CG malls europe - Commerz Real

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The location and accessibility of the mall ensure a constant footfall. The mall is open seven days a week, year round. According to the official Portuguese census figures from 2001, approx. 440,000 people live within a catchment area of a 15-minute commute, with another 1,600,000 residents living within a catchment area of a 15- to 30-minute commute. Overall, more than 2 million potential consumers are able to get to the centre within 30 minutes. This is reflected in the 15.4 million customers who visited Almada Forum in 2009. Forecasts have predicted positive demographic growth for the area. Almada Forum Catchment Area Primary catchment Secondary catchment Source: www.viamichelin.de LISBOA Almada Almada Forum Seixal Rio Tejo Sesimbra Montijo Rio Tejo Barreiro Alcochete Pinhal Novo Palmela According to the figures for 2006 published by INE (EPCC 2005 Estudo do Poder de Compra Concelhio), the purchasing power index for Almada, where the mall is located, equals 128, the reference index value being the Portuguese national average (100). In general, the purchasing power of the entire Lisbon area lies far above the average. In 2009, sales at the Almada Forum amounted to EUR 210 million, which translates into to a turnover per sqm of approximately EUR 4,000 annually. The centre generated a rental income of approximately EUR 23.7 million in 2009, including base rent, turnover rent and revenues from temporary lettings (mall income). Simultaneously, the 2009 effort index (rent/sales ratio) for the tenants had a level of 13% on average. Competition amongst shopping centres in Portugal, especially in Lisbon, is fierce. The major competitors of Almada Forum are the “Centro Colombo” with a gross lettable area (GLA) of around 120,000 sqm, and “Centro Vasco da Gama” with a GLA of approximately 48,000 sqm. With the new centre “Dolce Vita Tejo” (opened in May 2009) and its GLA of more than 120,000 sqm, another potent competitor has entered the market. All three of Moita Quinta do Conde Lisboa Setúbal Property Report 37
38 Almada Forum these <strong>malls</strong> are located within the Lisbon city limits, north of the river Tagus. Almada Forum has developed over time into a well-known shopping destination of supra-regional importance and offers a very high standard to the public. The branch and tenant mix is continuously adapted to the changing retail landscape. In addition, its catchment area is located south of the Tagus delta. The secondary catchment areas of Almada Forum and Forum Montijo overlap slightly. However, the competition between the two centres remains low. The Almada Forum has the sustainable capacity to compete with the large volume of retail schemes in the Lisbon area. Almada Forum has already attained a high market penetration. The scheme is a stabilized asset, generating stable and moderately increasing rental income at a high productivity level (turnover/sqm sales area). The ongoing improvement of the mall’s surroundings (e.g. complementary retail park, Decathlon flagship store, Leroy Merlin) supports the establishment of the site as a prime location for shopping. Future potential for rental growth can be derived from increased consumer spending as the catchment area is penetrated more deeply over time by centre management’s marketing activities.
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 and 16: 14 Larger shopping centres of more
Page 17 and 18: 16 Shopping Centre Prime Initial Yi
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: 36 Shops by group of activity - lev
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
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