TRANSACTION RESEARCH RETAIL MARKET IN POLAND

TRANSACTION RESEARCH RETAIL MARKET IN POLAND. FOCUS ON 8  AGGLOMERATIONS H1 2015 TRANSACTION CONSULTING VALUATION PROPERTY MANAGEMENT INVESTME...
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TRANSACTION RESEARCH

RETAIL MARKET IN POLAND.

FOCUS ON 8  AGGLOMERATIONS

H1 2015

TRANSACTION

CONSULTING

VALUATION

PROPERTY MANAGEMENT

INVESTMENT MANAGEMENT

Contents Foreword .......................................................... 3 Macroeconomic Snapshot ............................ 4 Retail Market in Poland ................................ 6 Trends ............................................................... 8 Focus on Agglomerations Warsaw ..................................................... 10 Katowice .................................................... 12 Kraków ....................................................... 14 Tri-City ....................................................... 16 Łódź ............................................................ 18 Poznań ....................................................... 20 Wrocław .................................................... 22 Szczecin ..................................................... 24 Investment Market ......................................... 26 Definitions and Contacts ............................... 27

Author: Anna Staniszewska Head of Research & Consultancy Central & Eastern Europe BNP Paribas Real Estate

BNP Paribas Real Estate Poland Sp. z o.o. Atrium Tower, al. Jana Pawła II 25 00-854 Warsaw, Poland Tel.: +48 22 653 44 00 www.realestate.bnpparibas.pl BNP Paribas Real Estate is part of the BNP Paribas Banking Group KRS 0000123245 Sąd Rejonowy dla M. St. Warszawy, XII Wydział Gospodarczy KRS Regon 011890235, NIP 527-11-37-593 Capital: 14,200,000 PLN

All rights reserved. The report was prepared by BNP Paribas Real Estate. All data provided in the publication have been carefully verified, however the authors of the report shall not be held liable for any damage or loss which may arise from the use of the data published. Reproducing, modifying or using any of the contents hereof without the permission of the authors of the publication is prohibited under the provisions of the applicable law. It is permitted to quote the contents of the publication only when clearly stating the source.

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Foreword The history of the Polish retail property market started 20 years ago with the hypermarkets. For the past 10 years the retail sector has been experiencing a new evolution phase: fashion oriented shopping centres. As previously with the hypermarkets, the second cycle is now coming to an end and the third cycle is commencing as a new era of maturity and diversification.

Fabrice Paumelle H ea d of R eta il Po la nd & C E E

Together with a changing market environment and new requirements of retail real estate players, the consumer habits are becoming increasingly more diversified while being more demanding in terms of retail concept offer and location. This results in the necessity to add value to existing mature shopping centres (through extension, repositioning and remodelling) and implement in Polish cities new retail formats such as: high streets, mixed-use properties and strip malls. Now comes the time for new concepts to enter the market, which trend may continue over the next five to seven years. Polish and Central and Eastern European retail markets are now mature and seem closer to historical western European standards. In such a challenging environment and given the differentiation of the retail sector, the advisory must be added to brokerage services. Retailers, developers and owners of retail assets, in order to make a smart and sustainable move, need an independent expert who will create a difference locally. A partner that understands local changes in retail and retail in detail. Let us think out of the box and focus on new tailor-made solutions that will result in achieving your competitive advantages in this changing world of retail. Let us change the game for retail together.

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RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Macroeconomic Snapshot

6 5 4 3 2

2014

2015f

2016f

2014

2015(f)

2013

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

0 -1

2001

1

Source: GUS (Central Statistical Office), BNP Paribas, f - forecast

Monthly unemployment rate in Poland % change y-o-y 25 20 15 10

2012

2010

2009

2008

2007

2006

2005

0

2004

5

2011

The macroeconomic situation in the largest agglomerations (above 400,000 inhabitants) has been always been considerably better compared to the national level, scoring lower unemployment rate (in most cases below 5.0%) and higher salary levels (approx. 20-30% higher than the average for Poland). Consequently, their purchasing power also exceeds the national rate from 16% to 80%.

7

2003

Retail sales have been following a similar pattern with an average 10-yr growth of 5%, though these are seasonally driven and dependent on external factors. The most recent data released by GUS (Central Statistical Office) shows growth of 6.6% at the end of June.

CPI

8

2002

The gross monthly salaries have been constantly rising, achieving around 4,040 PLN (~€974) at the end of Q2 2015.

GDP

2001

The unemployment rate has been declining for the last couple of quarters and in June was at 10.3%, which is the lowest since 2001. According to BNP Paribas forecasts it should continue to fall over the next few years.

% change y-o-y

2000

Except for 2011-2012 when inflation floated between 3.0 to 4.0%, CPI remained subdued over the last 5 years ranging from 0.9 to 2.6%. Over the last few quarters inflation has been negative, scoring -0.7% at the end of June, which is a time-lag effect of deflation recorded in Western Europe and the US.

GDP & CPI dynamics in Poland

2000

tHE RETAIL MARKET DEVELOPMENT IN POLAND HAS BEEN BOOSTED BY THE STRENGH OF THE ECONOMY Positive macroeconomic indicators have supported retail market development over the last few quarters. Poland has recorded sustainable growth over the last decade, achieving an annual average of 4% in GDP. In Q2 2015 the pace of economic growth reached 3.6% and according to economist forecasts, Poland should reach an average of 3-3.5% GDP growth in the mid-term horizon.

9

10

Source: GUS (Central Statistical Office), f - forecast

Monthly retail sales dynamics % change y-o-y

2013

2014

2015

10 8 6 4 2 0 -2

1

2

3

4

5

6

7

8

11

12

Source: GUS (Central Statistical Office)

4

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Map of Poland with key macroeconomic indicators for the analysed cities

szczecin

LEGEND

407,200 542,000 8.0% €7,215

Population of capital / agglomeration  1 Unemployment rate 2 Purchasing Power   

Tri-City

POLAND

461,500 982,200 5.2% €7,679

poznań

38,478,600 10.3% €6,170

Warsaw

545,700 824,000 2.9% €8,163

1,735,400 2,560,000 3.9% €11,222

wrocław 634,500 789,761 3.9% €8,225

MAJOR NATIONAL ROADS HIGHWAYS: Existing Under construction Planned

EXPRESS ROADS: Existing Under construction

łódź

Silesia* 301,800 2,161,400 4.2% €8,089

kraków 761,900 1 034,800 4.9% €7,337

706,000 927,200 10.8% €7,181

* Data for capital city of voivodship 1. As of December 2014 2. As of June 2015 Source: GUS (Central Statistical Office), GFK

Planned

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RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Retail Market in Poland At the end of June 2015 shopping centre stock (traditional shopping centres, retail parks and retail outlets) stood at 10.5 million. In the first six months of the year approximately 183,000 sqm were delivered, of which extensions to existing assets constituted some 44%. Only one small completion was recorded in one of the largest agglomerations. Other retail formats, mainly stand-alone schemes (cash&carrys, electronics, household equipment stores or DIY) add approx. 2.2 million sqm. In terms of formats, traditional shopping centres constitute the bulk of stock accounting for 89% of the retail volume, followed by retail parks with 9% market share. It should be noted that over the course of the last couple of years the latter format has been gaining on importance with substantial share in new completions, especially by expansions. Outlet centres remain the least represented category of retail schemes with 2%. Analysing the provision of retail space by size of cities shows, the majority of stock is located in eight agglomerations, which have 55% of the market share. They are followed by small cites of below 100,000 inhabitants with 18%. Mid-size (100-199,000 inhabitants) and large cities (200-400,000 inhabitants) account for 15% and 12% respectively. Whilst in recent years the bulk of the new supply was delivered in mid and small size cities, over the course of 2016-2018 the trend is likely to reverse with major pipeline schemes located in large agglomerations. This includes the 100,000 sqm Posnania by Apsys (Poznań), Unibail Rodamco’s Wroclavia, which will offer 64,000 sqm in Wrocław, GTC’s Galeria Północna (65,000 sqm) in Warsaw and a mix-use 62,000 sqm Forum Gdańsk by Multi.

ANNUAL SUPPLY OF NEW SHOPPING CENTRES AND EXTENSIONS sqm

Extensions

New shopping centres

sqm 1,000,000 900,000 800,000 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0

2008 2009

2010

2011 2012

2013

2014 2015f 2016f

Source: BNP Paribas Real Estate, f - forecast

Types of shopping centre formats

9%

2%

traditional shopping centres retail parks retail outlets

89%

Source: BNP Paribas Real Estate

Top 5 completions in H1 2015

Project

Type

City

City size

GLA (sqm)

Developer

Tarasy Zamkowe

Shopping centre

Lublin

200-400,000

38,000

Immofinanz

Galeria Neptun

Shopping centre

Starogard Gdański

50-100,000

25,000

Galeria Neptun Sp. z o.o.

CH Ogrody ext.

Shopping centre

Elbląg

100-199,000

22,500

CBRE Global Investors

Atrium Copernicus ext.

Shopping centre

Toruń

200-400,000

17,000

Atrium European RE

Galeria Sudecka ext.

Shopping centre

Jelenia Góra

100-199,000

12,900

Echo Investment Source: BNP Paribas Real Estate, PRCH

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RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Top 5 pipeline schemes in H2 2015

Project

Type

City

City size

GLA (sqm)

Zielone Arkady

Shopping centre

Bydgoszcz

200-400,000

50,000

ECE Projektmanagement

Sukcesja

Shopping centre

Łódź

over 400,000

46,000

Fabryka Biznesu

Retail park

Wrocław

over 400,000

35,000

Ikea Centre Group

Vivo! Stalowa Wola

Shopping centre

Stalowa Wola

below 100,000

32,500

Immofinanz

Galeria Galena

Shopping centre

Jaworzno

below 100,000

31,400

Mayland Real Estate

Bielany Wrocławskie ext.

Developer

Source: BNP Paribas Real Estate

Apart from these retail formats, high streets in major agglomerations, especially in Warsaw and Kraków, are growing on importance for both landlords as well as retailers. Considering the size of the Polish retail market and an inevitable change in tenant-mix of shopping centres as consumer spending patterns evolve, there is a lot of room for newcomers and emergence of new forms of retailing. Similar to previous years, in the last few quarters Poland has welcomed new brands who decided to enter the market. These include: KIABI (fashion), Superdry (fashion), Decimas (fashion), Colin’s (fashion), à Tab (home deco), Desquared 2 (kids fashion) and Courir (shoes). In categories such as multimedia, sport equipment, homeware and home accessories, shoes, health & beauty, the pool of available retailers to fill units is limited to a handful of key players.

Current and forecast saturation in agglomerations shopping centre stock per 1,000 inhabitants, sqm 820 701

Tri-City (Gdańsk)*

508519

Szczecin

891 762 555623 550600

Poznań

Warsaw

885 758

Source: BNP Paribas Real Estate

There are significant differences regarding saturation rate in agglomerations. Poznań and Wrocław belong to the most saturated league, whilst Szczecin stock remains moderate in relation to its population.

Łódź Wrocław

513 538

531571

Silesia (Katowice)*

As at H1 2015

Kraków

As at 2017 *capital of the region

Prime rental ranges in shopping centres in selected cities €/sqm/month Warsaw Silesia

Prime rents in the best performing shopping centres have remained relatively flat over the first few months of the year, while landlords in secondary schemes had to adopt more flexible approach in reletting strategies. Warsaw’s prime rates, achieving well over €100 per sqm per month are on average double compared with other agglomerations.

Kraków Poznań Wrocław Łódź Tri-City Szczecin 30

40

50

60

70

80

90

100

110

Source: BNP Paribas Real Estate

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RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Trends

Magnolia Park Wrocław

Developers and investors are returning to large cities Over 40% of new supply scheduled for opening by the end of this year is located in large agglomerations. The trend is likely to continue over 2016-2018, provided all the announced pipeline schemes are delivered on time. It is also worth mentioning that the market of new-build will be again dominated by large players such as Unibail Rodamco, ECE, InterIkea, Atrium European RE, Apsys, Multi and GTC.

Mix-use schemes provide an alternative to traditional retail formats As the quality of urban life advances, mix-use projects are filling the niche within city centres. Thanks to schemes such as Ethos, Hala Koszyki, CEDET and Art Norblin (all in Warsaw), Półwiejska_2 and Bazar Poznański in Poznań, the city landscape is enriched by new types of commercial space serving multipurpose uses: it givies occupiers the possibility to stand out from traditional retail formats.

Below-expectation turnover is forcing mature assets to reposition While prime schemes enjoy positive turnover and footfall trends, many mature assets are faced with declining turnovers. These developments have forced some landlords to act. The range and volume of extensions, repositioning and remodeling of mature assets, which are currently in progress have never been so far-reaching. Forward looking landlords have adopted wide-ranging strategies to challenge newly built competitors and meet growing customer expectations. This trend is set to continue over the next few years with some 15-25% of space to be delivered from extensions and remodelling; hence the Polish market has already entered the modern cycle and is much closer to western European models of retailing.

High streets are gaining in importance with PREMIUM market picking up With changing consumer habits and ongoing urban regeneration, high streets are back in the game, especially in Warsaw. Many city streets with cafes, restaurants, new pubs and clubs attract not only tourists but also significantly more inhabitants. Louis Vuitton, Gucci, Saint Laurent, Bottega Veneta, Burberry and Ermenegildo Zegna opened their flagship stores and this trend should be followeds, like it happened historically in other countries, where premium brands opened stores. Polish customers are seeking new experiences and fresh brands that are not available in the shopping centre offer. The differentiation factor is of vital importance in modern retailing, giving high streets the ground to explore their potential.

8

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Additionally, due to a growing number of wealthy individuals willing to buy luxury goods, there is plenty of room for up-market and luxury brands. E-commerce is storming Poland with omni-channel progressing at a fast pace Growth of e-commerce in Poland is much faster than in the EU, recording 22.8% growth in 2013 (by turnover volume) against 14.7% in the EU (by Eurostat). With an average online shopping basket at €539 compared with €1,243 in the EU Poland has significant catch-up potential. E-commerce will not replace the traditional form of retail but has already fostered changes in the retail scene. The revolution has taken its toll on electronics and multimedia retailers who have had to shrink space occupied. Other retailers seem to deal with it well by adopting omnichannel strategies, offering mobile applications and choices for delivery. Poland is going the same way as Western European countries, especially when it comes to “click&collect” points, which actually increase retail sales in stores. Shopping centres are becoming an important element of the city landscape and urban life For many visitors to shopping centres, the motivation is not necessarily to make an intentional purchase, but to browse

and enjoy the sensory experience. They make contact with other people as a leisure pursuit, which is a need that cannot be replicated online. Thus rearrangements of common areas, food courts, leisure time are necessary as shopping centres become fully integrated as part of the city – serving as urban space with proper social functions where people get together. Ongoing market consolidation in the large food operator sector is inevitable After the merger of big corporates last year – Auchan taking over Real - we are currently observing the largest rebranding and consolidation process seen in years. It mirrors a similar pattern observed in Western Europe a decade ago, the market consolidation may shortly impact non-food retail networks such as electronics, DIY or fashion. Investor chase for retail assets is unrelenting There is undiminished appetite to purchase retail assets in Poland with large international players in the game. With large lot sizes already sold, the volume of retail investments in Poland could exceed €1 billion by the year-end, as investors are willing to pay premium for prime schemes such as Riviera in Gdynia. Yet, they are also neglecting good secondary projects with substantial differences in price expectations between owners and potential buyers.

Bonarka City Center Kraków

9

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Focus on Agglomerations1 Warsaw The total retail stock in the capital reached 1.8 million sqm at the end of H1 2015. When considering only modern retail space according to the ICSC, it stood at 1.42 million sqm. It should be noted that the city has overtaken Prague in terms of disposable income (according to GfK Purchasing Power Index 2014/2015 – €11,222 per capita). Warsaw is also a key business destination in Poland, which influences retail market.

Annual evolution of retail stock2 in Warsaw Agglomeration sqm 250,000 200,000 150,000 100,000

Apart from the pipeline schemes in advanced stage, there are more projects planned, including Galeria Młociny, extensions of CH Janki, and Auchan Piaseczno, which will further expand the retail offer in the agglomeration. The term “high street” or “shopping street” includes a broad range of retail and service activities as well as fashion. Enhanced brand image and visibility along with lack of vacant space in prime shopping centres make high streets so attractive for new market entrants willing to mark their presence with flagship stores. The established high streets in Warsaw are Nowy Świat (focused on lifestyle), Chmielna (targeting mid- and mass market) and the cluster around Three Crosses Square and Mokotowska (driven by upmarket and premium brands). A number of luxury retailers are interested in opening their flagship stores there, which has been confirmed by newcomers such as Omega (Swatch Group watch premium brand) with their flagship store on the Three Crosses Square. Fashion brands such as Louis Vuitton, Gucci, Kering Group’s Saint Laurent and Bottega Veneta are based in Vitkac. Lous Loake and Manor of Elegance are located on Mokotowska Street. Others such as Forever 21 (fashion) have expressed their interest in the district.

50,000 0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015f 2016f 2017f 2018f

Over the last two years Warsaw has not seen any major retail developments and records lower density of 555 sqm per 1,000 inhabitants, which is below the average for large agglomerations of 583 sqm. The situation is bound to change over the next 2 years. By the end of 2015 the market will further increase by 33,600 sqm (including extension of Wola Park and new concept of Modo), followed by 178,800 sq m to be delivered over 2016-2018 (Galeria Północna – 64,000 sqm, the next phase of Atrium Promenada and Galeria Wołomin). Extensions will account for 18% of new supply.

Source: BNP Paribas Real Estate, f - forecast

Presence of selected retailers in shopping centres IN Warsaw Agglomeration Est. total GLA (sqm)

Retailer

Leroy Merlin

5

50,000

DIY

Castorama

4

28,000

Praktiker RTV Euro AGD Electronics

Entertainment & leisure

Fashion mixed

Fashion women

Health & beauty

5

15,000

4

10,000 18,000

Cinema City

6

Pure Jatomi

6

9,000

Multikino

3

7,500

H&M

15

24,000

Zara

8

16,000

16

14,400

Reserved Peek&Cloppenburg

3

9,000

C&A

7

8,400

Stradivarius

10

4,000

8

3,200

Mango

4

2,400

Orsay

13

2,340

Rossmann

17

5,950

Sephora

16

4,000

Super Pharm

8

4,000

11

3,080 10,500

CCC

21

Deichmann

13

5,850

Gino Rossi

13

1,820

Wojas

14

1,820

4

11,200

Decathlon

Super / hypermarket

18,000 16,000

Saturn

Douglas

Shoes

2 16

Media Markt

Mohito

Sport equipment

Prime rents in Warsaw agglomeration are the highest in Poland, achieving €95-105 per sqm/month. Similar ranges are recorded on major high streets for the same sizes.

No. of units in shopping centre

Category

GO Sport

8

8,000

Intersport

3

3 000

Auchan*

7

84,000

Tesco

6

42,000

Carrefour

8

40,000

E.Leclerc

3

10,500

Alma

4

8,000

Source: BNP Paribas Real Estate *Including real,- rebranded stores 1. Listed by size of agglomeration 2. Retail stock consisting of shopping centres, retail parks and factory outlets

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RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats 6 12 10 8

4

10

1 1

2

17

Other formats

1

Art. Norblin (mixed, P)

2

CEDET (mixed, P)

3

CK61 (RP)

4

ETHOS (P)

5

Hala Koszyki (mixed, P)

6

Factory Ursus (RO)

7

Fashion House Warszawa (RO) M1 Marki (RP)

3

Arkadia Atrium Promenada (ext. P) Atrium Reduta

4

Atrium Targówek

5

Blue City

6

CH Auchan Łomianki

7

CH Janki

8

Auchan Piaseczno

8

9

CH Ursynów

9 Park Handlowy Janki (RP) 10 Park Handlowy Targówek (RP)

2

14

16

Traditional SC

1

2

4

10 Galeria Bemowo

5

11 Galeria Mokotów

15

12 Galeria Północna (P)

6

13 Galeria Wilanów (P)

RP – retail park, RO – retail outlet, P – pipeline, ext. P – extension planned

14 Galeria Wileńska 11

3

15 Tesco Połczyńska 16 Wola Park (ext. P) 17 Złote Tarasy

13 9

7 9

€/sqm/month

Prime rent in shopping centre

HIGH STREETS IN WARSAW

lna

cat i a wsk

kot o Mo

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Szpita

Mo

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F. Chopina

No. of existing / planned retail schemes1

Current / future retail density per 1,000 inhabitants1

W

Piękna

43 5

555 623

zb Ro

4

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L. Krzywickiego

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Wilc

GLA of existing / planned retail schemes1

So

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Kruc

5

l

ka ac Br

a

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Koszykowa

y Św

a

wa ska ingo kow Park szał Mar

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Nowowiejska

a Hoż

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Prime rent in high street

a Hoż

So le c uc zk o

a Foks

Myia s

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Wsp

na Poz

€95-105 €/sqm/month

Now

a wsk

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W. O Koszykowa

ińsk

czki

a Vitkac dzk ogro Now wia Żura

a

a póln

Ws

r late

d

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Now

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E. P

Al

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2

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Wid

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Now

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Ch

Krucz

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Al.

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Kr

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17

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Tamka a ynack

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1,420,500 sqm 175,000 sqm

€95-105

8 7

Other retail format or mixed-use schemes

€11,222 181.90%

Purchasing Power / Purchasing Power Index2 1. Pipeline (H2 2015-2017), 2. GFK

11

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Silesia (Katowice)1 Silesia conurbation, with Katowice serving at its capital, is the second largest retail market in Poland, due to its high density population and wealth of its inhabitants. The current retail stock is estimated at 1.1 million sqm, of which 80% is modern stock by ICSC standards. Density of shopping centres per 1,000 inhabitants is 513 sqm. This relatively low level derives from the large area covered by the conurbation. The majority of cities within the conurbation have decent provision of modern retail space in different sizes and formats, but it is Katowice city centre with Galeria Katowicka and Silesia City Centre, which serve as the key hub for retailers. The cluster will be further strengthened by the redevelopment of Sezam. In addition to dominant regional centres located mainly in Katowice, a majority of the cities within conurbation are equipped with retail accommodation with large projects located in Gliwice, Zabrze, Bytom and Sosnowiec and Dąbrowa Górnicza. The retail stock in conurbation will be boosted modestly over the next two years with only 52,500 sqm delivered. Projects beyond 2017 include the 42,000 sqm Galeria Echo Katowice and Ikea Centre Group has purchased land in Zabrze with a plan to develop a large-scale project, but no further plans have been revealed yet. The main high streets in Katowice are 3-go Maja and Stawowa, but due to proximity to Galeria Katowicka there is not significant influx of retailers in the area, which is dominated by services and gastronomy.

Presence of selected retailers in shopping centres in Katowice Conurbation Category

DIY

Electronics

Entertainment & leisure

Fashion mixed

Fashion women

Health & beauty

Annual evolution of retail stock2 in Katowice Conurbation sqm

Sport equipment

Super / hypermarket

250,000 200,000

50,000 32,000

Praktiker

3

27,000

Castorama

3

21,000

Bricomarche

3

15,000

RTV Euro AGD

18

18,000

Saturn

3

9,000

Media Expert

6

6,000

Media Markt

3

3,300

Cinema City

5

15,000

Multikino

2

5,000

Pure Jatomi

3

4,500

Helios

1

2,500

H&M

12

19,200

Reserved

16

14,400

Zara

4

8,000

TK Maxx

3

7,500

C&A

5

6,000

Peek&Cloppenburg

2

6,000

Carry

12

4,800

Mohito

14

5,600

Orsay

17

3,060

7

2,800

Promod

Stradivarius

12

2 040

Camaieu

12

1,800

Monnari

9

1,800

Rossmann

24

8,400

Sephora

14

3,500

Super Pharm

6

3,000

Douglas

8

2,240

15

1,800

5

1,450 14,500

CCC

29

Deichmann

19

8,550

Ryłko

11

1,540

Wojas

11

1,430

Ryłko

9

1,260

Sizeer

6

900

Decathlon

5

14,000

Martes Sport GO Sport Auchan* Tesco Carrefour

10

6,000

2

2,000

2

2,000

10

120,000

8

56,000

11

55,000

*Including real,- rebranded stores

150,000

Source: BNP Paribas Real Estate

100,000

1. Capital of the region 2. Retail stock consisting of shopping centres, retail parks and factory outlets

2017f

2016f

2014

2015f

2013

2012

2010

2011

2009

2008

2006

2007

2005

2003

2004

2002

2000

2001

1999

1997

1998

50,000 0

5 4

Intersport

300,000

Est. total GLA (sqm)

Leroy Merlin

Hebe

Shoes

No. of units in shopping centre

OBI

Vision Express

In terms of retail chain presence, Katowice is well equipped with a majority of brands present. Prime rents in the best schemes range from €47 to €52 per sqm per month and should remain stable in the short- to medium-term. High street units values are approximately 10-15% lower.

Retailer

Source: BNP Paribas Real Estate, f - forecast

12

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats Traditional SC

Poręba

Zawiercie

Siewierz

Pyrzowice

12

TARNOWSKIE GÓRY Piekary Śląskie BYTOM

14 3

ZABRZE

9

GLIWICE

CHORZÓW

Siemianowice Śląskie

KATOWICE

5

13

6

Other formats

1

Jaworzno

2

Chrzanów

TYCHY

o

513 538

Dworcow

a

Wojewód zk

a

iego

iejska

a

Current / future retail density per 1,000 inhabitants1

Mielęc k

Starom

Pańki

Wodn a

awsk

cyjna

Mł y ńska

War sz

Szko

lna

Św.

Andrzeja

lna

Teatr a

szki

go

wskieg

Bank owa

a

Kośc iu

Kordeck ie

Chełko

zki

icz

3 Maja

pl. Szewczyka

ego

No. of existing / planned retail schemes1

Uniwe

Monius

46 3

ński

Banko wa

al. Korf antego

miejs ka

iew

Dyrek

Słowackiego

3 Maja

ck

Ryn ek

ka

Galeria Altus

rsytec ka

ka

Mi

ols

11

gi

Jana

ka ko ls

Op

So

Matejki wsk a oło

ar

Stawowa

ik

Sk

Śró d

Ch op ina

Rynek

a

pl. Wolności

M

oźd zie

3

1,109,700 sqm 52,500 sqm GLA of existing / planned retail schemes1

So ko ls

sk

RAWA Park Handlowy (RP) Fashion House Sosnowiec (RO) Supersam (mixed) (P)

RP – retail park, RO – retail outlet, P – pipeline, ext. P – extension planned

al. R

kie go

br

Forum Gliwice

17 Silesia City Center 2

rondo Ziętka

Sło wa c

Za

Europa Centralna

9

16 Pogoria

HIGH STREETS IN KATOWICE

ie

CH Skałka (ext. P)

8

3

7

icz in high street Primewrent a

CH Auchan Sosnowiec

7

15 Plejada

1

€/sqm/month

€35-40 €/sqm/month

CH Auchan Gliwice

6

14 M1 Zabrze

Mikołów

Prime rent in shopping centre

ck

Atrium Plejada

5

13 M1 Czeladź

15

MYSŁOWICE

Mi

Arena

4

12 Galeria Zawiercie

SOSNOWIEC

3 11

10

€45-50

Agora Bytom

3

11 Galeria Katowicka

DĄBROWA GÓRNICZA

16

1

17

8

3 Stawy

2

10 Galeria Echo Katowice (P)

2

4

1

Mariacka Mariacka Tylna

€8,089 131.20%

Purchasing Power / Purchasing Power Index2 Other retail format or mixed-use schemes

1. Pipeline (H2 2015-2017), 2. GFK

13

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Kraków At the end of June 2015 the total retail stock in Kraków stood at 549,400 sqm. The market boomed over 2005-2009 with completions of Galeria Krakowska, Galeria Kazimierz and Bonarka City Center. Over the last two years, after the opening of Galeria Bronowice by Immochan, there were no significant projects delivered. It should be noted that the north of agglomeration has been developing first over recent years. This trend will continue as the only scheme, which is under construction, the 42,000 sqm Serenada, is located in this area. There are also plans to modernize and extend Krokus shopping centre, but no further details or timing have been announced. After opening of Serenada, scheduled the saturation rate in agglomeration will increase from 531 sqm to 571 per 1,000 inhabitants. Due to the fact that Kraków is Poland’s top tourist destination, the high street market is well developed in the city. The key areas include: Grodzka, Floriańska, the Market Square and Szewska. Apart from restaurants, bars and pubs, there are many mid- and upmarket brands operating within the cluster spurred by both tourist as well as a business traffic.

Presence of selected retailers in shopping centres in Kraków Agglomeration Category

DIY

Electronics

Entertainment & leisure

Fashion mixed

Fashion women

The vast majority of international brands are present in Kraków. The range of offer is extensive and diversified both in shopping centres as well as high streets. Prime retail rents in the city are in the range €45-55/sqm/ month in shopping centres and €80-90 in high streets.

Health & beauty

Retailer

Est. total GLA (sqm)

Leroy Merlin

3

30,000

OBI

2

16,000

Praktiker

1

9,000

Castorama

1

7,000

RTV Euro AGD

6

6,000

Saturn

2

6,000

Media Markt

2

5,000

Media Expert

2

2,000

Cinema City

4

12,000

Pure Jatomi

2

3,000

Kinder Planeta

3

600

Reserved

9

8,100

H&M

5

8,000

Peek&Cloppenburg

2

6,000

Zara

3

6,000

TK Maxx

2

5,000

C&A

4

4,800

KappAhl

4

3,200

House

8

2,400

New Yorker

3

2,400

Mango

4

2,400

Mohito

5

2,000

Orsay

7

1,260

Stradivarius

3

1,200

Monnari

6

1,200

Promod

6

1,020

Rossmann

9

3,150

Douglas

6

1,680

Sephora Vision Express Super Pharm CCC Deichmann

Shoes

No. of units in shopping centre

6

1,500

10

1,200

2

1,000

11

5,500

7

3,150

Ryłko

6

840

Kazar

4

800

Annual evolution of retail stock1 in Kraków agglomeration

Wojas

6

780

sqm

Venezia

6

720

100,000

Decathlon

2

5,600

90,000

Intersport

3

3,000

Sport equipment

80,000 70,000 60,000 50,000

Super / hypermarket

40,000 30,000 20,000 10,000

2

1,200

1

1,000

Auchan*

4

48,000

Carrefour

6

30,000

Tesco

2

14,000

Alma

2

4,000

Source: BNP Paribas Real Estate, f - forecast

2016f

2017f

2014

2015f

2012

2013

2011

2010

2008

2009

2007

2005

2006

2004

2002

2003

2001

1999

2000

1998

*Including real,- rebranded stores 1997

0

Martes Sport GO Sport

Source: BNP Paribas Real Estate 1. Retail stock consisting of shopping centres, retail parks and factory outlets

14

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats Traditional SC

1

2

3

8 2 5

7

6

1

Bonarka City Center

2

Carrefour Czyżyny

3

Galeria Bronowice

4

Galeria Kazimierz

5

Galeria Krakowska

6

M1 Kraków

7

Plaza Kraków

8

Serenada (P)

9

Zakopianka

Other formats

4

1

Factory Kraków (RO)

2

Futura Park (RP)

RP – retail park, RO – retail outlet, P – pipeline

1 9

€45-50 €/sqm/month

549,400 sqm 42,000 sqm

Prime rent in shopping centre

GLA of existing / planned retail schemes1

a

Wes terpla tte

na

asz

zyż a

Tom

Św . Kr

y

Szp

wn

ital

Flo ria ń

Św .

ska

ska

Jan a

wk ow Sła

Głó

ka Sto

lars

Sie nn

Wi

le

rudy

e

a

cz

i lew

Purchasing Power / Purchasing Power Index2

śl wi

Other Jos retail format or mixed-use schemes

na

go ie

dz

.I Św

o ar

astiana

tla

go St

Św. Seb

are

Die

Św. Gert

o ni c z a Kan

o

€7,337 118.90%

na

J. S

531 571

Current / future retail density per 1,000 inhabitants1

po

iśl ow ar

St

elo

15 1

No. of existing / planned retail schemes1

M. Zy bl i kiewicza

a

Brack a

Lubicz

ika M. K o p e r n

Mikołajska

Dominikańska

Bosacka

Pawia

go kie

k

Św.

Grodzka

Zw ier zy ni

ka

5

Blich

Jag iell ońs ka Wi śln a

ka

ńs

Grodzka

skieg

śle

ski

Św .M ark a

Poselska

szew

ów zk

óc



Pow i

pa

zkańsk a ncis Fra

Stra

ka ec

o

Retoryka

icza

w ckie

ńsk

Smole

g skie

. Mi Al. A

go

udskie

J. PIłs

szew

Stra

ja

ec Wen

Jabłonowskich

pań

Ry ne

le

Sz ew ska

Św . An ny

Studencka

Garncars

pl Szc. ze

Sz cze

wa

łowska

Kr

Po dw a

za

ic upn

Lo r etańska

Al. A.

PrimeCzysta rent in high street

zto

Radziwił

J. D

un

a

Rajska

Bas

Pijarska

aje

Ga

ck

a iejsk

Mick iewic za

ka

rs rba

ws

eli rm Ka

€80-90 €/sqm/month Czar now

Zac isze

HIGH STREETS IN Kraków

1. Pipeline (H2 2015-2017), 2. GFK

15

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Tri-City (Gdańsk)1 At the end of June 2015 the total retail stock in Tri-City agglomeration stood at 688,630 sqm. The density reached 701 sqm per 1,000 inhabitants. The last large scheme completed in Tri-City was the extension and remodelling of Riviera shopping centre completed at the end of 2013. Over the course of the next few years, the agglomeration will record a substantial increase of new retail supply due to the pipeline projects of Forum Gdańsk and Galeria Metropolia, which will result in rise of density to 820 sqm per 1,000 inhabitants. On top of this, ECE is rumored to be undertaking an extension of Galeria Bałtycka.

Presence of selected retailers in shopping centres IN Tri-City Agglomeration Category

DIY

Electronics

Entertainment & leisure

Retailer

Leroy Merlin

3

30,000

3

24,000

Castorama

2

14,000

Praktiker

1

9,000

RTV Euro AGD

9

9,000

Saturn

2

6,000

Media Markt

2

5,000

Neonet

2

1,600

Helios

2

5,000

Pure Jatomi

2

3,000

Multikino

1

2,500

Calypso Fitness

2

2,000

Although Sopot may not have provision of shopping centres due to its highly touristic flavour, it does have a strong performing high street along Monte Cassino with growing demand from upmarket retailers. The other cities forming Tri-City also enjoy relatively high demand for high streets, which in Gdańsk primarily means Długi Targ and in Gdynia – Świętojańska. Prime retail rents in the best shopping centres in Tricity vary from €40-45 per sqm/month, whereas high streets are in the range of €30-50, depending on the city.

Reserved Fashion mixed

6

7,200

3

6,000

TK Maxx

2

5,000

New Yorker

6

4,800

10

4,000

6

2,400 1,200

Mango

2

Orsay

5

900

Camaieu

6

900

Sinsay Rossmann

6

840

13

4,550

Super Pharm

5

2,500

Douglas

8

2,240

Sephora

6

1,500

Vision Express

7

840

15

7,500

CCC Deichmann Shoes

12,800 10,800

C&A

Mohito

Health & beauty

8 12

Zara

Stradivarius Fashion women

Est. total GLA (sqm)

OBI

H&M

Given the character, population and size of the agglomeration, it cannot be perceived as one retail destination. There is clearly an unbalanced situation – with high retail density to the south, and relatively low saturation in the north.

No. of units in shopping centre

Ray

9

4,050

10

1,800 1,040

Wojas

8

Ryłko

7

980

Ecco

9

900

Annual evolution of retail stock in Tri-City agglomeration

Decathlon

3

8,400

sqm

Intersport

3

3,000

Sport equipment

140,000 120,000 100,000 80,000

Super / hypermarket

60,000 40,000

0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015f 2016f 2017f

20,000

Source: BNP Paribas Real Estate, f - forecast

Martes Sport

4

2,400

Sportsdirect

1

1,800

GO Sport

1

1,000

Auchan*

4

48,000

Tesco

4

28,000

Carrefour

3

15,000

Piotr i Paweł

6

8,400

Alma

2

4,000

E.Leclerc

1

3,500

*Including real,- rebranded stores Source: BNP Paribas Real Estate 1. Capital of the region

16

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats 9

Traditional SC

GDYNIA 10

7

SOPOT

1

CH Auchan Gdańsk (P)

2

CH Osowa

3

Forum Gdańsk (P)

4

Galeria Bałtycka

5

Galeria Metropolia (P)

6

Galeria Morena (ext. P)

7

Klif Gdynia

8

Matarnia

9

Port Rumia

10 Riviera Other formats

3

1 2

2 3 4

Fashion House Gdańsk (RO) Morski Park Handlowy (RP) Nowe Centrum Sopotu (P)

RP – retail park, RO – retail outlet, P – pipeline, ext. P – extension planned

5

8 1

€40-45

GDAŃSK

6

3

1 2

€/sqm/month

Prime rent in shopping centre

688,630 sqm 117,000 sqm GLA of existing / planned retail schemes1

HIGH STREETS IN Gdańsk, Gdynia and Sopot Grzą Tand ska eta Dzia na Dłu gie Pob rzeż Bosma Tokars ka ńska e

Grob la II

Złotników

za

iew

Ła

ego ski ow k j aCentrum a rsk A. M Haffnera Mo

y

zaw

Krzywy Domek

era

ka

js Wo ls Po

go

ika

Other retail format or mixed-use schemes

Purchasing Power / Purchasing Power Index2

kie

Dworcowa

€7,679 124.40%

tów

s Pia

Al.

h F. C

na opi

701 820

Current / future retail density per 1,000 inhabitants1

Prime rent in high street

a kow Par zka ald nw

d j a zd

na

€40-50 €/sqm/month

Gru

ego

ski

e obi

3

aS

Po

ieln a

etn icza Kal

icz a wn

Stąg

Chm

Lekt ykar ska K ozia

Kles

La Koł odz tarn iejs ia ka na ka Tk ac

Zby

tki

Poc zto wa

ary

a

Garb

Legionów

Dług i Tar g

Jan

Legionów Górna

cka

lebn ic k a

rs Wa

ojańs ka gen. J. Bem a

rna

Ch

No. of existing / planned retail schemes1

Maria

ów

Święt

€/sqm/month

ŚwPrime . Ducrent ha in high street

sin o Cas nte o go M kie łas terów u P Boha . K. gen szki T. Kościu

a

Oga

Szero

ńc

go

bp. Dominik

Dług a

15 4

€35-45 ka

na

affn

ckie

te

Śląska

Piw

J.J. H

inie

J. W

esterplat ńców W Obro

Prime rent in high street

egłości

M. Reja

10

per n M. Ko

€/sqm/month

w

al. Niepold

€30-40

SOPOT

Święto jańska

ka

sta

Podwale

Al. J. P iłsuds kiego Partyza ntó

Za Mu ram i

Szero

w Po

Żwirki i Wi gur y J.Kiliń s kiego

Okopow

IV

Obrońców Wy brze ż a

R. Tr augut taI. Kra sic kie g

Kielecka

Węg Targ low y

Święt ojańs ka

A.Abra hama

Armii K ra jow ej

J.Sło wackiego

a awka Warsz Pomorska

Śląsk

ska Pole lska Podo

3 M a ja

CH 10 Lutego Kwiatkowski S. Batorego CH Batory

GDAŃSK Wały Ja giellońskie

I. K ras ick ieg

Władysław a

GDYNIA

1. Pipeline (H2 2015-2017), 2. GFK

17

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Łódź Since 2012, when the first phase of Ptak Fashion City was completed, there were no new deliveries in Łódź agglomeration. For over a decade Manufaktura has been holding a leading position on the local market. At the end of June 2015 the total retail stock was estimated at 510,350 sqm, which equals 550 sqm per 1,000 inhabitants. This indicator shall increase to 600 sqm per 1,000 inhabitants after the opening of Sukcesja (34,000 sqm GLA) planned for Autumn 2015. Over the next few years, there are no significant new retail projects in the agglomeration planned. Given the fact that many of the shopping centres operating in the city are relatively old, some remodellings can be expected. Range of prime rents in Łódź is from €41-46 per sqm/month, while high street units can be leased for €30-40. Piotrkowska is definitely the leading high street in the city, however, it primarily serves as a promenade with the offer dominated by restaurants, cafes, bars and pubs. Once Nowe Centrum Łodzi is completed, the area may develop further with complementary offer to Manufaktura and Galeria Łódzka.

Presence of selected retailers in shopping centres IN Łódź Agglomeration Category

DIY

Electronics

Entertainment & leisure

Fashion mixed

Fashion women

Retailer

Castorama

3

21,000

2

20,000

Praktiker

1

9,000

Bricoman

1

5,000

RTV Euro AGD

6

6,000

Saturn

2

6,000

Media Markt

2

5,000

Media Expert

1

1,000

Cinema City

1

3,000

Helios

1

2,500

Pure Jatomi

1

1,500

H&M

6

9,600

Reserved

8

7,200

Zara

3

6,000

Peek&Cloppenburg

1

3,000

TK Maxx

1

2,500

C&A

2

2,400

Carry

6

2,400

KappAhl

3

2,400

New Yorker

3

2,400

Mohito

5

2,000

Stradivarius

3

1,200

Orsay

5

900

Monnari

4

800

Sinsay

5

700

Mango

1

600

Rossmann

Annual evolution of retail stock1 in Łódź agglomeration

Shoes

Est. total GLA (sqm)

Leroy Merlin

Super Pharm Health & beauty

No. of units in shopping centre

10

3,500

3

1,500 1,250

Sephora

5

Vision Express

5

600

Yves Roche

6

360

Ziaja

5

300

CCC

11

5,500 3,150

Deichmann

7

Kazar

3

600

Ryłko

4

560

sqm

Ray

3

540

120,000

Ecco

5

500

GO Sport

3

3,000

100,000

Decathlon

1

2,800 1,000

Sport equipment 80,000 60,000 40,000

Super / hypermarket

0

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015f 2016f 2017f

20,000

Source: BNP Paribas Real Estate, f - forecast

Intersport

1

Martes Sport

1

600

Auchan*

2

24,000

Tesco

3

21,000

Carrefour

3

15,000

E.Leclerc

1

3,500

Piotr i Paweł

2

2,800

Alma

1

2,000

*Including real,- rebranded stores Source: BNP Paribas Real Estate 1. Retail stock consisting of shopping centres, retail parks and factory outlets

18

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats 2

€41-46

Traditional SC

€/sqm/month

Prime rent in shopping centre

3 2

1

Galeria Łódzka

2

Manufaktura

3

M1 Łódź

4

Pasaż Łódzki

5

Port Łódź

6

Sukcesja (P)

7

Tulipan

Other formats

7

Ptak Outlet (RO)

2

Vis a Vis (RP)

RP – retail park, RO – retail outlet, P – pipeline

1 4

1

6

5

510,350 sqm 46,000 sqm

1

GLA of existing / planned retail schemes1

HIGH STREETS IN ŁÓDŹ

ka

sy er

skiego

i J. Matejk

tec

wa

skiego

ga

S. Kopciń

Wierzbo

A. Kamiń

S. Sterlin

POW

jowa Tramwa

Tkacka

iego

a

o

skieg Al. Piłsud a

Other retail format or mixed-use schemes

na

lnia

iego

dza

yczn

Fabr

Przę

a Targow

lińsk

J. Ki

ry

Wigu

Wydawnicz

S. Kopcińsk

Nowa lniana Przędza Wysoka

iego

ki

icza

Sienkiew

1Orla

Wodna

a Targow

lińsk

a

skiego

Al. Piłsud

No. of existing / planned retail schemes1 icza

Miedzian

za

zy

iar

Żwirki

Nawrot

Nawrot

T. Kościusz

ókn



Al. A

a

J. Tuwim

J. Ki

a

15 1

Zelwerow

Nowe Centrum Łodzi (planned)

Sienkiewic

Al.

icza

Prime rent in high street . Mickiew

towicza

G. Naru

icza Narutow

J. Tuwim

rie Cu eji k amenhofa a L. Z ws do rnik o ł e Sk op M. M. K

€30-40 €/sqm/month

a

S. Jaracz

tta R. Traugu

Struga

a Wólczańsk Gdańska

St

iego

r

a ug

i 1905 r.

ia

ier

6S

G.

ki

ia pn

Wschodn

6 Sierpnia

T. Kościusz

Zielona

a Wólczańsk Gdańska

1M al. Zielona

ska Piotrkow

aja

Zachodnia

Le

a

k Pomors

J. Kilińsk

Gdańska

A. P al. 1 Maja skiego Więckow

skiego S. Żerom Lipowa skiego S. Pogonow ich Kaniowsk wa Strzelców o 28 Pułku Łąk iego Żeligowsk

gio

Północna

Rewolucj

róchnika

w nó

Solna

Karskiego

Sre

o l b o r s ka

Północna

wa Ogrodo go e i rsk cza

iel

.M ska CmentarnRa

yń brz

W

2

Un iw

ska

now

Drew

550 600

Current / future retail density per 1,000 inhabitants1

€7,181 116.40%

Purchasing Power / Purchasing Power Index2 1. Pipeline (H2 2015-2017), 2. GFK

19

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Poznań The provision of modern retail stock in the Poznań agglomeration totals 627,610 sqm, contained in 19 schemes.

Presence of selected retailers in shopping centres IN Poznań Agglomeration Category

The current density is 762 per 1,000 inhabitants, which is the highest rate among the large Polish cities. By the end of 2016, after the opening of Posnania 100,000 sqm offering, the ratio will increase to 891. The already tough competition among landlords will be strengthened further. Some retailers may also suffer the cannibalisation effect of oversupply and potential fall decrease of turnover per sqm. Taking into consideration the strong socio-economic background of the city, the retailer pool is very well developed and the vast majority of brands operating in Poland are also present in Poznań. The city also has some provision of high street units along Półwiejska, as well as the untypical formats of Bazar Poznański or Półwiejska_2 that accommodate niche retail space. Retail rents in Poznań’s shopping centres and high streets are relatively similar and on average are in the range €35-45 per sqm/month.

DIY

Electronics

Entertainment & leisure

Fashion mixed

Fashion women

Retailer

Leroy Merlin

3

30,000

2

18,000

OBI

1

8,000

Castorama

1

7,000

RTV Euro AGD

9

9,000

Saturn

2

6,000

Media Markt

2

5,000

Media Expert

2

2,000

Multikino

2

5,000

Pure Jatomi

3

4,500 3,000

Cinema City

1

Kinder Planeta

3

600

H&M

6

9,600

Reserved

8

7,200

Zara

3

6,000

TK Maxx

2

5,000

New Yorker

5

4,000

KIK

3

3,000

Mohito

6

2,400

Mango

2

1,200

Stradivarius

3

1,200

Orsay

6

1,080

Promod

6

1,020

Monnari

5

1,000

Rossmann

Shoes

Annual evolution of retail stock in Poznań agglomeration sqm

Sport equipment

120,000

Est. total GLA (sqm)

Praktiker

Super Pharm Health & beauty

No. of units in shopping centre

12

4,200

4

2,000

Sephora

8

2,000

Douglas

6

1,680

Hebe

3

870

CCC

11

5,500 3,600

Deichmann

8

Gino Rossi

6

840

Ryłko

6

840

Ecco

7

700

Decathlon

3

8,400

Intersport

4

4,000

Sportsdirect

2

3,600

GO Sport

2

2,000

Martes Sport

2

1,200

100,000

Auchan*

2

24,000

80,000

Carrefour

3

15,000 14,000

Super / hypermarket

60,000 40,000

Tesco

2

Alma

1

2,000

Piotr i Paweł

5

7,000

Biedronka

2

1,400

20,000 *Including real,- rebranded stores 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015f 2016f 2017f

0

Source: BNP Paribas Real Estate

Source: BNP Paribas Real Estate, f - forecast

20

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats

€45-50

Traditional SC

€/sqm/month

Prime rent in shopping centre 2

4

1

CH Auchan Komorniki

2 3

CH Auchan Tarnowo Podgórne Galeria Malta

4

Galeria Pestka

5

King Cross Marcelin

6

M1 Poznań

7

Poznań City Center

8

Posnania (P)

9

Stary Browar

Other formats

2

5 7

9

3

1

Factory Poznań (RO)

2

Kupiec Poznański

3

Park Handlowy IKEA (RP)

8

3

1

RP – retail park, RO – retail outlet, P – pipeline

6

627,610 sqm 106,600 sqm

1

GLA of existing / planned retail schemes1

Wronie cka

ska

Szew

Klaszto rna Ślusarska

Garbary

Rynkow a

Wrocław ska

Szkoln a

a ow Łąk

Garba ry

Ryb aki

Długa

ka elec Strz

9

Kw ia to w a

Zielona

aki Ryb

ika ern Kop

Przemysłowa

Ko ści usz ki

Wodna

Gołębia

ka Szymańskiego Po Wyso dg St órn rz ele a ck a 2 Zielona

Ogrodo wa

Woźna

Za Bramką

Rata jczak a

Po dg ór na

St rz ało wa

rs ka

Galeria MM

PÓŁWIEJSKA_2 al. Kr óla Pr zemy sła II

Stary R ynek Kozia

Bazar Poznańskizia

Święty Marcin

Powstańców Wielkop olskic h

Mat yi

Sieroca

Ludgardy

Al. Marcinkowskiego

Paderewskiego

ary Piek

i szk ciu Koś

i ośc egł odl iep ja N ale

Towaro wa

plac Wolno ści

Mokra Dominikań ska Kramarsk a Stary Ryn ek Wielka

Ko

Świę ty Ma rcin

ca rn Ga Tacza ka

plac Wolno ści

23 L uteg o

Kr ys iew Półw icz iejsk a a

Gwar na

Prime rent in high street

Nowowiejs kiego

Fre dr y

go kie ńs y ż iel M 27 Grudnia

23 Lutego

Kantak a

Kościuszk i

aleja N iepodle głości

€35-45 €/sqm/month

pl. C. Ratajskiego

aja 3M

niawskiego Wie

HIGH STREETS IN Poznań

Other retail format or mixed-use schemes

19 2

No. of existing / planned retail schemes1

762 891

Current / future retail density per 1,000 inhabitants1

€8,163 132.30%

Purchasing Power / Purchasing Power Index2 1. Pipeline (H2 2015-2017), 2. GFK

21

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Wrocław The retail market in Wrocław agglomeration is among the most mature in Poland, with extensive provision of modern schemes, which in total have 598,760 sqm of space. It translates into 758 per 1,000 inhabitants, which is the second highest density rate amongst the largest cities in Poland. This highly competitive environment will become even tougher for both landlords and retailers as the market will be further expanded over the next two years by two extensions and one new scheme totaling 100,000 sqm. Wrocław, which is both a good tourist as well as business destination, has relatively well-developed high streets along Świdnicka, Oławska and Market Square. This market segment has been gaining in importance with substantial retailer demand for this type of retail and service accommodation. Retailers have to be prepared to pay on average from €42 to 47 per sqm for a prime retail unit in a well-performing scheme. The best high streets rents are in the range of €35-40 per sqm per month.

Presence of selected retailers in shopping centres IN Wrocław Agglomeration Category

DIY

Electronics

Entertainment & leisure

Fashion mixed

Fashion women

Health & beauty

Retailer

Annual evolution of retail stock in Wrocław Agglomeration sqm 160,000

Sport equipment

140,000 120,000 100,000 80,000

Est. total GLA (sqm)

Castorama

4

28,000

OBI

2

16,000

Leroy Merlin

1

10,000

Praktiker

1

9,000

Saturn

2

6,000

RTV Euro AGD

5

5,000

Media Markt

2

5,000

Media Expert

4

4,000

Multikino

2

5,000

Pure Jatomi

3

4,500

Cinema City

1

3,000

Helios

1

2,500

Kinder Planeta

9

1,800

TK Maxx

3

7,500

H&M

5

8,000

Zara

4

8,000

Reserved

7

6,300

New Yorker

5

4,000

C&A

3

3,600

Mohito

7

2,800

Mango

3

1,800

Stradivarius

4

1,600

Orsay

8

1,440

Promod

5

850

Tally Weijl

3

600 3 150

Rossmann

9

Sephora

7

1,750

Super Pharm

3

1,500

Douglas

5

1,400

Vision Express

8

960

10

5,000 4,050

CCC

Shoes

No. of units in shopping centre

Deichmann

9

Ryłko

6

840

Kazar

4

800

Gino Rossi

5

700

Wojas

5

650

Decathlon

3

8,400

Intersport

3

3,000

GO Sport

2

2,000

Sportsdirect

1

1,800

Tesco

4

28,000

Auchan*

2

24,000 10,500

E.Leclerc

3

Piotr i Paweł

4

5,600

40,000

Alma

1

2,000

20,000

Biedronka

2

1,400

Super / hypermarket

60,000

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015f 2016f 2017f

0

*Including real,- rebranded stores Source: BNP Paribas Real Estate

Source: BNP Paribas Real Estate, f - forecast

22

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats Traditional SC

€42-47 €/sqm/month

Prime rent in shopping centre 4

1

Arkady Wrocławskie

2

Borek

3 4

CH Auchan Bielany Wrocławskie Korona

5

Magnolia Park (ext. P)

6

Pasaż Grunwaldzki

7

Renoma

8

Wroclavia (P)

Other formats

5 6 1 4

1

7

598,760 sqm 100,000 sqm

3

Kraińskiego K. Janickiego

Z. Kr asiń skieg o

go

Knia ziew icza

k ie

H. Ko łłątaja

Podwale

Wierzb owa

Nowa Dworc owa

Staw owa

Piłsu dski ego

Gwar na

Kom and ors ka

1

Świd nick a

W. B ogus ławs kieg Nasy o pow a Swo bod na

Kościu szki

Pod wal e

Dą br ow s

Teatraln a

Czysta

7

Bern ardy ńska

Szew ska Łacia rska Bisk upia Krowia Krawie cka Ś w. Wit a Św. Kata rzyny

Kuźn icza

Odrz ańsk a

Świd nicka

Widok

Menn icza

Podwale

Kośc iuszk i

Ślą sk ich

ia ys St

Pił su ds kie go

Po ws tań có w

Kole jow a

Zi eli ńs kie go

Pszenna Owsiana ka ńs zy r e Lubu ska kwi S

sta Pro

Żyt nia

Jęc zm ien na

a el w Le

Jana Ewangelisty

Ośw ięcim skich

Świe bodz ka

a ow lej Ko

ka yńs bisz Gra

Po dw ale

GLA of existing / planned retail schemes1

pl. Dominikański

Oław ska

P. Skar gi

ta os Pr

Są do wa

a zow Tęc I. P aw łow a

Kr up nic za

Po dw ale

Ofia r zim ierz aW ielki ego pl. Wo lno ści

pl. N owy Tar g

Wita Stwo sza Kurz y Tar g

Ryne k

Ka

Zam kow a

Podwale

P. Wł o

ląt Or pl.

sk ich

pl. S olny

dk ow ica

Kotla rsk Igieln a a

Ryne k

Ryne k

Pasaż

Rusk a

Lw street Prime rent in high ow a tnicz Robo

Św. M ikoła ja

Świd nicka

Rus ka

ikołaja Św. M

Kiełb aś nicza

Naby cińsk a Sok oln icz a

HIGH STREETS IN Wrocław

€35-40 €/sqm/month

Futura Park (RP) Park Handlowy Bielany (RP, ext. P) Sky Tower Wrocław (mixed)

RP – retail park, RO – retail outlet, P – pipeline, ext. P – extension pipeline

3

Ziemo wita

Factory Wrocław (RO)

2 3 4

8

2

2

1

Other retail format or mixed-use schemes

19 3

No. of existing / planned retail schemes1

758 885

Current / future retail density per 1,000 inhabitants1

€8,225 133.30%

Purchasing Power / Purchasing Power Index2 1. Pipeline (H2 2015-2017), 2. GFK

23

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Szczecin Despite the relatively large population base, Szczecin has only 275,320 sqm of modern retail accommodation, creating the lowest density per 1,000 inhabitants out of the analysed agglomerations at 508. Since the opening of Galeria Kaskada, no major completions have been recorded: the key positions in the city centre have been taken by Galeria Kaskada and Galaxy. After suspension of plans to extend Galaxy, there are no concrete plans to expand retail provision in the city centre, whereas the peripheral location of Auchan Kołbaskowo is subject to rumours about expansion by Ikea. Given the limited number of retail schemes, the agglomeration has also the lowest number of brands operating. Compared with other large agglomerations, Szczecin high streets are in their infancy in both supply and demand. Retail units along Aleja Wyzwolenia and Aleja Wojska Polskiego are mainly occupied by services and catering offer with no upmarket or luxury brands present. The future of high streets in Szczecin can only be located between Kaskada and Galaxy.

Presence of selected retailers in shopping centres IN SZCZECIN Agglomeration Category

DIY

Electronics Entertainment & leisure

Fashion mixed

Fashion women

Health & beauty

Prime rents in shopping centres vary from €38 to 43 per sqm per month with high streets recording around €10-12 less. Shoes

Sport equipment

Annual evolution of retail stock1 in Szczecin Agglomeration

Retailer

No. of units in shopping centre

Est. total GLA (sqm)

Leroy Merlin

2

20,000

Castorama

2

14,000

RTV Euro AGD

4

4,000

Saturn

1

3,000

Media Markt

2

5,000

Multikino

2

5,000

Helios

1

2,500

Reserved

5

4,500

Zara

2

4,000

H&M

2

3,200

TK Maxx

1

2,500

New Yorker

3

2,400

KappAhl

2

1,600

Carry

2

800

Mango

2

1,200

Mohito

3

1,200

Orsay

6

1,080

Stradivarius

2

800

Monnari

3

600

Promod

2

340

Rossmann

4

1,400

Douglas

4

1,120

Super Pharm

2

1,000

Sephora

3

750

Vision Express

6

720

CCC

7

3,500

Deichmann

5

2,250

Kazar

3

600

Wojas

4

520

Gino Rossi

3

420

Decathlon

2

5,600

GO Sport

1

1,000

Intersport

1

1,000

Martes Sport

1

600

Carrefour

3

15,000 12,000

Auchan

1

Tesco

1

7,000

50,000

Alma

1

2,000

45,000

Piotr i Paweł

1

1 400

sqm

40,000

Super / hypermarket

Source: BNP Paribas Real Estate

35,000

1. Retail stock consisting of shopping centres, retail parks and factory outlets

30,000 25000 20,000 15,000 10,000 5,000 2017f

2016f

2014

2015f

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

0

Source: BNP Paribas Real Estate, f - forecast

24

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

The largest shopping centres (over 30,000 sqm GLA) and other retail formats Traditional SC

€38-43

1

Atrium Molo

2

Galaxy

Prime rent in shopping centre

3

Galeria Kaskada

4

Ster

€/sqm/month

Jezioro Dąbie

Other formats

1

RP – retail park, RO – retail outlet, ext. P – extension pipeline

2 4

Szczecin Outlet Park (RO, ext. P)

3

1

1

275,320 sqm 6,000 sqm HIGH STREETS IN Szczecin

sk a ha lań Po d rska

lenia

Mazu

cka

a

Mariack

a

a Staromłyńsk

y

Tkacka

rodzic

pl. Żołnierza Polskiego

ległoś ci

bska Kaszu

3

ejki

polsk

u

J. Mat

al. W yzwo

Maz owie

Mało

iepod

Śląska

iecha Św. W ojc

ni ka er

.K op M

łły

pl. Lotników

kard Kaszu bska

Bogu sława X

Księc ia

pl. Zwycięstwa

o

aleja N

sk a az ur M

bł. Kr ólowe j Jadw igi

w Piastó Aleja

iastów

o ieg sk ko r Si

Aleja P

a Jagie

Śląska

ka ols ko p W iel

wa

Pocz to

Boles ława Śmia łego

wa Pocz to

Warszawy al. Bohaterów

Warszawy

al. Bohaterów

ietka

No. of existing / planned retail schemes1

lenia

ysław

a Łok

a Kujawsk

ysław

wo al. Wyz

Wład

Bogu

2

11 1

skieg

II

go

Więckowskiego St.

ouste

ska

o ieg lsk Po

CH Kupiec

Boles pl. ława Krzyw Kościuszki

Wład

ców Stali ngrad Obroń Ślą

o

eg

ski

Piłsud

Jagiell pl. ońska Zamenhofa

pl. Zgody

skiego

n.

ła aw aP Jan al.

ka

skiego J. Malczew

ay

R L.

Ge

pl. Grunwaldzki go kie ys a .R n.L Ge

ka ojs al.W

iałego

II

llońs

A. Ma łkow

ła

Jagie

wa Śm

Nowy Turzyn

w Pa

ńska

go skie Pol ka ojs al.W

Bolesła

pl. Odrodzenia

pl. Szarych Szeregów

ello

a an

Prime rent in high street

sino Cas

go

kie

ipc a

go kie ws e i łk Żó St.

z

ed

Ni

ols aP

5L

Jagi

M.

J al.

za

nte

wic

Mo

jsk Wo

€26-31 €/sqm/month

kie

go

kie

ws

ko iał

al.

Mic

GLA of existing / planned retail schemes1

Grodzka

. Ste

fana

Wyretail Other szy format or skieg mixed-useńschemes o

508 516

Current / future retail density per 1,000 inhabitants1

€7,215 116.90%

Purchasing Power / Purchasing Power Index2 1. Pipeline (H2 2015-2017), 2. GFK

25

RETAIL MARKET IN POLAND. FOCUS ON 8 AGGLOMERATIONS - H1 2015

Investment Market while investors’ interest remains strong, lack of prime assets and portfolio products limit the volume of transactions Investor interest in the retail market in Poland continues to be very strong. Yet, due to the limited number of retail schemes for sale, recent volumes have been humble with only €260 million worth of assets traded in the first six months.

Prime yields have compressed to below 5.75% with further compression foreseen with premium investment grade assets. The secondary schemes are usually offered at 6.50-7.50%, depending on the size and location.

A few spectacular transactions scheduled for the second half of the year (Riviera in Gdynia and the portfolio of Karolinka and Pogoria in Opole and Dąbrowa Górnicza respectively) will significantly boost the total size of investment deals sealed in the whole 2015, which may reach well around €1 billion.

Investment volumes by sector

Prime yields by sector

in €m

%

Retail Office Mix use and other

Industrial Forecast

Office

Retail

Industrial

10.00%

5,000

9.00%

4,000

8.00%

3,000

7.00% 2,000

Source: BNP Paribas Real Estate, f - forecast

2016f

2015f

2014

2013

2012

2011

2010

2009

2008

2007

2006

2004

2015f

2014

2013

2012

2011

2010

2009

2008

2007

4.00%

2006

0

2005

5.00% 2004

1,000

2005

6.00%

Source: BNP Paribas Real Estate, f - forecast

Selected transactions completed over H1 2014 and H1 2015

Project

City

GLA (sqm)

Volume (€m)

Poznań

59,000

227

Resolution Property / ECE

Focus Park

Bydgoszcz

41,000

122

Atrium European RE

Sarni Stok

Bielsko-Biała

31,200

85

Union Investment

Płock

28,500

70

CBRE Global Investors

Warsaw, Kraków

31,850

60

TIAA Henderson Real Estate

Opole

18,000

45

Rock Castle

Poznań City Center

Galeria Mazovia 50% of Neinver portfolio Solaris

Purchaser

Source: BNP Paribas Real Estate

26

Definitions The definitions listed below are consistent with the ICSC standards and have been used for the purposes of this publication: Shopping centre (esp. Conventional or Traditional SC) – a retail property planned, constructed and managed as a single retail entity which consists of a shared retail area of a minimum gross leasable space (GLA) of 5,000 sqm and at least 10 shops.

Kraków agglomeration: Kraków and Niepołomice, Skawina, Wieliczka i Zabierzów, Biskupice, Igołomia - Wawrzeńczyce, Kocmyrzów - Luborzyca, Koniusza, Liszki, Michałowice, Mogilany, Świątniki Górne, Wielka Wieś, Zielonki.

Retail park – a property with a consistent design, construction and management which consists mainly of medium and largesized specialized retail facilities, which typically share an openair passage or a parking lot and are not joint under one roof.

Tri-City agglomeration: Gdańsk, Gdynia, Rumia, and Wejherowo, and Pruszcz Gdański, Reda, Sopot, Cedry Wielkie, Kolbudy, Kosakowo, Szemud, Żukowo.

Outlet centre – a property with a consistent design, construction and management with separate shops in which the producers or retailers sell surplus stock, end-of-line products and products from previous collections at reduced prices. Warsaw agglomeration includes: Warsaw, Brwinów, KonstancinJeziorna, Łomianki, Marki, Piaseczno, Piastów, Podkowa Leśna, Raszyn, Błonie, Grodzisk Mazowiecki, Józefów, Kobyłka, Legionowo, Milanówek, Otwock, Ożarów Mazowiecki, Pruszków, Radzymin, Sulejówek, Wołomin, Ząbki, Zielonka, Halinów, Izabelin, Jabłonna, Lesznowola, Michałowice, Nadarzyn, Nieporęt, Stare Babice, Wiązowna.

Łódź agglomeration: Łódź, Pabianice, Rzgów, Zgierz, Aleksandrów Łódzki, Andrespol, Brojce, Konstantynów Łódzki, Ksawerów, Nowosolna, Ozorków, Stryków. Poznań agglomeration: Poznań, Swarzędz, Tarnowo Podgórne, Komorniki, Kórnik, Luboń, Mosina, Puszczykowo, Rokietnica, Suchy Las, Czerwonak, Dopiewo, Kleszczewo Wrocław agglomeration: Wrocław, Kąty Wrocławskie i Kobierzyce, Czernica, Długołęka, Miękinia, Oborniki Śląskie, Siechnice, Wisznia Mała, Żórawina. Szczecin agglomeration: Szczecin i Kołbaskowo, Dobra, Goleniów, Gryfino, Kobylanka, Police, Stare Czarnowo.

Silesia agglomeration: Katowice, Bytom, Chorzów, Czeladź, Dąbrowa Górnicza, Gliwice, Knurów, Mikołów, Mysłowice, Piekary Śląskie, Ruda Śląska, Siemianowice Śląskie, Sosnowiec, Świętochłowice, Tarnowskie Góry, Tychy, Zabrze, and Będzin, Jaworzno, Radzionków oraz Gierałtowice, Wojkowice.

Contacts Patrick Delcol

Izabela Mucha MRICS

Del Chandler

Chief Executive Officer

Head of Valuation

Managing Director, Capital Markets

Central & Eastern Europe

Central & Eastern Europe

Central & Eastern Europe

[email protected]

[email protected]

[email protected]

Fabrice Paumelle

Grzegorz Dudziak MRICS

Dr. Piotr Goździewicz MRICS

Head of Retail

Head of Property Management

Director, Capital Markets

Poland and Central & Eastern Europe

Central & Eastern Europe

Central & Eastern Europe

[email protected]

[email protected]

[email protected]

Natasa Mika

Michał Pszkit

Mateusz Skubiszewski MRICS

Associate Director, Retail

Operations Director

Director, Capital Markets

[email protected]

Property Management

Central & Eastern Europe

Central & Eastern Europe

[email protected]

Anna Staniszewska

[email protected]

Head of Research & Consultancy Central & Eastern Europe [email protected]

Cover: Kupiec Poznański, Poznań - BNP Paribas Real Estate picture library P8: Magnolia Park, Wrocław - picture by courtesy of Multi Poland Sp. z o.o. P9: Bonarka City Center, Kraków - picture by courtesy of TriGranit Management Corporation

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FRANCE Headquarters 167, Quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux Tel.: +33 1 55 65 20 04 Fax: +33 1 55 65 20 00 BELGIUM Boulevard Louis Schmidtlaan 2 B3 1040 Brussels Tel.: +32 2 290 59 59 Fax: +32 2 290 59 69 CZECH REPUBLIC Pobřežní 3 186 00 Prague 8 Tel.: +420 224 835 000 Fax: +420 222 323 723 GERMANY Goetheplatz 4 60311 Frankfurt Tel.: +49 69 2 98 99 0 Fax: +49 69 2 92 91 4 HONG KONG 25 /F Three Exchange Square, 8 Connaught Place, Central, Hong Kong Tel.: +852 2909 2806 Fax: +852 2865 2523 HUNGARY Alkotás u. 53. H-1123 Budapest, Tel.: +36 1 487 5501 Fax: +36 1 487 5542

IRELAND 20 Merrion Road, Dublin 4 Tel.: +353 1 66 11 233 Fax: +353 1 67 89 981 ITALY Via Carlo Bo, 11 20143 Milan Tel.: +39 02 58 33 141 Fax: +39 02 3706 9209 JERSEY 3 Floor, Dialogue House 2 - 6 Anley Street St Helier, Jersey JE4 8RD Tel.: +44 (0)1 534 629 001 Fax: +44 (0)1 534 629 011 LUXEMBOURG Axento Building Avenue J.F. Kennedy 44 1855 Luxembourg Tel.: +352 34 94 84 Fax: +352 34 94 73 Investment Management Tel.: +352 26 26 06 06 Fax: +352 26 26 06 26 NETHERLANDS Antonio Vivaldistraat 54 1083 HP Amsterdam Tel.: +31 20 305 97 20 POLAND Al. Jana Pawła II 25 00-854 Warsaw Tel.: +48 22 653 44 00 Fax: +48 22 653 44 01

ROMANIA Banul Antonache Street n°40-44 Bucharest 011665 Tel.: +40 21 312 7000 Fax: +40 21 312 7001 SPAIN C/ Génova 17 28004 Madrid Tel.: +34 91 454 96 00 Fax: +34 91 454 97 65 U.A.E ABOU DHABI Al Bateen Area Plot n° 144, W-11 New Al Bateen Municipality Street n° 32 P.O. Box 2742 Abu Dhabi Tel.: +971 44 248 277 Fax: +971 44 257 817 DUBAI Emaar Square Building n° 1, 7th Floor P.O. Box 7233, Dubaï Tel.: +971 44 248 277 Fax: +971 44 257 817

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MOROCCO * Coverage via our alliance in Morocco ** Covering Transaction, Valuation & Consulting

PLEASE CONTACT Alliances Florence Hesse Tel.: +33 (0)1 47 59 17 38 [email protected] Research Christophe Pineau Tel.: +33 (0)1 47 59 24 77 [email protected]

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