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European Retail Guide

Shopping Centres
March 2012

// Introduction
These challenging markets for retail property present a special opportunity to be well positioned for the recovery that will come. We at DTZ are now well placed to help our clients throughout Europe and the rest of the world. We see huge potential to invest in quality retail property, for retailers to expand in new markets and for preparation for new development. Good asset management, including selective refurbishment and redevelopment, a deep understanding of markets backed by high quality research and access to the best opportunities are our commitment to our clients. DTZ and our clients are involved in all aspects of retail property, but we have a special passion for shopping centres: we are advising on over 500 throughout Europe. Shopping centres offer a special place to do business and are a great opportunity to add value. We think it is timely to prepare this guide and hope it will encourage all those involved in shopping centres to think about their next initiative to take advantage of a unique market opportunity in 2012.

Welcome to our rst edition of European Retail Guide Shopping Centres. This guide provides high-level data on the European shopping centre industry. It is designed as a reference document for comparing shopping centre provision across major cities and identifying hotspots for future areas of development. The information provided is similar for all cities in order to facilitate comparison. The guide includes: statistics on the major cities and their respective national economies, including GDP growth, earnings and retail sales gures information on shopping centre provision, including number of existing schemes, as well as those in the pipeline information on rents, lease structures and legal aspects a list of the ve largest schemes in operation in each city, as well as a map locating them

The uncertain economic climate of recent months has led to muted consumer spending in many European markets. This economic slowdown, as well as growing difculties in securing nancing and governmental permits in many countries is limiting new shopping centre development. Consequently, demand for shopping centres is focused mainly on established schemes where retailers are still seeing opportunities, despite the challenging conditions. In this new guide we assess socio-economic trends, as well as trends in the retail market in order to provide our view on the adequacy of current levels of shopping centre provision and identify main hotspots for future opportunities. We hope you enjoy this publication!

Magali Marton Head of CEMEA Research

Karine Woodford Head of Occupier Research

Martyn Chase European Retail Sector Head

European Retail Guide - Shopping Centres | 03

// Table of content
DTZ Retail EMEA key statistics
Belgium_____________________________ Brussels 10 CZR________________________________ Prague 12 Denmark____________________________ Copenhagen 14 Estonia______________________________ Tallinn 16 Finland______________________________ Helsinki 18 France______________________________ Lille 20 Lyon 22 Marseille 24 Paris 26 Germany____________________________ Berlin 28 Cologne 30 Dusseldorf 32 Frankfurt 34 Hamburg 36 Leipzig 38 Munich 40 Stuttgart 42 Hungary_____________________________ Budapest 44 Ireland______________________________ Dublin 46 Italy_________________________________ Milan 48 Rome 50 Latvia_______________________________ Riga 52 Lithuania____________________________ Vilnius 54 Netherlands_________________________ Amsterdam 56 Rotterdam 58 Poland______________________________ Warsaw 60 Portugal_____________________________ Lisbon 62 Spain_______________________________ Barcelona 64 Madrid 66 Sweden_____________________________ Stockholm 68 Turkey______________________________ Istanbul 70 United Kingdom______________________ Birmingham 72 Bristol 74 Cardiff 76 Edinburgh 78 Glasgow 80 Leeds 82 London 84 Manchester 86 Ukraine_____________________________ Kyiv 88

2011

500 10m
"High street shops" "Key clients"

We are involved in some 500 shopping centres advising 150 owners in EMEA. The total oor area is over 10m sq m (107m sq ft). We are involved in many more high street shops and retail warehouse projects. Our key clients include Unibail Rodamco, ING, Henderson, La Salle, Hammerson, Westeld, Klepierre and Corio. Our shopping centres are best in class: Westeld London, Westeld Stratford City, Bullring Birmingham, Zlote Tarasy Warsaw and MyZeil Frankfurt are examples. We are market leader in UK, Netherlands and Poland. We are market leader for shopping centre management: over 200 shopping centres in EMEA.

"Best in class"

"Market leader"

200

04 | European Retail Guide - Shopping Centres

// European Retail Guide - Shopping Centres


A testing market but opportunities remain
The European economy is still struggling. The ongoing sovereign debt crisis has brought about strict austerity measures, low wage growth and rising unemployment across most of Europe. This is feeding through to lower condence levels for both consumers and retailers, which in turn is impacting on overall spending levels. Despite a weakening outlook, demand for shopping centre space is holding up, particularly in prime schemes where opportunities remain for retailers wanting to expand. Secondary centres, on the other hand, are bearing the brunt of the downturn, with falling demand and increasing vacancy. This is reinforcing polarisation in many markets. Shopping centre development and supply per capita vary greatly by country and city. Compared to the European average of 382 sq m, Stockholm has the largest stock per inhabitant in Europe, whilst Vilnius has the lowest. The lack of shopping centre development in some markets can be due to a cultural preference for other retail formats (i.e. Vilnius) or to difculties in obtaining government permits (i.e. Brussels, Milan). As a result of the economic slowdown, development activity is declining and the number of openings is expected to be below average in the coming years. The most dramatic increases in modern shopping centre space will take place in the less developed CEE cities and Istanbul, where the relative undersupply of space is being addressed. Whilst in more mature markets, the focus will be on extensions, upgrades and regenerations rather than on new developments (i.e. Copenhagen, Prague). Our new European retail guide on shopping centres assesses the socio-economic dynamics, as well as the strength of current shopping centre provision across 40 cities in order to form a view on future growth prospects both for existing schemes, as well as potential new developments. We have identied the future hotspots as being those cities which offer strong economic growth and which are currently undersupplied in shopping centre stock. These include Vilnius, London, Hamburg, Birmingham and Manchester.

European Retail Guide - Shopping Centres | 05

// European Retail Guide - Shopping Centres


ECONOMY
Despite a weakening short-term economic outlook in the euro-zone, retail sales are forecast to rise in the medium to longer term - although there are considerable differences between cities.

On the other hand, the southern European cities of Milan, Lisbon and Rome, as well as Lille in

France are forecast to signicantly underperform the European average over the next ve years, with growth below 1%pa forecast. modest and big differences between regions are apparent (Figure 2). The European average for retail sales growth forecasts for 2012-2016 is 2%pa. Higher than average growth is expected in the Nordics, as well as the CEE countries. The strongest growth is forecast in Vilnius at 7.3%pa, following by Riga at 6.4%pa (Figure 2). forecast period. Unsurprisingly, the cities with lowest growth are all located in peripheral eurozone economies. In Lisbon, retail sales are forecast to fall by 1.2%pa, while in Milan they are forecast to drop by 0.3%pa.

Whilst retail sales growth is expected to be more positive for the medium to longer term, it is still

The European economy is weakening. The ongoing sovereign debt crisis has brought about

higher unemployment, low wage growth and generally diminished growth prospects for 2012 across Europe. This is feeding through to lower condence levels for both consumers and retailers, which in turn is impacting on overall spending levels. differences between cities exist with only modest growth forecast in most markets.

Despite this, GDP growth is forecast to be positive for the medium to longer term. Marked Central & Eastern European (CEE) cities, the Baltic capitals and Istanbul are forecast to show

Vilnius, Riga, Warsaw, Istanbul and Tallin display the strongest economic performance over the

the strongest GDP growth over the next ve years. Vilnius is forecast to show growth of 6.7%pa, followed by Kyiv, where growth of 5.5%pa is forecast. The Nordic cities of Helsinki and Stockholm are forecast to show slightly above average growth over the same time period, of 3.3%pa and 3.1%pa respectively (Figure 1). Figure 2 Retail sales growth forecasts in selected European cities (growth 2012-16)
Vilnius Riga Warsaw Istanbul Tallinn Helsinki Hamburg Prague London Stockholm Glasgow Manchester Bristol Edinburgh Leeds Birmingham Cardiff Cologne European average Budapest Marseille Paris Lyon Amsterdam Munich Copenhagen Leipzig Rotterdam Madrid Frankfurt Lille Barcelona Berlin Rome Stuttgart Brussels Dusseldorf Dublin Milan Lisbon -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8%

Figure 1 GDP growth forecasts in selected European cities (2012-16)


Vilnius Kyiv Warsaw Riga Istanbul Tallinn Helsinki Stockholm London Hamburg Munich Budapest Prague Dublin European average Manchester Brussels Bristol Amsterdam Copenhagen Edinburgh Leeds Glasgow Rotterdam Cologne Lyon Paris Cardiff Madrid Birmingham Stuttgart Marseille Frankfurt Leipzig Dusseldorf Berlin Barcelona Rome Lisbon Lille Milan 0% 1% 2% 3% 4% 5% 6% 7% 8%

06 | European Retail Guide - Shopping Centres

Source DTZ Research

// European Retail Guide - Shopping Centres


Shopping Centre ProVision
Uncertain market conditions are creating subdued and highly selective occupier demand, reinforcing polarisation between prime and secondary schemes in a number of cities.

Despite the weakening economic conditions across the region, demand for

shopping centre space is holding up. However, retailers remain cautious, favouring prime space in prime schemes. As a result, secondary shopping centres are lagging behind with increasing vacancy rates. This reinforces the polarisation between prime and secondary centres, a trend which is apparent throughout much of the region. approached 150 million sq m. The UK, France, Italy, Germany and Spain have the largest shopping centre stock, accounting for 60% of the overall European provision. Although Western Europe accounts for the largest share of existing stock, development activity has been largely concentrated in the CEE countries and Turkey in recent years. average of 382 sq m, Stockholm and the Baltic cities of Riga and Tallinn seem largely over-supplied with stock in excess of 800 sq m. At the other end of the scale, Vilnius, Stuttgart, Cologne and Dusseldorf, as well as Rotterdam all have underdeveloped markets.

Figure 3 Total shopping centre* stock per 000 population in selected European cities (2012)
Stockholm Riga Tallinn Warsaw Copenhagen Prague Bristol Dublin Glasgow Frankfurt Helsinki Lisbon Madrid Cardiff Budapest Edinburgh European average Manchester Berlin Leipzig Hamburg Leeds London Birmingham Lyon Kyiv Marseille Barcelona Brussels Rome Istanbul Amsterdam Lille Munich Milan Dusseldorf Cologne Paris Rotterdam Stuttgart Vilnius

As at the beginning of 2012, total shopping centre stock across Europe

There are marked differences in provision at city level. Compared to the European

There are a number of reasons why cities may be undersupplied. In some

markets, high street retail is still the favoured format ( i.e. Vilnius), whilst in others the difculty in obtaining building permits severely restricts development. It is worth noting also that in some cities all of the shopping centre provision is found in out of town locations rather than in the city itself (i.e. Paris). witnessing strong growth, with most of the activity focused in Istanbul, where 28 schemes are planned. The largest of these is Marmara Park, a 100,000 sq m scheme scheduled for completion later this year. Other cities to have large pipelines are Kyiv, Warsaw and Budapest. Interestingly, whilst Stockholm is already relatively oversupplied, there are a further 15 schemes planned to come on stream. In the more mature markets, the focus will be on extensions and upgrades rather than expansions, as investors refocus on maintaining and strengthening existing assets in the current weak economic environment.

CEE cities account for the largest share of the European pipeline. Turkey is also

100

200

300

400

500

600

700

800

900

1000

Shopping centre floor space per 1,000 population (sq m)


Source DTZ Research *Shopping centre: Dened as a grouping of shops and services with a minimum GLA of 5,000 sq m, conceived, built and managed as one entity.

European Retail Guide - Shopping Centres | 07

// European Retail Guide - Shopping Centres Statistics


Figure 4 - Shopping Centre Statistics in selected European cities (as at Feb 2012)

Country Belgium Czech Republic Denmark Estonia Finland

City Brussels Prague Copenhagen Tallinn Helsinki Lille

Total SC oorspace (sq m) 255 316 854 535 500 867 426 460 680 000 460 500 447 764 507 832 316 240 1 276 000 157 300 80 900 326 602 587 790 182 329 236 900 80 000 700 000 703 290 695 000 947 921 615 000

Total SCs per '000 population 233 687 750 808 472 179 260 252 141 369 157 138 491 327 351 174 133 410 595 176 228 876

Number of schemes in the pipeline 1 1 0 3 2 3 4 6 10 4 0 0 2 2 1 0 1 12 0 4 4 0

Country Lithuania Netherlands Poland Portugal Spain Sweden Turkey Vilnius

City

Total SC oorspace (sq m) 429 000 237 441 185 800 1 350 000 960 000 1 319 286 2 884 338 1 805 000 2 982 284 298 000 291 000 195 000 198 000 352 000 247 000 904 000 536 000 720 800

Total SCs per '000 population 130 189 136 785 472 243 451 879 220 286 653 415 404 591 306 291 367 257

Number of schemes in the pipeline 2 2 1 15 n/a 2 4 15 28 0 2 0 1 0 1 2 1 16

Amsterdam Rotterdam Warsaw Lisbon Barcelona Madrid Stockholm Istanbul Birmingham Bristol Cardiff

France

Lyon Marseille Paris Berlin Cologne Dusseldorf

Germany

Frankfurt Hamburg Leipzig Munich Stuttgart

United Kingdom

Edinburgh Glasgow Leeds London Manchester

Hungary Ireland Italy Latvia

Budapest Dublin Milan Rome Riga

Ukraine

Kyiv

European City gures


Source : DTZ Research

26 933 495

382

152

08 | European Retail Guide - Shopping Centres

// European Retail Guide - Shopping Centres


Shopping Centre FUTURE HOTSPOTS
We dene those cities which offer the greatest potential for future growth as our future hotspots. These include Vilnius, London and Hamburg. Figure 5: Current shopping centre oorspace per ooo population and retail sales growth (2012-2016) in major European cities

The chart across gives an indication of how developed European cities are in

terms of shopping centre development, as well as how dynamic their economies are. Plotted together this allows us to identify cities which offer good future growth prospects both for existing schemes and new developments.

Location based retail sales growth, 2012-2016

8%
Vilnius

7%

STABLE

STRONG

In the stable category we have markets which have above average shopping

Riga Warsaw Tallinn

6% 5% 4%

centre provision and above average forecast retail sales growth. These are stable markets; whilst existing provision will benet from strong retail sales growth over the forecast period, these cities are displaying signs of market saturation. This could potentially limit future development. Cities in this category include Stockholm and Warsaw.

Hamburg

Helsinki Prague Stockholm European average Copenhagen

3%

London Birmingham Manchester

per capita but below average retail sales growth forecasts. The performance of existing schemes or future growth prospects will be hampered by stalling economies. These include Dublin, Frankfurt and Madrid, with the worst case being Lisbon.

2% 1% 0% 0 -1% -2%

EMERGING

The stagnant markets are cities which display high shopping centre provision

Paris

Bristol Budapest Madrid

STAGNANT

Amsterdam Munich

Marseille Lyon

Rotterdam Lille Stuttgart Dusseldorf Barcelona Rome Brussels Berlin

Frankfurt Dublin

Emerging markets, whilst offering potential as they are under-supplied in

100

Milan

200

300

400

500
Lisbon

600

700

800

900

1 000

terms of shopping centre provision, display weak retail sales growth forecast gures. The short to medium term outlook is one of muted growth. Cities in this category include those in the Benelux, France and Germany.

Shopping centre floor space per 1,000 population

FIGURE 5

The future HOTSPOTS (i.e. cities which offer the greatest potential for

future growth) are those situated in the strong category. These are currently undersupplied but offer strong economic growth in the medium term, which will boost retail sales. This will benet existing schemes and also provide considerable opportunity for new development. In this category we have Vilnius, London, Hamburg and Birmingham.

European Retail Guide - Shopping Centres | 09

Brussels, Belgium
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Brussels
1 094 0,5 66 0,8 2,2 0,0 0,3 n/a 14,8 15 006 17 374 n/a

Belgium
10 899 0,3 66 1,1 1,8 0,7 1,1 3,5 7,0 15 379 17 942 476

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

+ -

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

17 1 255 316 233 1 500 GLA sq m /sq m/year None

63 18 1 018 521 93 1 500

5 128 626 117 383 310 326 n/a

Brussels
Difculties in securing nancing and governmental permits are limiting shopping centre development. No shopping centres larger than 8,000 sq m are expected to open between now and 2013.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Retail lease contract (1951 law) 9 years Rent free period (usually 1 year of gratuity) Yes for both parties 9 years; review possible every 3 years if market conditions have changed signicantly (+15% or - 15% of the initial rent) Annually if agreed in the leasing contract. Indexation is calculated on the Belgian Health Index

10 | European Retail Guide - Shopping Centres

Brussels, Belgium
// Major shopping centres in operation in Brussels (by size)
Shopping centre name Opening date
1978 renovated in 1999

GLA size (sq m)


51 000

Owner
AG Real Estate

N of stores
105

Footfall gures (000)


15 659

Occupancy ratio (%)


n/a

Turnover
n/a

City 2

Key tenants: Fnac; carrefour, Zara; Sports World

The "W" Shopping (Woluwe Shopping Centre)

1968 renovated in 2004

42 677

SA L'Investissement Foncier Woluwe Shopping Center (Certicat Fortis RE)

136

8 412

n/a

n/a

Key tenants: Galeria Inno; Habitat; Match; H&M

Westland Shopping Center

1972 renovated in 2000

37 450

Investissement foncier Westaldn Shopping Center SA (Fortis RE + Redevco)

126

7 732

n/a

n/a

Key tenants: C&A; Delhaize; New Look; Zara

Basilix Shopping Center Galerie Toison d'Or

1984 renovated in 2004

16693

ImmoBasilix (certicat KBC)

64

3 400

n/a

n/a

Key tenants: Brico; Media Markt; Hema; Blokker

1961 renovated in 2010

12 353

SA Toison d'Or

41

5 000

n/a

n/a

Key tenants: Fnac, AS Adventure, Desigual, Maxitoys

4 1

Brussels

Galeries de la Reine- Brussels

3 5

European Retail Guide - Shopping Centres | 11

Prague, CZR
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Prague
1 245 0,2 70 3,2 2,6 2,4 3,0 n/a 3,6 6 824 7 975 n/a

CZR
10 520 0,0 70 1,7 2,1 1,9 2,4 1,9 6,8 5 496 6 095 422

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 50-100 sq m)
Basis of measurement Unit of measurement Inclusions

30 1 854 535 687 70-80 GLA sq m /sq m/month None

88 4 2 116 189 201 45-70

5 128 626 117 383 310 326 n/a

Prague
The limited availability of bank nancing is causing a restriction of new retail space. As such, shopping centre development has been struggling with the focus moving towards refurbishments of existing schemes.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease Agreement 5 years Rent free period and/or t-out contribution After 5 years Annual indexation HICP, Czech CPI

12 | European Retail Guide - Shopping Centres

Prague, CZR
// Major shopping centres in operation in Prague (by size)
Shopping centre name Opening date
1999 - 2007

GLA size (sq m)


125 000

Owner
Tesco Stores

N of stores
150

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Tesco Letnany

Key tenants: Tesco,C&A, Marks&Spencer, Zara,Palace Cinemas, Aquacentrum Letnany Lagoon

Centrum Chodov

2005

57 736

Unibail-Rodamco

213

n/a

n/a

n/a

Key tenants: Albert, Marks&Spencer, Zara, New Yorker, Hervis, Datart, Bambule, H&M, C&A, BATA, Humanic, Deichman, Armani Jeans, Mac, Rituals, Paul bakery

Nov Smchov

2002

55 800

Klpierre

150

n/a

n/a

n/a

Key tenants: Tesco, H&M, Marks&Spencer, Zara, Palace Cinemas

Metropole Zlicn
Centrum Cern Most & CCM Entretainment centre

2002 & 2004

55 000

Commerz Grundbesitz

130

n/a

n/a

n/a

Key tenants: Marks&Spencer, Interspar, C&A, Kenvelo, Cinema City, Family Fitness

1997 & 2000

53 320

Unibail-Rodamco

73

n/a

n/a

n/a

Key tenants: Globus, H&M, C&A, Datart, Bambule, Gigasport, Holmes Place, CineStar

1 5

Prague

4
Palac Flora - Prague

3 2

European Retail Guide - Shopping Centres | 13

Copenhagen, Denmark
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Copenhagen
668 0,5 67 0,2 2,0 -2,7 1,6 n/a n/a 18 823 18 248 n/a

Denmark
5 552 0,2 65 -0,6 2,0 -2,5 1,8 2,8 7,5 18 265 17 764 465

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

+ -

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 200 sq m)
Basis of measurement Unit of measurement Inclusions

23 0 500 867 750 4,000-4,500 GLA sq m DKK/sq m/pa None

108 8 1 821 040 328 2,500-3,000

5 128 626 117 383 310 326 n/a

Copenhagen
Growth in population and purchasing power is leading to increased polarisation, with large schemes benetting from increased footfall and modernisations and smaller ones suffering from increased vacancies.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease contract 5 years Fit-out contribution and rent rebate dependant on centre and location Automatically renew on rolling break basis No sooner than 4 years from the last formal review Annual - Danish nettoprisindex

14 | European Retail Guide - Shopping Centres

Copenhagen, Denmark
// Major shopping centres in operation in Copenhagen (by size)
Shopping centre name Opening date
2004

GLA size (sq m)


74 000

Owner
Steen & Strm

N of stores
128

Footfall gures (000)


6 800

Occupancy ratio (%)


93

Turnover
2 750

Fields

Key tenants: Bilka, H&M, Elgiganten, Fona, Toys R Us, SportsMaster, Stadium

City Two

1975

63 000

Danica

91

3 800

90

1 143

Key tenants: Ftex, H&M, Fona, SportMaster

Fisketorvet

2000

39 000

Unibail Rodamco

106

8 200

95

1 514

Key tenants: Ftex, H&M, Elgiganten, Bahne, Stadium, SportsMaster, McDonalds

Rdovre Centret

1966

38 200

A/S Rdovre Centrum

119

n/a

100

1 869

Key tenants: Ftex, Irma, Super Best, H&M, Fona, Punkt 1, SportMaster, Stadium

Lyngby Store Centre

1973

34 000

Lyngby Storecenter ApS

106

5 900

100

1 794

Key tenants: Ftex, Irma, H&M, Punkt 1, Fona, Expert, SportsMaster, Stadium, Intersport

Copenhagen

2
European shopping centre - Copenhagen

1
European Retail Guide - Shopping Centres | 15

Tallinn, Estonia
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Tallinn
528 0,1 68 -0,4 4,6 -2,5 4,8 n/a n/a 5 965 7 263 n/a

Estonia
1 337 -0,2 68 0,0 4,1 -1,8 4,3 5,0 13,0 4 507 5 171 413

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

++

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

12 3 426 460 808 12-45 GLA sq m /sq m/month None

n/a n/a n/a n/a n/a

5 128 626 117 383 310 326 n/a

Tallinn
Tallinns retail market comprises department stores and shopping centres. Popular schemes include the Viru Centre and Kristiine Centre. No major developments were competed in 2011 but in September the Magistral Centre closed for refurbishment.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5-10 years Fit-out contribution, temporary discounts After 5 years Annual indexation CPI

16 | European Retail Guide - Shopping Centres

Tallinn, Estonia
// Major shopping centres in operation in Tallinn (by size)
Shopping centre name Opening date
1998

GLA size (sq m)


53 300 Citycon

Owner

N of stores
165

Footfall gures (000)


6 400

Occupancy ratio (%)


100

Turnover
122m

Rocca al Mare

Key tenants: Prisma, Vero Moda, Jack and Jones, Monton, New Yorker, Marks & Spencer, Lindex, NS Kings

Kristiine Keskus

1999

42 500

Citycon

170

7 100

100

102m

Key tenants: Prisma, Marks & Spencer, Zara, New Yorker, Benetton, JYSK, Sportland, Euronics, Prisma

Jrve Keskus

2000

41 800

Silikaat Grupp

108

n/a

100

n/a

Key tenants: Selver, Aatrium, Diivanparadiis, Rademar, Huppa, DenimDream

Ulemiste Keskus

2004

37 500

Linstow

160

4 800

99

95m

Key tenants: Rimi, Lindex, Monton, Mustang, New Yorker, Promod, Reserved, Seppl, Mobbel Zip

Viru Keskus

2004

26 300

SRV

100

11 000

99

117m

Key tenants: Kaubamaja, Vero Moda, DenimDream, Rademar, Esprit, Mango, Promode, Terranova

5 2
Viru Keskus - Tallinn

Tallinn
4

3
European Retail Guide - Shopping Centres | 17

Helsinki, Finland
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Helsinki
1 440 1,0 67 0,9 3,3 2,1 3,4 n/a 6,9 18 014 20 444 n/a

Finland
5 380 0,3 66 0,9 2,5 1,9 2,9 3,4 7,9 16 303 18 080 535

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

++ ++

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

32 2 680 000 472 20 GLA sq m /sq m/month None

74 5 1 500 000 279 12

5 128 626 117 383 310 326 n/a

Helsinki
Future shopping centre development is expected both in the centre of Helsinki as well as in edge of town locations. The latter continue to dominate shopping centre supply.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Typically none; sometimes t-out contributions or rent free period for tenants None Annual indexation Finnish CPI

18 | European Retail Guide - Shopping Centres

Helsinki, Finland
// Major shopping centres in operation in Helsinki (by size)
Shopping centre name Opening date
1984

GLA size (sq m)


117 131

Owner
Wereldhave N.V./Kesko/ City of Helsinki

N of stores
265

Footfall gures (000)


20 100

Occupancy ratio (%)


98

Turnover
451 mn

Itkeskus

Key tenants: Stockmann, H&M, Kesko, Bestseller, Nordea Bank

Sello

2003

102 000

KEVA, Etera Mutual Pension Insurance Company, Pension Fennia

172

21 900

98

357 mn

Key tenants: S-Group, Kesko, Halonen

Jumbo

1998

85 000

Rodamco, Pension Fennia, HOK-Elanto, Kesko

121

8 700

98

414 mn

Key tenants: Stockmann, Kesko, S-Group, H&M, Marimekko

Iso Omena

2001

60 500

Citycon Oyj, GIC Real Estate

100

8 800

98

237 mn

Key tenants: Kesko, S-Group, Finnkino, Library, H&M

Kamppi

2006

44 429

Cornerstone Nordic Retail Fund

120

34 000

98

231 mn

Key tenants: Calvin Klein, Companies, Marc O Polo, Esprit, Guess, Nike Store, Moda, Kesko

2
Shopping centre - Helsinki

Helsinki

European Retail Guide - Shopping Centres | 19

Lille, France
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Lille
2 569 0,2 65 0,2 0,8 1,7 0,8 n/a 13,3 14 172 16 497 n/a

France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 12 347 473

Pop. growth GDP growth

--

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 150-200 sq m) Basis of measurement
Unit of measurement Inclusions

16 3 460 500 179 750/850 GLA sq m /sq m/year None

597 73 14 807 100 227 400/600

5 128 626 117 383 310 326 n/a

Lille
Lilles shopping centre market is dominated by Euralille, home to 140 retailers and anchored by a Carrefour hypermarket. A new scheme Lillenium is due to open in 2014 to the south of the city.

// Lease Structures and Legal Aspects Standard lease document Typical lease length
Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent

Commercial lease 10-12 years Mature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of services charges for MSU Yes Lease expiry Annual, with ILC

20 | European Retail Guide - Shopping Centres

Lille, France
// Major shopping centres in operation in Lille (by size)
Shopping centre name Opening date
1994

GLA size (sq m)


66 700

Owner
Unibail-Rodamco

N of stores
112

Footfall gures (000)


12 000

Occupancy ratio (%)


n/a

Turnover
5,072/ sq m/year

Eurallile

Key tenants: Carrefour, Go Sport, H&M, Zara

Villeneuve 2

1977

51 300

Unibail-Rodamco

140

12 000

n/a

6,868/ sq m/year

Key tenants: Auchan, C&A, H&M, Bershka

Auchan Les Gants

1974

47 200

Immochan

78

n/a

n/a

6,163 sq m/year

Key tenants: Auchan, Auchan Drive, Le Furet du Nord, Zara,

Espace Grand'Rue

2002

36 600

Altara

50

5 400

n/a

n/a

Key tenants: Gant Casino, H&M, Le Furet du Nord, Kiabi

Auchan

1994

36 000

Immochan

60

n/a

n/a

n/a

Key tenants: Auchan, Auchan Drive, Douglas

Roubaix

1
Euralille - Lille

Lille

5
European Retail Guide - Shopping Centres | 21

Lyon, France
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Lyon
1 725 0,7 64 0,3 1,7 2,2 1,8 n/a 8,5 16 512 19 952 n/a

France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 150-200 sq m)
Basis of measurement Unit of measurement Inclusions

12 4 447 764 260 1500 - 1600 GLA sq m /sq m/year None

597 73 14 807 117 227 400-600

5 128 626 117 383 310 326 n/a

Lyon
Continued uncertainty surrounding the economic outlook has led to restrictive development in recent years. A new retail project Up in Lyon is expected to bring 20,000 sq m of new retail space to the city.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Commercial lease 10-12 years Mature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of service charges for MSU Yes Lease expiry Annual, with ILC

22 | European Retail Guide - Shopping Centres

Lyon, France
// Major shopping centres in operation in Lyon (by size)
Shopping centre name Opening date
1975

GLA size (sq m)


126 460

Owner
Unibail-Rodamco

N of stores
241

Footfall gures (000)


32 000

Occupancy ratio (%)


n/a

Turnover
8,782/ sq m/ year

La Part-Dieu

Key tenants: Carrefour Hypermarket, Galeries Lafayette, Decathlon, Fnac

Carr de Soie

2009

75 292

Altara

60

5 500

n/a

n/a

Key tenants: Jardiland, Castorama, Saturn, Go Sport

Ecully Grand Ouest

1972

46 078

Klpierre

88

7 500

100

7,771 / sq m/year

Key tenants: Carrefour Planet, Decitre, Camaeu, Sephora

Sept Chemins

1988

36 000

Klpierre

45

2 900

100

n/a

Key tenants: Carrefour hypermarket, Jennyfer, Marionnaud

Porte des Alpes

1981

35 000

Immochan

60

n/a

n/a

n/a

Key tenants: Auchan hypermarket, Nocib, Sephora

3 1 Lyon

2 4

La Part-Dieu - Lyon

European Retail Guide - Shopping Centres | 23

Marseille, France
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Marseille
2 015 0,6 63 0,4 1,5 2,5 2,0 n/a 10,3 15 591 18 569 n/a

France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 150-200 sq m)
Basis of measurement Unit of measurement Inclusions

15 6 507 832 252 1000-1100 GLA sq m /sq m/year None

597 73 14 807 117 227 400-600

5 128 626 117 383 310 326 n/a

Marseille
Marseilles city centre is witnessing a boom in shopping centre activity, with some large schemes expected to open in 2013/2014. These include La Capelette and Les Terrasses du Port.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Commercial lease 10-12 years Mature = none, except for medium size units : cap of service charges. For new centres, step rents and cap of service charges for MSU Yes Lease expiry Annual, with ILC

24 | European Retail Guide - Shopping Centres

Marseille, France
// Major shopping centres in operation in Marseille (by size)
Shopping centre name Opening date
1996

GLA size (sq m)


119 644 Corio

Owner

N of stores
211

Footfall gures (000)


12 000

Occupancy ratio (%)


n/a

Turnover
n/a

Marseille Grand Littoral Grand Vitrolles

Key tenants: Carrefour, Leroy Merlin, Go Sport, Babou

1970

61 111

Klpierre

79

12 500

100%

7,419/ sq m/year

Key tenants: Carrefour, Castorama, Saturn

Auchan Barnoud

1980

48 566

Immochan

70

n/a

n/a

na

Key tenants: Auchan, Parfumerie Trupheme, Courir

La Pioline

1973

32 617

Klpierre

34

5 800

87%

na

Key tenants: Carrefour, Marionnaud

Valentine Grand Centre

1970 renovated in 2011

32 564

Mercialys

66

2 700

n/a

n/a

Key tenants: Gant Casino, Nocib, Courir

1
Marseille
Grand Littoral - Marseille

European Retail Guide - Shopping Centres | 25

Paris, France
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Paris
2 248 0,5 67 1,6 1,7 3,1 1,9 n/a 8,1 26 694 25 710 n/a

France
65 182 0,4 64 0,5 1,8 2,1 2,0 2,0 9,6 15 587 18 589 482

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3,0 9,4 13 070 18 825 473

Pop. growth GDP growth

+ -

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 150-200 sq m)
Basis of measurement Unit of measurement Inclusions

14 10 316 240 141 2000-2200 GLA sq m /sq m/year None

597 73 14 807 117 227 400-600

5 128 626 117 383 310 326 n/a

Paris
Despite muted consumer spending, a number of existing shopping centres are undergoing extensions and a number of projects are in the pipeline.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Commercial lease 10-12 years Mature = none, except for medium size units (MSU): maximum of service charges. For new centres, step rents and cap of service charges for MSU Yes Lease expiry Annual, with ILC

26 | European Retail Guide - Shopping Centres

Paris, France
// Major shopping centres in operation in Paris (by size)
Shopping centre name Opening date
1981/2007

GLA size (sq m)


129 996

Owner
Unibail-Rodamco

N of stores
235

Footfall gures (000)


33 000

Occupancy ratio (%)


n/a

Turnover
11,177 sq m/year

Les Quatre Temps

Key tenants: Auchan Hypermarket, C&A, Darty, Virgin

Forum des Halles

1979/1996

59 998

Unibail-Rodamco/AXA Group

180

42 000

n/a

9,968 sq m/year

Key tenants: Esprit, New Look, Fnac, Etam, Darty

Italie 2

1976/2001

56 698

Hammerson

130

14 700

n/a

8,003 sq m/year

Key tenants: Fnac, Go Sport, Champion, Printemps

Maine Montparnasse

1973

35 433

n/a

68

n/a

n/a

4,119 sq m/year

Key tenants: Galeries Lafayette, C&A, Marionnaud

Bercy Village

1998

26 518

Altara

31

12 000

n/a

7775 sq m/year

Key tenants: Monop Store, Board Riders, Sephora

Paris
Forum des Halles - Paris

2 5

European Retail Guide - Shopping Centres | 27

Berlin, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Berlin
3 458 0,4 69 2,3 1,1 -1,0 0,5 n/a 11,7 13 863 16 207 n/a

Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

--

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

42 4 1 276 000 369 n/a GLA sq m /sq m/month None

457 74 14 294 020 175 n/a

5 128 626 117 383 310 326 n/a

Berlin
As growing tourism continues to boost Berlins retail market, several new shopping centres are in the pipeline. Among the most prominent is Boulevard Berlin, a large inner-city retail centre in southern Berlin due for 2013.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contract Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

28 | European Retail Guide - Shopping Centres

Berlin, Germany
// Major shopping centres in operation in Berlin (by size)
Shopping centre name Opening date
1997

GLA size (sq m)


80 000

Owner
H.F.S. Immobilienfonds Deutschland 11 GmbH & Co. KG

N of stores
160

Footfall gures (000)


55 000

Occupancy ratio (%)


n/a

Turnover
n/a

Gropius Passagen

Key tenants: Kauand, Media Markt, Galeria Kaufhof, P&C, H&M

Alexa Shopping-und Freizeitcenter Ring-Center

2007

56 200

Union Investment Real Estate/Sonae Sierra

180

30 000-100 000

n/a

n/a

Key tenants: Media Markt, Reichelt, Zara, H&M, LOXX

1995

54 240

Schliebe GmbH & Co. KG /Wieland GmbH & Co. KG

113

50 000

n/a

n/a

Key tenants: Galeria Kaufhof, Kaiser's, real, H&M, MediMax

Potzdamer Platz Arkaden

1998

48 000

SEB c/o PPMG Potsdamer Platz Management GmbH

127

55 000

n/a

n/a

Key tenants: Whrl, Saturn, Hugendubel, Zara

Hallen am Borsigturm

1999

46 652

W2005/W2007 Vernal Asset 2 B.V.

103

20 000

n/a

n/a

Key tenants: Netto, Media Markt, TK maxx, Rewe, H&M

5 4
Friedrichstrasse - Berlin

Berlin

1
European Retail Guide - Shopping Centres | 29

Cologne, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Cologne
1 002 0,3 67 0,1 1,8 -1,5 2,1 n/a 6,2 16 712 20 476 n/a

Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

6 0 157 300 157 n/a GLA sq m /sq m/month None

457 74 14 294 020 175 n/a

5 128 626 117 383 310 326 n/a

Cologne
For a long time, supply of retail space in Colognes prime retail streets has failed to meet demand. As a result, international and national retailers are looking outside these prime areas in order to expand their footprint.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

30 | European Retail Guide - Shopping Centres

Cologne, Germany
// Major shopping centres in operation in Cologne (by size)
Shopping centre name Opening date
1972

GLA size (sq m)


48 000 KG Alster

Owner

N of stores
189

Footfall gures (000)


25 000

Occupancy ratio (%)


n/a

Turnover
n/a

Rhein-Center KlnWeiden City-Center KlnChorweiler Kln Arcaden

Key tenants: Galeria Kaufhof, P&C, Saturn, Rewe, Zara, H&M, Anson's

1976

33 000

Prime Commercial properties management Ltd.

100

30 000

n/a

n/a

Key tenants: C&A, Wehmeyer, H&M, Kaiser's, Netto

2005

27 600

Union Investment Real Estate gmbH

119

17 000

n/a

n/a

Key tenants: Media Markt, C&A, toom, H&M, Mller

DuMont-Carr

2001

19 100

Immobilienfonds Wohnund Geschftshaus Kln Breite Strae GbR

48

n/a

n/a

n/a

Key tenants: Kult/Planet, ProMarkt, Standa Supermercato, Buffet Chang

Neumarkt Galerie Kln

1998

16 800

Neumarkt Galerie Immobiliengesellschaft mbH & Co. KG

42

n/a

n/a

n/a

Key tenants: Karstadt Sport, Mayersche Buchhandlung

Cologne
Kln Arcaden - Cologne

European Retail Guide - Shopping Centres | 31

Dusseldorf, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Dusseldorf
587 0,2 66 3,2 1,2 0,5 0,2 n/a 6,6 18 481 23 222 n/a

Poland
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

--

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

4 0 80 900 138 n/a GLA sq m /sq m/month None

457 74 14 294 020 175 n/a

5 128 626 117 383 310 326 n/a

Dusseldorf
Some exciting new schemes are set to come on stream in Germanys fashion capital over the next few years, as developers respond to continued strong demand and a lack of supply.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

32 | European Retail Guide - Shopping Centres

Dusseldorf, Germany
// Major shopping centres in operation in Dusseldorf (by size)
Shopping centre name Opening date
1986

GLA size (sq m)


24 000

Owner
ECE Projektmanagment/ Merrill Lynch

N of stores
90

Footfall gures (000)


40 000

Occupancy ratio (%)


n/a

Turnover
n/a

K Galerie City Center Dsseldorf Arkaden

Key tenants: Jil Sander, Frankonia Jagd, Muji

2008

24 000

Ivanhoe Cambridge c/o m AG

116

25 000

n/a

n/a

Key tenants: C&A, Media Markt, Aldi Sd, Just Fit Premium

Schadow Arkaden

1994

17 400

Schadow Arkaden Betriebsgesellschaft

68

23 500

n/a

n/a

Key tenants: Anson's, H&M, Esprit, Fitness First, Habitat

Sevens

2000

15 500

Sevens GmbH & Co. KG

35

15 000

n/a

n/a

Key tenants: Saturn, Strenesse, joop!, Parfmerie Schnitzler

Dusseldorf
3 4 2 1

K Galerie -Dusseldorf

European Retail Guide - Shopping Centres | 33

Frankfurt, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Frankfurt
666 0,2 67 1,8 1,4 0,3 0,9 n/a 4,9 16 468 20 104 n/a

Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

5 2 326 602 491 n/a GLA sq m /sq m/month None

457 74 14 294 020 175 n/a

5 128 626 117 383 310 326 n/a

Frankfurt
Major retailers continue to ock to this important retail location. Space remains limited but the injection of some prestigious projects, including Goetheplaza, will help ease this.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

34 | European Retail Guide - Shopping Centres

Frankfurt, Germany
// Major shopping centres in operation in Frankfurt (by size)
Shopping centre name Opening date
1968

GLA size (sq m)


118 900

Owner
KG Nordtrakt

N of stores
142

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

NordWestZentrum Main-Taunus-Zentrum HessenCenter

Key tenants: Galeria Kaufhof, Toom, Media Markt, Primark

1964

109 200

Main-Tanus-Zentrum, Wieland KG

170

40 000

n/a

n/a

Key tenants: Hollister, Apple, Karstadt, Galeria Kaufhof, Breuninger, Media Markt, C&A

1971

45 600

KG Farmsen mbH & Co.

115

25 000

n/a

n/a

Key tenants: Galeria Kaufhof, Toom, H&M, Peek&Cloppenburg

MyZeil

2009

41 752

Palais Quartier GmbH & Co. KG

82

40 000

n/a

n/a

Key tenants: Hollister, Saturn, Rewe, Anson's

Zeilgalerie

1992

11 150

IFM Immobilien AG

54

n/a

n/a

n/a

Key tenants: United Colors of Benetton, H&M, Pizza Hut

3 2 4 Frankfurt 5

MyZeil - Frankfurt European Retail Guide - Shopping Centres | 35

Hamburg, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Hamburg
1 825 1,1 69 1,1 3,0 -0,4 3,3 n/a 5,9 19 178 24 303 n/a

Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

++ +

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

23 2 587 790 327 n/a GLA sq m /sq m/month None

457 74 14 294 020 175 n/a

5 128 626 117 383 310 326 n/a

Hamburg
Work continues apace on HafenCity, a prominent city centre waterfront development project which will increase the size of Hamburgs city centre by 40% by 2025.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

36 | European Retail Guide - Shopping Centres

Hamburg, Germany
// Major shopping centres in operation in Hamburg (by size)
Shopping centre name Opening date
1970

GLA size (sq m)


70 800

Owner
KG Klosterstern

N of stores
254

Footfall gures (000)


40 000

Occupancy ratio (%)


n/a

Turnover
n/a

Alstertal EinkaufsZentrum Hamburger Meile

Key tenants: Galeria Kaufhof, P&C, Apple Store, AppelrathCppers, Zara, Anson's, H&M, Thalia

1970

60 000

Real I.S.

150

30 000

n/a

n/a

Key tenants: TK maxx, MediMax, H&M, Rewe

Elbe Einkaufszentrum

1966

51 600

Immobilien KG Schliebe & Co.

170

30 000

n/a

n/a

Key tenants: toom, P&C, C&A, Anson's, Zara, H&M

Billstedt-Center Quarree Wandsbek Markt

1977

48 000

Dt. Euroshop AG

112

45 000

n/a

n/a

Key tenants: Karstadt Warenhaus, toom, Media Markt, H&M, TK maxx

1988

36 400

Union Investement Real Estate GmbH

91

40 000

n/a

n/a

Key tenants: Karstadt Sport, C&A, H&M, MediMax, Anson's

5 4

Hamburger Meile - Hamburg

Hamburg

European Retail Guide - Shopping Centres | 37

Leipzig, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Leipzig
0,5 66 0,1 1,4 -0,8 1,4 5,7 n/a 10,5 13 851 16 188 n/a

Germany
-0,1 66 1,2 1,7 -0,4 1,3 4,1 2,3 6,0 16 182 19 710 518

Europe
0,2 66 0,5 2,2 2,4 1,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

+ -

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

4 1 182 329 351 n/a GLA sq m /sq m/month None

370 130 8 140 000 213 n/a

5 128 626 117 383 310 326 n/a

Leipzig
Leipzigs retail market is undergoing an upgrade in an attempt to improve the attractiveness of the inner city shopping area, which has suffered at the hands of competition from peripheral shopping centres.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

38 | European Retail Guide - Shopping Centres

Leipzig, Germany
// Major shopping centres in operation in Leipzig (by size)
Shopping centre name Opening date
1994

GLA size (sq m)


119 947

Owner
Leipzig-Paunsdorf Center GmbH & Co. KG c/o m AG

N of stores
117

Footfall gures (000)


42 000

Occupancy ratio (%)


n/a

Turnover
n/a

Paunsdorf Center

Key tenants: Mller, H&M, Kauand, C&A, Media Markt

Allee-Center Leipzig

1996

28 800

Horizon Way Group Limited Craigmuir Chambers

118

25 000

NA

n/a

Key tenants: Saturn, Adler, H&M, Aldi Nord, real

Petersbgen Leipzig

2001

18 700

Petersbogen Immobiliengesellschaft mbH & Co. KG

39

13 000

n/a

n/a

Key tenants: Desigual, Lidl, s.Oliver, CineStar

Marktgalerie Leipzig

2006

14 882

Rreef

10

n/a

n/a

n/a

Key tenants: Breuninger Warenhaus, Leiser, Weltbild plus

Leipzig
4 3 2

Paunsdorf Center - Leipzig European Retail Guide - Shopping Centres | 39

Munich, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Munich
1 364 1,3 67 0,8 2,8 -0,7 1,7 n/a 2,9 19 185 24 299 n/a

Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

++ +

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

6 0 236 900 174 n/a GLA sq m /sq m/month None

457 74 14 294 020 175 n/a

5 128 626 117 383 310 326 n/a

Munich
Work has started on the development and refurbishment of the mixed-use project Hofstatt which will bring a further 14,000 sq m of retail space to the city centre.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

40 | European Retail Guide - Shopping Centres

Munich, Germany
// Major shopping centres in operation in Munich (by size)
Shopping centre name Opening date
1972

GLA size (sq m)


67 200

Owner
Dr. Rhl KG

N of stores
137

Footfall gures (000)


50 000

Occupancy ratio (%)


n/a

Turnover
n/a

Olympia-Einkaufs zentrum PEP Einkaufs-Center Mnchen-Neuperlach Riem Arcaden

Key tenants: Galeria Kaufhof, Karstadt Warenhaus, C&A, Whrl, Edeka

1981

60 000

TIAA-CREF

121

60 000

n/a

n/a

Key tenants: P&C, Whrl, C&A, Saturn, Kauand

2004

48 600

Union Investment Real Estate GmbH, c/o m AG

116

25 000

n/a

n/a

Key tenants: Saturn, E-Center, SinnLeffers, C&A, H&M

MIRA Einkaufscenter

2008

21 700

GEPRO Wohn- und Gewerbebau GmbH & Co. Zwanzigste Immobilien KG

60

n/a

n/a

n/a

Key tenants: Rewe, Aldi Nord, C&A, H&M, Expert

Pasing Arcaden (1st construction stage)

2011

21 000

m AG

100

n/a

n/a

n/a

Key tenants: H&M, Esprit, s.Oliver, C&A, Aldi, dm

4 1

Munich
2

Olympia Einkaufs Zentrum - Munich European Retail Guide - Shopping Centres | 41

Stuttgart, Germany
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Stuttgart
601 0,2 66 0,1 1,6 -0,5 0,3 n/a 4,1 18 742 23 632 n/a

Germany
81 716 -0,1 66 1,2 1,7 -0,4 1,3 2,3 6,0 16 182 19 710 518

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

3 1 80 000 133 n/a GLA sq m /sq m/month None

457 74 14 294 020 175 n/a

5 128 626 117 383 310 326 n/a

Stuttgart
Sustained demand from retailers and low vacancy are driving further shopping centre development in Stuttgart. The Das Gerber and Milaneo are expected to open in 2014 and 2015.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes on tenant and landlord side 5 years + 5 years Rent free period (0-6 months), t-out contribution No, but anchor tenants often have an option to prolong their contracts Rare Based on development of CPI (triggers: change, time); Indexation needs a 5+5 or 10 year contract

42 | European Retail Guide - Shopping Centres

Stuttgart, Germany
// Major shopping centres in operation in Stuttgart (by size)
Shopping centre name Opening date
2006

GLA size (sq m)


27 500

Owner
Seleno GmbH

N of stores
82

Footfall gures (000)


33 000

Occupancy ratio (%)


n/a

Turnover
n/a

Knigsbau Passagen Stuttgart

Key tenants: Saturn, Deutsche Post, Olymp & Hades, Vapiano

Schwaben Galerie

2004

26 600

DCSF Immobilien Verwaltungsgesellschaft Nr. 4 mbH & Co. Objekt Stuttgart-Vaillingen KG

51

15 000

n/a

n/a

Key tenants : Kauand, Modepark Rther, Media Markt, Aldi Sd

Canstatter Carr

2006

25 885

LaSalle Investment Management LaSalle GmbH

40

17 000

n/a

n/a

Key tenants : Kauand, Mller, H&M, Lidl, C&A

Stutgartt
1
Knigsbau Passagen - Stuttgart

European Retail Guide - Shopping Centres | 43

Budapest, Hungary
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Budapest
1 706 -0,1 68 0,0 2,7 -1,9 2,0 n/a 8,5 6 203 7 362 n/a

Hungary
9 989 -0,2 68 -0,6 2,1 -2,3 1,1 3,8 10,7 4 357 4 776 302

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

-+

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m) Prime shopping centre rents (units of 200 sq m)
Basis of measurement Unit of measurement Inclusions

16 12 700 000 410 17-22 70-100 GLA sq m /sq m/month None

43 16 1 240 000 124 13-19 35-60

5 128 626 117 383 310 326 n/a n/a

Budapest
Despite some recent shopping centre openings, demand from international retailers remains focused on existing schemes, such as the well known rkd centre which is currently undergoing an expansion of 20,000 sq m.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution for anchors, stepped rental. After 5 years Annual indexation HICP

44 | European Retail Guide - Shopping Centres

Budapest, Hungary
// Major shopping centres in operation in Budapest (by size)
Shopping centre name Opening date
2007

GLA size (sq m)


68 000

Owner
Lanebridge

N of stores
220

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Arna Plaza

Key tenants: C&A, Cinema City, H&M, Hervis, Inditex Group, NewYorker, Peak&Cloppenburg, Saturn, Tesco

Mammut

1998 & 2001

62 000

Mammut zlethz Kft.

330

n/a

n/a

n/a

Key tenants: Cinema City, Deichman, E-Digital, Hervis, Libri, Marks&Spencer, Match

KKI Terminl

2011

58 000

R-Co

200

n/a

n/a

n/a

Key tenants: C&A, H&M, Euronics, Hervis, Mller, NewYorker, OBI, Tesco

Westend

1999

53 000

Trigrnit

400

n/a

n/a

n/a

Key tenants: C&A Debenhams, H&M, Mango, Marks&Spencer, Match, Media Markt, NewYorker, Palace Cinemas

rkd

2002

42 000

ECE

170

n/a

n/a

n/a

Key tenants: C&A, H&M, Hervis, Humanic, Interspar, Libri, Zara

Budapest

Mammut - Budapest European Retail Guide - Shopping Centres | 45

Dublin, Ireland
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Dublin
1 182 -1,1 50 -1,2 2,5 -1,9 0 n/a 14,2 17 760 20 820 n/a

Ireland
4 469 0,2 66 -0,8 2,9 -0,6 0,8 2,6 14,4 16 146 18 462 437

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

-+

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

39 0 703 290 595 625-750 GLA sq m /sq m/quarter None

n/a n/a n/a n/a n/a

5 128 626 117 383 310 326 n/a

Dublin
Having witnessed signicant development in the last 15 years, Dublin shopping centre stock per capita is amongst the highest in Europe. Demand remains mixed, with secondary schemes bearing the brunt of weakening demand.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years 12-24 months of free rent Possible after 5 years in occupation Every 5 years Not applicable

46 | European Retail Guide - Shopping Centres

Dublin, Ireland
// Major shopping centres in operation in Dublin (by size)
Shopping centre name Opening date
2005

GLA size (sq m)


85 307 n/a

Owner

N of stores
100

Footfall gures
70 000 since opening

Occupancy ratio (%)


n/a

Turnover
n/a

Dundrum Town Centre The Blanchardstown Centre Liffey Valley, Lucan

Key tenants: Gap, H&M, Esprit, Bershka, Hollister, Tommy Hilger, Hugo Boss, Massimo Dutti, Marks & Spencer, Timberland, L'Occitane, Kiehl's

1996

59 287

n/a

180

n/a

n/a

n/a

Key tenants: Marks & Spencer, Debenhams, Dunnes Stores, Zara, Penneys, H&M, Timberland, Bershka

1998

46 605

n/a

99

200 000/300 000 per week

n/a

n/a

Key tenants: Marks & Spencer, Diesel, Dunnes Stores, Boots, Next, New Look, Republic, Tommy Hilger, Moss Bros

The Square, Tallaght The Pavillions Shopping Centre

1990

46 226

n/a

117

n/a

n/a

n/a

Key tenants: Tesco, Dunnes Stores, Debenhams, Ms Moneypenny, Koko, New Look, River Island, Foot Locker, 3 Stores, Game, HSV

2001

41 140

n/a

87

n/a

n/a

n/a

Key tenants: 3 Store, Benetton, Boots,Diesel, Dunnes Stores, Footlocker, HMV, Imaginarium, Mango, River Island, The Body, Maxx, Tommy Hilger, Zara

2 3
Dublin

Mammut - Budapest

1
European Retail Guide - Shopping Centres | 47

Milan, Italy
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Milan
3 952 -0,2 65 -1,5 0,5 -1,6 -0,3 n/a 5,4 16 418 19 001 n/a

Italy
60 394 0,0 65,41 -0,7 0,6 -1,0 0,2 2,8 8,2 14 124 15 804 602

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

---

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

39 4 695 000 176 n/a GLA sq m /sq m/year n/a

822 34 14 070 114 233 n/a

5 128 626 117 383 310 326 n/a

Milan
Restrictive development regulations have limited the amount of prominent shopping centres and as a result, high street retail dominates the retail offer. Despite this, a number of schemes are expected in the near future.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 48 | European Retail Guide - Shopping Centres Standard contract (Contratto di Locazione) or SC specic (Contratto di Afto di Ramo dAzzienda) Most typical 6+6 years for standard lease; or 5 to 7 years for contratto di afto (business lease) Stepped rent Tenants have certain rights at lease expiry in standard contract. If not accepted, compensation guaranteed Not common Standard lease: indexation is limited to 75% of the (ISTAT) cost of living index; SC lease: 100% indexation permitted

Milan, Italy
// Major shopping centres in operation in Milan (by size)
Shopping centre name Opening date
1972

GLA size (sq m)


52 622

Owner
Schroeders International Property Funds

N of stores
80

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Carosello

Key tenants: Carrefour, Saturn, Zara, Hollister, Oviesse

Centro Vulcano

2006

50 000

Caltagirone

168

n/a

n/a

n/a

Key tenants: Il Gigante, Okaidi-Obaibi, Euronics, CGV Moda, US Fashion Store

Milanoori

2007

47 522

Klpierre

103

n/a

n/a

n/a

Key tenants: Conbipel OVS Industry, Saturn, Scarpe&Scarpe, Zara

Cinisello Balsamo

2007

45 846

n/a

109

n/a

n/a

n/a

Key tenants: Auchan, Darty, H&M, Scarpe&Scarpe

Acquario

2002

42 077

Klepierre/Gruppo Finim

56

n/a

n/a

n/a

Key tenants: Ipercoop, C&A, Media World, Benetton, Brek, Sonny Bono, US Fashion Store

2 1

Milan
Emanuele II shopping gallery - Milan

3
European Retail Guide - Shopping Centres | 49

Rome, Italy
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Rome
4 160 0,2 66 -0,1 0,9 -0,7 0,4 n/a 9,0 15 548 17 734 n/a

Italy
60 394 0,0 65,41 -0,7 0,6 -1,0 0,2 2,8 8,2 14 124 15 804 602

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

--

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

43 4 947 921 228 n/a GLA sq m /sq m/year n/a

822 34 14 070 114 233 n/a

5 128 626 117 383 310 326 n/a

Rome
The demand for shopping centres in Rome is focused on established centres. New developments are scarce and regarded as high risk undertakings in the current economic climate.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 50 | European Retail Guide - Shopping Centres Standard contract (Contratto di Locazione) or SC specic (Contratto di Afto di Ramo dAzzienda) Most typical 6+6 years for standard lease; or 5 to 7 years for contratto di afto (business lease) Stepped rent Tenants have certain rights at lease expiry in standard contract. If not accepted, compensation guaranteed Not common Standard lease: indexation is limited to 75% of the (ISTAT) cost of living index; SC lease: 100% indexation permitted

Rome, Italy
// Major shopping centres in operation in Rome (by size)
Shopping centre name Opening date
2007

GLA size (sq m)


98 000

Owner
ING Real Estate

N of stores
211

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Roma Est

Key tenants: Panorama,Saturn, H&M, Foot Locker, Oviesse, OVS Kids, Benetton, CO Import, Kasanova

Porta Di Roma

2007

96 390

Gallerie Commerciali Auchan/Gruppo Lamaro

230

n/a

n/a

n/a

Key tenants: Auchan, Ikea, Leroy Merlin, Decathlon, H&M, Zara, Media World, Coin, Fnac, Adidas

Parco Leonardo

2005

61 083

Gruppo Leonardo Caltagirone

214

n/a

n/a

n/a

Key tenants: Auchan, Max&Co, Zara, Bershka, Scarpe&Scarpe, Oviesse, Timberland, Saturn

Euroma 2

2008

52 000

Lsgii/Ipercoop

260

n/a

n/a

n/a

Key tenants: Ipercoop, H&M, Okaidi Obaibi, Massimo Dutti, Zara, Foot Locker, Bershka, Tommy Hilger, Timberland, Mango, Hollister, Conbipel, Kasanova

Etra Tiburtino

2009

43 172

IGD

124

n/a

n/a

n/a

Key tenants: Unicoop Tirenno, Obi, H&M, Euronics, Factory Store, Bata, Tally Weijl, Kasanova

2 1

Rome
Porta di Roma - Rome

European Retail Guide - Shopping Centres | 51

Riga, Latvia
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Riga
702 -0,5 69 -2,1 5,4 -5,8 6,4 n/a n/a 2 766 2 461 n/a

Latvia
2 234 -0,4 69 -1,4 5,0 -3,4 5,6 4,4 15,9 3 732 3 604 285

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

-++

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

16 0 615 000 876 15-40 GLA sq m /sq m/month None

n/a n/a n/a n/a n/a

5 128 626 117 383 310 326 n/a

Riga
2011 was a promising year for Rigas retail market; occupancy increased, vacancy declined and new leases are in negotiation. Several new projects are planned over the next few years, including phase II-IV of the Imanta Retail Park (100,000 sq m).

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5-10 years Fit-out contribution, temporary discounts After 5 years Annual indexation CPI

52 | European Retail Guide - Shopping Centres

Riga, Latvia
// Major shopping centres in operation in Riga (by size)
Shopping centre name Opening date
2001

GLA size (sq m)


56 500

Owner
ACTA Fund

N of stores
212

Footfall gures (000)


9 000

Occupancy ratio (%)


100

Turnover
n/a

Alfa, Retail park

Key tenants: Rimi, Cin/amon, Zara, Jysk, Mango, Cubus, Apranga, Lindex, Seppala

Spice

2001

41 112

E.L.L. Kinnisvara/Trsitafan

156

7 660

100

95m (2011)

Key tenants: Rimi, Jysk, Zara, NewYorker, Seppala, Lindex, Douglas, Dania

Domina Shopping

2003

42 000

KanAm Grund Kapitalanlagegesellschaft mbH

170

n/a

98

n/a

Key tenants: Prisma, Apranga, VeroMode, NewYorker, Lindex, Cubus, UnitedColours of Benetton, Marks & Spencer

Riga Plaza

2009

47 000

New Century Holding/ Plaza Centers NV

115

n/a

97

n/a

Key tenants: Prisma, FantasyPark, Multikino, Peek & Cloppenburg, Cubus, Reserved, Zara, Lindex, Douglas

Mols

1998/2002

33 000

ACTA Fund

123

5 940

100

n/a

Key tenants: Rimi, Dressmann, Cubus, Reserved, Rito, Jysk

Riga
Riga Plaza - Riga

5 4
European Retail Guide - Shopping Centres | 53

Vilnius, Lithuania
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Vilnius
846 0,0 69 1,4 6,7 -0,7 7,3 n/a n/a 5 929 6 830 n/a

Lithuania
3 310 -0,3 69,21 1,1 5,3 -0,8 6,2 4,1 15,2 4 470 4 835 511

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

++

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

20 2 429 000 130 12-30 GLA sq m /sq m/month None

n/a n/a n/a n/a n/a

5 128 626 117 383 310 326 n/a

Vilnius
The most popular retail destination in Vilnius is the Akropolis shopping centre, ahead of its younger competitors, Ozas and Panorama. All three centres enjoy very low vacancy, at around 5% or lower.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution, temporary discounts By agreement Annual indexation CPI

54 | European Retail Guide - Shopping Centres

Vilnius, Lithuania
// Major shopping centres in operation in Vilnius (by size)
Shopping centre name Opening date
2002-2004

GLA size (sq m)


95 000 n/a

Owner

N of stores
219

Footfall gures (000)


13 500

Occupancy ratio (%)


100

Turnover
n/a

Akropolis

Key tenants: Maxima, Elektromarkt, Ermitaas, Lindex, Apranga, Monton, Kristiana, Cipollino

Ozas

2009

62 000

n/a

166

n/a

98

n/a

Key tenants: Prisma, FantasyPark, Multikino, Peek & Cloppenburg, Cubus, Reserved, Vero Moda, Lindex

Panorama

2008

50 000

n/a

155

n/a

100

n/a

Key tenants: Rimi, Apranga, Kristiana, BMS Megapolis, NewYorker, Lindex, Pull and Bear, Audimas

Europa

2004

17 000

n/a

80

n/a

90

30m (2011)

Key tenants: Maxima, Cili pica, Miyako, Apranga, Mexx, GANT, Baltman, Monton, Marc O`Polo, Vero Moda, Reserved, Etam, Salamander, Danija

BIG

2006

15 600

n/a

69

n/a

80

n/a

Key tenants: Maxima, Seppala, Avitela, Danija

5 1

3
Europa - Vilnius

Vilnius

European Retail Guide - Shopping Centres | 55

Amsterdam, Netherlands
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Amsterdam Netherlands
1 253 0,6 68 1,8 2,1 0,5 1,8 n/a 4,1 16 482 18 396 n/a 16 649 0,3 67 1,1 1,6 -0,8 1,1 2,3 4,4 14 743 16 016 465

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

10 2 237 441 189 800 GLA sq m /sq m/year None

n/a n/a 7 100 000 426 300

5 128 626 117 383 310 326 n/a

Amsterdam
The Amsterdam shopping centre market has in recent years been affected by the internationalisation of retail chains, as international retailers are driving the strongest demand for space in the Dutch capital.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Yes 5 years + 5 years Hardly any Every 5 years Annually Annually, based on Dutch CPI

56 | European Retail Guide - Shopping Centres

Amsterdam, Netherlands
// Major shopping centres in operation in Amsterdam (by size)
Shopping centre name Opening date
1998

GLA size (sq m)


85 349

Owner
n/a

N of stores
81

Footfall gures (Weekly)


190 000

Occupancy ratio (%)


n/a

Turnover
n/a

Zuidoost Arena Boulevard Boven 't Y

Key tenants: Media Markt, Decathlon, Prenatal, Perry Sport

1975

36 469

n/a

160

149 000

n/a

n/a

Key tenants: Media Markt, BCC, Etos, V&D, HEMA, C&A

Westpoort

2009

29 423

n/a

n/a

n/a

n/a

Key tenants: GAMMA, Woonexpress, Kwantum, Leenbakker

Osdorpplein

1990

25 618

114

67 000

n/a

n/a

n/a

Key tenants: AH, H&M, Kijkshop, H&M, HEMA, ANWB

Sijsjesbergweg

2010

25 150

n/a

n/a

n/a

n/a

Key tenants: Woonexpress, Jysk, Kwantum,

4 3
Villa Arena - Amsterdam

Amsterdam

1
European Retail Guide - Shopping Centres | 57

Rotterdam, Netherlands
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Rotterdam
1 367 0,1 67 1,2 1,9 -0,4 1,3 n/a 4,9 15 488 17 029 n/a

Netherlands
16 649 0,3 67 1,1 1,6 -0,8 1,1 2,3 4,4 14 743 16 016 465

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

5 1 185 800 136 600 Net retail oorspace /sq m/year None

n/a n/a 7 100 000 426 300

5 128 626 117 383 310 326 n/a

Rotterdam
Rotterdam is one of Hollands strongest retail destinations and the development pipeline is substantial. The focus is on the upgrade of the city centre with Multi Vastgoeds mixed-use project Forum Rotterdam being at the forefront of this.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years + 5 years Hardly any Every 5 years Annually Annually, based on Dutch CPI

58 | European Retail Guide - Shopping Centres

Rotterdam, Netherlands
// Major shopping centres in operation in Rotterdam (by size)
Shopping centre name Opening date
1985

GLA size (sq m)


106 918 n/a

Owner

N of stores
200

Footfall gures (Weekly)


205 000

Occupancy ratio (%)


n/a

Turnover
n/a

Alexandrium I, II, III

Key tenants: Zara, H&M, Ici Paris XL, Haestens, Media Markt, Lundia

Zuidplein

1970

46 012

n/a

140

148 000

n/a

n/a

Key tenants: Saturn, V&D, HEMA, La Place, Prenatal

Keizerswaard

1994

13 498

n/a

82

n/a

n/a

n/a

Key tenants: AH, HEMA, BAS

WC Lage Land Woonboulevard Rotterdam (Stadionweg)

2011

10 003

n/a

n/a

n/a

n/a

n/a

Key tenants: AH, Free Record Shop, Belcompany, H&M

2000

9 388

n/a

n/a

n/a

n/a

Key tenants: Praxis, Halfords, Jysk, Carpet Right, Roobol

Rotterdam

Alexandrium - Rotterdam

European Retail Guide - Shopping Centres | 59

Warsaw, Poland
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Warsaw
1 720 0,4 70 4,8 5,5 6,7 5,7 n/a 6,7 6 105 8 461 n/a

Poland
38 200 0 71 4,3 3,9 5,8 4,1 4,1 9,5 5 078 7 269 433

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 3 9,4 13 070 18 824 473

Pop. growth GDP growth

++

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

42 15 1 350 000 785 85-90 GLA sq m /sq m/month None

370 130 8 140 000 213 45-50

5 128 626 117 383 310 326 n/a

Warsaw
Shopping centres dominate the retail offering and continue to show strong performance reected by low vacancy rates. Undersupply is the prevailing market condition, causing retailers to consider secondary space.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution for anchors in Warsaw; t-out contribution for tenants entering projects in secondary and tertiary cities After 5 years Annual indexation HICP, Polish CPI

60 | European Retail Guide - Shopping Centres

Warsaw, Poland
// Major shopping centres in operation in Warsaw (by size)
Shopping centre name Opening date
2004

GLA size (sq m)


103 000

Owner
Unibail-Rodamco

N of stores
230

Footfall gures (000)


22 000

Occupancy ratio (%)


100

Turnover
n/a

Arkadia Mall

Key tenants: Marks & Spencer, New Yorker, Peek & Cloppenburg, Deichmann, CCC

Wola Park

2002

73 000

AEW Capital Management

190

n/a

99

n/a

Key tenants: Auchan Hypermarket, H&M, Zara, Go Sport, C&A

CH Janki

1999

68 500

GE Capital Real Estate

104

600

100

n/a

Key tenants: Real, Leroy Merlin, Saturn, Go Sport, Cinema City, C&A, H&M, Smyk, Feu Vert, Jysk, Reserved, Empik, Cubus

CH Krakowska 61

2002

66 400

BPH TFI

50

n/a

100

n/a

Key tenants: Real, Media Markt, Parktiker, Agata Meble, Swiat Dziecka, Komfort

Zlote Tarasy

2007

64 000

ING Real Estate/UnibailRodamco/City of Warsaw

220

20 000

99

n/a

Key tenants: Carrefour, Multikino, Saturn, Van Graaf, Marks & Spencer

1 2 5

Warsaw

3
Zlote Tarasy - Warsaw European Retail Guide - Shopping Centres | 61

Lisbon, Portugal
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Lisbon
2 033 0,01 65 -0,40 0,9 -1,8 -1,2 n/a 13,3 11 532 13 403 n/a

Portugal
10 653 0,03 67 0,0 0,6 -1,4 -0,7 4 12,6 9 364 10 358 775

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

--

Retail sales growth

--

// Retail Provision and Market Conditions Number of shopping centres in operation


Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m) Basis of measurement Unit of measurement Inclusions

5 n/a 960 000 472 960 GLA sq m /sq m/year None

47 n/a 3 000 000 282 n/a

5 128 626 117 383 310 326 n/a

Lisbon
New shopping centre completions are expected to be low in the near future in line with a weak economic outlook. Some retailers are seeing opportunities, however, and demand in existing schemes remains healthy.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years Fit-out contribution n/a 3 years n/a

62 | European Retail Guide - Shopping Centres

Lisbon, Portugal
// Major shopping centres in operation in Lisbon (by size)
Shopping centre name Opening date
2009

GLA size (sq m)


122 000

Owner
Sonae Sierra

N of stores
300

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Dolce Vita Tejo

Key tenants: Zara, Primark, Jumbo, Poly, Disney Store, Fnac, Bershka, Area, Mastro, Tyos"R"Us, Party Fiesta

Centro Colombo

1997

120 000

Realia

396

n/a

n/a

n/a

Key tenants: H&M, Continente, Bocatta, Zara, Disney Store, Fnac, Bershka, Area, Mastro, Toys"R"Us, Party Fiesta

Galerias Twin Towers

n/a

46 877

Realia

n/a

n/a

n/a

n/a

Key tenants: Baga Baga, Curriculum, Guevel Editora

El Corte Ingles Centro Vasco da Gama

2011

45 000

El Corte Ingles

n/a

n/a

n/a

n/a

Key tenants: Armani, Boss, Herms, Louis Vuitton, Lacoste

1999

29 310

Sonae Sierra/ING Group

167

n/a

n/a

n/a

Key tenants: Benetton Group, C&A, Guess, Timberland, Zara, H&M, Nike, Worten, Fnac, Ornimundo, Funny Shops, Continente, Ericeira Surf Shop

1
Shopping centre in Oeiras - Lisbon

2 4 3

Lisbon
European Retail Guide - Shopping Centres | 63

Barcelona, Spain
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Barcelona
5 425 0,2 67 -0,1 1,1 -3,6 0,6 n/a 19,3 12 416 14 416 n/a

Spain
46 254 0,3 68 0,3 1,2 -3,3 0,6 3,2 21,6 11 535 13 186 475

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

--

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

45 2 1 319 286 243 235 GLA sq m /sq m/month None

537 30 14 119 033 305 230

5 128 626 117 383 310 326 n/a

Barcelona
2010 and 2011 saw the opening of a number of key shopping centres. Although there are no new schemes planned for 2012, a number of existing centres are undergoing refurbishments and extensions.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 64 | European Retail Guide - Shopping Centres Lease agreement 5 years Rent free period and/or rental discounts in the initial period and/or a t-out contribuation Yes, but generally removed from the lease contract Review on each 5th or 6th anniversary of the lease to open market value or applying CPI + 2/5% to the base rent 12 month period before rent indexation begins. Indexation on the Consumer Price Index applied to 100% of the rent

Barcelona, Spain
// Major shopping centres in operation in Barcelon/a (by size)
Shopping centre name Opening date
2001

GLA size (sq m)


87 085

Owner
Quinlan Private

N of stores
197

Footfall gures (000)


n/a

Occupancy ratio (%)


99

Turnover
n/a

Diagonal Mar Shopping Centre La Maquinista

Key tenants: Alcampo, Cinesa, Fnac, Primark, Media Markt, Zara, H&M, Toys R Us, Sfera, Mango, Namco Station

2000

76 200

Unibail-Rodamco, CGI and Carrefour Property

227

n/a

97

n/a

Key tenants: Carrefour, Media Markt, H&M, Zara, Mango, Corteel

Baricentro

1980

62 430

Carrefour Properties and others

150

n/a

96

n/a

Key tenants: Carrefour, Yelmo Cineplex, Aki Bricolaje, Darty, C&A, Nova Mobile, Mir, Barimueble

Glories

1995

56 300

Unibail-Rodamco, Carrefour Property, C&A, Mir and Cines Balaa

193

11 000

99

n/a

Key tenants: Fitness First gym, Carrefour, C&A, H&M, Zara, PC City, Mir

Gran Via 2

2002

54 000

LSGIE and Carrefour Property

197

n/a

97

n/a

Key tenants: Carrefour, Zara, Decathlon, H&M

2 1 4

Barcelona
Diagonal Mar - Barcelona

5
European Retail Guide - Shopping Centres | 65

Madrid, Spain
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Madrid
6 395 0,5 68 0,3 1,7 -3,6 1,1 n/a 17,6 13 246 15 623 n/a

Spain
46 254 0,3 68 0,3 1,2 -3,3 0,6 3,2 21,6 11 535 13 186 475

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

+ -

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

93 4 2 884 338 451 245 GLA sq m /sq m/month None

537 30 14 119 033 305 230

5 128 626 117 383 310 326 n/a

Madrid
Despite a backdrop of falling disposable incomes and increasing unemployment rates, prime shopping centres in Madrid are still supported by strong interest from retailers. New projects, however, are scarce.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent 66 | European Retail Guide - Shopping Centres Lease agreement 5 years Rent free period and/or rental discounts in the initial period and/or a t-out contribuation Yes, but generally removed from the lease contract Review on each 5th or 6th anniversary of the lease to open market value or applying CPI + 2/5% to the base rent 12 month period before rent indexation begins. Indexation on the Consumer Price Index applied to 100% of the rent

Madrid, Spain
// Major shopping centres in operation in Madrid (by size)
Shopping centre name Opening date
2003

GLA size (sq m)


152 887

Owner
Ivanhoe Cambridge

N of stores
220

Footfall gures (000)


14 850

Occupancy ratio (%)


95

Turnover
n/a

Xanadu

Key tenants: El Corte Ingles, Hipercor hypermarket, Cinesa, Primark, H&M, C&A, Zara, Benetton, New Yorker, Apple, Decathlon

Parquesur Megapark/Plaza Norte Parque Corredor

1989/2005

151 200

Various (Unibail Rodamco amongst others)

230

16 000

98

n/a

Key tenants: Alcampo, El Corte Ingls, Cinesa, Zara, C&A, H&M, Corteel, Desigual, Mango, GStar, Calvin Klein, Fnac, Media Markt, Leroy Merlin, Verdecora Darty

1999/2004

98 140 & 51 557

Various, LGSI

26220

22 000

97-90

n/a

Key tenants: Ikea, Leroy Merlin, Carrefour and Media Markt. Cinebox, Fnac, Zara, H&M, Sfera, C&A, Corteel, Massimo Dutti, Stradivarius, Mango

1995

123 380

Caixa DEstalvis de Catalunya and others

176

n/a

85

n/a

Key tenants: Alcampo, Cinebox, Toys'R'Us, Primark, H&M, Zara, Sfera, C&A, Calderon Sport

Islazul

2008

90 700

Grupo Lar and Ivanhoe Cambridge

180

9 688

85

n/a

Key tenants: Yelmo Cineplex, Eroski, C&A, Primark, H&M, Desigual, Zara, Jack & Jones, Corteel, Sport Zone, Zippy

3
Xanadu - Madrid

Madrid

5 2 1
European Retail Guide - Shopping Centres | 67

Stockholm, Sweden
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Stockholm
2 036 1,1 67 2,0 3,1 1,8 2,8 n/a 6,4 18 750 22 085 n/a

Sweden
9 396 0,4 65 1,4 2,0 1,1 2,2 3,0 7,5 16 523 18 887 461

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

++ +

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

88 15 1 805 000 879 85-90 GLA sq m SEK/sq m/year None

308 60 5 990 000 632 45-50

5 128 626 117 383 310 326 n/a

Stockholm
The Swedish capital has seen several new shopping centre openings in recent years. A new scheme, Mood is expected to open in the spring of 2012 which will bring a further 12,900 sq m of retail space to the city.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 7 years Fit-out contribution or t-out by landlord According to agreement According to agreement Swedish CPI

68 | European Retail Guide - Shopping Centres

Stockholm, Sweden
// Major shopping centres in operation in Stockholm (by size)
Shopping centre name Opening date
1999

GLA size (sq m)


128 300

Owner
IKEA Fastigheter AB and others

N of stores
85

Footfall gures (000)


n/a

Occupancy ratio (%)


Nearly 100

Turnover
n/a

Barkarby Handelsplats Kungens Kurva Handelsomrde Skrholmen Centrum

Key tenants: El-Giganten, Bauhaus, Stockholm Quality Outlet, IKEA

1965

125 800

IKEA Fastigheter AB and others

70

n/a

95

n/a

Key tenants: City Gross, IKEA, ICA, Mio, Intersport, Babyland, K-rauta, Decathlon

1968

76 500

Centeni AB

200

n/a

n/a

1 832 000

Key tenants: ICA, Coop, Prisma, hlns, oB, H&M

Sickla Kpkvarter

2005

67 000

Atrium Ljungberg

145

12.5

n/a

2 569 000

Key tenants: ICA, Willys, El-Giganten, Best of Brands, hlns

Lnna Kpcentrum

2001

53 400

IVG Immobilien AG

22

n/a

90

n/a

Key tenants: City Gross, El-Giganten, Lnna Mbler, Expert, Jysk, Rusta

Stokholm

Forum Nacka - Stockholm

4 2 3 5
European Retail Guide - Shopping Centres | 69

Istanbul, Turkey
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Istanbul
13 624 n/a 71 n/a n/a n/a n/a 9,0 9,1 n/a n/a n/a

Turkey
74 724 1,1 67 3,2 5,4 0,6 4,9 10,5 9,1 4 498 n/a 102

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

++ ++

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

96 28 2 982 284 220 10-20 GLA sq m /sq m/month None

283 86 7 614 943 102 7-17

5 128 626 117 383 310 326 n/a

Istanbul
Although Istanbuls retail offer continues to be dominated by the high street, shopping centre development is booming. There are a number of large-scale projects in the pipeline, the largest of which is the 163,000 sq m Mall of Istanbul, due to open in 2013.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 5 years No advertisement contribution fee in the rst year for new shopping centres, x-currency rate if EUR/USD parity is highly volatile 5 years Annual HICP, USCPI, Turkish CPI

70 | European Retail Guide - Shopping Centres

Istanbul, Turkey
// Major shopping centres in operation in Istanbul (by size)
Shopping centre name Opening date
2009

GLA size (sq m)


175 000

Owner

N of stores
272 stores, 45 food vendors

Footfall gures (000)


20 000

Occupancy ratio (%)


99

Turnover

Forum Istanbul

Multi Development Turkey

n/a

Key tenants: Real, Praktiker, Ikea, Decathlon, Saturn, YKM, Tepe Home, C&A, Teknosa, Mudo City, D&R, M&S, Zara, H&M

Forum Marmara

2011

157 000

Area Real Estate, Multi Development

350

15 000

95

n/a

Key tenants: CarrafourSa, Saturn, Bauhaus,Tepe Home, Boyner, Teknosa, M&S, H&M, C&A, YKM, Bimeks, Zara, GAP

Istanbul Cevahir

2005

115 000

St. Martins

303 stores, 46 food vendors

20 000

95

n/a

Key tenants: Kotas, Migros, Tepe Home, Teknosa, YKM, Debenhams, C&A, Zara, Koton, Vera Moda, Mudo

Torium

2010

97 608

Torunlar REIC

180 stores, 25 food vendors

12 000

95

n/a

Key tenants: Migros, Electroworld, H&M, YKM, C&A, Mango, Snowpark

Istinye Park

2007

87 000

Orjin Group&Dogus Group

287 stores, 37 food vendors

15 000

99

n/a

Key tenants: Boyner, Beymen, Zara, H&M, M&S, Teknosa, Darty, Hilside Club

1 4

Istanbul
2

Forum Istanbul - Istanbul

European Retail Guide - Shopping Centres | 71

Birmingham, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Birmingham
1 043 0,4 61 -0,6 1,6 1,3 2,3 n/a 11,3 15 221 15 742 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

12 0 298 000 286 240 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

Birmingham
Shopping centres are an important element of the citys overall retail structure, with refurbishments and extensions of existing schemes, Namely the Pallasades Shopping Centre, domin/ating current development activity.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

72 | European Retail Guide - Shopping Centres

Birmingham, United Kingdom


// Major shopping centres in operation in Birmingham (by size)
Shopping centre name Opening date
2003

GLA size (sq m)


116 622

Owner
Hammerson, Henderson Global Investors and Future Fund

N of stores
150

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Bullring

Key tenants: Debenhams, Next, Selfridges, TK Maxx

Chelmsley Wood Shopping Centre One Stop Shopping Centre Pallasades Shopping Centre

1971

45 615

Fordgate Group Limited

80

n/a

n/a

n/a

Key tenants: Argos, ASDA, Boots, Iceland, Somereld, Wilkinson

1990

31 633

Standard Life Investments Limited

58

n/a

n/a

n/a

Key tenants: ASDA, Currys, Iceland, Sports World (now trading as Sports Direct.com), TK Maxx

1972

26 917

Birmingham City Council

90

n/a

n/a

n/a

Key tenants: Argos, New Look, Peacocks

Priory Square Shopping Centre

1965

26 003

Henderson Investors Limited, Land Securities Group, Pearl Assurance Limited

52

n/a

n/a

n/a

Key tenants: Argos, Next

5 4
Bullring- Birmingham

Birmingham

European Retail Guide - Shopping Centres | 73

Bristol, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Bristol
446 0,6 62 -0,3 2,2 2,1 2,4 n/a 5,5 17 689 19 184 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

15 2 291 000 653 300 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

Bristol
Bristols retail market is domin/ated by Cabot Circus, a mixed-used regenerating scheme which opened in Broadmead to the east of the city in 2008 and which greatly improved the citys overall retail offering.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

74 | European Retail Guide - Shopping Centres

Bristol, United Kingdom


// Major shopping centres in operation in Bristol (by size)
Shopping centre name Opening date
1960

GLA size (sq m)


95 800

Owner
Bristol City Council

N of stores
150

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Cabot Circus

Key tenants: Harvey Nichols, House of Fraser

The Mall At Cribbs Causeway

1998

92 438

Capital Shopping Centres, Prudential Assurance Company Limited

144

n/a

n/a

n/a

Key tenants: John Lewis, Marks & Spencer

The Galleries Shopping Centre Broadwalk Shopping Centre Kings Chase Shopping Centre

1991

30 658

HSBC European Active Real Estate Fund Trustee Limited

110

n/a

n/a

n/a

Key tenants: Boots, TK Maxx, Waterstones, WH Smith

1974

17 187

HSBC Specialist Investments Limited

35

n/a

n/a

n/a

Key tenants: Real, Media Markt, Parktiker, Agata Meble, Swiat Dziecka, Komfort

1977

11 892

Draco Property

25

n/a

n/a

n/a

Key tenants: Sainsbury's, Wilkinson

Bristol

1
Cabot Circus - Bristol

3 4

European Retail Guide - Shopping Centres | 75

Cardiff, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Cardiff
470 0,7 61 0,4 1,7 2,7 2,2 n/a 8,1 16 193 18 399 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

6 0 195 000 415 235 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

Cardiff
Cardiffs main city centre retail scheme is St Davids, which was extended by almost 90,000 sq m in 2009, turning it into one of the largest schemes in the UK.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

76 | European Retail Guide - Shopping Centres

Cardiff, United Kingdom


// Major shopping centres in operation in Cardiff (by size)
Shopping centre name Opening date
1981/2010

GLA size (sq m)


131 689

Owner
St. David's Partnership

N of stores
203

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

St Davids Centre Capitol Shopping Centre Mermaid Quay

Key tenants: Bhs, Boots, Debenhams, John Lewis, Marks & Spencer

1990

17 187

Mooreld Real Estate Fund GP Limited

44

n/a

n/a

n/a

Key tenants: Jaeger, Dune, Phase Eight, Hobbs, Austin Reed, H&M, Sports Direct

2000

15 793

Schroder Exempt Property Unit Trust

42

n/a

n/a

n/a

Key tenants: natWest Bank, Aquabus, Tesco

Queens Arcade

1994

15 329

European Property Investors Special Opportunities LP Limited

42

n/a

n/a

n/a

Key tenants: Argos, Disney Store, Gap, Pier

The Hayes Shopping Centre

2007

14 864

Helical Bar Plc

28

n/a

n/a

n/a

Key tenants: Borders, TK Maxx, Rossiters and Moss Bros

2 4 5
St Davids Centre - Cardiff

1
Cardiff

3
European Retail Guide - Shopping Centres | 77

Edinburgh, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate, 2011 (%) Consumer expenditure per capita, 2011 Average earnings per capita, 2011 Car ownership (cars per 1 000 inhabitants)

Overall city score


Edinburgh
491 0,7 63 1,6 1,9 2,9 2,3 n/a 8,1 22 757 24 876 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

8 1 198 000 404 165 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

Edinburgh
Edinburghs retail market has long been overshadowed by its neighbour, Glasgow. Major regeneration projects are underway to address this, including plans to improve two dominant shopping centres: The Gyle and the St James Centre.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

78 | European Retail Guide - Shopping Centres

Edinburgh, United Kingdom


// Major shopping centres in operation in Edinburgh (by size)
Shopping centre name Opening date
1972

GLA size (sq m)


41 806

Owner
Henderson Global Investors

N of stores
55

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

St James Centre

Key tenants: Boots, John Lewis, Next

Ocean Terminal

2001

41 256

Resolution Property

85

n/a

n/a

n/a

Key tenants: Bhs, Debenhams

Gyle Shopping Centre Cameron Toll Shopping Centre West Side Plaza

1993

30 658

William Ewart Properties Limited

69

n/a

n/a

n/a

Key tenants: Boots, Marks&Spencer, Morrisons, Next

1984

24 155

Warren Private Clients

40

n/a

n/a

n/a

Key tenants: Bhs, Sainsbury's

1972

18 580

WG Mitchell Limited

42

n/a

n/a

n/a

Key tenants: Lidl

Edinburgh

1
Ocean Terminal - Edinburgh

3 5

European Retail Guide - Shopping Centres | 79

Glasgow, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Glasgow
596 0,2 63 1,8 1,9 2,0 2,7 n/a 10,5 17 831 18 338 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

14 0 352 000 591 230 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

Glasgow
Land Securities redevelopment of Buchanan Street is underway, aimed at bolstering Glasgows retail offer. There are also plans to improve Glasgows best performing shopping centre, Buchanan Galleries.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

80 | European Retail Guide - Shopping Centres

Glasgow, United Kingdom


Key tenants: ASDA, Dunnes Stores, InShops
// Major shopping centres in operation in Glasgow (by size)
Shopping centre name Opening date
1989

GLA size (sq m)


93 000

Owner
Ivanhoe Cambridge

N of stores
104

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

St Enoch Centre

Key tenants: Bhs, Boots, Burton, Dorothy Perkins, Debenhams, TK Maxx

Silverburn

1979

92 902

Hammerson

109

n/a

n/a

n/a

Key tenants: Debenhams, Marks&Spencer, Next, Tesco Extra

Buchanan Galleries Forge Shopping Centre Sauchiehall Centre

1999

55 000

Land Securities, Henderson Global Investors

75

n/a

n/a

n/a

Key tenants: Boots, H&M, JD Sports, John Lewis, Marks&Spencer, Next, Open

1988

41 806

Belfast Ofce Properties

75

n/a

n/a

n/a

Key tenants: Real, Media Markt, Parktiker, Agata Meble, Swiat Dziecka, Komfort

1978

16 723

Aviva Investors Global Services Limited

24

n/a

n/a

n/a

Key tenants: Healthland Fitness International, JJB Sports, Primark, Superdrug, TK Maxx, WH Smith

5 Glasgow 1
Buchanan Galleries - Glasgow

4 2

European Retail Guide - Shopping Centres | 81

Leeds, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Leeds
807 0,6 63 -0,2 1,9 1,7 2,3 n/a 9,9 16 193 17 634 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

13 1 247 000 306 260 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

Leeds
The development of the Trinity Leeds scheme is set to transform Leeds retail landscape and has already attracted major international brands. The scheme, due to open in 2013, will make Leeds the UKs fourth largest retail centre.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

82 | European Retail Guide - Shopping Centres

Leeds, United Kingdom


// Major shopping centres in operation in Leeds (by size)
Shopping centre name Opening date
1973

GLA size (sq m)


92 902

Owner
Land Securities Group

N of stores
120

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Trinity Leeds White Rose Shopping Centre Merrion Centre

Key tenants: Bhs, Boots, H&M, JJB Sports, Marks&Spencer, Mothercare, Next, TK Maxx, Topshop/Topman

1997

63 638

Land Securities Group

92

n/a

n/a

n/a

Key tenants: Debenhams, Sainsbury's SavaCentre

1964

46 452

Town Centre Securities

78

n/a

n/a

n/a

Key tenants: Boots, Morrisons

The Light

1991

32 516

Aegon Property Fund Limited

34

n/a

n/a

n/a

Key tenants: Browns, If bar, Proibito, Tiger Tiger

Clarence Dock Retail

2008

23 818

Allied London Properties Limited

43

n/a

n/a

n/a

Key tenants: Alea, Gstar, All Saints, Tesco

4 1

3 5

Leeds

White Rose Shopping Centre - Leeds

European Retail Guide - Shopping Centres | 83

London, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


London
1 137 0,8 71 0,6 3,1 2,0 2,9 n/a 10,2 25 798 29 503 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

+ +

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

35 1 904 000 291 550-900 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

London
Londons shopping centre market enjoys high levels of footfall and turnover ratios. New schemes have opened in recent years, with the most prominent of these being the 211,500 sq m Westeld Stratford, which opened in 2011.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

84 | European Retail Guide - Shopping Centres

London, United Kingdom


// Major shopping centres in operation in London (by size)
Shopping centre name Opening date
2011

GLA size (sq m)


211 500 Westeld

Owner

N of stores
300

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

Westeld Stratford City Westeld London Brent Cross Shopping Centre, Covent Garden Market High Street Wood Green

Key tenants: John Lewis, Marks&Spencer

2008

150 000

Westeld

265

n/a

n/a

n/a

Key tenants: Debenhams, House of Fraser, Marks&Spencer, Next, Waitrose

1976

78 967

Hammerson

120

n/a

n/a

n/a

Key tenants: Fenwick, John Lewis

1980

60 000

Capco

50

n/a

n/a

n/a

Key tenants: Apple, Burberry, Ralph Lauren

1977

52 954

Capital & Region/al

91

n/a

n/a

n/a

Key tenants: Argos, Boots, Debenhams, Pearsons Department Store, Primark, TK Maxx, WH Smith, Wilkinson

5 3 2
London

Westeld Stratford City - Londres

European Retail Guide - Shopping Centres | 85

Manchester, United Kingdom


// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Manchester
1 459 0,6 63 1,0 2,2 2,1 2,5 n/a 8,9 17 082 17 646 n/a

UK
62 756 0,6 62 0,1 2,1 1,4 2,5 4,5 8,0 18 119 19 536 453

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,03 9,4 13 070 12 347 473

Pop. growth GDP growth

+ -

Retail sales growth

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

15 0 536 000 367 265 Zone A /sq m/year None

773 50 16 623 000 267 165-900

5 128 626 117 383 310 326 n/a

Manchester
Over half of Manchesters overall retail oorspace is accounted for by the citys ve shopping centres. By far the largest is Arndale Centre which dominates the northern and eastern part of the city.

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 10 years now standard Incentives a mixture of rent free period (which vary markedly - 3-24 months according to centre and retailer) and capital contribution No - new lease obligatory 5 years Indexation (to RPI or CPI) now becoming more common, but still only in a minority of cases

86 | European Retail Guide - Shopping Centres

Manchester, United Kingdom


// Major shopping centres in operation in Manchester (by size)
Shopping centre name Opening date
1998

GLA size (sq m)


148 605

Owner
Capital Shopping Centres

N of stores
278

Footfall gures (000)


n/a

Occupancy ratio (%)


n/a

Turnover
n/a

The Trafford Centre

Key tenants: Bhs, Boots, Debenhams, Marks&Spencer, Selfridges

Arndale Centre

1976/2000

130 063

Prudential Assurance Company Limited, Capital Shopping Centres

225

n/a

n/a

n/a

Key tenants: Bhs, Boots, Next

Ellesmere Shopping Centre Swinton Shopping Centre Droylsden Shopping Centre

1994

29 172

Liverpool & Lancashire Properties Ltd

130

n/a

n/a

n/a

Key tenants: Boots, Greggs, Lunn Poly, Tesco

1965

16 862

Private Investor

70

n/a

n/a

n/a

Key tenants: Boots, Kwik Save, Peacocks

2003

16 258

Crownring Properties Limited

28

n/a

n/a

n/a

Key tenants: Boots, Ethel Austin, Somereld, William Hill

4 2 Manchester 5 1

The Trafford Centre - Manchester

European Retail Guide - Shopping Centres | 87

Kyiv, Ukraine
// Key Local Indicators Population 2011, (in 000) Population growth, 2012-2016 (annual %) Age structure, 15-64 (%) GDP growth, 2007-2011 (%pa) GDP growth forecasts, 2012-2016 (%pa)
Location based retail sales growth, 2007-2011 (%pa) Location based retail sales growth forecasts, 2012-2016 (%) CPI 2011 (%) ILO unemployment rate 2011 (%) Consumer expenditure per capita, 2011 Average earnings Car ownership (cars per 1 000 inhabitants)

Overall city score


Kyiv
2 813 0,8 71 2,2 n/a 10,6 n/a 6,1 5,4 1 987 6 237 n/a

Ukraine
45 644 -0,5 75 0,9 5,5 9,6 n/a 4,6 7,8 1 349 3 945 142

Europe
502 711 0,2 66 0,5 2,2 2,4 1,4 0,3 9,4 13 070 18 825 473

Pop. growth GDP growth

+ ++

Retail sales growth

++

// Retail Provision and Market Conditions Number of shopping centres in operation Number of shopping centres in the pipeline Total shopping centre oorspace (sq m) Total shopping centre oorspace (per 000 population) Prime shopping centre rents (units of 2,000 sq m)
Basis of measurement Unit of measurement Inclusions

44 16 720 800 257 $150-170 GLA sq m $/sq m/month None

121 33 1 755 600 219 $70-90

5 128 626 117 383 310 326 n/a

Kyiv
After a period of weak economic conditions, the retail sector is recovering, stimulated by the upcoming European Football Championships. Several shopping centre projects are due for completion in 2012 .

// Lease Structures and Legal Aspects


Standard lease document Typical lease length Typical incentives Statutory rights to renew the lease Frequency of rent reviews Frequency and basis of indexation of rent Lease agreement 3-5 years for standard retail units of 50-250 sq m 7-10 years for semi-anchors (500-1,000 sq m) 10-15 years for anchor tenants plus a priority right to renew the lease Stepped up rent After expiration of rental term Annual indexation Harmonised CPI, xed - 3-5%

88 | European Retail Guide - Shopping Centres

Kyiv, Ukraine
// Major shopping centres in operation in Kyiv (by size)
Shopping centre name Opening date
2009/2011

GLA size (sq m)


90 500

Owner
Vita Veritas

N of stores
250

Footfall gures (000)


1 500*

Occupancy ratio (%)


93

Turnover
n/a

Dream Town

Key tenants: Novus, Cosmos hypermarket, Foxtrot, Techopolis, River Island, Zara, Oscar (cinema), Marks&Spencer, Benetton, Sportmaster, Intertop, Mothercare

Sky Mall

2007/2010

47 000

Arricano Development

150

600*

99

n/a

Key tenants: Auchan, Comfy, Zara, New Look, New Yorker, Kronverk (cinema), City Bowling, Reserved, Intertop, Mothercare, Marks&Spencer, Top Shop

Karavan

2004/2008

37 700

Karavan Group

120

1 200*

99

n/a

Key tenants: Karavan hypermarket, Zara, New Look, GAP, Marks&Spencer, Smyk, Odessa Kino

Bolshevik

2007/2008

36 200

n/a

120

1 000*

98

n/a

Key tenants: MegaMarket, Comfy, Tekhnopolis, ButterFly cinema, Colins, Brocard, Intertop, ArgoCentr, Next, Ice Rink, Adidas

Globus

2002/2003

18 600

London & Region/al

175

2 400*

98

n/a

Key tenants: Sportmaster, Mothercare, Brocard, New Look, Peacocks, Grandi Firme Outlet
* monthly average

1 3

Kyiv
4
Sky Mall - Kyiv

2 5

European Retail Guide - Shopping Centres | 89

//Retail Team
EMEA Martyn Chase European Retail Sector Head martyn.chase@dtz.com +44 (0)20 3296 4232 / +44 (0)7808 479 279 Nordics Maria Krumlinde Retail Director maria.krumlinde@dtz.com +46 8 671 34 93 +44 / +44 (0)7768 294 749 Belgium Thomas Willekens Senior Account Manager Retail thomas.willekens@dtz.com +32 3 303 10 09 / +32 475 76 07 02 Netherlands Cuno van Steenhoven Chairman of management board csteenhoven@dtz.nl +31 30 602 22 11 / +31(0) 653 87 97 97 Germany Katharina von Schacky Head of Retail Asset Management katharin/a.vonschacky@dtz.com +49 (0) 211 177 240 / +49 (0) 174 909 6371 France Jean-Philippe Carmarans CEO Valuation jean-philippe.carmarans@dtz.com + 33 1 47 48 77 24 / + 33 6 22 50 67 33
90 | European Retail Guide - Shopping Centres

Spain James Bradley Country Head james.bradley@dtz.com +34 91 770 96 00 / +34 62 951 69 24 Poland Patrick Delcol Country Head patrick.delcol@dtz.com +48 (22) 222 31 00 / +48 (0) 603 110 024 Romania Razvan Sin Head of Retail razvan.sin@dtz.ro +40 21 310 3100 / +40 751 22 22 11 Czech Republic Lenka Vodrazkova Head of Property Management lenka.vodrazkova@dtz.com +420 234 262 257 /+420 736 620 066 UAE Andrew Goodwin Director andrew.goodwin@dtz.com +971 (0)2 667 4823 / +971 (0)50 621 7290 UK Hugh Radford Head of UK Retail hugh.radford@dtz.com +44 (0)20 3296 4179 / +44 (0)7831 575 452

// Research Team
// Disclaimer
This report should not be relied upon as a basis for entering into transactions without seeking specic, qualied, professional advice. Whilst facts have been rigorously checked, DTZ cannot be held responsible in any way in case of any error or inaccuracy within this report. Information contained herein should not, in whole or part, be referred to, reproduced, or distributed without the prior express approval of DTZ. In any case, any reference, reproduction, or distribution must indicate its source.
Belgium Cedric Van Meerbeeck cedric.vanmeerbeeck@dtz.com +32 2 629 02 00 Czech Republic Lenka indelrov lenka.sindelarova@dtz.com +420 234 262 239 Denmark Kim McMillan kim.mcmillan@dtz.com Tel: +45 337 34 511 Finland Juha MkiLohiluoma juha.maki-lohiluoma@dtz.com Tel: +358 (0)10 836 8435 France Delphine Mah delphine.mahe@dtz.com Tel: +33 (0)1 49 644 791 Germany Ursula-Beate Neier ursula-beate.neisser@dtz.com Tel: +49 (0)69 92 100 160 Hungary Eanna Maksay eanna.maksay@dtz.com Tel: +36 (0)1 472 7297 Ireland Marian Finnegan marian.nnegan@dtz.ie Tel: +353 (0)1 237 6300 Italy Magali Marton magali.marton@dtz.com Tel: +33 (0)1 49 644 954 Luxembourg Sophie Leblon sophie.leblon@dtz.com Tel: +352 2648 4868 Middle East Martin Cooper martin.cooper@dtz.com Tel: +973 (0)1 713 3660 European Retail Guide - Shopping Centres | 91 Netherlands Frank van der Sluys fsluys@dtz.nl Tel: +31 (0)20 5711 411 Norway Marit Hoff Eek marit.eek@dtz.no Tel: +47 23 11 68 68 Poland Anna Staniszewska anna.staniszewska@dtz.com Tel: +48 (0)22 222 3130 Russia Stefano Carosi stefano.carosi@dtz.com Tel: +7 (495) 748 1111 Spain Pablo Kindeln pablo.kindelan@dtz.com Tel: +34 (0)91 770 9622 Sweden Karin Witalis karin.witalis@dtz.com Tel: +46 8 671 34 00 Switzerland Pierre Stmpi pierre.stampi@dtz.com Tel: +41 (0)22 839 7370 Turkey Dilek Pekmidir pekdemird@dtz.com.tr Tel: +90 212 231 5530 Ukraine Marta Kostiuk marta.kostiuk@dtz.kiev.ua Tel: +380 44 220 3060 United Kingdom Martin Davis martin.davis@dtz.com Tel: +44 (0)20 3296 2304

// Sources
This European shopping centre guide covers 40 cities and was put together using data collected by our extensive network of local ofces around Europe. Whereas the retail specic data on shopping centre provision and lease structure was gathered by our retail teams locally, the socioeconomic data comes from Oxford Economics. In order to ensure a robust comparison between cities, please note that all data adheres to Oxford Economics Nuts 3 boundary denition, which refers to city specic information.

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DTZ march 2012

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