European Guide Shopping Centres March 2013 2 | European Retail Guide – Shopping Centres // Introduction

Welcome to our second edition of ‘European Retail Guide - Consequently, demand for shopping centres is focused Retail market conditions remain challenging, Shopping Centres’. This guide provides high-level data on mainly on established schemes where retailers are still seeing particularly in parts of the Euro zone, but the European shopping centre industry. It is designed as a opportunities, despite the challenging conditions. In this new investor interest in the sector remains keen. reference document for comparing shopping centre provision guide we assess socio-economic trends, as well as trends in However, we at DTZ are well placed to support across major cities and identifying hotspots for future areas of the retail market in order to provide our view on the adequacy and advise our clients throughout Europe and development. The information provided is similar for all cities in of current levels of shopping centre provision and identify main wider regions through our global reach. order to facilitate comparison. hotspots for future opportunities.

We see significant potential in core retail The guide includes: We hope you enjoy this publication! property assets for retailers to expand, » statistics on the major cities and their respective national particularly cross border and for new economies, including GDP growth, earnings and retail sales developments. Good asset management, figures including selective refurbishment and extension, a deep understanding of markets, » information on shopping centre provision, including number backed by high quality research and access of existing schemes, as well as those in the pipeline to the best investment opportunities are our » information on rents, lease structures and legal aspects commitment to our clients. » a list of the five largest schemes in operation in each city, DTZ and our clients are involved in all as well as a map locating them Magali Marton Karine Woodford aspects of Retail Property but we have a Head of Head of special passion for shopping centres. We The uncertain economic climate of recent months has led to CEMEA Occupier are advising in over 500 throughout Europe. muted consumer spending in many European markets. This Research Research In an increasingly internet-connected world economic slowdown, as well as growing difficulties in securing quality shopping centres remain a special financing and governmental permits in many countries is place for shoppers, retailers and investors to limiting new shopping centre development. do business. They remain a great opportunity to add value. We have taken the opportunity to update this guide by adding new countries to our earlier versions which include several in Central and where the continued growth of these markets and shopping centre development pipelines offer further opportunities. We hope that it will encourage all those involved in shopping centres to look for fresh initiatives for us to do business together.

Adrian Powell Head of EMEA Retail

European Retail Guide – Shopping Centres | 3 // Table of content DTZ Retail EMEA key statistics Belgium______Lithuania______Brussels 10 Vilnius 56 Czech Republic______Netherlands______We are involved in some 500 shopping centres advising 150 Amsterdam 58 12 500 owners in EMEA. Denmark______Rotterdam 60 Poland______Copenhagen 14 Warsaw 62 The total floor area is over 10m Estonia______10m sq m (107m sq ft). Portugal______Tallinn 16 Lisbon 64 Finland______"High We are involved in many more Romania______Helsinki 18 street high street shops and retail warehouse projects. France______Bucharest 66 shops" Spain______Lille 20 Lyon 22 Barcelona 68 Our key clients include Unibail Marseille 24 Madrid 70 "Key Rodamco, ING, Henderson, Paris 26 Sweden______clients" LaSalle, Hammerson, Westfield, Greater Paris 28 Klépierre and Corio. Stockholm 72 Germany______Turkey______Berlin 30 Our shopping centres are best Cologne 32 Ankara 74 "Best in in class: Westfield London, Düsseldorf 34 Istanbul 76 Westfield Stratford City, Bullring Frankfurt 36 class" United Kingdom______Birmingham, Zlote Tarasy Hamburg 38 Warsaw and MyZeil Frankfurt are Leipzig 40 Birmingham 78 examples. Munich 42 Bristol 80 Stuttgart 44 Cardiff 82 Edinburgh 84 Hungary______"Market We are market leaders in the UK, Glasgow 86 Netherlands and . Budapest 46 Leeds 88 leaders" Ireland______London 90 Greater London 92 We are market leaders for Dublin 48 Manchester 94 shopping centre management: Italy______Ukraine______200 over 200 shopping centres in EMEA. Milan 50 96 Rome 52 Latvia______Riga 54

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

A testing market but opportunities remain

» The European economy is still struggling. The ongoing sovereign debt crisis has brought about strict austerity measures, low wage growth and rising unemployment across most of Europe. This is feeding through to lower confidence levels for both consumers and retailers, which in turn is impacting on overall spending levels.

» Despite a weakening outlook, demand for shopping centre space is holding up, particularly in prime schemes where opportunities remain for retailers wanting to expand. Secondary centres, on the other hand, are bearing the brunt of the downturn, with falling demand and increasing vacancy. This is reinforcing polarisation in many markets.

» Shopping centre development and supply per capita vary greatly by country and city. Compared to the European average of 425 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 a historical cultural preference for other retail formats (i.e. some German cities) or to difficulties in obtaining government permits (i.e. Brussels, Milan).

» As a result of the economic slowdown, development activity is declining and the number of openings is expected to be below average in the coming years. The most dramatic increases in modern shopping centre space will take place in the less developed CEE cities and Istanbul, where the relative undersupply of space is being addressed. Whilst in more mature markets, the focus will be on extensions, upgrades and regenerations rather than on new developments (i.e. Copenhagen, Prague).

» Our new European retail guide on shopping centres assesses the socio-economic dynamics, as well as the strength of current shopping centre provision across 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 London, Hamburg, Birmingham and Manchester.

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

Economy

Despite a weakening short-term economic outlook in the euro-zone, retail sales are forecast to rise » On the other hand, the southern European cities of Milan, Lisbon and Rome, as well as Lille in in the medium to longer term - although there are considerable differences between cities. are forecast to significantly underperform the European average over the next five years, with growth below 1%pa forecast. » The European economy is weakening. The ongoing sovereign debt crisis has brought about higher unemployment, low wage growth and generally diminished growth prospects for 2012 » Whilst retail sales growth is expected to be more positive for the medium to longer term, it is still across Europe. This is feeding through to lower confidence levels for both consumers and modest and big differences between regions are apparent (Figure 2). The European average for retailers, which in turn is impacting on overall spending levels. retail sales growth forecasts for 2012-2016 is 2%pa. Higher than average growth is expected in the Nordics, as well as the CEE countries. The strongest growth is forecast in Vilnius at 7.3%pa, Despite this, GDP growth is forecast to be positive for the medium to longer term. Marked »  following by at 6.4%pa (Figure 2). differences between cities exist; however with only modest growth forecast in most markets. » Vilnius, Riga, Warsaw, Istanbul and Tallin display the strongest economic performance over the Central & Eastern European (CEE) cities, the Baltic capitals and Istanbul are forecast to show »  forecast period. Unsurprisingly, the cities with lowest growth are all located in peripheral euro- the strongest GDP growth over the next five years. Vilnius is forecast to show growth of zone economies. In Lisbon, retail sales are forecast to fall by 1.2%pa, while in Milan they are 6.7%pa, followed by Kyiv, where growth of 5.5%pa is forecast. The Nordic cities of Helsinki and forecast to drop by 0.3%pa. Stockholm are forecast to show slightly above average growth over the same time period, of 3.3%pa and 3.1%pa respectively (Figure 1).

Figure 1 Figure 2 GDP growth forecasts in selected European cities (2012-16) Retail sales growth forecasts in selected European cities (growth 2012-16)

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

0% 1% 2% 3% 4% 5% 6% 7% 8% -2% -1% 0% 1% 2% 3% 4% 5% 6% 7% 8%

6 | European Retail Guide – Shopping Centres Source DTZ Research // European Retail Guide – Shopping Centres

Shopping Centre Provision

Uncertain market conditions are creating subdued and highly selective occupier Figure 3 demand, reinforcing polarisation between prime and secondary schemes in a number Total shopping centre* stock per ‘000 population in selected European cities (End of 2012) of cities.

» Despite the weakening economic conditions across the region, demand for 0 200 400 600 800 1 000 1 200

shopping centre space is holding up. However, retailers remain cautious, Tallinn favouring prime space in prime schemes. As a result, secondary shopping Riga Stockholm centres are lagging behind with increasing vacancy rates. This reinforces the Helsinki polarisation between prime and secondary centres, a trend which is apparent Leipzig Vilnius throughout much of the region. Copenhagen Prague Glasgow » As at the end of 2012, total shopping centre stock across Europe approached Bristol 123 million sq m. The UK, France, , and Spain have the largest Dublin Frankfurt shopping centre stock, accounting for 60% of the overall European provision. Leeds Lisbon Although accounts for the largest share of existing stock, Madrid development activity has been largely concentrated in the CEE countries and Warsaw Cardiff Turkey in recent years. European average Berlin » There are marked differences in provision at city level. Compared to the Budapest Hamburg European average of 425 sq m, Stockholm and the Baltic cities of Riga and London Manchester Tallinn seem largely over-supplied with stock in excess of 800 sq m. At the other Birmingham end of the scale, Stuttgart, Düsseldorf, as well as Paris and Cologne all have Lyon Kyiv underdeveloped markets. Edinburgh Ankara Munich » There are a number of reasons why cities may be undersupplied. In some Marseille markets, high street retail is still the favoured format, whilst in others the difficulty Bucharest Dusseldorf in obtaining building permits severely restricts development. It is worth noting Barcelona also that in some cities all of the shopping centre provision is found in out of town Istanbul Brussels locations rather than in the city itself (i.e. Paris). Rome Amsterdam Paris » CEE cities account for the largest share of the European pipeline. Turkey is also Lille witnessing strong growth, with most of the activity focused in Istanbul, where Milan Cologne 28 schemes are planned. Other cities to have large pipelines are Kyiv, Warsaw Stuttgart and Budapest. Interestingly, whilst Stockholm is already relatively oversupplied, there are a further 14 schemes planned to come on stream. In the more mature Source DTZ Research markets, the focus will be on extensions and upgrades rather than expansions, as investors refocus on maintaining and strengthening existing assets in the *Shopping centre: Defined as a grouping of shops and services with a minimum GLA of 5,000 sq m, conceived, built and managed as one entity. current weak 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 2012)

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 17 233 1 Vilnius 14 767 0 Prague 33 691 4 Amsterdam 10 195 2 Netherlands Denmark Copenhagen 23 750 1 Rotterdam 5 165 2 Tallinn 12 1 066 0 Poland Warsaw 36 449 3 Helsinki 35 839 1 Portugal Lisbon 5 472 n/a Lille 16 179 1 Bucharest 12 251 9 Lyon 13 290 0 Barcelona 45 243 2 France Spain Marseille 15 252 2 Madrid 94 460 3 Paris 15 192 2 Stockholm 89 869 14 Berlin 43 402 3 Ankara 37 255 11 Turkey Cologne 5 170 0 Istanbul 101 236 28 Dusseldorf 6 248 0 Birmingham 18 335 1 Frankfurt 6 521 1 Bristol 9 628 0 Germany Hamburg 23 362 1 Cardiff 7 438 0 Leipzig 8 768 0 Edinburgh 8 264 0 Munich 11 255 1 Glasgow 15 682 0 Stuttgart 3 169 2 Leeds 17 497 1 Hungary Budapest 16 366 1 London 42 360 0 Ireland Dublin 39 595 0 Manchester 13 339 0 Milan 39 176 0 Kyiv 45 277 13 Italy Rome 43 228 0 Riga 16 933 0 European City figures 1 059 425 110 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 (2012-2016) in major European cities We define those cities which offer the greatest potential for future growth as our future hotspots. These include London, Hamburg and Manchester. Location based retail sales growth, 2012 -2016 » The chart across gives an indication of how developed European cities are in terms of shopping centre development, as well as how dynamic their economies 8% are. Plotted together this allows us to identify cities which offer good future Vilnius growth prospects both for existing schemes and new developments. 7%

Riga S T » In the ‘stable’ category we have markets which have above average shopping 6% A centre provision and above average forecast retail sales growth. These are stable Warsaw B G L E markets; whilst existing provision will benefit from strong retail sales growth N

O Ankara 5% Tallinn over the forecast period, these cities are displaying signs of market saturation. R Bucharest

This could potentially limit future development. Cities in this category include S T Stockholm and Warsaw. 4% Hamburg Helsinki » The ‘stagnant’ markets are cities which display high shopping centre provision 3% Prague London Stockholm per capita but below average retail sales growth forecasts. The performance Manchester Bristol S T Birmingham European of existing schemes or future growth prospects will be hampered by stalling 2% Marseille A G Paris Budapest average Lyon G

economies. These include Dublin, Frankfurt and Madrid, with the worst case N Amsterdam Copenhagen N

I Munich A being Lisbon. G Rotterdam Madrid 1% Frankfurt N

E R Lille Barcelona T Rome » ‘Emerging’ markets, whilst offering potential as they are under-supplied in Stuttgart Berlin

E M Brussels Dublin terms of shopping centre provision, display weak retail sales growth forecast 0% Dusseldorf figures. The short to medium term outlook is one of muted growth. Cities in this 0 Milan 200 400 600 800 1 000 1 200 category include those in the Benelux, France and Germany. -1% Lisbon » The future HOTSPOTS (i.e. cities which offer the greatest potential for future growth) are those situated in the category. These are currently -2% ‘strong’ ShoppingSh ocentrepping cen tfloorspacere floor space pe r 'per000 p‘000opula tiopopulationn 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 London, Hamburg, Manchester and Birmingham.

European Retail Guide – Shopping Centres | 9 Brussels, Belgium Overall city score »»Retail sales »»Pop. growth + growth -- // Key Local Indicators Brussels Belgium Europe »» Population 2011, (in ‘000) 1 094 10 899 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 0,5 0,3 0,2 »» Age structure, 15-64 (%) 66 66 66 »» GDP growth, 2007-11 (%pa) 0,8 1,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,2 1,8 2,2 »» Location based retail sales growth, 2007-11 (%pa) 0,0 0,7 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,3 1,1 1,4 »» CPI, 2011 (%) n/a 3,5 0,3 »» ILO unemployment rate, 2011 (%) 14,8 7,0 9,4 »» Consumer expenditure per capita, 2011 15 006 € 15 379 € 13 070 € »» Household disposable income per capita, 2011 17 374 € 17 942 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 476 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 17 63 4 950 »» Total shopping centre floor-space (sq m) 255 316 1 018 521 122 857 030 »» Number of shopping centres in the pipeline 1 18 392 »» Total shopping centre floor-space in the pipeline (sq m) 10 000 331 100 9 619 138 »» Total shopping centre floor-space per capita 233 93 260 »» 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 Difficulties in securing financing and governmental permits are limiting »» Inclusions None shopping centre development. No shopping centres larger than 8,000 sq m are expected to open between now and 2013. // Lease Structures and Legal Aspects »» Standard lease document 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 renova- 1 51 000 AG Real Estate 105 15 659 n/a n/a City 2 ted in 1999 Key tenants: Fnac, Carrefour, Zara, Sports World The "W" Shopping SA L'Investissement 1968 renova- Foncier Woluwe Shopping 2 42 677 136 8 412 n/a n/a (Woluwe Shopping ted in 2004 Center (Certificat Fortis Centre) RE) Key tenants: Galeria Inno, Habitat, Match, H&M

Westland Shopping 1972 renova- 3 37 450 AG Real Estate 126 7 732 n/a n/a Center ted in 2000 Key tenants: C&A, Delhaize, New Look, Zara

Basilix Shopping 1984 renova- ImmoBasilix (certificat 4 16 693 64 3 400 n/a n/a Center ted in 2004 KBC) Key tenants: Brico, Media Markt, Hema, Blokker 1961 renova- 5 12 353 Prupim 41 5 000 n/a n/a Galerie Toison d'Or ted in 2010 Key tenants: Fnac, AS Adventure, Desigual, Maxitoys

4

1 Brussels

3 5 2

Woluwe Shopping Centre - Brussels European Retail Guide – Shopping Centres | 11 Prague, CZR Overall city score Retail sales Pop. growth + »» + »» growth Czech // Key Local Indicators Prague Europe Republic »»GDP growth + »» Population 2011, (in ‘000) 1 245 10 520 502 711 »» Population growth, 2012-16 (%pa) 0,2 0,0 0,2 »» Age structure, 15-64 (%) 70 70 66 »» GDP growth, 2007-11 (%pa) 3,2 1,7 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,6 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,4 1,9 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 3,0 2,4 1,4 »» CPI, 2011 (%) n/a 1,9 0,3 »» ILO unemployment rate, 2011 (%) 3,6 6,8 9,4 »» Consumer expenditure per capita, 2011 6 824 € 5 496 € 13 070 € »» Household disposable income per capita, 2011 7 975 € 6 095 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 422 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 33 92 4 950 »» Total shopping centre floor-space (sq m) 860 398 2 193 002 122 857 030 »» Number of shopping centres in the pipeline for 2012 4 11 392 »» Total shopping centre floor-space in the pipeline (sq m) 78 372 221 372 9 619 138 »» Total shopping centre floor-space per capita 691 208 260 »» Prime shopping centre rents (units of 200 sq m) 40-60 20-30 n/a Prague »» Basis of measurement GLA sq m The limited availability of bank financing is causing a restriction of new »» Unit of measurement €/sq m/month retail space. As such, shopping centre development has been struggling »» Inclusions None with the focus moving towards refurbishments of existing schemes.

// 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, Marks&Spencer, Zara,Palace Cinemas, Aquacentrum Letňany Lagoon

2 Centrum Chodov 2005 57 736 Unibail-Rodamco 213 12 700 100 n/a

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

3 Nový Smíchov 2002 55 800 Klépierre 150 n/a 99 n/a

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

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

Key tenants: Marks & Spencer, Interspar, C&A, Kenvelo, Cinema City, Family Fitness Centrum Černý Most 5 & CČM Entretainment 1997 & 2000 53 320 Unibail-Rodamco 73 10 400 98 n/a centre Key tenants: Globus, H&M, C&A, Datart, Bambule, Gigasport, Holmes Place, CineStar

1

5 Prague

4 3 2

European Retail Guide – Shopping Centres | 13 Copenhagen, Denmark Overall city score »»Retail sales »»Pop. growth ++ growth + // Key Local Indicators Copenhagen Denmark Europe »» Population 2011, (in ‘000) 668 5 552 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 0,5 0,2 0,2 »» Age structure, 15-64 (%) 67 65,07 66 »» GDP growth, 2007-11 (%pa) 0,2 -0,6 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,0 2,0 2,2 »» Location based retail sales growth, 2007-11 (%pa) -2,7 -2,5 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,6 1,8 1,4 »» CPI, 2011 (%) n/a 2,8 0,3 »» ILO unemployment rate, 2011 (%) n/a 7,5 9,4 »» Consumer expenditure per capita, 2011 18 823 € 18 265 € 13 070 € »» Household disposable income per capita, 2011 18 248 € 17 764 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 465 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 23 108 4 950 »» Total shopping centre floor-space (sq m) 500 867 1 821 040 122 857 030 »» Number of shopping centres in the pipeline 1 7 392 »» Total shopping centre floor-space (sq m) 25 000 75 000 9 619 138 »» Total shopping centre floor-space per capita 750 328 260 »» Prime shopping centre rents (units of 200 sq m) 4000-4500 2500-3000 n/a »» Basis of measurement GLA sq m Copenhagen »» Unit of measurement DKK/sq m/pa Growth in population and purchasing power is leading to increased »» Inclusions None polarisation, with large schemes benefitting from increased footfall and modernisations and smaller ones suffering from increased vacancies. // 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 128 6 800 93 4 995

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

2 City Two 1975 63 000 Danica 91 3 800 90 2 439

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

3 Fisketorvet 2000 39 000 Unibail Rodamco 106 8 200 95 5 218

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

4 Rødovre Centret 1966 38 200 A/S Rødovre Centrum 119 7 000 100 6 576

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

5 Lyngby Store Centre 1973 34 000 Lyngby Storecenter ApS 106 5 900 100 7 092

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 Overall city score »»Retail sales »»Pop. growth + growth ++ // Key Local Indicators Tallinn Estonia Europe »» Population 2011, (in ‘000) 400 1 337 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) 0,1 -0,2 0,2 »» Age structure, 15-64 (%) 68 68 66 »» GDP growth, 2007-11 (%pa) -0,4 0,0 0,5 »» GDP growth forecasts, 2012-16 (%pa) 4,6 4,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) -2,5 -1,8 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 4,8 4,3 1,4 »» CPI, 2011 (%) n/a 5,0 0,3 »» ILO unemployment rate, 2011 (%) n/a 13,0 9,4 »» Consumer expenditure per capita, 2011 5 965 € 4 507 € 13 070 € »» Household disposable income per capita, 2011 7 263 € 5 171 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 413 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 12 4 950 »» Total shopping centre floor-space (sq m) 426 460 122 857 030 »» Number of shopping centres in the pipeline 0 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 9 619 138 »» Total shopping centre floor-space per capita 1 066 260 »» Shopping centre rents (units 50-300 sq m) 12-45 n/a »» Basis of measurement GLA sq m Tallinn »» Unit of measurement €/ sq m/ month Tallinn’s retail market comprises department stores and shopping centres »» Inclusions None which display a low level of vacancy rates. Several large-scale retail projects are in the pipeline for the upcoming years. // 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 Rocca al Mare 1998 53 300 Citycon 165 6 400 100 2 420

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

2 Kristiine Keskus 1999 42 500 Citycon 170 7 100 100 2 400

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

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

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

4 Ulemiste Keskus 2004 37 500 Linstow 160 4 800 99 2 533

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

5 Viru Keskus 2004 26 300 SRV 100 11 000 99 4 753

Key tenants: Kaubamaja, Vero Moda, Denim Dream, Rademar, Esprit, Mango, Promod, Terranova

5

Tallinn 2

Viru Keskus - Tallinn 4 1

3 European Retail Guide – Shopping Centres | 17 Helsinki, Finland Overall city score »»Retail sales »»Pop. growth ++ growth + // Key Local Indicators Helsinki Finland Europe »» Population 2011, (in ‘000) 1 045 5 395 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 1,0 5,0 0,2 »» Age structure, 15-64 (%) 67 66 66 »» GDP growth, 2007-11 (%pa) 0,9 0,8 0,5 »» GDP growth forecasts, 2012-16 (%pa) 3,3 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,1 3,3 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 3,4 1,9 1,4 »» CPI, 2011 (%) n/a 3,4 0,3 »» ILO unemployment rate, 2011 (%) 6,9 8,2 9,4 »» Consumer expenditure per capita, 2011 18 014 € 19 461 € 13 070 € »» Household disposable income per capita, 2011 20 444 € 17 500 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) 448 642 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 35 106 4 950 »» Total shopping centre floor-space (sq m) 877 118 1 570 000 122 857 030 »» Number of shopping centres in the pipeline 2012-2016 1 7 392 »» Amount of shopping centres in the pipeline (sq m) 20 000 278 500 9 619 138 »» Total shopping centre floor-space per capita 839 291 260 »» Prime shopping centre rents (units of 200 sq m) 100 40 n/a »» Basis of measurement GLA sq m Helsinki »» Unit of measurement €/sq m/month Future shopping centre development is expected both in the centre »» Inclusions None of Helsinki as well as in edge of town locations. The latter continue to dominate shopping centre supply. // Lease Structures and Legal Aspects »» Standard lease document 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 114 000 (84%), Kesko (15%), City 246 18 700 98 3 711 of Helsinki (1%) Key tenants: Stockmann, H&M, Kesko, Halonen KEVA (49%), Etera Mutual Pension Insurance Company 2 2003 102 000 172 22 100 98 3 618 Sello (25.5%), Pension Fennia (25.5%) Key tenants: S-Group, Kesko, Halonen Rodamco (36%), Pension 3 Jumbo 1998 85 000 Fennia (28%), HOK-Elanto 121 9 400 98 4 953 (18%), Kesko (18%) Key tenants: Stockmann, Kesko, S-Group, H&M, Marimekko Citycon Oyj (60%), GIC 4 2001 60 000 100 9 300 98 4 100 Iso Omena Real Estate (40%) Key tenants: Kesko, S-Group, Finnkino, Library, H&M Cornerstone Nordic Retail 5 2006 45 000 120 34 000 98 5 311 Kamppi Fund Key tenants: Calvin Klein, Companys, Marc O Polo, Esprit, Guess, Nike Store, Moda, Kesko

3

2 1

4 Helsinki 5 European Retail Guide – Shopping Centres | 19 Lille, France Overall city score »»Retail sales »»Pop. growth - growth - // Key Local Indicators Lille France Europe »»Consumer »» Population 2011, (in ‘000) 2 569 65 182 502 711 »»GDP growth - spending per - »» Population growth, 2012-16 (%pa) 0,2 0,4 0,2 capita »» Age structure, 15-64 (%) 65 64 66 »» GDP growth, 2007-11 (%pa) 0,2 0,5 0,5 »» GDP growth forecasts, 2012-16 (%pa) 0,8 1,8 2,2 »» Location based retail sales growth, 2007-11 (%pa) 1,7 2,1 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,8 2,0 1,4 »» CPI, 2011 (%) n/a 2,0 3,0 »» ILO unemployment rate, 2011 (%) 13,3 9,6 9,4 »» Consumer expenditure per capita, 2011 14 172 € 15 587 € 13 070 € »» Household disposable income per capita, 2011 16 497 € 18 589 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 482 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 16 602 4 950 »» Total shopping centre floor-space (sq m) 460 500 14 889 417 122 857 030 »» Number of shopping centres in the pipeline 1 39 392 »» Total shopping centre floor-space in the pipeline (sq m) 46 150 841 600 9 619 138 »» Total shopping centre floor-space per capita 179 228 260 »» 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 Lille’s shopping centre market is dominated by ‘Euralille’, home to 140 retailers »» Inclusions None and anchored by a Carrefour hypermarket. A new scheme ‘Lillenium’ is due to open in 2014 to the south of the city. // Lease Structures and Legal Aspects »» Standard lease document 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

4

1 Lille 2 3 Euralille - Lille

5

European Retail Guide – Shopping Centres | 21 Lyon, France Overall city score »»Retail sales »»Pop. growth + growth - // Key Local Indicators Lyon France Europe »»Consumer »» Population 2011, (in ‘000) 1 725 65 182 502 711 »»GDP growth - spending per + »» Population growth, 2012-16 (%pa) 0,7 0,4 0,2 capita »» Age structure, 15-64 (%) 64 64 66 »» GDP growth, 2007-11 (%pa) 0,3 0,5 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,7 1,8 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,2 2,1 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,8 2,0 1,4 »» CPI, 2011 (%) n/a 2,0% 3,0 »» ILO unemployment rate, 2011 (%) 8,5 9,6 9,4 »» Consumer expenditure per capita, 2011 16 512 € 15 587 € 13 070 € »» Household disposable income per capita, 2011 19 952 € 18 589 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 482 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 13 602 4 950 »» Total shopping centre floor-space (sq m) 500 400 14 889 417 122 857 030 »» Number of shopping centres in the pipeline 0 39 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 841 600 9 619 138 »» Total shopping centre floor-space per capita 290 228 260 »» 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 Continued uncertainty surrounding the economic outlook has led to »» Inclusions None restrictive development in recent years. A new retail project ‘Up in Lyon’ is expected to bring 20,000 sq m of new retail space to the city. // Lease Structures and Legal Aspects »» Standard lease document 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

4 Ecully Grand Ouest 1972 46 078 Klépierre 88 7 500 100 7 771

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 Overall city score »»Retail sales »»Pop. growth ++ growth + // Key Local Indicators Marseille France Europe »»Consumer »» Population 2011, (in ‘000) 2 015 65 182 502 711 »»GDP growth - spending per + »» Population growth, 2012-16 (%pa) 0,6 0,4 0,2 capita »» Age structure, 15-64 (%) 63 64 66 »» GDP growth, 2007-11 (%pa) 0,4 0,5 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,5 1,8 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,5 2,1 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,0 2,0 1,4 »» CPI, 2011 (%) n/a 2,0% 3,0 »» ILO unemployment rate, 2011 (%) 10,3 9,6 9,4 »» Consumer expenditure per capita, 2011 15 591 € 15 587 € 13 070 € »» Household disposable income per capita, 2011 18 569 € 18 589 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 482 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 15 602 4 950 »» Total shopping centre floor-space (sq m) 507 832 14 889 417 122 857 030 »» Number of shopping centres in the pipeline 2 39 392 »» Total shopping centre floor-space in the pipeline (sq m) 66 300 841 600 9 619 138 »» Total shopping centre floor-space per capita 252 228 260 »» 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 Marseille’s city centre is witnessing a boom in shopping centre activity, »» Inclusions None with some large schemes expected to open in 2013/2014. These include ‘La Capelette’ and ‘Les Terrasses du Port’. // Lease Structures and Legal Aspects »» Standard lease document 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 Grand Vitrolles 1970 61 111 Klépierre 79 12 500 100 €7 419

Key tenants: Carrefour, Castorama, Saturn

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

Key tenants: Auchan, Parfumerie Trupheme, Courir

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

Key tenants: Carrefour, Marionnaud

Valentine Grand 1970 5 renovated in 32 564 Mercialys 66 2 700 n/a n/a Centre 2011 Key tenants: Géant Casino, Nocibé, Courir

4 2

1

Marseille Grand Littoral - Marseille Marseille 3 5

European Retail Guide – Shopping Centres | 25 Paris, France Overall city score »»Retail sales »»Pop. growth + growth -- // Key Local Indicators Paris France Europe »»Consumer »» Population 2011, (in ‘000) 2 248 65 182 502 711 »»GDP growth - spending per ++ »» Population growth, 2012-16 (%pa) 0,5 0,4 0,2 capita »» Age structure, 15-64 (%) 67 64 66 »» GDP growth, 2007-11 (%pa) 1,6 0,5 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,7 1,8 2,2 »» Location based retail sales growth, 2007-11 (%pa) 3,1 2,1 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,9 2,0 1,4 »» CPI, 2011 (%) n/a 2,0% 3,0 »» ILO unemployment rate, 2011 (%) 8,1 9,6 9,4 »» Consumer expenditure per capita, 2011 26 694 € 15 587 € 13 070 € »» Household disposable income per capita, 2011 25 710 € 18 589 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 482 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 15 602 4 950 »» Total shopping centre floor-space (sq m) 432 500 14 889 417 122 857 030 »» Number of shopping centres in the pipeline 2 39 392 »» Total shopping centre floor-space in the pipeline (sq m) 111 300 841 600 9 619 138 »» Total shopping centre floor-space per capita 192 228 260 »» 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 Despite muted consumer spending, a number of existing shopping centres »» Inclusions None are undergoing extensions and a number of projects are in the pipeline.

// 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 33 000 100 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 Maine Montparnasse 1973 35 433 multi ownership 68 n/a n/a 4 119

Key tenants: Galeries Lafayette, C&A, Marionnaud

5 Bercy Village 1998 26 518 Altaréa 31 12 000 n/a 7 775

Key tenants: Monop' Store, Board Riders, Sephora, Fnac

1

2 Paris

Forum des Halles - Paris 4 3 5

European Retail Guide – Shopping Centres | 27 Greater Paris, France Overall city score »»Retail sales »»Pop. growth ++ growth + // Key Local Indicators GPR France Europe »»Consumer »» Population 2011, (in ‘000) 11 939 65 182 502 711 »»GDP growth ++ spending per ++ »» Population growth, 2012-16 (%pa) 0,6 0,4 0,2 capita »» Age structure, 15-64 (%) 67,3 64 66 »» GDP growth, 2007-11 (%pa) 1,1 0,5 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,7 1,8 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,7 2,1 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,0 2,0 1,4 »» CPI, 2011 (%) n/a 2,0% 3,0 »» ILO unemployment rate, 2011 (%) 8,9 9,6 9,4 »» Consumer expenditure per capita, 2011 17 968 € 15 587 € 13 070 € »» Household disposable income per capita, 2011 22 199 € 18 589 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 482 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 144 602 4 950 »» Total shopping centre floor-space (sq m) 4 632 524 14 889 417 122 857 030 »» Number of shopping centres in the pipeline 7 39 392 »» Total shopping centre floor-space in the pipeline (sq m) 250 500 841 600 9 619 138 »» Total shopping centre floor-space per capita 388 228 260 »» Prime shopping centre rents (units of 150-200 sq m) 1 700 700-800 n/a Greater Paris »» Basis of measurement GLA sq m First leading tourist destination in the world and Europe’s most populated »» Unit of measurement €/sq m/year region, the Greater Paris Region concentrates a third of the shopping »» Inclusions None centre stock in France.

// 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

3

1 European Retail Guide – Shopping Centres | 29 Berlin, Germany Overall city score »»Retail sales »»Pop. growth + growth - // Key Local Indicators Berlin Germany Europe »» Population 2011, (in ‘000) 3 458 81 716 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,4 -0,1 0,2 »» Age structure, 15-64 (%) 69 66 66 »» GDP growth, 2007-11 (%pa) 2,3 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,1 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) -1,0 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,5 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 11,7 6,0 9,4 »» Consumer expenditure per capita, 2011 13 863 € 16 182 € 13 070 € »» Household disposable income per capita, 2011 16 207 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 43 500 4 950 »» Total shopping centre floor-space (sq m) 1 391 560 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 3 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 113 000 565 200 9 619 138 »» Total shopping centre floor-space per capita 402 190 260 »» Prime shopping centre rents (units of 2,000 sq m) 45-58 40-70 n/a »» Basis of measurement GLA sq m Berlin »» Unit of measurement €/sq m/month As growing tourism continues to boost Berlin’s retail market, several new »» Inclusions None shopping centres are in the pipeline. Among the most prominent is ‘Boule- vard Berlin’, a large inner-city retail centre in southern Berlin due for 2013. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), fit-out contribution No, but anchor tenants often have an option to prolong »» Statutory rights to renew the lease their contract »» 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)

1 Gropius Passagen 1997 90 000 MFI/TIAA CREF 160 55 000 n/a n/a

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

2 Boulevard Berlin 2012 76 000 Corio Deutschland GmbH 150 n/a n/a n/a

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

Alexa Shopping- und Union Investment Real 3 2007 56 200 180 30 000 -100 000 n/a n/a Freizeitcenter Estate / Sonae Sierra Key tenants: Media Markt, Reichelt, Zara, H&M, LOXX Schliebe GmbH & Co. KG 4 1995 54 240 113 50 000 n/a n/a Ring-Center /Wieland GmbH & Co. KG Key tenants: Galeria Kaufhof, Kaiser’s, real, H&M, MediMax

Wilmersdorfer Wilmersdorfer Arcaden 5 2007 54 500 125 25 000 n/a n/a Arcaden GmbH &Co.KG Key tenants: H&M, Kaiser’s, Netto, Spiele Max

Berlin

3 4 5 2

1

European Retail Guide – Shopping Centres | 31 Cologne, Germany Overall city score »»Retail sales »»Pop. growth - growth ++ // Key Local Indicators Cologne Germany Europe »» Population 2011, (in ‘000) 1 002 81 716 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,3 -0,1 0,2 »» Age structure, 15-64 (%) 67 66 66 »» GDP growth, 2007-11 (%pa) 0,1 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,8 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) -1,5 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,1 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 6,2 6,0 9,4 »» Consumer expenditure per capita, 2011 16 712 € 16 182 € 13 070 € »» Household disposable income per capita, 2011 20 476 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 5 500 4 950 »» Total shopping centre floor-space (sq m) 169 900 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 0 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 565 200 9 619 138 »» Total shopping centre floor-space per capita 170 190 260 »» Prime shopping centre rents (units of 2,000 sq m) 45-58 40-70 n/a »» Basis of measurement GLA sq m Cologne »» Unit of measurement €/sq m/month For a long time, supply of retail space in Cologne’s prime retail streets has failed to »» Inclusions None meet demand. As a result, international and national retailers are looking outside these prime areas in order to expand their footprint. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), 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

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 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 2013), Mayersche Buchhandlung, Lidl

3

Cologne

5 2 4 1

Köln Arcaden - Cologne

European Retail Guide – Shopping Centres | 33 Düsseldorf, Germany Overall city score »»Retail sales »»Pop. growth + growth - // Key Local Indicators Düsseldorf Germany Europe »» Population 2011, (in ‘000) 587 81 716 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,2 -0,1 0,2 »» Age structure, 15-64 (%) 66 66 66 »» GDP growth, 2007-11 (%pa) 3,2 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,2 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) 0,5 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,2 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 6,6 6,0 9,4 »» Consumer expenditure per capita, 2011 18 481€ 16 182 € 13 070 € »» Household disposable income per capita, 2011 23 222 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 6 500 4 950 »» Total shopping centre floor-space (sq m) 145 810 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 0 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 565 200 9 619 138 »» Total shopping centre floor-space per capita 248 190 260 »» Prime shopping centre rents (units of 2,000 sq m) 55-65 40-70 n/a »» Basis of measurement GLA sq m Düsseldorf »» Unit of measurement €/sq m/month Some exciting new schemes are set to come on stream in Germany’s »» Inclusions None capital over the next few years, as developers respond to continued strong demand and a lack of supply. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), 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

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) Schadow Arkaden 1 1994 38 710 68 23 500 n/a n/a Schadow Arkaden Betriebsgesellschaft Key tenants: Anson’s, H&M, Esprit, Fitness First, Habitat

2 Düsseldorf Arkaden 2008 30 000 Ivanhoe Cambridge 116 25 000 n/a n/a

Key tenants: C&A, Media Markt, Aldi Süd, Just Fit Premium Ten Brinke 3 2010 22 800 10 5 000 n/a n/a B8 Center Flingern Projektentwicklung GmbH Key tenants: Saturn, Praktiker, Lidl

ECE Projektmanagment / 4 1986 21 300 90 40 000 n/a n/a Kö Galerie Merrill Lynch

Key tenants: Jil Sander, Frankonia Jagd, Muji, Lacoste

Stilwerk Center 5 2000 17 500 43 n/a n/a n/a Stilwerk Management GmbH

Key tenants: Kartell, ligne roset, Bang & Olufsen

Dusseldorf

1

4 5

3 Kö Galerie - Düsseldorf 2

European Retail Guide – Shopping Centres | 35 Frankfurt, Germany Overall city score »»Retail sales »»Pop. growth ++ growth - // Key Local Indicators Frankfurt Germany Europe »» Population 2011, (in ‘000) 666 81 716 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,2 -0,1 0,2 »» Age structure, 15-64 (%) 67 66 66 »» GDP growth, 2007-11 (%pa) 1,8 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,4 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) 0,3 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,9 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 4,9 6,0 9,4 »» Consumer expenditure per capita, 2011 16 468 € 16 182 € 13 070 € »» Household disposable income per capita, 2011 20 104 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 6 500 4 950 »» Total shopping centre floor-space (sq m) 346 850 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 1 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 44 000 565 200 9 619 138 »» Total shopping centre floor-space per capita 521 190 260 »» Prime shopping centre rents (units of 2,000 sq m) 50-60 40-70 n/a »» Basis of measurement GLA sq m Frankfurt »» Unit of measurement €/sq m/month Major retailers continue to flock to this important retail location. Space »» Inclusions None remains limited but the injection of some prestigious projects, including Goetheplaza, will help ease this. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), fit-out contribution 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

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)

1 NordWest Zentrum 1968 118 900 KG Nordtrakt 142 n/a n/a n/a

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

Main-Taunus- Main-Tanus-Zentrum, 2 1964 109 200 170 40 000 n/a n/a Zentrum Wieland KG Key tenants: Hollister, Apple, Karstadt, Galeria Kaufhof, Breuninger, Media Markt, C&A Palais Quartier GmbH & 3 2009 52 000 82 40 000 n/a n/a MyZeil Co. KG Key tenants: Hollister, Saturn, Rewe, Anson’s

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

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

5 Zeilgalerie 1992 11 150 IFM Immobilien AG 35 n/a n/a n/a

Key tenants: Benetton, H&M, Pizza Hut

1

4 3 2 Frankfurt 5

MyZeil - Frankfurt

European Retail Guide – Shopping Centres | 37 Hamburg, Germany Overall city score »»Retail sales »»Pop. growth ++ growth ++ // Key Local Indicators Hamburg Germany Europe »» Population 2011, (in ‘000) 1 825 81 716 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 1,1 -0,1 0,2 »» Age structure, 15-64 (%) 69 66 66 »» GDP growth, 2007-11 (%pa) 1,1 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) 3,0 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) -0,4 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 3,3 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 5,9 6,0 9,4 »» Consumer expenditure per capita, 2011 19 178 € 16 182 € 13 070 € »» Household disposable income per capita, 2011 24 303 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 23 500 4 950 »» Total shopping centre floor-space (sq m) 661 080 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 1 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 13 000 565 200 9 619 138 »» Total shopping centre floor-space per capita 362 190 260 »» Prime shopping centre rents (units of 2,000 sq m) 50-60 40-70 n/a »» Basis of measurement GLA sq m Hamburg »» Unit of measurement €/sq m/month Work continues apace on HafenCity, a prominent city centre waterfront »» Inclusions None development project which will increase the size of Hamburg’s city centre by 40% by 2025. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), fit-out contribution 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

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 1 1970 69 000 KG Klosterstern 254 40 000 n/a n/a Einkaufszentrum Key tenants: Galeria Kaufhof, P&C, Apple Store, AppelrathCüppers, Zara, Anson’s, H&M

2 Hamburger Meile 1970 55 000 Real I.S. 150 30 000 n/a n/a

Key tenants: TK Maxx, MediMax, H&M, Rewe Immobilien KG Schliebe 3 1966 48 000 170 30 000 n/a n/a Elbe Einkaufszentrum & Co. Key tenants: Toom, P&C, C&A, Anson’s, Zara, H&M

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

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

Quarree Wandsbek Union Investement 5 1988 40 000 91 40 000 n/a n/a Markt Real Estate Key tenants: Karstadt Sport, C&A, H&M, MediMax, Anson’s

1

3 2 5 4

Hamburger Meile - Hamburg Hamburg

European Retail Guide – Shopping Centres | 39 Leipzig, Germany Overall city score »»Retail sales »»Pop. growth + growth -- // Key Local Indicators Leipzig Germany Europe »» Population 2011, (in ‘000) 519 81 716 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,5 -0,1 0,2 »» Age structure, 15-64 (%) 66 66 66 »» GDP growth, 2007-11 (%pa) 0,1 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) -0,8 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) 1,4 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 5,7 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 10,5 6,0 9,4 »» Consumer expenditure per capita, 2011 13 851 € 16 182 € 13 070 € »» Household disposable income per capita, 2011 16 188 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 8 500 4 950 »» Total shopping centre floor-space (sq m) 399 108 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 0 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 565 200 9 619 138 »» Total shopping centre floor-space per capita 768 190 260 »» Prime shopping centre rents (units of 2,000 sq m) 38-50 40-70 n/a »» Basis of measurement GLA sq m Leipzig »» Unit of measurement €/sq m/month Leipzig’s retail market is undergoing an upgrade in an attempt to improve »» Inclusions None the attractiveness of the inner city shopping area, which has suffered at the hands of competition from peripheral shopping centres. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), 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, Indexation needs a 5+5 »» Frequency and basis of indexation of rent or 10 year contract

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 180 42 000 n/a n/a 2012) Cambridge Key tenants: Müller, H&M, Kaufland, C&A, Media Markt Firmengruppe 2 1992 55 258 43 4 000 n/a n/a Sachsenpark Sachsenpark Key tenants: Globus SB-Warenhaus, Bauhaus, KiK, Fressnapf XXL

Höfe am Brühl MFI management für 3 2012 50 000 130 n/a n/a n/a (Brühl Arcaden) Immobilien AG Key tenants: H&M, Media Markt, Edeka, Müller Rockspring Property 4 1993 42 450 29 10 000 n/a n/a Löwen Center Investment Key tenants: Real, Praktiker, Roller, MediMax Petersbogen 5 Petersbogen Leipzig 2001 38 000 Immobiliengesellschaft mbH 39 13 000 n/a n/a & Co. KG Key tenants: Desigual, Lidl, s.Oliver, CineStar

2

3 Leipzig 5 1 4

Paunsdorf Center - Leipzig

European Retail Guide – Shopping Centres | 41 Munich, Germany Overall city score »»Retail sales »»Pop. growth ++ growth + // Key Local Indicators Munich Germany Europe »» Population 2011, (in ‘000) 1 364 81 716 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 1,3 -0,1 0,2 »» Age structure, 15-64 (%) 67 66 66 »» GDP growth, 2007-11 (%pa) 0,8 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,8 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) -0,7 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,7 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 2,9 6,0 9,4 »» Consumer expenditure per capita, 2011 19 185 € 16 182 € 13 070 € »» Household disposable income per capita, 2011 24 299 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 11 500 4 950 »» Total shopping centre floor-space (sq m) 348 520 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 1 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 19 000 565 200 9 619 138 »» Total shopping centre floor-space per capita 255 190 260 »» Prime shopping centre rents (units of 2,000 sq m) 60-70 40-70 n/a »» Basis of measurement GLA sq m Munich »» Unit of measurement €/sq m/month Work has started on the development and refurbishment of the mixed-use »» Inclusions None project Hofstatt which will bring a further 14,000 sq m of retail space to the city centre. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), 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- 1 1972 67 200 Dr. Rühl KG 137 50 000 n/a n/a Einkaufszentrum Key tenants: Galeria Kaufhof, Karstadt Warenhaus, C&A, Wöhrl, Edeka

2 PEP Perlach 1981 60 000 TIAA-CREF 121 60 000 n/a n/a

Key tenants: P&C, Wöhrl, C&A, Saturn, Kaufland Stachus 3 1970 50 000 LBBW Immobilien 48 160 000 n/a n/a Einkaufzentrum Key tenants: Tengelmann, Hallhuber, Butlers Stadtquartier Riem 4 2004 50 000 Union Investment RE 116 25 000 n/a n/a Arcaden Key tenants: Saturn, E-Center, SinnLeffers, C&A, H&M

5 Pasing Arcaden! 2011/2013 39 000 MFI 150 n/a n/a n/a

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

1

5

3 Munich 4

2

Olympia Einkaufszentrum –Munich European Retail Guide – Shopping Centres | 43 Stuttgart, Germany Overall city score »»Retail sales »»Pop. growth - growth -- // Key Local Indicators Stuttgart Germany Europe »» Population 2011, (in ‘000) 601 81 716 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,2 -0,1 0,2 »» Age structure, 15-64 (%) 66 66 66 »» GDP growth, 2007-11 (%pa) 0,1 1,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,6 1,7 2,2 »» Location based retail sales growth, 2007-11 (%pa) -0,5 -0,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,3 1,3 1,4 »» CPI, 2011 (%) n/a 2,3 0,3 »» ILO unemployment rate, 2011 (%) 4,1 6,0 9,4 »» Consumer expenditure per capita, 2011 18 742 € 16 182 € 13 070 € »» Household disposable income per capita, 2011 23 632 € 19 710 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 518 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 3 500 4 950 »» Total shopping centre floor-space (sq m) 101 500 15 497 459 122 857 030 »» Number of shopping centres in the pipeline 2 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 76 000 565 200 9 619 138 »» Total shopping centre floor-space per capita 169 190 260 »» Prime shopping centre rents (units of 200 sq m) 45-60 40-70 n/a »» Basis of measurement GLA sq m Stuttgart »» Unit of measurement €/sq m/month Sustained demand from retailers and low vacancy are driving further »» Inclusions None shopping centre development in Stuttgart. The ‘Das Gerber’ and ‘Mila- neo’ are expected to open in 2014 and 2015. // Lease Structures and Legal Aspects »» Standard lease document Yes on tenant and landlord side »» Typical lease length 5 years + 5 years »» Typical incentives Rent free period (0-6 months), fit-out contribution 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

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) LaSalle Investment 1 2006 38 000 40 17 000 n/a n/a Canstatter Carré Management Key tenants: Kaufland, Müller, H&M, Lidl, C&A Königsbau Passagen 2 2006 35 500 Seleno GmbH 82 33 000 n/a n/a Stuttgart Key tenants: Saturn, Deutsche Post, Olymp & Hades, Vapiano DCSF Immobilien Verwaltungsgesellschaft 3 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

1

Stuttgart 2

Königsbau Passagen - Stuttgart 3

European Retail Guide – Shopping Centres | 45 Budapest, Hungary Overall city score »»Retail sales »»Pop. growth -- growth ++ // Key Local Indicators Budapest Hungary Europe »» Population 2011, (in ‘000) 1 706 9 989 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) -0,1 -0,2 0,2 »» Age structure, 15-64 (%) 68 68 66 »» GDP growth, 2007-11 (%pa) 0,0 -0,6 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,7 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) -1,9 -2,3 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,0 1,1 1,4 »» CPI, 2011 (%) n/a 3,8 0,3 »» ILO unemployment rate, 2011 (%) 8,5 10,7 9,4 »» Consumer expenditure per capita, 2011 6 203 € 4 357 € 13 070 € »» Household disposable income per capita, 2011 7 362 € 4 776 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 302 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 16 44 4 950 »» Total shopping centre floor-space (sq m) 625 000 1 122 000 122 857 030 »» Number of shopping centres in the pipeline 1 1 392 »» Total shopping centre floor-space in the pipeline (sq m) 22 000 22 000 9 619 138 »» Total shopping centre floor-space per capita 366 112 260 »» 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 Despite some recent shopping centre openings, demand from international »» Inclusions None retailers remains focused on existing schemes, such as the well known Árkád centre which is currently undergoing an expansion of 20,000 sq m. // 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, Marks & Spencer, Match

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

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

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

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

5 Árkád 2002 42 000 ECE 170 n/a 99 n/a

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

2 4 5 1

Budapest 3

Mammut - Budapest

European Retail Guide – Shopping Centres | 47 Dublin, Ireland Overall city score »»Retail sales »»Pop. growth - growth - // Key Local Indicators Dublin Ireland Europe »» Population 2011, (in ‘000) 1 270 4 580 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) -1,1 0,2 0,2 »» Age structure, 15-64 (%) 50 66 66 »» GDP growth, 2007-11 (%pa) -1,2 -0,8 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,5 2,9 2,2 »» Location based retail sales growth, 2007-11 (%pa) -1,9 -0,6 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0 0,8 1,4 »» CPI, 2011 (%) n/a 2,6 0,3 »» ILO unemployment rate, 2011 (%) 14,2 14,4 9,4 »» Consumer expenditure per capita, 2011 17 760 € 16 146 € 13 070 € »» Household disposable income per capita, 2011 20 820 € 18 462 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 437 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 39 n/a 4 950 »» Total shopping centre floor-space (sq m) 703 290 n/a 122 857 030 »» Number of shopping centres in the pipeline 0 n/a 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 n/a 9 619 138 »» Total shopping centre floor-space per capita 554 n/a 260 »» Prime shopping centre rents (units of 2,000 sq m) 625-750 n/a n/a »» Basis of measurement GLA sq m Dublin »» Unit of measurement €/sq m/quarter Having witnessed significant development in the last 15 years, Dublin »» Inclusions None shopping centre stock per capita is amongst the highest in Europe. De- mand remains mixed, with secondary schemes bearing the brunt of wea- // Lease Structures and Legal Aspects kening demand. »» 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 1 2005 115 000 Castlethorn Construction 114 n/a n/a n/a Centre Key tenants: GAP, H&M, Esprit, Hollister, Tommy Hilfiger, Hugo Boss, Massimo Dutti The Blanchardstown 2 1996 100 000 Green Properties 180 n/a n/a n/a Centre Key tenants: Marks & Spencer, Debenhams, Dunnes Stores, Penneys, Zara, H&M, BT2, French Connection, Republic

3 Liffey Valley, Lucan 1998 46 605 Gorsvenos/Aviva 99 n/a n/a n/a

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

4 The Square, Tallaght 1990 53 000 Multiple Ownership 117 n/a n/a n/a

Key tenants: Tesco, Dunnes Stores, Debenhams, Diesel, H&M, Argos, Boots, New Look, River Island, Clarks

The Pavillions Chartered Land/Irish Life/ 5 2001 44 000 87 n/a n/a n/a Shopping Centre Irish Property Unit Trust Key tenants: Dunnes Stores, Superquinn, River Island, Zara, H&M, Next, TKMaxx, Boots, Mango, River Island, Tommy Hilfiger, Penneys

5

2

3 Dublin

Dundrum Town Centre – Dublin 4 1

European Retail Guide – Shopping Centres | 49 Milan, Italy Overall city score »»Retail sales »»Pop. growth - growth - // Key Local Indicators Milan Italy Europe »» Population 2011, (in ‘000) 3 952 60 394 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) -0,2 0,0 0,2 »» Age structure, 15-64 (%) 65 65,41 66 »» GDP growth, 2007-11 (%pa) -1,5 -0,7 0,5 »» GDP growth forecasts, 2012-16 (%pa) 0,5 0,6 2,2 »» Location based retail sales growth, 2007-11 (%pa) -1,6 -1,0 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) -0,3 0,2 1,4 »» CPI, 2011 (%) n/a 2,8 0,03 »» ILO unemployment rate, 2011 (%) 5,4 8,2 9,4 »» Consumer expenditure per capita, 2011 16 418 € 14 124 € 13 070 € »» Household disposable income per capita, 2011 19 001 € 15 804 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 602 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 39 822 4 950 »» Total shopping centre floor-space (sq m) 695 000 14 070 114 122 857 030 »» Number of shopping centres in the pipeline 0 17 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 374 000 9 619 138 »» Total shopping centre floor-space per capita 176 233 260 »» 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 Restrictive development regulations have limited the amount of prominent »» Inclusions n/a shopping centres and as a result, high street retail dominates the retail offer. Despite this, a number of schemes are expected in the near future. // Lease Structures and Legal Aspects Standard 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

Emanuele II Shopping Gallery - Milan

3

European Retail Guide – Shopping Centres | 51 Rome, Italy Overall city score »»Retail sales »»Pop. growth - growth + // Key Local Indicators Rome Italy Europe »» Population 2011, (in ‘000) 4 160 60 394 502 711 »»GDP growth -- »» Population growth, 2012-16 (%pa) 0,2 0,0 0,2 »» Age structure, 15-64 (%) 66 65,41 66 »» GDP growth, 2007-11 (%pa) -0,1 -0,7 0,5 »» GDP growth forecasts, 2012-16 (%pa) 0,9 0,6 2,2 »» Location based retail sales growth, 2007-11 (%pa) -0,7 -1,0 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,4 0,2 1,4 »» CPI, 2011 (%) n/a 2,8 0,03 »» ILO unemployment rate, 2011 (%) 9,0 8,2 9,4 »» Consumer expenditure per capita, 2011 15 548 € 14 124 € € 13 070 € »» Household disposable income per capita, 2011 17 734 € 15 804 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 602 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 43 822 4 950 »» Total shopping centre floor-space (sq m) 947 921 14 070 114 122 857 030 »» Number of shopping centres in the pipeline 0 17 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 374 000 9 619 138 »» Total shopping centre floor-space per capita 228 233 260 »» 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 The demand for shopping centres in Rome is focused on established »» Inclusions n/a centres. New developments are scarce and regarded as high risk under- takings in the current economic climate. // 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 ING Real Estate 211 n/a n/a n/a

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

4 Euroma 2 2008 52 000 Lsgii/Ipercoop 260 n/a n/a n/a

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

5 Etra Tiburtino 2009 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 5

1 Rome

Porta di Roma - Rome 4 3

European Retail Guide – Shopping Centres | 53 Riga, Latvia Overall city score »»Retail sales »»Pop. growth -- growth ++ // Key Local Indicators Riga Latvia Europe »» Population 2011, (in ‘000) 659 2 074 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) -0,5 -0,4 0,2 »» Age structure, 15-64 (%) 73 73 66 »» GDP growth, 2007-11 (%pa) -2,1 -1,4 0,5 »» GDP growth forecasts, 2012-16 (%pa) 5,4 5,0 2,2 »» Location based retail sales growth, 2007-11 (%pa) -5,8 -3,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 6,4 5,6 1,4 »» CPI, 2011 (%) n/a 4,4 0,3 »» ILO unemployment rate, 2011 (%) n/a 15,9 9,4 »» Consumer expenditure per capita, 2011 3 958 € 3 201 € 13 070 € »» Household disposable income per capita, 2011 9 835 € 8 588 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) 290 285 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 16 29 4 950 »» Total shopping centre floor-space (sq m) 615 000 742 000 122 857 030 »» Number of shopping centres in the pipeline 0 0 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 0 9 619 138 »» Total shopping centre floor-space per capita 933 358 260 »» Shopping centre rents (units of 200 sq m) 15-40 5-25 n/a »» Basis of measurement GLA sq m Riga »» Unit of measurement €/sq m/month 2011 was a promising year for Riga’s retail market; occupancy increased, »» Inclusions None vacancy declined and new leases are in negotiation. Several new projects are planned over the next few years, including phase II-IV of the Imanta // Lease Structures and Legal Aspects Retail Park (100,000 sq m). »» Standard lease document Lease agreement »» Typical lease length 5-10 years »» Typical incentives None »» 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 180 9 300 100 2 074

Key tenants: Rimi, Jysk, Cinamon, McDonalds, H&M, Zara, Pull and Bear, Bershka, Mango, Cubus, Apranga, Lindex, Seppala

2 Spice 2000 40 000 ELL Real Estate 152 9 250 100 2 913

Key tenants: Rimi, Jysk, LIDO, Zara, Pull and Bear, Bershka, Lindex, United Colors of Benetton, NewYorker KanAm Grund Kapitalan- 3 2003 42 000 170 5 000 95 1 020 Domina Shopping lagegesellschaft mbH Key tenants: Prisma, Apranga, Marks & Spencer, NewYorker, United Colors of Benetton, Lindex, Cubus New Century Holding/ 4 2009 47 000 150 n/a 100 n/a Riga Plaza Plaza Centers NV Key tenants: Prisma, Fantasy Park, Multikino, Peek & Cloppenburg, Mango, Zara, Pull and Bear, Bershka, Lindex, Apranga

5 Mols 1999 33 000 ACTA Fund 123 3 800 100 1 312

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

1

3

Riga

Riga Plaza - Riga

5 2 4

European Retail Guide – Shopping Centres | 55 Vilnius, Lithuania Overall city score »»Retail sales »»Pop. growth - growth + // Key Local Indicators Vilnius Lithuania Europe »» Population 2011, (in ‘000) 559 3 310 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) 0,0 -0,3 0,2 »» Age structure, 15-64 (%) 69 69,21 66 »» GDP growth, 2007-11 (%pa) 1,4 1,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 6,7 5,3 2,2 »» Location based retail sales growth, 2007-11 (%pa) -0,7 -0,8 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 7,3 6,2 1,4 »» CPI, 2011 (%) n/a 4,1 0,3 »» ILO unemployment rate, 2011 (%) n/a 15,2 9,4 »» Consumer expenditure per capita, 2011 5 929 € 4 470 € 13 070 € »» Household disposable income per capita, 2011 6 830 € 4 835 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 511 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 14 36 4 950 »» Total shopping centre floor-space (sq m) 429 000 1 127 381 122 857 030 »» Number of shopping centres in the pipeline 1 1 392 »» Total shopping centre floor-space (sq m) 0 0 9 619 138 »» Total shopping centre floor-space per capita 767 341 260 »» 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 The most popular retail destination in Vilnius is the Akropolis shopping »» Inclusions None centre, ahead of its younger competitors, Ozas and Panorama. All three centres enjoy very low vacancy, at around 5% or lower. // Lease Structures and Legal Aspects »» Standard lease document 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 Overall city score »»Retail sales »»Pop. growth + growth + // Key Local Indicators Amsterdam Netherlands Europe »» Population 2011, (in ‘000) 1 253 16 649 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) 0,6 0,3 0,2 »» Age structure, 15-64 (%) 68 67 66 »» GDP growth, 2007-11 (%pa) 1,8 1,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,1 1,6 2,2 »» Location based retail sales growth, 2007-11 (%pa) 0,5 -0,8 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,8 1,1 1,4 »» CPI, 2011 (%) n/a 2,3 0,03 »» ILO unemployment rate, 2011 (%) 4,1 4,4 9,4 »» Consumer expenditure per capita, 2011 16 482 € 14 743 € 13 070 € »» Household disposable income per capita, 2011 18 396 € 16 016 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 465 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 10 n/a 4 950 »» Total shopping centre floor-space (sq m) 244 055 7 100 000 122 857 030 »» Number of shopping centres in the pipeline 2 n/a 392 »» Total shopping centre floor-space in the pipeline (sq m) 27 000 n/a 9 619 138 »» Total shopping centre floor-space per capita 195 426 260 »» 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 The Amsterdam shopping centre market has in recent years been affec- »» Inclusions None ted by the internationalisation of retail chains, as international retailers are driving the strongest demand for space in the Dutch capital. // Lease Structures and Legal Aspects »» Standard lease document 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 81 190 000 n/a n/a Boulevard Key tenants: Media Markt, Decathlon, Prenatal, Perry Sport 1960 2 Stadshart Amstelveen (renovated 52 222 Unibail Rodamco 200 124 000 98 n/a 1998) Key tenants: Bijenkorf, Zara, H&M, The Sting, Albert Heijn, V&D, HEMA

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

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

4 Westpoort 2009 29 423 Fortress 8 n/a n/a n/a

Key tenants: GAMMA, Woonexpress, Kwantum, Leenbakker

5 Osdorpplein 1990 25 618 Kroonenberg 114 67 000 n/a n/a

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

3 4

5 Amsterdam

Villa Arena - Amsterdam

2 1 European Retail Guide – Shopping Centres | 59 Rotterdam, Netherlands Overall city score »»Retail sales »»Pop. growth - growth + // Key Local Indicators Rotterdam Netherlands Europe »» Population 2011, (in ‘000) 1 367 16 649 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 0,1 0,3 0,2 »» Age structure, 15-64 (%) 67 67 66 »» GDP growth, 2007-11 (%pa) 1,2 1,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,9 1,6 2,2 »» Location based retail sales growth, 2007-11 (%pa) -0,4 -0,8 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,3 1,1 1,4 »» CPI, 2011 (%) n/a 2,3 0,03 »» ILO unemployment rate, 2011 (%) 4,9 4,4 9,4 »» Consumer expenditure per capita, 2011 15 488 € 14 743 € 13 070 € »» Household disposable income per capita, 2011 17 029 € 16 016 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 465 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 5 n/a 4 950 »» Total shopping centre floor-space (sq m) 225 128 7 100 000 122 857 030 »» Number of shopping centres in the pipeline 2 n/a 392 »» Total shopping centre floor-space (sq m) 20 200 7 100 000 9 619 138 »» Total shopping centre floor-space per capita 165 426 260 »» 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 Rotterdam is one of Holland’s strongest retail destinations and the de- »» Inclusions None velopment pipeline is substantial. The focus is on the upgrade of the city centre with Multi Vastgoed’s mixed-use project ‘Forum Rotterdam’ being // Lease Structures and Legal Aspects at the forefront of this. »» Standard lease document Lease agreement »» 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

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 1 106 918 200 205 000 n/a 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 1970 2 Zuidplein renovated in 46 012 Various 140 148 000 98 n/a 2003 Key tenants: Saturn, V&D, HEMA, La Place, Prenatal 1962 (1994 3 33 700 Kroonenberg 106 n/a n/a n/a Hoogvliet renovated) Key tenants: Albert Heijn XL, C&A, Blokker, HEMA, Bart Smit, Vero Moda Big Shops 4 2011 25 000 DEKA 20 n/a 95 n/a Parkboulevard Key tenants: Woonexpress, Toys XL, AH, BCC, Bruynzeel Keukens

5 Keizerswaard 1994 13 498 Kroonenberg 82 n/a n/a n/a

Key tenants: Albert Heijn, Jumbo, HEMA, BAS

Rotterdam 1

4

2 5 Alexandrium - Rotterdam 3

European Retail Guide – Shopping Centres | 61 Warsaw, Poland Overall city score »»Retail sales »»Pop. growth - growth +++ // Key Local Indicators Warsaw* Poland Europe »» Population 2011, (in ‘000) 2 504 38 538 502 711 »»GDP growth +++ »» Population growth, 2012-16 (%pa) 0,4 0 0,2 »» Age structure, 15-64 (%) 70 71 66 »» GDP growth, 2007-11 (%pa) 4,8 4,3 0,5 »» GDP growth forecasts, 2012-16 (%pa) 5,5 3,9 2,2 »» Location based retail sales growth, 2007-11 (%pa) 6,7 5,8 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 5,7 4,1 1,4 »» CPI, 2011 (%) n/a 4,1 3 »» ILO unemployment rate, 2011 (%) 6,7 9,5 9,4 »» Consumer expenditure per capita, 2011 6 105 € 5 078 € 13 070 € »» Household disposable income per capita, 2011 8 461 € 7 269 € 18 824 € »» Car ownership (cars per 1 000 inhabitants) n/a 433 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 36 369 4 950 »» Total shopping centre floor-space (sq m) 1 124 200 8 400 000 122 857 030 »» Number of shopping centres in the pipeline 3 80 392 »» Total shopping centre floor-space in the pipeline (sq m) 144 000 1 200 000 9 619 138 »» Total shopping centre floor-space per capita 449 218 260 »» Prime shopping centre rents (units of 200 sq m) 60 - 75 40 - 48 n/a »» Basis of measurement GLA sq m Warsaw »» Unit of measurement €/sq m/month Shopping centres dominate the retail offering and continue to show strong »» Inclusions None performance reflected by low vacancy rates. Undersupply is the prevailing market condition, causing retailers to consider secondary space. // 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 21 000 100 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 BNP Paribas 190 10 500 97 n/a

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

3 Centrum Janki 1999 68 000 GE Capital Real Estate 99 6 200 100 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 20 400 100 n/a

Key tenants: Carrefour Express, Saturn, Multikino, Van Graff, Marks & Spencer, Zara, H&M, Zara Home, Carry, Almi Decor

5 Galeria Mokotow 2000 63 000 Unibail-Rodamco 260 13 500 100 n/a

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

1

2 4 Warsaw

Zlote Tarasy - Warsaw 5

3

European Retail Guide – Shopping Centres | 63 Lisbon, Portugal Overall city score »»Retail sales »»Pop. growth - growth // Key Local Indicators Lisbon Portugal Europe »» Population 2011, (in ‘000) 2 033 10 653 502 711 »»GDP growth »» Population growth, 2012-16 (%pa) 0,01 0,03 0,2 »» Age structure, 15-64 (%) 65 67 66 »» GDP growth, 2007-11 (%pa) -0,40 0,0 0,5 »» GDP growth forecasts, 2012-16 (%pa) 0,9 0,6 2,2 »» Location based retail sales growth, 2007-11 (%pa) -1,8 -1,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) -1,2 -0,7 1,4 »» CPI, 2011 (%) n/a 4 0,3 »» ILO unemployment rate, 2011 (%) 13,3 12,6 9,4 »» Consumer expenditure per capita, 2011 11 532 € 9 364 € 13 070 € »» Household disposable income per capita, 2011 13 403 € 10 358 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 775 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 5 47 4 950 »» Total shopping centre floor-space (sq m) 960 000 3 000 000 122 857 030 »» Number of shopping centres in the pipeline n/a n/a 392 »» Total shopping centre floor-space in the pipeline (sq m) n/a n/a 9 619 138 »» Total shopping centre floor-space per capita 472 282 260 »» Prime shopping centre rents (units of 200 sq m) 960 n/a n/a »» Basis of measurement GLA sq m Lisbon »» Unit of measurement €/sq m/year New shopping centre completions are expected to be low in the near »» Inclusions None future in line with a weak economic outlook. Some retailers are seeing opportunities, however, and demand in existing schemes remains healthy. // Lease Structures and Legal Aspects »» Standard lease document 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 Dolce Vita 300 n/a n/a n/a

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

2 Centro Colombo 1997 120 000 Sonae Sierra / ING Group 396 n/a n/a n/a

Key tenants: H&M, Continente, Bocatta, Zara, Disney Store, Fnac, Bershka, Area, Mastro, Toys”R”Us, Party Fiesta Centro Vasco da 3 1999 48 900 Sonae Sierra / ING Group 167 n/a n/a n/a Gama Key tenants: Benetton Group , C&A, Guess, Timberland, Zara, H&M, Nike, Worten, FNAC, Continente Amoreiras Shopping 4 1985 26 026 n/a 247 n/a n/a n/a Centre Key tenants: Box, C&A, Poa de Acucar, Sport Zone

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

Key tenants: Aki, Continente, Worten

5 1

2 4 3 Lisbon

European Retail Guide – Shopping Centres | 65 Bucharest, Romania Overall city score »»Retail sales »»Pop. growth -- growth ++ // Key Local Indicators Bucharest Romania Europe »» Population 2011, (in ‘000) 1 678 19 043 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) 0 -0,9 0,2 »» Age structure, 15-64 (%) 74 70 66 »» GDP growth, 2007-11 (%pa) n/a 1,5 0,5 »» GDP growth forecasts, 2012-16 (%pa) n/a 3,6 2,2 »» Location based retail sales growth, 2007-11 (%pa) n/a 4,6 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) n/a 4,3 1,4 »» CPI, 2011 (%) n/a 5,8 0,3 »» ILO unemployment rate, 2011 (%) 2,0 5,1 9,4 »» Consumer expenditure per capita, 2011 n/a 3 234 € 13 070 € »» Household disposable income per capita, 2011 n/a 2 969 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 160 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 12 48 4 950 »» Total shopping centre floor-space (sq m) 421 830 1 206 192 122 857 030 »» Number of shopping centres in the pipeline 9 20 392 »» Total shopping centre floor-space in the pipeline (sq m) 244 100 551 300 9 619 138 »» Total shopping centre floor-space per capita 251 63 260 »» Prime shopping centre rents (units of 100-200 sq m) 60 - 65 25 - 30 n/a »» Basis of measurement GLA sq m Bucharest »» Unit of measurement €/sq m/year Thanks to a strong pipeline of project under construction, »» Inclusions None Bucharest confirms its status of major retail hub in Romania.

// 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, Marks & Spencer, 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 Overall city score »»Retail sales »»Pop. growth + growth ++ // Key Local Indicators Barcelona Spain Europe »» Population 2011, (in ‘000) 5 425 46 254 502 711 »»GDP growth -- »» Population growth, 2012-16 (%pa) 0,2 0,3 0,2 »» Age structure, 15-64 (%) 67 68,00 66 »» GDP growth, 2007-11 (%pa) -0,1 0,3 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,1 1,2 2,2 »» Location based retail sales growth, 2007-11 (%pa) -3,6 -3,3 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 0,6 0,6 1,4 »» CPI, 2011 (%) n/a 3,2 0,3 »» ILO unemployment rate, 2011 (%) 19,3 21,6 9,4 »» Consumer expenditure per capita, 2011 12 416 € 11 535 € 13 070 € »» Household disposable income per capita, 2011 14 416 € 13 186 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 475 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 45 543 4 950 »» Total shopping centre floor-space (sq m) 1 319 286 14 555 533 122 857 030 »» Number of shopping centres in the pipeline 2 25 392 »» Total shopping centre floor-space in the pipeline (sq m) 36 700 642 441 9 619 138 »» Total shopping centre floor-space per capita 243 315 260 »» 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 2010 and 2011 saw the opening of a number of key shopping centres. »» Inclusions None Although there are no new schemes planned for 2012, a number of existing centres are undergoing refurbishments and extensions. // Lease Structures and Legal Aspects »» Standard lease document 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 »» Frequency of rent reviews Open 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

3

2

1 Barcelona 4 Diagonal Mar Shopping Centre - Barcelona

5

European Retail Guide – Shopping Centres | 69 Madrid, Spain Overall city score »»Retail sales »»Pop. growth + growth - // Key Local Indicators Madrid Spain Europe »» Population 2011, (in ‘000) 6 395 46 254 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 0,5 0,3 0,2 »» Age structure, 15-64 (%) 68 68 66 »» GDP growth, 2007-11 (%pa) 0,3 0,3 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,7 1,2 2,2 »» Location based retail sales growth, 2007-11 (%pa) -3,6 -3,3 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 1,1 0,6 1,4 »» CPI, 2011 (%) n/a 3,2 0,3 »» ILO unemployment rate, 2011 (%) 17,6 21,6 9,4 »» Consumer expenditure per capita, 2011 13 246 € 11 535 € 13 070 € »» Household disposable income per capita, 2011 15 623 € 13 186 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 475 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 94 543 4 950 »» Total shopping centre floor-space (sq m) 2 941 838 14 555 533 122 857 030 »» Number of shopping centres in the pipeline 3 25 392 »» Total shopping centre floor-space in pipeline (sq m) 68 165 642 441 9 619 138 »» Total shopping centre floor-space per capita 460 315 260 »» 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 Despite a backdrop of falling disposable incomes and increasing »» Inclusions None unemployment rates, prime shopping centres in Madrid are still supported by strong interest from retailers. New projects, however, are scarce. // Lease Structures and Legal Aspects »» Standard lease document 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 »» Frequency of rent reviews Open 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. 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 Xanadu 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, Media Markt, Cinebox, Fnac, Zara, H&M, Sfera, C&A, Cortefiel, Massimo Dutti, Stradivarius, Mango Caixa D´Estalvis de 4 1995 123 380 176 n/a 85 n/a Parque Corredor Catalunya and others Key tenants: Alcampo, Cinebox, Toys”R”Us, Primark, H&M, Zara, Sfera, C&A, Calderon Sport Grupo Lar and Ivanhoe 5 2008 90 700 183 9 688 85 n/a Islazul Cambridge Key tenants: Yelmo Cineplex, Eroski, C&A, Primark, H&M, Desigual, Zara, Jack & Jones, Cortefiel, Sport Zone, Zippy

3 4 Madrid Xanadú - Madrid 5 2 1

European Retail Guide – Shopping Centres | 71 Stockholm, Sweden Overall city score »»Retail sales »»Pop. growth ++ growth ++ // Key Local Indicators Stockholm Sweden Europe »» Population 2011, (in ‘000) 2 091 9 533 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) 1,1 0,4 0,2 »» Age structure, 15-64 (%) 67 65 66 »» GDP growth, 2007-11 (%pa) 2,0 1,4 0,5 »» GDP growth forecasts, 2012-16 (%pa) 3,1 2,0 2,2 »» Location based retail sales growth, 2007-11 (%pa) 1,8 1,1 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,8 2,2 1,4 »» CPI, 2011 (%) n/a 3,0 0,3 »» ILO unemployment rate, 2011 (%) 6,4 7,5 9,4 »» Consumer expenditure per capita, 2011 18 750 € 16 523 € 13 070 € »» Household disposable income per capita, 2011 22 085 € 18 887 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 461 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 89 312 4 950 »» Total shopping centre floor-space (sq m) 1 818 500 6 091 200 122 857 030 »» Number of shopping centres in the pipeline 14 38 392 »» Total shopping centre floor-space in the pipeline (sq m) 115 500 400 000 9 619 138 »» Total shopping centre floor-space per capita 869 639 260 »» 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 The Swedish capital has seen several new shopping centre openings in »» Inclusions None recent years. A new scheme, “Mood” is expected to open in the of 2012 which will bring a further 12,900 sq m of retail space to the city. // Lease Structures and Legal Aspects »» Standard lease document 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, Clas Ohlson

2 Skärholmen Centrum 1968 76 500 Centeni AB 200 n/a 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 , 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

Forum Nacka - Stockholm 3

2

5

European Retail Guide – Shopping Centres | 73 Ankara, Turkey Overall city score »»Retail sales »»Pop. growth + growth +++ // Key Local Indicators Ankara Turkey Europe »» Population 2011, (in ‘000) 4 891 74 724 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) n/a 1,1 0,2 »» Age structure, 15-64 (%) 71 67 66 »» GDP growth, 2007-11 (%pa) n/a 3,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) n/a 5,4 2,2 »» Location based retail sales growth, 2007-11 (%pa) n/a 0,6 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) n/a 4,9 1,4 »» CPI, 2011 (%) 10,7 10,5 0,3 »» ILO unemployment rate, 2011 (%) 9,4 9,1 9,4 »» Consumer expenditure per capita, 2011 n/a 4 498 € € 13 070 € »» Household disposable income per capita, 2011 n/a n/a 18 825 € »» Car ownership (cars per 1 000 inhabitants) 194 102 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 37 300 4 950 »» Total shopping centre floor-space (sq m) 1 244 683 8 193 594 122 857 030 »» Number of shopping centres in the pipeline 11 85 392 »» Total shopping centre floor-space in the pipeline (sq m) 332 800 3 155 000 9 619 138 »» Total shopping centre floor-space (per '000 population) 255 110 260 »» Prime shopping centre rents (units of 200 sq m) 8 - 18 7 - 17 n/a »» Basis of measurement GLA sq m Ankara »» Unit of measurement €/sq m/month Ranked in the first place of retail space per inhabitants, Ankara will continue »» Inclusions None to benefit from a strong development pipeline with 332,800 sq m currently under construction. // 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 99 n/a Ankamall Torunlar GYO Key tenants: Migros, Koçtaş, Tepe Home, Electro World, Boyner, Marks & Spencer, Mudo City, Teknosa

2 Nata Vega Outlet 2011 87 000 Nata Holding 100 n/a 98 n/a

Key tenants: Macromarket, Teknosa, Nike, Mango

3 Forum Ankara Outlet 2008 86 300 Multi Corporation 145 6 000 95 n/a

Key tenants: Tesco Kipa, Bauhaus, Mediamarkt, Mudo, Mango

4 Panora 2007 86 000 Panora 146 7 000 99 n/a

Key tenants: Tesco Kipa, Mars Athletic Club, Boyner, Mudo, Zara, Teknosa

5 Antares 2008 83 000 Dolunay 200 15 000 95 n/a

Key tenants: Real, Praktiker, Electroworld, Teknosa, C&A

3

5 1

4

Ankara 2

European Retail Guide – Shopping Centres | 75 Istanbul, Turkey Overall city score »»Retail sales »»Pop. growth + growth +++ // Key Local Indicators Istanbul Turkey Europe »» Population 2011, (in ‘000) 13 624 74 724 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) n/a 1% 0,2 »» Age structure, 15-64 (%) 71 67 66 »» GDP growth, 2007-11 (%pa) n/a 3,2 0,5 »» GDP growth forecasts, 2012-16 (%pa) n/a 5,4 2,2 »» Location based retail sales growth, 2007-11 (%pa) n/a 0,6 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) n/a 4,9 1,4 »» CPI, 2011 (%) 9,0 10,5 0,3 »» ILO unemployment rate, 2011 (%) 9,1 9,1 9,4 »» Consumer expenditure per capita, 2011 n/a 4 498 € 13 070 € »» Household disposable income per capita, 2011 n/a n/a 18 825€€ »» Car ownership (cars per 1 000 inhabitants) 137 102 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 101 300 4 950 »» Total shopping centre floor-space (sq m) 3 217 622 8 193 594 122 857 030 »» Number of shopping centres in the pipeline 28 85 392 »» Total shopping centre floor-space in the pipeline (sq m) 1 330 600 3 155 000 9 619 138 »» Total shopping centre floor-space per capita 236 110 260 »» Prime shopping centre rents (units of 2,000 sq m) 10 - 20 7 - 17 n/a »» Basis of measurement Month Istanbul »» Unit of measurement €/sq m/month Although Istanbul’s retail offer continues to be dominated by the high »» Inclusions None street, shopping centre development is booming. There are a number of large-scale projects in the pipeline, the largest of which is the 163,000 // Lease Structures and Legal Aspects sq m Mall of Istanbul, due to open in 2013. »» 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

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 20 000 99 n/a

Key tenants: Real, Praktiker, İkea, Decathlon, Satürn, YKM, Tepe Home, C&A, Teknosa, Mudo City, D&R, Marks & Spencer, Zara, H&M Area Real Estate, Multi 2 2011 157 000 350 15 000 95 n/a Forum Marmara Development Key tenants: Carrafour, Saturn, Bauhaus,Tepe Home, Boyner, Teknosa, Marks & Spencer, H&M, C&A, YKM, Bimeks, Zara, GAP

3 İstanbul Cevahir 2005 118 846 St. Martins 276 27 300 97 na

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

4 Marmara Park 2012 100 000 ECE/Otto Group, DWS 250 n/a 99 n/a

Key tenants: Real, Satürn, Bauhaus, Zara, C&A, Debenhams, Marks & Spencer, Mudo

5 Torium 2010 97 608 Torunlar REIC 180 12 000 95 n/a

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

1 3 4 Istanbul 5 2

Forum Istanbul - Istanbul European Retail Guide – Shopping Centres | 77 Birmingham, United Kingdom Overall city score »»Retail sales »»Pop. growth - growth - // Key Local Indicators Birmingham UK Europe »» Population 2011, (in ‘000) 1 043 62 756 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,4 0,6 0,2 »» Age structure, 15-64 (%) 61 62 66 »» GDP growth, 2007-11 (%pa) -0,6 0,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,6 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) 1,3 1,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,3 2,5 1,4 »» CPI, 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate, 2011 (%) 11,3 8,0 9,4 »» Consumer expenditure per capita, 2011 15 221 € 18 119 € 13 070 € »» Household disposable income per capita, 2011 15 742 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 18 807 4 950 »» Total shopping centre floor-space (sq m) 349 000 18 309 047 122 857 030 »» Number of shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 130 000 9 619 138 »» Total shopping centre floor-space per capita (1,000 sq m) 335 292 260 »» Prime shopping centre rents (Zone A) 300 165-900 n/a »» Basis of measurement Zone A Birmingham »» Unit of measurement £/sq ft/year Shopping centres are an important element of the city’s overall retail struc- »» Inclusions None ture, with refurbishments and extensions of existing schemes, Namely the Grand Central, dominating current development activity. // 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) 1972 under 1 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 Hammerson, Henderson 2 Bullring 2003 116 622 Global Investors and 150 n/a n/a n/a Future Fund Key tenants: Debenhams, Next, Selfridges, TK Maxx 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 Henderson Investors Priory Square Limited, Land Securities 5 1965 26 003 52 n/a n/a n/a Shopping Centre Group, Pearl Assurance Limited Key tenants: Argos, Next

4

5 Birmingham 3 1 2

Bullring - Birmingham

European Retail Guide – Shopping Centres | 79 Bristol, United Kingdom Overall city score »»Retail sales »»Pop. growth + growth + // Key Local Indicators Bristol UK Europe »» Population 2011, (in ‘000) 446 62 756 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,6 0,6 0,2 »» Age structure, 15-64 (%) 62 62 66 »» GDP growth, 2007-11 (%pa) -0,3 0,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,2 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,1 1,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,4 2,5 1,4 »» CPI, 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate, 2011 (%) 5,5 8,0 9,4 »» Consumer expenditure per capita, 2011 17 689 € 18 119 € 13 070 € »» Household disposable income per capita, 2011 19 184 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 9 807 4 950 »» Total shopping centre floor-space (sq m) 280 000 18 309 047 122 857 030 »» Number of shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 130 000 9 619 138 »» Total shopping centre floor-space per capita 628 292 260 »» Prime shopping centre rents (Zone A) 280 165-900 n/a »» Basis of measurement Zone A Bristol »» Unit of measurement £/sq ft/year Bristol’s retail market is dominated by ‘Cabot Circus’, a mixed-used »» Inclusions None regeneration scheme which opened in Broadmead to the east of the city in 2008 and which greatly improved the city’s overall retail offering. // 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

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) Bristol City Council/ 1 Cabot Circus 1960/2006 95 800 Hammerson/Land 150 n/a n/a n/a Securities Key tenants: Harvey Nichols, House of Fraser, Apple, Urban Outfitters

The Mall At Cribbs Intu, Prudential Assurance 2 1998 92 438 144 n/a n/a n/a Causeway Company Limited Key tenants: John Lewis, Marks & Spencer The Galleries 3 1991 30 658 InfraRed Capital Partners 110 n/a n/a n/a Shopping Centre 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

2

Bristol 5 1 3

Cabot Circus - Bristol

4

European Retail Guide – Shopping Centres | 81 Cardiff, United Kingdom Overall city score »»Retail sales »»Pop. growth + growth - // Key Local Indicators Cardiff UK Europe »» Population 2011, (in ‘000) 470 62 756 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,7 0,6 0,2 »» Age structure, 15-64 (%) 61 62 66 »» GDP growth, 2007-11 (%pa) 0,4 0,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,7 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,7 1,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,2 2,5 1,4 »» CPI, 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate, 2011 (%) 8,1 8,0 9,4 »» Consumer expenditure per capita, 2011 16 193 € 18 119 € 13 070 € »» Household disposable income per capita, 2011 18 399 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 7 807 4 950 »» Total shopping centre floor-space (sq m) 206 000 18 309 047 122 857 030 »» Number of shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 130 000 9 619 138 »» Total shopping centre floor-space per capita (1,000 sq m) 438 292 260 »» Prime shopping centre rents (Zone A) 300 165-900 n/a »» Basis of measurement Zone A Cardiff »» Unit of measurement £/sq ft/year Cardiff’s main city centre retail scheme is St David’s, which was extended »» Inclusions None by almost 90,000 sq m in 2009, turning it into one of the largest schemes in the UK. // Lease Structures and Legal Aspects »» Standard lease document 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

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)

1 St Davids Centre 1981/2010 131 689 Intu/Land Securities 203 n/a n/a n/a

Key tenants: Bhs, Boots, Debenhams, John Lewis, Marks & Spencer, 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 Helical Bar Plc 28 n/a n/a n/a

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

2 4 1 5

Cardiff

St Davids Centre - Cardiff

3 European Retail Guide – Shopping Centres | 83 Edinburgh, United Kingdom Overall city score »»Retail sales »»Pop. growth + growth + // Key Local Indicators Edinburgh UK Europe »» Population 2011, (in 1000s) 491 62 756 502 711 »»GDP growth - »» Population growth, 2012-2016 (annual %) 0,7 0,6 0,2 »» Age structure, 15-64 (%) 63 62 66 »» GDP growth, 2007-2011 (%pa) 1,6 0,1 0,5 »» GDP growth forecasts, 2012-2016 (%pa) 1,9 2,1 2,2 »» Location based retail sales growth, 2007-2011 (%pa) 2,9 1,4 2,4 »» Location based retail sales growth forecasts, 2012-2016 (%) 2,3 2,5 1,4 »» CPI 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate 2011 (%) 8,1 8,0 9,4 »» Consumer expenditure per capita, 2011 22 757 € 18 119 € 13 070 € »» Household disposable income 24 876 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 8 807 4 950 »» Total shopping centre floor-space (sq m) 186 000 18 309 047 122 857 030 »» Number of shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 130 000 9 619 138 »» Total shopping centre floor-space per capita 264 292 260 »» Prime shopping centre rents (Zone A) 165 165-900 n/a »» Basis of measurement Zone A Edinburgh »» Unit of measurement £/sq ft/year Edinburgh’s retail market has long been overshadowed by its neighbour, »» Inclusions None Glasgow. Major regeneration projects are underway to address this, including plans to improve two dominant shopping centres: The Gyle and // Lease Structures and Legal Aspects the St James Centre. »» 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

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) Henderson Global 1 1972 41 806 55 n/a n/a n/a St James Centre Investors 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, Marks & Spencer, Morrisons, Next Cameron Toll 4 1984 24 155 Warren Private Clients 40 n/a n/a n/a Shopping Centre Key tenants: Bhs, Sainsbury’s

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

Key tenants: Lidl

2

Edinburgh 1

Ocean Terminal - Edinburgh

4 3 5

European Retail Guide – Shopping Centres | 85 Glasgow, United Kingdom Overall city score »»Retail sales »»Pop. growth - growth + // Key Local Indicators Glasgow UK Europe »» Population 2011, (in 1000s) 596 62 756 502 711 »»GDP growth - »» Population growth, 2012-2016 (annual %) 0,2 0,6 0,2 »» Age structure, 15-64 (%) 63 62 66 »» GDP growth, 2007-2011 (%pa) 1,8 0,1 0,5 »» GDP growth forecasts, 2012-2016 (%pa) 1,9 2,1 2,2 »» Location based retail sales growth, 2007-2011 (%pa) 2,0 1,4 2,4 »» Location based retail sales growth forecasts, 2012-2016 (%) 2,7 2,5 1,4 »» CPI 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate 2011 (%) 10,5 8,0 9,4 »» Consumer expenditure per capita, 2011 17 831 € 18 119 € 13 070 € »» Household disposable income 18 338 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 15 807 4 950 »» Total shopping centre floor-space (sq m) 406 000 18 309 047 122 857 030 »» Number of new shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space int he pipeline (sq m) 0 130000 9 619 138 »» Total shopping centre floor-space per capita 682 292 260 »» Prime shopping centre rents (Zone A) 230 165-900 n/a »» Basis of measurement Zone A Glasgow »» Unit of measurement £/sq ft/year Land Securities’ redevelopment on Buchanan Street is underway, aimed »» Inclusions None at bolstering Glasgow’s retail offer. There are also plans to improve Glasgow’s best performing shopping centre, Buchanan Galleries. // 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

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)

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

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

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

Key tenants: Debenhams, Marks & Spencer, Next, Tesco Extra Land Securities, Hender- 3 1999 55 000 75 n/a n/a n/a Buchanan Galleries son Global Investors Key tenants: Boots, H&M, JD Sports, John Lewis, Marks & Spencer, 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 Aviva Investors Global 5 1978 16 723 24 n/a n/a n/a Sauchiehall Centre Services Limited Key tenants: Healthland Fitness International, JJB Sports, Primark, Superdrug, TK Maxx, WH Smith

3 5 Glasgow 1 4 Buchanan Galleries - Glasgow

2

European Retail Guide – Shopping Centres | 87 Leeds, United Kingdom Overall city score »»Retail sales »»Pop. growth ++ growth - // Key Local Indicators Leeds UK Europe »» Population 2011, (in ‘000) 807 62 756 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,6 0,6 0,2 »» Age structure, 15-64 (%) 63 62 66 »» GDP growth, 2007-11 (%pa) -0,2 0,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 1,9 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) 1,7 1,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,3 2,5 1,4 »» CPI, 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate, 2011 (%) 9,9 8,0 9,4 »» Consumer expenditure per capita, 2011 16 193 € 18 119 € 13 070 € »» Household disposable income per capita, 2011 17 634 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 17 807 4 950 »» Total shopping centre floor-space (sq m) 401 000 18 309 047 122 857 030 »» Number of shopping centres in the pipeline 1 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 92 900 130 000 9 619 138 »» Total shopping centre floor-space per capita (1,000 sq m) 497 292 260 »» Prime shopping centre rents (Zone A) 270 165-900 n/a »» Basis of measurement Zone A Leeds »» Unit of measurement £/sq ft/year The development of the Trinity Leeds scheme is set to transform Leeds’ »» Inclusions None retail landscape and has already attracted major international brands. The scheme, due to open in 2013, will make Leeds the largest retail centre in // Lease Structures and Legal Aspects the UK. »» 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

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 Group 120 n/a n/a n/a pen in 2013) Key tenants: H&M, Marks & Spencer, Next, Topshop/Topman White Rose Shopping 2 1997 63 638 Land Securities Group 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 Aegon Property Fund 4 1991 32 516 34 n/a n/a n/a The Light Limited Key tenants: Browns, If Bar, Proibito, Tiger Tiger 1989 - renova- 5 18 850 Threadneedle 19 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 Overall city score »»Retail sales »»Pop. growth + growth + // Key Local Indicators London UK Europe »» Population 2011, (in ‘000) 3 109 62 756 502 711 »»GDP growth + »» Population growth, 2012-16 (%pa) 0,8 0,6 0,2 »» Age structure, 15-64 (%) 71 62 66 »» GDP growth, 2007-11 (%pa) 0,8 0,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 3,0 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) 1,6 1,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,9 2,5 1,4 »» CPI, 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate, 2011 (%) 10,2 8,0 9,4 »» Consumer expenditure per capita, 2011 25 798 € 18 119 € 13 070 € »» Household disposable income per capita, 2011 25 604 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 42 807 4 950 »» Total shopping centre floor-space (sq m) 1 119 000 18 309 047 122 857 030 »» Number of shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 130 000 9 619 138 »» Total shopping centre floor-space per capita (1,000 sq m) 360 292 260 »» Prime shopping centre rents (Zone A) 550-900 165-900 n/a »» Basis of measurement Zone A London »» Unit of measurement £/sq ft/year London’s shopping centre market enjoys high levels of footfall and tur- »» Inclusions None nover ratios. New schemes have opened in recent years, with the most prominent of these being the 175,000 sq m ‘Westfield Stratford City’, // Lease Structures and Legal Aspects which opened in 2011. »» 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

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, Marks & Spencer, Apple, Waitrose, Shop, Mulberry

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

Key tenants: Debenhams, House of Fraser, Marks & Spencer, Waitrose, Louis Vuitton, Prada Brent Cross Shopping 3 1976 78 967 Hammerson/Standard Lite 120 n/a n/a n/a Centre Key tenants: Fenwick, John Lewis, Marks & Spencer, 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

5

3 London 1

2 4

Westfield Stratford City - London

European Retail Guide – Shopping Centres | 91 Greater London, United Kingdom Overall city score »»Retail sales »»Pop. growth + growth + Greater // Key Local Indicators UK Europe London »GDP growth + »» Population 2011, (in 1000s) 7 892 62 756 502 711 » »» Population growth, 2012-2016 (annual %) 0,8 0,6 0,2 »» Age structure, 15-64 (%) 67 62 66 »» GDP growth, 2007-2011 (%pa) 0,6 0,1 0,5 »» GDP growth forecasts, 2012-2016 (%pa) 2,8 2,1 2,2 »» Location based retail sales growth, 2007-2011 (%pa) 0,9 1,4 2,4 »» Location based retail sales growth forecasts, 2012-2016 (%) 2,9 2,5 1,4 »» CPI 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate 2011 (%) 9,4 8,0 9,4 »» Consumer expenditure per capita, 2011 22 526 € 18 119 € 13 070 € »» Household disposable income per capita, 2011 24 465 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 84 807 4 950 »» Total shopping centre floor-space (sq m) 2 279 481 18 309 047 122 857 030 »» Number of shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 130 000 9 619 138 »» Total shopping centre floor-space per capita 289 292 260 »» Prime shopping centre rents (Zone A) 550-900 165-900 n/a Greater London »» Basis of measurement Zone A The Greater London region remains the focus of shopping centre activity »» Unit of measurement £/sq ft/year in the UK. Recent openings such as the Westfield Stratford City will help the region maintain its leader position in Europe. »» 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, Marks & Spencer, 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, Marks & Spencer, Waitrose, Louis Vuitton, Prada Brent Cross Shopping 3 1976 78 967 Hammerson/Standard Life 120 n/a n/a n/a Centre Key tenants: Fenwick, John Lewis, Marks & Spencer, 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: Marks & Spencer, 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/Lend Lease Greater London 6 Bluewater 1999 153 230 330 n/a n/a n/a Partnership Key tenants: House of Fraser, John Lewis, Marks & Spencer

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

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

3 1 2 7 London

6

4 5

Brent Cross Shopping Centre - Greater London European Retail Guide – Shopping Centres | 93 Manchester, United Kingdom Overall city score »»Retail sales »»Pop. growth + growth - // Key Local Indicators Manchester UK Europe »» Population 2011, (in ‘000) 1 459 62 756 502 711 »»GDP growth - »» Population growth, 2012-16 (%pa) 0,6 0,6 0,2 »» Age structure, 15-64 (%) 63 62 66 »» GDP growth, 2007-11 (%pa) 1,0 0,1 0,5 »» GDP growth forecasts, 2012-16 (%pa) 2,2 2,1 2,2 »» Location based retail sales growth, 2007-11 (%pa) 2,1 1,4 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) 2,5 2,5 1,4 »» CPI, 2011 (%) n/a 4,5 0,03 »» ILO unemployment rate, 2011 (%) 8,9 8,0 9,4 »» Consumer expenditure per capita, 2011 17 082 € 18 119 € 13 070 € »» Household disposable income per capita, 2011 17 646 € 19 536 € 12 347 € »» Car ownership (cars per 1 000 inhabitants) n/a 453 473

// Retail Provision and Market Conditions »» Number of shopping centres in operation 13 807 4 950 »» Total shopping centre floor-space (sq m) 495 000 18 369 047 122 857 030 »» Number of shopping centres in the pipeline 0 2 392 »» Total shopping centre floor-space in the pipeline (sq m) 0 130 000 9 619 138 »» Total shopping centre floor-space per capita 339 293 260 »» Prime shopping centre rents (Zone A) 295 165-900 n/a »» Basis of measurement Zone A Manchester »» Unit of measurement £/sq ft/year Over half of Manchester’s overall retail floorspace is accounted for by the »» Inclusions None city’s five shopping centres. By far the largest is Arndale Centre which dominates the northern and eastern part of the city. // Lease Structures and Legal Aspects »» Standard lease document 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

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, Marks & Spencer, Selfridges Prudential Assurance 2 1976/2000 130 063 225 n/a n/a n/a Arndale Centre Company Limited, Intu Key tenants: Bhs, Boots, Next

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 Overall city score »»Retail sales »»Pop. growth + growth ++ // Key Local Indicators Kyiv Ukraine Europe »» Population 2011, (in ‘000) 2 813 45 644 502 711 »»GDP growth ++ »» Population growth, 2012-16 (%pa) 0,8 -0,5 0,2 »» Age structure, 15-64 (%) 71 75 66 »» GDP growth, 2007-11 (%pa) 2,2 0,9 0,5 »» GDP growth forecasts, 2012-16 (%pa) n/a 5,5 2,2 »» Location based retail sales growth, 2007-11 (%pa) 10,6 9,6 2,4 »» Location based retail sales growth forecasts, 2012-16 (%pa) n/a n/a 1,4 »» CPI, 2011 (%) 6,1 4,6 0,3 »» ILO unemployment rate, 2011 (%) 5,4 7,8 9,4 »» Consumer expenditure per capita, 2011 1 987 € 1 349 € 13 070 € »» Household disposable income per capita, 2011 6 237 € 3 945 € 18 825 € »» Car ownership (cars per 1 000 inhabitants) n/a 142 473

// Retail Provision and Market Conditions** »» Number of shopping centres in operation 45 122 4 950 »» Total shopping centre floor-space (sq m) 778 800 1 890 530 122 857 030 »» Number of shopping centres in the pipeline 13 22 392 »» Total shopping centre floor-space in the pipeline (sq m) 589 484 831 625 9 619 138 »» Total shopping centre floor-space per capita 277 236 260 »» Prime shopping centre rents (units of 100/300 sq m) 150-170 70-90 n/a »» Basis of measurement GLA sq m Kyiv »» Unit of measurement $/sq m/month After a period of weak economic conditions, the retail sector is recovering, »» Inclusions None stimulated by the European Football Championships. Several shopping centre projects are due for completion in 2012 . // 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 10-15 »» Typical lease length 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. ***for units of 100-300 sq m 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 1 500* 93 n/a

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

2 Ocean Plaza 2012 72 200 TPS Nedvizhimost 295 2 000* 98 n/a

Key tenants: –real’, Hapoylon, Cinema Citi, LC Waikiki, Eldorado, New Yorker, Marks & Spencer, LPP Group brands, Collezione, KFC, Mc Donald’s

3 Sky Mall 2007/2010 47 000 Arricano Development 150 600* 99 n/a

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

4 Karavan 2004/2008 37 700 Karavan Group 120 1 200* 99 n/a

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

5 Globus 2002/2003 18 600 London & Regional 175 2 400* 98 n/a

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

* monthly average

1 4 3 Kyiv 5

2

Sky Mall - Kyiv

European Retail Guide – Shopping Centres | 97 //Retail Team

EMEA Spain Adrian Powell James Bradley Head of EMEA Retail Country Head [email protected] [email protected] +44 (0) 20 3296 4196 / +44 (0) 7808 479251 +34 91 770 96 00 / +34 62 951 69 24

Nordics Poland Maria Krumlinde Patrick Delcol Retail Director Country Head, Head of Retail – Continental Europe [email protected] [email protected] +46 8 671 34 93 / +46 70 540 80 87 +48 (22) 222 31 00 / +48 (0) 603 110 024

Belgium Romania Thomas Willekens Razvan Sin Senior Account Manager Retail Head of Retail [email protected] [email protected] +32 3 303 10 09 / +32 475 76 07 02 +40 21 310 3100 / +40 751 22 22 11

Netherlands Czech Republic Cuno van Steenhoven Lenka Vodrazkova Chairman of the Management Board Head of Property Management [email protected] [email protected] +31 30 602 22 11 / +31(0) 653 87 97 97 +420 234 262 257 /+420 736 620 066

Germany UAE Katharina von Schacky Nick Witty Head of Retail Asset Management EGM Middle East [email protected] [email protected] +49 (0) 211 177 240 / +49 (0) 174 909 6371 +974 4483 7395 /+974 5585 3121

France UK Jean-Philippe Carmarans Hugh Radford CEO Valuation Head of UK Retail [email protected] [email protected] + 33 1 47 48 77 24 / + 33 6 22 50 67 33 +44 (0)20 3296 4179 / +44 (0)7831 575 452

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

// Disclaimer Belgium Ireland This report should not be relied upon as a basis for Cedric Van Meerbeeck Marian Finnegan Stefano Carosi [email protected] [email protected] [email protected] entering into transactions without seeking specific, +32 2 629 02 00 Tel: +353 (0)1 237 6341 Tel: +7 495 748 1111 qualified, professional advice. Whilst facts have been rigorously checked, DTZ cannot be held responsible Czech Republic Italy Spain in any way in case of any error or inaccuracy within Lenka Šindelárová Magali Marton Pablo Kindelán [email protected] [email protected] [email protected] this report. +420 234 262 239 Tel: +33 (0)1 49 644 954 Tel: +34 (0)91 770 9622 Information contained herein should not, in whole Denmark Luxembourg Sweden or part, be referred to, reproduced, or distributed Kim McMillan Sophie Leblon Karin Witalis without the prior express approval of DTZ. In any [email protected] [email protected] [email protected] case, any reference, reproduction, or distribution Tel: +45 337 34 511 Tel: +352 2648 4868 Tel: +46 8 671 34 00 must indicate its source. Finland Middle East Juha Mäki-Lohiluoma Martin Cooper Pierre Stampfli [email protected] [email protected] [email protected] Tel: +358 (0)10 836 8435 Tel: +973 (0)1 713 3660 Tel: +41 (0)22 839 7370 // Sources France Netherlands Turkey Magali Marton Frank van der Sluys Dilek Pekmidir [email protected] [email protected] [email protected] This European shopping centre guide covers Tel: +33 1 49 64 49 54 Tel: +31 (0)20 8407 201 Tel: +90 212 231 5530 42 cities and was put together using data France Norway Ukraine collected by our extensive network of local offices Delphine Mahé Marit Hoff Eek Marta Kostiuk around Europe. Whereas the retail specific data [email protected] [email protected] [email protected] on shopping centre provision and lease structure Tel: +33 (0)1 49 644 791 Tel: +47 23 11 68 68 Tel: +380 44 220 3060 was gathered by our retail teams locally, the socio- Germany Poland United Kingdom economic data comes from Oxford Economics. Ursula-Beate Neißer Anna Staniszewska Ben Burtson In order to ensure a robust comparison between [email protected] [email protected] [email protected] cities, please note that all data adheres to Oxford Tel: +49 (0)69 92 100 160 Tel: +48 (0)22 222 3130 Tel: +44 (0) 20 3296 2296 Economics ‘Nuts 3’ boundary definition, which Hungary Romania United Kingdom refers to city specific information. Eanna Maksay Claudia Scarlat Karine Woodford [email protected] [email protected] [email protected] Tel: +36 (0)1 472 7297 Tel: +40 21 310 3100 Tel: +44 (0) 20 3296 2306

European Retail Guide – Shopping Centres | 99 DTZ, a UGL company, is a global leader in property services. Europe, Middle East & Africa Asia-Pacific We provide occupiers and investors around the world with Belgium Australia industry leading, end-to-end property solutions comprised China of leasing agency and brokerage, integrated property and Czech Republic India facilities management, capital markets, investment and asset Denmark Indonesia management, valuation, building consultancy and project Estonia Japan management. Finland Malaysia In addition, our award winning research and consulting France New Zealand services provides our clients with global and local market Germany Singapore knowledge, forecasting and trend analysis to make the best Hungary South Korea long-term decisions for their continuous success far into the Ireland Taiwan future. Italy Thailand Kazakhstan Vietnam DTZ has 47,000 employees including sub-contractors, Latvia operating across 217 offices in 52 countries. Lithuania North America Luxembourg Canada Netherlands Mexico Norway United States Poland Qatar Romania Russia Saudi Arabia South Africa Spain Sweden Switzerland Turkey UAE United Kingdom Ukraine

www.dtz.com