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MARKETVIEW

The Netherlands Retail MarketView H2 2014

Influx of foreign capital


boosts retail investment
-22% y-o-y

+3.8% y-o-y

-15bp y-on-y

+85% y-on-y

HEADLINES

Occupier market not bottomed out yet

Investment volume boosted by foreign capital

Discounters and luxury retailers expanding

Shopping centres most popular investment category

Chart 1: Consumer confidence

S T A L L E D O CCUP I E R D E M A N D

0
-2
-4
-6
-8
-10
-12
Jan 2014

Dec 2014

Nov 2014

Ocr 2014

Sep 2014

Jul 2014

Aug 2014

Jun 2014

Apr 2014

May 2014

Mar 2014

Jan 2014

Feb 2014

-14

Source: Statistics Netherlands


Chart 2: GDP growth
2,0%
1,5%
1,0%
F O CUS O N CI T Y CE N T R E S

0,5%
0,0%
-0,5%
-1,0%
-1,5%
2018E

2017E

2016E

2015E

2014E

2013

2012

2011

2010

-2,0%

Source: Oxford Economics

H2 2014 CBRE Research and Consulting

CBRE B.V.|

M A R K E T V I E W NETHERLANDS RETAIL
Chart 3: Take-up in the Netherlands
600

x 1000 sq m

500
400
300
200
100

2014

2013

2012

2011

2010

2009

Source: CBRE, VTIS


D I S CO UN T A N D L UX UR Y GR O W T H

Chart 4: Prime rents G4 cities


Amsterdam

Rotterdam

Utrecht

The Hague

3,500
3,000
EUR / sq m / yr

2,500
2,000
1,500
1,000
500
2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

Source: CBRE
Chart 5: Investment volume & average transaction size
Investment volume (RHS)

Average deal volume (LHS)

2,5

16
14
12
10

1,5

8
1,0

Million EUR

Billion EUR

2,0

0,5

2
-

2010

2011

2012

2013

2014

Source: CBRE
H2 2014 CBRE Research and Consulting

CBRE B.V.|

M A R K E T V I E W NETHERLANDS RETAIL
Chart 6: Investments divided by asset type in billions
Shopping centre

High-street

Other

Retail warehousing

Supermarket

Factory outlet centre

2,5

S T R O N G I N V E S T M E N T GR O W T H

Billion EUR

2,0
1,5
1,0
0,5

2014

2013

2012

2011

2010

Source: CBRE

Chart 7: Investments by origin


Domestic

Cross border

100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
2014

2013

2012

2011

2010

0%

Source: CBRE

Chart 8: Prime net yields


High-street
Shopping centre
Retail warehousing
8%
7%
6%
5%
4%

2014Q4

2014Q3

2014Q2

2014Q1

2013Q4

2013Q3

2013Q2

2013Q1

2012Q4

2012Q3

2012Q2

2012Q1

2011Q4

3%

Source: CBRE
H2 2014 CBRE Research and Consulting

CBRE B.V.|

M A R K E T V I E W NETHERLANDS RETAIL

Table 1: Largest Investment transactions 2014

Location

Building/project

Type

Purchaser

Price in
m

Size (sq m)

Nationwide

CBRE Global Investors portfolio

Shopping centres

Multi/Blackstone

N/A

107,500 sq m

Nation wide

Corio portfolio

Shopping centres

Mount Kellett/Sectie 5

176.0

120,800 sq m

Hoofddorp

Vier Meren + V&D

Shopping centre

Wereldhave

138.9

30,100 sq m

Amsterdam

Kalvertoren

Shopping centre

Kroonenberg Groep

117.6

11,500 sq m

Lelystad

Batavia Stad

Fashion outlet centre

Meyer Bergman

115.0

26,300 sq m

Capelle aan den IJssel

De Koperwiek

Shopping centre

Wereldhave

60.1

16,000 sq m

Nation wide

Pinnacle portfolio

Retail warehouses

Europa Capital Partners

49.2

5 units

Leidschendam

V&D Leidsenhage

Shopping centre

Unibail-Rodamco

40.6

11,450 sq m

Nationwide

High-street portfolio

High-Street

Vastned

39.0

7 units

Haarlem

Brinkman passage

Shopping centre

FGH Bank

29.0

10,312 sq m

Source: CBRE

H2 2014 CBRE Research and Consulting

CBRE B.V.|

M A R K E T V I E W NETHERLANDS RETAIL
O UT L O O K

CO N T A CT S

CB R E O F F I CE

Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy,
we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and
completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be
reproduced without prior written permission of CBRE.