CG malls europe - Commerz Real

In the difficult year 2009, we successfully renewed the leases of 48 tenants in Leon, and
signed to 2 substitutions, which accounts for 91% of the total renewal options, for 49%
of the total rent, and for 43% of the GLA. Due to the economic situation, the level of discounts
and rentfree period increased, but must be seen in context with the overall aim to
maintain the tenant mix and to stabilize the rental value. In León, discounts were granted
to 22 tenants and rent free period to 4 tenants. In Leon there were 16 new contracts.
The average remaining lease term was 7.3 years as of 31 December 2009 (on the basis of
remaining lease term per unit, weighted by rental income per unit). By the end of December
2009, the mall reported 10 vacant units (15 without rent guarantees), which translates
into a vacancy rate in sqm of 5.3% (7.1% without rent guarantee). Generally, the
Espacio León is very attractive for its customers because of the high number of renowned
international retailers besides the anchor tenants, including The Phone House, Bershka,
Bull & Bear, Springfield, Bata, and Poly.
León Lease Expiration in % of total rental income
The following table and chart show the mall’s lease expiration profile:
León Lease Expiration in % of Total Rental Income as at 31 December 2009
30%
27.3%
25%
20%
15%
10%
5%
0%
5.6%
2010
9.9%
2011
14.5%
2012
1.2%
2013 2014
1.1%
2015 2016 2017 2018 2019 2020+
3.0% 0.5% 0.0%
16.7%
20.2%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019+
With its existing vacancy rate the centre offers the potential to be optimised; this is a
major task to be completed in the near future.
Property Report
Year of Expiration in %
2010 5.6%
2011 9.9%
2012 14.5%
2013 1.2%
2014 27.3%
2015 1.1%
2016 3.0%
2017 0.5%
2018 0.0%
2019 16.7%
2020+ 20.2%
100.0%
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