European Retail Guide Shopping Centres November 2014 2 | European Retail Guide – Shopping Centres // Introduction

Welcome to our third edition of ‘European Retail Guide - In this context, pipeline of shopping centres is expected to The European Shopping Centre investment Shopping Centres’. This guide provides high-level data on rebound in the short term, with 9 million of sq m to be delivered market has changed considerably in the last year. the European shopping centre industry. It is designed as a in 2015 and 2016. In this new guide we assess socio-economic Investment market conditions in several countries reference document for comparing shopping centre provision trends, as well as trends in the retail market in order to provide have improved significantly. The boom in Shopping across major cities and identifying hotspots for future areas of our view on the adequacy of current levels of shopping centre Centre investment, representing 47% of all retail development. The information provided is similar for all cities in provision and identify main hotspots for future opportunities. investment so far this year, is significantly higher order to facilitate comparison. than in 2013. We hope you enjoy this publication! The guide includes: Trading in many European countries remains tough » statistics on the major cities and their respective national for retailers but South European countries such economies, including GDP growth, earnings and retail sales as Spain and Italy have seen retail investment figures volumes increase by 15 and 315% respectively. Shopping Centre investment volume in Southern » information on shopping centre provision, including number Europe is currently higher than Germany or France. of existing schemes, as well as those in the pipeline Other markets such as Ireland have seen a huge » information on rents, lease structures and legal aspects turnaround of investor sentiment with transaction volumes increasing sharply. » a list of the five largest schemes in operation in each city, as well as a map locating them Magali Marton Head of In core markets of UK, France and Germany EMEA Research listed companies have continued to reshape their The European economy is gradually recovering after five portfolios. Within these core markets domestic challenging years. However, the pace and size of this recovery investors and cross border investors are almost is contrasted across the Region, which continues to suffer equal in their transaction market share. from a high level of unemployment. Despite remaining degree of uncertainty, developers and landlords are willing to develop Shopping Centres remain core to DTZ’s Retail more new shopping centres. business and DTZ are well placed to support and advise throughout Europe on asset management, refurbishment and extension, high quality research, valuations, leasing and advisory based on a deep understanding of markets where we are committed to our clients.

We hope that it will encourage all those involved in shopping centres to look with us for fresh initiatives for to do business together.

Adrian Powell Head of EMEA Retail

European Retail Guide – Shopping Centres | 3 // Table of content

Belgium______Lithuania______Brussels 10 Vilnius 56 Czech Republic______Netherlands______Prague 12 Amsterdam 58 Denmark______Rotterdam 60 Poland______Copenhagen 14 Estonia______Warsaw 62 Portugal______Tallinn 16 Finland______Lisbon 64 Romania______Helsinki 18 France______Bucharest 66 Spain______Lille 20 Lyon 22 Barcelona 68 Marseille 24 Madrid 70 Paris 26 Sweden______Greater Paris 28 Stockholm 72 Germany______Turkey______Berlin 30 Cologne 32 Ankara 74 Düsseldorf 34 Istanbul 76 Frankfurt 36 United Kingdom______Hamburg 38 Leipzig 40 Birmingham 78 Munich 42 Bristol 80 Stuttgart 44 Cardiff 82 Edinburgh 84 Hungary______Glasgow 86 Budapest 46 Leeds 88 Ireland______London 90 Greater London 92 Dublin 48 Manchester 94 Italy______Ukraine______Milan 50 Kyiv 96 Rome 52 Latvia______Riga 54

4 | European Retail Guide – Shopping Centres // European Retail Guide – Shopping Centres

A recovering market with opportunities in various cities

» The European economy is gradually recovering after six years of slowdown and challenging conditions for retailers, landlords and developers. Forecasted growth is encouraging, although a certain degree of uncertainty prevails in retailers’ confidence levels, making their decision to expand across the region still difficult and leading resulting in a high degree of selectivity both in location and quality of shopping centres.

» A brighter outlook in terms of GDP and retail sales growth in some countries has led to a rebound of retailers’ demand for shopping centre space. This is particularly true in prime, mature and dominant 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 ratios vary greatly by country and city across the region. Compared to the European average of 436 sq m, Tallinn has the largest stock per inhabitant in Europe, whilst Stuttgart has the lowest. The lack of shopping centre development in some markets can be due to an historical cultural preference for other retail formats (i.e. some German cities or Paris) or to difficulties in obtaining government permits (i.e. Brussels, Milan).

» As a result of a dynamic economic environment, development activity is rebounding and the number of openings is expected to be above 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 or Ankara, where the relative undersupply of space is being addressed. Whilst in more mature markets, the focus will be on upgrades, extensions and regenerations rather than on new developments.

» Our European retail guide on shopping centres assesses the socio-economic dynamics, as well as the strength of current shopping centre provision across 42 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 Ankara, Istanbul, Bucharest but also London, Manchester or Edinburgh on the back of a strong economic recovery in the UK market.

European Retail Guide – Shopping Centres | 5 // European Retail Guide – Shopping Centres

A recovering market with opportunities in selective cities » On the other hand, southern European cities (Milan, Lisbon, Rome and Barcelona) as well as French and German major cities are forecast to underperform the European average over the next five years, with growth below 2%pa forecast. Madrid is the only southern European city Two speed economic recovery across the region: CEE, Baltic, Turkey and UK on top while Germany forecast to record GDP growth (2.4%pa) in line with the European average. and France are expected to underperform. » Whilst retail sales growth is expected to be more positive for the medium to longer term, big » The European economy is gradually emerging from the 2008 financial crisis and key economic differences between regions are apparent (Figure 2). The European average for retail sales indicators (GDP, retail sales and consumer spending) are now forecast to return to positive growth forecasts for 2015-2019 is 2.5%pa. A growth higher than average is expected in CEE territory over the next five years. The speed and the size of this recovery will be contrasted, both and Baltic cities along with the majority of the UK cities covered in our guide. The strongest across countries and the major European cities. growth is forecast in Vilnius at 7.3%pa, following by Riga at 6.4%pa (Figure 2). » Central & Eastern European (CEE) cities, the Baltic capitals, Istanbul and Ankara are forecast to » These figures contrast sharply with the modest forecast growth in retail sales expected in show the strongest GDP growth over the next five years. Vilnius is forecast to show growth of German and French cities, with figures below 1.5%pa over the five next years. The uncertainty 6.7%pa, followed by Riga, where GDP is forecast to grow 5.4%pa. The GDP forecast growth of the European recovery has negatively impacted their local economies and retail sales growth ranking is dominated by these cities, while the UK economy performs well with most cities forecasts are now more in line with the Southern European economies. expected to enjoy growth above the European average over the same time period, with London (3.3%pa) leading this trend (Figure 1).

Figure 1 Figure 2 GDP growth forecasts in selected European cities (2015-19), in % Retail sales growth forecasts in selected European cities (growth 2015-19), in %

Vilnius Vilnius Riga Riga Tallinn Ankara Ankara Istanbul Istanbul Tallinn Kyiv Warsaw Bucharest Prague London London Prague Stockholm Stockholm Edinburgh Warsaw Bucharest Bristol Bristol Edinburgh Manchester Manchester Birmingham Dublin Cardiﬀ Leeds Leeds European average European average Copenhagen Copenhagen Madrid Glasgow Glasgow Helsinki Birmingham Leipzig Cardiﬀ Budapest Helsinki Madrid Budapest Marseille Berlin Paris Barcelona Lyon Milan Amsterdam Amsterdam Milan Frankfurt Rotterdam Leipzig Barcelona Munich Frankfurt Lyon Berlin Dusseldorf Dusseldorf Hamburg Lille Rotterdam Hamburg Brussels Munich Marseille Stuttgart Stuttgart Lisbon Dublin Paris Rome Rome Cologne Lille Brussels Cologne Lisbon

0% 1% 2% 3% 4% 5% 6% 7% 8% 0% 1% 2% 3% 4% 5% 6% 7% 8% 6 | European Retail Guide – Shopping Centres Source: Oxford Economics // European Retail Guide – Shopping Centres

Shopping Centre Provision

Challenging market conditions and strong online retail sales growth are creating highly Figure 3 selective occupier demand, reinforcing polarisation between prime and secondary Total shopping centre* stock per ‘000 population in selected European cities (End of 2014) schemes in a number of cities.

» Better economic conditions going forward across the region is likely to result in 0 250 500 750 1 000 1 250 increased demand for shopping centre space. However, retailers remain highly Copenhagen selective in their choice of future expansion, favouring prime space in prime Tallinn Riga schemes. As a result, secondary or non-dominant shopping centres are lagging Stockholm behind with increasing vacancy rates. This reinforces the polarisation between Vilnius Prague prime and secondary centres, a trend which is apparent throughout much of the Leipzig region. Glasgow Warsaw Bristol » As at the end of 2014, total shopping centre stock across Europe approached 123 Helsinki million sq m. The UK, France, Italy, Germany and Spain have the largest shopping Dublin Frankfurt centre stock, accounting for 50% of the overall European provision. Although Leeds Western Europe accounts for the largest share of existing stock, development Madrid Cardiﬀ activity has been largely concentrated in CEE countries and Turkey in recent years. European average Budapest Berlin » There are marked differences in provision at city level. Compared to the European Edinburgh average of 436 sq m per ,1,000 population, Stockholm and the Baltic cities of Riga Kyiv Lisbon and Tallinn seem largely over-supplied with stock in excess of 800 sq m per 1,000 Hamburg population. At the other end of the scale, Stuttgart and Düsseldorf, as well as Paris London Birmingham and Cologne all have underdeveloped markets. Manchester Marseille » There are a number of reasons why cities may be undersupplied. In some Lyon Ankara markets, high street retail is still the favoured format, whilst in others the difficulty Barcelona in obtaining building permits severely restricts development. It is also worth noting Istanbul Bucharest that in some cities all of the shopping centre provision is found in out of town Dusseldorf Rome locations rather than in the city itself (i.e. Paris). Milan Paris » Turkey is witnessing strong growth, with most of the activity focused in Ankara, Munich Brussels where 35 schemes are planned whilst Istanbul will welcome 17 new shopping Amsterdam centres from now to 2017. CEE cities account for one of the largest shares Rotterdam Lille of the European pipeline as well with Warsaw and Bucharest leading the way. Cologne Interestingly, whilst UK and French cities are already relatively oversupplied, Stuttgart there are a further eight schemes planned to come on stream in 2015 and 2016 for each country. In the more mature markets, focus will also be on extensions *Total existing shopping centres per 000’ inhabitants and upgrades rather than expansions as investors refocus on maintaining and Source DTZ Research strengthening existing assets in the current competitive and challenging economic environment.

European Retail Guide – Shopping Centres | 7 // European Retail Guide – Shopping Centres Statistics

Figure 4 - Shopping Centre Statistics in selected European cities (as at Nov 2014)

Total SC floor Total number Total SC floor Total number Total number Total number Country City space per '000 of SCs in the Country City space per ‘000 of SCs in the of SCs of SCs population pipeline population pipeline Belgium Brussels 18 205 1 Lituhania Vilnius 14 767 0 Czech Republic Prague 36 739 9 Amsterdam 11 201 1 Netherlands Denmark Copenhagen 44 1 173 0 Rotterdam 5 191 1 Estonia Tallinn 12 1 044 0 Poland Warsaw 38 672 13 Finland Helsinki 37 568 5 Portugal Lisbon 5 345 0 Lille 16 178 1 Romania Bucharest 11 252 6 Lyon 13 282 0 Barcelona 46 258 2 France Spain Marseille 16 283 5 Madrid 97 472 1 Paris 16 222 2 Sweden Stockholm 89 851 4 Berlin 39 386 3 Ankara 37 267 17 Turkey Cologne 5 167 0 Istanbul 106 256 47 Dusseldorf 6 241 0 Birmingham 20 321 2 Frankfurt 6 510 0 Bristol 9 637 0 Germany Hamburg 22 344 3 Cardiff 7 457 0 Leipzig 7 689 0 Edinburgh 8 377 0 UK Munich 9 220 2 Glasgow 15 679 1 Stuttgart 3 164 0 Leeds 15 504 1 Hungary Budapest 17 420 0 London 42 332 2 Irland Dublin 40 558 0 Manchester 12 302 0 Milan 39 222 0 Ukraine Kyiv 53 361 10 Italy Rome 44 240 0 Latvia Riga 16 956 1 European City figures 1 101 436 140 Source : DTZ Research

8 | European Retail Guide – Shopping Centres // European Retail Guide – Shopping Centres

Shopping Centre future hotspots Figure 5: Current shopping centre floorspace per ‘000 population and retail sales growth (2015-2019) in major European cities We define those cities which offer the greatest potential for growth as our future hotspots. These include Istanbul, Ankara, Bucharest, London and Manchester. Location based retail sales growth %, 2015 - 2019 » Figure 5 gives an indication of how developed European cities are in terms of shopping centre development, as well as how dynamic their economies are. 8% Plotted together this allows us to identify cities which offer good future growth Vilnius prospects both for existing schemes and new developments. 7% » In the ‘stable’ category we have markets which have above average shopping Riga centre provision and above average forecast retail sales growth. These are stable 6% markets; whilst existing provision will benefit from strong retail sales growth over the forecast period, these cities are displaying signs of market saturation. This 5% Istanbul Ankara Tallinn could potentially limit future development. Cities in this category include the Baltic cities, Warsaw, Prague and Stockholm. 4% Warsaw

» The ‘stagnant’ markets are cities which display high shopping centre provision Bucharest London Prague per capita but below average retail sales growth forecasts. The performance 3% Edinburgh Stockholm STRONG Manchester Cardif Bristol STABLE of existing schemes or future growth prospects will be hampered by stalling EMERGING Birmingham Leeds STAGNANT Glasgow economies. These include Copenhagen, Helsinki, Dublin and some German 2% Paris Milan Budapest Helsinki Amsterdam Marseille Madrid Leipzig Copenhagen markets such as Leipzig or Frankfurt. Lyon Rotterdam Barcelona Munich Dusseldorf Berlin Frankfurt 1% Stuttgart Dublin » ‘Emerging’ markets, whilst offering potential as they are under-supplied in Lille Rome Hamburg terms of shopping centre provision, display weak retail sales growth forecast Cologne Brussels Lisbon figures. The short to medium term outlook is one of muted growth. Cities in this 0% category are the most numerous and include those in the Benelux, France, some 250 500 750 1 000 1 250 cities in Germany (Berlin, Dusseldorf), Barcelona and Madrid. Shopping centre ﬂoorspace per ‘000 population » The future HOTSPOTS (i.e. cities which offer the greatest potential for future growth) are those situated in the ‘strong’ category. These are currently Source: DTZ Research/Oxford Economics 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 Ankara, Istanbul, Bucharest and also London, Manchester and Edinburgh.

European Retail Guide – Shopping Centres | 9 Brussels, Belgium

// Key Local Indicators Brussels Belgium Europe »» Population 2014, (in '000) 1 168 11 250 504 623 »» Population growth, 2015-2019 (%pa) 0,7 0,5 0,2 »» Age structure, 15-64 (%) 67 65 66 »» GDP growth, 2010-2014 (%pa) 0,8 1,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,5 1,7 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,2 0,4 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 0,6 1,1 1,8 »» CPI, 2014 (%) n/a 0,9 0,8 »» ILO unemployment rate, 2014 (%) 19,5 8,6 10,4 »» Consumer expenditure per capita, 2014 15 684 € € 16 737 € 13 900 € € »» Household disposable income per capita, 2014 18 228 € € 20 037 € € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 487 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 18 66 4 816 »» Total shopping centre floor-space (sq m) 239 290 1 116 120 122 968 379 »» Number of shopping centres in the pipeline 1 10 505 »» Total shopping centre floor-space in the pipeline (sq m) 16 000 133 654 13 996 621 »» Total shopping centre floor-space per capita 205 99 244 »» Prime shopping centre rents (units of 2,000 sq m) 1200-1500 800-1100 n/a »» Basis of measurement GLA sq m Brussels »» Unit of measurement €/sq m/month »» 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 6-12 months of gratuity) »» Statutory rights to renew the lease Yes for both parties 9 years; review possible every 3 years if market »» Frequency of rent reviews conditions have changed significantly (+15% or - 15% of the initial rent) Annually if agreed in the leasing contract. Indexation is »» Frequency and basis of indexation of rent calculated on the Belgian Health Index

10 | European Retail Guide – Shopping Centres Brussels, Belgium

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) 1978 1 City 2 renovated in 51 000 AG Real Estate 105 15 659 n/a n/a 1999 Key tenants: Fnac, Carrefour, Zara, Sports World SA L'Investissement The "W" Shopping 1968 Foncier Woluwe Shopping 2 renovated in 42 677 136 8 412 n/a n/a (Woluwe Shopping Center (Certificat Fortis 2004 Centre) RE) Key tenants: Galeria Inno, Habitat, Match, H&M

Westland Shopping 1972 3 renovated in 37 450 AG Real Estate 126 7 732 n/a n/a Center 2000 Key tenants: C&A, Delhaize, New Look, Zara 1984 Basilix Shopping ImmoBasilix (certificat 4 renovated in 16 693 64 3 400 n/a n/a KBC) Center 2004 Key tenants: Brico, Media Markt, Hema, Blokker 1961 5 Galerie Toison d'Or renovated in 12 353 Prupim 41 5 000 n/a n/a 2010 Key tenants: Fnac, AS Adventure, Desigual, Maxitoys

1 Brussels

3 5 2

Woluwe Shopping Centre - Brussels European Retail Guide – Shopping Centres | 11 Prague, CZR

Czech // Key Local Indicators Prague Europe Republic »» Population 2014, (in '000) 1 251 10 521 504 623 »» Population growth, 2015-2019 (%pa) 0,2 0,0 0,2 »» Age structure, 15-64 (%) 69 67 66 »» GDP growth, 2010-2014 (%pa) 0,6 1,0 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 3,1 2,9 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,5 0,2 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 3,3 3,1 1,8 »» CPI, 2014 (%) n/a 0,5 0,8 »» ILO unemployment rate, 2014 (%) 3,0 6,4 10,4 »» Consumer expenditure per capita, 2014 8 431 € € 7 108 € € 13 900 € € »» Household disposable income per capita, 2014 9 706 € € 7 621 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 36 106 4 816 »» Total shopping centre floor-space (sq m) 923 492 2 468 567 122 968 379 »» Number of shopping centres in the pipeline 9 17 505 »» Total shopping centre floor-space in the pipeline (sq m) 94 981 272 086 13 996 621 »» Total shopping centre floor-space per capita 738 235 244 »» Prime shopping centre rents (units of 200 sq m) 40-60 25-40 n/a Prague »» Basis of measurement GLA sq m »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease Agreement »» Typical lease length 5 years »» 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

12 | European Retail Guide – Shopping Centres Prague, CZR

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

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

Key teants: Tesco, C&A, M&S, Zara, Palace Cinemas Centrum Černý Most 1997 & 2000 2 81 500 Unibail-Rodamco 169 9 200 n/a n/a & CČM Entertainment & 2013 centre Key tenants: Globus, M&S, New Yorker, Decathlon, H&M, Electroworld, C&A, CineStar, Tommy Hilfiger, Mango, Desigual

3 Centrum Chodov 2005 57 736 Unibail-Rodamco 213 13 400 n/a n/a

Key tenants: M&S, Zara, New Yorker, H&M, C&A, Bata, Humanic, Deichman, Armani Jeans, Mac, Rituals

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

Key tenants: Tesco, H&M, M&S, Zara, Palace Cinemas

5 Metropole Zličín 2002 & 2004 55 000 Commerz Grundbesitz 130 n/a n/a n/a

Key tenants: M&S, Interspar, C&A, Kenvelo, Cinema City, Family Fitness

2 Prague

5 4 3

European Retail Guide – Shopping Centres | 13 Copenhagen, Denmark

// Key Local Indicators Copenhagen Denmark Europe »» Population 2014, (in '000) 721 5 627 504 623 »» Population growth, 2015-2019 (%pa) 0,8 0,3 0,2 »» Age structure, 15-64 (%) 72 64 66 »» GDP growth, 2010-2014 (%pa) 2,3 0,8 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,4 1,9 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,4 -1,2 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,2 2,3 1,8 »» CPI, 2014 (%) n/a 0,9 0,8 »» ILO unemployment rate, 2014 (%) 8,5 6,9 10,4 »» Consumer expenditure per capita, 2014 20 486 € € 20 253 € € 13 900 € »» Household disposable income per capita, 2014 19 655 € € 19 340 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 468 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 44 113 4 816 »» Total shopping centre floor-space (sq m) 845 675 2 054 916 122 968 379 »» Number of shopping centres in the pipeline 0 9 505 »» Total shopping centre floor-space (sq m) 0 204 000 13 996 621 »» Total shopping centre floor-space per capita 1 173 365 244 »» Prime shopping centre rents (units of 200 sq m) 4000-4500 2500-4500 n/a Copenhagen »» Basis of measurement GLA sq m »» Unit of measurement DKK/sq m/pa »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease contract »» Typical lease length 5 years Fit out contribution and rent rebate dependant on centre »» Typical incentives 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

14 | European Retail Guide – Shopping Centres Copenhagen, Denmark

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Fields 2004 74 000 Steen & Strøm / Klepierre 139 7 800 81 6 311

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

2 City Two 1975 63 000 Danica 73 n/a n/a 1 184

Key tenants: Føtex, H&M, Fona, SportMaster 6 649 3 Fisketorvet 2000 39 000 Unibail Rodamco 96 7 500 87

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

4 Rødovre Centret 1966 38 200 A/S Rødovre Centrum 143 7 500 n/a 7 225

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

5 Lyngby Store Centre 1973 34 000 Lyngby Storecenter ApS 115 5 400 n/a 8 663

Key tenants: Føtex, Irma, H&M, Punkt 1, Fona, Expert, Sportsmaster, Stadium, Intersport Copenhagen 5

Copenhagen 4 3

2 1 European Retail Guide – Shopping Centres | 15 Tallinn, Estonia

// Key Local Indicators Tallinn Estonia Europe »» Population 2014, (in '000) 434 1 338 504 623 »» Population growth, 2015-2019 (%pa) 0,1 -0,1 0,2 »» Age structure, 15-64 (%) 68 65 66 »» GDP growth, 2010-2014 (%pa) -0,4 3,7 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 4,6 3,8 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -2,5 -1,8 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 4,8 4,3 1,8 »» CPI, 2014 (%) n/a 1,2 0,8 »» ILO unemployment rate, 2014 (%) n/a 8,4 10,4 »» Consumer expenditure per capita, 2014 5 965 € € 7 516 € € 13 900 € € »» Household disposable income per capita, 2014 7 263 € € 5 171 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 413 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 12 n/a 4 816 »» Total shopping centre floor-space (sq m) 453 000 n/a 122 968 379 »» Number of shopping centres in the pipeline 0 n/a 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 n/a 13 996 621 »» Total shopping centre floor-space per capita 1 044 n/a 244 »» Shopping centre rents (units 50-300 sq m) 12-45 n/a n/a »» Basis of measurement GLA sq m Tallinn »» Unit of measurement €/ sq m/ month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 5-10 years »» Typical incentives Fit-out contribution, temporary discounts »» Statutory rights to renew the lease None »» Frequency of rent reviews Annual indexation »» Frequency and basis of indexation of rent CPI

16 | European Retail Guide – Shopping Centres Tallinn, Estonia

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Ulemiste Keskus 2004 66 500 Linstow 207 5 800 close to 100 n/a

Key tenants: Rimi, Sports Direct, H&M, H&M Home, Lindex, Monton, Mustang, New Yorker, Promod, Reserved, Seppälä, Zip Mööbel

2 Rocca al Mare 1998 57 400 Citycon 165 6 600 close to 100 2 507

Key tenants: Prisma, Lindex, H&M, Debenhams, M&S, NewYorker, Rademar

3 Kristiine Keskus 1999 43 700 Citycon 170 7 500 close to 100 2 745

Key tenants: Prisma, H&M, Terranova, Zara, M&S, NewYorker, Sportland, JYSK, Monton, Desigual

4 Järve Keskus 2000 41 800 Silikaat Grupp 108 n/a close to 100 n/a

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

5 Viru Keskus 2004 26 300 SRV 109 14 800 close to 100 4 875

Key tenants: Kaubamaja, Vero Moda, Denim Dream, Esprit, Mango, Promod, Terranova, Massimo Dutti, Aldo, River Island, Rahva Raamat

Tallinn 3

Viru Keskus - Tallinn 1 2

4 European Retail Guide – Shopping Centres | 17 Helsinki, Finland

// Key Local Indicators Helsinki Finland Europe »» Population 2014, (in '000) 1 577 5 463 504 623

»» Population growth, 2015-2019 (%pa) 0,9 0,4 0,2

»» Age structure, 15-64 (%) 67 64 66 »» GDP growth, 2010-2014 (%pa) 0,8 0,8 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,1 1,9 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,9 1,0 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,0 2,0 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 6,9 8,4 10,4 »» Consumer expenditure per capita, 2014 20 453 € € 17 751 € € 13 900 € »» Household disposable income per capita, 2014 22 276 € € 19 425 € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 560 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 37 87 4 816 »» Total shopping centre floor-space (sq m) 895 283 1 840 000 122 968 379 »» Number of shopping centres in the pipeline 2012-2016 5 13 505 »» Amount of shopping centres in the pipeline (sq m) 55 100 237 400 13 996 621 »» Total shopping centre floor-space per capita 568 337 244 »» Prime shopping centre rents (units of 200 sq m) 100 50 n/a Helsinki »» Basis of measurement GLA sq m »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Agreement »» Typical lease length 5 years Typically none; sometimes fit-out contributions, rent free »» Typical incentives periods for tenants or stepped rents »» Statutory rights to renew the lease None »» Frequency of rent reviews Annual indexation »» Frequency and basis of indexation of rent Finnish CPI

18 | European Retail Guide – Shopping Centres Helsinki, Finland

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Wereldhave Finland Oy 1 Itis 1984 114 071 (84%), Kesko (15%), City 170 17 600 98 3 156 of Helsinki (1%) Key tenants: Stockmann, H&M, Kesko, Halonen, Tarjoustalo KEVA (49%), Etera Mutual Pension Insurance Company 2 2003 102 000 175 22 600 98 3 756 Sello (25.5%), Pension Fennia (25.5%) Key tenants: S-Group, Kesko, Halonen, Anttila Rodamco (36%), Pension 3 Jumbo 1998 86 100 Fennia (28%), HOK-Elanto 119 10 700 98 4 942 (18%), Kesko (18%) Key tenants: Stockmann, Kesko, S-Group Citycon Oyj (60%), GIC 4 2001 63 300 111 9 100 98 4 107 Iso Omena Real Estate (40%) Key tenants: Kesko, S-Group, Finnkino, Library, H&M, Intersport

5 Kaari 2013 49 472 HOK-Elanto 75 n/a 98 n/a

Key tenants: HOK-Elanto (Prisma, Sokos), Bestseller (Veromoda, Jack&Jones, Vila), Diacor, Clas Ohlson, Top-Sport, H&M

2 1

Helsinki

4 5 European Retail Guide – Shopping Centres | 19 Lille, France

// Key Local Indicators Lille France Europe »» Population 2014, (in '000) 2 592 66 061 504 623 »» Population growth, 2015-2019 (%pa) -0,1 0,4 0,2 »» Age structure, 15-64 (%) 65 63 66 »» GDP growth, 2010-2014 (%pa) 1,0 1,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,2 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,7 1,4 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,1 1,4 1,8 »» CPI, 2014 (%) n/a 0,8 0,8 »» ILO unemployment rate, 2014 (%) 15,0 10,4 10,4 »» Consumer expenditure per capita, 2014 14 907 € € 16 479 € € 13 900 € € »» Household disposable income per capita, 2014 16 753 € 19 387 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 496 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 16 614 4 816 »» Total shopping centre floor-space (sq m) 460 500 15 188 937 122 968 379 »» Number of shopping centres in the pipeline 1 30 505 »» Total shopping centre floor-space in the pipeline (sq m) 42 800 749 500 13 996 621 »» Total shopping centre floor-space per capita 178 230 244 »» Prime shopping centre rents (units of 150-200 sq m) 750-850 700-800 n/a »» Basis of measurement GLA sq m Lille »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Commercial lease »» Typical lease length 10-12 years Mature = none, expect for medium size units: cap of »» Typical incentives 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

20 | European Retail Guide – Shopping Centres Lille, France

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner ( /sq m/ date (sq m) stores (‘000) ratio (%) € year)

1 Eurallile 1994 66 700 Unibail-Rodamco 112 12 000 n/a 5 072

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

2 Villeneuve 2 1977 51 300 Unibail-Rodamco 140 12 000 n/a 6 868

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

3 Auchan Les Géants 1974 47 200 Immochan 78 n/a n/a 6 163

Key tenants: Auchan, Auchan Drive, Le Furet de 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

Roubaix

1 2 Lille 3 Euralille - Lille

European Retail Guide – Shopping Centres | 21 Lyon, France

// Key Local Indicators Lyon France Europe »» Population 2014, (in '000) 1 773 66 061 504 623 »» Population growth, 2015-2019 (%pa) 0,5 0,4 0,2 »» Age structure, 15-64 (%) 65 63 66 »» GDP growth, 2010-2014 (%pa) 1,3 1,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,6 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,8 1,4 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,6 1,4 1,8 »» CPI, 2014 (%) n/a 0,8 0,8 »» ILO unemployment rate, 2014 (%) 9,8 10,4 10,4 »» Consumer expenditure per capita, 2014 17 471 € € 16 479 € € 13 900 € € »» Household disposable income per capita, 2014 21 017 € € 19 387 € € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 496 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 13 614 4 816 »» Total shopping centre floor-space (sq m) 500 400 15 188 937 122 968 379 »» Number of shopping centres in the pipeline 0 30 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 749 500 13 996 621 »» Total shopping centre floor-space per capita 282 230 244 »» Prime shopping centre rents (units of 150-200 sq m) 1 400-1 500 700-800 n/a »» Basis of measurement GLA sq m Lyon »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Commercial lease »» Typical lease length 10-12 years Mature = none, except for medium size units: cap of »» Typical incentives service charges. For new centres, step rents and cap of service 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

22 | European Retail Guide – Shopping Centres Lyon, France

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner ( /sq m/ date (sq m) stores (‘000) ratio (%) € year)

1 La Part Dieu 1975 126 460 Unibail-Rodamco 241 32 000 n/a 8 782

Key tenants: Carrefour, Galeries Lafayette, Decathlon, Fnac

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

Key tenants: Jardiland, Castorama, Saturn, Go Sport

3 Lyon Confluence 2012 53 396 Unibail-Rodamco 94 6 500 100 n/a

Key tenants: Apple Store, Hollister, Zara, Etam, C & A, Grand Optical, Franck Provost 1972 4 Ecully Grand Ouest renovated in 46 078 Klépierre 88 7 500 100 7 771 1997 Key tenants: Carrefour Planet, Decitre, Camaïeu, Sephora

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

Key tenants: Carrefour hypermarket, Jennyfer, Marionnaud

4 1 2 Lyon 5 3

La Part-Dieu - Lyon

European Retail Guide – Shopping Centres | 23 Marseille, France

// Key Local Indicators Marseille France Europe »» Population 2014, (in '000) 2 013 66 061 504 623 »» Population growth, 2015-2019 (%pa) 0,5 0,4 0,2 »» Age structure, 15-64 (%) 63 63 66 »» GDP growth, 2010-2014 (%pa) 0,8 1,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,5 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,8 1,4 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,7 1,4 1,8 »» CPI, 2014 (%) n/a 0,8 0,8 »» ILO unemployment rate, 2014 (%) 12,3 10,4 10,4 »» Consumer expenditure per capita, 2014 16 697 € € 16 479 € € 13 900 € € »» Household disposable income per capita, 2014 19 699 € € 19 387 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 496 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 16 614 4 816 »» Total shopping centre floor-space (sq m) 569 032 15 188 937 122 968 379 »» Number of shopping centres in the pipeline 3 30 505 »» Total shopping centre floor-space in the pipeline (sq m) 84 100 749 500 13 996 621 »» Total shopping centre floor-space per capita 283 230 244 »» Prime shopping centre rents (units of 150-200 sq m) 1 200-1 300 700-800 n/a »» Basis of measurement GLA sq m Marseille »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Commercial lease »» Typical lease length 10-12 years Mature = none, expect for medium size units: cap of »» Typical incentives 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

24 | European Retail Guide – Shopping Centres Marseille, France

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

Turnover Opening GLA size N° of Occupancy Shopping centre name Owner Footfall figures (€/sq m/ date (sq m) stores ratio (%) year) Marseille Grand 1 1996 119 644 Corio 211 12 000 n/a n/a Littoral Key tenants: Carrefour, Leroy Merlin, Go Sport, Babou

2 Les Terrasses du Port 2014 61 200 Hammerson 147 n/a 100 n/a

Key tenants: Printemps, Monoprix, Decathlon

3 Grand Vitrolles 1970 61 111 Klépierre 79 12 500 100 7 419

Key tenants: Carrefour, Castorama, Saturn

4 Auchan Barnéoud 1980 48 566 Immochan 70 n/a n/a n/a

Key tenants: Auchan, Parfumerie Trupheme, Courir

5 La Pioline 1973 32 617 Klépierre 34 5 800 87 n/a

Key tenants: Carrefour, Marionnaud

5 3

2 1

Marseille Grand Littoral - Marseille Marseille 4

European Retail Guide – Shopping Centres | 25 Paris, France

// Key Local Indicators Paris France Europe »» Population 2014, (in '000) 2 286 66 061 504 623 »» Population growth, 2015-2019 (%pa) 0,3 0,4 0,2 »» Age structure, 15-64 (%) 70 63 66 »» GDP growth, 2010-2014 (%pa) 1,7 1,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,3 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 4,4 1,4 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,7 1,4 1,8 »» CPI, 2014 (%) n/a 0,8 0,8 »» ILO unemployment rate, 2014 (%) 8,3 10,4 10,4 »» Consumer expenditure per capita, 2014 20 869 € 16 479 € € 13 900 € € »» Household disposable income per capita, 2014 27 091 € 19 387 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 496 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 16 614 4 816 »» Total shopping centre floor-space (sq m) 507 500 15 188 937 122 968 379 »» Number of shopping centres in the pipeline 2 30 505 »» Total shopping centre floor-space in the pipeline (sq m) 90 300 749 500 13 996 621 »» Total shopping centre floor-space per capita 222 230 244 »» Prime shopping centre rents (units of 150-200 sq m) 2 000-2 200 700-800 n/a »» Basis of measurement GLA sq m Paris »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Commercial lease »» Typical lease length 10-12 years Mature = none, expect for medium size units (MSU): »» Typical incentives maximum 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

26 | European Retail Guide – Shopping Centres Paris, France

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Les Quatre Temps 1981/2007 129 996 Unibail-Rodamco 235 33 000 n/a 11 117

Key tenants: Auchan, C&A, Darty, Virgin Unibail-Rodamco / AXA 2 1979/1996 59 998 180 42 000 n/a 9 968 Forum des Halles Group Key tenants: Esprit, New Look, Fnac, Etam, Darty

3 Italie 2 1976/2001 56 698 Hammerson 130 14 700 n/a 8 003

Key tenants: Fnac, Go Sport, Champion, Printemps

4 Beaugrenelle 2014 45 000 Apsys 110 n/a n/a n/a

Key tenants: M&S, Darty

5 Maine Montparnasse 1973 35 433 n/a 68 n/a n/a 4 119

Key tenants: Galeries Lafayette, C&A, Marionnaud

2 Paris 4 Forum des Halles - Paris 5 3

European Retail Guide – Shopping Centres | 27 Greater Paris, France

// Key Local Indicators GPR France Europe »» Population 2014, (in '000) 12 071 66 061 504 623 »» Population growth, 2015-2019 (%pa) 0,5 0,4 0,2 »» Age structure, 15-64 (%) 66 63 66 »» GDP growth, 2010-2014 (%pa) 1,8 1,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,5 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 2,1 1,4 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,5 1,4 1,8 »» CPI, 2014 (%) n/a 0,8 0,8 »» ILO unemployment rate, 2014 (%) 8,9 10,4 10,4 »» Consumer expenditure per capita, 2014 19 083 € € 16 479 € € 13 900 € € »» Household disposable income per capita, 2014 23 873 € € 19 387 € € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 496 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 146 614 4 816 »» Total shopping centre floor-space (sq m) 4 744 524 15 188 937 122 968 379 »» Number of shopping centres in the pipeline 5 30 505 »» Total shopping centre floor-space in the pipeline (sq m) 200 700 749 500 13 996 621 »» Total shopping centre floor-space per capita 393 230 244 »» Prime shopping centre rents (units of 150-200 sq m) 1 700 700-800 n/a Greater Paris »» Basis of measurement GLA sq m »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Commercial lease »» Typical lease length 10-12 years Mature = none, expect for medium size units (MSU): »» Typical incentives maximum 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

28 | European Retail Guide – Shopping Centres Greater Paris, France

// Major shopping centres in operation in Greater Paris (by size) Turnover Opening GLA Size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m date (sq m) stores (‘000) ratio (%) year)

1 Belle Epine 1971/2007 140 903 Klépierre 220 18 000 n/a 5 962

Key tenants: Carrefour Hypermarket, Galeries Lafayette, Virgin Megastore, H&M

2 Les Quatre Temps 1981/2007 129 996 Unibail-Rodamco 235 33 000 100 11 177

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

3 Créteil Soleil 1974/2000 125 500 Klépierre 220 18 400 n/a 5 465

Key tenants: Carrefour, Saturn, C&A, Fnac, Go Sport, Darty

4 Rosny 2 1973/1997 111 600 Unibail-Rodamco 176 14 400 100 7 515

Key tenants: Carrefour, Galeries Lafayette, Go Sport, Zara, Fnac

5 Parly 2 1969/2007 107 200 Unibail-Rodamco 170 13 300 100 10 267

Key tenants: Printemps, Truffaut, Fnac, Décathlon, Darty, Toys”R”Us Greater Paris

4 2 Paris

Les Quatre Temps - Puteaux 5

1 European Retail Guide – Shopping Centres | 29 Berlin, Germany

// Key Local Indicators Berlin Germany Europe »» Population 2014, (in '000) 3 519 82 237 504 623 »» Population growth, 2015-2019 (%pa) 0,3 0,0 0,2 »» Age structure, 15-64 (%) 68 66 66 »» GDP growth, 2010-2014 (%pa) 1,9 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,9 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,9 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,2 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 10,0 5,1 10,4 »» Consumer expenditure per capita, 2014 15 821 € € 17 901 € 13 900 € € »» Household disposable income per capita, 2014 17 622 € € 20 336 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 39 369 4 816 »» Total shopping centre floor-space (sq m) 1 357 115 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 5 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 175 000 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 386 141 244 »» Prime shopping centre rents (units of 200 sq m) 43-57 34-73 n/a »» Basis of measurement GLA sq m Berlin »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years Rent free periods (0-2 months for a 5 years contract; 0-3 »» Typical incentives months for a 10 years contract), fit-out contribution No, but anchor tenants often have an option to prolong »» Statutory rights to renew the lease their contracts »» Frequency of rent reviews Rare Based on development of CPI (triggers: change, time); »» Frequency and basis of indexation of rent Indexation needs a 5+5 or 10 years contract

30 | European Retail Guide – Shopping Centres Berlin, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) High Gain House Invest- 1 2014 91 000 270 n/a n/a n/a Mall of Berlin ments GmbH Key tenants: Saturn, H&M, C&A, Kaiser´s CNP Assurances / TIA- 2 1999 90 000 136 55 000 71 n/a Gropius Passage Cref/mfi (20%) Key tenants: Kaufland, Media Markt, Galeria Kaufhof, P&C, H&M

3 Boulevard Berlin 2012 87 100 Corio Deutschland GmbH 115 111 000 72 n/a

Key tenants: Karstadt, Karstadt sports, Saturn, Hollister, H&M, Zara, Pull & Bear

Alexa Shopping - und Union Investment Real 4 2007 56 200 Estate (91%) / Sonae 194 n/a 96 n/a Freizeitcenter Sierra (9%) Key tenants: Media Markt, Reichelt, Zara, H&M, LOXX ECE (Otto-Gruppe), Unibail Rodamco, 5 Ring Center 1995 55 000 Deutsche Asset & Wealth 108 50 000 84 n/a Management, Credit Suisse Key tenants: Galeria Kaufhof, Kaiser’s, Real, H&M, MediMax

Wilmersdorfer Ivanhoe Cambridge 6 2007 54 500 109 25 000 82 n/a Arcaden (92,5%), mfi Key tenants: H&M, Kaiser’s, Netto, Spiele Max, MediMax Berlin

4 5 6 1 3

European Retail Guide – Shopping Centres | 31 Cologne, Germany

// Key Local Indicators Cologne Germany Europe »» Population 2014, (in '000) 1 030 82 237 504 623 »» Population growth, 2015-2019 (%pa) 0,4 0,0 0,2 »» Age structure, 15-64 (%) 69 66 66 »» GDP growth, 2010-2014 (%pa) 1,0 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 0,8 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -0,6 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 0,4 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 7,1 5,1 10,4 »» Consumer expenditure per capita, 2014 17 657 € € 17 901 € € 13 900 € € »» Household disposable income per capita, 2014 19 306 € 20 336 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 5 369 4 816 »» Total shopping centre floor-space (sq m) 172 400 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 1 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 20 000 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 167 141 244 »» Prime shopping centre rents (units of 200 sq m) 43-57 34-73 n/a »» Basis of measurement GLA sq m Cologne »» Unit of measurement €/sq m/month »» Inclusions None

32 | European Retail Guide – Shopping Centres Cologne, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Union Investment Real 1 2005 53 000 119 17 000 n/a n/a Köln Arcaden Estate gmbH Key tenants: Media Markt, C&A, Toom

2 Rhein-Center 1972 48 000 KG Alster 189 25 000 n/a n/a

Key tenants: Galeria Kaufhof, P&C, Saturn, Rewe, Zara, H&M, Anson’s City-Center 3 1976 33 000 ECE/Otto Family 100 30 000 n/a n/a Chorweiler Key tenants: C&A, Wehmeyer, Kaiser’s, H&M Immobilienfonds Wohn- 4 DuMont-Carré 2001 19 400 und Geschäftshaus Köln 48 n/a n/a n/a Breite Straße GbR Key tenants: Kult/Planet, ProMarkt, Standa Supermercato Neumarkt Galerie 5 1998 16 500 Signature Capital 42 n/a n/a n/a Köln Key tenants: Primark (Open in Winter 2013), Mayersche Buchhandlung, Lidl

Cologne

5 2 4 1

Köln Arcaden - Cologne

European Retail Guide – Shopping Centres | 33 Düsseldorf, Germany

// Key Local Indicators Düsseldorf Germany Europe »» Population 2014, (in '000) 604 82 237 504 623 »» Population growth, 2015-2019 (%pa) 0,5 0,0 0,2 »» Age structure, 15-64 (%) 68 66 66 »» GDP growth, 2010-2014 (%pa) 0,9 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,6 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,2 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,2 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 6,0 5,1 10,4 »» Consumer expenditure per capita, 2014 19 463 € € 17 901 € € 13 900 € € »» Household disposable income per capita, 2014 22 186 € € 20 336 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 6 369 4 816 »» Total shopping centre floor-space (sq m) 145 810 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 0 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 241 141 244 »» Prime shopping centre rents (units of 200 sq m) 53-64 34-73 n/a »» Basis of measurement GLA sq m Düsseldorf »» Unit of measurement €/sq m/month »» Inclusions None

34 | European Retail Guide – Shopping Centres Düsseldorf, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) KÖ Galerie City 1 1986 21 300 Allianz Real Estate 60 40 000 94% n/a Center Key tenants: Jil Sander, Frankonia Jagd, Gant U.S.A., Björn Borg, Muji, Lacoste

2 Düsseldorf Arcaden 2008 20 000 Ivanhoe Cambridge 102 25 000 95% n/a

Key tenants: C&A, Media Markt, Aldi Süd, Just Fit Premium Schadow Arkaden 3 1994 18 700 60 23 500 97% n/a Schadow Arkaden Betriebsgesellschaft Key tenants: Anson’s, H&M, Esprit, Fitness First, Habitat

Stilwerk Center Manage- 4 2000 17 000 41 n/a n/a n/a Stilwerk Düsseldorf ment GmbH

Key tenants: Kartell, Ligne roset, Bang & Olufsen

5 Sevens 2000 15 000 Sevens GmbH & Co. KG 31 n/a n/a n/a

Key tenants: Saturn, Emporio Armani, Phikipp Plein, Desigual

Dusseldorf

3 1 4 5

2 Kö Galerie - Düsseldorf

European Retail Guide – Shopping Centres | 35 Frankfurt, Germany

// Key Local Indicators Frankfurt Germany Europe »» Population 2014, (in '000) 702 82 237 504 623 »» Population growth, 2015-2019 (%pa) 0,5 0,0 0,2 »» Age structure, 15-64 (%) 70 66 66 »» GDP growth, 2010-2014 (%pa) 1,6 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,7 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,4 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,3 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 5,4 5,1 10,4 »» Consumer expenditure per capita, 2014 17 730 € € 17 901 € € 13 900 € € »» Household disposable income per capita, 2014 19 954 € € 20 336 € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 6 369 4 816 »» Total shopping centre floor-space (sq m) 358 000 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 0 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 510 141 244 »» Prime shopping centre rents (units of 200 sq m) 48-49 34-73 n/a »» Basis of measurement GLA sq m Frankfurt »» Unit of measurement €/sq m/month »» Inclusions None

36 | European Retail Guide – Shopping Centres Frankfurt, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Main-Taunus- 1 1964/ 2011 118 000 Deutsche EuroShop AG 163 40 000 98 n/a Zentrum Key tenants: Hollister, Apple, Karstadt, Galeria Kaufhof, Breuninger, Media Markt, C&A

2 NordWest Zentrum 1968 92 000 KG Nordtrakt 134 n/a 86 n/a

Key tenants: Galeria Kaufhof, Toom, Media Markt, Primark, SinnLeffers, C&A Palais Quartier GmbH 3 MyZeil 2009 52 000 &Co. KG (Rabo Real 82 40 000 89 n/a Estate) Key tenants: Hollister, Saturn, Rewe, Anson’s, Bershka

BAT, Deutsche Asset & Wealth Management, DZ Bank, ECE (Otto- 4 Hessen-Center 1971 45 600 Gruppe) BAT, Deutsche Asset & 104 25 000 92 n/a Wealth Management, DZ Bank, ECE (Otto-Gruppe)"

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

Allianz (80%), CA Immo, 5 2013 45 000 164 n/a 100 n/a Skyline Plaza ECE (Otto-Gruppe)

Key tenants: Peek & Cloppenburg, Saturn, Zara, Rewe RFR Holding 6 Zeilgalerie 1992 11 150 (90%), Deutsche 37 n/a 87 n/a Rückversicherung (10%) Key tenants: Benetton, H&M, Pizza Hut 2 4 3 1 5 6

Frankfurt

MyZeil - Frankfurt

European Retail Guide – Shopping Centres | 37 Hamburg, Germany

// Key Local Indicators Hamburg Germany Europe »» Population 2014, (in '000) 1 833 82 237 504 623 »» Population growth, 2015-2019 (%pa) 0,7 0,0 0,2 »» Age structure, 15-64 (%) 68 66 66 »» GDP growth, 2010-2014 (%pa) 1,2 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,6 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,5 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,1 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 4,6 5,1 10,4 »» Consumer expenditure per capita, 2014 19 385 € € 17 901 € € 13 900 € € »» Household disposable income per capita, 2014 20 628 € € 20 336 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 22 369 4 816 »» Total shopping centre floor-space (sq m) 631 190 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 2 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 39 200 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 344 141 244 »» Prime shopping centre rents (units of 200 sq m) 48-59 34-73 n/a »» Basis of measurement GLA sq m Hamburg »» Unit of measurement €/sq m/month »» Inclusions None

38 | European Retail Guide – Shopping Centres Hamburg, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

Alstertal BAT, Deutsche Asset & 1 1970 69 000 Wealth Management, DZ 253 40 000 82 n/a Einkaufszentrum Bank, ECE (Otto-Gruppe) Key tenants: Galeria Kaufhof, P&C, Apple Store, AppelrathCüppers, Zara, Anson’s, H&M

2 Hamburger Meile 1970 55 000 ECE (15%), Real I.S. (85%) 156 30 000 95 n/a

Key tenants: TK Maxx, MediMax, H&M, Rewe, C&A ECE (Otto-Gruppe), 3 1966 48 000 169 30 000 95 n/a Elbe Einkaufszentrum Privatinvestoren Key tenants: Toom, P&C, C&A, Anson’s, Zara, H&M

4 Billstedt-Center 1996 42 800 Deutsche Euroshop AG 112 45 000 86 n/a

Key tenants: Karstadt Warenhaus, Toom, Media Markt, H&M, TK Maxx, Rewe, C&A

Quarree Wandsbek Union Investement 5 1988 41 700 99 40 000 86 n/a Markt Real Estate Key tenants: Karstadt Sport, C&A, H&M, MediMax, Anson’s

3 2 5 4

Hamburger Meile - Hamburg Hamburg

European Retail Guide – Shopping Centres | 39 Leipzig, Germany

// Key Local Indicators Leipzig Germany Europe »» Population 2014, (in '000) 560 82 237 504 623 »» Population growth, 2015-2019 (%pa) 0,2 0,0 0,2 »» Age structure, 15-64 (%) 66 66 66 »» GDP growth, 2010-2014 (%pa) 2,6 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,7 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 3,2 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,9 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 9,5 5,1 10,4 »» Consumer expenditure per capita, 2014 15 099 € € 17 901 € € 13 900 € € »» Household disposable income per capita, 2014 16 364 € € 20 336 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 7 369 4 816 »» Total shopping centre floor-space (sq m) 385 900 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 0 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 689 141 244 »» Prime shopping centre rents (units of 200 sq m) 37-49 34-73 n/a »» Basis of measurement GLA sq m Leipzig »» Unit of measurement €/sq m/month »» Inclusions None

40 | European Retail Guide – Shopping Centres Leipzig, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) 1994 MFI management für 1 Paunsdorf Center (renovated in 130 000 Immobilien AG / Ivanhoe 150 42 000 n/a n/a 2012) Cambridge Key tenants: Müller, H&M, Kaufland, C&A, Media Markt 1991(renova- Prejan Enterprises Ltd. 2 90 000 206 4 000 n/a n/a Nova eventis ted in 2006) (Stenham Properties) Key tenants: Media Markt, Wöhrl, Zara, C&A Firmengruppe 3 1992 65 000 23 4 000 100 n/a Sachsenpark Sachsenpark Key tenants: Globus SB-Warenhaus, Bauhaus, KiK, Fressnapf XXL, TK maxx, Hammer Heimtex-Fachmärkte, Aldi Nord

Höfe am Brühl MFI management für 4 2012 44 500 111 n/a n/a n/a (Brühl Arcaden) Immobilien AG Key tenants: H&M, Media Markt, Edeka, Müller, New Yorker Petersbogen 5 Petersbogen Leipzig 2001 38 000 Immobiliengesellschaft mbH 22 13 000 n/a n/a & Co. KG Key tenants: Desigual, Lidl, s.Oliver, CineStar 3

4 1 2 5 Leipzig

Paunsdorf Center - Leipzig

European Retail Guide – Shopping Centres | 41 Munich, Germany

// Key Local Indicators Munich Germany Europe »» Population 2014, (in '000) 1 419 82 237 504 623 »» Population growth, 2015-2019 (%pa) 1,2 0,0 0,2 »» Age structure, 15-64 (%) 69 66 66 »» GDP growth, 2010-2014 (%pa) 2,9 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,7 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,7 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,1 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 3,6 5,1 10,4 »» Consumer expenditure per capita, 2014 21 373 € € 17 901 € € 13 900 € € »» Household disposable income per capita, 2014 25 609 € € 20 336 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 9 369 4 816 »» Total shopping centre floor-space (sq m) 312 800 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 2 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 39 700 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 220 141 244 »» Prime shopping centre rents (units of 200 sq m) 57-73 34-73 n/a »» Basis of measurement GLA sq m Munich »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlords side »» Typical lease length 5 years + 5 years Rent free periods (0-2 months for a 5 years contract; 0-3 »» Typical incentives months for a 10 years contract), fit-out contribution No, but anchor tenants often have an option to prolong »» Statutory rights to renew the lease their contracts »» Frequency of rent reviews Rare Based on development of CPI (triggers: change, time); »» Frequency and basis of indexation of rent Indexation needs a 5+5 or 10 years contract

42 | European Retail Guide – Shopping Centres Munich, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

Olympia- Deutsche Asset & Wealth 1 1972 60 000 Management, ECE (Otto- 141 50 000 100 n/a Einkaufszentrum Gruppe) Key tenants: Galeria Kaufhof, Karstadt Warenhaus, C&A, Wöhrl, Edeka CNP Assurance / TIAA- 2 1981 53 000 120 60 000 100 n/a PEP Einkaufs-Center CREF Key tenants: P&C, Wöhrl, C&A, Saturn, Kaufland StadtQuartier Riem 3 2004 50 000 Union Investment RE 121 25 000 92 n/a Arcaden Key tenants: Saturn, E-Center, SinnLeffers, C&A, H&M

City Quartier Union Investment Real 4 2003 48 000 61 n/a 100 n/a Fünf Höfe Estate GmbH, Hamburg Key tenants: Emporio Armani, Rewe, Hugendubel, Massimo Dutti

5 Pasing Arcaden 2011/2013 39 000 MFI 144 n/a 98 n/a

Key tenants: Hit, C&A, MediaMarkt, Müller Drogerie, H&M

5 1

4 Munich 3

Olympia Einkaufszentrum –Munich European Retail Guide – Shopping Centres | 43 Stuttgart, Germany

// Key Local Indicators Stuttgart Germany Europe »» Population 2014, (in '000) 621 82 237 504 623 »» Population growth, 2015-2019 (%pa) 0,4 0,0 0,2 »» Age structure, 15-64 (%) 69 66 66 »» GDP growth, 2010-2014 (%pa) 3,2 2,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,5 1,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,4 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,1 1,3 1,8 »» CPI, 2014 (%) n/a 1,1 0,8 »» ILO unemployment rate, 2014 (%) 5,0 5,1 10,4 »» Consumer expenditure per capita, 2014 20 239 € € 17 901 € € 13 900 € € »» Household disposable income per capita, 2014 24 817 € € 20 336 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 530 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 3 369 4 816 »» Total shopping centre floor-space (sq m) 101 500 11 589 134 122 968 379 »» Number of shopping centres in the pipeline 0 67 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 1 477 235 13 996 621 »» Total shopping centre floor-space per capita 164 141 244 »» Prime shopping centre rents (units of 200 sq m) 45-60 34-73 n/a »» Basis of measurement GLA sq m Stuttgart »» Unit of measurement €/sq m/month »» Inclusions None

44 | European Retail Guide – Shopping Centres Stuttgart, Germany

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) ECE / Otto-Gruppe, STRABAG Real Estate, 1 2014 50 000 24 n/a n/a n/a Milaneo Bayerische Hausbau, Hamburg Trust Key tenants: Primark, H&M, Zara LaSalle Investment 2 2006 38 000 40 17 000 n/a n/a Canstatter Carré Management Key tenants: Kaufland, Müller, H&M, Lidl, C&A Königsbau Passagen 3 2006 35 500 Seleno GmbH 82 33 000 n/a n/a Stuttgart Key tenants: Saturn, Deutsche Post, Olymp & Hades, Vapiano

DCSF Immobilien Verwaltungsgesellschaft 4 2004 28 000 51 15 000 n/a n/a Schwaben Galerie Nr. 4 mbH & Co. Objekt Stuttgart-Vaillingen KG

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

Württembergische Leben- 5 2014 26 000 69 30 000 n/a n/a Das Gerber sversicherunge

Key tenants: EDEKA, H&M, Aldi Süd

3 Stuttgart

1 2 5

Königsbau Passagen - Stuttgart

European Retail Guide – Shopping Centres | 45 Budapest, Hungary

// Key Local Indicators Budapest Hungary Europe »» Population 2014, (in '000) 1 715 9 877 504 623 »» Population growth, 2015-2019 (%pa) -0,2 -0,2 0,2 »» Age structure, 15-64 (%) 68 68 66 »» GDP growth, 2010-2014 (%pa) 1,0 1,0 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,1 2,0 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,9 0,5 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,9 1,9 1,8 »» CPI, 2014 (%) n/a 0,3 0,8 »» ILO unemployment rate, 2014 (%) 7,3 8,6 10,4 »» Consumer expenditure per capita, 2014 6 110 € € 5 036 € € 13 900 € € »» Household disposable income per capita, 2014 7 700 € € 5 869 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 301 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 17 45 4 816 »» Total shopping centre floor-space (sq m) 720 738 1 175 047 122 968 379 »» Number of shopping centres in the pipeline 0 0 505 »» Total pipeline shopping centre floor-space in the pipeline (sq m) 0 0 13 996 621 »» Total shopping centre floor-space per capita 420 119 244 »» Prime shopping centre rents (units of 200 sq m) 60-80 20-30 n/a »» Basis of measurement GLA sq m Budapest »» Unit of measurement €/sq m/month »» Inclusions None

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

46 | European Retail Guide – Shopping Centres Budapest, Hungary

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

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, M&S, Match Nationale Netherlanden / 3 2009 46 000 145 n/a n/a n/a Allee Allianz 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, M&S, 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

2 4 5 1 3 Budapest

Mammut - Budapest

European Retail Guide – Shopping Centres | 47 Dublin, Ireland

// Key Local Indicators Dublin Ireland Europe »» Population 2014, (in '000) 1 275 4 610 504 623 »» Population growth, 2015-2019 (%pa) 0,8 0,5 0,2 »» Age structure, 15-64 (%) 68 65 66 »» GDP growth, 2010-2014 (%pa) 0,7 0,6 0,8 »» GDP growth forecasts, 2015-2019 (%pa) 2,6 2,9 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,0 0,2 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,0 1,6 1,8 »» CPI, 2014 (%) n/a 0,5 0,8 »» ILO unemployment rate, 2014 (%) 10,0 11,5 10,4 »» Consumer expenditure per capita, 2014 18 822 € € 17 177 € € 13 900 € € »» Household disposable income per capita, 2014 20 203 € € 17 753 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 425 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 40 n/a 4 816 »» Total shopping centre floor-space (sq m) 711 998 n/a 122 968 379 »» Number of shopping centres in the pipeline 0 n/a 505 »» Total pipeline shopping centre floor-space in the pipeline (sq m) 0 n/a 13 996 621 »» Total shopping centre floor-space per capita 559 n/a 244 »» Prime shopping centre rents (units of 2,000 sq m) 1 500-2 000 n/a n/a »» Basis of measurement GLA sq m Dublin »» Unit of measurement €/sq m/quarter »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 10 years »» 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

48 | European Retail Guide – Shopping Centres Dublin, Ireland

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

Turnover Opening GLA size N° of Occupancy Shopping centre name Owner Footfall figures (€/sq m/ date (sq m) stores ratio (%) year)

Dundrum Town 70 million since 1 2005 85 307 n/a 100 n/a n/a Centre opening Key tenants: Gap, H&M, Esprit, Bershka, Hollister, Tommy Hilfiger, Hugo Boss, Massimo Dutti, M&S, Timberland, L’Occitane, Kiehl’s The Blanchardstown 2 1996 59 287 n/a 180 n/a n/a n/a Centre Key tenants: M&S, Debenhams, Dunnes Stores, Zara, Penneys, H&M, Timberland, Bershka

3 Liffey Valley, Lucan 1998 46 605 n/a 99 13 000 n/a n/a

Key tenants: M&S, Diesel, Dunnes, Boots, Next, New Look, Republic, Tommy Hilfiger, Moss Bros

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 The Pavillions 5 2001 41 140 n/a 87 n/a n/a n/a Shopping Centre Key tenants: 3 Store, Benetton, Boots, Diesel, Dunnes Stores, Footlocker, HMV, Imaginarium, Mango, River Island, The Body, Maxx, Tommy Hilfiger, Zara

3 Dublin

Dundrum Town Centre – Dublin 4 1

European Retail Guide – Shopping Centres | 49 Milan, Italy

// Key Local Indicators Milan Italy Europe »» Population 2014, (in '000) 3 130 59 668 504 623 »» Population growth, 2015-2019 (%pa) 0,1 0,6 0,2 »» Age structure, 15-64 (%) 64 65 66 »» GDP growth, 2010-2014 (%pa) 0,9 -0,3 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,8 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,0 -1,3 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,5 1,0 1,8 »» CPI, 2014 (%) n/a 0,5 0,8 »» ILO unemployment rate, 2014 (%) 8,0 12,6 10,4 »» Consumer expenditure per capita, 2014 18 374 € € 14 615 € € 13 900 € € »» Household disposable income per capita, 2014 22 019 € € 16 675 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 602 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 39 827 4 816 »» Total shopping centre floor-space (sq m) 695 000 14 285 256 122 968 379 »» Number of shopping centres in the pipeline 0 12 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 158 858 13 996 621 »» Total shopping centre floor-space per capita 222 239 244 »» Prime shopping centre rents (units of 75/100 sq m) n/a n/a n/a »» Basis of measurement GLA sq m Milan »» Unit of measurement €/sq m/year »» Inclusions n/a

// Lease Structures and Legal Aspects Standard contract (Contratto di Locazione) or SC »» Standard lease document specific (Contratto di Affito di Ramo d’Azzienda) Most typical 6+6 years for standard lease; or 5 to 7 years »» Typical lease length for contratto di affito (business lease) »» Typical incentives Stepped rent Tenants have certain rights at lease expiry in standard »» Statutory rights to renew the lease contract. If not accepted, compensation guaranteed »» Frequency of rent reviews Not common Standard lease: indexation is limited to 75% of the (ISTAT) »» Frequency and basis of indexation of rent cost of living index; SC lease: 100% indexation permitted 50 | European Retail Guide – Shopping Centres Milan, Italy

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Eurocommercial 1 1972 52 622 >300 8 200 100 8 250 Carosello Properties Key tenants: Carrefour, Saturn, Zara, Hollister, Oviesse

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 2004 47 522 Klepierre 103 6 000 99 n/a

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

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

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

5 Acquario 2002 36 000 Klepierre/Gruppo Finim 55 n/a n/a n/a

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

2 4 1

5 Milan

European Retail Guide – Shopping Centres | 51 Rome, Italy

// Key Local Indicators Rome Italy Europe »» Population 2014, (in '000) 4 174 59 668 504 623 »» Population growth, 2015-2019 (%pa) 0,3 0,6 0,2 »» Age structure, 15-64 (%) 65 65 66 »» GDP growth, 2010-2014 (%pa) -0,5 -0,3 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,3 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -2,3 -1,3 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,0 1,0 1,8 »» CPI, 2014 (%) n/a 0,5 0,8 »» ILO unemployment rate, 2014 (%) 11,7 12,6 10,4 »» Consumer expenditure per capita, 2014 15 559 € 14 615 € € 13 900 € € »» Household disposable income per capita, 2014 18 327 € 16 675 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 602 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 44 827 4 816 »» Total shopping centre floor-space (sq m) 1 001 119 14 285 256 122 968 379 »» Number of shopping centres in the pipeline 0 12 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 158 858 13 996 621 »» Total shopping centre floor-space per capita 240 239 244 »» Prime shopping centre rents (units of 2,000 sq m) n/a n/a n/a »» Basis of measurement GLA sq m Rome »» Unit of measurement €/sq m/year »» Inclusions n/a

// Lease Structures and Legal Aspects Standard contract (Contratto di Locazione) or SC »» Standard lease document specific (Contratto di Affito di Ramo d’Azzienda) Most typical 6+6 years for standard lease; or 5 to 7 years »» Typical lease length for contratto di affito (business lease) »» Typical incentives Stepped rent Tenants have certain rights at lease expiry in standard »» Statutory rights to renew the lease contract. If not accepted, compensation guaranteed »» Frequency of rent reviews Not common Standard lease: indexation is limited to 75% of the (ISTAT) »» Frequency and basis of indexation of rent cost of living index; SC lease: 100% indexation permitted 52 | European Retail Guide – Shopping Centres Rome, Italy

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Roma Est 2007 98 000 GIC 211 n/a n/a n/a

Key tenants: Panorama,Saturn, H&M, Foot Locker, Oviesse, OVS Kids, Benetton, CO Import, Kasanova Gallerie Commerciali 2 2007 96 390 220 n/a n/a n/a Porta Di Roma Auchan / Gruppo Lamaro Key tenants: Auchan, Ikea, Leroy Merlin, Decathlon, H&M, Zara, Media World, Coin, FNAC, Adidas Gruppo Leonardo 3 2005 61 083 214 n/a n/a n/a Parco Leonardo Caltagirone Key tenants: Auchan, Max & Co, Zara, Bershka, Scarpe & Scarpe, Oviesse, Timberland, Saturn Irish Life Assurance / 4 2013 60 500 135 n/a n/a n/a Laurentino Aberdeen Asset Mgmt

Key tenants: Panorama, Saturn

5 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

6 Etra Tiburtino 2009 52 000 IGD 119 n/a n/a n/a

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

2 6

1 Rome

5 3 Porta Di Roma - Rome 4

European Retail Guide – Shopping Centres | 53 Riga, Latvia

// Key Local Indicators Riga Latvia Europe »» Population 2014, (in '000) 643 2 001 504 623 »» Population growth, 2015-2019 (%pa) 0,0 -1,1 0,2 »» Age structure, 15-64 (%) 67 66 66 »» GDP growth, 2010-2014 (%pa) -2,1 3,3 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 5,4 4,9 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -5,8 -3,4 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 6,4 5,6 1,8 »» CPI, 2014 (%) - 1,5 0,8 »» ILO unemployment rate, 2014 (%) 5,5 8,4 10,4 »» Consumer expenditure per capita, 2014 4 380 € € 3 608 € € 13 900 € € »» Household disposable income per capita, 2014 9 835 € € 8 588 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) 244 284 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 16 29 4 816 »» Total shopping centre floor-space (sq m) 615 000 742 000 122 968 379 »» Number of shopping centres in the pipeline 1 1 505 »» Total shopping centre floor-space in the pipeline (sq m) 60 000 60 000 13 996 621 »» Total shopping centre floor-space per capita 956 371 244 »» Shopping centre rents (units of 200 sq m) 15-45 5,5-25 n/a »» Basis of measurement GLA sq m Riga »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 5-10 years »» Typical incentives Fit-out contribution, temporary discounts, turnover rent »» Statutory rights to renew the lease None »» Frequency of rent reviews Annual indexation »» Frequency and basis of indexation of rent CPI

54 | European Retail Guide – Shopping Centres Riga, Latvia

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Alfa, Retail park 2000 56 500 ACTA Fund 200 8 700 100 2 242

Key tenants: Rimi, Cenuklubs, Jysk, EuRonics, Cinamon, Zara, Pull and Bear, H&M, Bershka, Mango, Apranga, Lindex, Seppala New Century Holding / 2 2009 47 000 150 n/a 100 1 234 Riga Plaza Plaza Centers NV Key tenants: Prisma, Apranga, M&S, NewYorker, United Colors of Benetton, Lindex, Cubus KanAm Grund Kapitalan- 3 2003 42 000 170 4 800 96 1 340 Domina Shopping lagegesellschaft mbH Key tenants: Prisma, Apranga, M&S, NewYorker, United Colors of Benetton, Lindex, Cubus

4 Spice 2000 41 112 ELL Real Estate 162 9 250 100 2 700

Key tenants: Rimi, H&M, Debenhams, LIDO, Zara

5 Mols 1999 33 000 ACTA Fund 123 4 230 99% 1 392

Key tenants: Rimi, Jysk, The Pier, Rito, Alan Deko, Cubus, Reserved, Lindex

Riga

Riga Plaza - Riga

5 4 2

European Retail Guide – Shopping Centres | 55 Vilnius, Lithuania

// Key Local Indicators Vilnius Lithuania Europe »» Population 2014, (in '000) 559 2 980 504 623 »» Population growth, 2015-2019 (%pa) 0,0 -0,2 0,2 »» Age structure, 15-64 (%) 69 68 66 »» GDP growth, 2010-2014 (%pa) 1,4 3,6 1 »» GDP growth forecasts, 2015-2019 (%pa) 6,7 5,0 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -0,7 -0,8 0 »» Location based retail sales growth forecasts, 2015-2019 (%) 7,3 6,2 1,8 »» CPI, 2014 (%) n/a 1,0 0,8 »» ILO unemployment rate, 2014 (%) n/a 10,5 10,4 »» Consumer expenditure per capita, 2014 5 929 € € 4 470 € € 13 900 € € »» Household disposable income per capita, 2014 6 830 € € 4 835 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 511 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 14 36 4 816 »» Total shopping centre floor-space (sq m) 429 000 1 127 381 122 968 379 »» Number of shopping centres in the pipeline 1 1 505 »» Total shopping centre floor-space in the pipeline (sq m) n/a n/a 13 996 621 »» Total shopping centre floor-space per capita 767 378 244 »» Shopping centre rents (unit of 200 sq m) 12-30 10-20 n/a »» Basis of measurement GLA sq m Vilnius »» Unit of measurement €/sq m/month »» Inclusions None

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

56 | European Retail Guide – Shopping Centres Vilnius, Lithuania

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

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 abd Bear,Audimas

4 Europa 2004 17 000 n/a 80 n/a 90 1 820

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

5 2 1

4 3 Europa - Vilnius Vilnius

European Retail Guide – Shopping Centres | 57 Amsterdam, Netherlands

// Key Local Indicators Amsterdam Netherlands Europe »» Population 2014, (in '000) 1 294 16 848 504 623 »» Population growth, 2015-2019 (%pa) 0,5 0,3 0,2 »» Age structure, 15-64 (%) 70 66 66 »» GDP growth, 2010-2014 (%pa) 0,8 0,2 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,8 1,4 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -1,4 -1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,6 0,9 1,8 »» CPI, 2014 (%) n/a 1,0 0,8 »» ILO unemployment rate, 2014 (%) 7,9 7,2 10,4 »» Consumer expenditure per capita, 2014 16 301 € € 14 761 € € 13 900 € € »» Household disposable income per capita, 2014 18 363 € € 15 951 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 470 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 11 n/a 4 816 »» Total shopping centre floor-space (sq m) 260 000 7 100 000 122 968 379 »» Number of shopping centres in the pipeline 1 n/a 505 »» Total shopping centre floor-space in the pipeline (sq m) 27 000 n/a 13 996 621 »» Total shopping centre floor-space per capita 201 421 244 »» Prime shopping centre rents (units of 200 sq m) 275-675 500 n/a »» Basis of measurement GLA sq m Amsterdam »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Yes »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months) »» Statutory rights to renew the lease Every 5 years »» Frequency of rent reviews At the end of the first lease period, after every 5 years »» Frequency and basis of indexation of rent Annually, based on Dutch CPI

58 | European Retail Guide – Shopping Centres Amsterdam, Netherlands

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (Weekly) ratio (%) year) Villa Arena / Arena 1 1998 85 349 Corio 99 1 200 86 n/a Boulevard Key tenants: Media Markt, Decathlon, Prenatal, Perry Sport 1960 2 Stadshart Amstelveen (renovated 81 300 Unibail Rodamco 137 9 800 99 n/a 1998) Key tenants: Bijenkorf, Zara, H&M, The Sting, Albert Heijn, V&D, HEMA 1970 » 3 Gelderlandplein (renovated 24 300 Kroonenberg 94 4 400 97 n/a 1994) Key tenants: Alberth Heijn, Intersport, Riviera Maison, HEMA, La Place

4 Boven 't Y 1975 21 300 Various 166 7 051 93 n/a

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

5 Oostpoort 2013 17 720 SPF / Syntrus 66 n/a 82 n/a

Key tenants: Albert Heijn, Vomar, Douglas, Hunkemoller, H&M, Vero Moda, Jack and Jones

Amsterdam 5

Villa Arena - Amsterdam

2 1 European Retail Guide – Shopping Centres | 59 Rotterdam, Netherlands

// Key Local Indicators Rotterdam Netherlands Europe »» Population 2014, (in '000) 1 419 16 848 504 623 »» Population growth, 2015-2019 (%pa) 0,8 0,3 0,2 »» Age structure, 15-64 (%) 66 66 66 »» GDP growth, 2010-2014 (%pa) 0,7 0,2 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,6 1,4 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 0,4 -1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,5 0,9 1,8 »» CPI, 2014 (%) n/a 1,0 0,8 »» ILO unemployment rate, 2014 (%) 9,1 7,2 10,4 »» Consumer expenditure per capita, 2014 16 902 € € 14 761 € € 13 900 € € »» Household disposable income per capita, 2014 16 439 € € 15 951 € € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 470 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 5 n/a 4 816 »» Total shopping centre floor-space (sq m) 271 630 7 100 000 122 968 379 »» Number of shopping centres in the pipeline 1 n/a 505 »» Total shopping centre floor-space in the pipeline (sq m) 20 000 n/a 13 996 621 »» Total shopping centre floor-space per capita 191 421 244 »» Prime shopping centre rents (units of 200 sq m) 750 500 n/a »» Basis of measurement GLA sq m Rotterdam »» Unit of measurement €/sq m/year »» Inclusions None

60 | European Retail Guide – Shopping Centres Rotterdam, Netherlands

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (Weekly) ratio (%) year) 1985, extension Corio (Alex. I), various 1 106 918 251 12 000 96% n/a Alexandrium I, II, III in 1996 and 2001 (Alex. II), various (Alex. III) Key tenants: Zara, H&M, Ici Paris XL, Haestens, Media Markt, Lundia Beurspassage 2 1996 60 000 CBRE GI 91 10 200 90% n/a (Koopgoot) Key tenants: H&M, ZARA, Costes, Timberland 1972 renova- 3 46 012 Various 140 7 700 90% n/a Zuidplein ted in 2003 Key tenants: Saturn, V&D, HEMA, La Place, Prenatal 1962 (1994 4 33 700 Kroonenberg 132 4 000 84% n/a Hoogvliet renovated) Key tenants: Albert Heijn XL, C&A, Blokker, HEMA, Bart Smit, Vero Moda Big Shops 5 2011 25 000 DEKA 21 n/a 91% n/a Parkboulevard Key tenants: Woonexpress, Toys XL, AH, BCC, Bruynzeel Keukens

Rotterdam 1

2 4

Alexandrium - Rotterdam 3

European Retail Guide – Shopping Centres | 61 Warsaw, Poland

// Key Local Indicators Warsaw* Poland Europe »» Population 2014, (in '000) 1 752 38 564 504 623 »» Population growth, 2015-2019 (%pa) 0,4 0,0 0,2 »» Age structure, 15-64 (%) 68 70 66 »» GDP growth, 2010-2014 (%pa) 2,9 3,1 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 3,8 3,5 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 2,1 2,1 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 4,0 3,5 1,8 »» CPI, 2014 (%) n/a 0,9 0,8 »» ILO unemployment rate, 2014 (%) 5,7 9,5 10,4 »» Consumer expenditure per capita, 2014 8 225 € 5 962 € 13 900 € € »» Household disposable income per capita, 2014 9 694 € 6 156 € 18 834 € € »» Car ownership (cars per 1 000 inhabitants) n/a 486 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 38 393 4 816 »» Total shopping centre floor-space (sq m) 1 177 700 9 306 000 122 968 379 »» Number of shopping centres in the pipeline 13 97 505 »» Total shopping centre floor-space in the pipeline (sq m) 322 000 1 797 000 13 996 621 »» Total shopping centre floor-space per capita 672 241 244 »» Prime shopping centre rents (units of 200 sq m) 60-75 40-45 n/a »» Basis of measurement GLA sq m Warsaw »» Unit of measurement €/sq m/month »» Inclusions None

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

* Agglomeration of Warsaw

62 | European Retail Guide – Shopping Centres Warsaw, Poland

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Arkadia 2004 103 000 Unibail-Rodamco 230 20 800 100 n/a

Key tenants: Carrefour, Leroy Merlin, Saturn, Cinema City, Holmes Place, Zara, H&M, Peek & Cloppenburg, C&A, GAP

2 Wola Park 2002 73 000 Inter Ikea Centre Group 190 10 000 100 n/a

Key tenants: Auchan, RTV Euro AGD, Multikino, H&M, Go Sport, C&A, Reserved, KappAhl, Zara, Empik, SMYK

3 Centrum Janki 1999 68 000 Valad Europe 99 n/a 100 n/a

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

4 Zlote Tarasy 2007 64 000 Unibail-Rodamco 220 20 300 100 n/a

Key tenants: Carrefour Express, Saturn, Multikino, Van Graff, M&S, Zara, H&M, Zara Home, Carry, SMYK

5 Galeria Mokotow 2000 63 000 Unibail-Rodamco 260 12 700 100 n/a

Key tenants: Carrefour, Euro RTV AGD, Cinema City, Holmes Place, Zara, H&M, Peek & Cloppenburg, KappAhl, SMYK

2 4 Warsaw

Zlote Tarasy - Warsaw 5

European Retail Guide – Shopping Centres | 63 Lisbon, Portugal

// Key Local Indicators Lisbon Portugal Europe »» Population 2014, (in '000) 2 779 10 417 504 623 »» Population growth, 2015-2019 (%pa) -0,2 -0,3 0,2 »» Age structure, 15-64 (%) 65 66 66 »» GDP growth, 2010-2014 (%pa) -0,5 -0,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,5 1,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -2,5 -2,8 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 0,6 0,9 1,8 »» CPI, 2014 (%) n/a -0,1 0,8 »» ILO unemployment rate, 2014 (%) 17,4 14,9 10,4 »» Consumer expenditure per capita, 2014 11 458 € € 9 628 € € 13 900 € »» Household disposable income per capita, 2014 14 066 € € 11 024 € € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 775 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 5 48 4 816 »» Total shopping centre floor-space (sq m) 960 000 3 045 000 122 968 379 »» Number of shopping centres in the pipeline n/a n/a 505 »» Total shopping centre floor-space in the pipeline (sq m) n/a n/a 13 996 621 »» Total shopping centre floor-space per capita 345 292 244 »» Prime shopping centre rents (units of 75/100 sq m) n/a n/a n/a »» Basis of measurement GLA sq m Lisbon »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document None »» Typical lease length 5 years »» Typical incentives Rent free »» Statutory rights to renew the lease n/a »» Frequency of rent reviews 3 years »» Frequency and basis of indexation of rent n/a

64 | European Retail Guide – Shopping Centres Lisbon, Portugal

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

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

Key tenants: Zara, Primark, Jumbo, Poly, Zara; 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, Tyos»R»Us, Party Fiesta

3 Continente Teleiras 1990 31 398 n/a n/a n/a n/a n/a

Key tenants: Aki, Continente, Worten Centro Vasco 4 1999 29 310 Sonae Sierra / ING Group 167 n/a n/a n/a da Gama Key tenants: Benetton Group, C&A, Guess, Timberland, Zara, H&M, Nike, Worten, FNAC, Ornimundo, Funny Shops, Continente, Ericeira Surf Shop Amoreiras Shopping 5 1985 26 026 n/a 247 n/a n/a n/a Centre

Key tenants: Box, C&A, Poa de Acucar, Sport Zone

3 2 Lisbon 5 4

European Retail Guide – Shopping Centres | 65 Bucharest, Romania

// Key Local Indicators Bucharest Romania Europe »» Population 2014, (in '000) 1 883 20 122 504 623 »» Population growth, 2015-2019 (%pa) 0 -0,2 0,2 »» Age structure, 15-64 (%) 74 70 66 »» GDP growth, 2010-2014 (%pa) n/a 1,6 1,0 »» GDP growth forecasts, 2015-2019 (%pa) n/a 3,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) n/a 0,7 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) n/a 2,9 1,8 »» CPI, 2014 (%) n/a 2,5 0,8 »» ILO unemployment rate, 2014 (%) 2,0 5,1 10,4 »» Consumer expenditure per capita, 2014 n/a 4 032 € 13 900 € »» Household disposable income per capita, 2014 n/a n/a 18 834 € »» Car ownership (cars per 1 000 inhabitants) 470 300 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 11 57 4 816 »» Total shopping centre floor-space (sq m) 475 318 1 685 868 122 968 379 »» Number of shopping centres in the pipeline 6 8 505 »» Total shopping centre floor-space in the pipeline (sq m) 382 500 455 300 13 996 621 »» Total shopping centre floor-space per capita 252 84 244 »» Prime shopping centre rents (units of 2,000 sq m) 60 - 65 25 - 30 n/a »» Basis of measurement GLA sq m Bucharest »» Unit of measurement €/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease Agreement »» Typical lease length 5 years »» Typical incentives Rent free period and/or fit-out contribution »» Statutory rights to renew the lease Annual indexation »» Frequency of rent reviews 3 years »» Frequency and basis of indexation of rent HICP, Euro CPI

66 | European Retail Guide – Shopping Centres Bucharest, Romania

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Sun Plaza 2010 76 500 EMCT Romania 170 n/a n/a n/a

Key tenants: Cora, Baumax, Mobexpert, Cinema City, H&M, C&A, M&S, Debenhams, Hervis, Humanic, Deichmann

2 AFI Palace Cotroceni 2009 75 000 AFI Europe 250 n/a n/a 318

Key tenants: Real Hypermarket, H&M, Inditex, Musette, Nine West, Sephora, Douglas, Stefanel, Guess, Pure Fitness, Cinema City Unirea Shopping 3 2000 43 293 Nova Trade 281 n/a n/a 462 Center Key tenants: Mega Image, Zara, New Yorker, Pull & Bear, Stradivarius, H&M, Douglas, Body Shop, Musette Baneasa Shopping 4 2008 43 000 Baneasa Investments 220 n/a n/a 698 City Key tenants: H&M, Inditex, Peek&Cloppenburg, Musette, Nine West, Collective, New Look, Sephora, Douglas, iStyle

5 Bucuresti Mall 1999 30 000 Anchor Group 140 n/a n/a 533

Key tenants: Mega Image, H&M, Zara, Mango, Tina R, Body Shop, Sephora, Hollywood Multiplex Bucharest 4

2 3 5 Bucharest

1 European Retail Guide – Shopping Centres | 67 Barcelona, Spain

// Key Local Indicators Barcelona Spain Europe »» Population 2014, (in '000) 5 465 46 925 504 623 »» Population growth, 2015-2019 (%pa) 0,4 0,2 0,2 »» Age structure, 15-64 (%) 65 66,53 66 »» GDP growth, 2010-2014 (%pa) -0,3 -0,4 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 1,9 2,0 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -4,4 -4,3 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 1,5 1,5 1,8 »» CPI, 2014 (%) n/a 0,1 0,8 »» ILO unemployment rate, 2014 (%) 22,6 24,6 10,4 »» Consumer expenditure per capita, 2014 13 722 € 12 109 € 13 900 € »» Household disposable income per capita, 2014 14 937 € 13 244 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 476 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 46 544 4 816 »» Total shopping centre floor-space (sq m) 1 408 728 15 424 291 122 968 379 »» Number of shopping centres in the pipeline 2 16 505 »» Total shopping centre floor-space in the pipeline (sq m) 57 000 560 817 13 996 621 »» Total shopping centre floor-space per capita 186 332 244 »» Prime shopping centre rents (units of 200 sq m) 470 300 n/a »» Basis of measurement GLA sq m Barcelona »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 5 years Rent free period and / or rental discounts in the initial »» Typical incentives period and / or a contribution to fit-out »» 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 »» Frequency of rent reviews Market Value or applying CPI + 2-5% to the base rent. 12 month period before rent indexation begins. Indexation »» Frequency and basis of indexation of rent on the Consumer Price Index pplied to 100% of the rent.

68 | European Retail Guide – Shopping Centres Barcelona, Spain

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Diagonal Mar 1 2001 87 085 Quinlan Private 197 n/a 99 n/a Shopping Centre Key tenants: Alcampo, Cinesa, Fnac, Primark, Media Markt, Zara, H&M, Toys ‘R’ Us, Sfera, Mango Unibail-Rodamco, CGI 2 2000 76 200 236 n/a 97 n/a La Maquinista and Carrefour Property Key tenants: Carrefour, Media Markt, H&M, Zara, Mango, Cortefiel Carrefour Properties and 3 1980 62 430 150 n/a 96 n/a Baricentro others Key tenants: Carrefour, Yelmo Cineplex, Aki Bricolaje, Darty, C&A, Nova Mobile, Miró, Barimueble Unibail-Rodamco,» 4 Glories 1995 56 300 Carrefour Property, C&A, 193 11 000 99 n/a Miró and Cines Balaña Key tenants: Carrefour, C&A, H&M, Zara, PC City, Miró LSGIE and Carrefour 5 2002 54 000 197 n/a 97 n/a Gran Via 2 Property Key tenants: Carrefour, Zara, Decathlon, H&M

1 Barcelona 4 Diagonal Mar Shopping Centre - Barcelona

European Retail Guide – Shopping Centres | 69 Madrid, Spain

// Key Local Indicators Madrid Spain Europe »» Population 2011, (in ‘000) 6 509 46 925 504 623 »» Population growth, 2012-16 (%pa) 0,5 0,2 0,2 »» Age structure, 15-64 (%) 67 67 66 »» GDP growth, 2007-11 (%pa) -0,2 -0,4 1,0 »» GDP growth forecasts, 2012-16 (%pa) 2,4 2,0 1,9 »» Location based retail sales growth, 2007-11 (%pa) -3,9 -4,3 0,0 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,9 1,5 1,8 »» CPI, 2011 (%) n/a 0,1 0,8 »» ILO unemployment rate, 2011 (%) 19,2 24,6 10,4 »» Consumer expenditure per capita, 2011 13 655 € 12 109 € 13 900 € »» Household disposable income per capita, 2011 15 945 € 13 244 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 476 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 97 544 4 816 »» Total shopping centre floor-space (sq m) 3073630 15 424 291 122 968 379 »» Number of shopping centres in the pipeline 1 16 505 »» Total shopping centre floor-space in pipeline (sq m) 42 830 560817 13 996 621 »» Total shopping centre floor-space per capita 483 332 244 »» Prime shopping centre rents (units of 200 sq m) 470 300 n/a »» Basis of measurement GLA sq m Madrid »» Unit of measurement €/sq m/month »» Inclusions None

70 | European Retail Guide – Shopping Centres Madrid, Spain

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Xanadú 2003 152 887 Ivanhoe Cambridge 208 14 850 95 n/a

Key tenants: El Corte Ingles, Hipercor, Cinesa, Primark, H&M, C&A, Zara, Benetton, New Yorker, Apple, Decathlon Various (Unibail Rodamco 2 1989/2005 151 200 230 16 600 99 n/a Parquesur between others) Key tenants: Alcampo, El Corte Inglés, Cinesa, Zara, C&A, H&M, Cortefiel, Desigual, Mango, GStar, Calvin Klein, Fnac, Media Markt, Leroy Merlin

Megapark/Plaza 98 140 & » 26- 3 1999-2004 Various, LGSI 22 000 97-90 n/a Norte 51 557 220 Key tenants: Ikea, Leroy Merlin, Carrefour and Media Markt. Cinebox, Fnac, Zara, H&M, Sfera, C&A, Cortefiel, Massimo Dutti, Stradivarius, Mango Carrefour Property, 4 2008 89 660 165 n/a 90 n/a La Gavia Klepierre, IKEA Key tenants: Carrefour, IKEA, Primark, Zara, Espirit, H&M, C&A, Springfield, Cortefiel, New Yorker, Fnac and Sport Zone Various (Unibail Rodamco 5 1983 85 500 252 24 000 96 n/a La Vaguada between others) Key tenants: Alcampo, El Corte Inglés, C&A, H&M, Cortefiel, Zara, Sfera, Miró, Soriano, Disney, Imaginarium, Aldo, Mango, Musgo, Sephora

4 Madrid Xanadú - Madrid 5 2 1

European Retail Guide – Shopping Centres | 71 Stockholm, Sweden

// Key Local Indicators Stockholm Sweden Europe »» Population 2014, (in '000) 2 137 9 533 504 623 »» Population growth, 2015-2019 (%pa) 1,0 0,4 0,2 »» Age structure, 15-64 (%) 66 65 66 »» GDP growth, 2010-2014 (%pa) 3,1 1,4 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 3,0 2,0 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 2,4 1,1 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 3,0 2,2 1,8 »» CPI, 2014 (%) n/a 3,0 0,8 »» ILO unemployment rate, 2014 (%) 6,9 7,5 10,4 »» Consumer expenditure per capita, 2014 20 621 € 16 523 € 13 900 € »» Household disposable income per capita, 2014 23 824 € 18 887 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 461 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 89 312 4 816 »» Total shopping centre floor-space (sq m) 1 818 500 6 091 200 122 968 379 »» Number of shopping centres in the pipeline 4 22 505 »» Total shopping centre floor-space in the pipeline (sq m) 170 000 529 200 13 996 621 »» Total shopping centre floor-space per capita 851 639 244 »» Prime shopping centre rents (units of 2,000 sq m) 13 000-15 000 3 000-9 000 n/a »» Basis of measurement GLA sq m Stockholm »» Unit of measurement SEK/sq m/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 7 years »» 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

72 | European Retail Guide – Shopping Centres Stockholm, Sweden

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (SEK/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Kista Galleria 1977 92 000 Citycon / CPPI 180 17 300 n/a 2 200 000

Key tenants: Åhléns, Stadium, Cubus, kappahl, H&M, MQ, Levi’s Store, Kappahl, Clas Ohlson

2 Skärholmen Centrum 1968 76 500 Centeni AB 200 15 000 n/a 1 832 000

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

3 Sickla Köpkvarter 2005 67 000 Atrium Ljungberg 145 12 500 n/a 2 569 000

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

4 Täby Centrum 1968 58 900 Unibail-Rodamco 160 10 100 n/a n/a

Key tenants: ICA, Hemköp, Stadium, Åhléns, Clas Ohlson, Rituals, G-Star, Desigual, Levi´s, Jackie, H&M

5 Farsta Centrum 1960 54 700 Atrium Ljungberg 150 14 500 n/a 1 877 000

Key tenants: Åhléns, H&M, Stadium, Clas Ohlson, ICA, Hemköp, Coop Konsum, Lidl

4 1

Stockholm

European Retail Guide – Shopping Centres | 73 Ankara, Turkey

// Key Local Indicators Ankara Turkey Europe »» Population 2014, (in '000) 5 045 75 946 504 623 »» Population growth, 2015-2019 (%pa) n/a 1,0 0,2 »» Age structure, 15-64 (%) 71 67 66 »» GDP growth, 2010-2014 (%pa) n/a 5,2 1,0 »» GDP growth forecasts, 2015-2019 (%pa) n/a 4,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) n/a 0,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) n/a 4,9 1,8 »» CPI, 2014 (%) 9,6 8,6 0,8 »» ILO unemployment rate, 2014 (%) 10,2 9,1 10,4 »» Consumer expenditure per capita, 2014 n/a 2 543 € 13 900 € »» Household disposable income per capita, 2014 n/a n/a 18 834 € »» Car ownership (cars per 1 000 inhabitants) 222 102 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 37 329 4 816 »» Total shopping centre floor-space (sq m) 1 348 010 9 424 515 122 968 379 »» Number of shopping centres in the pipeline 17 127 505 »» Total shopping centre floor-space in the pipeline (sq m) 507 453 4 477 431 13 996 621 »» Total shopping centre floor-space (per '000 population) 267 124 244 »» Prime shopping centre rents (units of 200 sq m) 9-20 10-20 n/a »» Basis of measurement Month Ankara »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 5 years No advertisement contribution fee in the first year for »» Typical incentives 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

74 | European Retail Guide – Shopping Centres Ankara, Turkey

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

Footfall Turnover Opening GLA size N° of Occupancy Shopping centre name Owner figures (€/sq m/ date (sq m) stores ratio (%) (‘000) year) Migros Türk, Yeni Gimat, 1 1999 108 000 315 21 000 92 n/a Ankamall Torunlar GYO Key tenants: Migros, Koçtaş, Teknosa Exxtra, Boyner, M&S, Mudo City, Teknosa, H&M

2 Nata Vega Outlet 2011 87 000 Nata Holding 105 12 000 99 n/a

Key tenants: Macromarket, Teknosa, Nike, Mango

3 Forum Ankara Outlet 2008 86 300 Multi Corporation 145 9 000 95 n/a

Key tenants: Tesco Kipa, Bauhaus, Mediamarkt, YKM Outlet, Mango Outlet, Özdilek

4 Panora 2007 86 000 Panora GYO 146 8 000 98 n/a

Key tenants: Kipa Extra, Mars Athletic Club, Boyner, Mudo Concept, Zara, Teknosa Exxtra Dolunay Ormancılık Ticaret 5 2008 83 000 200 17 000 95 n/a Antares Ltd. Şti. Key tenants: Real, Teknosa, C&A, LC Waikiki, Flo, Koton

5 1

Ankara 2

European Retail Guide – Shopping Centres | 75 Istanbul, Turkey

// Key Local Indicators Istanbul Turkey Europe »» Population 2014, (in '000) 14 160 75 946 504 623 »» Population growth, 2015-2019 (%pa) n/a 100% 0,2 »» Age structure, 15-64 (%) 71 67 66 »» GDP growth, 2010-2014 (%pa) n/a 5,2 1,0 »» GDP growth forecasts, 2015-2019 (%pa) n/a 4,3 1,9 »» Location based retail sales growth, 2010-2014 (%pa) n/a 0,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) n/a 4,9 1,8 »» CPI, 2014 (%) 9,1 8,6 0,8 »» ILO unemployment rate, 2014 (%) 11,2 9,1 10,4 »» Consumer expenditure per capita, 2014 n/a 2 543 € 13 900 € »» Household disposable income per capita, 2014 n/a n/a 18 834 € »» Car ownership (cars per 1 000 inhabitants) 156 102 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 106 329 4 816 »» Total shopping centre floor-space (sq m) 3 620 772 9 424 515 122 968 379 »» Number of shopping centres in the pipeline 47 127 505 »» Total shopping centre floor-space in the pipeline (sq m) 2 028 597 4 477 431 13 996 621 »» Total shopping centre floor-space per capita 256 124 244 »» Prime shopping centre rents (units of 2,000 sq m) 10-25 10-20 n/a »» Basis of measurement Month Istanbul »» Unit of measurement €/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 5 years No advertisement contribution fee in the first year for »» Typical incentives new shopping centres, fix-currency rate at newly opened shopping centers 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

76 | European Retail Guide – Shopping Centres Istanbul, Turkey

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

Footfall Turnover Opening GLA size N° of Occupancy Shopping centre name Owner figures (€/sq m/ date (sq m) stores ratio (%) (‘000) year)

1 Forum İstanbul 2009 175 000 Multi Development Turkey 272 27 000 99 n/a

Key tenants: Koçtaş, MediaMarkt, Boyner, Real, Tepe Home, Teknosa, YKM, Debenhams, C&A, Zara, Koton, Mudo, M&S Area Real Estate, Multi 2 2011 157 000 350 15 000 98 n/a Forum Marmara Development Key tenants: CarrafourSa, Bauhaus, Boyner, M&S, H&M, C&A, YKM, Zara Via Properties and Gursoy 3 2013 140 000 250 30 000 93 n/a Vialand Theme Park Goup Key tenants: Özdilek, Koçtaş, Migros, Flo, Darty, Koton, H&M, Kelebek Mobilya, Teknosa Exxtra

4 Mall of Istanbul 2014 139 500 Torunlar GYO 350 12 000 94 n/a

Key tenants: Migros, Brandroom, Debenhams, H&M, Decathlon, Koçtaş, Teknosa, LCW, Victoria’s Secret

5 İstanbul Cevahir 2005 118 846 St. Martins 276 27 000 98 n/a

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

4 3 5 1 Istanbul 2

Forum Istanbul - Istanbul European Retail Guide – Shopping Centres | 77 Birmingham, United Kingdom

// Key Local Indicators Birmingham UK Europe »» Population 2014, (in '000) 1 099 64 627 504 623 »» Population growth, 2015-2019 (%pa) 0,5 0,6 0,2 »» Age structure, 15-64 (%) 64 65 66 »» GDP growth, 2010-2014 (%pa) 1,4 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,3 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 2,9 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,5 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 11,2 6,6 10,4 »» Consumer expenditure per capita, 2014 16 013 € 17 587 € 13 900 € »» Household disposable income per capita, 2014 16 750 € 18 610 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 20 713 4 816 »» Total shopping centre floor-space (sq m) 352 426 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 2 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 60 387 940 829 13 996 621 »» Total shopping centre floor-space per capita (1,000 sq m) 321 263 244 »» Prime shopping centre rents (Zone A) 300 165-900 n/a »» Basis of measurement Zone A Birmingham »» Unit of measurement £/sq ft/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 10 years now standard Incentives a mixture of rent free periods (which vary »» Typical incentives markedly - 3-24 months according to centre and retailer) and capital contributions »» Statutory rights to renew the lease Yes, in the majority of cases »» Frequency of rent reviews 5 years Indexation (to RPI or CPI) now becoming more common, »» Frequency and basis of indexation of rent but still only in a minority of cases

78 | European Retail Guide – Shopping Centres Birmingham, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Hammerson, Henderson 1 Bullring 2003 116 622 Global Investors and 150 37 000 99 n/a Future Fund Key tenants: Debenhams, Next, Selfridges, TK Maxx 1972 under 2 Grand Central const. (to re- 50 000 Birmingham City Council 90 n/a n/a n/a open in 2014) Key tenants: John Lewis, Argos, New Look, Peacocks Chelmsley Wood 3 1971 45 615 Fordgate Group Limited 80 n/a n/a n/a Shopping Centre Key tenants: Argos, ASDA, Boots, Iceland, Somerfield, Wilkinson

One Stop Shopping Standard Life Investments 4 1990 31 633 58 n/a n/a n/a Centre Limited Key tenants: ASDA, Currys, Iceland, Sports World, TK Maxx

The Square » Hammerson, » 5 (Formely the Priory Square 1965 26 003 Land Securities, » 52 n/a n/a n/a Shopping Centre) Phoenix Group Holdings Key tenants: Argos, Next

5 Birmingham 3 2 1

Bullring - Birmingham

European Retail Guide – Shopping Centres | 79 Bristol, United Kingdom

// Key Local Indicators Bristol UK Europe »» Population 2014, (in '000) 440 64 627 504 623 »» Population growth, 2015-2019 (%pa) 0,7 0,6 0,2 »» Age structure, 15-64 (%) 68 65 66 »» GDP growth, 2010-2014 (%pa) 0,6 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,9 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,2 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,8 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 6,3 6,6 10,4 »» Consumer expenditure per capita, 2014 19 797 € 17 587 € 13 900 € »» Household disposable income per capita, 2014 19 655 € 18 610 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 9 713 4 816 »» Total shopping centre floor-space (sq m) 280 000 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 0 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 940 829 13 996 621 »» Total shopping centre floor-space per capita 637 263 244 »» Prime shopping centre rents (Zone A) 280 165-900 n/a »» Basis of measurement Zone A Bristol »» Unit of measurement £/sq ft/year »» Inclusions None

80 | European Retail Guide – Shopping Centres Bristol, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Cabot Circus 1960/2008 95 800 Hammerson / AXA REIM 150 18 000 95 n/a

Key tenants: Harvey Nichols, House of Fraser, Apple, Urban Outfitters The Mall At Cribbs 2 1998 92 438 M&G Real Estate Limited 144 n/a n/a n/a Causeway Key tenants: John Lewis, M&S

The Galleries HSBC European Active 3 1991 30 658 110 n/a n/a n/a Shopping Centre REF Key tenants: Boots, TK Maxx, Waterstones, WH Smith Broadwalk Shopping 4 1974 17 187 Frogmore 35 n/a n/a n/a Centre Key tenants: Iceland, Somerfield, Superdrug Kings Chase 5 1977 11 892 Draco Property 25 n/a n/a n/a Shopping Centre Key tenants: Sainsbury’s, Wilkinson

Bristol 5 1 3

Cabot Circus - Bristol

European Retail Guide – Shopping Centres | 81 Cardiff, United Kingdom

// Key Local Indicators Cardiff UK Europe »» Population 2014, (in '000) 479 64 627 504 623 »» Population growth, 2015-2019 (%pa) 0,3 0,6 0,2 »» Age structure, 15-64 (%) 66 65 66 »» GDP growth, 2010-2014 (%pa) 1,0 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,2 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 2,0 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,5 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 7,2 6,6 10,4 »» Consumer expenditure per capita, 2014 17 943 € 17 587 € 13 900 € »» Household disposable income per capita, 2014 18 446 € 18 610 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 7 713 4 816 »» Total shopping centre floor-space (sq m) 218 739 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 0 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 940 829 13 996 621 »» Total shopping centre floor-space per capita (1,000 sq m) 457 263 244 »» Prime shopping centre rents (Zone A) 300 165-900 n/a »» Basis of measurement Zone A Cardiff »» Unit of measurement £/sq ft/year »» Inclusions None

82 | European Retail Guide – Shopping Centres Cardiff, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) St David's partnership 1 1981/2010 131 689 203 n/a n/a n/a St Davids Centre (Intu / Land Securities) Key tenants: Bhs, Boots, Debenhams, John Lewis, M&S, Hollister

Capitol Shopping Moorfield Real Estate 2 1990 17 187 44 n/a n/a n/a Centre Fund GP Limited Key tenants: Jaeger, Dune, Phase Eight, Hobbs, Austin Reed, H&M, Sports Direct Schroder Exempt Property 3 1999 15 793 42 n/a n/a n/a Mermaid Quay Unit Trust Key tenants: NatWest Bank European Property Inves- 4 Queens Arcade 1994 15 329 tors Special Opportunities 42 n/a n/a n/a LP Limited Key tenants: Argos, Disney Store, Gap, Pier

5 The Hayes 2007 14 864 TIAA Henderson 28 n/a n/a n/a

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

2 4 1 5

Cardiff St Davids Centre - Cardiff

3 European Retail Guide – Shopping Centres | 83 Edinburgh, United Kingdom

// Key Local Indicators Edinburgh UK Europe »» Population 2014, (in '000) 493 64 627 504 623 »» Population growth, 2015-2019 (%pa) 1,1 0,6 0,2 »» Age structure, 15-64 (%) 70 65 66 »» GDP growth, 2010-2014 (%pa) 0,1 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,9 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,3 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 3,0 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 5,4 6,6 10,4 »» Consumer expenditure per capita, 2014 20 005 € 17 587 € 13 900 € »» Household disposable income per capita, 2014 20 821 € 18 610 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 8 713 4 816 »» Total shopping centre floor-space (sq m) 186 000 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 0 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 940 829 13 996 621 »» Total shopping centre floor-space per capita 265 263 244 »» Prime shopping centre rents (Zone A) 165 165-900 n/a »» Basis of measurement Zone A Edinburgh »» Unit of measurement £/sq ft/year »» Inclusions None

84 | European Retail Guide – Shopping Centres Edinburgh, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 St James Centre 1972 41 806 TIAA Henderson 55 n/a n/a n/a

Key tenants: Boots, John Lewis, Next

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

Key tenants: Bhs, Debenhams William Ewart Properties 3 1993 30 658 69 n/a n/a n/a Gyle Shopping Centre Limited Key tenants: Boots, M&S, Morrisons, Next

Cameron Toll Oaktree Capital 4 1984 24 155 Management / Hunter 40 n/a n/a n/a Shopping Centre Asset Management Key tenants: Bhs, Sainsbury’s LaSalle Investment 5 1972 18 580 42 n/a over 90% n/a West Side Plaza Management Key tenants: Lidl

Edinburgh 1

Ocean Terminal - Edinburgh

4 3 5

European Retail Guide – Shopping Centres | 85 Glasgow, United Kingdom

// Key Local Indicators Glasgow UK Europe »» Population 2014, (in '000) 598 64 627 504 623 »» Population growth, 2015-2019 (%pa) 0,4 0,6 0,2 »» Age structure, 15-64 (%) 70 65 66 »» GDP growth, 2010-2014 (%pa) 0,5 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,4 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,5 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,2 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 9,9 6,6 10,4 »» Consumer expenditure per capita, 2014 17 241 € 17 587 € 13 900 € »» Household disposable income per capita, 2014 17 944 € 18 610 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Total shopping centre floor-space (sq m) 15 713 4 816 »» Number of new shopping centres in the pipeline 406 000 16 971 465 122 968 379 »» Total shopping centre floor-space in the pipeline (sq m) 1 27 505 »» Total shopping centre floor-space per capita 37 161 940829 13 996 621 »» Prime shopping centre rents (Zone A) 679 263 244 »» Basis of measurement 230 165-900 n/a »» Unit of measurement Zone A Glasgow »» Inclusions £/sq ft/year »» Inclusions None

86 | European Retail Guide – Shopping Centres Glasgow, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Blackstone Real Estate / 1 1989 93 000 104 n/a n/a n/a St Enoch Centre Sovereign Land 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, M&S, Next, Tesco Extra

3 Buchanan Galleries 1999 55 000 Land Securities 75 n/a n/a n/a

Key tenants: Boots, H&M, JD Sports, John Lewis, M&S, Next, Open Forge Shopping 4 1988 41 806 Belfast Office Properties 75 n/a n/a n/a Centre Key tenants: ASDA, Dunnes Stores, InShops

5 Sauchiehall Centre 1978 16 723 Kames Capital 24 n/a n/a n/a

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

3 5 Glasgow 1 4 Buchanan Galleries - Glasgow

European Retail Guide – Shopping Centres | 87 Leeds, United Kingdom

// Key Local Indicators Leeds UK Europe »» Population 2014, (in '000) 768 64 627 504 623 »» Population growth, 2015-2019 (%pa) 0,6 0,6 0,2 »» Age structure, 15-64 (%) 66 65 66 »» GDP growth, 2010-2014 (%pa) 0,5 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,6 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) -0,1 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,5 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 7,1 6,6 10,4 »» Consumer expenditure per capita, 2014 17 589 € € 17 587 € € 13 900 € »» Household disposable income per capita, 2014 17 544 € € 18 610 € € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 15 713 4 816 »» Total shopping centre floor-space (sq m) 386 629 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 1 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 37 161 940 829 13 996 621 »» Total shopping centre floor-space per capita (1,000 sq m) 504 263 244 »» Prime shopping centre rents (Zone A) 270 165-900 n/a »» Basis of measurement Zone A Leeds »» Unit of measurement £/sq ft/year »» Inclusions None

88 | European Retail Guide – Shopping Centres Leeds, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) 1973 under 1 Trinity Leeds redev. (to reo- 92 902 Land Securities 120 n/a n/a n/a pen in 2013) Key tenants: H&M, M&S, Next, Topshop/Topman White Rose Shopping 2 1997 63 638 Land Securities 92 n/a n/a n/a Centre Key tenants: Debenhams, Sainsbury’s SavaCentre

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 Legal & General Property 34 n/a n/a n/a

Key tenants: Browns, If Bar, Proibito, Tiger Tiger 1989 - renova- 5 18 850 Threadneedle 10 n/a n/a n/a The Core ted in 2009 Key tenants: Sports Direct, JD Sports, HMV, New Look, Waitrose

4 3 Leeds

1 5

White Rose Shopping Centre – Leeds 2

European Retail Guide – Shopping Centres | 89 London, United Kingdom

// Key Local Indicators London UK Europe »» Population 2014, (in '000) 3 369 64 627 504 623 »» Population growth, 2015-2019 (%pa) 1,1 0,6 0,2 »» Age structure, 15-64 (%) 73 65 66 »» GDP growth, 2010-2014 (%pa) 3,4 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 3,3 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,6 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 3,1 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 7,3 6,6 10,4 »» Consumer expenditure per capita, 2014 22 125 € 17 587 € 13 900 € »» Household disposable income per capita, 2014 24 147 € 18 610 € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 42 713 4 816 »» Total shopping centre floor-space (sq m) 1 119 000 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 2 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 102 426 940 829 13 996 621 »» Total shopping centre floor-space per capita (1,000 sq m) 332 263 244 »» Prime shopping centre rents (Zone A) 550-900 165-900 n/a »» Basis of measurement Zone A London »» Unit of measurement £/sq ft/year »» Inclusions None

90 | European Retail Guide – Shopping Centres London, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year) Westfield Stratford 1 2011 175 000 Westfield 300 n/a n/a n/a City Key tenants: John Lewis, M&S, Apple,Waitrose, Top Shop, Mulberry

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

Key tenants: Debenhams, House of Fraser, M&S, Waitrose, Louis Vuitton, Prada

Brent Cross Shopping Hammerson / » 3 1976 78 967 120 13 000 100 n/a Centre Standard Life Key tenants: Fenwick, John Lewis, M&S, Waitrose, H&M Covent Garden 4 1980 60 000 Capco 50 n/a n/a n/a Market Key tenants: Apple, Burberry, Ralph Lauren High Street Wood 5 1977 52 954 Capital & Regional 91 n/a n/a n/a Green Key tenants: Argos, Boots, Debenhams, Pearsons Department Store, Primark, TK Maxx, WH Smith

3 London 1

2 4

Westfield Stratford City - London

European Retail Guide – Shopping Centres | 91 Greater London, United Kingdom

Greater // Key Local Indicators UK Europe London »» Population 2014, (in '000) 8 525 64 627 504 623 »» Population growth, 2015-2019 (%pa) 1,2 0,6 0,2 »» Age structure, 15-64 (%) 68 65 66 »» GDP growth, 2010-2014 (%pa) 3,5 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 3,3 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,9 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 3,3 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 6,8 6,6 10,4 »» Consumer expenditure per capita, 2014 20 381 € € 17 587 € € 13 900 € »» Household disposable income per capita, 2014 21 954 € € 18 610 € € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 77 713 4 816 »» Total shopping centre floor-space (sq m) 2 199 071 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 7 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 380 254 940 829 13 996 621 »» Total shopping centre floor-space per capita 258 263 244 »» Prime shopping centre rents (Zone A) 550-900 165-900 n/a Greater London »» Basis of measurement Zone A »» Unit of measurement £/sq ft/year »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement »» Typical lease length 10 years now standard Incentives a mixture of rent free period (which vary »» Typical incentives markedly - 3-24 months according to centre and retailer) »» Statutory rights to renew the lease Yes, in the majority of cases »» Frequency of rent reviews 5 years Indexation (to RPI or CPI) now becoming more common, »» Frequency and basis of indexation of rent but still only in a minority of cases

92 | European Retail Guide – Shopping Centres Greater London, United Kingdom

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

Turnover Name of shopping Opening GLA Size N° of Footfall figures Occupancy Owner (€/sq m/ centres date (sq m) stores (‘000) ratio (%) year) Westfield Stratford 1 2011 175 000 Westfield 300 n/a n/a n/a City Key tenants: John Lewis, M&S, Apple,Waitrose, Top Shop, Mulberry

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

Key tenants: Debenhams, House of Fraser, M&S, Waitrose, Louis Vuitton, Prada

Brent Cross Shopping Hammerson / Standard 3 1976 78 967 120 n/a n/a n/a Centre Life Key tenants: Fenwick, John Lewis, M&S, Waitrose, H&M

4 Centrale, Croydon 2003 66 800 Hammerson 57 n/a n/a n/a

Key tenants: Debenhams, H&M, House of Fraser, Next, TK Maxx, Zara

Whitgift Centre, Hammerson, Irish Banks 5 1968 58 800 Resolution, Whitgift 170 n/a n/a n/a Croydon Foundation (Freeholder) Key tenants: M&S, Sainsburys, Boots There are two major regional shopping centres which lie just outside the Greater London Boundary whose catchment area includes a major part of the conurbation: Lend Lease / » Greater London 6 Bluewater 1999 153 230 330 n/a n/a n/a Land Securities Key tenants: House of Fraser, John Lewis, M&S

7 Thurrock Lakeside 1991 132 300 Intu 263 n/a n/a n/a

Key tenants: Debenhams, House of Fraser, M&S

3 1 2 7 London

4 5

Brent Cross Shopping Centre - Greater London European Retail Guide – Shopping Centres | 93 Manchester, United Kingdom

// Key Local Indicators Manchester UK Europe »» Population 2014, (in '000) 1 502 64 627 504 623 »» Population growth, 2015-2019 (%pa) 0,7 0,6 0,2 »» Age structure, 15-64 (%) 66 65 66 »» GDP growth, 2010-2014 (%pa) 0,6 1,5 1,0 »» GDP growth forecasts, 2015-2019 (%pa) 2,8 2,6 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 1,8 1,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) 2,7 2,7 1,8 »» CPI, 2014 (%) n/a 1,7 0,8 »» ILO unemployment rate, 2014 (%) 8,2 6,6 10,4 »» Consumer expenditure per capita, 2014 16 621 € € 17 587 € € 13 900 € »» Household disposable income per capita, 2014 17 224 € € 18 610 € € 18 834 € »» Car ownership (cars per 1 000 inhabitants) n/a 448 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 12 713 4 816 »» Total shopping centre floor-space (sq m) 454 063 16 971 465 122 968 379 »» Number of shopping centres in the pipeline 0 27 505 »» Total shopping centre floor-space in the pipeline (sq m) 0 940 829 13 996 621 »» Total shopping centre floor-space per capita (1,000 sq m) 302 263 244 »» Prime shopping centre rents (Zone A) 295 165-900 n/a »» Basis of measurement Zone A Manchester »» Unit of measurement £/sq ft/year »» Inclusions None

94 | European Retail Guide – Shopping Centres Manchester, United Kingdom

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 The Trafford Centre 1998 148 605 Intu 278 n/a n/a n/a

Key tenants: John Lewis, Boots, Debenhams, M&S, Selfridges

2 Arndale Centre 1976/2000 130 063 Intu / M&G 225 n/a n/a n/a

Key tenants: Bhs, Boots, Nex

Ellesmere Shopping Liverpool & Lancashire 3 1994 29 172 130 n/a n/a n/a Centre Properties Ltd Key tenants: Boots, Greggs, Lunn Poly, Tesco Swinton Shopping 4 1965 16 862 Private Investor 70 n/a n/a n/a Centre Key tenants: Boots

Droylsden Shopping Crownring Properties 5 2003 16 258 28 n/a n/a n/a Centre Limited Key tenants: Boots, Ethel Austin, Somerfield, William Hill Manchester 4 3 2 Manchester 1 5

The Trafford Centre - Manchester

European Retail Guide – Shopping Centres | 95 Kyiv, Ukraine

// Key Local Indicators Kyiv Ukraine Europe »» Population 2014, (in '000) 2 869 43 025 504 623 »» Population growth, 2015-2019 (%pa) 1,1 -1,0 0,2 »» Age structure, 15-64 (%) 72 70 66 »» GDP growth, 2010-2014 (%pa) 2,2 0,9 1,0 »» GDP growth forecasts, 2015-2019 (%pa) n/a 3,9 1,9 »» Location based retail sales growth, 2010-2014 (%pa) 10,6 9,6 0,0 »» Location based retail sales growth forecasts, 2015-2019 (%) n/a n/a 1,8 »» CPI, 2013 (%) 1,5 -0,3 0,8 »» ILO unemployment rate, 2013 (%) 5,2 7,2 10,4 »» Consumer expenditure per capita, 2014 1 987 € € 1 349 € € 13 900 € »» Household disposable income per capita, 2013 431 € € 276 € € 18 834 € »» Car ownership (cars per 1,000 households, 2012) 147 142 473

// Retail Provision and Market Conditions* »» Number of shopping centres in operation 53 121 4 816 »» Total shopping centre floor-space (sq m) 1 035 970 2 121 364 122 968 379 »» Number of shopping centres in the pipeline 9 16 505 »» Total shopping centre floor-space in the pipeline (sq m) 609 975 824 896 13 996 621 »» Total shopping centre floor-space per capita 361 300 244 »» Prime shopping centre rents (units of 100/300 sq m) 80-120 50-70 n/a »» Basis of measurement GLA sq m Kyiv »» Unit of measurement $/sq m/month »» Inclusions None

// Lease Structures and Legal Aspects »» Standard lease document Lease agreement 3-5 years – for standard retail units of 50-250 sq m; » 7-10 years – for semi-anchors (500-1,000 sq m) and » »» Typical lease length 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 of rent reviews Annual indexation »» Frequency and basis of indexation of rent Harmonised CPI, fixed - 3-5%

96 | European Retail Guide – Shopping Centres *The figures for Ukraine are provided based on 6 major cities with population over or around 1 million, i.e. Kyiv, Kharkiv, Dnipropetrovsk, Donetsk, Odessa, Lviv. Kyiv, Ukraine

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

Turnover Opening GLA size N° of Footfall figures Occupancy Shopping centre name Owner (€/sq m/ date (sq m) stores (‘000) ratio (%) year)

1 Dream Town 2009/2011 90 500 Vita Veritas 250 19 800* 95 n/a

Key tenants: Novus, Cosmos, Foxtrot, Techopolis, brands of Inditex Group, M&S, Benetton, Sportmaster, Intertop, Mothercare, Antoshka, Budynok Ihrashok, Oscar

2 Ocean Plaza 2012 72 200 TPS Nedvizhimost 295 20 400* 96 n/a

Key tenants: Auchan, Eldorado, brands of LPP Group, LC Waikiki, New Yorker, M&S, Mango, Michael Kors, Trussardi Jeans, Terranova, Calliope, Happylon (kid’s play), Cinema Citi (cinema), KFC, McDonald’s

3 Sky Mall 2007/2010 47 000 Arricano Development 150 8 400* 98 n/a

Key tenants: Auchan, Comfy, brands of Inditex Group, brands of LPP Group, LC Waikiki, New Look, New Yorker, Intertop, Mothercare, M&S, Top Shop, Planet Toys, Kronverk (cinema), City Bowling, Igroland (kid’s play)

4 Gulliver 2013 39 400 Mandarin Plaza / Tri O 120 9 000* 91 n/a

Key tenants: Furshet Gourmet, Massimo Dutti, Pull&Bear, Stradivarius, Bershka, OYSHO, Pedro del Hierro, Reserved, Planet Toys, Homster, JYSK, Oscar (cinema)

5 Karavan 2004/2008 37 700 Karavan Group 120 12 000* 95 n/a

Key tenants: Karavan hypermarket, Zara, GAP, M&S, Smyk, Intertop, CK Jeans, Lacoste, Adidas, Mothercare, Multiplex (cinema), Igroland (kid’s play), KFC, McDonald’s

* monthly average

1 5 3 Kyiv 4

2 Sky Mall - Kyiv

European Retail Guide – Shopping Centres | 97 // 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 42 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 socio- economic 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.

98 | European Retail Guide – Shopping Centres // Research Team

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