FOCUSING ON IT-SHOPPING PLACES

FOCUSING ON IT-SHOPPING PLACES DISCLAIMER This document was prepared by Klépierre solely for use at the presentation of June 9, 2016. This document ...
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FOCUSING ON IT-SHOPPING PLACES

DISCLAIMER This document was prepared by Klépierre solely for use at the presentation of June 9, 2016. This document is not to be reproduced nor distributed, in whole or in part, by any person other than the Company. The Company takes no responsibility for the use of these materials by any person. The information contained in this document has not been subject to independent verification and no representation, warranty or undertaking, express or implied, is made as to, and no reliance may be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. Neither the Company nor its shareholders, its advisors, its representatives or any other person shall be held liable for any loss arising from any use of this document or its contents or otherwise arising in connection with this document. In the event of any discrepancies between the information contained in this document and the public documents, the latter shall prevail. This document does not constitute an offer to sell or an invitation or solicitation of an offer to subscribe for or purchase any securities, and this shall not form the basis for or be used for any such offer or invitation or other contract or engagement in any jurisdiction.

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

2

TABLE OF CONTENTS

1

2

SPAIN, SHOWCASING THE KLEPIERRE PORTFOLIO UPGRADE STRATEGY

OPERATIONAL EXCELLENCE: DEPLOYMENT OF RETAIL KNOW-HOW IN SPAIN

3

4

CAPITAL ALLOCATION: DISPOSALS AND DEVELOPMENT PIPELINE

FINANCIAL MODEL: SOLID GROWTH, LESS RISK

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

3

3 PILLARS TO BOOST CASH FLOW GROWTH

Organic growth

Capital allocation

Re-tenanting

Disposals KLÉPIERRE CASH FLOW GROWTH

Rental reversion

Improvement in the Gross to Net ratio

Accretive acquisitions

Development pipeline

Economic environment Slow improvement in inflation from a very low point KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

Slight improvement in consumption trend

Further boost from interest rates

4

SPAIN, SHOWCASING THE PORTFOLIO UPGRADE STRATEGY

Meridiano (Tenerife – Spain)

1

TOP 5 ASSETS IN SPAIN REPRESENT > 85% OF TOTAL GAV Focus on shopping centers that appeal to highly demanded and valued brands. Consistency of platform enables efficiency in management, leasing and rationalization of costs.

La Gavia 89,200 sq.m. 13.3 M visitors

Maremagnum 22,000 sq.m. 10.8 M visitors

BARCELONA

Plenilunio 82,000 sq.m. 11.2 M visitors

MADRID

Meridiano 44,650 sq.m. 8.0 M visitors

Principe Pio 28,700 sq.m. 11.1 M visitors TENERIFE

55 millions visitors Data as of year-end 2015

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

6

SPANISH PORTFOLIO BUILD-UP – KEY MILESTONES Major strategic reshuffle completed in 2014 

Integration of Corio former assets

Today’s portfolio of shopping center is well positioned to grow and benefitfrom the rapid changes in retail

Further acquisitions (Carrefour deal ctd’) First acquisitions 38 retail galleries (Carrefour deal)

Acquisition of Plenilunio

Opening of La Gavia (Klépierre development)

100

80

71

68

April 2014: Disposal of 63 retail galleries

60

1,461 40

1,190

38

800

20

495

405

16 10

2000

2004

2008

Portfolio value (€M, excl. duties, total share)

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

2014 Number of shopping centers

0

2015 Average value of top 5 assets: €260 M

7

CONCENTRATION IN THE MOST DYNAMIC REGIONS/CITIES OF THE COUNTRY According to JLL cross border retailer attractiveness index, Madrid and Barcelona rank among the most appealing markets for international retailers

MADRID

BARCELONA

SPAIN

Most attractive city in Europe for retailers(1)

4

8

Million of inhabitants(2)

6.4

7.4

46.5

€31,812

€27,663

€23,290

2015 GDP growth(3)

+3.4%

+3.3%

+3.2%

Unemployment(2)

17.1%

18.6%

24.5%

GDP per capita(3)

TH

TH

(1) JLL cross border retailer attractiveness index 2016 (2) Eurostat, data as of year-end 2014 (3) Instituto Nacional de Estadistica, 2016

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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OUTPERFORMANCE OF LEADING MALLS OF OUR PORTFOLIO Today’s Spanish portfolio has historically outperformed the domestic market Top 5 centers’ retailer sales vs. national index Base 100 in 2009 145

Klépierre top 5 assets

AECC sales index

140.9 130.1

135

125 114.1 115

105

107.1

113.5

111.6

99.9

96.7 94.9

95

85 2009

91.1

2010

2011

2012

103.7

92.9

2013

2014

2015

AECC (Asociación Española de Centros Comerciales)

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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PORTFOLIO RESHUFFLE LEADS TO SIGNIFICANT IMPROVEMENT IN OPERATIONAL KPIs YEAR-END 2013

YEAR-END 2015

70

Number of centers

16

€845 M

Valuation(1)

€1,461 M

50.7%

Top 5 GAV

85.7%

8.9%

EPRA Vacancy rate

5.3%

Sales per sq.m. vs 2013

+28.4%

Sales per sq.m. top 5 Gross to net ratio top 5

€4,900 94%(2)

€3,015

Sale of 56 retail galleries Integration of Corio former assets Acquisition of Plenilunio (1) Total share, excluding duties (2) Excluding leasehold fee, if applicable

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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OPERATIONAL EXCELLENCE: DEPLOYMENT OF RETAIL KNOWHOW IN SPAIN

Plenilunio (Madrid, Spain)

2

MERIDIANO: 2015 NET RENTS UP MORE THAN 25% VS 2013

 Clubstore® implementation in 2015 with a hype food court, sky bar lounges and leisure area  Regeneration of anchors  2015 net rents 27% over 2013 level

 Footfall up 26% versus 2013  Good Choices®: energy consumption down 16% in 2 years. 100% electricity from renewable sources Footfall: 8.1M

Active asset management since 2013 to strengthen the center in the Canary Islands. Has become the place to meet on the island

Bershka Calzedonia Guess H&M Intimissimi

Kiko Levi’s Mango Massimo Dutti Oysho

Primark Pull & Bear Stradivarius Zara Tenerife, Spain

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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MAREMAGNUM: 2015 REVERSION AT 20% AND FURTHER VALUE CREATION TO UNLOCK

 Clubstore® implementation scheduled for 2017-2018  A powerful magnet for international retailers  2015 reversion: +20.3%  Good Choices®: Certified BREEAM In Use “Very Good”. 83% of visitors using public transports.100% electricity from renewable sources Footfall: 10.9M

Maremagnum is the favorite shopping and dining destination in downtown Barcelona for locals and tourists

Bershka Calzedonia Desigual H&M Hawaianas

Ikks Jack&Jones Lefties Mango Oysho

Pull&Bear Rituals Shana Starbucks Victoria's Secret

Barcelona, Spain

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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MAREMAGNUM: POTENTIAL EXTENSION (2017-2018) Extension of the center on the existing square  Restructuring of the square on the cinemas building  Enlargement and upgrade of the food offer Maremagnum today IMAX

Aquarium

Cinemas

Maremagnum after project completion Current square

Maremagnum shopping center

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

IMAX

Aquarium

New square

Extension

Maremagnum shopping center

14

MAREMAGNUM: POTENTIAL MARITIME CONNECTION TO BEACHES The project: connection to link Barcelona City center to the beaches (Barceloneta) through the shopping center in order to capture additional footfall

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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CAPITAL ALLOCATION: DISPOSALS AND DEVELOPMENT PIPELINE

Créteil Soleil (Créteil, France)

3

€4.7 BN IN ASSET DISPOSALS SINCE 2011 Gradual and constant upgrade of average portfolio quality Rollout of pure play retail strategy (Retail Only®) Ability to complete disposals with good timing and at NAV  172 shopping centers sold (in 7 countries)  12 office buildings sold  full exit  + portfolios of retail assets sold of the office property business in H1 2014 Portfolio of 126 Carrefouranchored galleries+ Portfolio of 4 Swedish centers

2,403 Portfolio of 4 Norwegian centers

Portfolio of 9 Dutch centers

844

698 539 187 2011

2012

2013 Shopping centers

Retail assets

2014

2015

Offices Data in million of euros, excluding duties

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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€9.7 BN DEVELOPMENTS AND ACQUISITIONS SINCE 2011 A total of €2.7 Bn invested (excl. Corio) in development pipeline and acquisitions

€1.3 Bn

€1.4 Bn

Corio: €7.0 Bn acquisition, including major assets: Porta di Roma, Hoog Catharijne, Grand Littoral, Boulevard Berlin, Campania, Le Gru, Grand Place, Alexandrium, Akmerkez…

Acquisitions Development pipeline (reported at cost) Oslo City (Norway)

St.Lazare (France)

Emporia (Sweden)

+7 Bn

Odysseum (50%, France)

Plenilunio (Spain)

948 652

458

408 205

2011

2012

2013

2014

2015 Data in million of euros

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016 Data in million of euros, excluding duties

18

A PIPELINE FOCUSED ON EXTENSIONSREFURBISHMENT OF LEADING MALLS Extension-refurbishments offer the best risk/reward equation for both Klépierre and retailers PRIORITY GIVEN TO ENLARGING LEADING REGIONAL MALLS to generate further growth  Major retailers are rightsizing their stores and concentrating on prime locations • Extensions provide them with the possibility to build on the success of existing locations • More incentive and visibility on returns to invest in refurbishing existing stores

 Timing of extension in Klépierre’s hands – can be coupled with large scale re-tenanting actions

Committed and controlled pipeline breakdown(1) by type (% value) New developments 21%

 High visibility on future rental income Extensions 79%

(1) Committed and controlled pipeline correspond to 2.0 billion euros of projects. Data as of year-end 2015.

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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€3.6 BN PIPELINE OF PROJECTS TO FURTHER INCREASE EXPOSURE TO MOST DYNAMIC REGIONS (1/2) EUROPEAN UNION (28 countries) GDP per

capita(1)

Population(2) Demo. growth 2015-2040

Oslo

Walloon Brabant (Brussels) €27,500 508.1 M +3.0%

GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(4) Projects: L’esplanade

€35,300 1.1 M +21.7% +€131 M

GDP per capita(1) (3) Population(2) Demo. growth 2015-2040 Investment(4) Projects: Økernsenteret

€51,800 1.2 M +55.8% +€89 M

#19 highest GDP per capita in the GDP per €42,400 European Union Population(2) (5) 8.0 M Demo. growth 2015-2040 +11.2% Investment(4) +€510 M Projects: Hoog Catharijne, Alexandrium Randstad (Utrecht) capita(1)

Ile-de-France (Paris) GDP per capita(1) €49,000 Population(2) 12.0 M Demo. growth 2015-2040 +14.5% Investment(4) +€231 M Projects: Val d’Europe (phase 1 & 2), Créteil Soleil

Rhône-Alpes (Lyon) GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(4) Projects: Grand’ Place, Givors

#8 highest GDP per capita in Europe Aquitaine (Bordeaux) GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(4) Projects: Bègles Rives d’Arcins

€25,300 3.3 M +16.8% +€24 M Midi-Pyrénées (Toulouse)

Provence-Alpes-Côte d’Azur (Marseille)

GDP per capita(1) €26,500 Population(2) 3.0 M Demo. growth 2015-2040 +16.8% Investment(4) +€186 M Projects: Grand Portet, Odysseum, Blagnac

GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(4) Projects: Prado, Grand Vitrolles

€29,100 6.5 M +20.9% +€119 M

€28,000 5.0 M +5.8% +€247 M

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat (3) Data for 2013 (4) Investment pipeline at cost (total share) (5) Population figure for Randstad

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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€3.6 BN PIPELINE OF PROJECTS TO FURTHER INCREASE EXPOSURE TO MOST DYNAMIC REGIONS (2/2) EUROPEAN UNION (28 countries) GDP per capita(1)

€27,500

Population(2)

508.1 M

Demo. growth 2015-2040

+3.0%

Piedmont (Turin) GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(3) Projects: Le Gru

€27,600 4.5 M +6.9% +€80 M

Lombardy (Milan) GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(3) Projects: Lonato

Catalonia (Barcelona) GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(3) Projects: Maremagnum

€34,300 7.4 M -5.9% +€45 M

€34,700 10.1 M +16.4% +€50 M

Emilia-Romagna (Bologna) GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(3) Projects: Gran Reno

€32,200 4.4 M +21.2% +€130 M

Madrid GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(3) Projects: Plenilunio, La Gavia

€29,700 6.4 M -4.1% +€146 M

Lazio (Roma) GDP per capita(1) Population(2) Demo. growth 2015-2040 Investment(3) Projects: Porta di Roma

€31,400 5.7 M +17.5% +€90 M

(1) GDP in PPS. Source: Eurostat, 2014 (2) Source: Eurostat (3) Investment pipeline at cost (total share)

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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BY H1 2018, KLEPIERRE WILL DELIVER 3 LANDMARK PROJECTS More than 35 million euros(1) in full year net rental income expected Prado (Marseille, France)

Val d’Europe (Paris region, France)

Hoog Catharijne (Utrecht, Netherlands)

An iconic and upscale center in the most affluent district for France second largest city

Expanding France fastest growing shopping mall to welcome international brands

The first phase of a large redevelopment project for the country’s number 1 retail hub

23,000 sq.m. 53 stores Anchored by Galeries Lafayette

+17,000 sq.m.  100,000 sq.m. 21 new stores and 4 mid-sized units o/w which Primark

42,100 sq.m. mall on completion Enhanced connection with Utrecht Central station (1) Total share basis

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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OKERNSENTERET: A 55,000 SQ.M. REGIONAL SHOPPING DESTINATION (150 STORES) FOR OSLO

Part of a 163,000 sq.m. urban development area including residential, office, hotel and leisure schemes

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

23

OKERNSENTERET PROJECT (2020)

ADD PICTURE

A state of the art mall for Norway’s capital

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

24

CRETEIL SOLEIL: BUILDING ON THE SUCCESS OF A LEADING MALL OF GRAND PARIS 10,200 sq.m. extension project 

€76 M investment planned

Créteil Soleil

Prefecture

Key figures

City Hall

20.1 million visitors

Shopping center today

123,500 sq.m. Museum of Arts

Extension project

221 shops

Gate 23

Cinema

2 floors extension  Will enhance the connection with metro line 8, linking the mall with Paris city center (5 million passengers used Créteil Préfecture metro station in 2015(1))  Will connect cinemas with a renovated and upgraded food court (1) Source: RATP

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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CRETEIL SOLEIL: EXTENSION OF GATE 23 TO THE METRO STATION (H2 2018)

Main entrance for the shopping center with close to 1/3 of shoppers

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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L’ESPLANADE: STRENGTHEN THE POSITIONS OF THE LEADING MALL IN SOUTHERN BRUSSELS 20,650 sq.m. extension project 

€131 M investment planned

L’esplanade

Key figures

Existing shopping center footprint

7.6 million visitors

Extended and restructured footprint

55,800 sq.m.

Direct access from the railway station to the extension through escalators

132 shops

Direct link to the new intermodal hub with a new pedestrian bridge to the neighborhood New bordering Park & Ride (2,300 slots by year-end of 2016)

 Addition 50 stores/restaurants and 4 mid-sized units  A center even more embedded into the city and strongly connected to transportation network  New regional express train to reach the center from Brussels in 30’ KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

27

L’ESPLANADE: EXTENSION (2020)

Clubstore® implementation / addition of large units / anchors

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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GRAND PLACE: REINFORCE POSITION AS THE TOP RETAIL SPOT FOR GRENOBLE REGION 15,600 sq.m. extension project 

€39 M investment planned

Grand Place

Key figures 13 million visitors

Carrefour hypermarket

Extension restructuring

94,000 sq.m. 130 shops

Grand Place Light rail

 Addition of a major anchor (8,300 sq.m.), 1 mid-sized unit, 14 shops and 10 restaurants to enhance connection with the two parts of the center

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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GRAND PLACE: EXTENSION (H2 2018)

PICTURE WITHOUT PRIMARK SIGNAGE TO BE ENCLOSED

Clubstore® implementation / addition of large units / anchors

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

30

LONATO: EXTENSION OF A SUCCESSFULL CENTER IN LOMBARDY (2019-2020) 9,000 sq.m. extension project 

€50 M investment planned

Il Leone di Lonato

Key figures 6.2 million visitors 46,000 sq.m.

Extension

128 shops

Existing center

 Extension-restructuration of the existing center  

Upgrade of the retail mix with a renewed food and beverage offer Rightsizing of anchors

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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TWO LARGE PROJECTS FOR TWO LEADING CENTERS IN ITALY PORTA DI ROMA (ROME) Italy’s #1 shopping center +12,000 sq.m.   

Food court enlargement and retail extension €90 M investment planned Completion: 2020-2022

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

LE GRU (TURIN) Piedmont’s leading mall +12,000 sq.m.   

Extension-refurbishment of the 1st floor €80 M investment planned Completion: 2020-2022

Key figures

Key figures

18.3 million visitors

11.3 million visitors

92,400 sq.m.

78,500 sq.m.

240 shops

156 shops

32

FINANCIAL MODEL: SOLID GROWTH, LESS RISK

Oslo City, Oslo (Norway)

4

A MODEL BUILT TO DRIVE CASH FLOW UP

Organic growth

Capital allocation

Re-tenanting

Disposals KLÉPIERRE CASH FLOW GROWTH

Rental reversion

Improvement in the Gross to Net ratio

Accretive acquisitions

Development pipeline

Economic environment Slow improvement in inflation from a very low point KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

Slight improvement in consumption trend

Further boost from interest rates

34

A SOLID TRACK RECORD Since 2010, Klépierre has delivered solid growth while reducing its financial leverage Upgrade in S&P credit rating: BBB+  A-

47.2% 45.8% 43.6%

1.99

1.99

2.07

2.16

2.07

43.6% 39.2%

1.96

37.6% 2010

2011

2012

2013

Net current cash flow per share (€)

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

2014

2015

LTV

35

A MODEL ALSO DESIGNED TO LOWER RISKS Well diversified geographical footprint

Limited leverage  LTV expected to remain at or below the current level  Long-term debt  Strong liquidity position  High level of hedging

RISK PROFILE Sustainable payout ratio

Development pipeline and acquisitions  Priority given to extensions  Selective on greenfield  M&A focus on prime assets

With dividend growth expected at least in line with net current CF / share

Disposals Of non core assets to limit cash flow volatility

Not only growing cash flow but also better cash flow KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

36

ENHANCED GROWTH/RISK PROFILE THROUGH ACTIVE PORTFOLIO ROTATION Retailer sales like-for-like growth April 2014: retail galleries disposal

4.40% 3.8%

2.60%

Retail galleries (sold to Carmila April 2014) had a 60 bp dilutive impact on 2013 LfL retailer sales growth

1.5%

+10.2%

+7.8% -3.4% LfL

2012

-4.4%

2013

2014

-0.4%

In 2014, the recent developments represented 7% of sales but counted 31% of LfL retailer sales growth (excluding extensions)

-0.7%

Capital allocation impact (new developments, acquisitions) LfL retailer sales growth (excluding extensions)

2015

(1)

Dilutive impact from retail galleries LfL retailer sales growth (including extensions)

Klépierre’s exposure to top-performing shopping malls has been increased through efficient capital allocation, boosting like-for-like growth (1) Includes Emporia, Corvin, Aqua Portimão, Saint Lazare, Le Millénaire and Plenilunio (in 2015)

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

37

M&A GENERATES ATTRACTIVE IMMEDIATE RETURNS Recent acquisitions (3Y targeted returns*)

6.0% 5.7%

6.0%

5.7%

5.5%

Strong results achieved so far. Since acquisition, retailer sales up:  11% for Plenilunio  6% for Oslo City

Plenilunio and Oslo City acquired at NIY of respectively 5.25% and 5.0%, and expected to increase up to 6.0%

5.4% 5.2% 5.0%

2015

2016e

2017e

Plenilunio NIY

2018e

2019e

Oslo City NIY

While generating appealing returns, acquisitions offer today a much lower risk profile compared to greenfield developments * Returns based on the acquisitions price and the NOI forecasted

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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FURTHER COST OF DEBT IMPROVEMENT TO COME FROM ONGOING LOW INTEREST RATE ENVIRONMENT Drawn debt maturity schedule

Potential for refinancing at a lower cost - €600 M: 4.75% - €499 M: 3.25%

Recent refinancings completed

€615 M 4.0% €220 M 3.1%

€291 M 4.625%

€500 M 2.75%

€750 M 1%

€300 M: 4.625% €250 M: 5.448%

€630 M 1.75%

€500 M 1.875% €255 M 2.125%

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Assuming current market conditions, the cost of debt should decline below 2.0% by 2017, while the duration will be extended KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

39

HIGH VISIBILITY ON CASH FLOW GROWTH PROSPECTS

47.2%

Guidance

2.23 – 2.25

45.8% 43.6%

43.6%

2.16 2.07

2.07 LTV at current level or below

39.2% 1.99

1.99

2011

2012

37.6%

1.96

2010

2013

2014

Net current cash flow per share (€)

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

2015

2016

LTV

40

CONCLUSION

SOLID GROWTH – LESS RISK THROUGH BETTER OPERATIONS BETTER PORTFOLIO BETTER BALANCE SHEET

KLEPIERRE — 2016 INVESTOR DAYS — June 9, 2016

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THANK YOU

Klépierre, Retail Only®