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REAL ESTATE

retail THE MAGAZINE FOR RETAIL REAL ESTATE SPECIALISTS ANDBRANDS ON THE MOVE

MARSEILLES LES TERRASSES DU PORT SET

TO OPEN IN MAY

MARSEILLES LES TERRASSES DU PORT SET

TO OPEN IN MAY


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Les Terrasses du Port, the game-changing retail scheme in the heart of Marseilles Euromditerrane regen-eration project, is just weeks away from itsofficial launch. A project which was initiatedmore than 10 years ago, initially withForuminvest at the helm, has finallyreached completion, bringing over 50,000sq m of retail GLA to the waterfront inMarseilles. Les Terrasses du Port, set toenrich the Euromditerrane district withan investment of almost half a billion euros,will introduce 30 new retailers to town, as190 stores in total open their doors.Euromditerrane is currently southernEuropes biggest urban regeneration

scheme, with a brief to create a businessand leisure district in the former docks areaknown as La Joliette. Launched some 20years ago under the initiative of Robert

Vigouroux, former Mayor of Marseille, inconjunction with the French state, the pub-lic-agency led project was originally con-ceived to transform around 310 hectares of land. In 2007, Euromditerrane Act 2extended the scope to another 170hectares. Alongside the development of Les Terrasses du Port, around 20,000 hous-es and over 1.2million sq m of office andretail space in total are being delivered.Key elements include the renovation of theformer silo into a theatre, the transforma-tion of the docks into offices, the renova-tion of the Rue de la Rpublique and theconstruction of Zaha Hadids 33 storeyCMA-CGM tower, 147m tall, which opened

in September 2011. The total budget forEuromditerrane amounts to 7bninvestment, of which 5bn is privatefunds. Public money has been sourced

from the European Union, the State, theRegional Council, the DepartmentalCouncil, the urban community and the Cityof Marseille.Against this dynamic backdrop arrives LesTerrasses du Port, which will open to con-sumers on Saturday 3rd May 2014. The 466m scheme, which is 93% let, will bethe largest French retail development tolaunch during 2014 and representsHammersons first major retail develop-ment to be delivered in France.On opening, Les Terrasses du Port will cre-ate over 2,000 new retail jobs and willbring 30 new retailers to Marseille out of the 190 store line up. The four level

scheme will provide a unique retail andleisure environment, which includes a260m terrace for six restaurants overlook-ing the Mediterranean Sea.

MARSEILLES LES TERRASSES DU PORT SET TO OPEN IN MAY

MARSEILLES LES TERRASSES DU PORT SET TO OPEN IN MAY

58 REUROPE > 102 MARCH 2014


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Leading the fashion and lifestyle line up atthe 61,0000 sq m centre is Printemps, theFrench department store which anchors thetop level of the scheme alongside high enddesigners including Hugo Boss and MichaelKors. The third floor will be dedicated to thebest international brands including Zara,H&M and Mango, as well as the likes of Pull& Bear and Aldo. A food hall and homewarebrands will welcome consumers on theground floor and Monoprix, the centressupermarket, will anchor the lower level.Commenting on the announcement,Hammerson Chief Executive David Atkinssaid: Retailers have been consistentlyimpressed with both Marseille and theretail opportunity within the scheme. LesTerrasses du Port will offer visitors anexceptional experience which we are confi-dent will attract a widespread and loyalconsumer base for our retailers.

The ambitious project underlinesHammersons ongoing interest in France,not least because it is the first major retaildevelopment to be delivered here by theBritish REIT, whose French strategy haschanged over the last five years. In 2009,Hammerson made the decision to exit Parisoffices and concentrate on retail for itsFrench business. With nine standingschemes across the country mostly shop-ping centres, plus a retail park the deci-sion to take on Le Terrasses du Port devel-opment project in 2009 represented a keyshift. Subsequently, in 2012, Hammersonalso sold most of its British office portfolioto concentrate on retail development.In December 2009, Hammerson officiallyacquired les Terrasses du Port which hadbeen designed and planned byForuminvest, but on which ground had notyet been broken. As part of the transaction,

Hammerson also acquired up to four otherdevelopment projects in France at pre-plan-ning stage, of which Le Jeu de Paume inBeauvais is currently moving into the nextphase.Les Terrasses du Port, which is set to trans-form Marseilles retail offer, adds toHammersons significant portfolio in the

Retailers have beenconsistentlyimpressed with bothMarseille and theretail opportunitywithin the scheme.Les Terrasses du Port

will offer visitors anexceptionalexperience which weare confident willattract a widespreadand loyal consumer base for our retailers

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The biggest retail scheme launching in France this year is setto open its doors on Saturday May 3rd against the backdrop of

one of Europes most compelling regeneration stories. LesTerrasses du Port, set to transform the Euromditerrane seafront in Marseille with an investment of almost half a billionEuros, brings 30 new retailers to town out of a 190 store lineup. The star turn in Southern Europes biggest urbanregeneration scheme, Les Terrasses du Port also underlinesUK giant Hammersons French ambitions, representing thecompanys first major retail development in the country


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country. The British property giant hasthree of Frances top ten large shoppingcentres measured by sales density, withover 98% occupancy. The French retail envi-ronment, in the meantime, remains a com-pelling one. Consumption has been histori-cally resilient and performed well duringthe economic downturn. On the planningside, stringent rules have continued to limitshopping centre supply, while the legalenvironment typically favours landlords.The last few weeks have seen the final fewtenants jostling for the remaining stores inthe centre. Since the start of the year, lead-ing international retailers have taken over590 sq m of space. It has just beenannounced that luxury luggage retailer

Tumi will join the schemes line up of aspi-rational retailers including anchor depart-

ment store Printemps and Hugo Boss onthe top retail level. Its 150 sq m store willshowcase Tumi's new store concept, cur-rently only available at its Madison Avenuestore in New York.American sports shoe specialist Skecherswill open its biggest French store, taking a270 sq m unit. The store's shop fit will bemodelled on its US flagship stores. JoiningTumi on the top retail level will be KooplesSport. The luxe sportswear retailer willopen a 120 sq m store alongside Ted Bakerand American Vintage.Completing the list of latest internationalretailers to sign up to the scheme isSpanish fashion accessories brand Misako,which is opening a 56 sq m boutique.

Jean-Philippe Mouton, HammersonManaging Director France said: These lat-

M A R S E I L L E S L E S T E R R

A S S E S D U P O R T S E T

T O O P E N I N M A Y



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est retail signings have a strong interna-tional reach and give Les Terrasses du Porta real point of difference for consumers inMarseille. There has been a strong desirefrom retailers to create flagship stores andbring new store concepts to the schemeand we are confident that this will establishthe scheme as Marseilles leading retaildestination.

After Les Terrasses du Port, Hammersonis set to continue work on its other cur-rent development project in France, Le Jeu de Paume in Beauvais, located 90kmnorth west of Paris. Now 34% pre-let, onsite work commenced before Christmas,with delivery slated for 2015. The schemetotals 23,000 sq m with 76 shops andfive restaurants, anchored by Carrefour,

H&M and Le Furet du Nord. In the UK,confirmation arrived in February 2014that planning has been approved fromCroydon council for a major retailscheme in conjunction with Westfield.The 1bn development will transform anexisting mall into a huge retail andleisure centre, with between 400 and 600new homes.

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According to the latest research fromSavills, UK shopping centre investment volumes in 2013 reached 4.58bn, which isan 70% increase on the 2.7bn traded in2012. The international real estate advisoralso notes that this increased weight of capital attracted to the sector resulted in

average initial yields in Q4 2013 moving insignificantly to 7.6% compared to 8.94%during the same period in 2012.In total, 84 shopping centres were trans-acted last year with key deals including:the sale of Elephant & Castle Shopping Centre, London for 80m (4.25% niy); thesale of King Edwards Court, Windsor for102m (5.6% niy); the purchase of RoyalExchange, London for 83.5m (4% niy) andthe acquisition of a 50% stake in CentreMK, Milton Keynes for 260m (5.4% niy).Savills highlights that due to a growing

scarcity of suitable stock, there could be anincrease in REITs and Sovereign WealthFunds looking to acquire a 50% passivestake in joint ventures, which 12 monthsago were unlikely to have been considered.Nick Hart, investment director at Savills,comments: The shopping centre market

has maintained incredibly strong investorinterest over the last 12 months, particular-ly at the prime / super prime end, wheredemand has increased and further yieldhardening is expected as a result of limitedsupply and the weight of capital as marketspolarise to prime / dominant assets.The shopping centre investment volumesfor 2013 are in line with Savills 2012 pre-dictions that 4.5bn would be transactedduring the year. The firm also forecasteda significant interest in strong town cen-tre dominant shopping centres, which

has been realised with yields decreasing by circa 50 to 70 bps in this area of themarket.Mark Garmon-Jones, investment director atSavills, adds: Following the success of last year, we have seen the shopping centremarket make a robust start in 2014 with 18

shopping centres currently under offeraccounting for 1.35bn, with a further 13assets in the market totalling 1.7bn andapproximately 22 shopping centres being prepared for sale. While the strongestinvestor demand is for the prime / superprime end of the spectrum with secondaryand tertiary markets continuing to remainmore challenging, we do expect to seesome inward yield shift for stronger sec-ondary assets as buyers become more con-fident about the retail market and reducedover renting.

RE RETAILNEWSUK SHOPPING CENTRE INVESTMENT SOARS

Invesco has signed a final purchase agree-

ment for the acquisition of Galeria Kazimierzin Krakw, Poland.Galeria Kazimierz was sold by Globe TradeCenter SA, the developer and current owner.

CBRE has represented the buyer in this trans-

action. Galeria Kazimierz is a 38,300 sq mmodern shopping centre constructed on twolevels and divided into 140 units and 10screen multiplex as well as multi-media,

sports and household anchor stores. It was

opened in 2005. The centre benefits from theattractive location and easy access. CinemaCity, Alma, Empik, Zara and H&M are theprestigious tenants of the scheme.

FINAL PURCHASE AGREEMENT SIGNED FOR GALERIAKAZIMIERZ


SHOPPING CENTRE BUSINESS CONDITIONS SLOW, BUT REMAIN POSITIVBusiness conditions for the European shopping centre industryremain positive but the pace of growth slowed on the previousmonth, according to the latest Pan European Shopping CentreExecutive Opinion Survey, released by The InternationalCouncil of Shopping Centers (ICSC) Europe.The survey results were compiled from responses of Europeanshopping-centre executives collected between 16-31 January 2014.The Euro-Shop Current-Conditions index, which measures theperformance of sales, footfall, occupancy and re-leasing rentacross the shopping centre industry, also saw a month-on-month deceleration of growth in January and a slight deteriora-tion year-on-year. This is as a result of a marked drop in footfall,which fell by 16 percentage points on January, and 21 percent-age points on the same month in 2013.

Exceptional weather conditions across much of Europe maywell have been a key reason for slower growth, and also the so-called January sales which have increasingly begun to takeplace before Christmas, dissolving what was previously anincrease in footfall at the start of a new year.Despite a fall in customer traffic, sales remained stable, occu-pancy dropped slightly but re-leasing rent rose 11 percentagepoints on the previous month. Manager of InternationalResearch at ICSC Europe, Sarah Banfield, said: Expectationsfor 2014 among European shopping centre executives remainshigh, but high levels of unemployment across Europe, funding for new development and the challenges of maintaining a qual-ity tenant mix in secondary centres remains a concern formany.


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Terrace Hill, a leading UK property devel-opment and investment group, announcesthat Darlington Borough CouncilsPlanning Committee has granted planning permission for Feethams Leisure, a 30mproject that will regenerate a 1.9 acre for-mer bus station in Darlington town centreinto a cinema, hotel and restaurant com-plex. As a result of the decision, TerraceHill intends to commence development by

mid next year with completion expected inautumn 2015. The scheme, which will cre-ate around 500 new jobs, will be anchoredby a nine screen multiplex Vue cinema andinclude an 80 bed Premier Inn Hotel, aswell as a number of restaurants, bars andshops. Lettings have already beensecured to national operators Nandos andPrezzo, with two further restaurant unitsunder offer to other national brands.

Philip Leech, Chief Executive of TerraceHill, commented: We are working on anumber of planned leisure developmentschemes across the UK. Leisure is a sectorwith strong occupier demand and withregional economies starting to improvewe forsee increasing opportunities for usin this area. Our network of regionaloffices also gives us unique insight intothis market."

TERRACE HILL SECURES PLANNING CONSENT FOR 30MFEETHAMS LEISURE SCHEME IN DARLINGTON

Savills, alongside Dahlke Real Estate, haslaunched the sale of the Zanzibar Portfoliocomprising two retail assets in Cologne,

Germany, on behalf of Parkwood. The twolong-let assets are ideally situated inestablished retail locations west of thecity centre and comprise a total of 18,924

sq m. The properties being marketed for aguide price of approximately 30m.The schemes are 99% retail with 93% of

income attributed to three well knownnational retail tenants Hit, MEDA andDassbach. The properties bring in anannual income of approximately 1.94m.

The Marsdorf asset is located at Max-Planck Strasse 21-25 and comprises atotal 11,700 sq m. It is let to MEDA and

Dassbach. The Braunsfeld retail propertyis situated in Schweidtweiler Strasse 83-87 and is let principally to Hit, as well asfive other retail tenants. The asset, which

SAVILLS LAUNCHES SALE OF THE ZANZIBAR RETAILPORTFOLIO IN GERMANY


Advised by Colliers International, NeocityGroup has sold their app. 29,000 sq mshopping centre in the city of Constanta,Romania to New Europe Property

Investors (NEPI) in an 81m deal at theend of 2013. The centre was delivered in2008 in a key location in Constanta andcounted among tenants brands such asCora, Zara, Bershka, Pull & Bear, Koton, LCWaikiki, Mango and Domo. After the pioneering development exit of the office buildings Neocity Tower I and IIin the financial district of Bucharest, CityPark Mall represents the second notable

development and exit of Neocity Group inthe Romanian market.Nimrod Ben Ami, CEO Romania for NeocityGroup stated: Weve been able to devel-

op and manage City Park Mall of Constanta with remarkable resilience dur-ing a challenging economic and marketenvironment. We are proud of having beenable to deliver one of the most successfulretail centers in Romania and for the last-ing relationship we have built with ourtenants and partners. Going forward,Neocity Group has high confidence in thefuture of the Romanian market and we are

searching for new opportunities to investhere.Robert Miklo, Associate Director of Investments at Colliers International stat-

ed: The sale of City Park Mall representsthe largest retail transaction and the sec-ond largest overall single phase transac-tion of the Romanian market in the pastfive years. City Park is an outstanding asset and with further development poten-tial which represented a compelling investment opportunity. The deal is also a vote of confidence with Romania becoming a more compelling target for investors.

NEOCITY GROUP COMPLETES SECOND SUCCESSFUL EXITIN ROMANIA THROUGH THE 81M SALE OF CITY PARKMALL OF CONSTANTA

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comprises a total 7,224 sq m, alsoincludes 12 residential units with thepotential for further residential develop-ment opportunities.Oliver Fraser-Looen, Savills Cross BorderInvestment director, says: Both of theseproperties are situated in establishedshopping destinations and benefit fromwell developed infrastructure and acces-sibility. German retail properties are per-

ceived as one of the most stable assetclasses in Europe by investors withalmost 10bn transacted in the sector in2013.

The Marsdorf, part of the Zanzibar retail portfolio

Cornerstone Real Estate Advisers Europe hascompleted the sale of a retail property on the Alter Markt, Elmshorn, Germany to Real I.S.following an extensive asset management toreposition the property. The property, whichcomprises 8,179 sq m net lettable area, islocated in a prime location on the main retailstreet in Elmshorn. Cornerstone managedthe asset on behalf of the CornerstoneGerman Retail Fund. Cornerstone Europeacquired the then vacant former Hertie

department store for 7.7m in 2012, beforecompleting a 12m refurbishment, dividing the building into five retail units on the base-ment, ground and first floors, and providing office space on the second floor. Following completion of the works in 2013, Cornerstonefinalised a number of high profile long-termlettings, including H&M, C&A, andDeichmann and Kik, along with other smalloffice tenants. The asset is 98% let with allretail units fully occupied.

Cornerstone Europe took over the manage-ment of the closed-end German Retail Fundon behalf of a client in 2008. During thistime, Cornerstone has acquired six assetsand disposed of three which, combinedwith extensive asset management, hasenabled it to grow the Funds gross asset value from 35m to 90m. The Fund, whichis now fully invested, targets opportunisticand value add retail assets in Germanybetween 10m and 30m.

AS CORNERSTONE COMPLETES AMBITIOUS RETAIL REFURBISHMENT IN ELMSHORN, COMPLEX IS SOLD TO REAL I.S

Henderson Global Investors has beenappointed to manage the EspacioCorua shopping centre in Spain. As asset manager, Henderson GlobalInvestors will define the strategy for theproperty in order to reposition it withinthe complex market of A Corua. Thiswill involve deployment of a new busi-

ness plan comprising an investment pro-gramme, tenant mix and marketing strategy. Henderson has selectedSociedad de Centros Comerciales

Espaoles (SCCE) to handle lettings andreal estate management on its behalf.SCCE has already established a success-ful and proven relationship withHenderson, having acted across a num-ber of assets in its Spanish portfolio.Hendersons Spanish real estate divi-sion now comprises five shopping cen-

tres, two retail parks and one logisticsasset.Manuel Martn, Head of Property, Spain,said: We are delighted to have been

awarded this mandate which is testa-ment to our expertise in the sector andour experience in managing an array of retail assets across Spain. We look for-ward to leveraging off this experience inorder to deliver value at Espacio Corua.The Spanish market offers excellentopportunities to reposition shopping

centres which, following the recessioncycle, require a refreshed strategy inorder to future proof their viability andoptimise their value.

HENDERSON GLOBAL INVESTORS APPOINTED TO MANAGESPACIO CORUA SHOPPING CENTRE IN SPAIN

RE RETAILNEWS

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Located in the capital city of Galicia,Espacio Corua has a total GLA of nearly40,000 sq m. The retail offer includes a2,280 sq m Mercadona supermarket andan H&M fashion and accessories store of a similar size. Zara, Bershka, New Yorkerand Cortefiel are other notable fashionfirms. The retail offer is complementedby an extensive leisure area, including an 8-screen cinema complex with 1,300

seats and a food court.Having specialised in retail property forover 30 years, Henderson has a strong

reputation for its retail expertise. It hasbeen involved in some of the best-knownand largest retail schemes across the UKand Europe.Many of these schemes have beenground breaking in terms of scale,design and innovation. Of its c.12.7bn AUM in property, c.7.4bn, c. 60%, sitswithin the retail sector. This includesover 170 retail assets across Austria,

Belgium, China, France, Germany,Greece, Italy, Netherlands, Spain,Sweden & the UK.


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Espacio Corua

After a notable deceleration over 2012, 2013brought considerable growth in retail spacein Poland, according to new data from JonesLang LaSalle. The shopping centre segmentgrew by 459,000 sq m, with over half (275,000 sq m) of this being delivered in thelast quarter of 2013.2013 brought substantial influxes of newfloor space in some of the major agglomera-tions Katowice Agglomeration (GaleriaKatowicka and Europa Centralna), Pozna (Pozna City Center), Krakw (GaleriaBronowice), Tri-City (Riviera extension of the Wzgrze scheme), Warsaw (Plac Unii CityShopping). Notable openings were also thecase in mid-sized and smaller cities, e.g.Nowy Scz (Galeria Trzy Korony), oma(Galeria Veneda), Inowroc aw (GaleriaSolna), Chojnice (Brama Pomorza) orCzechowice-Dziedzice (Stara Kablownia). At the end of 2013, the supply of modernretail stock in Poland totalled 11.8 millionsq m, the vast majority (nearly 8.5 millionsq m) of which was attributable to shop-ping centres. Floor space in retail parksand retail warehouses amounted to 1.3million sq m and 1.85 million sq m respec-

tively. The market is complemented by tenoutlet centres, with a joint floor space of 163,000 sq m. The average density of shopping centres in Poland rose by 12 sq m

and reached a level of 220 sq m / 1,000inhabitants.Poland remains a sought-after destinationfor retailers, both those entering the market,and those already present but seeking fur-ther expansion opportunities. In 2013, over30 new brands launched operations inPoland. These included famous names suchas Louis Vuitton, Hollister, Sports Direct,Celio, Original Marines, Only, Joop!, Tape aloeil, Bobbi Brown and Laura Ashley.Retailers owning wide-ranging brand portfo-lios introduced new concepts, including Sinsay (LPP Group), H.E. by Mango, H&MHome. Others diversified their concepts,such as Empik who launched Empik Expressstores. The segment of small retail parks,which is gathering pace across the country, isfostering the expansion of clothing discoun-ters, such as Pepco, KiK and NKD. On theother hand, some retail operators decided toeither withdraw from the Polish market or tooptimize their store chain, i.e. Charles Voegele, Marrionaud, Jackpot&Cottonfield,Wallis, KappAhl, LaSenza and Flo.Prime shopping centre rents, which refer to a100 sq m unit in a leading shopping centre

earmarked for the fashion and accessoriescategory, remained stable throughout 2013.The highest rents are typically registered inWarsaw, where they now range from 85 to

100 sq m/ month. This is a slight (5%)increase on 2012 and is largely due to thenumber of recommercialisations in leading projects.Edyta Potera, National Director, Retail Agency, Jones Lang LaSalle, commented:2014 will be the second very intensive yearin a row for Poland's retail market.Construction activity remains high as cur-rently 610,000 sq m is in the developmentstage, of which approximately 500,000 sq mis scheduled for 2014. The largest projectsinclude Atrium Felicity and Tarasy Zamkowein Lublin, Galeria Warmiska in Olsztyn,Galeria S in Siedlce and Galeria Amber inKalisz. It is also worth noting that the retailoffer in Eastern Poland and in towns withless than 100,000 residents will grow. Inaddition, extensions of existing centres,aimed at strengthening their position on thelocal retail markets, will remain one of thekey and most prospective trends, especiallywhen it comes to older schemes.Projects planned for enlargement in 2014 2015 include Galeria Pomorska (Bydgoszcz),Ogrody (Elblg), Atrium Copernicus (Toru ),Magnolia Park (Wroc aw), Gemini Park

(Bielsko-Biaa) and Galeria Sudecka (JeleniaGra). As for demand, established projects,with a good trading history, will remain themost popular locations among retail tenants.

POLANDS SHOPPING CENTRES MARKET SET TO GROW BHALF A MILLION SQUARE METRES IN 2014


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17 INTERNATIONAL BRANDSANNOUNCE THEIR PLANS TO ENTERRUSSIAN MARKET IN 2014

CBRE has revealed that 17 internationalbrands have already unveiled plans toenter the Russian market in 2014, a yearwhich could produce record volumes interms of the delivery of retail premises.Despite fairly disappointing results for

Moscow in 2013, a market whichwitnessed decreasing consumer activitytowards the end of the year, 33 newbrands opened stores in the last 12months, 24 of which were located in

malls. This trend was particularlyevident amongst fashion retailers. Themajority of new international brandsopened their stores in a handful of newshopping centres, including Afimall City,Mega Belaya Dacha, and Atrium.According to CBRE, 60% of theinternational chains thatentered the Moscow marketwere European in origin, 35%

from the USA, while 5% camefrom Japan: Marukame and MikiHouse. Several Russian chainsalso debuted in Q4 2013, including fash-ion retailers Lexmer, Funday, and Bella

Potemkina. 17 international brands areslated to enter Moscow market by theend of 2014.The average vacancy rate in Moscows

modern shopping malls in 2013stood at 2.6%, according to

the CBRE. Four new, qualityshopping centres were

delivered in Q4 2013,comprising two specialised

furniture centres. The totalvolume of commissioned retail

space resulted in 262,000 sq m of new supply in 2013.Thereby by the end of year 2013 thetotal volume of quality retail space inMoscow shopping centres amounted tosome 4.1 mln. sq m.Up to 900,000 sq m of quality retailspace should be delivered in 2014, withat least 600,000 sq m predicted to openbefore year end. According to CBRE, thenew delivery of retail premises in 2014may be the highest since 2009, whilethe modern retail space penetration ratemay reach levels of 430 sq m per 1,000inhabitants close to the levels of Berlin and Vienna. The most anticipated2014s projects are SEC Avia Park, VegasCrocus City, Vesna and Mozaika.Fashion brands interest in high-streetlocations is diminishing. During H2 2013the market share of fashion labels onthe high-street declined from 18.5% to16.9%, while accessories fell from 9.5%to 9%. Numbers of food and beverageunits, as well as banks, are on the rise,however the market share of thesekinds of retailers increased during H22013, by an average of 8%. The vacancyrate is now 6.5% on average.According to CBRE, pedestrian streetsare not yet being used in full capacity,while premises of less than 100 sq m arein great demand. These comprise nearly40% of all market offerings.Rental rates in high-street retail are

stable and have not significantlychanged compared to Q3 2013 exceptfor Novy Arbat, Petrovka, Pokrovka, and

BRANDS ONTHE MOVE


BRANDS TO ENTER MOSCOW MARKET IN 2014Brand Country Segment

Blue Inc. Great Britain Clothes and shoes

Charley Philly Steaks USA Cafes and restaurants Churchills Great Britain Cafes and restaurants

Deichmann Germany Clothes and shoes

Dolce & Gabbana Kids Italy Clothes and shoes

Eataly Italy FMCG

Facconable France Clothes and shoes

Forever 21 USA Clothes and shoes

Hammersmith Italy Clothes and shoes

Jamies Italian Italy Cafes and restaurants

Max Brenner Israel Cafes and restaurants

Moncler France Clothes and shoes

Monki Sweden Clothes and shoes

Petit Bateau France Children goods

Prenatal Italy Children goods

Schlotzskys USA Cafes and restaurants

Walt Disney USA Children goods Source: CBRE Global Research and Consulting


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Pyatnitskaya where rental rates grew bythe end of the year.Michael Rogozhin, Managing director of Retail Department, CBRE in Russia toldREurope: In 2014, high-street develop-ers activity may face weakeningconsumption. Russia enters into a stageof relatively low growth of real dispos-able income and retail sales. Retailersalready felt weakening demand duringChristmas / New Year sales period.Nonetheless, low growth is not adecline, and Moscow will stillremain in the focus of retail-ers. 17 international brands

have already announced theirplans to enter the market.Increase in competitioncombined with low growth inretail sales will stimulate land-lords to re-invent their properties.

CLARKS TO OPEN NEW STORE INISTANBUL AS PART OF TURKEYEXPANSION

Cushman & Wakefield has advised inter-national footwear brand Clarks on a newstore in Istanbul, Turkey.The 1,600 sq ft outlet Clarks fifthTurkish store, due to open next month is located at the popular CapacityShopping Mall in the citys busyBakrky business district, a 15-minutedrive from Atatrk International Airport.Named for its large capacity, the mallspans five floors of retail and housesnearly 200 shops, cafes, bars andrestaurants. Other international fashionretailers based in Capacity, which hosts18 million visitors each year, include:Banana Republic, C&A, Camper, HugoBoss, Inditex, Lacoste, Levis, Mango,Marks & Spencer and Tommy Hilfiger.Cushman & Wakefields Istanbul-basedretail team will be providing support toClarks as it looks to open a total of atleast 25 new stores in Turkey over thenext four years. To rul Gnden,Managing Partner of Cushman &

Wakefield in Turkey, said: Since open-ing in 2007, Capacity Shopping Mall hasbecome one of the most visited retaildestinations not just in Istanbul but inthe whole of Turkey. We will continue towork with Clarks on implementing itsambitious Turkish growth strategy byfinding the best properties in the mostsuitable locations.

MEYER BERGMAN SELLS PRIMEBUILDING ON MADRIDS GOLDEN

MILE TO FASHION GIANT MANGO

Meyer Bergman, the investment

manager specialised inEuropean retail properties,has agreed to sell a former

bank office located on CalleSerrano, on Madrids Golden

Mile , to the Spanish fashion retailgiant Mango. The financial terms of thetransaction are not being disclosed.Mango made an unsolicited approach toacquire Calle Serrano 60 in theSalamanca district of the Spanish capi-tal from Meyer Bergman European RetailPartners II (MBERP II), the London-based investment managers secondvalue-add fund. MBERPII purchased thevacant building, a former CaixaBankoffice, with the intention of reposition-ing it for retailers seeking to locate onthe citys most prestigious luxury retaildestination, while leasing the upperfloors to office occupiers.Meyer Bergman Principal Blake Lovelesssaid: Mangos desire to own and occu-py Serrano 60 is an endorsement of theopportunity that we spotted given thepropertys fantastic location.To receive an approach from a majorglobal brand like Mango, so soon afterour investment, highlights just howmuch sentiment towards the Spanishretail market has shifted in the pastyear, enabling us to achieve our busi-ness objectives well ahead of schedule.We like the fundamentals of the Spanishmarket and are actively pursuing addi-

tional investments on behalf of MBERPII.Serrano 60 is an 8,100 sq m buildingspread over six floors. The property islocated between two El Corte Inglesdepartment stores and among manyluxury fashion brands. The buildingsretail floors offer 2,500 sq m of space,permitting Mango to showcase its fash-ion ranges on a luxury street wherelarge retail units of this size are rare.

BRANDS GET READY TO MOVE INTOOKTYABRSKIY SHOPPING CENTRE INTVER, RUSSIA

CBRE, the exclusive leasing and market-ing agent of Oktyabrskiy ShoppingCentre in Tver, Russia, has revealed that75% of premises have already beenleased and preliminary agreementshave been signed for 20% of retailpremises. The lease agreements will besigned in the near future.The grand opening of Oktyabrskiy shop-ping centre is planned for 29 March2014, but the doors will be opened forthe first customers on 15 March. Theconstruction works are completed andthe building is being commissionedfrom the General contractor. The anchortenants such as M.Video, Sportmasterand Detskiy mir as well as mini-anchortenants like: Modis, OSTIN, Fun Dayand many others (around 60% of tenants) have started fit-out works intheir stores.Property and facility managementservices are provided by professionalcompany NAM Property ManagementCompany that has vast experience inretail property management. MikhailRogozhin, Managing Director of RetailDepartment, CBRE said: Oktyabrskiyshopping centre in Tver will be openedin the middle of March 2014, but thevacancy there is only 5%. This factorproves that retailers are ready to opentheir stores in quality shopping centresin Russian regions.

WHERE THE WORLDS TOP NAMESARE OPENING THIS MONTH67REUROPE > 102 MARCH 2014


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14/1770 REUROPE > 102 MARCH 2014

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CONSTRUCTION OF THE WINX TOWERPUTS THE HEART IN MAINTOR QUARTER

DIC ASSET AG, CO-INVESTOR AND HOLDER OF A 40% INTEREST IN THE DEVELOPMENT OF MAINTO

UNVEILS THE FINAL PIECE IN THE PUZZLE IN THE SHAPE OF WINX THE RIVERSIDE TOWER


15/1771REUROPE > 102 MARCH 2014


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