European Retail Commentaries Q3 2009

Q3 2009
European Retail
Commentaries
For internal use only
2 On Point • European Retail Commentaries • Q3 2009 For internal use only
Shopping Centre Pipeline H2 2008-2009

Overview Russia
Turkey
Italy
France
Consumer and Retail Trade Confidence - Europe Germany
Poland
Ukraine
Netherlands
Bulgaria
S ep-06
Dec-06
M ar-07
S ep-07
Sep-08
Dec-08
Mar-09
Sep-09
Jun-06
Jun-07
Dec-07
Mar-08
Jun-08
Jun-09
Romania
10 Spain
UK
0 Portugal
Slovakia
-10 Greece
Hungary
-20 Czech Republic
Sweden
-30 Belgium
Ireland
-40 Luxembourg
Consumer Conf idence Long Term Consumer Confi dence Average Lithuania
Retail Trade Conf idence Long Term Retail Trade Confi dence Average Finland
Latvia Total GLA in ‘000s sq m
Estonia
Source: The European Commission 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500
Consumer confidence continues to recover, with most countries

experiencing stable or increasing confidence. Although still below Source: Jones Lang LaSalle, June 2009
their long term averages, the Czech Republic and Poland are almost
reaching this point. There is disparity, however, with levels in Investment trends
Romania, Poland and Turkey decreasing slightly in September. In Continental Europe, volumes totalled €1.5bn in Q3 2009, down
circa 25% on the previous quarter which saw about €1.9bn of
Retail trade confidence also continues to rise, though again, it is transactions. In the UK, €1.1bn was transacted in the third quarter.
below the long term average. Most countries experienced stable As in Q1, Germany and Italy were the most active markets in
confidence levels, with increasing confidence particularly in Sweden, Continental Europe, accounting for 63% of total volume transacted
but also Portugal, the United Kingdom and Germany. Decreasing in Q3; two of the largest deals over the summer were transactions in
levels were witnessed in the Czech Republic and Italy. Germany by domestic buyers.
Short term outlook on prime rental growth – Unit Shops Retailer Demand
Belgium Ö Poland Ö Retailer demand for prime units (shopping centres, retail
Czech warehousing and unit shops) remained relatively stable, mirroring
Republic
Ö Portugal Ö the previous quarters with sentiment increasingly positive for the
Finland Ö Romania Þ best stock. Demand for secondary assets also remained stable,
France Ö Russia Ö albeit at a low level, with only a handful of markets experiencing
Germany cooling.
Ö Spain Þ
Hungary Þ Sweden Þ
Change in Retail Sales
Ireland Þ Turkey Ö
As with previous quarters, retail sales are forecast to remain flat or
Italy Ö UK Ö fall across Europe for the remainder of this year, with only the UK,
Netherlands Ö Belgium and Sweden expected to see limited growth in sales
volume. Major downward revisions have taken place with the Czech
Development trends Republic, Russia and Romania showing the largest decreases.
Shopping centre development in the third quarter remained Forecasts from Global Insight show a modest recovery for 2010.
stagnant; limited in the main, to small and medium completions.
That said, high levels of development activity can still be found in
15 2008
Russia, with notable openings in this quarter. Similar to Spain,
10 2009 (forecast)
however, the completed centres are not fully let, often with only a 2010 (forecast)
5
handful of tenants plus the anchor. Although activity is anticipated in 0
the fourth quarter of 2009, activity in 2010 & 2011 will remain low -5
due to a muted pipeline. -10
-15
Portugal
Sweden
Russia
Belgium
Germany
Portugal
France
Poland
Finland
Czech
Ireland
Romania
Netherlands
Italy
Hungary
United
Source: IHS Global Insight

On Point • European Retail Commentaries • Q3 2009 For internal use only 3
Belgium Short-term outlook on rental growth
Prime Rental Growth
Consumer and Retail Trade Confidence

Unit Shops Ö
Shopping Centres Ö
Retail Warehousing Parks Ö
S ep-06
Dec-06
M ar-07
S ep-07
Dec-07
M ar-08
Sep-08
Dec-08
Mar-09
Sep-09
Jun-06
Jun-07
Jun-08
Jun-09
15 Strong growth ×ÜÖÞØ Strong decline
10
5
0
-5
Rents in prime locations have remained stable across all
-1 0
-1 5 submarkets, although the decreasing demand is causing downward
-2 0
-2 5 pressure on the key money that retailers are willing to pay. Rental
-3 0
-3 5
Con sumer Co nfide nce
levels in secondary locations have dropped.
Lon g Te rm C onsu mer Con fide nce Avera ge
Retai l Tra de Co nfide nce
Development trends and notable openings
Lon g Te rm R etail Trad e Con fi den ce Averag e
Source: The European Commission

Notable Openings Q3 2009
Key Economic & Consumer trends - Anspach Center, a gallery of 7,000 sq m in Brussels
- Frunpark in Izegem, a 21,000 sq m retail park
Consumer confidence remained stable in September, after rising for
five months in a row. The record levels of low confidence from the About 2 million sq m of retail projects are planned for the coming
beginning of the year appear to have passed. years. However only around 29% have received a permit, 38% have
begun proceedings to obtain the permit and the remaining 33% are
Despite the recession, retail sales in Belgium have remained fairly still in design phase and at risk of not being developed. Given the
stable. The automatic indexation of wages after 4.5% inflation in current economic climate, a lot of these developments will be put on
2008, combined with decreasing commodity and oil prices in early hold.
2009 has resulted in an increase of purchasing power for
households in some cases. Shopping centres are the biggest portion of the pipeline, including
two major schemes: K in Kortrijk (34,000 sq m) scheduled for March
Retailer Demand 2010 and Media Cité (41,000 sq m) in Liège scheduled for Q4 2009.
Due to the lack of supply, pre-lets are high in almost all of the major
Shopping Centre RW Parks Unit Shops new shopping centre projects. For the retail parks however, it
Primary depends largely on location.
Secondary
Investment trends
Low High
Q3 2009
Occupier trends Retail Investment Volume €7mio
*Includes shopping centres, retail warehouses, supermarkets and factory outlet
centres, and deals over €5 million in value.
Retailer demand remains high for prime high streets and shopping
centres. Retailers remain cautious with their expansion plans and The biggest deal this quarter was the sale of a mixed development
are focussing strictly on prime locations and most retailers that are in Gent-Zuid for approximately €55 million. It incorporates 11,500 sq
actively expanding have narrowed their shortlist of target locations. m of retail space in the city centre of Ghent and has been purchased
Demand for secondary locations in the main cities, and prime by Fortis RE. Belgian insurance companies have been the most
locations in secondary cities continues to decrease. active buyers, similar to other market segments. Overall market
Large cash-rich retailers could take opportunity of the crisis and sentiment remains rather positive although there is little evidence as
position themselves more firmly in prime locations. Examples of liquidity is still low.
retailers still expanding in Belgium are McGregor, ZEB and
Bestsellers. Contact: Wim Ottevaere +32 25 502 519
Czech Republic Short-term outlook on prime rental growth
Prime Rental Growth

Consumer and Retail Trade Confidence Unit Shops Ö
Shopping Centres Ö
40 Retail Warehousing Parks Þ
30
Strong growth ×ÜÖÞØ Strong decline
20
10
0 Development trends and notable openings

Jun-0 6
Se p-06
Dec-06
Mar-07
Jun-07
Sep -07
Dec-07
Mar-08
Jun-08
Sep-0 8
Dec-08
Mar-09
Ju n-09
Sep-09
-10
-20
Notable openings Q3 2009:
-30
-40 - Extension of Olympia Brno, 11,000 sq m, 4th phase of the 2nd

Co nsumer Co nfidence
Lo ng Term Consumer Confide nce Averag e largest Czech SC
Re tai l Trade Con fi dence
Lo ng Term Retail Tra de Confiden ce Average
Construction has started on a new shopping centre in Prague
(Galeria Harfa). However the cautious approach to development
continues from both lenders and developers, as retailer demand is
Key Economic & Consumer trends very limited.
- Industrial production is declining, and forecasts show a Few completions are expected in Q4, and activity is due to decrease
negative GDP growth further in 2010.
- Levels of household savings are increasing
- The unemployment rate is rising, and is now almost 10% Investment trends
Retailer Demand Q3 2009

Retail Investment Volume* €0 mio
Shopping Centre RW Parks Unit Shops
Primary centres, and deals over €5 million in value.
Secondary Only one deal of €4 million was closed in Q3.

Low High
Contact: Ondrej Vlk +420 224 234 809
Occupier trends
- Retail sales continue to decline and have been doing so for ten
consecutive months
- Tesco initiated a rebranding of its department stores to My
Tesco, bringing a few new brands on the market (FCUK,
Cortefiel)
- The only retailers that are actively looking to expand continue
to be drugstore operators like DM and Schlecker, however they
remain cautious.
Finland - Hypermarket chain SOK opened its 4th Prisma in St.

Petersburg, Russia in August. SOK opened its 1st Prisma in
Vilnius, Lithuania. Prisma is planning to open about 20 stores in
St. Petersburg and 5 stores in Lithuania.
- Design company Marimekko opened its first stores in Tokyo
S ep-06
Dec-06
M ar-07
S ep-07
Dec-07
M ar-08
Sep-08
Dec-08
Mar-09
Sep-09
Jun-06
Jun-07
Jun-08
Jun-09
and New York in July.
30
20
10
Short-term outlook on prime rental growth
0 Prime Rental Growth
-1 0
Unit Shops Ö
-2 0
-3 0
Shopping Centres Ö
Lon g Te rm C onsu mer Con fide nce Avera ge Retail Warehousing Parks Þ

Key Economic & Consumer trends Notable openings Q3 2009:
Private consumption has decreased significantly during 2009, - Kodin Terra Kajaani, hardware store of S-group, located in
however is expected to increase in 2010. Low interest rates Northern Finland, GLA 8,042 sq m
stimulate purchases but consumers are not willing to spend on - Kodin Terra Tuusula, hardware store of S-group, located in
some items, especially durable consumer goods. Helsinki Metropolitan area, GLA 13,300 sq m
- In Q3 a lot of the development projects in the pipeline are still
Consumer confidence has remained fairly stable during the 3rd on hold.
quarter and is now only slightly below the long term average.
However in Q3 retail trade confidence remained significantly below Investment trends
the long term average. Q3 2009
In Q3 the government decided to cut VAT on groceries. This change centres, and deals over €5 million in value.
may have a positive effect on consumers’ purchasing power in the
short term if the VAT discount is passed on to consumers. On the - Investment activity has been very limited, however signs show
other hand, alcohol tax rise in the beginning of October may divert an increasing appetite for investments. Only three retail
spending on alcohol to cheaper countries, especially Estonia. transactions closed in Q3. In August Sjaelso sold three
development projects to Danish investors for €10 million. In
Retailer Demand September ANL Kiinteistöt 1 Ky acquired a bank property
Shopping Centre RW Parks Unit Shops portfolio which consists of 10 retail/office assets around
Primary Finland, bought from Trackside Holding Ltd. A Finnish
construction company YIT sold a retail development project
Secondary
located in a satellite city of Helsinki to VR Eläkesäätiö for €17
Low High million.
- There is interest for prime retail assets in good locations, but
Occupier trends
secondary assets are still suffering from a lack of demand.
- Retail sales continued to decline in August, -3.4% Y-o-Y. The

most defensive sectors have been sports and food. Contact: Tero Lehtonen +358 40 565 53 89 and Kaisu Pienimäki
- Most retailers have put expansion plans on hold or, when +358 40 703 27 83
expanding, being selective about the new units. Demand for
secondary locations is highly limited.
- Most active actors have been leading Finnish retailers, who are
also expanding abroad and generating sales via the internet.
France Short-term outlook on prime rental growth
Prime Rental Growth

20
Shopping Centres Ö
10 Retail Warehousing Parks Ö
Jun-0 6
Sep-0 6
Dec-0 6
Mar-07
Jun-0 7
Sep-0 7
Dec-0 7
Mar-08
Jun-0 8
Sep-0 8
Dec-0 8
Mar-09
J un-0 9
Se p-0 9
-10
-20
Prime rental values remained stable due to the saturation of prime
-30
locations, fewer retailers’ movements and a limited supply of
-40
available units. However rents in secondary locations are under
C onsu mer Con fi den ce
L ong Term Co nsume r C on fid en ce Averag e
pressure.
R etail Trad e Con fi den ce
L ong Term Re ta il Trade C onfid ence A ve rag e Development trends and notable openings
Key Economic & Consumer trends - Le Village des Loisirs in Maurepas, retail park, 10,000 sq m
- Les Portes de Chevreuse in Coignières, retail park,
- Increased unemployment across France has reduced 40,500 sq m.
household income levels and has generally impeded consumer
shopping activity. There are still opportunities for retail development, most notably out
- According to INSEE’s latest figures, household consumption of town schemes. However, only a few of these schemes will be
declined in July and August. completed due to the lack of financing and the difficulty to obtain the
- Consumer confidence improved in September however is still necessary permits.
below the long term average.
- According to the French Council of Shopping Centres (CNCC), Investment trends
shopping centre attendance index declined -4.3% Y-o-Y in
September. Q3 2009
Retailer Demand *Includes shopping centres, retail warehouses, supermarkets and factory outlet
Retail investment activity was very limited in Q3 with only a number
Primary
of smaller deals of less than €30m. More activity is expected in Q4
Secondary with the closing of a number of shopping centre and warehousing
Low High deals.
Occupier trends In general, large opportunities are extremely rare with only three
sizeable transactions above €80m recorded since 2008, and only 1
- Retailers continue to be cautious in their expansion plans. in the top 10 of largest European transactions.
- The food sector is still performing well, driving the development
of high quality fast food and convenience store concepts. Investors remain selective: they are demanding good locations and
Intermarché is launching its new concept of convenience store rental guarantees.
"Intermarché Express" and preparing to test it in Lille, Toulouse
and Nice.
- Demand from foreign retailers remains high in Paris. Uniqlo has Contact: Sophie Benainous +33 1 40 55 85 15
opened a new shop of 2,200 sq m in the heart of the capital.
H&M has opened its second store in Boulevard Haussmann,
near department store “Les Galeries Lafayette”.
Germany Short-term outlook on prime rental growth
Prime Rental Growth

Shopping Centres Ö
Retail Warehousing Parks Þ
Sep-0 6
Dec-0 6
Se p-07
D ec-0 7
Sep -08
De c-08
Sep-0 9
J un-0 6
Mar-0 7
Ju n-07
Mar-08
Jun -08
Ma r-09
Ju n-09
15
10
5
-5
-10
-15
-20
-25 Notable openings Q3 2009:
-30
-35
-40
- Centrum Galerie, Dresden, NLA 52,000 sq m
Co nsume r C onfid ence
- Desigual, 1,750 sq m, Berlin, Tauentzienstraße
Lo ng Term Con sumer Co nfide nce Avera ge
- Muji, 360 sq m, Hamburg, Große Bleichen
Re ta il Trade C onfid ence
Lo ng Term Retai l Tra de Co nfide nce Avera ge - Armani, 360 sq m, Berlin Friedrichstraße
Investment trends
Key Economic & Consumer trends
Q3 2009
According to various business surveys, the current economic Retail Investment Volume* € 620 mio
situation continues to be judged as weak, while many market *Includes shopping centres, retail warehouses, supermarkets and factory outlet
players are forecasting a slight improvement in the coming year.
The Ifo (Institute for Economic Research) business climate index Investment activity and sentiment has improved in the last quarter.
has increased, and indicates a slow recovery of the economy. Equity driven buyers remain the more active investors. Open-ended
However, it’s likely that the full impact of the economic crisis has yet funds, pension funds and some German private individuals
to hit the labour market. The Ifo business climate index for retail dominate the market. The focus is on high street properties in strong
increased slightly and the outlook is less pessimistic than before, cities, shopping centres and well let larger retail warehouse
although still decreasing. The GfK consumer climate survey has schemes. Yields are stabilising for core properties in strong
recovered in the last few months. The key indicators from this locations whereas a further yield increase can not be excluded for
survey - such as the propensity to buy, economic expectations and secondary locations. Despite the still difficult financing situation the
income expectations - have all increased. But the overall indicator fourth quarter is expected to be the strongest this year since
was well below the long-term average. investors are willing to invest their long held capital in suitable
opportunities.
Retailer Demand
Shopping Centre RW Parks Unit Shops Contact: Bettina Borchmann +49 211 13006-56
Primary
Secondary
Low High
Occupier trends
Even though the time taken to close new lease contracts increased
by the end of summer, demand remains high for prime locations but
still a lower demand for secondary locations. National as well as
established international retailers are looking for new units and new
brands are looking to enter the German market.
Hungary Short-term outlook on prime rental growth
Rental Growth
Consumer and Retail Trade Confidence Unit Shops Þ
Shopping Centres Þ
0 Retail Warehousing Parks Þ
Ap r-06
Jul-0 6
Oc t-0 6
Jan -07
Ap r-07
Ju l-0 7
Oct-07
Jan -08
Apr-0 8
Ju l-08
Oct-08
Jan-0 9
Apr-0 9
Jul -09
-10
-20
-30
-40
-50
-60
-70 Notable openings Q3 2009:

Con sume r C onfid ence
-80
Lon g Term Con sumer Co nfide nce Avera ge
- Two strip malls, in Szolnok and Mohács, late spring 2009, both
Retai l Tra de Co nfide nce around 10,000 sq m, anchor tenants include C&A, Tesco, DM,
Lon g Term Retai l Tra de Co nfide nce Avera ge
Takko and Deichman.
- Beach Plaza shopping centre, in Siófok, July 2009, 12,000 sq
m. Focus on entertainment, but also includes retail and
restaurants.
The development and marketing of ING Real Estate Development’s

The unemployment rate rose to 9.9% while real wages continue to
ALLEE shopping centre reached their final stages; with the opening
decline. CPI inflation was above 5% year-on-year in September.
going ahead in November to very positive reviews. In 2010, Corvin
The combined consumer-business confidence index rose to -30.7
Átrium is due to open and the construction of KOKI Terminal has
points in September from -32.4 points in August, according to GKI
recently restarted, which is due to open in 2012.
Economic Research Co.
Retailer Demand Investment trends
Shopping Centre RW Parks Unit Shops Q3 2009

Primary Retail Investment Volume* €170 million
Secondary centres, and deals over €5 million in value.
Retail investment activity has been very low throughout 2009.

Low High Nevertheless, in Q3 2009 the largest deal of the year in Hungary
closed when UK property fund Lanebridge bought 50% of the
Occupier trends shares of aAIM in the Arena Plaza Shopping Centre, the largest
retail scheme in Hungary. At the peak of the market, Q3 2007, this
Hungarian shopping is still focused on shopping centres with the asset was acquired for €400 million by the JV.
most successful centres have maintained high visitor numbers.
Leasing activity is more focussed on new centres. Despite the lack of liquidity and limited bank finance, opportunistic
buyers and core institutional buyers are currently showing interest in
Retail demand has decreased in 2009 as most retailers are core retail assets being marketed.
selective about new openings and others have put expansion plans
on hold. Some retailers have even withdrawn from the country. Contact: Andrea Marian +36 1 489 02 02
Retailers are focusing on Budapest where spending power is
stronger. The difference between spending power in the capital and
the rest of the country is relatively large, therefore the expansion of
retailers has slowed down or even stopped in the provincial areas.
Ireland Short-term outlook on prime rental growth
Prime Rental Growth

Consumer Sentiment Index Unit Shops Þ
Shopping Centres Þ
120
100
Retail Warehousing Parks Ø
60
40

0
Q2 02
Q2 03
Q1 0 4
Q3 04
Q1 05
Q3 05
Q1 06
Q3 06
Q1 0 7
Q3 07
Q1 08
Q3 08
Q1 09
Q3 0 9
% Growth of GDP - IKEA, Dublin, Stand Alone Store, 30,598 sq m
- Opera Avenue Cork, High Street Shopping Centre, 18,500 sq
m
Source: IIB Bank/ESRI, September 2008
- Half Moon Street, Cork, Retail Park, 15,794 sq m
In Q3 2009 64,892 sq m of shopping centre space completed.
- The poor trading environment within which retailers are While a further 207,697 sq m remains under construction almost
attempting to operate is shown by the volume and value of 98,225 sq m of the pipeline stock for Ireland has been put on hold.
retail sales which fell by -15% and -19.2% in the year to July
2009 respectively. Investment trends
- However, on the positive side consumer sentiment rose by
10% in the year to September 2009 although it is unknown as Q3 2009
to how long this trend will continue. Retail Investment Volume* €33.5 million
- Prices continue to fall as the CPI Index fell by -6.5% in the year *Includes shopping centres, retail warehouses, supermarkets and factory outlet
to Sep 2009.
- All of the Irish investment activity in Q3 2009 was for retail
Retailer Demand
property, a mixture of high street units, bank units and a
Shopping Centre RW Parks Unit Shops crèche.
- There is currently increasing interest from potential overseas
Primary
investors in the Irish market, notably the German open ended
Secondary funds who have seen positive inflows in their funds and
Low High consequently as a group remain active across Europe
- However, activity in the Irish market is being curtailed as there
Occupier trends aren’t enough properties on the market for sale. There is
estimated to be approximately €500 million currently earmarked
Despite the slump in the retail market Ireland continues to attract
new retailers into the market. for investment in the Irish market but due to a lack of available
& suitable properties to purchase the market may not be able to
- In Q3 2009 US retailers American Apparel and Cult Clothing take advantage of this purchasing power
have taken prime retailing units on Grafton and Suffolk Street - As a result of NAMA paralysis on lending and local decision
respectively. making, investment market activity in the near future will be
- Discount retailers and Outlet centres are also continuing to primarily driven by overseas investment rather than by
trade well in the current market. TK Maxx continued their indigenous purchasers.
expansion plan in the quarter opening a flagship store of 3,995
Contact: Clare Eriksson +00 353 (0) 16731600
m2 at CityPoint, Eyre Square, Galway.
- The Outlet Kildare Village has also announced a double-digit
growth in sales during 2009.
Italy Short-term outlook on rental growth
Prime Rental Growth

Shopping Centres Ö
50
40
30
20
10
0
Ju n-06
Se p-06
D ec-06
Mar-0 7
Jun -07
Sep -07
De c-07
Mar-0 8
Jun -0 8
Sep-0 8
Dec-0 8
Mar-09
J un-0 9
Se p-0 9
-1 0
-2 0
-3 0 - Alessandria 2000, commercial gallery, 20,200 sq m

-4 0
C on su mer Co nfide nce - Verola Centre in Verolanuova, Brescia, commercial gallery,
L on g Te rm C onsu mer Con fi den ce Averag e
R etail Trad e Co nfide nce 21,000 sq m
L on g Te rm R etail Trad e Con fi den ce Averag e
- Outlet Village Città Sant’Angelo in Città Sant’Angelo, Pescara,
factory outlet centre, 19,000 sq m

Investment trends
Unemployment rose in the third quarter and could rise even further
due to the economic crisis. Consumer spending continued to be Q3 2009
weak however sentiment is improving towards a positive Christmas Retail Investment Volume* €320 mio
sales period. *Includes shopping centres, retail warehouses, supermarkets and factory outlet
Retailer Demand - Continuation of mismatch between vendors and purchasers

expectations (further adjustment is expected). ‘Wait and see’
attitude prevails.
Primary - Valuations are not in line with the market, lack of comparables
Secondary - Emergence of a two-tier market – there is very limited appetite
for secondary property and we expect a significant further yield
Low High
shift here.
- Investors are focusing on income producing assets and 100%
Occupier trends ownership to secure long term income
- Transactions have reached almost €1bn in Italy in 2009, in 3rd
Retailers are asking for turnover rent as margins are under pressure place behind the UK and Germany.
and they have problems paying rent and other charges. The
retailers that are in distress are in need of restructuring their
Contact: Elisabetta Terzariol +39 02 36010 578
business strategy, and could opt for merger / acquisition
opportunities.
In recent months foreign retailers have shown interest in high street

locations, mainly in Milan and Rome.
The Netherlands Tuinmeubelen, New Look, Witteveen Mode, Subway, Noppies.

Hema, Bruna, Specsavers, GIVe
Consumer and Retail Trade Confidence Short-term outlook on prime rental growth
Prime Rental Growth

Sep-06
Dec-06
Mar-07
Sep-07
Dec-07
Mar-08
Sep-08
Dec-08
Mar-09
Sep-09
Jun-06
Jun-07
Jun-08
Jun-09
30 Unit Shops Ö
20
10
Shopping Centres Ö
-10
-20
-30
-40
Consumer Confidence
Long Term Consumer Confidence Average

Source: The European Commission - SC Mare in Alkmaar, extension of 5,600 sq m gla, 21 shops,
developed by ING RE, owner Corio.
Key Economic & Consumer trends - SC De Luifelbaan in Leiden, extension 6,500 sq m gfa, now
totals 15,000 sq m gfa, developed by MAB Development,
- Growth in the Dutch economy is forecast to reduce by -4.75% owner ASR Vastgoed.
in 2009 and remain stable in 2010(CPB).
- The unemployment rate increased to 5.0% in July (CBS). By Fewer completions are expected for 2010 and 2011, due to the
the end of 2009 rates are forecast at 5.25% and in 2010 at 8% current economic situation and lack of financing.
(CPB).
- Consumer confidence remained stable in Q3 after increasing in Investment trends
the second quarter.
- Online sales increased by 20% - 25% during H1. Total online Q3 2009
turnover is expected to grow to € 6 bn by the end of 2009. Retail Investment Volume* €145 mio
- Total retail turnover decreased due to declining non-food sales *Includes shopping centres, retail warehouses, supermarkets and factory outlet
however food sales have shown a 3% growth in turnover during
2009. - Sellers are mostly distressed to (partly) repay debt, or investors
Retailer Demand who want to focus on their core objects and optimize their
portfolio in line with their policy.
Shopping Centre RW Parks Unit Shops - Prime retail yields remained stable.
Primary - Investment appetite in the Dutch retail real estate is increasing
compared to previous quarters, private investors being the
Secondary
most active investors.
Low High
Contact: Tjard Martinus +31 205 405 405
Occupier trends
- Large Dutch and foreign retail chains are currently looking for
retail space in which to open new shops.
- Retailers are trying to renegotiate rent in secondary locations.
Retailers which are currently expanding:

Boots, FCUK, Jysk, Rifle Jeans, De Tuinen, Starbucks, Giant,
Colera, Nespresso, Super de Boer, Familia, Ralph Lauren, United
Nude, Scotch & Soda, GStar, Brand new Store, Roobol
Poland problems. Another Polish retailer recently announced bankruptcy –

Domar, a white & brown goods operator
Consumer and Retail Trade Confidence Short-term outlook on prime rental growth
15
10
Prime Rental Growth
5
0
Unit Shops Ö
Ö
Jun -06
Sep -06
De c-06
Mar-0 7
Jun-0 7
Sep-0 7
Dec-0 7
Mar-08
Ju n-0 8
Se p-08
D ec-08
Ma r-09
Ju n-09
Sep -09
-5
-1 0
Shopping Centres
-1 5
-2 0
-2 5
-3 0
-3 5
-4 0
Co nsume r C onfid ence Development trends and notable openings
Lo ng Term Con sume r C onfid ence Ave rage
Re ta il Trade C onfid ence
Quiet period in terms of new openings, only small schemes in
Lo ng Term Reta il Tra de Co nfide nce Ave rage

tertiary cities, e.g:
- a 19,000 m2 GLA Galeria Zdrój (anchored by Carrefour) in
Key Economic & Consumer trends Jastrzębie Zdrój;
- Galeria Niwa (9,000 m2 GLA) in Oświęcim, driven by Carrefour.
- GDP Q2 2009: +1.1% y-o-y
- Unemployment rate: steady fluctuating between 10.4% in Jan About 300,000 m2 GLA of commenced constructions is still on hold
2009 up to 10.8% in August 2009; (e.g. Felicity in Lublin, Millenium Hall in Rzeszów). However some
- Retail sales: in August 2009 +5.2% y-o-y; Jan-Aug cumulative: developers are actively seeking opportunities both new sites and
+3.3% y-o-y; existing schemes that are on hold but at heavily discounted prices.
Obtaining of bank financing for new projects is still extremely
Retailer Demand difficult, however, the Polish developer Echo Investment has
recently secured financing for their flagship project – extension of
Galeria Echo in Kielce.
Primary
Secondary Investment trends

Low High
Q3 2009
Occupier trends Retail Investment Volume* €0 mio
Some schemes that opened in 2009 (e.g. Renoma in Wrocław, Kilf
in Gdynia) are still experiencing high vacancy rates due to the - There is still a lack of significant retail transactions in Poland.
withdrawal of retailers from closed lease agreements, however Although investor interest has been increasing given the
vacancies in these schemes are gradually decreasing. Retailers still stronger market fundamentals this has not yet translated into
remain selective and cautious about new locations, however their deals.
approach to consider new proposals is more positive than 3-6 - A number of portfolios and new developments remain available
months ago. to purchase.
According to the Polish Council of Shopping Centres, the Footfall - More institutions are reviewing the market but are incredibly
National Index in Sep 2009 was +0.5% (year to date). cautious in committing to anything.
- Overall, long term sentiment is still positive, especially
New openings include TK Maxx in M1 centre in Czeladź (Silesia considering macroeconomic fundamentals and increased
Agglomeraton) – their 1st store in Poland; Guess in Warsaw’s Klif stability of the Polish Złoty.
shopping centre, and Agatha jewellery in Złote Tarasy. Some
retailers (e.g. Massimo Dutti, TK Maxx) are expanding by taking Contact: Ania Bartoszewicz-Wnuk +48 22 318 0007 Patrycja
advantage of space vacated by retailers that have faced financial Dzikowska +48 22 318 0003
Portugal Short-term outlook on prime rental growth
Prime Rental Growth

Unit Shops Ö
Shopping Centres Þ
S ep-06
Dec-06
M ar-07
S ep-07
Dec-07
M ar-08
Sep-08
Dec-08
Mar-09
Sep-09
Jun-06
Jun-07
Jun-08
Jun-09
-1 0
-2 0
-3 0
-4 0
-5 0
-6 0
Lon g Te rm C onsu mer Con fide nce Avera ge - Enlargement of Braga Parque, +15.000 m2, Shopping Centre
Source: The European Commission The economic crisis led to a postponement of some commercial
projects and there is a cautious approach towards development
Key Economic & Consumer trends being adopted. Also, the lack of finance and funding are raising
difficulties to the leasing of new projects. The refurbishment of
The Portuguese economy demonstrated signs of recovery during existing shopping centres is becoming challenging however it is
Q3, and a slight growth in GDP is now expected in 2010. necessary as the increased retail competition and new concepts are
impacting upon the trading of existing stock.
Retail trade has been significantly affected by the crisis, with sales
declining since December 2008. Portuguese families continue to Investment trends
make an effort to save money by rethinking their purchasing plans in
the search of more competitive prices. Q3 2009
Retail Investment Volume* €0
Retailer Demand centres, and deals over €5 million in value.
Shopping Centre RW Parks Unit Shops Investors have been returning to the market but are concentrating
Primary only on the best assets in prime locations, particularly those with
strong tenant line-ups that are secured by longer-term leases. The
Secondary
investment market has begun to show signs of recovery with some
Low High
national real estate funds seeing access to increased liquidity.
Occupier trends
The retail sector has been one of the most affected by the crisis,
Retailers currently expanding include Grupo Os Mosqueteiros, and has suffered a sharp decline in investment volume. There have
Guess, Nespresso, Decathlon, Sonae Distribuição, Columbia, New been no shopping centre or retail park transactions over Q3. The
Yorker and Bricor. only transactions recorded were related to small supermarkets/cash
carry and small and medium sized stores.
The market is yet to see a significant change in retailers’ expansion
Contact: Alexandra Gomes +351 21 358 32 22 and Cristina
strategy - a cautious attitude still remains and international operators
Cristovão +351 21 358 3239
prove to be more active with, for example, Brodheim Group
announcing it will open 13 GUESS stores before 2013. The first
store opened in September at Amoreiras Shopping Centre in
Lisbon.
Romania Short-term outlook on prime rental growth
Prime Rental Growth

Consumer and Retail Trade Confidence Unit Shops Þ
Shopping Centres Þ
Sep-06
Dec-06
Mar-07
S ep-07
Dec-07
Mar-08
S ep-08
Dec-08
Mar-09
Sep-09
×ÜÖÞØ
Jun-06
Jun-07
Jun-08
Jun-09
Strong growth Strong decline
30
20
10
0
-1 0
-2 0
-3 0 Notable openings Q3 2009:
-4 0
-5 0 - Galleria GTC Piatra Neamt, 20.000 sqm GLA
-6 0
Lon g Te rm C onsu mer Con fi den ce Averag e
Retai l Tra de Co nfide nce Apart from the largest project in Bucharest - Cotroceni Park - and 2
planned extensions in secondary cities, there are no further
schemes due to open in 2009.

Investment trends
The Romanian currency (RON) stabilised in the last quarter,

Q3 2009
fluctuating less than in previous periods. Consumer spending is
increasingly influenced by promotions, with discount nights proving Retail Investment Volume* €0
popular. Online retailing is becoming more widespread and there centres, and deals over €5 million in value.
has been a marked increase in advertising via this medium.
The retail investment market in Q3 2009 has shown slow signs of
Retailer Demand improvement. While the market preserved its low liquidity, with only
one transaction being closed during the quarter (Modul Retail Park
in Targoviste – a retail park comprising of two boxes, having a total
Primary volume of less than €5 million), the potential buyers present in the
Secondary market have continued to actively monitor retail products. These are
Low High mainly represented by opportunity funds and small private equity
groups. We are expecting the negotiations currently taking place to
Occupier trends finalise in Q4 2009, and this should translate into increased
investment volume during the last quarter of the year.
Retail sales decreased in May by 11% compared to the same month
in 2008, but the performance of retailers is still varied. For most Contact: Costin Blideanu +402 1 302 3414
however, sales have stabilized over the last quarter.
After a period of renegotiating rents and optimising networks, some

retailers have started to again plan their expansion strategies.
International retailers are still expanding as they have been able to
negotiate favourable conditions whereas most national brands have
postponed any expansion until the new year.
Russia Short-term outlook on prime rental growth
Prime Rental Growth

Key economic & consumer trends Unit Shops Ö
Real disposable incomes continue to decline – by 0.7% YoY in
Shopping Centres Ö
Retail Warehousing Parks n/a
January-August 2009. As a result, the retail turnover declined by
4.7% YoY. Non-food sales are declining more than foods – by 6.9% Strong growth ×ÜÖÞØ Strong decline
YoY and 2.4% YoY respectively.

According to Watcom research agency, shopping centre footfall was
The following retail projects were delivered in Q3 2009:
down by 8% YoY in March-July 2009. There are fewer impulsive
- MEGA (Omsk, 90,000 sq m GLA);
purchases and unplanned shop visits.
- MegaMall SBS phase III (Krasnodar, 62,000 sq m GLA);
- Viva Land (Samara, 47,600 sq m GLA).
Retailer Demand
Most of the new shopping centres have opened only partially let. In
Shopping Centre RW Parks Unit Shops most cases anchors open first which encourages further lettings.
Primary n/a Recent examples include hypermarket Karusel in Viva Land
(Samara) and Carrefour in Galaktika (Krasnodar).
Secondary n/a
Low High Developers continue to assure the market that projects in their final
construction stages will open this year. However, we believe that
Occupier trends even in the case of completion they will face problems with leasing
due to weaker tenant demand, which in turn, could delay their
New foreign retailers continue to enter Russia, with Moscow being
opening. Only two of six schemes which were announced to open
their priority. Recent examples are the Swiss brand Strellson
this year in Moscow will actually be launched – Zolotoy Vavilon
Sportswear in MEGA Belaya Dacha, and UK women’s fashion brand
Rostokino, 170,000 sq m GLA and Viva Mall, 24,000 sq m GLA.
Coast in Metropolis shopping centre. British retailer Debenhams will
However, their occupancy level is still doubtful – estimated to be
re-enter Russia via the franchise route – in Mall of Russia and the
around 50-70%.
Summit multi-functional centre (the former Minsk hotel, currently
under reconstruction). Several retailers will open their stores before
Investment trends
the end of the year. Among them are Peek & Сloppenburg,
American footwear retailer Collective Brands with stores under the Q3 2009
Payless ShoeSource brand which will operate through the franchise Retail Investment Volume* €0 mio
partner Alshaya Group (Kuwait), and Greek jewellery retailer Oxette centres, and deals over €5 million in value.
who will open in Metropolis.
There were no investment deals in Q3 2009. Although activity
The discount retail sector is performing well and is expansive. remains low, investors are beginning to express greater interest
German grocery retail chain Aldi is preparing to enter the Russian especially in Moscow.
market. In addition, French food retailer Auchan is launching a new
chain of hypermarkets in a hard discounter format under the name The pressure from banks on developers, property companies and
Raduga – one store has been opened in Moscow with further stores retailers has continued in Q3 2009. Following the period of active
expected in Kaluga and Penza. asset-based borrowing, developers and retailers are now suffering
from the lack of liquidity and continue to lose their properties.
Russian consumer electronics retailer Mir closed down 25% of its
stores, citing weak consumer demand. Its competitors M.Video and Contact: Olesya Cherdantseva 737 8000 x 405 and Roksolana
Eldorado plan to continue expanding. Gazprom will launch a new Nechmyrya 737 8000 x 250
supermarket and catering chain. About 400 stores and canteens will
be re-launched under the name Naraskhvat which will make
Gazprom the fifth largest food retailer in Russia.
Spain Short-term outlook on prime rental growth
Prime Rental Growth

Unit Shops Þ
Shopping Centres Þ
Sep-06
Dec-06
Mar-07
S ep-07
Dec-07
Mar-08
Sep-08
Dec-08
Mar-09
Sep-09
Jun-06
Jun-07
Jun-08
Jun-09
0
-10
-20 Development trends and notable openings

-30
-40
-50
During this quarter there were approximately 6 shopping centres
-60 C onsu mer Con fi den ce
L ong Term Co nsume r C onfid en ce Averag e openings including:
R etail Trad e Con fi den ce
- Aragonia in Zaragoza, 27.500 m2 retail GLA
L ong Term Re ta il Trade C onfid ence Ave rage
- Puerta Europa in Algeciras, where occupancy rate is expected
Source: The European Commission to reach 70% by the end of the year
Key Economic & Consumer trends The lack of retailer demand has placed downward pressure on
rental levels for newly opened schemes. It is becoming increasingly
GDP growth for Q2 was finally reported as -4% which was lower difficult to determine when projects should be considered as open,
than expected. The unemployment rate at the end of September as high vacancy rates are causing staggered openings, especially
reached 18.8% and is expected that it could increase to 20% by the with retail warehousing.
end of the year. CPI was again negative during September. Despite
this, most economic indicators are now slowing down in their decline
and the family savings rate has reportedly reached 24.3% in Q2 Investment trends
2009.
Q3 2009
Retailer Demand
Shopping Centre RW Parks Unit Shops centres, and deals over €5 million in value.
Primary
There is still a significant gap between vendor and purchaser
Secondary expectations. There are many investors looking for prime product at
Low High a competitive price, but this criteria doesn’t lend itself to high
transaction volumes. A key issue is finding a seller that needs to sell
Occupier trends rather than one who simply wants to, as this is distorting the market
values
Retailers continue to display caution with their expansion plans in
response to weaker consumer demand. In general all are focusing Sale & lease backs of bank branches continue to be the most
on existing strong performing retail centres where there is a lower common transactions in the investment market. The €1.45 billion
risk; logically the projects under development are suffering the most. transaction of the BBVA, bank portfolio, is just one example.
The anchor chains are re-assessing opportunities and it has been

noticeable how the hypermarkets and supermarkets have become Contact: Borja Reig +34 91 789 11 00
more selective. The hard discounters are however more receptive.
There has been a lack of new retailers entering the market of late,
although many are adopting a wait-and-see attitude.
Sweden Short-term outlook on prime rental growth
Prime Rental Growth

Unit Shops Þ
Apr -0 6
O ct- 06
J an -07
Apr -07
O ct-0 7
J an- 08
Apr- 08
Oc t-0 8
J an- 09
Apr- 09
Ju l-06
Ju l-07
Ju -l 08
Jul- 09
40 Shopping Centres Ö
30
20
10
0
-10
-20 Development trends and notable openings

-30 Consumer Confidence
Long Term Consumer Confidence Average
Retail Trade Confidence
Long Term Retail Trade Confidence Average - Lindhagen Centrum, Stockholm, shopping centre, 23,500 sq m
Source: The European Commission GLA
- Mariebergs Galleria, Örebro, shopping centre, refurbishment,
Key Economic & Consumer trends 44,000 sq m GLA
- Åkersberga Centrum, Stockholm, shopping centre, extension
The GDP forecast for 2009 remains unchanged and is estimated to of 13,000 sq m (Total GLA after extension 23,000 sq m)
decline by 4.5%. In 2010 however the economy is expected to grow
by 1.5%. Retail sales have increased by more then 2.5% so far this Investment trends
year, significantly stronger than Swedish Retail Institute (HUI)
predicted (previous forecast was 1.0%), mainly because of positive Q3 2009
sales in the non-food sector. Retail Investment Volume* €96 mio
DIY goods and electronics retailers are struggling with declining
sales figures and although the autumn is expected to be better it will Only two transactions have been completed during the third quarter.
not be enough to show a positive result for the full year. No foreign investor has been active in the retail segment in Sweden
during the third quarter.
Retailer Demand
Shopping Centre RW Parks Unit Shops The largest transaction was a portfolio purchase by Niam Fund IV
who purchased seven properties around Sweden for 1 030 MSEK in
Primary
total from Atrium Ljungberg. The properties where sold at values
Secondary that are in line with the market value at the end of the year and sales
Low High should imply a positive impact on earnings after tax.
Elsewhere there have been several acquisitions of units by retail

Occupier trends occupiers. Jula Postorder AB has purchased five properties from
Silvan properties, a former competitor. The portfolio covers
The first four Åhléns Pharmacies will open in Stockholm, approximately 30 000 sq m and is the largest property deal closed
Gothenburg and Malmo. The pharmacies will be fully integrated by Jula Group. The current properties are in Eskilstuna, Jönköping,
services within the Åhléns department stores. If this test proves Lund, Stockholm (Kungens Kurva) and Örebro.
successful, more Åhléns Pharmacies will open.
Contact: Antony Pastiroff +46 8 453 50 25

Turkey Occupier trends
Electrical retailers such as Media Markt and local chain Teknosa, as

well as some well known department stores continue to show strong
demand for expansion. Luxury retail turnover has been adversely
Jan-07
Apr-07
Oct-07
Jan-08
Apr-08
Oct-08
Jan-09
Apr-09
Jul-07
Jul-08
Jul-09
100 affected during the economic difficulty, but Prada and Miu Miu have
90 opened their stand alone stores in Istanbul. In addition to these,
80
there are new brands such as Brioni, Hermes, and Hublot which
70
have entered the Turkish market with stand alone stores.
60
C onsu mer Con fi den ce In dex

Prime Rental Growth

Source: Central Bank Turkey
Unit Shops Ö
Shopping Centres Ö
Retail Warehousing Parks N/A
Economic growth slowed during the first half of 2009 and declined Strong growth ×ÜÖÞØ Strong decline
by 10.7%. In line with this, the government revised the end-2009

GDP growth projection to -6%.
The development market registered a GLA growth of 160,000 sq m

Consumer confidence has picked up, particularly since Q2 2009,
during H1 2009, while 263,000 sq m entered the market in Q3
due to government tax incentives. The confidence index rose from
alone. The major opening during this period was 212 İstanbul Power
71.6% in January 2009 to 81.3% in August 2009. Retailer turnovers
Outlet with 70,000 sq m leasable area. M1 Merter, an open air
increased at a lower level than last year; however according to the
scheme, also recently opened with a total of 30,000 sq m of new
Turkish Shopping Centres and Retailers Association, retail sales
retail space. The first BREEAM certificated shopping centre in
have begun to pick up with Y-o-y figures increasing from 0,33% in
Turkey, Gordion Shopping Centre, a project from Redevco, opened
March 2009 to 7.6% in August 2009.
with a total of 50,000 sq m GLA. Özdilek Park leased by Jones Lang
Retailer Demand LaSalle, brought 40,000 sq m to the market in Antalya and is
anchored by Koçtaş, Özdilek Hypermarket, LCW and Mango.
Primary Investment trends
Secondary
Q3 2009
Low High Retail Investment Volume* €0 mio
Retailer demand has slowed since the second half of 2008 although
The investment market has been at deadlock since end-2007 with
has remained strong for prime shopping centres, unit shops and
no transactions in 2008 and 2009 so far. Turkish vendors, which still
outlet centres. Demand for outlet store remains high due to the
largely dominate the market, are significantly less leveraged
cautious approach taken by consumers towards spending.
resulting in small scope for distressed assets. This has prevented
any significant outward shift in yields, which has deterred global
investors to invest in Turkey.
Contact: Idil Hamzadi +90 212 350 08 21

UK CVA (Company Voluntary Agreement), debt for equity and pre-pack

agreements respectively. Despite the continually difficult conditions,
retailers are less pessimistic about the outlook and brands such as
Consumer and Retail Trade Confidence River Island, H&M, Ted Baker and Thorntons have reported strong
trading. New Look have also announced consideration of floatation
30
20 to sit back within the public markets. And the discount end of the
10
0 market continues to expand and trade well with Poundland, 99p
Jun -0 6
Se p- 06
De c-0 6
M a r-0 7
Ju n- 07
Sep- 07
De c- 07
Ma r- 08
J un- 08
Sep -0 8
Dec- 08
M ar -0 9
Jun -0 9
Se p- 09
-1 0
-2 0 Stores, Home Bargains and Peacocks all targeting ambitious
-3 0
-4 0 expansion plans over the short term.

-5 0
-6 0

Consum er Conf idence
Long Term Consumer Confidence Average Prime Rental Growth
Retail Trade Confidence
Long Term Retail Trade Conf idence A verage Unit Shops Ö
Shopping Centres Ö/Þ
Key Economic & Consumer trends Strong growth ×ÜÖÞØ Strong decline
The UK economy is showing further signs of recovery, with the

service sector expanding at its fastest pace since Sept 2007
As in the previous quarter, there were no notable new shopping
(Source: Purchasing Managers’ Index) and business sentiment
centre openings during the three months to September 2009. The
improving. However there remained negative GDP growth during Q3
upcoming late autumn period is, however, set to be quite different
with initial figures released showing a -0.4% decline, although this
with several significant developments planned for completion before
could be revised.
the end of the year amounting to over 150,000 sq m GLA. This will
likely be the final busy period of openings for some time, as the
Consumer confidence stabilised over the last quarter but is still low
cautious approach maintained by developers and investors
compared to the long term average. This is reflected in the relatively
throughout the year translates into delays and postponements
weaker retail sales figures reported by The British Retail Consortium
through 2010 and beyond.
indicating that annual growth in retail sales moderated from 1.8%
growth in July to -0.1% in August. September faired better
Investment trends
registering 2.8% growth, due in part to unseasonably fine weather.
Q3 2009
Consumer spending is expected to remain weak, weighed down by
Retail Investment Volume* €1.1 bn
rising unemployment, reduced earnings growth and the ongoing
need to reduce record levels of debt. centres, and deals over €5 million in value.
Retailer Demand The major shopping centre transaction this quarter has been Land
Shopping Centre RW Parks Unit Shops Securities sale of a 33% share of the Bullring for £210 million to the
Primary Futures Fund. Turnover however remains low, with only 13
transactions traded this year for a combined lot size of £1.28 billion.
Secondary For prime high street, a two tier potential market is now firmly
Low High established with demand coming from cash rich private investors for
sub £5 million properties, and UK Institutions for the larger lot sizes.
Occupier trends Investor demand for less secure, secondary properties remains
weak – a trend set to continue through the remainder of the year as
As summer clearance sales ended, retail footfall slowed and fell by
polarisation increases between prime and secondary assets.
4.1% year on year in August (Source: Experian). Leasing space
remains challenging, and inducements such as turnover rents and Contact: Stephen Daniels +44 203 147 1261
shorter leases continue to be commonplace. The covenants status
of further well known high street brands such as Blacks (outdoor
retailing), Jessops (cameras) and BB’s (café) has changed following
Liselotte Tiemensma
EMEA Retail Research
London
+44 (0)20 3147 1178
liselotte.tiemensma@eu.jll.com
European Retail Commentaries – Q3 2009
OnPoint reports from Jones Lang LaSalle include quarterly and annual highlights of real estate activity, performance and specialised
surveys and forecasts that uncover emerging trends.
www.joneslanglasalle.com
COPYRIGHT © JONES LANG LASALLE IP, INC. 2009. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of
Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We
would like to be told of any such errors in order to correct them.

European Retail Commentaries Q3 2009

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Q3 2009

Shopping Centre Pipeline H2 2008-2009

Consumer confidence continues to recover, with most countries

Source: IHS Global Insight

Belgium Short-term outlook on rental growth

Prime Rental Growth

Consumer and Retail Trade Confidence

Source: The European Commission

Czech Republic Short-term outlook on prime rental growth

Prime Rental Growth

0 Development trends and notable openings

-40 - Extension of Olympia Brno, 11,000 sq m, 4th phase of the 2nd

Retailer Demand Q3 2009

Secondary Only one deal of €4 million was closed in Q3.

Finland - Hypermarket chain SOK opened its 4th Prisma in St.

Source: The European Commission

- Retail sales continued to decline in August, -3.4% Y-o-Y. The

France Short-term outlook on prime rental growth

Prime Rental Growth

Germany Short-term outlook on prime rental growth

Prime Rental Growth

Hungary Short-term outlook on prime rental growth

-70 Notable openings Q3 2009:

The development and marketing of ING Real Estate Development’s

Retailer Demand Investment trends

Shopping Centre RW Parks Unit Shops Q3 2009

Retail investment activity has been very low throughout 2009.

Ireland Short-term outlook on prime rental growth

Prime Rental Growth

20 Development trends and notable openings

Italy Short-term outlook on rental growth

Prime Rental Growth

-3 0 - Alessandria 2000, commercial gallery, 20,200 sq m

Key Economic & Consumer trends

Retailer Demand - Continuation of mismatch between vendors and purchasers

In recent months foreign retailers have shown interest in high street

The Netherlands Tuinmeubelen, New Look, Witteveen Mode, Subway, Noppies.

Prime Rental Growth

Long Term Consumer Confidence Average

Retailers which are currently expanding:

Poland problems. Another Polish retailer recently announced bankruptcy –

Source: The European Commission

Secondary Investment trends

Portugal Short-term outlook on prime rental growth

Prime Rental Growth

Romania Short-term outlook on prime rental growth

Prime Rental Growth

Key Economic & Consumer trends

The Romanian currency (RON) stabilised in the last quarter,

After a period of renegotiating rents and optimising networks, some

Russia Short-term outlook on prime rental growth

Prime Rental Growth

YoY and 2.4% YoY respectively.

Spain Short-term outlook on prime rental growth

Prime Rental Growth

-20 Development trends and notable openings

The anchor chains are re-assessing opportunities and it has been

Sweden Short-term outlook on prime rental growth

Prime Rental Growth

-20 Development trends and notable openings

Elsewhere there have been several acquisitions of units by retail

Contact: Antony Pastiroff +46 8 453 50 25

Turkey Occupier trends

Electrical retailers such as Media Markt and local chain Teknosa, as