DTZ European Retail Guide - Shopping Centres

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. 

Martyn Chase 

European Retail 

Sector Head 

Welcome to our first 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 figures 

» 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 five 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 

difficulties in securing financing 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 

European Retail Guide - Shopping Centres | 03

Table of content 

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 

04 | European Retail Guide - Shopping Centres 

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 

DTZ Retail 

EMEA key statistics 2011 

500 

10m 

"High 

street 

shops" 

"Key 

clients" 

"Best in 

class" 

"Market 

leader" 

200 

We are involved in some 500 

shopping centres advising 150 

owners in EMEA. 

The total floor 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, Westfield, 

Klepierre and Corio. 

Our shopping centres are best 

in class: Westfield London, 

Westfield 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.

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 confidence 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 difficulties 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 identified 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. 



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. 

» 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 confidence levels for both consumers and 

retailers, which in turn is impacting on overall spending levels. 

» Despite this, GDP growth is forecast to be positive for the medium to longer term. Marked 

differences between cities exist with only modest growth forecast in most markets. 

» Central & Eastern European (CEE) cities, the Baltic capitals and Istanbul are forecast to show 

the strongest GDP growth over the next five 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 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% 


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

France are forecast to significantly underperform the European average over the next five years, 

with growth below 1%pa forecast. 

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

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). 

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

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. 

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 


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% 

Source DTZ Research


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. 

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

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. 

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

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. 

» 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 difficulty 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). 

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

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. 

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 


Manchester 

Berlin 

Leipzig 

Hamburg 

Leeds 

London 

Birmingham 

Lyon 

Kyiv 

Marseille 

Barcelona 

Brussels 

Rome 

Istanbul 

Amsterdam 

Lille 

Munich 

Milan 

Dusseldorf 

Cologne 

Paris 

Rotterdam 

Stuttgart 

Vilnius 

0 100 200 300 400 500 600 700 800 900 1000 

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

Source DTZ Research 

*Shopping centre: Defined 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 Statistics 

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

Country City 


Total SC 

floorspace (sq m) 

Total SCs 

per '000 

population 

Number of 

schemes in the 

pipeline 

Belgium Brussels 255 316 233 1 

Czech Republic Prague 854 535 687 1 

Denmark Copenhagen 500 867 750 0 

Estonia Tallinn 426 460 808 3 

Finland Helsinki 680 000 472 2 

France 

Germany 

Lille 460 500 179 3 

Lyon 447 764 260 4 

Marseille 507 832 252 6 

Paris 316 240 141 10 

Berlin 1 276 000 369 4 

Cologne 157 300 157 0 

Dusseldorf 80 900 138 0 

Frankfurt 326 602 491 2 

Hamburg 587 790 327 2 

Leipzig 182 329 351 1 

Munich 236 900 174 0 

Stuttgart 80 000 133 1 

Hungary Budapest 700 000 410 12 

Ireland Dublin 703 290 595 0 

Italy 

Milan 695 000 176 4 

Rome 947 921 228 4 

Latvia Riga 615 000 876 0 

Country City 

Total SC 

floorspace (sq m) 

Total SCs 

per '000 

population 

Number of 

schemes in the 

pipeline 

Lithuania Vilnius 429 000 130 2 

Netherlands 

Amsterdam 237 441 189 2 

Rotterdam 185 800 136 1 

Poland Warsaw 1 350 000 785 15 

Portugal Lisbon 960 000 472 n/a 

Spain 

Barcelona 1 319 286 243 2 

Madrid 2 884 338 451 4 

Sweden Stockholm 1 805 000 879 15 

Turkey Istanbul 2 982 284 220 28 

United Kingdom 

Birmingham 298 000 286 0 

Bristol 291 000 653 2 

Cardiff 195 000 415 0 

Edinburgh 198 000 404 1 

Glasgow 352 000 591 0 

Leeds 247 000 306 1 

London 904 000 291 2 

Manchester 536 000 367 1 

Ukraine Kyiv 720 800 257 16 

European City figures 26 933 495 382 152 

Source : DTZ Research


SHOPPING CENTRE FUTURE HOTSPOTS 

We define those cities which offer the greatest potential for future growth as our 

future hotspots. These include Vilnius, London and Hamburg. 

» 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. 

» In the ‘stable’ category we have markets which have above average shopping 

centre provision and above average forecast retail sales growth. These are stable 

markets; whilst existing provision will benefit 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. 

» The ‘stagnant’ markets are cities which display high shopping centre provision 

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. 

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

terms of shopping centre provision, display weak retail sales growth forecast 

figures. The short to medium term outlook is one of muted growth. Cities in this 

category include those in the Benelux, France and Germany. 

» 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 benefit existing schemes and also provide considerable 

opportunity for new development. In this category we have Vilnius, London, 

Hamburg and Birmingham. 

Figure 5: Current shopping centre floorspace per ‘ooo population and retail sales growth (2012-2016) 

in major European cities 

Location based retail sales 

growth, 2012-2016 

8% 

7% 

6% 

5% 

Vilnius 

4% 

Hamburg 

Helsinki 

3% 

2% 

Paris 

London 

Birmingham 

Amsterdam Marseille 

Manchester 

Budapest 

Prague 

Bristol 

Stockholm 

European 

average 

1% 

0% 

Munich 

Rotterdam 

Lille 

Stuttgart 

Dusseldorf 

Lyon 

Barcelona 

Rome 

Brussels 

Berlin 

Madrid 

Frankfurt 

Dublin 

Copenhagen 

0 100 Milan 200 300 400 500 600 700 800 900 1 000 

-1% 

Lisbon 

-2% 

STRONG 

EMERGING 

Shopping centre floor space per 1,000 population 

STABLE 

STAGNANT 

Warsaw 

Tallinn 

Riga 

FIGURE 5 


Brussels, Belgium 

// Key Local Indicators Brussels Belgium Europe 

» Population 2011, (in ‘000) 1 094 10 899 502 711 

» Population growth, 2012-2016 (annual %) 0,5 0,3 0,2 

» Age structure, 15-64 (%) 66 66 66 

» GDP growth, 2007-2011 (%pa) 0,8 1,1 0,5 

» GDP growth forecasts, 2012-2016 (%pa) 2,2 1,8 2,2 

» Location based retail sales growth, 2007-2011 (%pa) 0,0 0,7 2,4 

» Location based retail sales growth forecasts, 2012-2016 (%) 0,3 1,1 1,4 

» CPI 2011 (%) n/a 3,5 0,3 

» ILO unemployment rate 2011 (%) 14,8 7,0 9,4 

» Consumer expenditure per capita, 2011 15 006 € 15 379 € 13 070 € 

» Average earnings 17 374 € 17 942 € 18 825 € 

» Car ownership (cars per 1 000 inhabitants) n/a 476 473 

// Retail Provision and Market Conditions 

» Number of shopping centres in operation 17 63 5 128 

» Number of shopping centres in the pipeline 1 18 626 

» Total shopping centre floorspace (sq m) 255 316 1 018 521 117 383 310 

» Total shopping centre floorspace (per ’000 population) 233 93 326 

» Prime shopping centre rents (units of 2,000 sq m) 1 500 1 500 n/a 

» Basis of measurement GLA sq m 

» Unit of measurement €/sq m/year 

» Inclusions None 

// Lease Structures and Legal Aspects 

» Standard lease document Retail lease contract (1951 law) 

» Typical lease length 9 years 

» Typical incentives Rent free period (usually 1 year of gratuity) 

» Statutory rights to renew the lease Yes for both parties 

» Frequency of rent reviews 

» Frequency and basis of indexation of rent 


9 years; review possible every 3 years if market conditions 

have changed significantly (+15% or - 15% of the 

initial rent) 

Annually if agreed in the leasing contract. Indexation is 

calculated on the Belgian Health Index 

Overall city score 

» Pop. growth + 

» GDP growth - 

» Retail sales 

growth 

Brussels 

Difficulties in securing financing 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. 

--

Brussels, Belgium 

// Major shopping centres in operation in Brussels (by size) 

1 City 2 

Shopping centre name 

Opening 

date 

1978 renovated 

in 1999 

Key tenants: Fnac; carrefour, Zara; Sports World 

2 

The "W" Shopping 

(Woluwe Shopping 

Centre) 


in 2004 

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

3 

Westland Shopping 

Center 

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

4 

Basilix Shopping 

Center 


in 2000 


in 2004 

Key tenants: Brico; Media Markt; Hema; Blokker 

5 Galerie Toison d'Or 


in 2010 

Key tenants: Fnac, AS Adventure, Desigual, Maxitoys 

Galeries de la Reine- Brussels 

GLA size 

(sq m) 

3 

Owner 

4 

N° of 

stores 

Brussels 

1 

5 

Footfall figures 

(‘000) 

Occupancy 

ratio (%) 

European Retail Guide - Shopping Centres | 11 

2 

Turnover 

51 000 AG Real Estate 105 15 659 n/a n/a 

42 677 

37 450 

16693 

SA L'Investissement Foncier 

Woluwe Shopping 

Center (Certificat Fortis 

RE) 

Investissement foncier 

Westaldn Shopping 

Center SA (Fortis RE + 

Redevco) 

ImmoBasilix (certificat 

KBC) 

136 8 412 n/a n/a 

126 7 732 n/a n/a 

64 3 400 n/a n/a 

12 353 SA Toison d'Or 41 5 000 n/a n/a

Prague, CZR 

// Key Local Indicators Prague CZR Europe 

» Population 2011, (in ‘000) 1 245 10 520 502 711 


» Age structure, 15-64 (%) 70 70 66 

» GDP growth, 2007-2011 (%pa) 3,2 1,7 0,5 




» CPI 2011 (%) n/a 1,9 0,3 










» Prime shopping centre rents (units of 50-100 sq m) 70-80 45-70 n/a 


» Unit of measurement €/sq m/month 



» Standard lease document Lease Agreement 


» Typical incentives Rent free period and/or fit-out contribution 

» Statutory rights to renew the lease After 5 years 

» Frequency of rent reviews Annual indexation 

» Frequency and basis of indexation of rent HICP, Czech CPI 



» Pop. growth - 

» GDP growth + 


growth 

Prague 

The limited availability of bank financing 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. 

++

Prague, CZR 

// Major shopping centres in operation in Prague (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

4 

N° of 

stores 

3 


(‘000) 

1 

Prague 

2 

Occupancy 

ratio (%) 

1 Tesco Letnany 1999 - 2007 125 000 Tesco Stores 150 n/a n/a n/a 

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

2 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 

3 Nový Smíchov 2002 55 800 Klépierre 150 n/a n/a n/a 

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

4 Metropole Zlicín 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 

5 

Centrum Cerný Most & 

CCM Entretainment centre 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 

Palac Flora - Prague 

5 

Turnover 


Copenhagen, Denmark 

// Key Local Indicators Copenhagen Denmark Europe 

» Population 2011, (in ‘000) 668 5 552 502 711 


» Age structure, 15-64 (%) 67 65 66 

» GDP growth, 2007-2011 (%pa) 0,2 -0,6 0,5 


» Location based retail sales growth, 2007-2011 (%pa) -2,7 -2,5 2,4 


» CPI 2011 (%) n/a 2,8 0,3 

» ILO unemployment rate 2011 (%) n/a 7,5 9,4 









» Prime shopping centre rents (units of 200 sq m) 4,000-4,500 2,500-3,000 n/a 


» Unit of measurement DKK/sq m/pa 



» Standard lease document Lease contract 


» Typical incentives 

Fit-out contribution and rent rebate dependant on centre 

and location 

» Statutory rights to renew the lease Automatically renew on rolling break basis 

» Frequency of rent reviews No sooner than 4 years from the last formal review 

» Frequency and basis of indexation of rent Annual - Danish nettoprisindex 






growth 

Copenhagen 

Growth in population and purchasing power is leading to increased 

polarisation, with large schemes benefitting from increased footfall and 

modernisations and smaller ones suffering from increased vacancies. 

--

Copenhagen, Denmark 

// Major shopping centres in operation in Copenhagen (by size) 


Opening 

date 

GLA size 

(sq m) 

2 

Owner 

N° of 

stores 


(‘000) 

5 

Occupancy 

ratio (%) 

Copenhagen 

4 3 

Turnover 

1 Fields 2004 74 000 Steen & Strøm 128 6 800 93 2 750 

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

2 City Two 1975 63 000 Danica 91 3 800 90 1 143 

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

3 Fisketorvet 2000 39 000 Unibail Rodamco 106 8 200 95 1 514 

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

4 Rødovre Centret 1966 38 200 A/S Rødovre Centrum 119 n/a 100 1 869 

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

5 Lyngby Store Centre 1973 34 000 Lyngby Storecenter ApS 106 5 900 100 1 794 

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

European shopping centre - Copenhagen 


1

Tallinn, Estonia 

// Key Local Indicators Tallinn Estonia Europe 

» Population 2011, (in ‘000) 528 1 337 502 711 

» Population growth, 2012-2016 (annual %) 0,1 -0,2 0,2 

» Age structure, 15-64 (%) 68 68 66 

» GDP growth, 2007-2011 (%pa) -0,4 0,0 0,5 




» CPI 2011 (%) n/a 5,0 0,3 






» Number of shopping centres in operation 12 n/a 5 128 

» Number of shopping centres in the pipeline 3 n/a 626 

» Total shopping centre floorspace (sq m) 426 460 n/a 117 383 310 

» Total shopping centre floorspace (per ’000 population) 808 n/a 326 

» Prime shopping centre rents (units of 2,000 sq m) 12-45 n/a n/a 





» Standard lease document Lease agreement 

» Typical lease length 5-10 years 

» Typical incentives Fit-out contribution, temporary discounts 



» Frequency and basis of indexation of rent CPI 




» GDP growth ++ 


growth 

Tallinn 

Tallinn’s 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. 

--

Tallinn, Estonia 

// Major shopping centres in operation in Tallinn (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 


(‘000) 

Occupancy 

ratio (%) 

Turnover 

1 Rocca al Mare 1998 53 300 Citycon 165 6 400 100 €122m 

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

2 Kristiine Keskus 1999 42 500 Citycon 170 7 100 100 €102m 

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

3 Järve Keskus 2000 41 800 Silikaat Grupp 108 n/a 100 n/a 

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

4 Ulemiste Keskus 2004 37 500 Linstow 160 4 800 99 €95m 

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

5 viru Keskus 2004 26 300 SRV 100 11 000 99 €117m 

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

Viru Keskus - Tallinn 

1 

2 

3 

Tallinn 

5 


4

Helsinki, Finland 

// Key Local Indicators Helsinki Finland Europe 

» Population 2011, (in ‘000) 1 440 5 380 502 711 


» Age structure, 15-64 (%) 67 66 66 

» GDP growth, 2007-2011 (%pa) 0,9 0,9 0,5 




» CPI 2011 (%) n/a 3,4 0,3 










» Prime shopping centre rents (units of 2,000 sq m) 20 12 n/a 








Typically none; sometimes fit-out contributions or rent 

free period for tenants 

» Statutory rights to renew the lease None 


» Frequency and basis of indexation of rent Finnish CPI 



» Pop. growth ++ 



growth 

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. 

++

Helsinki, Finland 

// Major shopping centres in operation in Helsinki (by size) 


Opening 

date 

GLA size 

(sq m) 

1 Itäkeskus 1984 117 131 

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

2 Sello 2003 102 000 

Key tenants: S-Group, Kesko, Halonen 

3 Jumbo 1998 85 000 

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

4 Iso Omena 2001 60 500 

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

5 Kamppi 2006 44 429 

4 

Owner 

Wereldhave N.V./Kesko/ 

City of Helsinki 

KEVA, Etera Mutual Pension 

Insurance Company, 

Pension Fennia 

Rodamco, Pension Fennia, 

HOK-Elanto, Kesko 

Citycon Oyj, GIC Real 

Estate 

Cornerstone Nordic Retail 

Fund 

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

Shopping centre - Helsinki 

2 

N° of 

stores 


(‘000) 

5 

3 

Helsinki 

Occupancy 

ratio (%) 

Turnover 

265 20 100 98 451 mn 

172 21 900 98 357 mn 

121 8 700 98 414 mn 

100 8 800 98 237 mn 

120 34 000 98 231 mn 


1

Lille, France 

// Key Local Indicators Lille France Europe 

» Population 2011, (in ‘000) 2 569 65 182 502 711 


» Age structure, 15-64 (%) 65 64 66 

» GDP growth, 2007-2011 (%pa) 0,2 0,5 0,5 




» CPI 2011 (%) n/a 2,0 3,0 










» Prime shopping centre rents (units of 150-200 sq m) 750/850 € 400/600€ n/a 





» Standard lease document Commercial lease 


Mature = none, except for medium size units : cap of 


service charges. For new centres, step rents and cap of 

services charges for MSU 

» Statutory rights to renew the lease Yes 

» Frequency of rent reviews Lease expiry 

» Frequency and basis of indexation of rent Annual, with ILC 




» GDP growth -- 


growth 

Lille 

Lille’s 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. 

--

Lille, France 

// Major shopping centres in operation in Lille (by size) 


Opening 

date 

GLA size 

(sq m) 

1 2 

3 

Owner 

N° of 

stores 


(‘000) 

Lille 

Occupancy 

ratio (%) 

1 Eurallile 1994 66 700 Unibail-Rodamco 112 12 000 n/a 

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

2 villeneuve 2 1977 51 300 Unibail-Rodamco 140 12 000 n/a 

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

3 Auchan Les Géants 1974 47 200 Immochan 78 n/a n/a 

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

4 Espace Grand'Rue 2002 36 600 Altaréa 50 5 400 n/a n/a 

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

5 Auchan 1994 36 000 Immochan 60 n/a n/a n/a 

Key tenants: Auchan, Auchan Drive, Douglas 

Euralille - Lille 

Roubaix 


5 

Turnover 

€5,072/ 

sq m/year 

€6,868/ 

sq m/year 

€6,163 

sq m/year 

4

Lyon, France 

// Key Local Indicators Lyon France Europe 

» Population 2011, (in ‘000) 1 725 65 182 502 711 


» Age structure, 15-64 (%) 64 64 66 

» GDP growth, 2007-2011 (%pa) 0,3 0,5 0,5 




» CPI 2011 (%) n/a 2,0 3,0 










» Prime shopping centre rents (units of 150-200 sq m) 1500 - 1600 400-600 n/a 










service charges for MSU 








Lyon 


growth 

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. 

-

Lyon, France 

// Major shopping centres in operation in Lyon (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

3 

N° of 

stores 

1 

Lyon 


(‘000) 

Occupancy 

ratio (%) 

1 La Part-Dieu 1975 126 460 Unibail-Rodamco 241 32 000 n/a 

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

2 Carré de Soie 2009 75 292 Altaréa 60 5 500 n/a n/a 

Key tenants: Jardiland, Castorama, Saturn, Go Sport 

3 Ecully Grand Ouest 1972 46 078 Klépierre 88 7 500 100 

Key tenants: Carrefour Planet, Decitre, Camaïeu, Sephora 

4 Sept Chemins 1988 36 000 Klépierre 45 2 900 100 n/a 

Key tenants: Carrefour hypermarket, Jennyfer, Marionnaud 

5 Porte des Alpes 1981 35 000 Immochan 60 n/a n/a n/a 

Key tenants: Auchan hypermarket, Nocibé, Sephora 

La Part-Dieu - Lyon 

2 

4 

5 

Turnover 

€8,782/ 

sq m/ year 

€7,771 €/ 

sq m/year 


Marseille, France 

// Key Local Indicators Marseille France Europe 

» Population 2011, (in ‘000) 2 015 65 182 502 711 


» Age structure, 15-64 (%) 63 64 66 

» GDP growth, 2007-2011 (%pa) 0,4 0,5 0,5 




» CPI 2011 (%) n/a 2,0 3,0 




















service charges for MSU 









growth 

Marseille 

Marseille’s 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’. 

++

Marseille, France 

// Major shopping centres in operation in Marseille (by size) 

1 


Marseille Grand 

Littoral 

Opening 

date 

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

GLA size 

(sq m) 

2 

Owner 

4 

1 

N° of 

stores 


(‘000) 

Marseille 

5 

Occupancy 

ratio (%) 

3 

Turnover 

1996 119 644 Corio 211 12 000 n/a n/a 

2 Grand vitrolles 1970 61 111 Klépierre 79 12 500 100% 

Key tenants: Carrefour, Castorama, Saturn 

3 Auchan Barnéoud 1980 48 566 Immochan 70 n/a n/a na 

Key tenants: Auchan, Parfumerie Trupheme, Courir 

4 La Pioline 1973 32 617 Klépierre 34 5 800 87% na 

Key tenants: Carrefour, Marionnaud 

5 

valentine Grand 

Centre 

Key tenants: Géant Casino, Nocibé, Courir 

Grand Littoral - Marseille 

1970 

renovated in 

2011 

€7,419/ 

sq m/year 

32 564 Mercialys 66 2 700 n/a n/a 


Paris, France 

// Key Local Indicators Paris France Europe 

» Population 2011, (in ‘000) 2 248 65 182 502 711 


» Age structure, 15-64 (%) 67 64 66 

» GDP growth, 2007-2011 (%pa) 1,6 0,5 0,5 




» CPI 2011 (%) n/a 2,0 3,0 

















Mature = none, except for medium size units (MSU): 


maximum of service charges. For new centres, step 

rents and cap of service charges for MSU 









growth 

Paris 

Despite muted consumer spending, a number of existing shopping centres 

are undergoing extensions and a number of projects are in the pipeline. 

--

Paris, France 

// Major shopping centres in operation in Paris (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

1 

N° of 

stores 


(‘000) 

Paris 

2 

4 3 5 

Occupancy 

ratio (%) 

1 Les Quatre Temps 1981/2007 129 996 Unibail-Rodamco 235 33 000 n/a 

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

2 Forum des Halles 1979/1996 59 998 

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

Unibail-Rodamco/AXA 

Group 

180 42 000 n/a 

3 Italie 2 1976/2001 56 698 Hammerson 130 14 700 n/a 

Key tenants: Fnac, Go Sport, Champion, Printemps 

4 Maine Montparnasse 1973 35 433 n/a 68 n/a n/a 

Key tenants: Galeries Lafayette, C&A, Marionnaud 

5 Bercy village 1998 26 518 Altaréa 31 12 000 n/a 

Key tenants: Monop Store, Board Riders, Sephora 

Forum des Halles - Paris 

Turnover 

€11,177 

sq m/year 

€9,968 

sq m/year 

€8,003 

sq m/year 

€4,119 

sq m/year 

€7775 

sq m/year 


Berlin, Germany 

// Key Local Indicators Berlin Germany Europe 

» Population 2011, (in ‘000) 3 458 81 716 502 711 


» Age structure, 15-64 (%) 69 66 66 

» GDP growth, 2007-2011 (%pa) 2,3 1,2 0,5 




» CPI 2011 (%) n/a 2,3 0,3 








» Total shopping centre floorspace (sq m) 1 276 000 14 294 020 117 383 310 


» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a 





» Standard lease document Yes on tenant and landlord side 

» Typical lease length 5 years + 5 years 

» Typical incentives Rent free period (0-6 months), fit-out contribution 

» Statutory rights to renew the lease 

No, but anchor tenants often have an option to prolong 

their contract 

» Frequency of rent reviews Rare 


Based on development of CPI (triggers: change, time); 

Indexation needs a 5+5 or 10 year contract 






growth 

Berlin 

As growing tourism continues to boost Berlin’s 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. 

--

Berlin, Germany 

// Major shopping centres in operation in Berlin (by size) 


Opening 

date 

GLA size 

(sq m) 

1 Gropius Passagen 1997 80 000 

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

2 

Alexa Shopping-und 

Freizeitcenter 

2007 56 200 

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

3 Ring-Center 1995 54 240 

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

4 

Potzdamer Platz 

Arkaden 

Key tenants: Wöhrl, Saturn, Hugendubel, Zara 

1998 48 000 

5 Hallen am Borsigturm 1999 46 652 

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

Friedrichstrasse - Berlin 

Owner 

H.F.S. Immobilienfonds 

Deutschland 11 GmbH & 

Co. KG 

Union Investment Real 

Estate/Sonae Sierra 

Schliebe GmbH & Co. KG 

/Wieland GmbH & Co. KG 

SEB c/o PPMG Potsdamer 

Platz Management 

GmbH 

W2005/W2007 Vernal 

Asset 2 B.V. 

5 

N° of 

stores 

4 

Berlin 

2 


(‘000) 

1 

3 

Occupancy 

ratio (%) 

Turnover 

160 55 000 n/a n/a 

180 30 000-100 000 n/a n/a 

113 50 000 n/a n/a 

127 55 000 n/a n/a 

103 20 000 n/a n/a 


Cologne, Germany 

// Key Local Indicators Cologne Germany Europe 

» Population 2011, (in ‘000) 1 002 81 716 502 711 


» Age structure, 15-64 (%) 67 66 66 

» GDP growth, 2007-2011 (%pa) 0,1 1,2 0,5 




» CPI 2011 (%) n/a 2,3 0,3 




















their contracts 










growth 

Cologne 

For a long time, supply of retail space in Cologne’s 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. 

++

Cologne, Germany 

// Major shopping centres in operation in Cologne (by size) 

1 


Rhein-Center Köln- 

Weiden 

Opening 

date 

GLA size 

(sq m) 

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

2 

City-Center Köln- 

Chorweiler 

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

Owner 

1 

N° of 

stores 

2 


(‘000) 

Cologne 

5 

4 3 

Occupancy 

ratio (%) 

Turnover 

1972 48 000 KG Alster 189 25 000 n/a n/a 

1976 33 000 

3 Köln Arcaden 2005 27 600 

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

4 DuMont-Carré 2001 19 100 

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

5 

Neumarkt Galerie 

Köln 

1998 16 800 

Key tenants: Karstadt Sport, Mayersche Buchhandlung 

Köln Arcaden - Cologne 

Prime Commercial properties 

management Ltd. 


Estate gmbH 

Immobilienfonds Wohn- 

und Geschäftshaus Köln 

Breite Straße GbR 

Neumarkt Galerie 

Immobiliengesellschaft 

mbH & Co. KG 

100 30 000 n/a n/a 

119 17 000 n/a n/a 

48 n/a n/a n/a 



Dusseldorf, Germany 

// Key Local Indicators Dusseldorf Poland Europe 

» Population 2011, (in ‘000) 587 81 716 502 711 


» Age structure, 15-64 (%) 66 66 66 

» GDP growth, 2007-2011 (%pa) 3,2 1,2 0,5 


» Location based retail sales growth, 2007-2011 (%pa) 0,5 -0,4 2,4 


» CPI 2011 (%) n/a 2,3 0,3 






























growth 

Dusseldorf 

Some exciting new schemes are set to come on stream in Germany’s 

fashion capital over the next few years, as developers respond to continued 

strong demand and a lack of supply. 

--

Dusseldorf, Germany 

// Major shopping centres in operation in Dusseldorf (by size) 

1 


KÖ Galerie City 

Center 

Key tenants: Jil Sander, Frankonia Jagd, Muji 

Opening 

date 

GLA size 

(sq m) 

1986 24 000 

2 Düsseldorf Arkaden 2008 24 000 

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

3 Schadow Arkaden 1994 17 400 

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

Owner 

ECE Projektmanagment/ 

Merrill Lynch 

Ivanhoe Cambridge c/o 

mfi AG 

Schadow Arkaden 

Betriebsgesellschaft 

N° of 

stores 

3 

2 

Dusseldorf 

4 


(‘000) 

1 

Occupancy 

ratio (%) 

Turnover 

90 40 000 n/a n/a 

116 25 000 n/a n/a 

68 23 500 n/a n/a 

4 Sevens 2000 15 500 Sevens GmbH & Co. KG 35 15 000 n/a n/a 

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

Kö Galerie -Dusseldorf 


Frankfurt, Germany 

// Key Local Indicators Frankfurt Germany Europe 

» Population 2011, (in ‘000) 666 81 716 502 711 


» Age structure, 15-64 (%) 67 66 66 

» GDP growth, 2007-2011 (%pa) 1,8 1,2 0,5 




» CPI 2011 (%) n/a 2,3 0,3 






























growth 

Frankfurt 

Major retailers continue to flock to this important retail location. Space 

remains limited but the injection of some prestigious projects, including 

Goetheplaza, will help ease this. 

+

Frankfurt, Germany 

// Major shopping centres in operation in Frankfurt (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

2 

N° of 

stores 

1 


(‘000) 

4 

Frankfurt 5 

Occupancy 

ratio (%) 

1 NordWestZentrum 1968 118 900 KG Nordtrakt 142 n/a n/a n/a 

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

2 Main-Taunus-Zentrum 

1964 109 200 

Main-Tanus-Zentrum, 

Wieland KG 

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


3 

Turnover 

170 40 000 n/a n/a 

3 HessenCenter 1971 45 600 KG Farmsen mbH & Co. 115 25 000 n/a n/a 

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

4 MyZeil 2009 41 752 

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

Palais Quartier GmbH & 

Co. KG 

82 40 000 n/a n/a 

5 Zeilgalerie 1992 11 150 IFM Immobilien AG 54 n/a n/a n/a 

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

MyZeil - Frankfurt

Hamburg, Germany 

// Key Local Indicators Hamburg Germany Europe 

» Population 2011, (in ‘000) 1 825 81 716 502 711 


» Age structure, 15-64 (%) 69 66 66 

» GDP growth, 2007-2011 (%pa) 1,1 1,2 0,5 




» CPI 2011 (%) n/a 2,3 0,3 






























growth 

Hamburg 

Work continues apace on HafenCity, a prominent city centre waterfront 

development project which will increase the size of Hamburg’s city centre 

by 40% by 2025. 

++

Hamburg, Germany 

// Major shopping centres in operation in Hamburg (by size) 

1 


Alstertal Einkaufs- 

Zentrum 

Opening 

date 

GLA size 

(sq m) 

Owner 

3 

N° of 

stores 


(‘000) 

2 

5 

Hamburg 

1 

4 

Occupancy 

ratio (%) 

Turnover 

1970 70 800 KG Klosterstern 254 40 000 n/a n/a 

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

2 Hamburger Meile 1970 60 000 Real I.S. 150 30 000 n/a n/a 

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

3 Elbe Einkaufszentrum 1966 51 600 

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

Immobilien KG Schliebe 

& Co. 

170 30 000 n/a n/a 

4 Billstedt-Center 1977 48 000 Dt. Euroshop AG 112 45 000 n/a n/a 

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

5 

Quarree Wandsbek 

Markt 

1988 36 400 

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

Hamburger Meile - Hamburg 

Union Investement Real 

Estate GmbH 

91 40 000 n/a n/a 


Leipzig, Germany 

// Key Local Indicators Leipzig Germany Europe 

» Population 2011, (in ‘000) 0,5 -0,1 0,2 

» Population growth, 2012-2016 (annual %) 66 66 66 

» Age structure, 15-64 (%) 0,1 1,2 0,5 

» GDP growth, 2007-2011 (%pa) 1,4 1,7 2,2 

» GDP growth forecasts, 2012-2016 (%pa) -0,8 -0,4 2,4 



» CPI 2011 (%) n/a 2,3 0,3 






























growth 

Leipzig 

Leipzig’s 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. 

--

Leipzig, Germany 

// Major shopping centres in operation in Leipzig (by size) 


Opening 

date 

GLA size 

(sq m) 

1 Paunsdorf Center 1994 119 947 

Key tenants: Müller, H&M, Kaufland, C&A, Media Markt 

2 Allee-Center Leipzig 1996 28 800 

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

3 Petersbgen Leipzig 2001 18 700 

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

Owner 

Leipzig-Paunsdorf Center 

GmbH & Co. KG c/o mfi 

AG 

Horizon Way Group 

Limited Craigmuir Chambers 

Petersbogen Immobiliengesellschaft 

mbH & 

Co. KG 

N° of 

stores 


(‘000) 

2 

Occupancy 

ratio (%) 

Leipzig 

4 3 

Turnover 

117 42 000 n/a n/a 

118 25 000 NA n/a 

39 13 000 n/a n/a 

4 Marktgalerie Leipzig 2006 14 882 Rreef 10 n/a n/a n/a 

Key tenants: Breuninger Warenhaus, Leiser, Weltbild plus 

Paunsdorf Center - Leipzig 


1

Munich, Germany 

// Key Local Indicators Munich Germany Europe 

» Population 2011, (in ‘000) 1 364 81 716 502 711 


» Age structure, 15-64 (%) 67 66 66 

» GDP growth, 2007-2011 (%pa) 0,8 1,2 0,5 




» CPI 2011 (%) n/a 2,3 0,3 






























growth 

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. 

+

Munich, Germany 

// Major shopping centres in operation in Munich (by size) 


1 Olympia-Einkaufs 

zentrum 

Opening 

date 

GLA size 

(sq m) 

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

2 

PEP Einkaufs-Center 

München-Neuperlach 

Key tenants: P&C, Wöhrl, C&A, Saturn, Kaufland 

3 Riem Arcaden 2004 48 600 

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

4 MIRA Einkaufscenter 2008 21 700 

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

5 

Pasing Arcaden (1st 

construction stage) 

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

Olympia Einkaufs Zentrum - Munich 

Owner 

5 

N° of 

stores 

1 


(‘000) 

4 

Munich 

Occupancy 

ratio (%) 

2 

Turnover 

1972 67 200 Dr. Rühl KG 137 50 000 n/a n/a 

1981 60 000 TIAA-CREF 121 60 000 n/a n/a 


Estate GmbH, c/o mfi AG 

GEPRO Wohn- und 

Gewerbebau GmbH & Co. 

Zwanzigste Immobilien KG 

116 25 000 n/a n/a 


2011 21 000 mfi AG 100 n/a n/a n/a 


3

Stuttgart, Germany 

// Key Local Indicators Stuttgart Germany Europe 

» Population 2011, (in ‘000) 601 81 716 502 711 


» Age structure, 15-64 (%) 66 66 66 

» GDP growth, 2007-2011 (%pa) 0,1 1,2 0,5 




» CPI 2011 (%) n/a 2,3 0,3 






























growth 

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. 

--

Stuttgart, Germany 

// Major shopping centres in operation in Stuttgart (by size) 

1 


Königsbau Passagen 

Stuttgart 

Opening 

date 

GLA size 

(sq m) 

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

2 Schwaben Galerie 2004 26 600 

Key tenants : Kaufland, Modepark Röther, Media Markt, Aldi Süd 

3 Canstatter Carré 2006 25 885 

Key tenants : Kaufland, Müller, H&M, Lidl, C&A 

Königsbau Passagen - Stuttgart 

Owner 

3 

N° of 

stores 


(‘000) 

Stutgartt 

1 

Occupancy 

ratio (%) 

2 

Turnover 

2006 27 500 Seleno GmbH 82 33 000 n/a n/a 

DCSF Immobilien 

Verwaltungsgesellschaft 

Nr. 4 mbH & Co. Objekt 

Stuttgart-Vaillingen KG 

LaSalle Investment Management 

LaSalle GmbH 

51 15 000 n/a n/a 

40 17 000 n/a n/a 


Budapest, Hungary 

// Key Local Indicators Budapest Hungary Europe 

» Population 2011, (in ‘000) 1 706 9 989 502 711 

» Population growth, 2012-2016 (annual %) -0,1 -0,2 0,2 

» Age structure, 15-64 (%) 68 68 66 

» GDP growth, 2007-2011 (%pa) 0,0 -0,6 0,5 




» CPI 2011 (%) n/a 3,8 0,3 










» Prime shopping centre rents (units of 2,000 sq m) 17-22 13-19 n/a 

» Prime shopping centre rents (units of 200 sq m) 70-100 35-60 n/a 







» Typical incentives Fit-out contribution for anchors, stepped rental. 



» Frequency and basis of indexation of rent HICP 



» Pop. growth -- 



growth 

Budapest 

Despite some recent shopping centre openings, demand from international 

retailers remains focused on existing schemes, such as the well known 

Árkád centre which is currently undergoing an expansion of 20,000 sq m. 

++

Budapest, Hungary 

// Major shopping centres in operation in Budapest (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 


(‘000) 

2 4 

1 

Budapest 

Occupancy 

ratio (%) 

1 Aréna Plaza 2007 68 000 Lanebridge 220 n/a n/a n/a 

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

2 Mammut 1998 & 2001 62 000 Mammut Üzletház Kft. 330 n/a n/a n/a 

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

3 KÖKI Terminál 2011 58 000 R-Co 200 n/a n/a n/a 

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

4 Westend 1999 53 000 Trigránit 400 n/a n/a n/a 

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

5 Árkád 2002 42 000 ECE 170 n/a n/a n/a 

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

Mammut - Budapest 

5 

3 

Turnover 


Dublin, Ireland 

// Key Local Indicators Dublin Ireland Europe 

» Population 2011, (in ‘000) 1 182 4 469 502 711 

» Population growth, 2012-2016 (annual %) -1,1 0,2 0,2 

» Age structure, 15-64 (%) 50 66 66 

» GDP growth, 2007-2011 (%pa) -1,2 -0,8 0,5 



» Location based retail sales growth forecasts, 2012-2016 (%) 0 0,8 1,4 

» CPI 2011 (%) n/a 2,6 0,3 










» Prime shopping centre rents (units of 2,000 sq m) €625-750 n/a n/a 


» Unit of measurement €/sq m/quarter 





» Typical incentives 12-24 months of free rent 

» Statutory rights to renew the lease Possible after 5 years in occupation 

» Frequency of rent reviews Every 5 years 

» Frequency and basis of indexation of rent Not applicable 






growth 

Dublin 

Having witnessed significant 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. 

--

Dublin, Ireland 

// Major shopping centres in operation in Dublin (by size) 

1 


Dundrum Town 

Centre 

Opening 

date 

GLA size 

(sq m) 

3 

2 

4 

Owner 

N° of 

stores 

2005 85 307 n/a 100 

Dublin 

Footfall figures Occupancy 

ratio (%) 

1 

70 000 since 

opening 

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

2 

The Blanchardstown 

Centre 

5 

Turnover 

n/a n/a 

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 

3 Liffey valley, Lucan 1998 46 605 n/a 99 

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

200 000/300 

000 per week 

n/a n/a 

4 The Square, Tallaght 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 

5 

The Pavillions 

Shopping Centre 

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 Hilfiger, Zara 

Mammut - Budapest 


Milan, Italy 

// Key Local Indicators Milan Italy Europe 

» Population 2011, (in ‘000) 3 952 60 394 502 711 

» Population growth, 2012-2016 (annual %) -0,2 0,0 0,2 

» Age structure, 15-64 (%) 65 65,41 66 

» GDP growth, 2007-2011 (%pa) -1,5 -0,7 0,5 



» Location based retail sales growth forecasts, 2012-2016 (%) -0,3 0,2 1,4 

» CPI 2011 (%) n/a 2,8 0,03 













» Inclusions n/a 


» Standard lease document 

Standard contract (Contratto di Locazione) or SC specific 

(Contratto di Affito di Ramo d’Azzienda) 

» Typical lease length 

Most typical 6+6 years for standard lease; or 5 to 7 years 

for contratto di affito (business lease) 

» Typical incentives Stepped rent 


Tenants have certain rights at lease expiry in standard 

contract. If not accepted, compensation guaranteed 

» Frequency of rent reviews Not common 



Standard lease: indexation is limited to 75% of the 

(ISTAT) cost of living index; SC lease: 100% indexation 

permitted 





growth 

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. 

--

Milan, Italy 

// Major shopping centres in operation in Milan (by size) 


Opening 

date 

GLA size 

(sq m) 

1 Carosello 1972 52 622 

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

Owner 

Schroeders International 

Property Funds 

N° of 

stores 


(‘000) 

3 

Milan 

4 

Occupancy 

ratio (%) 

2 

Turnover 


2 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 

3 Milanofiori 2007 47 522 Klépierre 103 n/a n/a n/a 

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

4 Cinisello Balsamo 2007 45 846 n/a 109 n/a n/a n/a 

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

5 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 

Emanuele II shopping gallery - Milan 


1 

5

Rome, Italy 

// Key Local Indicators Rome Italy Europe 

» Population 2011, (in ‘000) 4 160 60 394 502 711 


» Age structure, 15-64 (%) 66 65,41 66 

» GDP growth, 2007-2011 (%pa) -0,1 -0,7 0,5 




» CPI 2011 (%) n/a 2,8 0,03 













» Inclusions n/a 


» Standard lease document 

Standard contract (Contratto di Locazione) or SC specific 

(Contratto di Affito di Ramo d’Azzienda) 


Most typical 6+6 years for standard lease; or 5 to 7 years 

for contratto di affito (business lease) 

» Typical incentives Stepped rent 


Tenants have certain rights at lease expiry in standard 

contract. If not accepted, compensation guaranteed 

» Frequency of rent reviews Not common 

Standard lease: indexation is limited to 75% of the 


(ISTAT) cost of living index; SC lease: 100% indexation 

permitted 






growth 

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. 

+

Rome, Italy 

// Major shopping centres in operation in Rome (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

3 

N° of 

stores 

4 

2 

Rome 


(‘000) 

1 

Occupancy 

ratio (%) 

1 Roma Est 2007 98 000 ING Real Estate 211 n/a n/a n/a 

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

2 Porta Di Roma 2007 96 390 

Gallerie Commerciali 

Auchan/Gruppo Lamaro 

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

3 Parco Leonardo 2005 61 083 

Gruppo Leonardo Caltagirone 

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

5 

Turnover 

230 n/a n/a n/a 

214 n/a n/a n/a 

4 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 Hilfiger, Timberland, Mango, Hollister, Conbipel, Kasanova 

5 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 

Porta di Roma - Rome 


Riga, Latvia 

// Key Local Indicators Riga Latvia Europe 

» Population 2011, (in ‘000) 702 2 234 502 711 

» Population growth, 2012-2016 (annual %) -0,5 -0,4 0,2 

» Age structure, 15-64 (%) 69 69 66 

» GDP growth, 2007-2011 (%pa) -2,1 -1,4 0,5 




» CPI 2011 (%) n/a 4,4 0,3 










» Prime shopping centre rents (units of 2,000 sq m) 15-40 € n/a n/a 















Riga 


growth 

2011 was a promising year for Riga’s 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). 

++

Riga, Latvia 

// Major shopping centres in operation in Riga (by size) 


Opening 

date 

GLA size 

(sq m) 

2 

Owner 

Riga 

4 

N° of 

stores 


(‘000) 

5 

Occupancy 

ratio (%) 

1 Alfa, Retail park 2001 56 500 ACTA Fund 212 9 000 100 n/a 

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

2 Spice 2001 41 112 E.L.L. Kinnisvara/Trsitafan 156 7 660 100 

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

3 Domina Shopping 2003 42 000 

KanAm Grund Kapitalanlagegesellschaft 

mbH 

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

4 Riga Plaza 2009 47 000 

New Century Holding/ 

Plaza Centers NV 

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


3 

Turnover 

€95m 

(2011) 

170 n/a 98 n/a 

115 n/a 97 n/a 

5 Mols 1998/2002 33 000 ACTA Fund 123 5 940 100 n/a 

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

Riga Plaza - Riga 

1

vilnius, Lithuania 

// Key Local Indicators Vilnius Lithuania Europe 

» Population 2011, (in ‘000) 846 3 310 502 711 


» Age structure, 15-64 (%) 69 69,21 66 

» GDP growth, 2007-2011 (%pa) 1,4 1,1 0,5 




» CPI 2011 (%) n/a 4,1 0,3 










» Prime shopping centre rents (units of 2,000 sq m) 12-30 € n/a n/a 








» Statutory rights to renew the lease By agreement 








growth 

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. 

+

vilnius, Lithuania 

// Major shopping centres in operation in Vilnius (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 


(‘000) 

5 

1 

3 

Occupancy 

ratio (%) 

1 Akropolis 2002-2004 95 000 n/a 219 13 500 100 n/a 

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

2 Ozas 2009 62 000 n/a 166 n/a 98 n/a 

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

3 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 

2 

4 

Vilnius 

Turnover 

4 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 

5 BIG 2006 15 600 n/a 69 n/a 80 n/a 

Key tenants: Maxima, Seppala, Avitela, Danija 

Europa - Vilnius 


Amsterdam, Netherlands 

// Key Local Indicators Amsterdam Netherlands Europe 

» Population 2011, (in ‘000) 1 253 16 649 502 711 


» Age structure, 15-64 (%) 68 67 66 

» GDP growth, 2007-2011 (%pa) 1,8 1,1 0,5 




» CPI 2011 (%) n/a 2,3 0,03 















» Standard lease document Yes 


» Typical incentives Hardly any 

» Statutory rights to renew the lease Every 5 years 

» Frequency of rent reviews Annually 

» Frequency and basis of indexation of rent Annually, based on Dutch CPI 






growth 

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. 

++

Amsterdam, Netherlands 

// Major shopping centres in operation in Amsterdam (by size) 

1 


Zuidoost Arena 

Boulevard 

Opening 

date 

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

GLA size 

(sq m) 

Owner 

4 

3 

N° of 

stores 

5 


(Weekly) 

Amsterdam 

Occupancy 

ratio (%) 

2 

1 

Turnover 

1998 85 349 n/a 81 190 000 n/a n/a 

2 Boven 't Y 1975 36 469 n/a 160 149 000 n/a n/a 

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

3 Westpoort 2009 29 423 n/a 8 n/a n/a n/a 

Key tenants: GAMMA, Woonexpress, Kwantum, Leenbakker 

4 Osdorpplein 1990 25 618 114 67 000 n/a n/a n/a 

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

5 Sijsjesbergweg 2010 25 150 9 n/a n/a n/a n/a 

Key tenants: Woonexpress, Jysk, Kwantum, 

Villa Arena - Amsterdam 


Rotterdam, Netherlands 

// Key Local Indicators Rotterdam Netherlands Europe 

» Population 2011, (in ‘000) 1 367 16 649 502 711 


» Age structure, 15-64 (%) 67 67 66 

» GDP growth, 2007-2011 (%pa) 1,2 1,1 0,5 




» CPI 2011 (%) n/a 2,3 0,03 











» Basis of measurement Net retail floorspace 






» Typical incentives Hardly any 

» Statutory rights to renew the lease Every 5 years 

» Frequency of rent reviews Annually 

» Frequency and basis of indexation of rent Annually, based on Dutch CPI 






growth 

Rotterdam 

Rotterdam is one of Holland’s strongest retail destinations and the development 

pipeline is substantial. The focus is on the upgrade of the city 

centre with Multi Vastgoed’s mixed-use project ‘Forum Rotterdam’ being 

at the forefront of this. 

-

Rotterdam, Netherlands 

// Major shopping centres in operation in Rotterdam (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 

Rotterdam 

2 


(Weekly) 

5 

4 

3 

Occupancy 

ratio (%) 

1 Alexandrium I, II, III 1985 106 918 n/a 200 205 000 n/a n/a 

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

2 Zuidplein 1970 46 012 n/a 140 148 000 n/a n/a 

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

3 Keizerswaard 1994 13 498 n/a 82 n/a n/a n/a 

Key tenants: AH, HEMA, BAS 

4 WC Lage Land 2011 10 003 n/a n/a n/a n/a n/a 

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

5 

Woonboulevard 

Rotterdam 

(Stadionweg) 

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

Alexandrium - Rotterdam 

1 

Turnover 

2000 9 388 n/a 6 n/a n/a n/a 


Warsaw, Poland 

// Key Local Indicators Warsaw Poland Europe 

» Population 2011, (in ‘000) 1 720 38 200 502 711 

» Population growth, 2012-2016 (annual %) 0,4 0 0,2 

» Age structure, 15-64 (%) 70 71 66 

» GDP growth, 2007-2011 (%pa) 4,8 4,3 0,5 




» CPI 2011 (%) n/a 4,1 3 

















Fit-out contribution for anchors in Warsaw; fit-out 


contribution for tenants entering projects in secondary 

and tertiary cities 



» Frequency and basis of indexation of rent HICP, Polish CPI 






growth 

Warsaw 

Shopping centres dominate the retail offering and continue to show strong 

performance reflected by low vacancy rates. Undersupply is the prevailing 

market condition, causing retailers to consider secondary space. 

++

Warsaw, Poland 

// Major shopping centres in operation in Warsaw (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

3 

N° of 

stores 

2 

4 


(‘000) 

1 

5 

Warsaw 

Occupancy 

ratio (%) 

1 Arkadia Mall 2004 103 000 Unibail-Rodamco 230 22 000 100 n/a 

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

2 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 

3 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 

4 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 

5 Zlote Tarasy 2007 64 000 

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

Zlote Tarasy - Warsaw 

ING Real Estate/Unibail- 

Rodamco/City of Warsaw 

Turnover 

220 20 000 99 n/a 


Lisbon, Portugal 

// Key Local Indicators Lisbon Portugal Europe 

» Population 2011, (in ‘000) 2 033 10 653 502 711 


» Age structure, 15-64 (%) 65 67 66 

» GDP growth, 2007-2011 (%pa) -0,40 0,0 0,5 



» Location based retail sales growth forecasts, 2012-2016 (%) -1,2 -0,7 1,4 

» CPI 2011 (%) n/a 4 0,3 







» Number of shopping centres in the pipeline n/a n/a 626 



» Prime shopping centre rents (units of 2,000 sq m) 960 € n/a n/a 







» Typical incentives Fit-out contribution 

» Statutory rights to renew the lease n/a 

» Frequency of rent reviews 3 years 

» Frequency and basis of indexation of rent n/a 






growth 

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. 

--

Lisbon, Portugal 

// Major shopping centres in operation in Lisbon (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 

1 

2 


(‘000) 

3 

4 

Occupancy 

ratio (%) 

1 Dolce vita Tejo 2009 122 000 Sonae Sierra 300 n/a n/a n/a 

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

2 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 

3 Galerias Twin Towers n/a 46 877 Realia n/a n/a n/a n/a 

Key tenants: Baga Baga, Curriculum, Guevel Editora 

4 El Corte Ingles 2011 45 000 El Corte Ingles n/a n/a n/a n/a 

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

5 

Centro vasco da 

Gama 

Lisbon 


5 

Turnover 

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 

Shopping centre in Oeiras - Lisbon

Barcelona, Spain 

// Key Local Indicators Barcelona Spain Europe 

» Population 2011, (in ‘000) 5 425 46 254 502 711 


» Age structure, 15-64 (%) 67 68 66 

» GDP growth, 2007-2011 (%pa) -0,1 0,3 0,5 




» CPI 2011 (%) n/a 3,2 0,3 


















Rent free period and/or rental discounts in the initial 

period and/or a fit-out contribuation 

» Statutory rights to renew the lease 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 






growth 

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. 

++

Barcelona, Spain 

// Major shopping centres in operation in Barcelon/a (by size) 

1 


Diagonal Mar 


Diagonal Mar - Barcelona 

Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 

5 


(‘000) 

Barcelona 

3 

4 

2 

Occupancy 

ratio (%) 

1 

Turnover 

2001 87 085 Quinlan Private 197 n/a 99 n/a 

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

2 La Maquinista 2000 76 200 

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

3 Baricentro 1980 62 430 

Unibail-Rodamco, CGI 

and Carrefour Property 

Carrefour Properties and 

others 

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

4 Glories 1995 56 300 

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

5 Gran via 2 2002 54 000 

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

Unibail-Rodamco, 

Carrefour Property, C&A, 

Miró and Cines Balaña 

LSGIE and Carrefour 

Property 

227 n/a 97 n/a 

150 n/a 96 n/a 

193 11 000 99 n/a 

197 n/a 97 n/a 


Madrid, Spain 

// Key Local Indicators Madrid Spain Europe 

» Population 2011, (in ‘000) 6 395 46 254 502 711 


» Age structure, 15-64 (%) 68 68 66 

» GDP growth, 2007-2011 (%pa) 0,3 0,3 0,5 




» CPI 2011 (%) n/a 3,2 0,3 


















Rent free period and/or rental discounts in the initial 

period and/or a fit-out contribuation 

» Statutory rights to renew the lease 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 






growth 

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. 

+

Madrid, Spain 

// Major shopping centres in operation in Madrid (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

1 

N° of 

stores 

Madrid 

5 

2 


(‘000) 

3 

Occupancy 

ratio (%) 

1 Xanadu 2003 152 887 Ivanhoe Cambridge 220 14 850 95 n/a 

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

2 Parquesur 1989/2005 151 200 

Various (Unibail Rodamco 

amongst others) 

4 

Turnover 

230 16 000 98 n/a 

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

3 Megapark/Plaza 

Norte 

1999/2004 

98 140 & 

51 557 

Various, LGSI 

26- 

220 

22 000 97-90 n/a 

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

4 Parque Corredor 1995 123 380 

Caixa D´Estalvis de Catalunya 

and others 

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

5 Islazul 2008 90 700 

Grupo Lar and Ivanhoe 

Cambridge 

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

Xanadu - Madrid 

176 n/a 85 n/a 

180 9 688 85 n/a 


Stockholm, Sweden 

// Key Local Indicators Stockholm Sweden Europe 

» Population 2011, (in ‘000) 2 036 9 396 502 711 


» Age structure, 15-64 (%) 67 65 66 

» GDP growth, 2007-2011 (%pa) 2,0 1,4 0,5 




» CPI 2011 (%) n/a 3,0 0,3 












» Unit of measurement SEK/sq m/year 





» Typical incentives Fit-out contribution or fit-out by landlord 

» Statutory rights to renew the lease According to agreement 

» Frequency of rent reviews According to agreement 

» Frequency and basis of indexation of rent Swedish CPI 






growth 

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. 

++

Stockholm, Sweden 

// Major shopping centres in operation in Stockholm (by size) 


1 Barkarby 

Handelsplats 

Opening 

date 

GLA size 

(sq m) 

1999 128 300 

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

2 

Kungens Kurva 

Handelsområde 

1965 125 800 

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

1 

Owner 

IKEA Fastigheter AB and 

others 

IKEA Fastigheter AB and 

others 

2 

3 

N° of 

stores 


(‘000) 

Occupancy 

ratio (%) 

Stokholm 

4 


5 

Turnover 

85 n/a Nearly 100 n/a 

70 n/a 95 n/a 

3 Skärholmen Centrum 1968 76 500 Centeni AB 200 n/a n/a 1 832 000 

Key tenants: ICA, Coop, Prisma, Åhléns, ÖoB, H&M 

4 Sickla Köpkvarter 2005 67 000 Atrium Ljungberg 145 12.5 n/a 2 569 000 

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

5 Länna Köpcentrum 2001 53 400 IVG Immobilien AG 22 n/a 90 n/a 

Key tenants: City Gross, El-Giganten, Länna Möbler, Expert, Jysk, Rusta 

Forum Nacka - Stockholm

Istanbul, Turkey 

// Key Local Indicators Istanbul Turkey Europe 

» Population 2011, (in ‘000) 13 624 74 724 502 711 

» Population growth, 2012-2016 (annual %) n/a 1,1 0,2 

» Age structure, 15-64 (%) 71 67 66 

» GDP growth, 2007-2011 (%pa) n/a 3,2 0,5 

» GDP growth forecasts, 2012-2016 (%pa) n/a 5,4 2,2 

» Location based retail sales growth, 2007-2011 (%pa) n/a 0,6 2,4 

» Location based retail sales growth forecasts, 2012-2016 (%) n/a 4,9 1,4 

» CPI 2011 (%) 9,0 10,5 0,3 


» Consumer expenditure per capita, 2011 n/a 4 498 € 13 070 € 

» Average earnings n/a n/a 18 825 € 














No advertisement contribution fee in the first year for 


new shopping centres, fix-currency rate if EUR/USD 

parity is highly volatile 

» Statutory rights to renew the lease 5 years 

» Frequency of rent reviews Annual 

» Frequency and basis of indexation of rent HICP, USCPI, Turkish CPI 






growth 

Istanbul 

Although Istanbul’s 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. 

++

Istanbul, Turkey 

// Major shopping centres in operation in Istanbul (by size) 


Forum Istanbul - Istanbul 

Opening 

date 

GLA size 

(sq m) 

Owner 

1 Forum Istanbul 2009 175 000 Multi Development Turkey 

4 

N° of 

stores 

272 stores, 

45 food 

vendors 

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

2 Forum Marmara 2011 157 000 

Area Real Estate, Multi 

Development 

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

3 Istanbul Cevahir 2005 115 000 St. Martins 

1 

Footfall 

figures 

(‘000) 

2 

Occupancy 

ratio (%) 

3 

Istanbul 


5 

Turnover 

20 000 99 n/a 

350 15 000 95 n/a 

303 stores, 

46 food 

vendors 

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

4 Torium 2010 97 608 Torunlar REIC 

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

5 Istinye Park 2007 87 000 Orjin Group&Dogus Group 

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

180 stores, 

25 food 

vendors 

287 stores, 

37 food 

vendors 

20 000 95 n/a 

12 000 95 n/a 

15 000 99 n/a

Birmingham, United Kingdom 

// Key Local Indicators Birmingham UK Europe 

» Population 2011, (in ‘000) 1 043 62 756 502 711 


» Age structure, 15-64 (%) 61 62 66 

» GDP growth, 2007-2011 (%pa) -0,6 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 










» Prime shopping centre rents (units of 2,000 sq m) £240 £165-£900 n/a 

» Basis of measurement Zone A 

» Unit of measurement £/sq m/year 




» Typical lease length 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 

» Statutory rights to renew the lease No - new lease obligatory 



Indexation (to RPI or CPI) now becoming more common, 

but still only in a minority of cases 






growth 

Birmingham 

Shopping centres are an important element of the city’s overall retail structure, 

with refurbishments and extensions of existing schemes, Namely the 

Pallasades Shopping Centre, domin/ating current development activity. 

-

Birmingham, United Kingdom 

// Major shopping centres in operation in Birmingham (by size) 


Opening 

date 

GLA size 

(sq m) 

1 Bullring 2003 116 622 

Key tenants: Debenhams, Next, Selfridges, TK Maxx 

2 

Chelmsley Wood 


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

3 

One Stop Shopping 

Centre 

1990 31 633 

Owner 

Hammerson, Henderson 

Global Investors and 

Future Fund 

3 

4 

N° of 

stores 

5 

1 


(‘000) 

Birmingham 

Occupancy 

ratio (%) 

Turnover 

150 n/a n/a n/a 

1971 45 615 Fordgate Group Limited 80 n/a n/a n/a 

Standard Life Investments 

Limited 

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

4 

Pallasades Shopping 

Centre 

Key tenants: Argos, New Look, Peacocks 

5 

Priory Square 


Key tenants: Argos, Next 

Bullring- Birmingham 


1972 26 917 Birmingham City Council 90 n/a n/a n/a 

1965 26 003 

Henderson Investors 

Limited, Land Securities 

Group, Pearl Assurance 

Limited 



2

Bristol, United Kingdom 

// Key Local Indicators Bristol UK Europe 

» Population 2011, (in ‘000) 446 62 756 502 711 


» Age structure, 15-64 (%) 62 62 66 

» GDP growth, 2007-2011 (%pa) -0,3 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 































growth 

Bristol 

Bristol’s 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 city’s overall retail offering. 

+

Bristol, United Kingdom 

// Major shopping centres in operation in Bristol (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 

2 


(‘000) 

Bristol 

1 

3 

4 

5 

Occupancy 

ratio (%) 

1 Cabot Circus 1960 95 800 Bristol City Council 150 n/a n/a n/a 

Key tenants: Harvey Nichols, House of Fraser 

2 

The Mall At Cribbs 

Causeway 

Key tenants: John Lewis, Marks & Spencer 

3 

The Galleries 


1998 92 438 

1991 30 658 

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

4 

Broadwalk Shopping 

Centre 

1974 17 187 


5 

Kings Chase 


Key tenants: Sainsbury's, Wilkinson 

Cabot Circus - Bristol 

Capital Shopping Centres, 

Prudential Assurance 

Company Limited 

HSBC European Active 

Real Estate Fund Trustee 

Limited 

HSBC Specialist Investments 

Limited 

Turnover 

144 n/a n/a n/a 

110 n/a n/a n/a 


1977 11 892 Draco Property 25 n/a n/a n/a 


Cardiff, United Kingdom 

// Key Local Indicators Cardiff UK Europe 

» Population 2011, (in ‘000) 470 62 756 502 711 


» Age structure, 15-64 (%) 61 62 66 

» GDP growth, 2007-2011 (%pa) 0,4 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 































growth 

Cardiff 

Cardiff’s main city centre retail scheme is St David’s, which was extended 

by almost 90,000 sq m in 2009, turning it into one of the largest schemes 

in the UK. 

-

Cardiff, United Kingdom 

// Major shopping centres in operation in Cardiff (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 

4 

5 


(‘000) 

2 

1 

Cardiff 

3 

Occupancy 

ratio (%) 

1 St Davids Centre 1981/2010 131 689 St. David's Partnership 203 n/a n/a n/a 

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

2 

Capitol Shopping 

Centre 

1990 17 187 

Moorfield Real Estate 

Fund GP Limited 

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

3 Mermaid Quay 2000 15 793 

Key tenants: natWest Bank, Aquabus, Tesco 

4 Queens Arcade 1994 15 329 

Key tenants: Argos, Disney Store, Gap, Pier 

5 

The Hayes Shopping 

Centre 

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

St Davids Centre - Cardiff 

Schroder Exempt Property 

Unit Trust 

European Property Investors 

Special Opportunities 

LP Limited 

Turnover 




2007 14 864 Helical Bar Plc 28 n/a n/a n/a 


Edinburgh, United Kingdom 

// Key Local Indicators Edinburgh UK Europe 

» Population 2011, (in ‘000) 491 62 756 502 711 


» Age structure, 15-64 (%) 63 62 66 

» GDP growth, 2007-2011 (%pa) 1,6 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 

» ILO unemployment rate, 2011 (%) 8,1 8,0 9,4 


» Average earnings per capita, 2011 24 876 € 19 536 € 12 347 € 




























growth 

Edinburgh 

Edinburgh’s 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. 

+

Edinburgh, United Kingdom 

// Major shopping centres in operation in Edinburgh (by size) 


Opening 

date 

GLA size 

(sq m) 

1 St James Centre 1972 41 806 

Key tenants: Boots, John Lewis, Next 

3 

Owner 

Henderson Global Investors 

5 

N° of 

stores 


(‘000) 

1 

2 

Edinburgh 

4 

Occupancy 

ratio (%) 

Turnover 


2 Ocean Terminal 2001 41 256 Resolution Property 85 n/a n/a n/a 

Key tenants: Bhs, Debenhams 

3 Gyle Shopping Centre 1993 30 658 

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

4 

Cameron Toll 


Key tenants: Bhs, Sainsbury's 

William Ewart Properties 

Limited 


1984 24 155 Warren Private Clients 40 n/a n/a n/a 

5 West Side Plaza 1972 18 580 WG Mitchell Limited 42 n/a n/a n/a 

Key tenants: Lidl 

Ocean Terminal - Edinburgh 


Glasgow, United Kingdom 

// Key Local Indicators Glasgow UK Europe 

» Population 2011, (in ‘000) 596 62 756 502 711 


» Age structure, 15-64 (%) 63 62 66 

» GDP growth, 2007-2011 (%pa) 1,8 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 































growth 

Glasgow 

Land Securities’ redevelopment of Buchanan Street is underway, aimed at 

bolstering Glasgow’s retail offer. There are also plans to improve Glasgow’s 

best performing shopping centre, Buchanan Galleries. 

+

Glasgow, United Kingdom 

Key tenants: ASDA, Dunnes Stores, InShops 

// Major shopping centres in operation in Glasgow (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

2 

N° of 

stores 

5 


(‘000) 

3 

Glasgow 

4 

Occupancy 

ratio (%) 

1 St Enoch Centre 1989 93 000 Ivanhoe Cambridge 104 n/a n/a n/a 

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

2 Silverburn 1979 92 902 Hammerson 109 n/a n/a n/a 

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

3 Buchanan Galleries 1999 55 000 

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

4 

Forge Shopping 

Centre 


5 Sauchiehall Centre 1978 16 723 

Land Securities, Henderson 

Global Investors 

Turnover 


1988 41 806 Belfast Office Properties 75 n/a n/a n/a 

Aviva Investors Global 

Services Limited 

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

Buchanan Galleries - Glasgow 


1 


Leeds, United Kingdom 

// Key Local Indicators Leeds UK Europe 

» Population 2011, (in ‘000) 807 62 756 502 711 


» Age structure, 15-64 (%) 63 62 66 

» GDP growth, 2007-2011 (%pa) -0,2 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 































growth 

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 UK’s fourth largest 

retail centre. 

-

Leeds, United Kingdom 

// Major shopping centres in operation in Leeds (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 


(‘000) 

4 3 

Leeds 

1 

2 

5 

Occupancy 

ratio (%) 

1 Trinity Leeds 1973 92 902 Land Securities Group 120 n/a n/a n/a 

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

2 

White Rose Shopping 

Centre 

Key tenants: Debenhams, Sainsbury's SavaCentre 

Turnover 

1997 63 638 Land Securities Group 92 n/a n/a n/a 

3 Merrion Centre 1964 46 452 Town Centre Securities 78 n/a n/a n/a 

Key tenants: Boots, Morrisons 

4 The Light 1991 32 516 

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

5 Clarence Dock Retail 2008 23 818 

Key tenants: Alea, Gstar, All Saints, Tesco 

White Rose Shopping Centre - Leeds 

Aegon Property Fund 

Limited 

Allied London Properties 

Limited 




London, United Kingdom 

// Key Local Indicators London UK Europe 

» Population 2011, (in ‘000) 1 137 62 756 502 711 


» Age structure, 15-64 (%) 71 62 66 

» GDP growth, 2007-2011 (%pa) 0,6 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 










» Prime shopping centre rents (units of 2,000 sq m) £550-£900 £165-£900 n/a 





















growth 

London 

London’s 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 ‘Westfield Stratford’, which 

opened in 2011. 

+

London, United Kingdom 

// Major shopping centres in operation in London (by size) 

1 


Westfield Stratford 

City 

Key tenants: John Lewis, Marks&Spencer 

Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 

2 

3 


(‘000) 

5 

London 

4 

Occupancy 

ratio (%) 

1 

Turnover 

2011 211 500 Westfield 300 n/a n/a n/a 

2 Westfield London 2008 150 000 Westfield 265 n/a n/a n/a 

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

3 

Brent Cross 

Shopping Centre, 

1976 78 967 Hammerson 120 n/a n/a n/a 

Key tenants: Fenwick, John Lewis 

4 

Covent Garden 

Market 

Key tenants: Apple, Burberry, Ralph Lauren 

5 

High Street Wood 

Green 

1980 60 000 Capco 50 n/a n/a n/a 

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 

Westfield Stratford City - Londres 


Manchester, United Kingdom 

// Key Local Indicators Manchester UK Europe 

» Population 2011, (in ‘000) 1 459 62 756 502 711 


» Age structure, 15-64 (%) 63 62 66 

» GDP growth, 2007-2011 (%pa) 1,0 0,1 0,5 




» CPI 2011 (%) n/a 4,5 0,03 































growth 

Manchester 

Over half of Manchester’s overall retail floorspace is accounted for by the 

city’s five shopping centres. By far the largest is Arndale Centre which 

dominates the northern and eastern part of the city. 

-

Manchester, United Kingdom 

// Major shopping centres in operation in Manchester (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

3 

N° of 

stores 

1 

2 

4 


(‘000) 

Manchester 

5 

Occupancy 

ratio (%) 

1 The Trafford Centre 1998 148 605 Capital Shopping Centres 278 n/a n/a n/a 

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

2 Arndale Centre 1976/2000 130 063 

Key tenants: Bhs, Boots, Next 

Ellesmere Shopping 

3 

Centre 

Key tenants: Boots, Greggs, Lunn Poly, Tesco 

4 

Swinton Shopping 

Centre 

Key tenants: Boots, Kwik Save, Peacocks 

5 

Droylsden Shopping 

Centre 

1994 29 172 

Prudential Assurance 

Company Limited, Capital 

Shopping Centres 

Liverpool & Lancashire 

Properties Ltd 

Turnover 

225 n/a n/a n/a 

130 n/a n/a n/a 

1965 16 862 Private Investor 70 n/a n/a n/a 

2003 16 258 

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

The Trafford Centre - Manchester 

Crownring Properties 

Limited 



Kyiv, Ukraine 

// Key Local Indicators Kyiv Ukraine Europe 

» Population 2011, (in ‘000) 2 813 45 644 502 711 


» Age structure, 15-64 (%) 71 75 66 

» GDP growth, 2007-2011 (%pa) 2,2 0,9 0,5 

» GDP growth forecasts, 2012-2016 (%pa) n/a 5,5 2,2 


» Location based retail sales growth forecasts, 2012-2016 (%) n/a n/a 1,4 

» CPI 2011 (%) 6,1 4,6 0,3 










» Prime shopping centre rents (units of 2,000 sq m) $150-170 $70-90 n/a 


» Unit of measurement $/sq m/month 




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 

» Typical incentives Stepped up rent 

» Statutory rights to renew the lease After expiration of rental term 


» Frequency and basis of indexation of rent Harmonised CPI, fixed - 3-5% 





Kyiv 


growth 

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 . 

++

Kyiv, Ukraine 

// Major shopping centres in operation in Kyiv (by size) 


Opening 

date 

GLA size 

(sq m) 

Owner 

N° of 

stores 

1 

3 

Kyiv 

4 


(‘000) 

5 

2 

Occupancy 

ratio (%) 

1 Dream Town 2009/2011 90 500 Vita Veritas 250 1 500* 93 n/a 

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

2 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 

3 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 

4 Bolshevik 2007/2008 36 200 n/a 120 1 000* 98 n/a 

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

5 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 

Sky Mall - Kyiv 

Turnover 


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 


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 specific, 

qualified, 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. 

// Sources 

This European shopping centre guide covers 40 

cities and was put together using data collected 

by our extensive network of local offices around 

Europe. Whereas the retail specific 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 definition, which 

refers to city specific information. 

Belgium 

Cedric Van Meerbeeck 

cedric.vanmeerbeeck@dtz.com 

+32 2 629 02 00 


Lenka Šindelárová 

lenka.sindelarova@dtz.com 

+420 234 262 239 

Denmark 

Kim McMillan 

kim.mcmillan@dtz.com 

Tel: +45 337 34 511 

Finland 

Juha MäkiLohiluoma 

juha.maki-lohiluoma@dtz.com 

Tel: +358 (0)10 836 8435 

France 

Delphine Mahé 

delphine.mahe@dtz.com 

Tel: +33 (0)1 49 644 791 

Germany 

Ursula-Beate Neißer 

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.finnegan@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 

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 Kindelán 

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 Stämpfli 

pierre.stampfli@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 


DTZ is now combined with UGL Services, a division of UGL Limited. 

The combined business of DTZ and UGL Services is now one of the 

largest property services companies in the world. 

The organisation has 27,000 permanent employees and 43,000 

personnel including contractors, operating across 217 offices in 45 

countries. 

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© DTZ march 2012

DTZ European Retail Guide - Shopping Centres

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