyus.com

BALFOUR BEATTY CONSTRUCTION SELECTED TO RAZE AND REBUILD
MIXED-USE DEVELOPMENT AT THE PRADO

ATLANTA, June 15, 2007 - Sembler has selected Balfour Beatty Construction LLC to raze and reconstruct the landmark The Prado shopping center in Sandy Springs into a 27-acre mixed-use development situated inside the Perimeter (1-285) on Roswell Road in Sandy Springs.

Plans for the redevelopment of the 34-year-old complex include adding 345,000 square feet of new retail space, along with 15,000 square feet of office space. The anchor tenants for the four-level center will include Home Depot, Publix and Target. Other restaurants, retail shops and tenants will be announced at a later date. A parking deck, that will not be visible from Roswell Road, is also included in the development.

"The Prado in Sandy Springs is an icon for those who live in Atlanta's Northside," said Jeff George, vice president in charge of Balfour Beatty Construction's commercial group in Atlanta. "We're honored that Sembler selected our company to revitalize this landmark. We appreciate the confidence Sembler has shown in Balfour Beatty's continued commitment to building signature projects in the Atlanta area and the greater Southeast."

Balfour Beatty Construction - formerly Centex Construction - has won more than $540 million of new construction work nationally since March 31. Balfour Beatty is Atlanta's 10 th -largest commercial contractor, based on 2005 Georgia contractor revenue.

The plan includes the razing of the Retreat on Roswell Road, a 240-unit apartment that is to the south of The Prado. During construction, the existing tenants of the shopping center - Kobe Steaks, Joli-Kobe Café and Bakery, Frankie's Sports Grill, 5 Seasons Brewery, Peter Glenn Ski & Sports, International School of Skin, Atlanta Foot & Ankle Center and office tenants - will remain open.

"One of the aspects of this project that adds a level of complexity is Sembler's commitment to its retail tenants to keep their businesses open during construction," George said. "We are excited by the challenge and are focused on customer and tenant safety and satisfaction while balancing the dramatic transformation that this construction will provide to area residents."

The newly refurbished Prado is scheduled to have its grand reopening in the fall of 2008.  

About Balfour Beatty Construction

Balfour Beatty Construction (formerly Centex Construction), a leader in the U.S. commercial construction industry for 74 years, provides general contracting, at-risk construction management, design-build, preconstruction and turnkey services nationwide. The company employs 1,400+ professionals and is one of the largest contractors in the country, as ranked by ENR, with regional headquarters in four of the largest and fastest growing building markets across the country: Charlotte, North Carolina, Fort Lauderdale, Florida, Dallas, Texas, and Washington, D.C. Balfour Beatty Construction is a division of Balfour Beatty, plc, a global leader in the commercial construction industry, publicly traded on the London Stock Exchange. For more information, please visit the company's website at www.balfourbeattyus.com.

About Sembler

Sembler is a proven business leader in the Southeastern United States and Puerto Rico and for over 45 years has developed millions of square footage of quality shopping centers. With a national reputation for superior locations, innovative design, powerful tenant mix and expert management, Sembler has established the standard by which other retail centers are measured. For more information, visit www.sembler.com.