2007 Unibail-Rodamco Annual Report (5,2 Mb)

Unibail-Rodamco /// ANNUAL REPORT // ACTIVITIES / SHOPPING CENTRES
The Benelux
‘‘
In 2008, the Group intends to focus on optimising and maximising the growth
potential of its portfolio by divesting part of the high street and smaller shopping
centre portfolio. The Group is now well positioned to implement a strategy of
pro-active management of its leading centres.
’’
HANS VERMEEREN /// MANAGING DIRECTOR NETHERLANDS
DUTCH RETAIL MARKET
The Dutch retail market is to a signifi cant extent dominated by
a number of large, regional shopping centres and high-street
shopping areas that sometimes incorporate inner-city shopping
centres. There is a growing demand in the Dutch market from
tenants for large scale retail units at top locations.
The Group owns shopping centres located in relatively young and
fast-growing cities like Almere, Zoetermeer and Hoofddorp, and
in greater metropolitan areas of major cities like Amsterdam and
The Hague. With the increasing demand for large-scale retail units
in combination with ample parking facilities and a wide selection
of retail offerings, the centres in these growing cities are attractive
for international retailers.
The other part of Unibail-Rodamco's portfolio in the Benelux consists
of concentrated high street shops which have characteristics similar
to those of shopping centres in the major cities of Amsterdam,
Rotterdam, The Hague and Utrecht.
PRO-ACTIVE MANAGEMENT IS THE KEY
Unibail-Rodamco is one of the biggest retail property owners and
managers in the Benelux. In 2007, the Group reinforced its position
as a high-quality retail investment and management company
by optimising its portfolio through active retail management
of its key centres and divestment of noncore assets. Greater
pro-activity, supported by strong leasing capability, enabled the
Group to limit vacancy to below 1% and improve the retail mix
by introducing new retailers such as Media Markt. This pro-active
management includes marketing to increase footfall, increase in
tenant rotation and extension of retail space where feasible. In
particular a new branding and marketing strategy was implemented
at the Stadshart Amstelveen shopping centre, generating a
signifi cant increase in visits in 2007.
Unibail-Rodamco also proceeded with the disposal of part of
its Dutch high street portfolio. This divested portfolio consists of
254 assets covering 346,000m², where the Unibail-Rodamco
strategy to deliver outstanding cash fl ow growth could not be
implemented.
DEVELOPMENT STRATEGY
At the same time, the Group is actively working on its development
projects to reinforce its position on key assets. The modifi cation
of the Dutch fiscal investment regime in July 2007, allowing
companies to develop properties for their own portfolio, gives more
fl exibility to the Group to pursue a development strategy for both
brand new projects and extensions of existing shopping centres.
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centres commerciaux
The fi nal development phases of Stadshart Almere, realised with
the architect Rem Koolhaas, were completed in 2007 with delivery
slated to take place in the fi rst quarter of 2008.
In 2007 the Company also acquired offi ces in Leidsenhage,
Leidschendam to be redeveloped as an extension of the existing
retail assets under the future Leidsenhage Masterplan.
These projects will reinforce the Group’s position in key growth
areas across the Benelux.