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1 | 2014 ACROSS 1

www.across-magazine.com

1|2014PP, A-1010 ViennA

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Karolin Forsling of AMF Fastigheter tells why the Swedish developer’s activities focus on Stockholmin Great Britain, the volume of shopping center investments has reached a record high

Jonathan Doughty discovers a fascinating journey in the evolution of the food court

The triumphal march of Factory Outlet Centers continues unabated. But investments in these specialty properties are by no means a sure thing: nearly every seventh project ends up in bankruptcy

DeVeLOPMenT inVeSTMenTFOODSeRViCe COLuMn

we design shopping

G3 Gerasdorf | Foto: ATP - Kuball

Innsbruck V ienna Munich Frank fur t Zur ich Budapest Zagreb Moscow

www.atp.ag

architects and engineers for excellent buildings

The Shopping Center Is Dead! Long Live the Shopping Center!................. .7Commentary.by.Reinhard.Winiwarter

Responsible Investment in Shopping Centers: Just Another Trend?............ .8Commentary.by.Martin.Sabelko

The Untapped Potential Along the Silk Road .......................................... .10Commentary.by.Philip.Evans

Outlet Market Outlook ..................... 12Commentary.by.Giles.Membrey

German Planning Low Blocks Refurbishments................................ 13Commentary.by.Jörg.Wege

Five Years a Jury Member ................ 14Commentary.by.Christoph.M..Achammer

How Can Shopping Malls Counter the E-Commerce Juggernaut? ................ 16Commentary.by.Michelle.Buxton

Projects & Openings............................18Projects,.openings,.and.other.retail.real.estate.news

There’s Something Happening Here!...............................40The.shopping.center.market.in.Albania.to.date.is.small,.with.just.three.shopping.centers

Malmö, Göteborg – No Thanks! ......30Karolin.Forsling,.Head.of.Retail.and.Development.at.AMF.Fastigheter,.tells.why.and.how.the.Swedish.developer’s.activities.focus.on.downtown.Stockholm

Prepared for a Demanding Market ......................... .34The.new.Managing.Director.of.the.Nordic.Council.of.Shopping.Centers.(NCSC),.Marika.Wærn,.explains.why.and.how.she.promotes.the.subject.of.education

Half the Decade as a Benchmark... .38Jørgen.Nielsen,.Expansion.Manager.at.Bestseller,.thinks.landlords.should.renovate.their.shopping.centers.every.five.years

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Factory Outlets.................................42The.triumphal.march.of.factory.outlet.centers.(FOCs).continues.unabated,.but.investments.in.these.specialty.properties.are.by.no.means.a.sure.thing:.Nearly.every.seventh.project.ends.in.bankruptcy,.the.FOC.specialist.ecostra.warns

Europe’s Most Successful Outlet Centers ................................. .46ecostra.and.Magdus.have.again.searched.for.the.best-performing.FOCs..And,.once.again,.the.renowned.institutes.found.the.winner.in.England

Planned Outlet Centers in Europe ..........................................50Market.Survey.by.ecostra.covering.all.planned.outlet.centers.in.the.European.countries

2 ACROSS 1 | 2014

The Changing Face of Food Courts ..................................58Foodservice.column.by.Jonathan.Doughty

A Complete Success.........................60The.Premium.business.programme.of.Christmasworld.and.the.German.Council.of.Shopping.Centres.generated.a.great.echo

ICSC European Conference..............84The.industry.event.takes.place.this.year..in.Istanbul.on.April.2.and.3

Shopping Centers 2020: Nothing to Fear but I-Fear Itself! ....................... 76Contrary.to.current.perceptions,.there.are.many.powerful.levers.the.smartest.of.the.industry.can.pull.to.ensure.a.bright.future.for.well-managed.retail.destinations

Lighting Shop and Retail Areas with Target Groups in Mind .....................78A.laboratory.study.conducted.by.Zumtobel.and.Gruppe.Nymphenburg.has.for.the.first.time.made.it.possible.to.measure.people’s.affective.responses.to.various.lighting.scenarios.in.shops.on.an.empirical.basis

Are Swiss Shopping Centers in Crisis? No, But Many Are on the Verge .....................................72The.current.Shopping.Center.Market.Report.2014.by.stoffelzurich.uncovers.an.uncomfortable.truth:.Swiss.shopping.centers.are.facing.more.challenges.than.ever.before

UK: Investors Bullish ..........................68In.Great.Britain,.shopping.centers.remain.a.sought-after.commodity..The.investment.volume.has.reached.what.is.likely.a.record:.£4.58.billion

Involved in Some of the Best-Known Retail Schemes Throughout Europe .............................70James.Darkins,.CEO.of.soon-to-launch..TH.Real.Estate,.tells.ACROSS.that.the.business’s.approach.is.to.understand.the.needs.of.the.investor,.the.retailer,.and.the.consumer

The Largest Clothing Retailer in the World by 2020.................................. .62Commentary.by.ACROSS’s.Retail.Scout.Jörg.F..Bitzer.

Europe-Wide Expansion ......................64Clothing.retailer.Takko.is.planning.60.new.stores.in.13.countries..Its.young.fashion.concept.“1982,”.which.is.to.compete.with.the.likes.of.H&M.and.Primark,.is.also.expanding

Germany: Retail Rentals at All Time Highs .....................................................66According.to.CBRE,.rentals.in.the.German.retail.market.reached.an.all.time.high.in.2013

1 | 2014 ACROSS 3

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ACROSS.is.the.leading.European.retail.real.estate.magazine..The.independent.magazine.informs.about.the.latest.retail.real.estate.projects.and.brings.relevant.news.in.top-quality.to.readers.in.the..sector.on.approx..100.pages..ACROSS.also.provides.political,.economic,.and.le-gal.information..All.this.is.rounded.off.by.country.profiles,.company.and.personal.portraits,.information.on.trends.in.retail.and.catering.sectors,.consumer.issues,.and.commentaries.from.leading.experts..The.magazine.is.published.entirely.in..English,.with.an.exclusive.circulation.of.

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www.across-magazine.com

1|2014PP, A-1010 ViennA

Vn: 08Z037864M

AC

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1| 2

014

Fac

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y o

utl

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Karolin Forsling of AMF Fastigheter tells why the Swedish developer’s activities focus on Stockholmin Great Britain, the volume of shopping center investments has reached a record high

Jonathan Doughty discovers a fascinating journey in the evolution of the food court

The triumphal march of Factory Outlet Centers continues unabated. But investments in these specialty properties are by no means a sure thing: nearly every seventh project ends up in bankruptcy

DeVeLOPMenT inVeSTMenTFOODSeRViCe COLuMn

we design shopping

G3 Gerasdorf | Foto: ATP - Kuball

Innsbruck V ienna Munich Frank fur t Zur ich Budapest Zagreb Moscow

www.atp.ag

architects and engineers for excellent buildings

4 ACROSS 1 | 2014

REINHARD WINIWARTER

Publisher of ACROSS Magazine and Managing Director of sma

European.shopping.center.developers.face.major.challenges..What.we.have.observed.in.the.industry.for.quite.some.time.continues..unabated..Retail.is.returning.to.its.urban.roots..Gone.seem.to.be.the.days.of.the.great.development.dinosaurs.on.the.edge.of.town..The.large-scale.shopping.center.project.in.the.midst.of.distant.green.meadows.is.history.–.at.least.in.saturated.markets..The.shopping..center.of.the.next.generation.needs.to.distinguish.itself.with.more.than.just.highway.access,.ample.parking,.and.a.more.or.less..balanced.tenant.mix..“One.size.fits.all”.no.longer.cuts.the.mustard!.

The.shopping.center.of.the.next.generation.is.urban,.modern,..dynamic,.demand-driven,.and.is.at.the.center.of.an.increasingly..mobile.experiential.society..It.has.become.a.central.component.of.(ideally).a.well.thought-out.and.consistently.implemented.urban.and.socio-political.neighborhood.development.and.thus.links.with.its..environment.in.form.and.content..The.center.itself.is.the.brand.and.the.message..

As.beautiful.and.exciting.as.this.new.interpretation.of.retail.real..estate.is,.it.is.also.becoming.harder.for.all.involved.to.meet.these.new.demands..The.sheer.number.of.stakeholders. in.urban..objects.–.i..e..those.parties.who.wish.to.engage.meaningfully.in.the.new. development. or. redevelopment. of. commercial. real..estate.–.is.several.times.larger.when.contrasted.with.green-field.proj-ects..The. interests.of.politicians,.communities,. residents,..adjacent.property.owners.and.business.associations,.to.name.just.a.few.examples,.all.want.and.need.to.be.included..That’s.no.easy.

task.for.developers.and.future.operators..In.addition,.the.interests.of.tenants.and.their.requirements.for.urban.commercial.retail.and.area.formats,.transport.links,.and.traffic.concepts,.are.also.important.to.note..That’s.a.sizable.“headache”.for.urban.developers,.yet.there.is.no.way.around.the.next.generation.of.retail.real.estate.and.shopping.center.projects.in.the.next.few.years.

In.any.case,.we,.dear.readers,.will.examine.this.topic.more.fully..in.the.next.few.issues..I.am.already.looking.forward.to.what.will.hope-fully.be.numerous.subsequent.discussions.with.you..

THE SHOPPING CENTER IS DEAD! LONG LIVE THE SHOPPING CENTER!

BY REINHARD WINIWARTER, IMAGE: SMA

1 | 2014 ACROSS 5

The.outlet.market.has.been.counter-cyclical.during.the.last.few.years.and.has.shown.significant.turnover.growth.in.the.eye.of.the.global..recession..Brand.support.for.outlets.is.dictated.by.the.number.of.new.full-price.stores.and.surplus.stock.availability..The.main.European..operators.include.McArthurGlen,.Value.Retail,.and.Neinver.

With.approximately.170.factory.outlet.centers.open.in.Europe,.many.countries,.such.as.the.UK,.have.reached.saturation.with.very.few..opportunities.for.further.growth.in.schemes.except.in.a.few.locations..Continuing.with.the.UK.example,.the.West.Midlands.and.the.South-east.of.the.country.still.show.opportunities.for.growth..There.are.a.few.countries,.such.as.France.and.Germany,.however,.where.there.have.been.fewer.developments.due.to.very.restrictive.planning..regimes..This.means.more.opportunities.for.further.development..exist.there.

As.countries.in.Western.Europe.have.become.saturated,.developers.and.operators.have.moved.into.Central.and.Eastern.Europe...Densities.have.tended.to.be.much.lower.in.Central.Europe,.thus..making.rents.lower.as.well..Brands.often.use.franchisees.for..expansion.rather.than.going.to.the.expense.of.establishing..company-owned.stores,.a.trend.that.seems.to.increase.in.strength.the.farther.east.and.south.one.looks..In.Russia,.where.the.economy.is.thriving,.a.number.of.new.schemes.have.been.developed.around.Moscow.and.St..Petersburg..Hines.opened.Russia’s.first.factory..outlet.center,.Belaya.Dacha,.outside.Moscow.in.September.2012.and.Fashion.House’s.Moscow.Outlet.Center,.which.opened.last.year,.is.the.first.in.the.country.that.is.fully.enclosed..Both.are.proving.to.be.very.successful.on.the.back.of.high.catchment.density.and.strong.spending.

Elsewhere.in.Northern.Europe.there.are.new.schemes.being..promoted.in.the.Baltics,.such.as.in.Riga.and.Tallinn,.and.new.schemes.in.Finland.and.Norway.

But.with.many.European.countries.now.reaching.saturation,.many.Central.European.countries.have.only.really.been.able.to.support..

OUTLET MARKET OUTLOOK BY GILES MEMBREY, IMAGE: ICSC

GILES MEMBREY

Chair of the ICSC European Outlets Conference 2014

outlet.schemes.in.their.capital.cities,.where.tourism.and.catchment.density.are.considerable.

With.regard.to.outlets.as.investments,.the.investment.market.for..outlets.was.also.counter-cyclical.during.the.recent.European..recession.and.performance.has.been.very.strong..There.are.a..number.of.new.entrants.to.the.market.such.as.Resolution.Property,.which.purchased.schemes.in.Troyes.and.Roubaix.(both.McArthur-Glen-run.outlets.previously.owned.by.Henderson.Global.Investors).and.the.Rosada.Factory.Outlet.in.Roosendall.in.the.Netherlands.from.CBRE.Global.Investors;.and.Meyer.Bergman,.which.recently..purchased.schemes.in.the.Netherlands.and.Prague..There.are.other.funds.looking.for.opportunities..

Driving.this.investor.optimism.is.the.fact.that.more.brands.are..constantly.entering.the.market,.viewing.outlets.as.another.form.of.multichannel.retailing.in.an.ever-more.competitive.market.in.which.consumers.have.greater.choice.and.are.looking.for.value.retailing..Compared.to.others,.the.outlet.channel.has.been.able.to.compete.well.with.the.internet..This.could.be.because.visitors.are.now..seeking.destination.shopping,.a.premise.on.which.outlet.shopping.was.built.right.at.the.beginning.and.which.its.asset.managers..understand.very.well.indeed.

6 ACROSS 1 | 2014

Retail.parks’.rising.importance.has.continued.unabated.in.recent.years..A.main.driver.of.this.trend.is.the.shortage.of.profitable.core.properties.in.the.commercial.segment..Although.retail.parks.are.not.considered.“core”.by.traditional.investment.criteria.such.as..location,.construction.quality,.and.lease.design,.sustainable.and.sta-ble.rental.cash.flows.mean.that.many.objects.meet.the.most.impor-tant. quality. criterion. for. investors.. The. nearly. constant..proportion.of.the.power.center.and.retail.park.asset.class.in..total. volume. of. transactions. in. the. years. 2011-2013. of..approximately.30%.is.evidence.of.continued.investor.interest.

For.tenants,.retail.parks.are.increasingly.a.focus.for.optimizing.their.sales.channels..Above.all,.there.is.growing.interest.from.superior.brands.and.retail.and.catering.concepts.that.want.to.rent.space.in.retail.parks.–.this.is.especially.true.for.larger.and.professionally..managed.objects..Some.are.even.developing.special.shop.concepts.for.retail.park.locations.and.their.specific.requirements.

Retail.parks.contribute.significantly.to.meeting.consumers’..periodic. needs.. In. addition. to. price. consciousness. and..convenience,.increasing.demands.on.the.breadth,.depth,.and..quality.of.what’s.on.offer.is.affecting.customers’.shopping.behavior..

Legislation.at.federal.and.state.level.in.Germany.has.become.steadi-ly.more.restrictive.for.years,.making.it.more.difficult.to.adapt.to.the.obvious.and.ever.more.rapidly.changing.requirements.within.the.re-tail.park.market..This.relates.especially.to.the.exclusion.of..relevant.product.ranges.in.locations.outside.of.city.centers.and..secondary.centers..Communities’.retail.and.center.concepts.are.also.becoming.more.restrictive..Binding.range.determinations.as.a.result.of.lengthy.development.plan.procedures.often.make.for..extreme.restrictions.when.it.comes.to.restructuring..There.is.almost.no.leeway.for.foreseeable.future.adjustments.

Parallel.to.this.development,.however,.the.need.for.action.on..changes.in.retail.parks.is.steadily.increasing..Entire.segments.that.are.central.for.retail.parks.are.going.through.a.significant.structural.consolidation,.for.example.the.consolidation.and.reduction.in.the.number.of.home.improvement.stores..Re-letting.a.former.home..

improvement.warehouse.within.the.same.segment.is.thus.often..impossible..The.consumer.electronics.industry.is.reducing.its.space.requirements.due.to.massive.online.competition.and.large.super-markets.have.changing.needs.for.space.partly.due.to.competition-driven.realignments.and.offer.adjustments..The.consequence.of.this.need.for.adaptation.is.increasingly.frequent.planning.and.licensing-related.adjustment.proceedings.to.allow.retail.parks.to.survive.

Even.if.the.building.code.regulations.and.restrictions.in.this.country.serve.the.objective.of.controlling.and.promoting.the.healthy.devel-opment.of.city-center.retail.facilities.for.the.protection.of.city..centers,.sites.that.have.already.been.approved.and.accepted.by..consumers.should.at.least.have.an.opportunity.for.sustainable..development..It.is.certainly.not.sufficient.to.limit.or.even.ban.the..establishment.of.retail.spaces.or.entire.ranges.in.non-integrated..areas.because.these.often.cannot.be.established.in.cities.due.to.a.lack.of.available.space.or.because.of.high.rents.

Therefore.it.is.urgent.that.competent.authorities.pay.heed.to.the..issue.of.needed.refurbishments..After.all,.there.is.probably.no..alternative.to.short-term.flexibility.in.the.licensing.process.to.resolve.the.issue.of.current.cases.of.re-using.formerly.occupied.spaces.on.the.basis.of.a.common.understanding.of.all.actors.involved.

GERMAN PLANNING LAW BLOCKS REFURBISHMENTS

BY JÖRG WEGE , IMAGE: MEC METRO-ECE

1 | 2014 ACROSS 7

JÖRG WEGE

Head of Strategic Development, M&A, MEC METRO-ECE

Centermanagement

LES DOCKS TO OPEN IN MARSEILLE IN 2015

Les Docks Marseille is a unique, 17,000-sq-m shopping destination with 80 units that will cater to interesting concepts and brands including food and restaurants, leisure, and fashion. The project is located in the business district of a fast-developing and vibrant retail environment. It is due to open in March 2015. Around 40% of the space has already been leased, for example to Kulte and Bel Air. Marseille was the European City of Culture in 2013 and is gearing up to be acknowledged as France’s leading retail city after Paris. France’s second-largest city has ap-proximately 860,000 residents and is visited by approximately four million tourists each year.

A ROSE PARK FOR DONETSK

Auchan Donetsk is the first hypermarket to have set up in the city of the same name. The existing shopping mall, along-side this hypermarket, will be extended significantly and turned into a brand new concept: Rose Park with 150 shops on 32,000 sq m GLA. Modern architecture with the latest facade technology, bright interior design, and a careful selection of brands will create a unique shopping environment. The eastern Ukrainian city Donetsk, with its 970,000 inhabitants, is lacking in leisure and entertainment offerings. To meet the needs of the local population, Rose Park is also set to become an exceptional activities center thanks to its multiplex, kid’s entertainment area, restaurants, 360° screen, roller track, and more. Immochan Ukraine is the developer of this project, which is due to open this year.

VASTNED WANTS MORE ON THE HIGH STREET

The proportion of high street shops in Vastned’s portfolio is currently 66%. Consequently, the target of 65% high street shops that the Dutch company set itself in September 2011, has been achieved. Vastned’s new objective is to raise the rate of premium city high street shops to 75% of the total portfolio. This is the main objective of the updated strategy. Approximately 45% of the portfolio is currently invested in high street shops in these “premium cities.” These attractive shopping cities feature demographic growth, strong purchasing power, a historic city center, tourist appeal, and the presence of national as well as international institutions and universities. Vastned’s acquisition policy is focused on these types of premium cities in countries in which it already operates. These include Amsterdam, Breda, Den Bosch, Maastricht, the Hague, and Utrecht in the Netherlands; Bordeaux, Lyons, Lille, Nice/Cannes, Paris, and Toulouse in France; Antwerp, Bruges, Brussels, and Ghent in Belgium; Barcelona, Bilbao, Madrid, Málaga, Seville, and Valencia in Spain; and, of course, Istanbul in Turkey. Vastned aims to create clusters in these towns to be able to offer retailers a broad range of opportunities.

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SERBIA

A RETAIL PARK FOR JAGODINA

Vivo shopping Park, a place for shopping and entertainment for the whole family, is a new retail park concept that raises the standards of construction and organization of retail park activities to a higher level. Its location in the city of Jagodina was chosen because it is, in many respects, the city of the future for central Serbia. The scheme is located on Corridor 10, 130 km south of Belgrade, in the center of the Pomoravlje region, which is home to approx. 250,000 inhabitants. This neighborhood in Jagodina is also home to the sport-tourism complex Djurdjevo hill, the Jagodina zoo, a water park, a wax museum, a city sports center, and the FC Jagodina stadium. Vivo shopping Park plans to invest €15 million in this retail park. Its 10,000 sq m of GLA will comprise 33 retail units. 360 parking spaces will be available to shoppers. Ground was broken on the project in December 2013. The opening celebration is planned for June 15 of this year.

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ETHOS: HOME FOR LUXURY BRANDS IN WARSAW

Kulczyk Silverstein Properties plans to expand and modernize the office and commercial complex at Three Crosses Square to position it as an attractive address in Warsaw. The building is known as Ethos and will attract both luxury boutiques and headquarters of the most renowned Polish and international companies. The opening is planned for 2015. One of the project’s principle objectives is to maximize the complex’s visibility and its availability for clients. Its future stores will open onto Three Crosses Square via eight meter high shop windows. The additional height will allow the design of an intimate mezzanine. The new central point of the retail space in Ethos will be the bright and spacious patio with its glass roof. Essential customer amenities will include an underground car park, which will guarantee quick and comfortable access to the boutiques.

POLAND

1 | 2014 ACROSS 9

FOCs.are.more.popular.in.Europe.than.ever.before..Despite.the.economic.and.financial.crisis,.the.de-velopment.pipelines.of.international.investors.have.been.running.at.maximum.output.in.the.past.few.years..In.the.past.few.months.alone,.new.FOC.sites.were.brought.to.fruition.in.Italy,.France,.Austria,.Sweden,.and.Serbia..Russia.and.Poland.also.boast.dynamic.development.markets..Germany,. in..particular,.has.sharply.increased.its.tally.of.centers.in.this.period.with.three.new.openings..These.are.all.results.from.the.evaluation.of.FOC.market.data.regularly.published.by.the.Research.Institute..ecostra.based.in.Wiesbaden..With.the.new.open-ings.at.locations.Soltau,.Ochtrup,.and.Neumünster,..professionally.designed.and.operated.factory.out-let.centers.now.stretch.from.Schleswig-Holstein.to.Bavaria..Germany.has.enjoyed.the.busiest.growth.in.FOC.locations.and.area.of.all.European.countries.in.the.past.year..And.this.trend.is.certainly.far.from.over..Work. is.currently.underway.on.a.very..

ambitious.project.in.Bad.Münstereifel.(near.Bonn)..City.Outlet.Bad.Münstereifel.includes.30.buildings,.some.of.which.are.historically.protected,.directly..in. the.historic.city.center..City.Outlet.Bad..Münstereifel’s.shops.offer.last.year’s.fashions.and.sample.collections.with.discounts.of.30.to.70%..The.shops.are.operated.by.the.brands.themselves.or.their.exclusive.trading.partners..The.outlet..center.is.operated.by.ROS.Retail.Outlet.Shopping.

This.development.is.driven.not.only.by.intern.ational.operators.and.investors.who.are.looking.for..promising.locations..It.is.also.driven.by.cities.and.municipalities.striving.for.such.developments.in..order.to.reposition.themselves.in.inter-municipal.competition.and.present.themselves.as.spacious.and.radiant.shopping.destinations,.hoping.for.busi-ness.tax.revenue.and.to.create.new.jobs..The.high.demand.for.space.from.international.brand..manufacturers.is,.however,.a.major.driving.force..

OutletsF

actory

The triumphal march of factory outlet centers (FOCs) continues unabated, but investments in these specialty properties are by no means a sure thing: Nearly every seventh project ends in bankruptcy, the FOC specialist ecostra warns.

10 ACROSS 1 | 2014

COVER STORY

About.two-thirds.of.surveyed.ecostra.brands.want.to.rent.outlet.stores.at.locations.in.Germany..One.in.four.surveyed.brands.are.looking.for.land.in.France.and.one.in.five.in.Italy.

GERMANY IS STILL A DEVELOPING COUNTRY IN TERMS OF FOCS

Despite.the.proliferation.of.sites.and.area,.at.the.middle.of.last.year,.Germany.still.had.one.of.the.lowest.FOC-area-to-inhabitant.ratios.in.Europe,.with.around.1.5.sq.m.of.outlet.space.per.1,000..inhabitants..By.contrast,.Poland.had.3.5.sq.m.per.1,000.inhabitants,.more.than.double.Germany’s.level..Other.examples.are.France’s.4.1.sq.m.and..Italy’s.8.2.sq.m..Switzerland.had.the.highest.area.ratio:.11.4.sq.m.per.1,000.inhabitants..“Given.the.high.purchasing.power.and.bargain.orientation.of.consumers.here,.we.believe.that.Germany.still.has.significant.development.potential.for.this.sales.channel,”.comments.ecostra’s.CEO.Joachim.Will..“Outlet.centers.will.remain.a.small.niche.within.the.overall.retail.market.in.Germany,.however..This.is.not.only.due.to.restrictive.planning.rules,.but.also.because.market.data.from.countries.that.are.seen.as.saturated.in.this.respect.illustrate.this.fact...We.assume.that.Germany.will.have.about.20.to.a.maximum.of.25.outlet.centers.in.the.medium.term.-.that.is.by.about.2020.-.and.that.will.probably..be.about.it,”.Will.is.convinced.

EUROPE: ANNUAL INCREASE IN SPACE IN OUTLETS EQUIVALENT TO THE SIZE OF ALMOST 20 SOCCER FIELDS

As.ecostra’s.research.shows,.there.is.a.total.of.149.outlet.centers.with.a.total.sales.area.of.2.4.million.sq.m.currently.operating.in.Europe.(as.of.mid.2013)..Compared.to.last.year,.the.number.of.centers.rose.by.8.locations.(+5.7%).and.the.area.rose.by.nearly.160,000.sq.m.(+7.1%)..On.average.over.the.last.10.years,.the.number.of.FOCs..has.increased.annually.by.8.locations.and.the.sales.area.has.grown.by.140,000.sq.m..This..corresponds.approximately.to.the.size.of.19-20.soccer.fields.each.year..Operators.and.investors.in.the.state.of.North.Rhine-Westphalia.consider.Germany.to.be.particularly. interesting..For..this.reason,.approval.processes.are.currently.in.progress.for.the.establishment.of.factory.outlet.centers.in.Remscheid,.Werl,.and.Duisburg..

In.contrast.to.the.approval.situation.in.Germany,.approval.regimes.in.other.European.countries.are.much.more.liberal..This.is.especially.true..in.Italy,.where.the.number.of.FOC.locations.has.increased.rapidly,.from.four.10.years.ago.to.23.today,.with.a.total.sales.area.of.approximately.492,000.sq.m..These.centers.have.mostly..focused.on.the.northern.part.of.Italy,.while.

DEFINITION OF FACTORY OUTLET CENTER

Factory Outlet Centers (FOCs) are an agglomeration of many shop units within a uniformly planned building complex or a spatially coherent arrangement of buildings with a total sales area of at least 5,000 sq m (= approx. 6,000 sq m GLA) and more than 20 outlet stores in which manufacturers and vertically integrated retailers bypass end retailers to sell discontinued models, second-choice products, surplus productions, etc. directly to consumers. Their tenancy agreements specify that all goods be sold at a discount of at least 25%, with a dual price display (“High Street Price” vs. “Outlet Price”). The coordination, organization, and marketing is done by the center management. Source: ecostra

Slovakia’s first factory outlet center opened its doors at the end of October 2013.

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Southern.Italy.is.still.rather.sparse.-.in.part.due.to.lower.purchasing.power.there..France.has.also.expanded.its.outlet.facilities.considerably.and.now.has.17.centers.with.a.total.sales.area.of.nearly.256,000.sq.m..France’s.most.recent.opening.took.place.in.Roppenheim.in.Alsace.in.April.2012..The.Spanish.operator.Neinver.creat-ed.a.center.with.107.stores.and.a.total.sales.area.of.22,000.sq.m.at.this.location.directly.opposite.the.German.spa.town.of.Baden-Baden.

LARGE NUMBER OF FOC BANKRUPTCIES

ecostra’s. research.also.shows. that.outlet..centers.won’t.work.just.anywhere..So.far,.the..Wiesbaden-based.researchers.were.able.to..identify.a.total.of.21.failed.FOC.locations.in..Europe.that.closed.due.to.failure.to.attract..customers.or.were.never.opened.despite.com-pletion.of.the.building..Will:.“Based.on.the.cur-rent.total.number.of.FOCs.in.Europe.of.149.ob-jects,.this.leads.to.a.general.average.rate.of.14%..This.value.is.quite.dramatic.for.project.develop-ment.in.the.retail.sector,.because.this.means.that,.on.average,.about.one.in.every.seven.proj-ects.ends.with.long-term.vacancy..Analysis.of.the.cause.of.these.failures.clearly.illustrates.that.the.

careful.examination.of.site.characteristics.and.market.potential,.along.with.experienced.and.professional.center.operators,.are.decisive..criteria.for.the.success.of.this.form.of.retail.”.

OPPORTUNITIES FOR RETURNS WITH TOP OBJECTS

On. the. other. hand,. however, . FOCs. are..attractive.due.to.their.above-average.returns..One.of.the.most.successful.centers.in.Europe,..“Bicester.Village”.near.Oxford.(UK),.developed.and.managed.by.Value.Retail,.reached.an.area.productivity.of.almost.€20,000.per.sq.m.of..retail.space.last.year,.according.to.ecostra..Will:.“Such.top.centers.are.money.printing..machines.for.investors..There.are.other.centers.that.do.not.even.reach.a.tenth.of.that.area..productivity..The.Blues.are.more.appropriate.for.those.”.The.span.between.success.and..failure.at.Europe’s.outlet.centers. is. thus.correspon.dingly.broad.

FIRST FOC IN PENNSYLVANIA

The first was FOC was tested in Pennsylvania (USA) in 1971. It began as a simple bundle of several factory outlets put together without paying any particular attention to the location. The concept was optimized in subsequent years and about 324 FOCs were built in the US by 1995. In 1984, the first establishment in France opened up the European market. FOCs did not really start to prosper in Europe until American operators began to invest in the UK in 1988, however. To date, FOC densities vary widely across Europe.

“City Outlet Bad Münstereifel,” North Rhine-Westphalia’s first urban outlet, will

open in August 2014.

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CEO of ecostra: “Top centers are money printing machines for investors.”

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COVER STORY

Slovakia’s first factory outlet center, opened its doors at the end of October 2013.

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Location ExpErtisE FroM GfK

Growth from Knowledge www.gfk.com/location-experts

We understand retail and consumers like no one else. That’s how we can help you finding the best locations and investment opportunities in retail real estate throughout Europe.

EUROPE’S MOST SUCCESSFUL OUTLET CENTERSecostra and Magdus have again searched for the best-performing FOCs. And, once again, the renowned institute found the winner in England.

The second place slot is occupied by “Designer Outlet Roermond,” located in

the Netherlands only a stone’s throw away from the German border.

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COVER STORY

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Currently,.the.best.performing.outlet.center.in..Europe.is.located.in.England,.about.30.km.north.of.the.historic.university.town.of.Oxford.in.the.city.of.Bicester,.home.to.approx..30,000.inhabitants..This.is.the.result.of.the.“Factory.Outlet.Center.Performance.Report.Europe.2013”.(FOCPRE)..This.study.focuses.on.the.European.outlet.center..market.and.was.implemented.by.the.consultancy.ecostra. (Wiesbaden,.Germany). for. the.6th..consecutive.year..Since.2012,.this.report.has.been.prepared.in.cooperation.with.the.French..research.institute.Magdus..The.report.is.based.on.a.survey.of.international.brand.manufacturers..regarding.their.satisfaction.with.the.sales.in.their.stores.in.the.various.European.outlet.malls,.their.future.expansion.plans.and.many.other.questions.on.the.European.outlet.market.

The.trophy.moves.from.last.year’s.winner.“La..Vallée.Village,”.which.is.located.in.the.vicinity.of.Paris,.to.the.British.center.“Bicester.Village,”.but.remains.with.the.operator.Value.Retail,.which.manages.both.centers..Of.course,.“Bicester..Village”.is.not.unknown.in.the.European.market:.This.center.already.led.the.ranking.of.the.best..performing.Outlet.Centers.in.2008.and.2010.and.it.is.generating.very.remarkable.revenues..This.fact.was.also.recently.announced.by.Scott..Malkin,.founder.and.CEO.of.Value.Retail..Malkin.stated.in.an.interview.that,.with.about.€19,400.per.sq.m.“Bicester.Village”.in.the.meantime.has.the.world’s.highest.area.productivity,.not.only.in..regard.to.outlet.centers,.but.also.in.regard.to.shopping. malls.. This. is. now. impressively..confirmed.in.the.latest.Factory.Outlet.Center..Performance.Report.Europe.2013.due.to.the..evaluations.of.the.tenants.of.this.center..

SECOND PLACE FOR DESIGNER OUT-LET ROERMOND

The.second.place.slot.is.occupied.by.“Designer.Outlet.Roermond,”.located.in.the.Netherlands.only.a.stone’s.throw.away.from.the.German..border..With.a.lettable.area.of.approx..35,000.sq.m,.it.is.also.one.of.the.largest.outlet.malls.in..Europe..This.center.is.open.all.year.round,.apart.from.Christmas.and.New.Year’s.Day..More.than.2/3.of.the.4.1.million.visitors.per.year.come.from.Germany,.on.public.holidays.the.number.of.Ger-

man.visitors.even.rises.to.more.than.80%..“If.traf-fic.news.broadcast.on.the.radio.on.Sunday.state.that.there.is.a.traffic.jam.on.a.highway.in.North.Rhine-Westphalia,.then.the.chances.are.high.that.it.is.the.A52.from.Moenchengladbach.to.Roer-mond,”.says.ecostra’s.project.manager.Thomas.Terlinden,.who.is.in.charge.of.the.report.at.ecos-tra.and.grew.up.in.this.region..“Roermond.is.now.one.of.the.most.important.tourist.shopping.desti-nations.in.Europe..Especially.on.Sundays,.cara-vans.of.shopping.addicts.from.North.Rhine-West-phalia.storm.towards.Holland,”.Terlinden.reports..Last.year.the.“Designer.Outlet.Roermond”.was.ranked.3rd.and.has.thus.improved.its.placement..

Slipping.to.third.place.this.year.is.last.year’s..winner.“La.Vallée.Village,”.which.is.located.in.the.exurbs.east.of.Paris.very.close.to.the.theme.park.“Disneyland.Europe.”.With.about.100.shops.and.a.lettable.area.of.approx..17,400.sq.m,.“La.Vallée.Village”.is.a.medium-sized.outlet.center,.but.has.–.like.the.other.top-ranked.centers.–.a.distinctive.mix.of.high-priced.premium.and.designer.brands..

NO GERMAN CENTER IN THE EUROPEAN TOP 10

A.novelty.is.the.fact.that.none.of.the.German..centers.in.the.portfolio.is.present.in.the.European.top.10.anymore..In.previous.reports.on.this..market,.at.least.two.German.locations.were..always.represented.in.this.top.group..Here,.French,.Italian,.and.English.centers.have.moved.forward..These.are.sites.in.countries.that.did.not.count.as.“growth.engines”.for.the.European.Union.last. year.. Joachim. Will,. CEO. of. ecostra,..comments:.“It.seems.to.be.true.that.outlet.cen-ters.prosper.particularly.in.times.of.economic.un-certainty.and.a.corresponding.fall.in.consump-tion.”.Until.now,.it.was.always.assumed.that.outlet.centers.only.show.a.higher.resistance.to.crises.compared.to.traditional.forms.of.retail,.but.ulti-mately.cannot.escape..negative.economic.cycles,.too..“In.subsequent.studies,.we.will.have.to.check.if.this.trend.can.be.confirmed”.says.the.managing.director.of.ecostra..Although.there.is.no.German.center.in.the.leading.group,.it.can.be.stated.that.all.German.sites.perform.well.above.the.Euro-.pean.average..In.this.respect,.there.is.no.need.to.worry.for.investors.in.German.outlet.centers..

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DIFFICULT SITUATION IN SOFIA

In.stark.opposition.to.this.rosy.picture.stand.the.centers.at.the.bottom.of.the.ranking..Here.sites.that.are.assessed.by.tenants.in.a.way.that.can.certainly.be.called.dramatic..For.example,.the..outlet.center. in.the.Bulgarian.capital.Sofia..managed.by.Fashion.House.has.received.a.rating.of.4.60.(an.average.of.single.evaluations.by.the.tenants.on.scale.from.“1”.=.much.better.to.“5”.=.

much. worse) . regard ing. the. economic..performance..The.center.was.also.at.the.bottom.of.the.ranking.last.year..The.centers.“L’Usine”.in.the.French.city.of.Roubaix.(Ø.4.50),.“Festival.Park.Outlet.Shopping”.in.the.English.town.of.Ebbw.Vale.(Ø.4.33),.and.the.“Fashion.District.Outlet”.in..Melilli.in.Italy.(Ø.4.33),.however,.are.also.anything.but.successful.from.the.tenants.perspective.

DEFINITION OF OUTLET CENTER:

Factory outlet centers (FOCs) are a collection of many outlet store units within a mutually-planned or a spatially-interrelated complex of buildings with more than 5,000 sq m of sales area (= approx. 6,000 sq m GLA) or with more than 20 outlet stores. Manufacturers and vertically-integrated retailers sell past seasons’ goods, factory seconds, surplus stocks, etc. there directly to consumers without using retail businesses as distributive channels. All goods are sold at a discount of at least 25%, whereas dual pricing (a “high street price” vs. an “outlet price”) is prescribed in the leasing contract. The coordina-tion, organization, and marketing is carried out by a center management.

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Slipping to third place this year is last year’s winner “La Vallée Village,” which is

located in the exurbs east of Paris.

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Despite.some.failed.or.poorly.performing.outlet.centers,. the. expansion. activity. of. brand..manufacturers.is.still.strong..In.recent.years,.a.starkly.increasing.number.of.brands.have.discov-ered.outlet.stores.as.an.additional.distribution.channel.that.provides.a.safe.and.controlled..outlet.for.seconds,.overstocks,.and.returns..This.means.that.the.goods.do.not.end.up.with.Ebay.power.sellers.or.sold.off.by.discounters..“The.brands.have.also.realized.that.some.potential.in.returns.is.still.slumbering.in.the.distribution.channel.outlet.center,”.explains.Caroline.Lamy,.owner.of.the.Magdus.institute.and.co-author.of.the.study..“The.results.of.the.Factory.Outlet..Center.Performance.Report.Europe.2013.show.clearly.that.stores.in.outlet.centers.yield.not.only.a. significantly.higher.profit. for. the.brand..manufacturers.than.their.own.shops.on.the.high.streets,.but.generate.even.better.revenue.than.highly-praised.online.stores.”.According.to.the.French.scientist,.this.is.also.visible.by.the.fact.that.each.of.the.surveyed.brand.manufacturers.plans.to.open.three.to.four.new.outlet.stores.on.average.in.2014..“Here,.the.highest.rate.of..expansion.is.indicated.by.a.well-known.sports.brand.that.intends.to.open.up.to.15.new.outlet.stores.in.the.year.2014..That.means.at.least.one.new. store. per. month. and. illustrates. how..determined.some.manufacturers.are.to.expand.this.distribution.channel,”.Lamy.said..

NEINVER THE BIG SURPRISE

Concerning.the.assessment.of.the.competence.and.performance.of.each.operator.of.outlet..centers.in.Europe,.McArthurGlen.was.able.to..defend.last.year’s.top.spot..Here,.the.big.surprise.is.the.Spanish.operator.Neinver..Neinver.has..succeeded.in.pushing.Value.Retail.to.the.3rd.rank..Some.years.ago,.Neinver.was.derided.as.a.new-comer.to.this.market.because.they.only.had..centers.in.their.Spanish.home.market.and.in..Poland..However,.Neinver.started.a.remarkable.catch-up.race.and.is.now.beginning.to.harvest.the.fruits.of.its.labor..ecostras’.project.manager..Terlinden:.“Now.that.Neinver.has.managed.to..outperform.such.a.renowned.operator.as.Value.Retai l , . i t . is. clear. how. posit ively. brand..manufacturers.now.view.Neinver..This.is.not.an.easy.accomplishment.in.this.difficult.market.with.its.very.specific.requirements.in.project.develop-ment,.leasing,.management,.and.marketing.”.

THE COMPLETE STUDY OF THE “FACTORY OUTLET CENTER

Performance Report Europe 2013,” with detailed analyses and elaborated commen-taries, has been available since late November 2013 at ecostra or Magdus at a price of €100 (plus VAT).

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The British center “Bicester Village” is the best performing outlet

center in Europe.

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CINEPLEXX INTERNATIONALMag. Christof Papousek Geschäftsführer|CFO Constantin Film-Holding GmbH Cineplexx Kinobetriebe GmbH Siebensterngasse 37, A-1070 Wien, Austria

Cineplexx Kinobetriebe GmbH was founded in 1993 as a 100% subsidiary of Constantin Film-Holding GmbH which belongs to the Austrian family Langhammer. Cineplexx emerged in the transition phase during the 1990s when tradi tional cinemas were closed and multiplex cinemas entered the market. Since 2008 the group has bundled its inter-national business activities under Cineplexx International ltd. In total it runs 35 cinemas with 235 screens across Austria, Croatia, Serbia, Montenegro and Northern Italy. Total sales reached 120 Mio. Euro in 2011 with about 1.100 employees.

CHRISTMASWORLDMesse Frankfurt Exhibition GmbHLudwig-Erhard-Anlage 1D-60327 Frankfurt am Main, GermanyPhone: +49 69 75 75 - 0Email: christmasworld@messefrankfurt.comwww.christmasworld.messefrankfurt.com

Christmasworld – The World of Seasonal Decoration – is the leading inter national trade fair for festive decorations. Exhibitors from all over the world present the latest trends and products for all festive occasions of the year – including innovative concepts for decorating large spaces and outdoor areas, such as shopping centres – in Frankfurt am Main from 24 to 28 January 2014.

CBRE GLOBAL INVESTORSSchiphol Boulevard 281, G-tower, 8th floor 1118 BH Schiphol, The Netherlands Phone: +31 20 202 2200www.cbreglobalinvestors.com

CBRE Global Investors is a global real estate investment management firm with EUR 72 billion in assets under management*. The company sponsors investment programs across the risk/return spectrum for investors worldwide. The CBRE Global Investors EMEA platform, with EUR 28,2 billion of assets under management* is one of the largest and most diversified real estate investment management business. The platform has offices in 15 countries, managing investments in 17 countries across Europe. For more information please visit www.cbreglobalinvstors.com *As.of.30.June.2012

ATP ARCHITECTS AND ENGINEERS Innsbruck, Vienna, Munich, Frankfurt, Zurich, Budapest, Zagreb, MoscowHeiliggeiststr. 16, A-6020 Innsbruck, Austria Phone: +43 512 5370 - 0 Fax: +43 512 5370 - 1100 Email: [email protected] www.atp.ag

ATP Architects and Engineers is one of Europe’s largest and most renowned Inte grated Design offices. It employs 450 people in 8 subsidiaries in Germany, Austria, Switzerland and CEE. As specialists in retail and enter tainment buildings, ATP aims to create innovative and intelligent solutions of sustainable quality. Integrated Design has been the company’s core competence for 35 years. Experienced inter disciplinary teams plan simul taneously in virtual models. They take responsibility for all architec tural design and engineering tasks of a construction project.

BLACHERE ILLUMINATIONZone industrielle, F-84400 Apt, France Phone: +33 4 90 74 20 95 Fax: +33 4 90 74 14 63 Email: [email protected] www.blachere-illumination.com

Blachere Illumination is a company specializing in the illumination of towns, shopping centers and private places for the end of year festivities. It offers a wide range of LED light decorations: luminous garlands, curtain lights, street decorations … It promotes future technology of energy efficiencies and places the highest importance on research and development. With forty years’ experience on lighting markets, we have worked in the widest possible range of environments, for both urban space and private setting.

BRANDDESIGNERS Rotenturmstraße 17/10-12A-1010 Wien, AustriaPhone: +43 1 533 32 60 55Fax: +43 1 533 32 60 10Email: [email protected] www.brand-designers.com

Design is our passion! Branddesigners is a company, which has been specialising in shopping center refurbishment and retail design for more than 12 years. Key to each of our projects is a unique and creative idea: we believe that every shopping center must be a distinctive, recognizable landmark. We use cutting-edge computer methods not only to create our visions, but also to analyse each concept – using eye-tracking to evaluate both the current state, as well as the after-effects of our implementations. Together with a team of experts, we develop tailor-made solutions for our customers and handle the development of the project from the initial idea through to completion.

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FIRST CHRISTMAS BY ROSENAU GMBHBlankeneser Bahnhofstr. 7, D-22587 Hamburg, Germany Phone: +49 (0)40 86 64 875 - 0 Fax: +49 (0)40 86 64 875 - 60 Email: [email protected] www.rosenau.com

First Christmas by ROSENAU GmbH one of Europe’s leading suppliers of Christmas decorations. We offer a full service including design, production and installation of top quality modern and traditional decorations. Our expertise and products are being implemented across the continent and in the Near East.

ECE PROJEKTMANAGEMENT G.M.B.H. & CO. KGHeegbarg 30, D-22391 Hamburg, Germany Phone: +49 40 60606 - 0 Fax: +49 40 60606 - 6230Email: [email protected]

ECE develops plans, builds, leases out, and manages shopping centers since 1965 and is active in 17 countries. The company is European market leader with 189 managed shopping centers. On an overall sales area of 6 million m2, about 17,500 retail businesses generate 21 billion euros in annual sales. Another 14 shopping centers are currently under construction or planned throughout Europe.

EHL IMMOBILIEN GMBHPrinz-Eugen-Straße 8-10, A-1040 Vienna, Austria Phone: +43 1 512 76 90 Fax: +43 1 512 76 90 - 890 Email: [email protected]

EHL Real Estate Group is one of the leading real estate service providers in Austria and the market leader in the fields of commercial and residential real estate as well as investment properties. Its business activities range from property marketing, property valuation, asset and portfolio management, center management to market research and investment consultancy.

COVERPOINT FOODSERVICE CONSULTANTSThe Barn, 11 Waltham Court Milley Lane, Hare Hatch, Reading RG10 9AA, United Kingdom Phone: +44 18 940 5266Fax: +44 118 940 5277Email: [email protected]

Coverpoint are an International Foodservice Consultancy. Since 1993 we have been creating for our Clients, outstanding Retail and Shopping Centre Food Experiences. From Fast Food and innovative Food Courts to the latest Casual Dining clusters, we provide Developers, Landlords, Shopping Centre Managers and Owners with the best advice on ‘how to do food’. We carry out feasibility studies, market analysis, capacity planning and foodservice spatial design. We bring all these skills together as part of your Team to ensure that your Food & Beverage Experience is perfectly matched to your guest’s needs. We do Food! Call us to find out how we can help you.

EHI RETAIL INSTITUTE Spichernstr. 55 D-50672 Köln, GermanyPhone: +49 221 579 93 -32Fax: +43 221 579 93 [email protected]

EHI is the scientific institute of the German retail industry. The members of EHI include German and international retail companies and their industry associations, manufac-turers of consumer and investment goods and various service providers for retail like real estate developers and shopping-center management firms. We research topics relevant to the future of retailing, organize conferences and working groups, operate our own publishing house (e.g. The EHI Shopping-Center Report), and are partners to Messe Düsseldorf in staging the EuroShop, the world's biggest trade fair of investment goods for retail business.

GERMAN COUNCIL OF SHOPPING CENTERS E. V.Bahnhofstraße 29 D-71638 Ludwigsburg, Germany Phone: +49 7141 38 80 - 83 Fax: +49 7141 38 80 - 84 Email: [email protected] www.gcsc.de

The German Council of Shopping Centers, GCSC, represents the interests of over 700 member companies in the shopping center and commercial real estate industry, including operators and developers, trade representatives, service providers, consultants, investors, and other companies.

GFK GEOMARKETING GMBHWerner-von-Siemens-Str. 9, Building 6508D-76646 Bruchsal, GermanyPhone: +49 7251 9295 100Fax: +49 7251 9295 290Email: [email protected]

GfK GeoMarketing is one of Europe’s largest providers of geomarketing services and products. Our business areas include: Consultancy and research expertise, Market data, Digital maps, RegioGraph. GfK GeoMarketing is a subsidiary of GfK, one of the world’s largest and most renowned market research companies. Drawing on this international network of wide-ranging resources and expertise, GfK GeoMarketing promotes business success and “growth from knowledge”.

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MAPICThe international market for retail real estatePhone: +33 1 79 71 90 00www.mapic.com

MAPIC (www.mapic.com/en/the-event/history/) is the key meeting point for 2,430 retailers looking for partners, and 2,300 property developers and owners looking for retailers to enhance their sites. MAPIC delivers 3 days of tailored meetings, expert-led conferences and a premium exhibition for industry leaders targeting all types of retail property and brings together 8,200+ participants from 69 countries.The 20th edition will take place at the Palais des Festival of Cannes, France, from 19-21 November 2014.

ICSC EUROPE29 Queen Anne’s Gate, London SW1H 9BU, UK Phone: +44 20 7976 - 3100 Fax: +44 20 7976 - 3101 Email: [email protected] www.icsc.org

The International Council of Shopping Centers is the global not-for-profit trade association for the shopping centre industry with over 60,000 members from more than 80 countries worldwide. Our members include Owners / Developers, Retailers, Investors, Architects, Shopping centre managers, Retail consultants and other real estate professionals.

IMMOFINANZ GROUP Wienerbergstraße 11, A-1100 Vienna, Austria Phone: +43 1 88 090Email: [email protected] www.immofinanz.com

The IMMOFINANZ Group is one of the five largest listed property companies in Europe. The company comprises 1,678 standing investments with a carrying amount of approx. EUR 8.5 billion. The core business of IMMOFINANZ covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects in the retail, office, logistics and residential segments. More: www.immofinanz.com

KLEPIEERE21 avenue Kléber, F-75116 Paris, FrancePhone: + 33 1 40 67 57 40Fax: + 33 1 40 67 55 62wwww.klepierre.com

A leading shopping center property company in Europe, Klépierre combines development, rental, property and asset management skills.Its portfolio is valued at 16.2 billion euros on June 30, 2013 and essentially comprises large shopping centers in 13 countries of Continental Europe.Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. The largest shareholders are Simon Property Group (28.9%), world leader in the shopping center industry, and BNP Paribas (21.9%). Klépierre is a French REIT (SIIC) listed on Euronext ParisTM and is included into the SBF 80, EPRA Euro Zone and GPR 250 indexes.

KUNDÖRFER CONSULTING GMBHFrankenweg 5, A-8051 Thal-Graz, Austria Phone: +43 316 / 581 822 Fax: +43 316 / 570 550 Email: [email protected] www.kundoerfer-consulting.com

Building upon years of international experience in retail and extensive location expertise for many CEE/SEE countries as well as Austria and Germany, Kundörfer Consulting advises its customers on all retail expansion and retail property questions. Targeting retailers and companies active in the real estate market, Kundörfer Consulting offers both solutions for strategic issues and their implementation.

HENDERSON GLOBAL INVESTORSLondon, Paris, Frankfurt, Luxembourg, Milan, Madrid, Stockholm, Vienna, Hamburg, Chicago, Hartford, Beijing, Hong Kong, Sydney and Singapor

201 Bishopsgate, London EC2M 3AEPhone: 020 7818 4441Fax: 020 7818 3347Email: [email protected]/property

Henderson Global Investors is a major investor in the global property market with over 30 years in-depth experience working on behalf of segregated direct mandates, pooled funds, property securities and fund of funds clients. Our property funds are managed by specialist teams who offer expertise with a difference, applying their own experience and dedication to the management and style of their portfolios. Each team is supported by our experienced senior Property Management Team as well as an integrated property investment platform. This platform includes finance, debt and currency management, performance analytics, client care, fund and transaction structuring, development and research.

GROOTERHORST & PARTNER Königsallee 53-55, D-40212 Dusseldorf, Germany Phone: + 49 211 8 64 67 - 0Fax: + 49 211 13 13 42Email: [email protected]

Grooterhorst is a German-wide practicing law firm focussing on property law. It is highly specialized in planning law for shopping center and other large retail schemes and the firm is nationwide knownfor this competence. The firm’s services also encompass real estate transactions, commercial lease law, construction law and banking law. It acts for German and international investors, developers, fundsand asset managers.

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MEC METRO-ECECENTERMANAGEMENT GMBH & CO KGAm Albertussee 1, D-40549 Düsseldorf, Germany Phone: +49 211 30153 - 101 Fax: +49 211 6886 4973 - 101 Email: [email protected] www.mec-cm.com

MEC METRO-ECE Centermanagement GmbH & Co. KG is a joint venture of METRO GROUP and ECE. MEC is Germany’s leading centre management company for retail warehouse oriented shopping centres. It is responsible for managing, operating, leasing, developing and marketing of currently 38 shopping centres in Germany in which more than 1.300 tenants achieve an annual turnover of €2.7 billion on a sales area of 900.000 m2.

MESSE FRANKFURTMesse Frankfurt Exhibition GmbHLudwig-Erhard-Anlage 1D-60327 Frankfurt am Main, GermanyPhone: +49 69 75 75 - 0Email: [email protected]

Messe Frankfurt is Germany’s leading trade-fair organiser. 578,000 square metres of exhibition ground are currently home to ten exhibition halls and an adjacent Congress Centre. Events “made by Messe Frankfurt” take place at more than 30 locations around the globe and cover the fields of consumer goods, textiles, architecture, technology & design and automotive technology.

MK ILLUMINATION Trientlgasse 70, A-6020 Innsbruck, Austria Phone: +43 512 20 24 30 - 0 Fax: +43 512 20 24 33 Email: [email protected] www.mk-shoppingcenter.com

MK Illumination designs, manufactures and markets festive and decorative LED lighting concepts for shopping centres. We offer full service from con ception, production, installation, servicing and financing. MK is a local company on a global scale operating from 21 national markets worldwide.

PAYLIFE BANK GMBH Marxergasse 1B, A-1030 Vienna, AustriaPhone +43 1 717 01 - 0Fax: +43 1 717 01 - 3000 www.paylife.at

PayLife is the market leader and number one choice for cashless payments in Austria. PayLife is synonymous with convenient, simple and secure card payments as well as customer focus and innovation. Whether credit- and prepaid card, POS Terminal, e-commerce or Quick, the Electronic Purse, PayLife offers individual and comprehensive products to meet all needs. With PayUnity, PayLife is the only provider for e-commerce and POS payments from one source. In 11 countries PayLife offers its customers total solutions for all branches. PayLife. Bringing life to your card.

REINHARD WINIWARTER WINERYObere Hauptstraße 19, A-3552 Stratzing/KremsBusiness Adress: Rotenturmstraße 17, A-1010 ViennaPhone: +43 1 533 32 60Fax: +43 1 533 32 60 10Email: [email protected] www.rw-winery.com

We like authentic, pure, and simple things. This awareness flows into all our wines. In a world that is increasingly complex, we stand for an emphasis on fine, regional characteristics, as well as simple and concise product design.Grüner Veltliner is our most important variety and it is our main focus. Zweigelt and Chardonnay round out the portfolio.

REDEVCO B.V.Wibautstraat 2241097 DN Amsterdam, The NetherlandsPhone: +31 20 599 6262Fax: +31 20 599 6263Email: [email protected]: @Redevcowww.redevco.com

Redevco is an independent, pan-European real estate investment management company specialised in retail property. The more than 500 assets under management are spread across the strongest retail concentrations in the UK, France, Belgium, the Netherlands, Germany, Spain, Portugal, Switzerland and Austria. At present we offer real estate solutions for more than 1,000 retailers.

SES SPAR EUROPEAN SHOPPING CENTERS GMBHSöllheimer Straße 4, A-5020 Salzburg, Austria Phone: +43 662 4471 0 Fax: +43 662 4471 7199 Email: [email protected] www.ses-european.com

SES – No. 1 in Austria and Slovenia – is specialized in developing, constructing and managing first-class retail real estate at an international level. The company provides complete service from development to center management in Central, Southern and Eastern Europe. Shopping malls managed by SES are among the very best the industry has to offer.

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TRIGRANIT MANAGEMENT CORPORATIONVáci út 3.1062 Budapest, HungaryPhone: +36 1 374 6516Fax: +36 1 374 6571Email: [email protected]

ZUMTOBEL LICHT GMBHDonau-City-Strasse 1, A-1220 Wien, Austria Phone: +43 1 258 26 01 - 0 Fax: +43 1 258 26 01 - 982 845 Email: [email protected] www.zumtobel.at

Zumtobel, a company of the Zumtobel Group, is an internationally leading supplier of integral lighting solutions for professional indoor and outdoor building lighting applications. For more than 50 years, Zumtobel has been developing innovative, custom lighting solutions that meet extremely exacting requirements in terms of ergonomics, economic efficiency and environmental compatibility and also deliver aesthetic added value.

SONAE SIERRALugar do Espido,Via Norte 4471-909 Maia, Portugal Phone: +351 22 948 7522 Email: [email protected] www.sonaesierra.com

Sonae Sierra is the international shopping centre specialist that is passionate about bringing innovation and excitement to the shopping industry. Our integrated approach to the shopping centre business includes the ownership, development and management activities. This strategy allowed us to develop a recognized unique know-how which we use for our shopping centres, as well as third-parties projects and operating shopping centres.

TriGranit Management Corporation is a customer focused real estate services consul tancy. By creating and managing spaces in a safe, clean, reliable and sus tainable environment TGM strives to provide its clients with value, trans parency, understanding and efficiency for tenants; sustainability, reliability and responsi-bility for landlords and owners of commercial, office, cultural or re creational facilities through its high-quality services. TGM is currently active in Hungary, Poland, Slovakia, Croatia, Slovenia, Romania, Russia, Bulgaria, Macedonia and Belarus. The blend of a portfolio which includes commercial, office, cultural, educational and recreational facilities, within which we welcome approximately 60 million visitors every year, supporting the success of more than 1,500 tenants.

TOOLBOX MARKETINGCambridge, Stockholm, Warsaw, Sofia, Budapest, HelsinkiVine Farm, Up Street, Bardwell Suffolk, IP31 1AA, UKPhone: +44 1359 250208Fax: +44 1359 250228Michelle.buxton@toolboxmarketing.comwww.toolboxmarketing.com

Specialists in creating value and ROI, Toolbox Marketing employ passion, experience, innovation and creativity to drive retail destination marketing throughout Europe. Active in 16 countries with creative hubs in Sweden, Poland, Bulgaria, Hungary, Finland and UK, the Toolbox Marketing specialist teams create, direct, implement and evaluate all aspects of the marketing mix in both B2B and B2C sectors.Twelve years in the business and an un shakable thirst for innovation enable us to maximise brand development and customer experience using an array of multi-media and multi-channel marketing techniques.

UNION INVESTMENT REAL ESTATE GMBHValentinskamp 70 / EMPORIOD-20355 Hamburg, GermanyPhone: +49 40 34 919-0Fax: +49 40 34 919-4191 Email: [email protected]/realestate

Union Investment is a leading international investment company specializing in open-ended real estate funds for private and institutional investors. Union Investment has assets under management of some €23 billion in fourteen real estate funds. Active in the property investment business for 48 years, Union Investment operates today in 23 countries around the world. In addition to office space and business parks, the Hamburg-based company is investing in business hotels, logistics properties and shopping centers. Union Investment entered the retail sector at an early stage, allowing the company to secure a strategic position in this growing area. The result is a high-quality portfolio presently comprising 37 shopping centers in Germany, Austria, Sweden, Belgium, France, Poland, Italy, Spain and Turkey, with a current market value of some €6 billion.

SMA STANDORT MARKETING AGENTUR GMBHRotenturmstraße 17, A-1010 Wien, Austria Phone: +43 1 533 32 60 - 0 Fax: +43 1 533 32 60 - 10 Email: [email protected] www.sma-austria.at

We specialize in fulfilling the marketing and communication needs of retail and commercial real estate. Our spectrum includes pro j ect development services as well as drafting and implementation of marketing and communi cations for operational properties. Our goal is to turn retail locations into strong and appealing regional brands.

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LOCATIONS ARE LIKE BABIES – THEY NEED LOTS OF ATTENTION!We’ll take care of your darlings. We’ll give them attention, raise them, teach them to speak, and make them strong and confident. We have specialized successfully in strategy development, location marketing and communication management for real estate and regions. Our services include both those in the area of project development and those for the development and implementation of marketing and communications services for ongoing operations. Developing locations and regions into strong brands that evoke a high degree of affinity is our goal and it is what we excel at.

We care for your

BABIES!

Site Evaluation & Site Analysis

Strategy development / Markitecture®

Refurbishment & repositioning concepts

Corporate design / corporate architecture

Marketing conception Campaign development

& management Operational marketing

& advertising support

www.sma-austria.at

CHRISTOPH M. ACHAMMERATP Architects and Engineers

MARTIN SABELKOCBRE Global Investors

THOMAS BINDERSonae Sierra

MARCUS WILDSES

STEPHAN JUNGSavills

BURKHARD HOFFMANNECE

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