ACROSS Magazine 06 2014/15

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Image: ACROSS

Living Assets Must Evolve . .............. 6 Commentary by Jorge Morgadinho

FOCU

50 Years of Shopping Centers in Europe – 50 Years of Success for Retailers and the Real Estate Industry . ................................ 8 Commentary by Alexander Otto

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Focus on the Brand – an Advantage on Several Levels .............................. 9 Commentary by Dietmar Reindl Retail – and Something More? ....... 10 Commentary by Christoph M. Achammer

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

How Shopping Centers Are Adapting to Change ......................................... 11 Commentary by Neil Hockin

ACROSS Goes Mobile......................... 30 Starting in March 2015, ACROSS’s. community of readers will have access to a website adapted for all mobile devices, a specially designed ACROSS app, more news, ACROSS TV, and numerous extra features

How Sustainable Is the Refurbishment Trend, Really? ........ 12 Commentary by Rainer Kundörfer Light-Based Events: New Sources of Income ............................................. 14 By Johan Hugues

Image: Klépierre

Opened November 28 . ................... 32 With 230,000 sq m of GLA, Avia Park in Moscow is one of the largest shopping centers in Europe

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Focus on 2015 ................................. 38 What the retail real estate industry. can expect

Polygone Riviera 73% Leased One Year ahead of Opening ................... 34 Unibail-Rodamco and Socri have announced the project’s strong leasing progress. The 70,000-sq-m center will be the first lifestyle mall in France

Harnessing the Power of Food . ..... 48 Foodservice Column by Jonathan Doughty

A Project for Marseille .................... 36 Klépierre is betting on the seaside metropolis with Prado shopping center. Galeries Lafayette will be one of the anchor tenants

Christmasworld on Tour ................. 50 With Christmasworld’s Premium Business Program, participants are treated to a shopping tour of Frankfurt am Main


15 20 Years of MAPIC – Looking Back and Forward .................................... 52 Commentary by ACROSS’s Retail Scout Jörg F. Bitzer “We See Many Similarities with Scandinavia” . .................................. 54 Camilla Høymer Steen, COO of Bik Bok, explains in her interview with ACROSS that there are a number of possible countries on her expansion radar – including Austria

A Viaduct as a Namesake . ............. 62 Southern France will soon have a new outlet center. Viaduc Village, developed by Etche France Group, will greet customers from the beginning of 2016

The Shopping Experience in 2014 ............................................. 80 A recent study by CBRE finds that consumers want convenience and a social experience when choosing where to shop

Retail Parks: Sustainable Investment or Hype? . ............................................. 66 GfK retail expert Manuel Jahn explores why retail parks constitute a sustainable investment with genuine substance

A Look at the Danish capital .......... 70 Sadolin/Albæk takes a close look at the metropolis on the Øresund and its surroundings in “Copenhagen – Property Market Report 2014” Shopping Centers and Market Development in Finland . ................ 74 The shopping center business in the Scandinavian country has reached its 30-year anniversary. It’s not yet a mature sector, but it is an area with continuous development

Image: Leslie Jones

S ON

Outlet Shopping: Are You in or Out? ........................... 58 A new breed of outlet shopping malls is emerging. Outlets that no longer sit on the periphery of city life but exist at the heart of urban development complementing retail parks. London Designer Outlet is one example

In the Land of Milk and Honey ....... 78 Historically the people of Belarus went to Vilnius, Warsaw, or Moscow to buy brands that they could not get at home. This trend is beginning to change as more and more international brands seek space in the country’s new shopping centers

Kick off amid Big Regional Development Opportunities . .......... 81 The ICSC’s annual RECon Asia. took place in Singapore from. November 10 – 12 Innovation Abounds at 20th MAPIC .................................. 82 Innovation, internationalization, and continued confidence in an ongoing retail recovery were the hallmarks of the 20th edition of MAPIC Turkey GRI 2015 ............................... 84 The industry event takes place in Istanbul on April 20 and 21

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50 years of shopping centers in Europe – 50 years of success for retailers and the real estate industry By Alexander Otto, IMAGE: ECE

These days, there has been a large debate about the crises of the bricks-and-mortar trade and the threat from e-commerce. Maybe. it would help to look back at the unparalleled success story of shopping centers, especially on the occasion of a great anniversary. 50 years ago, in 1964, the opening of the Main-Taunus-Zentrum near Frankfurt marked the opening of Europe’s first modern shopping center. While there were only 14 significant shopping centers in. Germany in 1970, that number has risen to more than 460 in 2014, according to the EHI institute. The “inventor” of this type of shopping center was the Austrian-American architect Victor Gruen, who had already designed the first centers in the US in the 1950s.. Interestingly, he was also a keen supporter of established shopping destinations – he designed the world’s first pedestrian zone, which was established in Vienna in 1970. Before shopping centers, so-called community markets – similar to large department stores – were the first to provide new shopping worlds. In this concept, the shops of retailers were not perceived as independent and could not stand out from one another. This model failed and was replaced by modern shopping center concepts in which individual retailers were allowed to realize their own shop. designs. My father, Werner Otto, played a major role here. He brought the idea of modern centers from the US to Europe and. developed the first enclosed shopping centers in Germany in. the mid-1960s, such as Franken-Center Nürnberg, which is still. performing very well today, and Alstertal-Einkaufszentrum in. Hamburg, which has been modernized and extended time and again. This is why ECE is celebrating its 50-year anniversary in 2015. The history of the company is closely connected to that of the industry. In the 1960s and the 1970s, developments were limited to. greenfield sites because their realization was more profitable and there was more space to build large parking lots around the shopping centers. During the economic boom, sales areas were in high demand that could not be adequately met by old city centers.

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Alexander Otto Chief Executive Officer of ECE

By providing free parking and thus facilitating convenient, direct. access to the shops, greenfield developments were able to compete with the many established city centers and their cozy pedestrian zones for some time. However, after a few years, it became. apparent that this was not enough. A new way of thinking took hold, especially in municipalities. Some city centers suffered from the. impact of large project developments on urban fringes and city. center desertion kicked in. Authorities responded by issuing fewer building permits for greenfield locations and there was a return to the city centers. By this time at the latest, Europe began going its own way with regard to the development of shopping centers. While centers in the US created an urban feel without cities, they were an addition to the established city centers in (Western) Europe. Every shopping center is as diverse as the continent itself. Their size. varies from a few thousand to 100,000 sq m, depending on the. culture, competition, and statutory regulations. In Southern Europe, especially in Turkey, large entertainment areas are required; the food court tradition there has already reached Western Europe as well. Shopping centers have weathered 50 years of rapid changes in. European countries and in the retail industry without significant. injuries. It is in the DNA of developers and operators to re-invent themselves time and again. Looking back therefore gives us. courage for the future: The internet is not the end of shopping. centers. Here’s to the next 50 years! What is your opinion on this topic? Discuss it with us! Send your opinion to opinion@across-magazine.com!


Focus on the brand – an advantage on several levels By Dietmar Reindl, Image: Immofinanz Group

New projects always involve necessary preparations: We investigate which cities might make sense for us and our customers, look at. purchasing power, traffic, development, and infrastructure plans for each region, etc., and define the most appropriate place for a. potential retail or logistics property on the basis of the parameters analyzed. We place a strong focus on brand building in our real estate portfolio. This has proved to be an advantage in all areas of our business – both in development and asset management – and not least in the area of transactions, with an ultimate view towards a later sale.

“The move to Serbia is at the behest of our tenants and we are happy to follow up on their wish given the Balkan country’s potential.” But let’s start at the beginning, at development: Here we focus on our strengths as a large group. We have a strong financial position and are present in many markets, so we can build on existing structures. This allows us to roll out a product under one umbrella brand in. several countries very quickly – you can definitely compare it to an industrial production process. Our retail warehouse chain Stop.Shop. is a very good example. They are characterized by uniform quality standards, functionality, and high recognition value. In the last fiscal year, we also created Vivo!, a new brand for retailers because, especially in the retail sector, the presence of different concepts has proved useful. Vivo! shopping centers are between Stop.Shop.s on one side and large shopping centers on the other, in terms of size, position, and range. Vivo! combines the advantages of both. approaches: the “easy shopping” of retail warehouses and the strong entertainment component we know from our large shopping centers. They are typically single-story shopping centers with strong fashion and entertainment focus, which is ideal for small and medium-sized

Dietmar Reindl COO of Immofinanz Group

cities.Branding is not just an advantage in the early stages, it is. highly useful in the long term as well. From our residential brand. Buwog to the retail warehouse chain Stop.Shop. and our new Vivo! Centers, to Deutsche Lagerhaus and Log Center, which handle our logistics activities in Germany and Eastern Europe, we can already point to numerous successfully established brands with which we are. also expanding further in our core countries. We already have. 52 Stop.Shop.s in Central and Eastern Europe and, while further. ex­pansion is planned in Poland, in particular, we are also preparing our first Stop.Shop.s in Romania and Serbia. The move to Serbia,. incidentally, is at the behest of our tenants and we are happy to. follow up on their wish given the Balkan country’s potential. Retailers therefore appreciate our clearly defined brand policy and our large network. To expand into new countries, they require a. certain minimum number of sites in order to achieve economies. of scale. They therefore want a reliable partner and developer to. accompany them who is able to quickly implement a roll-out in. several countries. A few statistics on this: We do not usually begin with the detailed implementation of a new Stop.Shop. until we reach a pre-letting level of around 70%. Overall, about 80% of the area in a Stop.Shop. is occupied by international tenants who accompany us. Takko, Deichmann, DM, and KiK are just a few of those prestigious international retailers that are present in more than 30 of our Stop. Shop. sites. These figures are a good example of our successful brand strategy. What is your opinion on this topic? Discuss it with us! Send your opinion to opinion@across-magazine.com!

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Image: JLL

UNITED KINGDOM

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Image: Land Securities

JUSTYNA WILLIAMS Jones Lang LaSalle (JLL) announced that Justyna Williams has joined the company as Director of Retail Operations in the Property Management Department in Poland. Williams will be responsible for the management of retail properties in JLL’s portfolio as well as developing relations with clients from this area. She will oversee 37 retail projects throughout Poland, including . Forum Gliwice and Pasaz ´ Swie˛tokrzyski, and will report directly to Virginie de Baere, Head of Property Management in Poland. Before joining the JLL team, Williams worked as Retail Asset Manager for Cushman & Wakefield. During her employment, the team increased the portfolio of retail properties under management from two to 13 (by ca 130,000 sq m of GLA) in just one year. Previously, as Property Asset Management Team Leader for Tesco Polska, she was responsible for the management of over 400 properties located across Poland, including shopping malls, offices, warehouses, and plots of land. Williams graduated with degrees in English Philology, from the University of Wroclaw, and Management and Marketing, from the Warsaw School of Economics, as well as a post-graduate degree in Property Management at the Warsaw University of Technology. She has 12 years of experience in the commercial real estate market in Poland.

Land Securities with new lettings At MAPIC, Land Securities confirmed about 12,000 sq m of retail and leisure lettings across its shopping center portfolio and retail development pipeline. A five-screen Curzon Cinema totaling 2,000 sq m was confirmed at Westgate in Oxford, the proposed 74,000-sq-m scheme the company is planning in partnership with The Crown Estate. At Buchanan Galleries in Glasgow, where Land Securities is proposing a major extension to create an 111,000-sq-m retail and dining destination in the heart of the city center, three new restaurant brands and two well-known fashion brands have all committed to the project. At Bluewater (photo) in Kent, Land Securities has brought seven new brands to the mall since it took ownership in July, with names such as White Stuff, Bill’s, American Eagle, and Le Creuset taking space totaling 2,200 sq m. At Gunwharf Quays, the company recently introduced Mint Velvet, Asics, Coast, Watch Station, Musto, Pret a Manger, and Pearl Izumi, which have taken a total of 1,600 sq m. The premium outlet center has benefited from a 30% change in tenant mix over the last 24 months, with the addition of brands such as Tommy Hilfiger, All Saints, Ugg, and Radley. Scott Parsons, Managing Director, Retail, said: “This raft of lettings across both our existing and proposed new centers is testament to the strength of our retail portfolio, which we have been reshaping to focus on the key themes of dominance, experience, and convenience. The best brands want the best space in the best locations, and that is exactly what Land Securities can deliver.”


FINLAND SRV, Ilmarinen Mutual Pension Insurance Company, and OP-Pohjola Group’s insurance and pension communities, as well as a real estate fund managed by SRV have negotiated an agreement on the founding of a joint venture for implementing the Redi shopping center and parking facility at Kalasatama, Helsinki. Signing the agreement is conditional on external loan financing, the terms of which SRV is currently negotiating with a syndicate of banks. “We have advanced in the overall solution of the project’s investor and financing arrangements in such a way that we are preparing for the start-up of the site. The agreement on the formation of the joint venture will be signed with investor partners in the near future”, says SRV’s President & CEO, Jukka Hienonen. The joint investment holdings will be divided between the investors such that SRV’s holding is 45%, Ilmarinen’s holding is 40%, and OP-Pohjola Group’s and SRV’s fund’s holing is 15%. The total value of the shopping center and parking facility investment is around €480 million, of which half consists of the owners’ capital investments. SRV’s holding is valued at around €110 million. Project loans are expected to be around 50% of the total value of the investment. Red Shopping, with over 60,000 sq m of retail space, is due to open in 2017.

Image: SRV

Redi’s Investor Group is set

Image: KGAL / Bruno Klomfar

AUSTRIA

Change of ownership at EO KGAL has acquired another object for its institutional real estate fund Austrian Retail Park portfolio (ARPP): EO in Oberwart. The shopping center is located in Burgenland and is fully leased. Since December 2012, KGAL has thus already invested in four shopping centers and retail parks in Austria and has expanded its local inventory to €1.1 billion. Built in 2009, EO combines classic elements of a retail park with features of a shopping center and enjoys excellent positioning due to its size and tenant mix. The two-story center offers comfortable, one-stop shopping with diverse product and service offerings, as well as 750 parking spaces. The lettable area is about 26,000 sq m. The center’s current 55 tenants include C&A, Media Markt, Müller, H&M, Adler, and a Kastner & Öhler department store, a brand known throughout Austria. “KGAL has a long-standing presence and an extensive network in Austria. This makes it possible for us to identify interesting objects with potential again and again. The limited market supply is still a challenge, however. This is all the more reason to look forward to this successful purchase,” says André Zücker, Head of Real Estate at KGAL Investment Management GmbH & Co. KG. The shopping center’s sellers were Christian Harisch and Stefan Rutter, who in turn each hold a 50% stake in Rutter Immobilien Gruppe. They have retained a long-term, 10% stake in the object.

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Manuel Koch, editor-in-chief of the online channel “Wirtschaft TV” will present the upcoming news service “ACROSS TV”.

ACROSS Goes Mobile From March this year, ACROSS’s community of readers will have access to a website adapted for all mobile devices, a specially designed ACROSS app, more news, ACROSS TV, and numerous extra features. ImageS: ACROSS

ACROSS, the European retail real estate magazine, is going mobile. In March 2015 we will present our latest project: ACROSS mobile. This digital. relaunch is our response to the wishes expressed by many readers to make ACROSS available everywhere at all times by opening a new multimedia. information channel. In short: From March 2015 onwards, ACROSS will be available on our new. multimedia website www.across-magazine.com and via our app for all popular mobile devices. The heart of ACROSS mobile is and will remain our industry magazine, which is published six times per year. In addition to the print edition, ACROSS.

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subscribers will soon receive unrestricted access to the full online version of the magazine. We will also offer an option for an online-only subscription at a reduced price.

ACROSS Ticker and TV We are also strengthening our weekly industry. reporting. The ACROSS news ticker will give you full access to the most relevant and current news from the retail real estate business. Prepared in a structured and informative format, we will deliver news about main events, deals, and trends in the European shopping center industry.


There will also be a great deal to see on our brand-new information channel ACROSS TV. The ACROSS TV team will provide ongoing up-. to-date reports on international industry. meetings and provide in-depth portraits of the shopping center industry’s leading managers. The program list also includes detailed interviews, discussions, and a clear overview of the European retail property market.

Top job candidates The continuous professionalization of property. management requires highly trained specialists. ACROSS brings together the industry to support you and your business in finding the right people for key positions. In partnership with the British agency Foundation Recruitment, we are establishing ACROSS Jobs, an extensive human resource. platform – by specialists for specialists.

Become part of this successful project! You can do this as an entrepreneur, by entering into a strategic partnership, or you can benefit from the advance knowledge our readers and subscribers enjoy.. In addition, we look forward to your comments and messages. In short: Think ACROSS.

ACROSS reaches industry decision makers directly, and is published six times a year in 42 European countries with a circulation of more than 18,000..

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You can subscribe to ACROSS: The magazine comes out six times a year and will be delivered to you by post. For a yearly price of €119 (mobile version only €59) you will receive all six issues. This will keep you updated on legal, economic, and political news from the European Economic Area as well as the latest developments in Europe’s shopping center and retail real estate scene.

DECEMBER 9, 2014 BY ACROSS-EDITOR DECEMBER 9, 2014 BY ACROSS-EDITOR

MULTI, QUBICON CREATE TURKEY’S MULTI, QUBICON CREATEAND TURKEY’S LARGEST MALL OWNER LARGEST MALL OWNER AND MANAGER MANAGER

TAGS Acquisition ACROSS ATP Austria Award TAGS Berlin Bulgaria CBRE ATP CEE Austria Croatia Award Acquisition ACROSS Cushman & Wakefield Czech Republic Berlin Bulgaria CBRE CEE Croatia Development ECE Entertainment Event Cushman & Wakefield Czech Republic Extension Factory Outlet Centers Event FOC Development ECE Entertainment

Germany Hungary ICSC GCSC Extension Factory Outlet Centers FOC

Investment Leasing London Moscow GCSC Germany Hungary ICSC

Multi Corporation Openings Investment Leasing London Personalia Moscow

Projects Retail Romania Poland Multi Corporation Openings Personalia Russia Scandinavia ProjectsShopping-CenterRetail Romania Poland

Management Slovakia Studies Survey Russia Scandinavia Shopping-Center-

Image: CBRE Image: Multi | Forum Istanbul Image: CBRE

Multi Corporation, one of Europe’s leading owners, (re)developers and of prime that Multi Multimanagers Corporation, one ofshopping Europe’scenters, leading announces owners, (re)developers Turkey has joined forcesshopping with Qubicon, theannounces retail real estate investor and managers of prime centers, that Multi and manager, to create ofQubicon, the biggest in Turkey. ‘We are Turkey has joined forcesone with theplayers retail real estate investor pleased that we’ve successfully combined the Multi Qubicon and manager, to create one of the biggest players in and Turkey. ‘We are portfolios, creating the largest shopping centre management pleased that we’ve successfully combined the Multi and Qubicon and development in the Turkishcentre market, ’ said Jaap portfolios, creatingcompany the largest shopping management Blokhuis, CEO of Multi Corporation. The combined Multi-Qubicon and development company in the Turkish market,’ said Jaap

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Cover story

What the retail real estate industry can expect. “Slow recovery with extremely low inflation.” This is the less-than-dazzling core message from the European Union’s current autumn forecast. In view of the developments it outlined, this title is actually still an understatement. That’s. because the euro-zone economy will grow by only 1.1% in 2015 according to the new. calculations. The authorities in Brussels. expected GDP growth of 1.7% as recently as this past spring. 2014 is also going out weaker than originally expected: up 0.8% instead of 1.2%. The situation in the EU as a whole is similar: It is. likely to have grown by just 1.3% instead of 1.6% in 2014 and to reach only 1.5% instead of 2.0% in 2015. In addition, the German growth engine is now stuttering. The only large EU members that have somewhat celebratory growth forecasts for 2015 are the UK and Poland. The European retail real estate industry is. combating these economic hardships with. activism. In the outlet sector, McArthurGlen plans to grow its business even further in 2015, with a focus on France and Germany. The. company’s development pipeline sees the. opening of the first Designer Outlet outside. Europe – in Vancouver, Canada – in spring.. Likewise, Fashion House Group wants to open an outlet center in St. Petersburg and the second portion of its outlet in Moscow.

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That friendly smile In addition to openings and refurbishments, shopping center developers and operators are now focusing on the combination of bricks-andmortar and online trading. To cope with ongoing changes, malls must constantly adapt to support new technological developments. Kersten Rosenau, Founder of First Christmas, sums up what will attract the masses to the temples of consumerism in 2015: “Customers want. emotion. They want that friendly smile when they enter a store, the advice of well-trained salespeople, a sophisticated atmosphere, and to be surprised and excited with novelty.” According to Cushman & Wakefield, retailers are prepared to face this challenge and the associated. competition. Many of them are using their store networks to fight back. Experts expect more. demand for larger flagships, but also for smaller shops in a range of centers to help with profile, access, and implementation. “May you live in interesting times” is a Chinese proverb that is often interpreted as a curse. Without a doubt, the label “interesting” rings true for the seventh year after the collapse of Lehman Brothers. All industry players are aware of that. They will ensure that European market activity in 2015 will be anything but uninteresting.


Michael Scheithauer, CEO of Barthelmess

Image: Cogest Retail

“Selling machine” versus “lifestyle place” – retailers have been. having a similar discussion for years, namely that of “online versus offline.” There is no right or wrong on this topic. The subject of. online versus offline retailing has shown that there is room for both approaches. Instead, it is a question of the target group that you hope to address. The same challenges exist in visual merchan­ dising. As a leading worldwide provider of visual marketing, we stand for maximum interaction between brand, product, and target group. Whether the concept is for a selling machine or a lifestyle place, they both require holistic and individualized approaches. This is the challenge of the future. It will be exciting!

Carmen Chieregato, CEO of Cogest Retail

MAPIC provided an encouraging snapshot of the status of Italian retail real estate, particularly in relation to potential investors. Following three years of economic stalemate, the sector seems to be getting into motion prudently: International funds are back, looking for assets to acquire, and not only with an opportunistic approach. The financial injection that would be essential to release those projects that are stuck in pipelines is still missing, but new opportunities are in sight. Cogest Retail, for instance, has been empowering its staff and service to cater for an emerging business, the commercial requalification of existing shopping malls.

Image: AERE

Understanding and shaping the link between the digital world and the bricks-and-mortar business will be a key to success. Markets are continu­ously moving faster in both the retail and the banking. industries. E-Commerce is changing the tradi­tional be­havior of consumers in the same way as the “new normal” is influencing the way banks interact with the industry. To cope with the ongoing changes, shopping centers must constantly adapt to support these new deve­lopments. This requires active management and industry know-how.. Looking into 2015, E-Commerce will continue to in­fluence consumers’ decision-making processes, while the bricks-and-mortar business and banks will have to adapt to them.

Josip Kardun CEO of Atrium European Real Estate We expect investor confidence and the weight of capital seeking high quality retail assets to. narrow the pricing gap between primary and. secondary over the year, particu­larly for dominant regional centers as investors are priced out of capital cities. We will also see a continu­ation of the trend of owners, such as Atrium, improving and ex­panding their assets to grow income and keep them relevant in a constantly evolving retail landscape. Despite the fact that the economic growth in CEE for 2015 depends on the Eurozone recovery and the impact of the geo-political. crises in Russia, we expect our region to provide a solid spread in the long term growth above the Western European countries.

Christof Papousek Managing Partner of Cineplexx International After the mediocre years 2013 and 2014, we are. expecting a year of super-. latives for the cinema world in 2015. Hollywood will continue to rely on proven concepts, but it is also creating some elaborate new themes for the big screen. The blockbuster year 2015 will be launched with the end of the Hobbit trilogy, followed by Fifty Shades of Grey, Kingsman, Furious 7, Minions, Ted 2, and a. particularly exciting comeback for James Bond, as well as the. beginning of the new Star Wars trilogy, Episode 7. This is a big challenge for cinema operators, as it will bring large variations in capacity utilization. These visitor peaks will also be reflected in shopping malls and food service connected to cinemas, which also creates challenges for center managers. Smooth interaction between cinema operators, food service, and center management will spell success for locations. Film distributors are looking for partners to advertise their major productions, but retailers will also note significant spill-over from product placement in movies and popular merchandising products. The film industry and its shopping mall partners can rejoice together in 2015!

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Image: Constantinfilm

Image: Barthelmess

Image: Aareal Bank

Christof Winkelmann Managing Director Special Property Finance at Aareal Bank AG


Cover story

Image: Raiffeisen evolution

Markus Neurauter Managing Director at Raiffeisen evolution

Barbara Topolska Chief Operations Officer Neinver Image: Neinver

The outlet concept has. bolstered its position as the key channel within the. distribution strategy of brand manufacturers.. Mature brands and experienced operators consider outlet stores to be the most profitable elements of their multi-. channel strategies. At the same time, this sector holds a lot. of appeal for investors, developers, and asset managers due to its unwaveringly excellent performance, even in times of economic slowdown. Outlet centers also stand a chance. of becoming full-blown tourist destinations. Promising. prospects of the sector and its growth trend in European countries (incl. France, Germany, the Netherlands, and Spain) will make outlet malls a substantial part of the retail market in 2015. As a medium-term challenge, outlet. deve­lopers and managers must respond to increasing. consumer demands to reduce the gap between online and bricks-and-mortar shopping experiences. We have to offer real omni-channel customer experiences, thus creating a new digital ecosystem.

The retail market and. consumers have changed in recent years. “Shopping equals experience” seems. to be the new formula.. New concepts are being. developed and implemented. With our Promenada Mall, we have tried to meet the requirements and expectations of. consumers and are very satisfied with the result. In London, Stockholm, and Berlin, for example, there are already centers that work, and are structured, quite differently. Visitors. experience diversity and products are presented perfectly on large areas, representing a complement to internet shopping.. I think we will see rapid development and a lot of spectacular malls in the next few years.

“Promising prospects of the sector and its growth trend in European countries will make outlet malls a substantial part of the retail market in 2015.” Barbara Topolska

Andrew Vaughan, Chief Executive Officer at Redevco

It is particularly important for shopping centers to. satisfy their customers all around and offer them a. variety of services. An extra boost to customer loyalty. is provided by gift cards, which have recorded enormous sales rates in recent years. Experience in shopping centers shows that significant increases, both in sales and in customer loyalty, can be achieved with a gift card solution from PayLife when compared to paper gift certificate systems. This trend will. intensify in the future as more and more people opt for this modern and flexible gift.

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Redevco celebrates its 15th anniversary in 2015. During this time, we have seen. periods of tremendous growth coupled with ex­pansion abroad, as well as. having to manage our way through a. crisis. We now place renewed focus on our core sector retail and our core markets in Europe, where we. believe we can create the most value. We are now entering the. “new reality” in retail, characterised by polarisation, changing demo­ graphics, and a clear distinction between convenience and . experience. This “new reality” calls for intensifying colla­boration. between landlords and tenants, mayors and industry organisations. As a landlord active on the high streets of the bigger cities in Europe,. I am positive that we need to take action in 2015 in order to keep our. cities and high streets flourishing and support retailers to cope with this exciting and fast-moving retail world. Image: Redevco

Image: PayLife

Roger Niederer Chairman of PayLife


Oliver Fraser-Looen European Investment Director at Savills

Image: reteam

At reteam, we firmly. believe in creating. desirable retail desti­ nations. In a world full of uncertainties and a rapidly changing retail landscape, it is absolutely vital to have a clear picture of your local market(s) and to place yourself in your customers’ shoes. Shopping centers and city retail districts alike need to create and deliver longterm competitive advantages that focus on consumers’ desires. So in 2015, too: Think Desirable!

Image: Savills

Jacques Sinke CEO of reteam international

One of the main trends we have seen in retailing in the last few years, not only in Europe, but. worldwide, is the rise of. e-commerce. We believe that. it will continue to change the sector and force retailers to adjust their strategies. One way we see them doing this is by stores becoming showrooms for. online sales, whereby they become click and collect. distri­bution hubs. In terms of the shopping center market, we think large and small shopping centers will continue to do well. Large, dominant centers will go from strength to strength as. retailers need to have a presence in these schemes. Smallscale centers that service a local catchment are also likely. to succeed, as they are essential to everyday life.

Jens Przygodda CEO of Sanifair GmbH An attractive shopping experience includes modern sanitary. facilities. Sanifair offers top standards in cleanliness, hygiene, and equipment and meets the growing quality requirements. of customers. This is evidenced by our TÜV certificate “Service Quality System,” which confirms our customers’ extensive. satisfaction in terms of our service-oriented offer. Sanifair’s. comprehensive offer is available to shopping center operators in Germany and throughout Europe. Increasing demand. has also affirmed that we should continue our successful. expansion, inter­nationally as well, in 2015.

Image: SES / Daniel Hager

Image: Sanifair

Marcus Wild CEO SES Spar European Shopping Centers & ICSC Trustee

We live in a world of changing communication and one, in particular, of emotional communi­cation. Our motto is emotion in all that we do. It is thus crucial for retailers’ success. in 2015 to continue to vie for customers’ feelings and to link an emotional presentation in the real world with the comfortable. efficiency of the virtual world (independent of any discussion of opening times) through a congenial combination of bricks-and-. mortar and online trading. The emergence of new brands will. enliven the market. Measured by the projects we’re implementing, the retail real estate year 2015 can only be a good one for the. industry, the retailers in our centers, the construction industry, and SES. The focus is on urban flagship projects such as Weberzeile Ried, which will open in August, and Seestadt Bregenz, as well as innovative developments like the opening of the managed shopping street in Vienna-Aspern and high-quality relaunches like Fischapark Wiener Neustadt, Huma Simmering, and Citypark Graz.

Paul Nicholls, Head of European Retail Asset Management at TIAA Henderson Real Estate Image: TH Real Estate

While Europe struggles with anemic growth and simmering political. tension, consumer and retailer confidence is returning in Spain and Italy. In Spain, retailers are starting to refurbish stores again and launch new concepts. Inditex is following H&M’s lead and is looking for larger formats to the point where landlords are actively having to adapt center layouts. Mango seized the initiative last year and took advantage of the market to expand aggressively and launch new brands. As finance has become cheaper and easier to secure, trusted franchisees are back in the market and able to fund new stores, thereby adding to demand, which is finally stabilizing rents and leading to growth in the most popular locations, a trend we expect to continue through 2015. Italy’s rebound has lagged that of Spain, but prices have raced back in recent months in anticipation of a similar pattern of recovery. Competition for space in the best locations for both centers and high street shops is strong, albeit subject to greater caution at this point.

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Cover story

Philip Evans CEO of TriGranit Management Corporation

Image: TGM

With the Arab Spring more or less behind us, Egypt is now. playing a positive role, leading the North African countries’ real estate development surge. The government is encouraging local and. international developers equally to push the button on construction again, boosting consumer and retailer confidence in Cairo to its highest level since the. revolution. With the inception of new retail and mixedused developments in Cairo, the demand for retail space is still growing significantly, particularly in the suburbs of 6th October and New Cairo. Morocco,. Algeria, and Tunisia are following fast in Egypt’s. footsteps, with more developers shedding light on new and exciting projects, which will shape the retail scene in North Africa for many years to come.

Image: Wealthcap

Michael Holz Head of Center Management Jena at Wealth Management Capital Holding GmbH

The shopping center market is more alive than ever, in my opinion. On the one hand, there is relatively high demand for good shopping center properties, on the other hand, it is increasingly important to operate a highly dedicated center management to cope optimally with the diverse requirements (intensive tenant care, individual location marketing, customer service intensification, etc.). The challenges are. constantly getting bigger. I am fully convinced that those who. accept and cope with these best will be rewarded.

“The top locations are already taken, there are fewer empty spaces for expansion, and rents for retail space continue to grow. Retailers therefore need maximum flexibility.“ Silvio Kirchmair

Image: Birnleitner

The rapid pace of technological change, which massively affects both companies’ internal. processes and the means by which they communicate with customers; the progressive. globalization of industries; and the emergence of entirely new forms of distribution demand a high level of entrepreneurship, creativity, and innovation from retailers. The stores of the future will become smaller again and develop in the direction of. showrooms. The top locations are already taken, there are. fewer and fewer empty spaces for expansion and rents for. retail space continue to grow. Retailers therefore need. maximum flexibility: spaces that can be rearranged according to demand. Differentiation offers experiences, mise-en-scène, and inspiration. Consequently, it is our job to make shops that touch customers and encourage them, in the end, to make. purchases.

14 ACROSS 6| 2014/2015

Roland Gowick Director Key Account Management at ZG Lighting Austria GmbH Flexible lighting solutions that put the needs of people first and that offer customers and partners real added value will continue to be a central. topic in 2015. LED technology, combined with new techno­ logies such as iBeacon, offers new possibilities. The switch from con­ventional light sources to LEDs will thus progress quickly and penetrate into all areas of application. Studies show the importance of individual lighting solutions for. addressing different target groups in retail. With Zumtobel Limbic®Lighting, we offer completely new approaches for the. development of customized lighting scenarios. Image: Zumtobel

Silvio Kirchmair Chairman of Umdasch Shopfitting Group


Think ACROSS.

“ACROSS – European Retail Real Estate Magazine” is the only international and independent medium for the shopping center industry in Europe. The magazine is published six times a year entirely in English, and is distributed in 42 European countries directly to the decision makers of the retail real estate sector.

Subscribe to the number one magazine for retail real estate in Europe.

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The shopping Center Pro’s are reading


Media Owner: ACROSS Medien- und Verlags GmbH 1010 Vienna, Austria. Rotenturmstrasse 17. Phone: +43 1 533 32 60-80

and commentaries from leading experts. The magazine is published entirely in. English, with an exclusive circulation of 18,000 copies in 42 European countries, reaching the industry’s decision makers. directly.

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Editor-in-Chief: Heinz Erdmann h.erdmann@across-magazine.com

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Assistant Editor-in-Chief: Claudia Aigner c.aigner@across-magazine.com

Stephan Jung s.jung@across-magazine.com

Art-Director: Klaus Rauch

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,.

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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: +44 118 940 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: geomarke­ting, 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, a JLL Company 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@firstchristmas.com www.firstchristmas.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 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.

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

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 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 2,400 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 8,400+ participants from 75 countries. The 21st edition will take place at the Palais des Festival of Cannes, France, from 18-20 November 2015.

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 sq m. 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

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 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

20 ACROSS 6| 2014/2015

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 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.

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.

6 | 2014/2015 ACROSS 21


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