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DEAR READERS,

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Retail properties remain high in investors’ favor. There are good reasons for this: Since the global economy began stumbling from one crisis to another, the issue of “investment security” has become the Holy Grail for the investment community of private and institutional investors. The high volatility in the equity markets and the ECB’s low interest rate policy are propelling investors into “concrete gold.” Of course, even real estate sometimes faces gut-wrenching devaluations – as many painfully learned in the wake of the Lehman bankruptcy. Because cyclical lows need quite a long time before they find their way into the wallets of consumers, however, retail properties are considered relatively stable cash flow generators. In short: the “triumph” of shopping centers, high street real estate, and retail parks is understandable and still underway. Few properties have shown themselves to be as versatile as the retail park in the last few years. The evolution of the “shoebox” at the roundabout on the outskirts of the city into the super-modern hybrid mall was short. In less than 30 years, these initially ugly, over-sized boxes without any architectural flourish have developed into coveted investment objects. This is reason enough for us to delve into some detail on the “shooting star” of real estate in the current issue. Just as the architectural demands on retail parks have increased significantly, so has the supply. The discount tenants of yesteryear have removed the cardboard boxes from their stores and have now made them quite pretty. Moreover, even high-profile retailers, for whom a brand presence in a retail park would have been unthinkable 20 years ago, have now come around. The road to the retail park now seems open to (almost) all. Consumers have also long come to love the small shopping park on the outskirts of the city or community. Diversity and good prices are convincing arguments. The fact that many discounters are currently cranking up their quality levels by half a star only serves to make the sometimes odd-looking building style more interesting. A further evolution is already on the doorstep. Retail parks are looking for their very own special relationship to entertainment. In the future, the trip to the roundabout will be associated with entertainment and a bit of experience. It is no surprise that the evolution of retail parks worries the existing retail structures in small towns and communities. It is apparent that the principle of “survival of the fittest” also applies in the field of retail property. With that, we wish you informative and profitable reading with our current issue and hope you will visit us regularly at www.across-magazine.com.

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Reinhard Winiwarter Publisher of ACROSS Magazine r.winiwarter@across-magazine.com

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Focus on the Customers – All of Them ........................................ 6 Commentary by Alexander Otto Looking for Friends . ......................... 7 Commentary by Reinhard Winiwarter Investment in Dominance, Experience and Convenience............ 8 Commentary by Ailish Christian-West Protecting Privacy .......................... 10 Commentary by Jeremy Langley Turnover Rents: Sales per Customer instead of Sales per Square Meter? ........................... 11 Commentary by Jörg F. Bitzer

Projects & Openings............................12 Projects, openings, refurbishments, human resource announcements, and other retail real estate news

The Aim: European Market Leadership . ..................................... 31 Neinver’s Amsterdam The Style Outlets opens its doors in 2017. With this project, the company takes a further important step in its growth strategy in the outlet sector An Outlet Center for Wuppertal ........................................ 32 Wuppertal, a city of around 350,000 inhabitants, is getting an outlet center. It will be the largest in Germany. The investment amounts to €120 million On Course for Growth . ................... 34 The economic recovery in Europe and the consistent expansion of its services business provides the Portuguese shopping center specialist Sonae Sierra with good figures

”A Very Exciting Experiment” ......... 26 SES Spar European Shopping Centers will operate Austria’s first managed shopping street in Seestadt Aspern in a joint venture with the City of Vienna, CEO Marcus Wild explains in an interview with ACROSS

A Trip through Time – A Pioneer Recalls the Early Years ................... 36 Today’s level of professionalism in the shopping center industry is impressive. It was not always that way. From 1974 to 2000, Heinrich Kraft was CEO of ECE. In an interview with ACROSS, the center professional recalls what problems pioneers had to battle with

Boutique Luxury Department Store for Amsterdam................................. 30 The Dutch metropolis is getting a new shopping destination in 2016: Haussmann is opening an upscale department store right on Rokin street

Home of Indulgence......................... 36 The Minto shopping center in Mönchen gladbach is already a success story. Its presentation as the “Home of Indulgence” helps: Just one month after opening, mfi/ Unibail-Rodamco recorded one million visitors

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In the Park........................................ 42 Why more and more investors want retail parks in their portfolios and why this special property type is so alluring Energy Audits for Retail Parks........ 46 In response to demand from investors and owners, MEC has recently started offering an energy audit product called “Easy”

Understanding Facebook ............... 48 The Polish Council of Shopping Centers and Toolbox Marketing teamed up for a social media benchmarking project Unlocking the True Value of Foodservice . ............................... 50 Foodservice Column by Jonathan Doughty

IMAGE: ZUMTOBEL

IMAGE: ALDAR PROPERTIES

“We Want to Increase the Foreign Share in Our Retail Segment”s . ....... 70 Henrike Waldburg, Head of Investment Management Shopping Center at Union Investment Real Estate GmbH, speaks about her most recent coup, the acquisition of the shopping center “Palladium” in Prague

Increase Sales with Limbic Lighting ............................... 52 In a field study with Gerry Weber, Zumtobel was able to confirm the influence of lighting in shops. The optimized lighting concept led to a 10% increase in sales. This practice test was a continuation of an earlier laboratory experiment

The New Global Currency . ............. 58 Retail Innovation Lab by Stephan Jung Germany, Turkey, and the BRIC Countries ......................................... 60 Head of Representation Expansion at Decathlon Germany, Ludger Niemann explains that the company is currently focusing on Germany, Turkey, and the BRIC countries. The business concept works better in power centers with good transport connections than in shopping centers

Arabian Showpiece............................. 78 The “Yas Mall” in Abu Dhabi boasts around 230,000 sq m of GLA. The emirate’s largest retail and entertainment center scores not only with its size, but also with its sustainability

EHI Has Named the Best Store Concepts . ........................................ 64 A successful mix of shop design, colors, materials, lighting, and visual merchandising. That’s what it took again this year to win a EuroShop RetailDesign Award

IMAGE: DECATHLON

Ukrainian Shopping Centers in the Shadow of the Country’s Unstable Situation........................................... 74 Colliers International sheds light, among other things, on the retail real estate sector in Ukraine in a new report on the year 2014. As expected, all key indicators deteriorated A Pleasing Increase......................... 76 According to CBRE, global shopping center development continues to accelerate, with a total of 11.4 million sq m of space opening in 2014 compared with 10.6 million sq m in 2013

IMAGE: LARRY SMITH ITALIA

The “European Top 50 Retail Development & Operator” Ranking Is out ................................. 72 ECE won it, coming in just ahead of Westfield. Despite a neck-and-neck race, the two top-ranking competitors in the brand value study carried out by the Eureb Institute differ significantly from each other

Award Ceremony in Denmark ......... 80 The ICSC Solal Marketing Awards 2015 in gold and silver were recently granted to their lucky winners in Copenhagen BCSC 2015 ........................................ 83 This important real estate event takes place in Manchester on September 16 and 17

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PROTECTING PRIVACY BY JEREMY LANGLEY, IMAGE: PATH INTELLIGENCE

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The world of Mobile Location Analytics (MLA), and location-based services is one of today’s fastest-growing technology sectors – and its application in property is the highest growth area of all. With a compound annual growth rate forecast at 28% for 2015 to 2019 and an estimated market size of $43.3 billion in 2019, it’s one that clearly needs to be taken seriously by all owners. Why does it exist at all? Historically, owners of “physical retail" properties have operated blind, unable to tell where shoppers go, what they do, how long they spend there, and where they go next. This makes competing with online retailers – who are able to get click-by-click insight into customer preferences – challenging. MLA opens up new possibilities in understanding shopper behavior and creates the potential for sweating real estate assets in a way that was never possible before. It helps improve

“Historically, owners of ‘physical retail’ properties have operated blind, unable to tell where shoppers go, what they do, how long they spend there, and where they go next.” leasing decisions (what’s the optimum placement for brand A to generate traffic and sales?), marketing (how effective was my campaign and event?), and capital expenditure (is investing in ref urbishing a cold-spot going to transform its fortunes?). The benefits of the insight are transformative. The world of MLA is an innovation that has also created privacy concerns, however. We operate globally and know that our customers have hit roadblocks in countries where questions have arisen about the privacy implications of mobile location analytics, often from regulators for whom this is a new technology with unknown privacy impacts. In particular, there has been a misguided belief that MLA technology tracks identifiable individuals and gives the data owner (the shopping center owner in our case) an understanding of where known individuals go and what they do. This is not the case, and while concerns are slowly disappearing, it is worth explaining how we do what we do.

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JEREMY LANGLEY CMO and Privacy Officer at Path Intelligence

There are, in essence, only two ways of collecting MLA data in today’s market. Opt-in data, from technologies such as iBeacons, rely on shoppers downloading an app and, in doing so, consenting to share data, usually in return for offers. Privacy is knowingly sacrificed in this scenario by the consumer. Anonymized MLA providers like Path Intelligence, on the other hand, irreversibly encrypt signal data at the point at which it is received. We protect privacy in return for gathering a statistically robust sample size. With this method, there is simply no way a shopper can be identified. Even without encryption, having possession of a cellphone’s MAC address does not identify an individual, the only way to do so is to gain access to data that typically only law-enforcement agencies can request. Vendors such as Path Intelligence are mindful of the importance of both doing the right thing and being seen to do the right thing, however, so we have helped develop, and adhere to, the world’s only existing MLA Code of Conduct, developed in the US by the Future of Privacy forum. It requires us to provide opt-out services and obliges a customer to erect signage to that effect. You can find out more here http://www.futureofprivacy.org/issues/smart-places/. The days of outright resistance are diminishing as shoppers and regulators understand their privacy is genuinely protected, but MLA vendors like ourselves should remain vigilant to consumer concerns and always be prepared to respond positively and proactively. What is your opinion on this topic? Discuss it with us! Send your opinion to opinion@across-magazine.com!

TURNOVER RENTS: SALES PER CUSTOMER INSTEAD OF SALES PER SQUARE METER? BY JÖRG F. BITZER, IMAGE: EHL

The retail market is in perhaps the most interesting phase since the emergence of the internet and online trading. Technological change has made great leaps in recent years and changed consumer behavior significantly. Technology enables today's customers to obtain masses of information rapidly, choose a product according to selection criteria such as price, and then buy it online. Omni-channeling was devised in response. Retailers want (and need to) address customers at every possible point of contact. Consumers can decide for themselves where and when they want to buy. Whether they seek advice in a stationary store and then buy online or vice versa should make no difference to retailers. The combination of these two sales channels is essential for traders to survive in the existing competitive environment. As part of this development, a trend has arisen whereby customers provide a shopping list via mobile device in advance and then, on the same day, pick up the goods in-store. This offer is especially popular in the grocery industry. This market has great potential. At the same time, many changes await in this arena. No provider has yet discovered the “golden distribution formula” for groceries. Rents will take on a very important role in this development. When a store develops in extreme cases into a pure pick-up corner, turnover rents will become difficult to calculate. The actual floor area will be increasingly unimportant for customers in this segment, while the store room will maintain its importance.

“Generated revenues are difficult to assign. It is often impossible to determine which contact point was decisive for a purchase.”

JÖRG F. BITZER Head of Retail at the Austrian real estate service provider EHL

A key question will be the source of revenues. Generated revenues are difficult to assign. It is often impossible to determine which contact point was decisive for a purchase. Did the customer surf the internet and then go into a store to buy, or did he purchase online because the store didn’t have his size in stock? Omni-channel makes this determination difficult. For retailers, it is ultimately irrelevant where the money comes from, but it is important in order to identify and develop potential. For landlords who want/need to earn turnover rents, this issue is crucial, however. This discussion was also broached this year as part of the ICSC Europe Conference in London. Both shopping center operators and individual retailers need to find a combination of traditional, stationary options and online options. A new formula for rent calculation will have to emerge through this “bricks-and-clicks” approach. According to its current report “Shopping Center: America’s First and Foremost Marketplace,” the ICSC is essentially optimistic about retail. Many previously purely online retailers are now searching for ways into retail outlets because the probability that customers will actually buy is is higher in-store than online. Approximately 94% of all retail sales still occur – unchanged – in the “bricks-and-mortar” trade. What is your opinion on this topic? Discuss it with us! Send your opinion to opinion@across-magazine.com!

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TURKEY

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e k c ti

IMAGE: BILFINGER

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BILFINGER WINS MANAGEMENT CONTRACT FOR ORA Bilfinger Real Esate is taking over the management of one of the largest mixed-use complexes in Istanbul. ORA, largely completed in 2011, stands on a 70,000-sq-m plot in the Bayrampas¸a district on the European side of the city and offers a total of 365,000 sq m of space for events, fairs, leisure, shopping, hotels, and parking. Bilfinger is responsible for center management, leasing, and property management. ORA’s reopening is planned for mid-2016 after having to close temporarily in 2012. Until then, the focus is on renting the nearly 57,000 sq m of retail space in ORA’s shopping and outlet centers. Leyla Özulucak, CEO of Bilfinger Real Estate Turkey, says “ORA’s retail offering will be aimed at families living in the surrounding residential areas and guests and visitors to the congress center and the two hotels. We are therefore focused on obtaining a good mix of international retail brands and local retailers in the rental properties, as well as a strong culinary offer.” Bilfinger Real Estate currently manages nine shopping, office, and residential complexes in Turkey with more than 1 million sq m of space. The real estate services provider is thus one of the country’s leading center managers. Since the beginning of the year, the company has increasingly offered its consultancy and management services in Turkey for office real estate projects as well.

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MIXED-USE IN KENT Development Securities recently announced that the Spirit of Sittingbourne project, a major town center mixed-use regeneration scheme in Sittingbourne in Kent, has received resolution to grant planning consent for the first phase of the development. Phase one will bring forward the development of six sites across the town center to include a 7-screen cinema, 2,700 sq m of restaurant space, and 3,100 sq m of big-box retail. Developed in a public-private partnership with a development consortium consisting of Swale Borough Council, Essential Land, and Quinn Estates, the project is set to revitalize Sittingbourne, providing a catalyst for economic growth and investment, and creating more than 700 jobs over the life of the project. Spirit of Sittingbourne is one of the projects acquired as part of the Cathedral portfolio acquisition. Richard Upton, Executive Director at Development Securities, said: “Spirit of Sittingbourne is an excellent example of our work in mixed-use regeneration in collaboration with local authorities and with this consent to hand, we are a step closer to our ambition to be the public sector’s partner of choice for regeneration. We are delighted to have secured planning consent for this significant development, which will create a catalyst for growth in the town, and we look forward now to delivering the project in partnership with the consortium.”

POLAND

New Look and Monnari have joined the group of tenants at Supersam, which is being built in Katowice. These will be the brands’ first shops situated in the very heart of the city, at 6 Piotra Skargi Street. So far, 90% of the center's space has been leased. The venue’s investor is Griffin Real Estate. The popular British fashion retailer New Look will lease an area of more than 500 sq m at Supersam. This will be the chain’s second shop located in Katowice. The mall’s fashion range will be further broadened by a boutique with elegant women’s apparel by Monnari, which will occupy an area of approx. 300 sq m. Both shops will be located on the ground floor of the shopping complex. The opening of the new Supersam is scheduled for this autumn. The construction works for the building's shell are currently being completed. The three retail floors will include over 70 shops as well as retail and service points. Up until now, apart from New Look and Monnari, lease contracts have been concluded with Sports Direct, Reserved, Carry, Cropp, House, Mohito, Sinsay, an Aldi supermarket, a Rossmann pharmacy, Pepco, Home&You, Empik, Smyk, and Silesia Jeans. Supersam in Katowice will also provide an environment for the market debut of a few brands, such as A Tab, Szachownica (youth fashion), Textilmarket, Zzadimo (Italian fashion), and Urban City (hip hop fashion). Furthermore, the mall will comprise an area for service points, grocery shops, and restaurants, as well as hairdressers and beauty salons. On the upper floors, there will be a Pure Jatomi fitness center and a 5,000 sq m office area of. The highest floors will be occupied by a parking lot with about 400 parking spaces. The total lettable area will amount to nearly 23,000 sq m.

ELSA MONTEIRO Elsa Monteiro has taken over as Head of Corporate Communications at Sonae Sierra. She now reports directly to the chairman, Fernando Guedes de Oliveira. In addition to responsibility for corporate communication in all markets where the company is active, she will continue to be responsible for sustainability – a position she has held since 2009. This new job is a return to corporate communications for Monteiro. She already had a top position in that field from 1995 to 2008. At the time, she was responsible for the Department of Institutional Relations, Environment, and Communication. Her career began at the Department of Studies and Planning at the Ministry of Spatial Planning and Regional Administration in 1987. Monteiro has completed a number of postgraduate degrees in various fields throughout her career after completing her studies in geography at the University of Porto.

IMAGE: GRIFFIN

SUPERSAM PREPARING FOR OPENING IN AUTUMN

IMAGE: SONAE SIERRA

IMAGE: DEVELOPMENT SECURITIES

UNITED KINGDOM

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PARK COVER STORY

IN THE

Why more and more investors want retail parks in their portfolios and why this special property type is so alluring.

TH Real Estate recently sold the retail park “Dreieich Nordpark” in Frankfurt for the pan-European retail fund Herald. The price: €51.9 million

What would you like? A shopping center or a retail park? When investors compile their shopping lists for commercial properties, their choice is increasingly the latter. As a result, retail parks accounted for approximately 43%, or €1.9 billion, of the transaction volume in retail real estate in Germany in the first half 2014, according to Colliers International. They thus outpaced shopping centers, which are normally the front runners. Investors’ favor has thus turned. The main reason for this surely lies in the different yields. These reached 5-6%, depending on location within Germany, for newly built malls leased to well-known companies at the end of the second quarter of last

year. At the same time, however, the experts at Colliers International calculated that first-class retail parks achieved yields of 6-6.75%.

Return-focused investors usually demand a 6% return. The more even core shopping malls have slid beneath this threshold in recent years, the less interesting the asset class has become for investors. Power centers fulfill those return requirements. They also trump shopping centers with their stable rental cash flows. Finally, they are attractive to investors due to their sheer availability – as opposed to core objects, for which investors search mostly in vain. Another advantage is the fact that the investment required per retail park is significantly smaller than for an inner-city mall, for example. This allows for greater risk diversification, as the available investment can be spread over multiple locations. At the same time, the number of potential buyers is growing, meaning that increasing competition among buyers is moving market power towards sellers.

IMAGE: TH REAL ESTATE

NEED FOR REVITALIZATION AS A TRUMP CARD

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The experts at MEC Metro-ECE also point out that the lion’s share of large-scale retail parks in Germany was built in the 1980s, which is why the demand for renovation and revitalization is now enormous – with concomitant potential for appreciation. The interest of (international) investors in

7TH GERMAN RETAIL WAREHOUSES SUMMIT

In early May, Immofinanz Group opened the first Stop.Shop. retail park in Serbia.

IMAGE: IMMOFINANZ GROUP

October 20 – 21, 2015, Essen

these “opportunistic” investments is positively influencing the market. These equity-driven investors are not looking to develop new retail parks – in part because new developments are increasing ly rare due to rigid planning rules. Retail parks with short lease terms in need of revitalization are the trump card. But how did retail parks, which for so long mostly stood in the shadow of pompous shopping centers, rise to their current high? Retail warehousing in Europe has evolved rapidly over the last 30 years. Although this trade format was initially developed to service the needs of “bulky goods” retailers, the attraction to shoppers of easy access and convenient free parking soon registered with other groups. Increasingly, fashion, footwear, sports, and household goods retailers have committed to out-of-town formats, where planning conditions permit.

retailing and often developed to a higher speci fication than the standard retail parks.

NEED TO CATCH UP IN POLAND Irrespective of the development generation, RegioData Research reports that the share of retail parks in countries’ total retail area is currently highest in Belgium and Austria, at 30%. This is followed by the UK, at 25%, Sweden at 24%, and Germany at 21%. Investments in existing properties in countries such as these with a high saturation generally turn out to be worthwhile. RegioData Research locates plenty of potential for new developments in Poland,

The 7th German Retail Warehouses Summit will take place in the Atlantic Congress Hotel Essen on October 20 and 21 under the slogan “Performance. Perspectives. Positioning – The Next Step.” Over 200 participants come together to discuss the future of retail warehouses. This is the place to be to meet retail decision makers, developers, estate agents, and investors. The conference is the biggest platform for real estate industry and retail warehouse-orientated concepts in Germany. Ikea, Toys ‘R’ Us, Jones Lang LaSalle, Invesco Real Estate, KiK, Rewe, Takko, KFC, MEC Metro-ECE Centermanagement, Hahn Group, Decathlon, XXXL Group, Lidl, hagebau/Zeus, Holland Immo Group, Greenman Investments, TH Real Estate have all joined the panel of speakers in recent years. The topics in 2015 include subsequent use and remodeling as well as the questions “how does trade boost locations and which retail parks are successful and why?” More info: www.conferencegroup.de/ fachmarkt15

Over 200 participants will come together at the 7th German Retail Warehouses Summit.

IMAGE: MATTHIAS RICHTER

According to Alice Breheny, Global Co-Head of Research at TH Real Estate, the evolution of the sector has resulted in the creation of several very distinct property types, representing the different generations of development. These include: “first generation” industrial units converted for retail use; “second generation” purpose-built freestanding retail warehouse units; “third generation” multi-unit retail parks; and “fourth generation” fashion parks dominated by a mix of high-street

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COVER STORY

IMAGE: MITISKA

Together with Austria, Belgium is the country with the biggest share of retail parks. Mitiska Reim opened the Dansaert Retail Park there, specifically in GrootBijgaarden in Brussels, at the end of April.

however. Actually, there are about 100 retail parks in the country. This means that, whereas there is one retail park for every 30,000 residents in Austria and one for every 20,000 in Germany, the ratio in Poland stands at one for every 400,000 residents. Poland is also one of the countries that Immofinanz Group has in its sights for Stop.Shop, its umbrella brand for retail parks. The portfolio currently includes 53 properties in seven countries – including the location in Cacak, Serbia, which opened at the end of April. Dietmar Reindl, COO of Immofinanz Group, explains: “The move into Serbia stemmed originally from a request from our tenants, which we were pleased to accept given the potential in the Balkan country because, in terms of city size, purchasing power, etc., the conditions are ideal for our Stop. Shop. concept. The opening in Cacak was thus also the starting shot for our further expansion in Serbia: Within the next three to four years we are planning up to nine other locations in the country.”

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DEFYING ECONOMIC FLUCTUATIONS A further advantage of retail parks is their structural flexibility: While new retail parks arise in Eastern Europe, the pressure for change in Central Europe is resulting in further differentiation. Depending on a given site’s potential, further development is con ceivable, for example into a hybrid mall. At the same time, however, regressions are also possible. This applies to areas where population decline means the need for an expanded range of tenants no longer exists. Changes of use also cannot be expected in Central Europe, because meaningful alternative uses are lacking. Unlike offices, which can turned into residential space if necessary, the design of retail parks lends itself to few other economic uses. In any case, the possibility of further development also depends heavily on legal planning conditions. A positive aspect for investors is the fact that retail parks fulfill mainly a local supply function. The ad vantage there is that they are less susceptible to economic fluctuations. After all, consumers cannot

HIGH DEMAND FOR WELL-LET PROPERTIES Good objects achieve considerable prices in the market. TH Real Estate recently sold the retail park “Dreieich Nordpark" for €51.9 million for the panEuropean retail fund Herald. The buyer was a real estate fund managed by M&G Real Estate. The 23,000-sq-m commercial property is located in Dreieich, 10 kilometers south of Frankfurt am Main. Around 2.5 million visitors frequent it annually. Real and Decathlon are its anchor tenants. Simon Ellis, fund manager at M&G Real Estate, comments: “Increasing economic growth and the European Central Bank’s quantitative easing strategy are strengthening the real estate markets, so we currently see very favorable conditions for our ongoing investment program. This, coupled with high investment pressure on prime properties and the limited

DIETMAR REINDL COO of Immofinanz Group: “We have created an umbrella brand for retail parks in Central Europe with our Stop.Shop.s, which we intend to expand rapidly.”

IMAGE: IMMOFINANZ GROUP

avoid purchasing everyday items, even in econo mically difficult times. The focus on this range type hardens them against competition from the internet, according to experts at MEC Metro-ECE. Segments like consumer electronics, which are often represented in retail parks, have of course suffered quite a bit from e-commerce, on the other hand. Nevertheless, retail parks provide good risk diversification overall. In addition, investors benefit from the security provided by long lease terms. They amount to 10 years plus a renewal option for anchor tenants. Successful locations thus score points with a positive perspective beyond the usual period of a decade.

availability of investment opportunities, makes further price increases likely. Investor demand for well-let properties of this kind remains high.” The fact that retail parks are well suited as outlets for the expansion pressure many retailers also feel only serves to make them even more popular with in vestors. Many are discovering retail parks for themselves. After all, retail parks are considered an ideal release valve for high expansion pressures. The availability of space in all sizes and a certain degree of market saturation in traditional shopping centers is increasingly attracting retailers to cities’ edges. Another unbeatable argument are the quite favorable rental rates available there compared to shopping centers. In short, retail parks have arrived for retailers and consumers alike. The rundown “discount” image is, in many cases, history.

IMAGE: TREI REAL ESTATE

Trei Real Estate develops retail parks under the brand name “Vendo Park.” They opened one in Galanta, Slovakia last August.

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Last May, MEC took over the property, center, and letting management of the retail park Westoria in Gießing. It was revitalized in 2009.

ENERGY AUDITS FOR RETAIL PARKS In response to demand from investors and owners, MEC has recently started offering an energy audit product called “Easy.”

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MEC Metro-ECE Centermanagement GmbH & Co. KG is currently responsible for the management, including operation, leasing, and marketing, of 43 retail parks in Germany. Since mid-April, the company has offered energy audits for retail parks and shopping malls. With its product Easy (short for: Energy Audit SYstem), MEC is reacting to corresponding demand from investors and owners. Easy examines the energy consumption of a commercial property, gives concrete recommendations on permanent savings potential, and compares performance before and after implementation of the recommended measures.

actual audit. All the property’s systems and data are recorded and analyzed with regard to energy consumption. The report highlights clearly and in detail the savings clients can achieve by implementing the necessary measures.

EASY’S THREE-STAGE MODEL

LEGALLY MANDATED ENERGY AUDITS ARE COMING IN GERMANY

1. Energy efficiency assessment: First, all energy-relevant systems are recorded and measured. This is followed by a rough assessment and evaluation of the state of the building and its systems. The report points to irregularities and gives recommendations for optimizing operations and for investments. It is also possible to install a data measurement system, usually cost-neutral, that provides full transparency on energy consumption. 2. Energy audit: The result of the energy efficiency assessment (stage 1) serves as the basis for the

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3. Project/execution: On request, MEC can coordinate the implementation of the necessary investment measures. After implementing the energy saving measures, the report demonstrates clear and comprehensible usage reductions using a before/after comparison.

The legislature has also recognized the need for energy audits to achieve climate goals and stipulates their implementation by all companies (except small and medium-sized ones) in Germany by December 2015. The energy-efficiency directive requires the companies concerned to record energy use and savings in the future. The audits must be performed by qualified professionals and repeated every four years. MEC’s Easy audits meet these statutory requirements and are specially tailored to retail enterprises.

IMAGE: MEC

COVER STORY

THINK ACROSS.

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NCSC STUDY TOUR BERLIN The Nordic Council of Shopping Centers (NCSC) is organizing a two-day study tour of Berlin – one of Europe’s trendiest cities, bursting with creativity and experiences for all senses. The trip takes place on October 1 and 2. New shopping center concepts, exciting architecture, and retail innovations are just a few reasons why participants should come to the city. The study tour includes the newly built LP 12 Mall of Berlin and Bikini Berlin (photo), which won the GCSC Innovation Prize 2015 and has created a future-oriented retail concept for the digital age.

MORE INFO: WWW.NCSCNORDIC.ORG

OCTOBER 5 – 7, 2015 MUNICH, GERMANY

IMAGE: BILDPIXEL / PIXELIO.DE

NOVEMBER 26, 2015 KIEV, UKRAINE

OCTOBER 1 – 2, 2015 BERLIN, GERMANY

FOURTH INVESTMENT REAL ESTATE SUMMIT This annual event will adress the critical topics of the real estate and construction industries in Ukraine. It takes place at the Fairmont Grand Hotel on November 26. The event will be held in partnership with Kyiv City Authorities and with the participation of representatives of the Ministry of Regional Development, Construction, and Municipal Services. The conference gathers the whole industry under one roof, from investors, to asset managers, developers, architects, and public officials. It will review the economic, environmental, and public policy issues that reflect the real estate industry, with particular focus on the economy, global real estate capital, technology, and the residential and retail markets. The final part of the event is the presentation of the Ukrainian Real Estate Awards. Retailers, real estate companies, projects, and individuals will be presented with awards by the industry for their contributions to the development of the commercial and residential real estate market in Ukraine for 2014 and 2015.

MORE INFO: WWW.URECLUB.COM

JANUARY 29 - FEBRUARY 2, 2016 FRANKFURT/MAIN, GERMANY

EXPO REAL The International Exhibition for Real Estate and Investment Expo Real takes place every October in Munich – this year from October 5 to 7. About 1,660 exhibitors will present their offerings for real estate and investments across 64,000 sq m. This interested around 37,000 visitors from 74 countries last year. After all, the Expo Real awaits with potential business partners for the entire life cycle of a property: From concept and design through investment and financing, implementation and marketing through to operation and use. The participants also represent the entire value chain: project developers and managers, investors and financiers, real estate consultants and brokers, architects and planners, corporate real estate managers, expansion managers, and delegates from economic regions and cities. They all also benefit from the supporting program. In more than 80 conferences and round tables industry experts will discuss the latest trends and innovations in the property, investment, and finance markets.

MORE INFO: WWW.EXPOREAL.NET

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After the deadline at the end of April to register for Christmasworld 2016, 95% of the floorspace is already occupied. More exhibitors signed up this year than by the same time last year, including many newcomers. This confirms exhibitors’ and visitors’ high levels of satisfaction regarding last year’s event. Over the years, the Christmasworld concept has proved to be a reliable business platform – even in difficult economic times. Building on this, the 2016 fair will show new ideas and promotional productions for the point-of-sale. The target for next year is to find the best solution for exhibitors and provide clear visitor guidance. The leading international trade fair for festive decorations is largely continuing with its tried-and-tested hall structure on five levels. Visitors can again look forward to a comprehensive range of everything surrounding “seasonal decoration at its best.” The upcoming trends and innovations, from the voice of Advent and Christmas, to seasonal indoor and outdoor decorations for different occasions, to impressive display windows and large-area decorations for city centers, shopping centers, and hotels, will be presented at Christmasworld in Frankfurt am Main from January 29 to February 2, 2016.

MORE INFO: WWW.CHRISTMASWORLD.MESSEFRANKFURT.COM

IMAGE: MESSE FRANKFURT EXHIBITIONS / PIETRO SUTERA

IMAGE: EXPO REAL

CHRISTMASWORLD 2016

London: BALMAIN ASSET MANAGEMENT 25 Heathmans Road, London SW6 4TJ Phone: +44 (0) 207 471 8700 Email: info@balmain-am.com www.balmainam.com Warsaw: BALMAIN ASSET MANAGEMENT CEE ul. Sienna 39, 00-121 Warsaw, Poland Phone: +48 (0) 22 206 4050 Email: warsaw@balmain-am.com

CBRE GLOBAL INVESTORS Schiphol Boulevard 281, G-tower, 8th floor 1118 BH Schiphol, The Netherlands Phone: +31 20 202 2200 www.cbreglobalinvestors.com *As of 30 June 2012

CHRISTMASWORLD Messe Frankfurt Exhibition GmbH Ludwig-Erhard-Anlage 1 60327 Frankfurt am Main, Germany Phone: +49 69 75 75 0 christmasworld@messefrankfurt.com www.christmasworld.messefrankfurt.com

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

COGEST RETAIL SRL via G.B. Pergolesi 20124 Milano, Italy Phone: +39 02 91278 / 02 49585 Fax: +39 02 61290784 www.cogestretail.com

COVERPOINT, A JLL COMPANY The Square, 8 Stockley Park, Uxbridge, Middlesex, UB11 1FW United Kingdom Phone: +44 18 940 5266 Fax: +44 118 940 5277 Email: commitment@coverpoint.co.uk www.coverpoint.co.uk

ECE PROJEKTMANAGEMENT G.M.B.H. & CO. KG Heegbarg 30, D-22391 Hamburg, Germany Phone: +49 40 60606 - 0 Fax: +49 40 60606 - 6230 Email: info@ece.com www.ece.com

The Balmain Asset Management group is one of Europe’s most experienced specialist shopping center asset managers and co-investors. The principals within Balmain have directly leased, developed, asset managed, and acquired 127 shopping centres globally covering 6.5 million sq m of retail GLA with nearly €18 billion of value. Its principals and senior executive team have 320 combined years’ of property experience. Balmain manages 23 properties in Poland covering more than 1,200 retail leases. Balmain’s Polish shopping centers serve over 42 million customers per annum; more than the 38 million population of Poland itself. Balmain has leased more than 150,000 sq m of space since 2005.

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 €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

Christmasworld – Seasonal Decoration at its best – is the leading international 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 29 January to 2 February 2016.

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 traditional cinemas were closed and multiplex cinemas entered the market. Since 2008 the group has bundled its international business activities under Cineplexx International ltd. It runs 35 cinemas with 235 screens in total, across Austria, Croatia, Serbia, Montenegro and Northern Italy. Total sales reached 120 Mio. euros in 2011 with about 1.100 employees.

Cogest Retail is a consultancy company specialized in leasing and management of shopping centers, independent retail projects and multi-use complexes. The company has 20 years of experience and a retail portfolio of over 45 projects in Italy under its belt. Cogest assists investors and participates in all of the stages of shopping center development: geo-marketing, market research, planning phase, concept studies, tenant mix, leasing and public relations. Tower Center Rijeka is currently the only project outside Italy, Cogest Retail aim to significantly expand activities in Croatia and across the South East Europe region. With a team of 150 highly skilled professionals, Congest offers valuable assistance with acquisition, construction, development, commercialization and management of real estate.

Coverpoint, a JLL Company are an International Foodservice Consultancy. Since 1993 we have been creating for our clients, outstanding retail and shopping center food experiences. From fast food and innovative foodcourts to the latest casual dining clusters, we provide developers, landlords, shopping center 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.

ECE has been developing, building, leasing out, and managing shopping centers since 1965 and is active in 16 countries. The company is European market leader with 196 managed shopping centers. On an overall sales area of 6.5 million sq m, about 19,500 retail businesses generate 22 billion euros in annual sales. Numerous shopping centers are currently under construction or planned throughout Europe.

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EHI RETAIL INSTITUTE Spichernstr. 55 D-50672 Köln, Germany Phone: +49 221 579 93 -32 Fax: +43 221 579 93 -45 info@ehi.org www.ehi.org

EHL IMMOBILIEN GMBH Prinz-Eugen-Strasse 8-10, A-1040 Vienna, Austria Phone: +43 1 512 76 90 Fax: +43 1 512 76 90 - 890 Email: office@ehl.at www.ehl.at EUREB-INSTITUTE REAL ESTATE BRAND INSTITUTE GMBH Oranienburger Straße 66, 10117 Berlin Deutschland Phone: +49 30 609 846 444 Fax: +49 30 609 846 449 Email: info@eureb.eu www.eureb-institute.eu

FIRST CHRISTMAS BY ROSENAU GMBH Blankeneser Bahnhofstr. 7, D-22587 Hamburg, Germany Phone: +49 (0)40 86 64 875 - 0 Fax: +49 (0)40 86 64 875 - 60 Email: mail@firstchristmas.com www.firstchristmas.com FOUNDATION RECRUITMENT UK LTD 23 Hanover Square London W1S 1JB, United Kingdom Phone: +44 20 3714 9275 Email: info@foundationrecruitment.co.uk www.foundationrecruitment.co.uk

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: office@gcsc.de www.gcsc.de GFK GEOMARKETING GMBH Werner-von-Siemens-Str. 9, Building 6508 D-76646 Bruchsal, Germany Phone: +49 7251 9295 100 Fax: +49 7251 9295 290 Email: info@gfk-geomarketing.com www.gfk-geomarketing.com GLOBAL REAL ESTATE INSTITUTE (GRI) 10 Melton Street, London, NW1 2EB, UK Phone: +44 20 7121 5060 Fax: +44 20 7388 8740 Email: Info@globalrealestate.org www.globalrealestate.org

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EHI is the scientific institute of the German retail industry. The members of EHI include German and international retail companies and their industry associations, manufacturers 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.

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.

The EUREB Institute (European Real Estate Brand Institute) is a leading platform for the financial and behavioural evaluation of brands in the real estate industry. The brand panel contains important corporate, service, project, and location brands. The most significant brands and their performance have been evaluated annually since 2009 and listed in numerous EUREB REAL ESTATE BRAND rankings. The development and continuous expansion of the largest brand value study in the real estate industry, the REAL ESTATE BRAND VALUE STUDY, gives the EUREB Institute the largest empirical database of roughly 800 national and international corporate and location brands. In order to generate a quick overview of the entire performance of brands and marketing activities, we have developed numerous research and analysis instruments.

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 d ecorations. Our expertise and products are being implemented across the continent and in the Near East.

Foundation Recruitment is Europe’s leading, professional recruitment expert within the field of international shopping center management. We are the only real estate recruitment business with a specialist team entirely dedicated to the shopping center sector. Our passion, commitment and cross border reach enables us to offer our global clients unrivalled knowledge, understanding and insight. Our extensive network provides us with considerable access to the worlds most talented shopping center professionals. Working across both enclosed and open air assets, our activities sit at the very heart of the modern day, dynamic shopping center arena. Our instructions and areas of professional expertise range across on site mall management, leasing, asset management and development.

The German Council of Shopping Centers, GCSC, represents the interests of over 770 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 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”.

The GRI is a global club of senior real estate investors, developers and lenders. Its mission is to help its members build personal relationships and work together in creating rewarding opportunities. The GRI runs its activities through a collection of annual meetings focussed on different regions of the world since 1998. If building close relationships with the driving elite of the real estate industry at the most senior levels can be useful, we welcome you to join us.

HEUER DIALOG GMBH Nordstrasse 118, 40477 Düsseldorf, Germany Phone: +49 (0)211/46905-0 Fax: +49 (0)211/463051 Email: contact@heuer-dialog.de Online: www.heuer-dialog.de

ICSC EUROPE 29 Queen Anne’s Gate, London SW1H 9BU, UK Phone: +44 20 7976 - 3100 Fax: +44 20 7976 - 3101 Email: icsc.europe@icsc.org www.icsc.org

IMMOFINANZ GROUP Wienerbergstraße 11, A-1100 Vienna, Austria Phone: +43 1 88 090 Email: communications@immofinanz.com www.immofinanz.com

KLÉPIERRE 21 avenue Kléber, F-75116 Paris, France Phone: + 33 1 40 67 57 40 Fax: + 33 1 40 67 55 62 www.klepierre.com

KUNDÖRFER CONSULTING GMBH Frankenweg 5, A-8051 Thal-Graz, Austria Phone: +43 316 / 581 822 Fax: +43 316 / 570 550 Email: office@kundoerfer.com www.kundoerfer-consulting.com

MAPIC The international retail property market Phone: +33 1 79 71 90 00 www.mapic.com

MEC METRO-ECE CENTERMANAGEMENT GMBH & CO KG Am Albertussee 1 D-40549 Düsseldorf, Germany Phone: +49 211 30153-0 Fax: +49 211 30153-450 Email: info@mec-cm.com www.mec-cm.com

MESSE FRANKFURT Messe Frankfurt Exhibition GmbH Ludwig-Erhard-Anlage 1 D-60327 Frankfurt am Main, Germany Phone: +49 69 75 75 - 0 Email: info@messefrankfurt.com www.messefrankfurt.com

Due to 30 years of experience, Heuer Dialog is the market specialist in real estate-, construction- and finance-congresses focusing the latest development of cities and real estates. It provides networking conferences throughout Germany. The topics and the selection of speakers are based on the latest developments, the practical use and the interchange with the best experts. Our conferences are platforms for communication and networking and can be used to reach the goal of client relationship and client acquisition as well as being informed about the actual state of affairs concerning different real estate topics. The company is based in Duesseldorf, Germany. As of 2008, Heuer Dialog operates as a subsidiary of Immobilien Zeitung Verlags gesellschaft mbH with a branch office in Wiesbaden, Germany.

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.

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

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.

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.

MAPIC is the key meeting point for retailers looking for partners, and 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: shopping centers, cities, factory outlets, leisure areas and transit zones. MAPIC 2015 : 18-20 November 2015

MEC METRO-ECE Centermanagement GmbH & Co. KG is a joint venture company between the METRO GROUP and ECE. MEC is Germany’s leading center management company and has around €2.8 billion assets under management. It is responsible for the management – including operation, leasing, developing and marketing – of a total of 43 retail parks and hybrid malls in Germany. With approximately 870 tenants and an area of more than 1.3 million sqm, all centers generate a yearly turnover of approximately €2.9 billion. Around 150 employees work for MEC, whose company headquarters are in Düsseldorf.

Messe Frankfurt is one of the world's leading trade fair organisers. 578,000 square metres of exhibition ground are currently home to ten exhibition halls and two adjacent congress centres. Events “made by Messe Frankfurt” take place at more than 30 locations around the globe and cover the fields of consumer goods & leisure, textiles & textile technologies, technology & production, mobility & infrastructure and entertainment, media & creation.

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MFI mfi management für immobilien AG Bamlerstrasse 1, D-45141 Essen, Germany Phone: +49 201 820 810 Fax: +49 201 820 81 11 Email: mfi.essen@mfi.eu

MK ILLUMINATION Trientlgasse 70, A-6020 Innsbruck, Austria Phone: +43 512 20 24 30 - 0 Fax: +43 512 20 24 33 Email: t.mark@mk-illumination.com www.mk-shoppingcenter.com

NEINVER

France, Germany, Italy, Poland, Portugal, Spain

Calle Francisca Delgado nº 11 5º Planta (Núcleo 2), 28108, Madrid Phone +34 91 490 22 00 Fax +34 91 490 23 01 communication@neinver.com www.neinver.com

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

REDEVCO B.V. Wibautstraat 224 1097 DN Amsterdam, The Netherlands Phone: +31 20 599 6262 Fax: +31 20 599 6263 Email: info@redevco.com Twitter: @Redevco www.redevco.com

REINHARD WINIWARTER WINERY Obere Hauptstrasse 19, A-3552 Stratzing/Krems Business Adress: Rotenturmstrasse 17, A-1010 Vienna, Austria Phone: +43 1 533 32 60 Fax: +43 1 533 32 60 10 Email: office@rw-winery.com www.rw-winery.com

SES SPAR EUROPEAN SHOPPING CENTERS GMBH Söllheimer Strasse 4, A-5020 Salzburg, Austria Phone: +43 662 4471 0 Fax: +43 662 4471 7199 Email: office@ses-european.com www.ses-european.com

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The mfi management fuer immobilien AG (mfi) was founded in 1987 and is the second largest German shopping centre company. Since 2012, mfi partners with Unibail-Rodamco (Paris), Europe’s largest listed real estate company. With the joint partnership mfi/Unibail-Rodamco pursue a structured growth of their portfolio and aim specifically at expanding their market presence in Germany. With over 500 employees in Germany mfi/Unibail-Rodamco covers the entire value chain from project development, planning and construction services up to long-term facility and asset management as well as portfolio construction. Additional services include refurbishment and project management. The Essen-based company currently operates on 26 shopping centers, with six ofthem in its own portfolio. In addition, mfi/ Unibail-Rodamco has three shopping centerprojects in development, namely in Osnabrueck, Recklinghausen and Moenchengladbach. These owned asset projects focus on creating a unique customer experience and innovative customer service measures. Overall, the mfi AG manages approximately 3,000 retail leases.

At MK Illumination we aspire to create exceptional conceptual festive lighting for our partners. Our commitment to design, innovation, technical excellence and sustainable solutions coupled with our local knowledge and a global outlook allows us to create tailored, specially handcrafted illumination to suit our client’s exact wishes and thus strengthen their brand and image. In keeping with its philosophy of being a regional company with a global reach, MK Illumination maintains independently run subsidiaries in 28 countries, allowing each business to benefit from local knowledge, customs and networking. The company provides a comprehensive service in three main areas: Retail Real Estate, Leisure and Public Spaces. We have a passion for enlightening your vision! For further information visit us at: www.mk-illumination.com

NEINVER is a leading international property company that focuses its business on property development, asset management and fund management. With more than 40 years of ex perience, NEINVER has reinforced its position in the European market by managing 15 outlet centres with a total of 311,600 sq m of GLA, under the FACTORY and The Style Outlets brands. NEINVER is now the second-largest operator of outlet centers in Europe (2012 ICSC ranking) and the company has being recognized by main international brands as the second outlet manager to trust in (FOC Performance Report Europe 2013). NEINVER manages the IRUS European Retail Property Fund and nearly 500,000 sq m of retail space, 2,000 shops and 900 of the finest brands in Spain, France, Italy, Germany, Portugal and Poland.

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.

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.

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 our portfolio.

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.

SMA STANDORT MARKETING AGENTUR GMBH Rotenturmstrasse 17, A-1010 Vienna, Austria Phone: +43 1 533 32 60 - 0 Fax: +43 1 533 32 60 - 10 Email: office@sma-austria.at www.sma-austria.at

SONAE SIERRA Lugar do Espido,Via Norte 4471-909 Maia, Portugal Phone: +351 22 948 7522 Email: global@sonaesierra.com www.sonaesierra.com

TH REAL ESTATE 201 Bishopsgate, London EC2M 3BN Phone: +44 20 3727 8000 Fax: +44 20 3727 8001 Email: contact@threalestate.com www.threalestate.com

All figures as at 31 March 2015.

TRIGRANIT MANAGEMENT CORPORATION Váci út 3. 1062 Budapest, Hungary Phone: +36 1 374 6516 Fax: +36 1 374 6571 Email: info@trigranitmanagement.com www.trigranitmanagement.com

UNION INVESTMENT REAL ESTATE GMBH Valentinskamp 70 / EMPORIO D-20355 Hamburg, Germany Phone: +49 40 34 919-0 Fax: +49 40 34 919-4191 Email: service@union-investment.de www.union-investment.de/realestate

ZUMTOBEL LICHT GMBH Donau-City-Strasse 1, A-1220 Wien, Austria Phone: +43 1 258 26 01 - 0 Fax: +43 1 258 26 01 - 982 845 Email: welcome@zumtobel.at www.zumtobel.at

We specialize in fulfilling the marketing and communication needs of retail and commercial real estate. Our scope comprises project development services as well as drafting and implementation of marketing and communications for operational properties. Our goal is to turn retail locations into strong and appealing regional brands.

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 center 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 centers.

TH Real Estate is an established investment management company, specialising in real estate equity and debt investment worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and residential sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value. The company is owned by TIAA-CREF, a national financial services and Fortune 100 company, with €798bn assets under management*. Launched in April 2014, TH Real Estate has a dedicated global presence with offices across America, Asia and Europe, representing c.€23.9bn* of real estate assets across c.50 funds and mandates. Together with TIAA-CREF’s US real estate assets, the global real estate platform of €76.6bn* represents one of the largest real estate investment management enterprises in the world. Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research.

TriGranit Management Corporation (TGM) is a 20 year old real estate consultancy company that is offering a wide scope of services that range from asset management services, retail property management, retail leasing, marketing, commercialisation, commercial property management, facilities management, health leisure & hospitality to detailed financials, adapted to fit the individual needs of our clients. TGM presently operates a network of 8 Central and East European (CEE) offices and in recent months has expanded to its operations to encompass the Romanian, Bulgarian, Macedonian, Armenian and Chinese markets, where it spearheads new and exciting ventures in the property sector. TGM operates in 14 different countries globally including the middle-east and China. The blend of a portfolio with almost 1 000 000 sq m of retail property under management and leasing, TGM has instructions on over €3 billion of assets in 29 current retail, office and leisure projects. TGM welcomes over 60 million visitors every year, supporting the success of more than 1,500 international tenants within the leasing portfolio.

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.

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.

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