CG malls europe - Commerz Real
CG malls europe - Commerz Real
CG malls europe - Commerz Real
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
The relevant European investment universe comprises the EU 27 countries, Norway and<br />
Switzerland, as well as the EU candidate countries Croatia, Macedonia and Turkey. In<br />
total, this territory includes about 700 potential acquisition targets larger than 35,000<br />
sqm GLA (see figure 7), among them <strong>malls</strong> under construction or showing repositioning<br />
potential. In order to allow for a structured investment approach, the regions in<br />
which those centres are located will be classified according to their market maturity<br />
into the categories “core” and “emerging market”. The major differentiating features<br />
in this context are the proportionate density of competitors as measured by shopping<br />
centre supply per 1,000 population and growth of retail-specific real purchasing power.<br />
<strong>Commerz</strong> <strong>Real</strong> believes that the purchasing power within the relevant catchment area<br />
constitutes the key factor for the success of a retail centre. The analysis identified the<br />
following categories:<br />
(a) European core markets:<br />
Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg,<br />
the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United<br />
Kingdom.<br />
(b) European emerging markets:<br />
Croatia, Cyprus, Czech Republic, Estonia, Greece, Hungary, Latvia, Lithuania, Macedonia,<br />
Malta, Poland, Slovakia, Slovenia, and Turkey (including Bulgaria and Romania,<br />
even though fund regulations excluded them from commitments until January<br />
2009).<br />
Categories of Target Countries<br />
GLA/1,000 Population<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
Netherlands<br />
Ireland<br />
100<br />
Latvia<br />
Malta<br />
Czech Republic<br />
Hungary<br />
Greece<br />
-2 -1<br />
0<br />
0 1 2 3 4 5<br />
Poland<br />
DE<br />
BE<br />
Croatia<br />
Lithuania<br />
Slovakia<br />
Turkey<br />
Bulgaria<br />
Romania<br />
Forecasted CAGR of <strong>Real</strong> Consumer Spending (Ø 2010 - 2014 in % p. a.)<br />
Source: Cushman & Wakefield, GFK, The Economist Intelligence Unit, May 2010<br />
PT<br />
Italy<br />
UK<br />
CH<br />
Austria<br />
Sweden<br />
France FI<br />
ES Lux.<br />
DK<br />
Estonia<br />
Norway<br />
Core<br />
Emerging<br />
Forecasted CAGR of <strong>Real</strong> Consumer Spending (Ø 2010 - 2014 in % p. a.)<br />
Source: Cushman & Wakefield, GFK, The Economist Intelligence Unit, May 2010<br />
Manager‘s Report on the Fund<br />
17
Change language