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4 | 2014 www.across-magazine.com

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Why mixed-use developments are not always among investors’ favorites

mixed use and nd why hy “living, working, and shopping may ho p ng under one roof” ma still be the future of urban planning

OPiniOn Carmen Chieregato, Chi CeO of Cogest Retail, on the further evolution of loyalty programs FACTORy OuTleTs The first-ever outlet center within a historic city center opens its doors COunTRy RePORT sPAin new data proves that the sector’s recovery is consolidating after years of economic crisis

Projects & Openings............................16 Projects, openings, human resource announcements, and other retail real. estate news

Prague Is Finally Back on the Radar! Is it? .................................................... 6 Commentary by Carlo Gradl The Role of Non-Retail Tenants in Shopping Centers .............................. 7 Commentary by Philip Evans

Corporate Architecture for Retail Chains ................................................. 9 Commentary by Thomas Mattesich

Image: Unibail-Rodamco

Loyalty Programs: A Step Forward.... 8 Commentary by Carmen Chieregato

mix us

Today’s Consumer: An “Engaging Challenge”......................................... 10 Commentary by Thomas Mark

The Shopping Center Is an Entertainment Company.................. 13 Commentary by Wolfgang Idl The Anchor Tenant: Blessing or Curse? ............................................... 14 Commentary by Rainer Kundörfer

Docks Bruxsel Shopping Center Strives to Be Different .................... 32 This project in the Belgian capital, with its 49,000 sq m of GLA, joins the European trend toward greater recognition of the importance of waterways Active Even Before the Opening .... 33 Although Promenade Sainte-Catherine will only open in the second half of next year, Redevco is already undertaking regular marketing and promotional activities “We Want to Offer Customers a Unique, Pleasant, and Multisensory Shopping Experience” .................... 34 Ruhr Park in Bochum will undergo a radical refurbishment. Manfred Lehnhoff, Development Project Leader at mfi, tells ACROSS how the largest open-air shopping center in Germany will become an inspiration to visitors

Image: MFI

Makeover for Kurpfalz Center Mannheim . ...................................... 38 The retail center in the north of Mannheim is being revitalized and expanded

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Mixed-use......................................... 40 Why mixed-use developments are. not always among investors’ favorites. and why “living, working, and shopping under one roof” may still be the future. of urban planning Concentration on Shopping Centers and Offices ...................................... 46 Jens Hartmann, CEO of Allianz Real. Estate Germany GmbH, emphasizes. that mixed-use properties offer broader risk diversification within the object

Image: The Grafton

How to Encapsulate the Aspirations of Modern Shoppers ........................ 12 Commentary by Karolin Forsling

Gap Expands into Central Europe ................................ 58 The American fashion giant is filling in the empty spaces in its store network in Austria and Slovenia

Image: Real Madrid

ed e

Popular Locations ........................... 56 In a mobile society with increasing numbers of commuters, train stations and airports are an important part of everyday life for many people

Image: GAP

Go West – Life Is (not so) Peaceful There ................................ 60 Commentary by ACROSS’s Retail Scout Jörg F. Bitzer

Grafton Shopping Center Gets an Avatar . ............................................. 48 The mall in Cambridge recently presented the Tensator Virtual Assistant Rating Lighting . .............................. 50 MK Illumination has developed “Buy Smart,” the first review system for decorative lighting products

Launch of City Outlet Bad Münstereifel ............................. 64 The first ever outlet center within a historic city center opened its doors on August 14

Moving to an “Experience Economy” . ....................................... 52 Foodservice column by Jonathan Doughty Christmasworld Tenders the “Best Christmas City” award . .................. 54 Looking for the most beautiful Christmas decorations. The reason? Appealing environments are necessary if more customers are to shop on city high streets again

“Tenants Are Normally Very Cooperative” .............................. 70 According to Volker Noack, a member. of Union Investment Real Estate GmbH’s management, the most important part. of refurbishments is ensuring that tenants engage positively with the project

Four Decades of Evolution and Transformation in Spain................... 72 The shopping center market in this Iberian country has undergone an eventful transition. New data proves that the sector’s recovery is consolidating after five long years of economic crisis

Record Volume Expected to Continue ...................................... 78 DTZ Research’s “Investment Market Update – Europe Retail & Shopping Center H1 2014” is now available

ICSC Asset Management Education Seminar ............................................ 84 This event in further education takes place on November 26 in Milan

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Loyalty programs: a step forward By Carmen Chieregato, Image: Cogest Retail

In hard times, when consumption declines and customers grow more elusive – keen as they are to follow the alluring promotional offers coming in from all over – customer retention is a vital yet challenging goal. Shopping Malls are under siege. Spending volumes are dropping due to the crisis and to new purchasing models. E-commerce is increasing its market share, and the globalization of merchandise and brands makes the majority of malls look the same – the list continues. Throughout our twenty years of experience in managing shopping centers and mixed-use schemes, it has always been a priority to. protect the client base. The good news is that we now have better. opportunities and tools than we had in 1996, for instance, when La Grande Mela shopping centre near Verona, Italy, launched the first loyalty card. Loyalty programs have become a fundamental part of shopping centers’ marketing mix and cards have evolved offering far more than discounts. As a matter of fact, marketing budgets. continue to feature loyalty cards, while discarding other more. outdated initiatives. The word is “engagement,” and loyalty cards not only allow issuers to engage every single holder with tailor-made. communication and promotions, they also provide timely, in-depth. information on customers’ profiles and expenditures. Tower Center Rijeka, the first shopping center in Croatia to launch its fidelity card in 2011, provides an interesting case study. When we. decided to invest in this project, we had compelling needs: While the newly opened Tower Center was the only mall in Rijeka in 2006,. several competitors arrived in the following years to target the same catchment area. Our aim was to protect and retain existing. customers as well as attract new customers, offering a range of. dedicated services that could not be found anywhere else.. The Golden Tower Card was thus conceived as a multipurpose tool, easily adapted to different campaigns and promotions. The system is intuitive for customers, but with extremely sophisti-. cated functions for loyalty program managers. For every purchase above a certain amount (100 Croatian kunas, approximately €12), holders gain points that are transferred to their Golden Tower Card

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Carmen Chieregato CEO of Cogest Retail

by a special POS terminal. These points can be redeemed for a. discount on a subsequent purchase at ANY store in the mall. It’s this “coalition” system that makes the difference: While it is relatively. simple for a single retailer to calculate a sustainable discount based on its margins, finding a synthesis among the 120 tenants of Tower Center required a lengthy mediation. Furthermore, the Golden Tower Program provides a free service called “shopping with a stylist,”. offering the consultancy of a fashion adviser who, for a couple of hours, gives personalized tips and assists card holders in their. purchases. The program was launched with a strong marketing campaign and gained 10,000 members by the end of its first year. It continued to grow to its current level of 33,000 active members. To date, Tower Center remains the only mall in Croatia to have its own fidelity card. It has become a cornerstone for all promotional activities, spanning from award games (for card members only) to the giving away of tickets for events. The database, complete with e-mail addresses and cell phone numbers, is used to deliver targeted messages – from birthday greetings and gifts to news on mall life – and source info on customers’ behaviors and other trends. The Tower Center coalition system stands out as a successful case study in Cogest Retail’s records and it’s being extended to other leading malls throughout Italy. What is your opinion on this topic? Discuss it with us! Send your opinion to opinion@across-magazine.com!

Corporate Architecture for Retail Chains By Thomas Mattesich, image: ATP/Becker Lacour

The age of anonymous “tin boxes” at the city limits appears to be over – the trend towards quality has reached the subject of building aesthetics. Retail chains in Austria have been putting their faith in the effect of good design for quite some time and corporate architecture is also becoming an issue for this sector in Germany. Studies show that more than 30% of new customers are first drawn to a company by its architecture, because buildings with character stand out and attract. This means that retailers also benefit from good architecture, though this is not limited to an attractive appearance. Architecture that optimally supports the core processes of a shopping center also promises a visit that will be memorable and varied experience.. We are deeply interested in the impact of architecture on the. success of a company and invest a lot of time in the early design phase. In order to ensure that the tailor-made solution also yields long-term success, our integrated design process optimizes as many design decisions as possible right from the start.

Thomas Mattesich Architect, Partner at ATP architects engineers and Managing Director of ATP Munich which, with 75 employees, is one of the largest offices in the Southern German Region.

In architecture, tailor-made means built identity. A retail brand – whether the chain is expanding or relaunching – is experienced through corporate architecture. The criteria for this experience range from visual recognizability to spatial effects and practical functionality, to the approach to life the architecture manages to convey.. A building can excite, enthrall, enchant, and surprise. The way in which a building is perceived plays a decisive role in both the brand image and its eventual success. Architecture assumes an interactive role by moderating between brand values and user behavior –. a principle which, incidentally, applies not only to large shopping centers but also to small specialist retailers and supermarkets.. We have been involved in a fascinating cooperative project with a German food retailer for years – from the development of a new. architectural approach and design of an internationally award-. winning supermarket prototype to the execution of numerous new build and refurbishment projects that both implement and further develop our concept. This approach, which leaves open a broad range of urban design options, has been particularly successful in. urban settings. But specific challenges, like the development of a. timber-based retail park in a rural context, have also given us the. opportunity to develop accents and elements that create. image and identity. Coined in the 1990s, the term “Corporate Architecture,” is widely. applied to the design approach of a new generation of architects. This approach includes visual communication, marketing, urban. design, and sociology. The challenge lies in the universal presence of brands, the portrayal of which has a huge influence on our. (buying) behavior as well as the wider form and development of. society. This is why architects must face up to this opportunity and address it with a great sense of responsibility. What is your opinion on this topic? Discuss it with us! Send your opinion to opinion@across-magazine.com!

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Image: Multi

GERMANY

Multi Corporation announces the appointment of Mark Siezen (photo) as European Director of Leasing effective October 1, 2014. Siezen is currently COO of NSI N.V. He was previously CEO of C&A in China and Director of Development and Managing Director Netherlands at Redevco. Jaap Blokhuis, CEO of Multi Corporation, said: “We are very pleased that Mark has decided to join the Multi management team. Mark brings a lot of international experience, both on the retail side and the real estate side of the business.” Jonathan Lurie, Managing Director of Blackstone, commented: “The appointment of Mark Siezen to oversee leasing underscores our commitment to place retailers and customers at the heart of everything that Multi does. On behalf of the supervisory board, we look forward to working with Mark as we continue to strengthen Multi’s position as an innovative asset manager for high-quality shopping centers throughout Europe and Turkey.”

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Image: Art-Invest Real Estate

MARK SIEZEN

Alter Wall awakened with a kiss Hamburg will regain a good bit of its history over the next three years. Art-Invest Real Estate is developing Alter Wall (“Old Wall”) – a prestigious address next to City Hall – into a shopping boulevard. The road section with house numbers from two to 32 already was a busy shopping street by 1900 and is now set to become busy once again. “Our goal is to re-open this historically significant and lively area of Hamburg’s city center for citizens and visitors and create a new location with a high quality of stay,” says Markus Wiedenmann, Managing Partner of Art-Invest Real Estate. About 10,000 sq m of retail space will arise on the canal-side and ground floor, along with around 18,000 sq m of office space behind the historic facades of the 150-meter long building complex. An underground garage with 220 parking spaces including public parking is also planned. One of the highlights is an arcade that will be built in the middle of the building complex. From there, a new pedestrian bridge will lead to Neuer Wall. The section of Alter Wall in front of the building, which currently serves as a parking area, will be developed into an urban boulevard. By mid-2017, the area will include spaces for hanging out, including benches, trees, and opportunities for outdoor foodservice. The route taken by passers-by will also be lined with art. That’s because Alter Wall’s long-term tenant, the Bucerius Kunst Forum, has played a special role in the planning process. The renovation of the building complex has already begun and demolition work has started. The actual construction work is slated to begin this autumn. Completion is expected by fall 2017. The three-year construction time results from, among other things, the complex excavation required for the underground garage alone, which will take approximately one year to complete.

ITALY Westfield Milan introduces Galeries Lafayette to the country Westfield and Arcus Real Estate, joint developers of Westfield Milan, have reached agreement with Galeries Lafayette to open a flagship store in the center, which is set to be the country’s biggest mall. The Italian Galeries Lafayette store will be only its second European store outside of France and follows recent openings in Beijing and Jakarta. With retail space on four floors, the 18,000-sq-m GLA flagship store will reinforce Westfield Milan’s position as a new shopping destination for Milanese, Italian, European shoppers, and international tourists, and it will complement the city’s traditional shopping areas. At 175,000 sq m, the €1.3 billion Westfield Milan development will feature over 300 stores, a luxury village, cinemas, leisure and entertainment facilities, 50 restaurants, and parking for 10,000 cars. The mall will have a compelling catchment with a market potential of €4.9 billion and a population of over 7 million people. Milan has one of the highest per capita rates of retail spending in Europe coupled with a significant lack of shopping centers. Westfield Milan will therefore create a great opportunity for international and Italian retailers to capture spending in a key global shopping destination. It is anticipated that it will deliver sales in excess of €1 billion, comparable to both Westfield London and Westfield Stratford City, at €1.2 billion each. Good progress is already being made on all issues relating to authorities and the delivery of vital infrastructure for the project. It is expected to open in 2017 or 2018.

Image: TH Real Estate

SPAIN

Image: ECE

Stephan Austrup

Auxideico takes over management of Marineda City The Spanish subsidiary of ECE, Auxideico, which is one of the leading shopping center operators in Spain, was awarded the management contract for Marineda City Shopping Center in La Coruña, in northwest Spain. The center was only recently acquired by Merlin Properties. Marineda City is one of the largest shopping centers in the country. It comprises a rental area of 176,000 sq m, 190 shops, and 6,500 parking spaces. International brands in the mall include fashion labels such as Inditex, H&M, Primark, C&A, Grupo Cortefiel, and Benetton. Further popular brands include Bricor, Conforama, Decathlon, Media Markt, San Luis, and Worten. The shopping center also provides leisure activities, such as a 12-screen cinema run by Cinesa, and a large variety of restaurants. Popular brands like El Corte Inglés and Ikea can also be found on site. Rüdiger Dany, CEO of Auxideico: “We would like to thank Marineda City’s investors. They placed their trust in us by awarding us the management contract. We are confident that, with our experience, we, together with the tenants, will achieve success with the shopping center in the future. This new chance provides us with the opportunity to show that Auxideico is one of the leading center management companies in Spain.”

SLOVAKIA AND THE CZECH REPUBLIC TREI Real Estate GmbH, the real estate subsidiary of the Tengelmann Group, recently opened two more retail centers under the brand name “Vendo Park” in Galanta, Slovakia (photo), and in Mohelnice in the Czech Republic. The company is advancing its transnational retail park concept. The “Vendo Park” brand stands for quality, particularly in terms of location and design. Its tenants include retailers from the non-food sector, such as KiK, TEDi, Deichmann, Pepco, dm, Wiky, Planeo, and Sportisimo. A wide range of food products is provided in each case by the neighboring Kaufland market. “Our Vendo Parks was fully leased well before their repsective openings. Unfortunately we were unable to provide space for all prospective tenants,” said Michael Tauwinkl, Head of Project Development and Leasing at TREI Real Estate Czech Republic. With the two new openings in Galanta and Mohelnice, the company now operates a total of nine Vendo parks in Poland, the Czech Republic, and Slovakia.

Image: Trei Real Estate

Two new Vendo Parks

TIAA Henderson Real Estate (TH Real Estate) has hired Stephan Austrup as Head of Retail, Germany. His primary responsibility will be running asset management for TH Real Estate’s three largest German shopping centers in Berlin, Munich, and Erlangen, in addition to sourcing new stock throughout Germany. Austrup will also take on management responsibility for the existing German retail team, which runs the remaining German retail assets. He will report to Tim Horrocks, Head of Germany, Director of Europe. Austrup joins TH Real Estate from Sonae Sierra, where his primary responsibilities included acquisition and development of new projects for Sierra Germany GmbH. Previous roles included positions at mfi Management für Immobilien AG and Ernst & Young. He is a member of RICS and of the advisory board for the graduate degree program Retail Property at the IRE|BS International Real Estate Business School. In addition to an engineering degree, he has an MBA in International Real Estate Management and has completed a postgraduate degree program for retail property managers.

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Cover story

mixed use Why mixed-use developments have not always been investors’ favorite projects and why “living, working, and shopping under one roof” could still be the future of urban development. A shopping center with no less than 110 stores integrated into a football stadium. This. combination may sound unusual for industry outsiders, but in the western Slovakian city. of Trnava, just such a project is becoming a. reality. In the autumn of next year, “Arena City” will open the doors to its almost 29,500 sq m of lettable area. Pavol Adamec, Chairman of City

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Arena Plus, says: “The project’s potentially strong return on investment is being confirmed by the immense interest expressed by famous brand name shops. And this along with a fivescreen multiplex, reputable restaurants,. a bowling alley, a hand car wash, a children’s. e n t e r t a i n m e n t w o r l d a n d a c o v e r e d. pedestrian zone at the city walls.”

Image: ECE

Image: Cushman & Wakefield

City Arena will open its doors in Trnava in autumn 2015. It is more than a stadium: It also includes a shopping center offering customers almost 29,500 sq m.

Henrie W. Kötter

Image: Leisure Group

Change of ownership for a “jack-of-all-trades tower”: Morgan Stanley Real Estate Investing and CC Real recently bought the Millennium City in Vienna.

but not necessarily within one building. The most important thing is that each use area is sensibly designed and not a bad trade-off.”

The right mix is decisive Bruno Ettenauer, CEO of CA Immo, expresses a similar opinion: “We deliberately build mixed-use spaces in our large neighborhood developments in Germany to ensure that the neighborhoods stay lively. In our view, short distances, sufficient green areas, good local amenities, and infrastructure peppered with social institutions are the recipe for functioning neighborhoods. The right mix is crucial. Not every neighborhood can be a city within a city.” Dif ferent countries, similar customs. In. Scandinavia, especially in Sweden and Finland, municipalities often want to attach housing to. retail development projects in urban settings.. Public transportation is also a key element in. Nordic urban planning and the daily life of city dwellers. Marcel Kokkeel, CEO of Citycon,. emphasizes that his company considers public transportation hubs to be functional and. sustainable anchors for its centers. He continues: “We have a great history of adding versatile public services – libraries, job centers, gyms, social and health services – to our shopping centers and we see this kind of thinking becoming more and more of a trend.” In Eastern Finland, Citycon is. (re-)developing a mall into which the city theater will be incorporated. According to Kokkeel, this. efficient use of space is a unique way to increase customer flow, especially in the evening.

Image: CA Immo

Mixed-use properties are currently impossible to avoid, but the pairing of a stadium and a shopping center really is unusual. Office buildings coupled to shopping galleries and malls linked with flats are common combinations in metropolitan areas,. however. What makes “living,” “working,” and “shopping” under one roof so interesting? Henrie W. Kötter, Chief Investment Officer at ECE and Managing Director responsible for the area of. development as well as mergers & acquisitions,. explains: “We’ve developed numerous mixed-use properties in Dresden, Frankfurt, Stuttgart, and elsewhere in recent years, but just as many. projects are pure shopping centers. Only dialogue with the city will show whether mixed-use is. appropriate. Where the available space is small,. additional uses in shopping projects are difficult to integrate. Generally, residents want a livable,. desirable neighborhood. This means different uses,

Chief Investment Officer at ECE and Managing Director responsible for the area of development as well as mergers & acquisitions: “The most important thing is that each use area is sensibly designed and not a bad trade-off.”

Bruno Ettenauer CEO of CA Immo: “We deliberately build mixed-use spaces in our large neighborhood developments in Germany to ensure that the neighborhoods stay lively.”

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Cover story

Image: Apsys

The 90,000-sq-m Project Muse in Metz includes a shopping center with 113 stores, service-enhanced residential buildings, and offices.

Image: Citycon

Development Director at Apsys: “The most important aspect that occurs is, with a complex project in all its items, we must make things clear for everyone – whether it is a bank, an investor, or a customer. Simple interplays, simple contracts, simple spacial concepts. The complexity must be hidden.”

Marcel Kokkeel CEO von Citycon: “We have a great history of adding versatile public services – libraries, social and health services – to our shopping centers and we see this kind of thinking becoming more and more of a trend.”

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Image: Apsys

Matthieu Babinet

Plea for purity Where there is light, there is shadow, however. From an investor’s point of view, the so-called. purity of projects is one of the main arguments against mixed-use real estate. Prime office space in an “all-rounder” tower may rub along poorly with the retail property on the ground floor and the penthouse on the top floor. Other sticking points are the construction's complexity, the management of several operators on the same project, the large price tag of a vertical project with buildings above a shopping-center, the intricacy of the legal assembly, and expensive rents. Matthieu Babinet, Development Director at Apsys, adds: “Essen-. tially, the most important aspect that occurs is, with a complex project in all its items, we must make things clear for everyone – whether it is a bank, an investor, or a customer. Simple interplays, simple contracts, simple spacial concepts. The complexity must be hidden.” Patrick McKay,. Development Director at Kulczyk Silverstein. Properties, mentions other important aspects in the development of mixed-use real estate: “It is more challenging to ensure that different functions can co-exist smoothly and efficiency is maintained for all types of uses. Marketing and communications must be tailored carefully to meet the. expectations of the different target groups.” Futureal points out that mixed-use real estate. requires the development team to have complex capabilities. Furthermore, they really show their.

advantages when they are large enough to include several real estate segments. Large project size, however, is a disadvantage due to capital requirements and phasing problems. Tibor Tatár, CEO Commerical Development at Futureal, sees other challenges in the development of large-scale mixed-use schemes: “Starting with residential or office space, it might be difficult to convince. owners and/or office tenants that the whole. project will happen and that construction will not be disturbing. A major retail scheme can be a kickstart, however retail can’t exist without a proper primary catchment, which the residential/office part of the project is supposed to provide. It’s a catch 22.”

Catch 22 Despite this catch 22 and other identified challenges, mixed-use real estate of all degrees and combinations becomes increasingly more. popular in Europe. One reason is certainly that, true to the motto of the “city of short distances,”. people’s center of life will revolve around an area of just a few hundred square meters in the future. Movement between sleeping, living, working, shopping, and entertainment will then only take place vertically rather than horizontally. There are several projects in developers’. pipelines that provide good approaches in this regard. Futureal built 70,000 sq m of office space (called Budapest One Business Park) and a

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Cover story

Patrick McKay Development Director at Kulczyk Silverstein Properties: “It is more challenging to ensure that different functions can co-exist smoothly and efficiency is maintained for all types of uses.”

44,000-sq-m shopping center (Etele City Center) in Kelenföld in the Hungarian capital. The two schemes, combined with a large scale infra-. structure development project carried out by the city, make up one of the country’s largest-ever city-center revitalization projects. Their completion is scheduled for 2017. Also in 2017, Apsys plans to complete Muse in Metz, France. The 90,000-sq-m project includes a shopping center with 113 stores, service-enhanced residential buildings, and offices. Two years earlier, in 2015, Kulczyk Silverstein Properties is opening Ethos, the largest mixed-use building in the heart of. Warsaw’s historic Royal Route. The property. consists of two buildings – a six story tall main building and a lower one, known as Piano.

Image: Futureal

Etele City Center is a multifunctional complex within a public transportation junction in Budapest, at the end of the new M4 metro line. Scheduled completion: 2017.

CEO Commercial Development at Futureal: “A major retail scheme can be a kick-start, however retail can’t exist without a proper primary catchment, which the residential/office part of the project is supposed to provide.”

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Image: Futureal

Tibor Tatár

Ethos, developed by Kulczyk Silverstein Properties in Warsaw, is an office and retail building. Its completion is expected in 2015.

Sought-after transport hubs The bottom line is that mixed-use developments are currently not always among investors’ favorite objects. They are increasingly becoming the focus of the real estate industry as a whole, however. One reason is that they are an answer to the. frequent scarcity of space in Europe’s rapidly growing metropolises. For example, an “all-rounder. tower” recently changed owners: Morgan Stanley Real Estate Investing and CC Real bought the. Millennium City in Vienna. Its purchase price was not disclosed. Shopping centers in transport hubs, like railway stations and airports, are fully justified, as proved by numerous successful projects across the continent. When asked about investors. potentially holding back from mixed-use properties, Henrie W. Kötter of ECE, responded: “We don’t see it that way. Both the Skyline Plaza in Frankfurt, which opened in 2013, and Milaneo, which will be finished this October in Stuttgart, are mixed-use projects that found investors very quickly.”

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Cover story

Jens Hartmann CEO of Allianz Real Estate Germany GmbH. This company is responsible for Allianz’s investments in Germany, Austria, CEE, and Scandinavia.

Jens Hartmann, CEO of Allianz Real Estate Germany GmbH, emphasizes that mixed-use properties offer broader risk diversification within the object.

Concentration on shopping centers and offices Images: Allianz

ACROSS: Many investors are remarkably reluctant to purchase mixeduse real estate. what do you think is the reason for their reluctance? JENS HARTMANN: In general, institutional. investors have a clear focus on certain types of use. They have extensive expertise in these. segments. In its direct investments, Allianz Real. Estate currently focuses primarily on office buildings and shopping centers. In these areas, the. acquisition of a mixed-use property can certainly be interesting as long as risk/return aspects are considered. Oftentimes usage types are offered that are not within the investor’s focus area. In. addition, one must make sure that various types of usage areas are ideally placed within mixed-use properties. For example, in real estate with a retail focus, office entrances might not be prominent enough or office space for potential tenants not. attractive enough. In addition, the quality of the. location for each type of use should be evaluated. Particularly risky aspects in mixed-use properties must be carefully weighed in each case.

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ACROSS: What opportunities do mixeduse real estate objects offer in a portfolio? HARTMANN:As already hinted, mixed-use. properties provide a broader distribution of risk within the object. The investment’s performance is thus less dependent on the general development of the relevant market segment. Mixed-use properties are also frequently the only way to get exposure to urban locations, in particular. ACROSS: The supply of space in cities is getting shorter. Is the concept of “living,” “working,” “shopping,” and “relaxing” the ultimate solution in urban municipal development? HARTMANN: Different trends can be observed in urban development. They must be evaluated very differently with regard to the various cities and. metropolitan areas as well as their future. prospects. The combination of usage types that fit together is an essential aspect from an urban. planning point of view. Such concepts require

sound and sustainable urban development. concepts that offer the individual investor an. attractive framework and a high level of security. for his/her investments. Close and constant. exchange between the parties on the investor. and the urban development side is an important prerequisite. ACROSS: How easy (or difficult) is it to sell mixed-use properties? HARTMANN: This is very much dependent on the particular property and the interests of investors. Classic commercial buildings in good retail. locations with apartments or offices on the upper floors are often easy to sell. This is especially the case at volumes that are interesting for private. investors and family offices. Selling objects in good locations that are attractive with regard to each type of use, or a property with a principal use in which other usage types play only a subordinate role, is usually no problem either. It is more difficult to sell those designed for special uses, such as. hotels, or those with sub-optimal investment.

structures. Such properties are not considered by so-called core investors like Allianz. The group of prospective buyers is too small, marketing periods are longer. This often impacts the sales price. ACROSS: What strategy does Allianz Real Estate follow in terms of mixeduse buildings? HARTMANN: As mentioned above, Allianz. focuses on office and retail use. We also acquire mixed-use objects in these segments if both uses work well. An example is our latest investment, Isartor City, a property in a very good city-center location in Munich. It features Globetrotter as a strong and long-term tenant on the retail side and Taylor Wessing as a prestigious key tenant of the office space. Europa Passage, in a prime location between Alster Lake and Mönckebergstraße in Hamburg, also exemplifies attractive retail and. office uses in one object

Europa Passage, in a prime location between Alster Lake and Mönckebergstraße in Hamburg, exemplifies attractive retail and office uses in one object.

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and commentaries from leading experts. The magazine is published entirely in. NEW PROJECTS AUSTRIA English,citypark with an exclusive INcirculation of GRAZ 18,000 copies in 42 European countries, weberzeile 2015 RIED reaching the industry’s decision makers . directly. COMING 2015

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WITH US. Assistant Editor-in-Chief: Booth A2.112 Claudia Aigner Connect with the Spirit of Retailing c.aigner@across-magazine.com

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4|2014 www.across-magazine.com

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SOON

seestadt BREGENZ

CONNECT

Mixed-Use

mixed use

2016

6—8 October 2014

MESSE MUNICH

HUNGARY

ITALY

and nd why hy “living, working, and shopping may ho p ng under one roof” ma still be the future of urban planning

A C R O S S 4| 2014

SES specialises in developing and managing first-class shopping centers in the best locations – as property owners or for investors. From center and asset management through to executing large construction projects, SES offers the whole range of services. Metropolitan, vibrant and popular shopping destinations as timeless, modern marketplaces with the very highest quality environment, these are the result of a success story stretching over decades. Currently SES manages 28 sites and is heading for further expansion. This goes hand in hand with our experience, solid connections and responsibility.

CZECH REPUBLIC

Connect with us: SES Spar European Shopping Centers GmbH T: +43 662 44 71-7041, development@ses-european.com

www.ses-european.com

Advertisements: Reinhard Winiwarter r.winiwarter@across-magazine.com SES14_Ins_Across_210x275_engl_1408.indd 1

ACROSS is the leading European retail. real estate magazine. This independent magazine informs about the latest projects and brings relevant news in top-quality to readers in the sector on approx. 100 pages. ACROSS also provides political, economic, and legal information. All this is rounded off by country profiles, company and personal portraits, information on trends in retail. and catering sectors, consumer issues,.

Why mixed-use developments are not always among investors’ favorites

Cover:. Thinkstock, sma, Prospektus Nyomda

09.09.14 12:43

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ACROSS Strategic Partners - Our direct line to the industry Many industry players, experts, and leading companies in the retail real estate sector have supported us in word and deed in the preparation of this edition of ACROSS. We would like to take this opportunity to thank all of our strategic partners, guest authors, and suppliers of ideas, without whom it would be nearly impossible to create this informative magazine and make it so relevant to the industry.

Networking Partners:

Swiss Council of Shopping Centers

European Factory Outlet Centres Observatory

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ATP ARCHITECTS ENGINEERS

Innsbruck, Vienna, Munich, Frankfurt, Zurich, Budapest, Zagreb, Moscow

Heiliggeiststr. 16, A-6020 Innsbruck, Austria Phone: +43 512 5370 - 0 Fax: +43 512 5370 - 1100 Email: info@atp.ag www.atp.ag Blachere illumination Zone industrielle, F-84400 Apt, France Phone: +33 4 90 74 20 95 Fax: +33 4 90 74 14 63 Email: sales@blachere-illumination.com www.blachere-illumination.com

Branddesigners Rotenturmstrasse 17/10-12 A-1010 Vienna, Austria Phone: +43 1 533 32 60 55 Fax: +43 1 533 32 60 10 Email: office@brand-designers.com www.brand-designers.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 D-60327 Frankfurt am Main, Germany Phone: +49 69 75 75 - 0 Email: 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 Foodservice Consultants The Barn, 11 Waltham Court Milley Lane, Hare Hatch, Reading RG10 9AA, United Kingdom Phone: +44 18 940 5266 Fax: +44 118 940 5277 Email: commitment@coverpoint.co.uk www.coverpoint.co.uk

ATP architects engineers is one of Europe’s largest and most renowned Integrated Design offices. It employs 450 people in 8 subsidiaries in Germany, Austria, Switzerland and CEE. As specialists in retail and entertainment buildings, ATP aims to create inno vative and intelligent solutions of sustainable quality. Integrated Design has been the company’s core competence for 35 years. Experienced interdisciplinary teams plan simultaneously in virtual models. They handle all architectural design and engineering tasks of a construction project. 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 efficiency and places the highest importance on research and development. With forty years of experience on lighting markets, we have worked in the widest possible range of environments, for both urban space and private setting.

Design is our passion! Branddesigners is a company, which is specialized in shopping center refurbishment and retail design for more than 12 years. The 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 technologies to create our visions and 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 its completion.

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

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 30 January to 3 February 2015.

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 acqui sition, construction, development, commercialization and management of real estate.

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 Foodcourts 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.

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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 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

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@rosenau.com www.rosenau.com FOUNDATION RECRUITMENT UK LTD 33 Cavendish Square W1G 0PW, United Kingdom Phone: +44 207 484 5086 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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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.

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.

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.

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 centre 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 centre 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.

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

KlepieEre 21 avenue Kléber, F-75116 Paris, France Phone: + 33 1 40 67 57 40 Fax: + 33 1 40 67 55 62 wwww.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 market for retail real estate 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 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

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 (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.

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 41 shopping centres in Germany. At the centres, with approximately 820 tenants generate a yearly turnover of around € 2.7 billion over an area of more than 1 million sqm. 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.

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 UnibailRodamco (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 of them in its own portfolio. In addition, mfi/Unibail-Rodamco has three shopping center projects 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.

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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

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 experience, 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 inter national 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 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

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.

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

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 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

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

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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

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

TIAA Henderson Real Estate 201 Bishopsgate, London EC2M 3BN Phone: +44 20 3727 8000 Fax: +44 20 3727 8001 Email: Gemma.Bradley@threalestate.com www.threalestate.com

All figures as at 31 December 2013.

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

ULI – Urban land institute Germany/Austria/Switzerland

Europa-Allee 22 D-60327 Frankfurt am Main, Germany Phone: +49 696 062 7181 Fax: +49 69 768 067 9181 Email: info@uli-germany.de www.uli-germany.de

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

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.

TIAA Henderson Real Estate (TH Real Estate) is an established investment management company with specialisation in real estate equity and debt investing worldwide. As one of the largest real estate managers in the world, It 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 multi-family housing sectors, Launched in April 2014, the company has a dedicated global presence with offices across Asia and Europe, managing c.£16bn of real estate assets across c.50 funds and mandates. Its alliance with TIAA-CREF in North America increases its global AUM to c.£51bn.

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 sqm 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.

ULI – the Urban Land Institute – is a non-profit research and education organisation supported by its members. Founded in Chicago in 1936, the institute now has over 30,000 members in 95 countries worldwide, representing the entire spectrum of land use and real estate development disciplines – private and public. In Europe, we have over 3,000 members supported by a regional office in London and a branch in Frankfurt for the German, Austrian and Suisse market. ULI brings together leaders with a common commitment to improving professional standards, seeking the best use of urban land and following excellent practices. ULI is a think tank, sharing knowledge through discussion forums, research and publications. By building and sustaining a diverse network of local experts, we are able to address the current and future challenges facing Europe’s cities.

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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