CG malls europe - Commerz Real

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As the figure above shows, many Western European countries show medium to high
saturation in terms of shopping centre density (which is especially true for Austria, Ireland,
Italy, the Netherlands and Norway) and slower growth prospects in the long term
for consumer spending (mainly Ireland, the Netherlands, Portugal, and the UK). Compared
to these core markets, emerging markets show a low to medium density of retail
areas but also the highest growth expectations for long-term consumer spending. The
average growth rate for the emerging markets for the next five years is 1.9%, compared
to 1.3% for all core markets.
3. Investor Structure
The Fund was launched with four investors on 19 October 2007. One of these was Commerz
Real which placed a strategic investment and provided the necessary equity for the
seed portfolio. The other investors are engaged mostly as real estate investment advisors
or fund-of-fund managers.
The following chart shows the origins of the investors in CG malls europe.
Figure 10: Investor Structure as at 31 December 2009
United Kingdom 10.4 %
Netherlands 31.6 %
Germany 58.0 %