CG malls europe - Commerz Real

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During the first quarter of 2009, the European retail investment market reached its low point. The biggest problem in 2009 was the absence of the debt securitisation market, and only large equity players where active during the first half of 2009. Investors where seeking for core assets mainly in the UK, the Netherlands, France and Germany. During the second half of the year, activities picked up in all European countries. At EUR 8.1 billion, Q4 2009 registered the highest retail investment volume since Q3 2008. For 2009, the total retail investment volume for the whole of Europe amounted to some EUR 20 billion, that is, down by a third compared to 2008. With a 28% share of the total volume, retail investments remained virtually stable in comparison to 2008. European Direct Real Estate Investments by Sectors 100% 80% 60% 40% 20% 0% 27% 19% 54% 21% 24% 55% 26% 25% 49% 32% 24% 44 % 24% 26% 50% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Source: Jones Lang LaSalle, May 2010 30% 27% 43% Others Retail Office 26% 25% 49% 27% 21% 53% Source: Jones Lang LaSalle, May 2010 (EUR, bn) Data excludes Residential, Land and Developments, deals considered >USD 5 million (EUR, bn) Data excludes Residential, Land and Developments, 21% 27% 50% 22% 28% 51% Investor’s deals interest considered in shopping >USD centres 5 million very much concentrated on the prime end of the market. Therefore the average prime yield for this market segment started to stabilize in Western Europe after an increase of nearly 150 base points between 2007 and the first half of 2009. During the second half of 2009, the average prime yield came down by 20 base points to 6.1%. This decrease was mainly driven by pricing in the UK, where the prime yield decreased from 7% in Q1 to 6.25% in Q4 2009. Yields for secondary shopping centres started to stabilise, but there is not much market evidence to substantiate the pricing. Manager‘s Report on the Fund 15
16 Shopping Centre Prime Initial Yields (1998-2010) in% 12 10 8 6 4 Source: Commerz Source: Commerz Real, May Real, 2010 May 2010 The distinguishing feature of regional shopping centres is that they generate long-term stable revenues even in periods of market imbalances. It is obviously easier for larger shopping centre schemes to use their diversified portfolio of tenants to diffuse the risk of falling rents. Well-planned shopping centre layouts allow centre managers to adjust retail space to meet the requirements of new tenants and to adapt retail formats to the latest market trends. Density of Shopping Centres of More than 35,000 sqm GLA in Europe 35,000m² - 50,000m² 50,000m² - 80,000m² over 80,000m² Source: GfK (2008) Western Europe Scandinavia CEE 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Page 1 and 2: Annual Report 2009 as at 31 Decembe
Page 3 and 4: 2 General Information Fund name: CG
Page 5 and 6: Almada Forum
Page 7 and 8: 6 Financials Balance Sheet by Fund
Page 9 and 10: Almada Forum
Page 11 and 12: 10 Manager‘s Report on the Fund O
Page 13 and 14: 12 For 2010, the Economist Intellig
Page 15: 14 Larger shopping centres of more
Page 19 and 20: 18 As the figure above shows, many
Page 21 and 22: 20 All three Luxembourg companies a
Page 23 and 24: 22 5.2 Forum Montijo The acquisitio
Page 25 and 26: 24 The following list shows the per
Page 27 and 28: 26 6.2.1 Service and Management Cha
Page 29 and 30: 28 Property Report 1. Portfolio Ove
Page 31 and 32: 30 Tenancy information Almada Forum
Page 33 and 34: 32 The following table shows the to
Page 35 and 36: 34 Almada Forum As at 31 December 2
Page 37 and 38: 36 Shops by group of activity - lev
Page 39 and 40: 38 Almada Forum these malls are loc
Page 41 and 42: 40 Located next to the main entranc
Page 43 and 44: 42 Shops by group of activity - Gro
Page 45 and 46: 44 Forum Montijo Forum Montijo Catc
Page 47 and 48: 46 4. Espacio León The city of Le
Page 49 and 50: 48 Parking Parking Espacio León fl
Page 51: 50 Espacio León streets in the inn
Page 54 and 55: the future net tax income to the cl
Page 56 and 57: 2.1 Internal Loan Portfolio The tab
Page 58 and 59: With the purchase of Almada Cda. an
Page 60 and 61: CG Real Estate Luxembourg S.à.r.l.
Page 62: Financial Statements Financial Stat
Page 65 and 66: 64 Commerz Real Estate Master FCP -
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CG malls europe - Commerz Real

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