REAL ESTATE retail THE MAGAZINE FOR RETAIL REAL ESTATE SPECIALISTS AND BRANDS ON THE MOVE
SPAZIO FUTURO ROBERTO BRAMATI’S NEXT CHALLENGE SPAZIO FUTURO ROBERTO BRAMATI’S NEXT CHALLENGE
pazio Futuro is a multidisciplinary its technical staff that operate right across 1) Project cycle management Sgroup founded in 1999, made up of the board, capable time and time again of 2) Advanced pilotage, retail delivery man - companies that specialise in a meeting clients’ needs to a high perform - agement and artistic co-direction range of technical sectors, operating in the ance level, thanks also to key experiences (e.g. shopping centres, retail parks, out - fields of project management, food & bev - gained by intervening in objectively com - lets/ city style villages) erage consultancy, pilotage, design / engi - plex situations such as airports, shopping 3) Architectural planning, buildings facili - neering, construction and buildings sys - malls, listed buildings, etc., adapting to ties and engineering tems. Other areas include studying new new scenarios imposed by a growing and 4) Turn-key/EPC contracts, store construc - formats, contract / turn-key stores and diversifying market. tion and technical service contracts retail chains, environmental sustainability, All this has enabled the Group to consoli - 5) Technical checks, surveys and general restructuring, technical inspections and date a broad customer base over time, and building practices surveys, logistical services for construction it is no coincidence that it still collaborates 6) Consultancy and management of securi - and tenant support (pro-rata services), with the same partners today as yester - ty aspects and health and safety on building practices and in general, all the day, which have continued to provide reli - building sites technical services related to construction. able partnerships and a full and continu - 7) Logistics and security planning for The Group is led by its President, architect ous cooperation. building sites Roberto Bramati, who is also President of Spazio Futuro consists of ISO 9001 and 8) Studies and consultations to reduce the Food & Food Court commission for the ISO 14001 certified companies and is able operating and management costs Italian Council of Shopping Centres. to develop, lead and manage multiple 9) Pro-rata logistics services to support ten - Spazio Futuro has always stood out for its technical activities, operating mainly in ants’ activities (for the phases of site prepa - know-how and the high professionalism of the following main areas of activity: ration and construction fittings/fit-out)
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Arch. Roberto Bramati, President of Spazio Futuro Group, and Arch. Davide Padoa, CIO Design International, at Mapic 2014 “The two companies have “ established a stable and profitable partnership to meet the challenges and trends of new domestic and international markets
ADVANCED PILOTAGE, RETAIL timing, with a strict respect for budgets. directing professionals from individual ten - DELIVERY MANAGEMENT Spazio Futuro is also able to perform more ants to adjust their projects according to AND ARTISTIC CO-DIRECTION specific tasks in the fields of retail manage - fixed criteria in shopping centres including: Spazio Futuro has emerged over the years ment, particularly in support of preliminary “Campania” (CE), “Centro Sicilia” (CT) and as a recognised market leader in pilotage designs by the client, in the areas of food, “Nave de Vero” (Marghera-Venice). and advanced pilotage for shopping cen - food-court & restaurant consultancy. Excellent aesthetic results achieved by tres, retail parks, outlet malls, city style dis - In this context, the group, and Architect R. these joint efforts have resulted in shop - tricts and structures targeting retail in gen - Bramati, in particular, are currently engaged ping centres planned to even higher levels eral, for all the technical-managerial activi - as consultants specialised in the design of than the latest standards. The two compa - ties (as well as engineering and logistic food-courts, in the ambitious and modern nies (SF and DI) have established a stable support) that are useful to tenants in com - “Scalo Milano” scheme in south Milan. and profitable partnership as a response to mercial units, to enable them to complete In recent years, when requested by the the challenges and trends of the new preparations for opening to the public. client, he has served as co-artistic director national and international markets. In these areas Spazio Futuro has, in addi - of projects aimed at addressing construc - Ultimately, Spazio Futuro has often been tion, sought out the support of profession - tion projects, developed by tenants, accord - involved in tasks to support clients in the als appointed by general commissioners, ing to specific criteria and the finishings area of retail delivery management, i.e. the construction management, design, and pre-requisites of prestigious brands. management and taking charge of resolv - safety teams, managing the programming Recent examples include the collaborations ing pre-contractual, technical aspects in the of activities and individual work sites, work - between Spazio Futuro (as Pilotage) and pre-design phase, to support marketing / ing with leading players in the sector and Design International (as General Architect) sales divisions (appointed by the client and ensuring compliance with objectives and for the co-design and control of mall fronts, operating contractually with various ten -
REUROPE > 108 DECEMBER 2014 61 BUILDING, FACILITIES AND ENGINEERING DESIGN Spazio Futuro provides the following technical services: • Integrated architectural design and building / facilities engineering, from preliminary drafts until the as-built stage • Design of new buildings and the devel - opment of restructuring plans for com - mercial and residential complexes, with particular regard for international brands operating in retail • Support and advanced professional advice for the design and construction of buildings, facilities, installations, logistical arrangements and special systems • Support for sustainable design and green building consultancy BREEAM consultancy (Building Research Establishment Environmental Assessment Method), with an internal Assessor licensed internationally. • The development and design of new commercial formats • Support for interior design, supplies and fit-out in general, with the devel - ants) during the drafting of preliminary based on the economic indications of the opment of engineering manuals and agreements, the opportunity for developing client, together with any quotes for works / product standardisation required technical annexes, indicating the installations, with a significant reduction in limits of supply deemed most appropriate final costs for the client.
CONTRACTS AND CONSTRUCTION RESEARCH AND CONSULTANCY TO REDUCE ENERGY COSTS Spazio Futuro offers a large scale of technical services for its customers and for tenants who request it, including Spazio Futuro is able to offer its customers specific integrated technical services in terms of design, studies to reduce operating / operational management implementation and bids with turnkey contracts (EPC costs, aimed at the analysis of existing structures or when Contracts). restructuring-refitting, or in pre-design and system sizing Spazio Futuro has operated for over 30 years in the procedures. In this way appropriate technical choices can construction of food and retail stores for some of the be made, in terms of architectural materials and biggest international retail chains in Italy and abroad, buildings systems to achieve energy savings. offering clients the entire construction “package” of In partnership with the most advanced companies in this realization, from Gantt preliminary charts until the final sector, Spazio Futuro can provide: tests, also including the organisation and management of sites thanks to the constant technical assistance of its • study and analysis of the energy impact of the property professionals at all stages of the design. and its existing lighting On request, it is also able, via specialised connected companies, to provide partial or sectorial actions (such • study and analysis of energy costs as partial construction works, the supply and installation • pre-assessment evaluation of possible solutions in of plant parts, the supply and installation of furniture and furnishings etc.). terms of recycling and energy conservation Recently, in line with market trends (especially in • energy-focused due diligence to find repayment terms shopping centres), the group is specialising in the of possible investments creation of temporary shops, using a minimalist architectural and building systems approach, with a use • designing integrated systems to save and reduce ener - of lightweight, recyclable materials which can be reused gy consumption multiple times for subsequent installations.
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PRO-RATA LOGISTICAL SERVICES TO SUPPORT TENANT ACTIVITIES In line with its Pilotage activities, accord - ing to the needs of individual construction sites and in agreement with the client, Spazio Futuro, using highly experienced staff, defines, organises, manages and controls the technical services of the site related to the various stages of the con - struction process. In line with tenant needs, it provides its clients with a com - plete logistical service package, ensuring reliability and economies of scale, in a replicable approach. Key major technical and logistical services provided to malls include waste manage - ment and disposal / waste processing, loading / unloading of goods / materials handling and horizontal / vertical move - ments, water supply systems, electrical panels and provisional electricity on sites, generators / UPS, doorkeeper services / guards (admittance controls), the check - ing of pre-entry requirements of workers / tenants on site to meet safety and acci - The certificates dent prevention measures, economic / “ administrative logistics services with par - acquired to date, and titioned costs, temporary signage con - the awards given in “ struction, the supply and handing of sites, Spazio Futuro ensures from the out - the field testify to the chemicals for building sites, the organisa - set the highest possible elimination of tion of site areas with their relative divi - waste and the rationalisation of the entire Group’s adhesion to sions, security measures, general coordi - construction cycle, resulting in significant the principles of nation etc. operational savings. environmental The certificates acquired to date, and the In this particular area Spazio Futuro has awards given in the field testify to the developed an advanced know-how of the sustainability and Group’s adhesion to the principles of envi - organisation and management of large ethics ronmental sustainability and ethics. For and complex building sites such as shop - example, the entire chain of sorting, recy - ping centres and parks, including those cling, recovery, disposal of and security located in high risk sites in particular, for the waste materials from construction such as ports and airports.
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EUROPEAN RETAIL INVESTMENT AT €33BN FOR FIRST NINE MONTHS OF YEAR – HIGHEST SINCE 2007
European retail investment reached Q3 2014; the Immochan acquisition of a ment in Europe than even before the €33bn in the first nine months of the €261m retail portfolio. Russia also saw global financial crisis. Most investors are year, the highest total for this period an uptick in investment over the same using low levels of debt, if any, but we do since 2007, according to the latest period, albeit from a very low base. see loan to values in transactions gradu - research from CBRE. For Q3 alone, Investor interest in retail, across most of ally increasing. In all likelihood the investment volumes reached €11.1bn, a Europe, continues to strengthen and amount of capital — debt and equity — 23% increase on turnover for the same there has been a notable increase in the targeting European retail investment will quarter in 2013. The UK and the Iberia type and nationality of the investors. soon exceed 2007 levels. This is putting region have seen the strongest increase This, in turn, is generating further growth increased downward pressure on yields.” in retail investment activity so far this in competition. As a result, the CBRE EU- Iryna Pylypchuk, Director of EMEA year. The UK recorded its highest retail 28 High Street and Shopping Centre Research and Consulting, CBRE added: investment level since 2007, with Yield Indices reported significant quar - “So far this year we have seen strong €12.2bn transactions completed in the terly compressions at 11bps and 13 bps investor sentiment towards European first nine months. Investment in Spanish respectively, for the quarter. Average retail and a growing investor pool, which retail was equally strong with €1.6bn weighted prime yields now stand at is translating into a notable increase of transacted in Q3, the highest quarterly 4.42% for high street and 5.28% for international capital flows targeting the total since 2007. shopping centres, their keenest since Q3 sector, as well as a steady stream of larg - Investor sentiment is also improving for 2007 (4.41%) and Q2 2008 (5.13%), er deals. With that in mind we expect retail properties in Central and Eastern respectively. strong investor competition to continue Europe (CEE), despite the current politi - John Welham, Head of European Retail in Q4, with significant prospects of fur - cal situation and following two quarters Investment at CBRE, commented: “We ther yield compression and possibly a of relatively muted activity. Romania have a wider range of investors from record high in terms of European retail saw one of CEE’s largest retail deals in more countries targeting retail invest - investment market activity.”
CONSUMERS WANT CONVENIENCE AND A SOCIAL EXPERIENCE WHEN CHOOSING WHERE TO SHOP - CBRE
The majority of European shoppers (88%) income consumers. However, looking at the As consumers become ever more demand - want a good range of retailers and an inclu - differences in young consumer by coun - ing, shopping centre owners are increasing - sive shopping experience when deciding tries, only 24% of consumers in Germany ly having to invest in making their centres where to shop. Cleanliness, price and con - use social media compared to 60% in of the more ‘experiential’ to boost footfall as well venience remain the most important factors same age group in Romania and 62% in as the all-important dwell time. High quali - for all consumers, but the importance of a Turkey. Men and Women in Great Britain ty dining options, entertainment, special social experience whilst shopping, contin - and Denmark are the least engaged when it events and play areas for kids and grown- ues to be of significant focus for the comes to social media shopping. Young ups are all becoming more commonplace.” younger shopper (18-24 year olds), accord - shoppers will also use a shopping centre In the new survey of 21,000 European con - ing to new research from global property app twice a month reflecting the need for sumers across 21 countries, entertainment advisor CBRE. shopping centres to become more appeal - facilities such as a cinema, bowling, free Social media channels continue to influence ing to tech savvy shoppers by investing in WIFI and a good place to meet friends the way consumers shop with women apps to tailor for the individual and make proved to be a significant attraction factor, (36%), 18-24 year olds (40%) and high the shopping experience more personal. particularly to young consumers in Great income shoppers (35%) being the largest Peter Gold, Head of Cross-Border Retail, Britain, Denmark and Norway, compared to users of social media to keep up with spe - CBRE, commented: “The overall shopping the older generation. This social aspect cial offers and events compared to less than experience can be crucial to the success or also varies by gender with 70% of female a third of men, the older generation and low failure of many schemes across the world. shoppers in Great Britain saying that they >
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expect a shopping destination to be a good consumers (18-24 year olds) in Great Britain becomes not just a necessity but much place to meet friends whilst only 49% of (31%) and Ireland (36%) in particular, con - more of a social activity; landlords and men agreed. Women and young consumers sidered good restaurants either extremely retailers need to adapt to demand for more share the same aspirations for their shop - or very important in a shopping destination leisure offerings. The savvy shopper ping trip as a social and leisure activity in compared to 21% of all consumers. requires an integrated shopping experience line with those consumers in Southern Landlords need to focus on what shopping and it’s important for landlords and retail - Europe. centres can offer in addition to pure retail ers to understand not only how to get con - Consumers also ranked the presence of sales and consider investing in facilities sumers in the door but how to keep them in good restaurants as another appealing fac - that young people consider important to their centres or stores for longer. We can tor when deciding where to shop and we ensure they get a long term return. already see great examples of this through believe this could help in prolonging the Natasha Patel, Associate Director EMEA increased gastronomy in centres and con - consumers shopping experience. Young Research, commented: “As shopping cepts such as KidZania.”
FENWICK COMMITS TO ICONIC BRACKNELL STORE AS TOWN CENTRE REGENERATION MOVES FORWARD
The Bracknell Regeneration Partnership (BRP), a 50:50 joint James Lass, Fund Manager for Schroder UK Property Fund, venture between Legal & General Property and Schroder UK commented: “Our proactive asset management strategy has Property Fund, has secured a major pre-letting to Fenwick, the enabled Schroders and L&G to secure the exciting arrival of fashion-led department store group. Fenwick to Bracknell’s evolving town centre. This major retail Taking an 80,000 sq ft store arranged over three floors, on a coup is concrete evidence of our commitment to the regenera - 25-year lease, the new Fenwick store will be located in a land - tion of the town and to securing the arrival of prominent mark position fronting Millennium Way, immediately adjacent brands here. We are delighted to be welcoming Fenwick and to and directly connecting with the new six level multi-storey see this as a significant milestone in our development plans car park. BRP anticipates construction commencing summer for the town.” 2015, with the new development and Fenwick store expected Simon Russian, Head of Retail Development at Legal & to open in autumn 2017. Last month BRP submitted a plan - General Property, added: “This is a defining moment for ning application to upgrade the external appearance of the Bracknell. We are delighted to have secured a retailer of the Fenwick department store, which will become a defining fea - quality of Fenwick to anchor the regeneration of Bracknell ture of the new Town Centre with its striking, lit-up, night-time town centre, alongside Marks & Spencer, Primark and the façades. already successfully trading Waitrose, and is testament to the The new development in the north of Bracknell Town Centre close and cooperating relationship we have built up with will comprise almost 600,000 sq ft of new retail and leisure Fenwick and Bracknell Forest Council who have been hugely space, which represents an investment of over £200m. Over supportive . We are convinced that the quality of the Fenwick 50% of the scheme has already been pre-let or delivered, with brand will appeal directly to the town’s affluent catchment retailers including Marks & Spencer, Primark, Waitrose and and provide a point of difference for the shopping catchment H&M. Cineworld has also committed to a new 12-screen cine - located south west of London.” ma, including an Imax, which spurred a raft of quality restau - Cllr Marc Brunel-Walker, executive member for economic rants to sign up, including Carluccios, Zizzi, Coast to Coast, development and regeneration, said: “To secure such a high- Gourmet Burger Kitchen, Pizza Express, Nando’s and Las quality retailer as Fenwick is a major boost for the regenera - Iguanas. tion of Bracknell town centre. This recent addition, which Mark Fenwick, Chairman of Fenwick Limited, said: “Bracknell complements the already committed line-up of retailers, is located in the heart of the affluent catchment of East shows just what a diverse town centre our residents and visi - Berkshire. We are now confident that BRP has brought for - tors will be able to enjoy in just a few years’ time. We are ward a Masterplan that will fundamentally change the land - delighted that both Legal & General and Schroders have pub - scaping and urban realm of the town. We are proud to be licly reconfirmed their commitment to this scheme and we anchoring a scheme of real quality that will provide a vibrant remained fully supportive.” Cushman & Wakefield acted for new retail and leisure destination for the South East.” Fenwick, while CBRE and Lunson Mitchenall advised BRP.
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WESTGATE OXFORD ADVANCES WITH MAJOR NEW DEALS
Westgate Alliance, the joint venture Westgate’s prestige appeal. The multi lords at the Westgate Alliance. Westgate between Land Securities and The Crown award-winning, leading premium Oxford provides the ideal location and Estate, has signed a 5-screen Curzon American fashion brand’s store is audience for our brand.” Cinema and a flagship Michael Kors to its designed to perfectly showcase its The 74,300 sq m city centre development development, Westgate Oxford. The impressive range of women’s fashion to is due for completion in autumn 2017. scheme would bring world-class national the savvy Oxford shopper. Following the granting of Outline and international retailers to Oxford, cre - Bert Martin, Development Director at the Planning Permission in March 2014, ating the most exciting shopping experi - Westgate Alliance, has welcomed the Westgate’s detailed design proposals ence in the city. These best in class two new brands to the tenant line-up – and Reserved Matters have been submit - brands join an impressive and growing “We are creating a world-class retail and ted. A decision is due in the autumn line up including major flagship stores leisure destination that will ensure ahead of the scheduled commencement for John Lewis and Next. Oxford’s shopping and dining offer is of works on site in early 2015. Curzon Cinemas has signed a 2,015 sq m synonymous with its world-renowned The design of the scheme is a collabora - boutique cinema space at Westgate. The heritage status. Securing Curzon tion between five architectural practices, leading arthouse cinema chain has rede - Cinemas and Michael Kors demonstrates and reflects a modern, innovative retail fined cinema going in the UK and brings the Westgate Alliance’s ability to bring and leisure space set in the midst of a an entirely new cinematic experience to together the very best retail and leisure world-famous heritage city. As such the this heritage city. Curzon Oxford screens offer in the city.” centre has been designed to complement will use stunning Sony 4k digital projec - Mel Alcock, Chief Operating Officer of and integrate seamlessly with its historic tion set within an architecturally dramat - Curzon commented, “Our unique cinema setting. Both the location and design of ic building positioned above the South experience fits perfectly with both the scheme responds to high levels of Square inside the scheme, and intro - Westgate Oxford and the city itself. We demand from national and international duces an exhilarating new entertainment are extremely excited to be bringing our retailers alike. hub to the city. state-of-the-art, unique offer to such an The development has already secured International fashion success Michael exciting scheme and to be working with John Lewis, creating a highly sought after Kors has agreed a 206 sq m unit, marking such forward-thinking, ambitious land - 13,000 sq m flagship store across 3 floors. The much-anticipated department store was recently voted the ‘Nation’s favourite retailer’ in a Conlumino survey and significantly adds to the scheme’s growing, enviable fashion offer of a 47,393 sq ft (4,403 sq m) Next. Regarded as the most anticipated scheme in the UK, Westgate Oxford tops the wishlist of cities for retailers to take space in the UK, with its enviable wealthy catchment, international cultur - al prowess and unequivocally strong sta - tus within the global tourism market, attracting over 9 million visitors per year. Westgate Oxford will capitalise on these truly great assets and bring to Oxford a retail and leisure destination befitting this global location. CBRE and Cushman & Wakefield act as joint retail leasing agents for Westgate Alliance, while Davis Coffer Lyons acts as the food and beverage leasing agent.
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HONG KONG REMAINS WORLD’S MOST EXPENSIVE RETAIL MARKET BY SUBSTANTIAL MARGIN - CBRE
Hong Kong, New York, Paris, London and annum) and London (US$1,328 per sq. ft. Tokyo retained their positions as the per annum). The gap between the top four world’s most expensive high-street retail markets and the rest of the top 10 widens destinations in Q3 2014, according to new significantly. research from global property advisor While the top four cities continue to hold CBRE Group, Inc. their leading positions, there was some CBRE’s quarterly ranking of the world’s movement lower in the top 10 rankings. prime global retail markets saw little Rents rose in Tokyo (US$1,076 per sq. ft. change in Q3 2014, with global and hot- per annum), and fell in Zurich ($895 per growth markets continuing to lead the list. sq. ft. per annum) and Sydney (US$730 Retailers across all markets continue to tar - per sq. ft. per annum), resulting in the get high-end shopping areas and interna - cities changing positions this quarter. tional tourists. In Q3 2014, Tokyo continued to lead rental “Even with the somewhat gloomy economic growth in Asia Pacific, with the continued headlines, consumer demand is reasonably lack of space in major high-street retail firm in most markets,” said Richard locations pushing up retail rents 7.7 percent Barkham, Global Chief Economist, CBRE. quarter-over-quarter. Strong rental growth “We can expect to see a continuation of the was also recorded in a number of emerging post-crisis pattern of periods of optimism markets in the region, particularly in India followed by periods of pessimism. The and Vietnam, reflecting the recent resump - Americas will see stronger growth than the tion of structural economic reforms follow - Eurozone, as the latter has been con - ing the general lack of progress over the strained by restructuring in the banking past few years. Highlights included a strong exerting upward pressure on prime rental sector as well as overly tight fiscal and mon - 5.9 percent quarter-over-quarter rental in the best shopping locations. The belief etary policy. Asia Pacific will record slightly growth in Ho Chi Minh City and a 4.0% quar - that both local and overseas visitors will lower growth in 2014 over 2013, but is still ter-over-quarter rental growth in Mumbai. continue to spend on luxury items in the expected to outpace the other two regions Retailer demand for prime locations in right locations will ensure the most attrac - by a considerable margin.” major cities across EMEA remained firm, but tive sites remain a key focus for retailers Hong Kong (US$4,327 per sq. ft. per rental growth has tailed off, leaving most as we move through 2015.” annum) maintained a wide lead over the markets flat in Q3 2014. Hamburg (up 6.5 In the U.S., four of the 12 prime retail corri - number-two market, New York (US$3,570 percent quarter-over-quarter) and Munich dors tracked by CBRE Research saw quar - per sq. ft. per annum)—where prime rent (up 5.6 percent quarter-over-quarter) were ter-over-quarter increases in prime rents along Fifth Avenue is at record levels. among the few markets to record growth, during Q3 2014. Prime asking rents along Rents in Hong Kong remained stable com - reflecting the fact that, despite the recent Rodeo Drive in Los Angeles (US$640 per sq. pared to Q2 2014. economic headlines, domestic consump - ft. per annum) continue to be the highest in The “Occupy Central” protest, which tion in Germany remains firm. the U.S. outside of Manhattan, and are began late in the third quarter, has not yet Andrew Phipps, Head of EMEA Retail expected to record further increases over materially impacted retail rents in Hong Research and Consulting, CBRE said: the remainder of 2014, as there continues to Kong,” said Henry Chin, Head of Research, “Strong international demand for prime be a lack of available space. Miami (up 3.2 Asia Pacific, CBRE. “We did see lower locations in major cities across Europe has percent quarter-over-quarter), Washington, shopper footfall in affected areas in remained firm. London and Paris are see - D.C. (up 2.2 percent quarter-over-quarter), October; however, the Christmas shop - ing continuing demand from retailers and New York (up 2.0 percent quarter-over- ping season will provide some support to looking for flagship stores or further quarter) also reported increasing in prime retail sales in the final quarter.” expansion opportunities in these proven asking rents in Q3 2014. In Canada, high- A large rental spread also exists between markets. Luxury retailers have continued street rents were unchanged in Montreal, New York and the two leading European to drive demand as they compete for the Vancouver and Toronto, and have remained markets: Paris (US$1,331per sq. ft. per most coveted shopping destinations, at their current level since Q4 2013.
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WORLD FAMOUS TOY BRAND HAMLEYS ambition to create a compelling destina - “The deal is significant within the wider TO JOIN INTU LAKESIDE tion for families who come from near and Polish retail sector and for the strengthen - far.” ing of our fund. It has created a precedent The UK’s leading shopping centre operator To further enhance the centre’s appeal, for lease negotiations across the country; intu has signed up with Hamleys for a intu Lakeside is set to extend its leisure in fact, we have been inundated with 9,000 sq ft store at intu Lakeside, due to offer having obtained securing planning enquiries from other landlords for advice open in spring 2015. The world famous toy permission for a £100m development. The on similar deals.” brand has an exclusive selection of stores development will deliver cafés, restau - The Pasaz Lodzki Shopping Centre outside its flagship Regent Street location, rants and family entertainment venues comprises 72 retail units and restaurants with four shopping centre stores in the UK, focussed around a new public square. In adjacent to the Auchan hypermarket. three of which are now located within intu addition planning permission for a hotel Other major retail tenants include TK centres, including intu Trafford Centre and has also been approved whilst outline Maxx, Puma, Adidas, Sony, Sephora and St David’s Cardiff. planning consent has been obtained for a Euro RTV. Pradera also developed a 3,730 A spokesperson for Hamleys said: “intu £180m retail extension, which includes sqm stand-alone unit for Decathlon in Lakeside with its strong family demo - improvements to transport links. 2010. A further extension to the centre graphic is a great location for a new Julian Wilkinson added: “intu’s retail and opened in 2011, housing international Hamleys store. Working closely with intu leisure mix is always carefully considered retailers H&M, Nike and a 24-hour phar - we have created a store that complements and designed to complement existing macy. our UK growth strategy, delivering our tenants and support future plans in order It forms part of the Pradera Central & unique retail experience of fun, theatre to provide customers with the perfect Eastern Fund (PCEF), a specialist property and entertainment. The intu Lakeside shopping experience and enable retailers’ fund focused exclusively on the retail prop - store will be in a great position and we are businesses to flourish.” erty sector in central and eastern Europe. sure the impact of an impressive 51 metre Launched in July 2006, it holds six assets frontage right at the gateway of the FIRST LEASE RENEGOTIATION WITH across Poland, the Czech Republic and proposed leisure extension means our AUCHAN SECURED IN LODZ Romania. store will perform well.” Auchan is controlled by one of France's intu Lakeside, located on the M25 just Pradera’s Central European outfit is the wealthiest families, the Mulliez. Its north of the Dartford river crossing on first landlord to successfully renegotiate a takeover of the Real hypermarkets divi - London’s eastern perimeter, is based in new lease with Auchan, since the group’s sions across central and eastern Europe is Europe’s largest concentration of retail and purchase of Metro AG’s eastern European likely to double its store presence in the leisure and attracts a 25 million annual hypermarket subsidiary, Real, in February region and is a key factor in development footfall. The centre’s Acorn profile closely 2014. alongside European and Asian markets. matches that of Hamleys’ toy buying Pradera secured a new lease on the 16,883 customer profile, making it an ideal loca - sqm Real hypermarket store, under the BENSON ELLIOT MOVES INTO tion for the toy retailer. Additionally, the new name Auchan, at the Pasaz WOLVERHAMPTON WITH £59M Regional Malls Shopper Lodzki Shopping Centre in MANDER CENTRE ACQUISITION Dimensions 2013 Peak Survey central Lodz. The highly antic - cites intu Lakeside as one of ipated rebranded store Benson Elliot, the UK-based private equity the UK’s top performing malls launched in late November 2014 real estate fund manager, has acquired the attracting a higher percentage to a huge crowd of shoppers. Mander Centre in Wolverhampton city of shoppers with children than Mark Richardson, Fund Manager centre from Mander Investments Ltd. for the average regional centre. for PCEF and Head of Central Europe, £59m, in a continuation of its expansive Julian Wilkinson, regional director of intu, Pradera, comments: “We are delighted to UK regional investment programme. The said: “Hamleys is a great addition to the have secured Auchan at Pasaz Lodzki. Real shopping centre currently produces a net premium tenant mix at intu Lakeside and has been an appreciated tenant for many initial yield of 6.5%, which is set to substantially improves the centre’s family years and is also a highly valued retailer by increase to 8.5 – 9.0% following the offer. As an iconic British brand offering the local population, as demonstrated by completion of a comprehensive reconfigu - quality children’s toys and experiences, such a successful launch. Their presence ration programme. the new store will attract more people, remained in the centre is important to the With a combined area of approximately from further, for longer and will drive our continued success of the centre. 620,000 sq ft, the Mander Centre is the
68 REUROPE > 108 DECEMBER 2014 Intu Lakeside dominant in-town shopping offer in we’ve been pursuing a strong and success - city, with a level of activity we haven’t Wolverhampton, comprising a two-level ful UK regional investment programme, known since the 1960s. It’s a clear sign of covered scheme of 103 retail units, with c. having identified early on the growth story the progress Wolverhampton’s making 55,000 sq ft of ancillary offices and a 530 now unfolding in regions like the West that a major private equity firm like space, multi-storey car park. The Centre Midlands. In-town shopping centres – Benson Elliot should want a stake in its serves an extensive primary retail many suffering from under-investment future. They have great plans for the catchment (430,000 people) and – have been an important compo - Mander Centre – and on behalf of the generates exceptional footfall (17 nent of that programme. The council and all its partners, I’d like to million p.a.). Mander Centre is a well- welcome them to a city that is really In June, planning permission was located, robust business making it happen.” granted to reconfigure the Mander with a solid profile and a Peter Cornforth, Director of Retail at Centre to deliver a 90,000 sq ft new loyal customer base. With Benson Elliot, said: “The City’s embarked build anchor store, together with 9 committed ownership, strong on a £1bn plus regeneration programme to larger format units, all arranged around a in-house retail expertise and a deliver significant improvements to both new atrium and a re-constructed retail focussed capital programme, we believe the built environment and the range of mall. The anchor store has been pre-let to there is a significant opportunity to rejuve - facilities on offer to visitors, shoppers, Debenhams, who will join existing brands nate the Mander Centre, making it once workers and residents. We’re confident Boots, BHS, JD Sports, New Look, again the centrepiece of a thriving that a revitalised Mander can make a key Starbucks, Clarks, H Samuel, The Wolverhampton city centre.” contribution to Wolverhampton’s exciting Entertainer and Costa Coffee, amongst Councillor Peter Bilson, Wolverhampton future.” others. City Council’s Cabinet Member for Jackson Criss advised Benson Elliot, while Marc Mogull, Benson Elliot Managing Economic Regeneration and Prosperity Cushman & Wakefield acted for Mander Partner, said: “Over the past few years, said: “These are momentous times for our Investments Ltd. WHERE THE WORLD’S TOP NAMES ARE OPENING THIS MONTH
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