TOM-March-2019

T
TOPS
M
OF THE MONTH
O
Essential News About The Players In
The Retail Property Market In Germany
THE HOTTEST DEALS +++
INTERVIEWS +++ STATEMENTS
+++ BALANCE SHEETS +++
ANALYSES +++ PARTICULARS
presented by HI-HEUTE.DE
March 2019
Mariage of two „elephants“: Karstadt and Galeria Kaufhof. The takeover was the most spectacular transaction in 2018.
Illustration: Blickpunkt Juwelier
Germany clearly top in Europe
Retail investment market - new analyse by JLL
Last year, the German investment
market for retail real
estate maintained its position
at Europe‘s top and widened
the gap to the following countries.
However, the volume fell
year-on-year from 10.3 to 8.8
billion euros. Great Britain
follows behind with 6.9 billion
after it was with 10.2 in the
previous year still quite scarcely
behind Germany. In total,
retail properties with a transaction
volume of 42.7 billion
euros were traded in Europe,
compared with 50.7 billion
euros in the previous year.
At the EMEA level, JLL covers
all transactions with a volume
of more than 5 million US dollars
(approx. 4.5 million euros).
This restriction does not apply
to the volume surveyed in
and for Germany; in addition,
Karstadt‘s takeover of Kaufhof,
which is included in the German
accounts, is also included.
Sandra Ludwig, Head of Retail
Investment JLL Germany: „In
a challenging market environment,
the German market has
performed well by international
standards and is now the undisputed
leader. One reason for
this is that both national and
international investors perceive
Germany as a ‚safe harbour‘ because
of its political and economic
stability.“
Behind the two frontrunners
is only Spain with 3.98 billion
euros (after 3.6 in the previous
year), which ranks some way
behind, followed by France,
which recorded around 3.5 billion
euros for the full year 2018
(after 3.8 in 2018). At the same
time, France recorded one of
the largest transactions: For 742
million euros, the Casino Group
sold 67 supermarkets to Generali
and AG2R La Mondiale.
Meanwhile, the Netherlands
had to cope with a significant
decline, falling from 3.9 to 2.3
billion euros in transaction volume
over the year. The situation
was similar in Russia (from
1.5 billion Euro to 537 million
Euro), Denmark (from 1.88 billion
Euro to 413 million Euro)
and the Czech Republic (1.6 billion
Euro to 724 million Euro).
At the same time, however, there
was also a group of countries
that significantly increased their
transaction volumes: Belgium
increased from 430 million to
1.7 billion euros, Finland from
1.1 to 2.0 billion euros and Poland
from 1.9 to 2.4 billion euros.
Growth was more moderate
in Italy, which increased its
transaction volume from EUR
2.2 billion to EUR 2.7 billion.

Page 2 T O M
NEWS March 2019
Financial future of the
Schultheiss district secured
pbb provides HGHI Holding with capital
For the financing of the Schultheiss
Quarter in Berlin, pbb
has provided HGHI Holding
with long-term senior financing
amounting to 175 million
euros.
A further EUR 50 million was
provided by a German pension
fund advised by Collineo Asset
Forum Schwanthalerhöhe
opens in June
Züblin confirms date for HBB project after postponement of center launch
The opening of the new Forum
Schwanthalerhöhe shopping
district in Munich, planned
for the end of March, has
to be postponed.
The test runs carried out on the
technical safety equipment and
the expert discussions have revealed
a number of unexpected
malfunctions in the installed
technology. After consultation
with the experts involved, these
defects cannot be remedied at
such short notice. It is therefore
necessary to allow the experts
of the general contractor Züblin
to remedy the defects and
to provide the required expert
approvals.
The new opening date is now 6
June. „The discussions with the
Management Board were good,
so that we are now confident
that Züblin will complete the
Management GmbH. This provides
HGHI Holding with total
financing of EUR 225 million.
pbb took over the structuring
and acted as mandated lead arranger.
The financing of the Schultheiss Quartier has been secured.
property as communicated. We
are now looking forward to the
opening and have informed our
The Schultheiss Quartier was
completed in autumn 2018 and
is located in the immediate vicinity
of the Turmstrasse underground
station on the site
of the former Schultheiss brewery.
The building complex
has a gross floor area of around
72,000 square metres and an underground
car park with around
400 parking spaces. A total of
around 30,000 square meters
are distributed over retail space.
Photo: HGHI Holding
tenants accordingly,“ says Harald
Ortner, Managing Director
of HBB.
The Forum Schwanthalerhöhe is scheduled to open on 6 June.
Visualization: HBB
IPH and BBE now
also have a branch
in Berlin
BBE and IPH continue to grow.
The group opens a branch in
Berlin with six employees.
This means that the group of
companies is now represented
throughout Germany at locations
including Munich, Hamburg,
Berlin, Cologne, Leipzig
and Erfurt. The Berlin branch is
headed by Carsten Pannek. He
has more than 20 years of experience
in the real estate and
retail segment. Most recently,
he was authorized signatory
and head of leasing shopping
centers at Wealthcap Real Estate
Management GmbH, which
also managed Gropius Passagen
and Das Schloss in Berlin-Steglitz.
NEINVER opens
another outlet centre
in Poland
NEINVER, the leading outlet
operator in Poland and Spain
and one of the industry leaders
in Europe, yesterday officially
opened Silesia Outlet in Gliwice,
Silesia. A total of 16 outlet
centres throughout Europe with
a GLA of 313,000 sqm are now
part of the product portfolio of
the Spanish family-owned company.
Silesia Outlet is the fifth
NEINVER outlet centre on the
Polish market.
SIGNA develops large
quarter in Wolfsburg
A networked, future-oriented,
livable heart of the city - that
is the vision for Nordkopf in
Wolfsburg. Now the neighbourhood
development is gaining
momentum. For the planning
of the inner city area south and
west of Wolfsburg‘s main railway
station, the SIGNA Group
was won as project developer of
the entire area and investor. The
Austrian company and Wolfsburg
AG conclude a project
development contract for this
purpose. In the next step, the
two partners develop an overall
concept, the implementation of
which is finally decided by the
Wolfsburg City Council and the
developers. The plans for the
Wolfsburger Nordkopf follow a
clear target image for a city of
the future. A new urban quarter
will integrate office space,
housing, leisure facilities, retail,
hotels and restaurants as well as
mobility and digital solutions.

Page 03 T O M
STATEMENT March 2019
TOP STATEMENT
March
„Those who, like C&A, want
to shape the future as a sustainable
fashion company need
clever and creative minds in
their ranks. I therefore see a
particularly great challenge in
the fight for the best talents.
This battle will continue to
gain in importance.“
Alain Caparros, former CEO
of C&A, who recently left the
company for health reasons.

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Page 5 T O M
DEALS March 2019
Luigs Real Estate
acquires Erlenring Center
Purchasing at the company‘s own location in Marburg
The Marburg-based investment
company Luigs Real
Estate GmbH has acquired
the Erlenring Center in Marburg
from Deka Immobilien
Investment GmbH, based in
Frankfurt am Main.
The parties have agreed not to
disclose the purchase price. The
property is located in a prime
location in downtown Marburg.
„The Erlenring location is characterised
by its centrality, urbanity
and excellent transport
links and is one of the most
sought-after retail locations in
Marburg,“ says Joachim Luigs,
Managing Director of Luigs
Real Estate GmbH. „With the
purchase of the shopping centre
from the Deka Group, we were
able to assert ourselves among
a strong group of international
bidders, which is particularly
pleasing for us as a Marburg
company. Avison Young advised
on the transaction.
The Erlenring Center was built
SIGNA is now co-owner
of Chrystler Building in
New York
The SIGNA Group, one of Europe‘s
leading privately held
industrial and investment holding
companies, and New York
real estate developer RFR Holding
have jointly acquired the
legendary Chrysler Building in
New York. A joint company of
the two companies has signed
a purchase agreement with the
previous owners, the Abu Dhabi
Investment Council and Tishman
Speyer.
M7 Real Estate buys
big in Portugal
M7 Real Estate („M7“), the
pan-European investor and asset
manager, announces that,
on behalf of the M7 Portuguese
Active Fund („M7 PORAF“), it
has acquired a total of 16 assets
from six sellers across Portugal
for EUR 55.7 million. These
acquisitions include multi- and
single-lease logistics facilities
(48%), office and industrial
parks (22%) and retail parks
(30%).
Luigs Real Estate has acquired the Marburger Erlenring Center.
in 1997 as a modern shopping
and service center with a multi-storey
car park on an approximately
5563-square-meter
fillet plot in a prime downtown
location in Marburg.
The property was extensively
revitalised in 2015. The total
FCR separates from Nuremberg
specialty shopping center
FCR Immobilien AG has now
resold the specialty shopping
centre in Würzburg, which it
acquired in mid-2017, after
successful optimisation. The
parties have agreed not to disclose
the sale price. The specialty
shopping centre, which is located
on a 3,500 sqm site, has a
sales area of approx. 1,900 sqm
and is located on the eastern
edge of Würzburg. The property
was built in 2001. FCR
In 2018, the redos Group, one
of Germany‘s leading independent
retail real estate specialists,
acquired a total of 18 new
properties for the Union Investment
Special-AIF „Redos
Einzelhandel Deutschland“ and
„Redos Einzelhandel Deutschland
II“.
As a result of the portfolio expansion,
the invested volume
Photo: Luigs Real Estate
rental area amounts to around
8742 square metres, of which
around 3669 square metres are
used as retail space, around
1395 square metres as office
and practice space and around
3678 square metres as fitness
space.
implemented successful asset
management measures at the
site within 18 months. In addition
to an extension of the lease
agreement, a new commercial
space was also leased. The tenants
in the fully let property
are Detlev Louis, Europe‘s No.
1 for motorcycles and leisure,
Schäfer Shop, a leading mail
order company for office supplies
and the well-known pet
food chain Fressnapf.
Hamburg-based redos Group
increases volume of its special funds
increased by around 37 percent
to a total of around 1.3 billion
euros. The managed portfolio
of both funds, which invest
in core and core-plus properties
throughout Germany, now
comprises 69 locations with a
total lettable area of 646,000
sqm. Most of the properties are
located in the old federal states
of Germany.
Savills IM acquires
logistics centre
in Straubing for
self-managed fund
Savills IM has acquired a Grade
A distribution centre in Straubing-Sand
(Bavaria) for the
pan-European Savills IM European
Logistics Fund 2 (ELF 2),
which it manages. The seller of
the logistics property is CBRE
Global Investors. The parties
have agreed not to disclose the
purchase price. Savills IM was
advised by Mayer Brown LLP
and Arcadis, among others. The
distribution centre, which was
completed in 2003, has around
36,500 sqm of rental space as
well as 60 car and 25 truck parking
spaces.
Real estate fund
manager Greenman
acquires large retail
portfolio
Greenman Investments, the real
estate fund manager specialising
in Germany, has acquired
33 retail properties fully let to
EDEKA-MIHA for the sum of
EUR 143 million for the Greenman
OPEN Fund in two separate
transactions. All acquired
supermarkets are located in
eastern and northern Germany.
Greenman thus increases the
volume of the Greenman OPEN
Fund to a total of 570 million
euros, making it the largest retail
real estate fund focusing on
food in Germany.
Aerium and Stanhope
buy Forum Zehlendorf
in Berlin
Aerium and Stanhope Capital
have acquired Forum Zehlendorf
at Teltower Damm 35 in
Berlin-Zehlendorf on behalf of
Portman Square German Real
Estate Fund. The property is an
office and commercial building
from 1998, which was restructured
and renovated in 2011/12.
The total rental area of 4,065 m²
is spread over five floors as well
as a basement with underground
car park and storage space.
The tenants of the almost fully
let property include H&M,
McDonald‘s, Berliner Sparkasse
and AOK. The seller is the
AFIAA Investment Foundation
for Real Estate Investments Abroad
from Zurich.

Now
available at
5 centers!
THE SHOPPING TOUR OF THE FUTURE
STARTS ON YOUR COUCH.
ECE’s Digital Mall provides information on the product availability in a shopping center,
enables customers to reserve a specific size or color online, and to pick it up later. This is a major
step towards a seamless omni-channel experience. Launched in 2016, the award winning online
product search is now available at five centers – offering more than 400,000 products from more
than 60 stores. For more information, go to www.ece.com.

Page 7 T O M
NEWS March 2019
Karstadt and Kaufhof merge
food and gastronomy
Peter Obeldobel appointed new CEO of the business segment
In the course of the merger
of Karstadt and Kaufhof, the
food and gastronomy sector
of one of the decisive growth
areas will be merged and given
uniform management
with effect from 18 March.
He will also be responsible for
the Confectionery division.
Peter Obeldobel (51), previously
CEO and Chairman of the
Management Board of Valora
Holding Germany GmbH, will
be the new CEO of this business
segment. In this function,
he was responsible for the retail
and convenience formats
in Germany, Austria and Luxembourg
with a total of 1300
locations. Under his leadership,
he succeeded in repositioning
the formats and successfully focusing
on the core business and
the necessary cultural change
within the company. Prior to
this, Peter Obeldobel was CEO
of CHRIST and WMF Retail.
Dr. Stephan Fanderl, CEO of
SES balance sheet: increased
sales despite conversions
Quality offensive and expansion policy lead to success
For Austria‘s largest shopping
center operator, SES
Spar European Shopping
Centers, the 2018 financial
year was very successful. The
more than 1700 retailers at
29 locations in six Central
European countries achieved
sales revenues of 2.76 billion
euros. This corresponds to an
increase of +2.6 percent compared
to 2017.
In total, more than 108 million
people visited the SES shopping
centers in the previous
year (+1 percent). And this despite
large-scale conversions
at three locations. 57 million
was invested in the modernisation
and further development
of shopping centres alone. A
further 150 million euros were
invested in a new project in
Ljubljana. That is a total of
more than 200 million euros
Peter Obeldobel will be the new CEO of the food and beverage
division of Karstadt Warenhaus AG. Photo: Valora
the second-largest European
department store company
resulting from the merger of
Karstadt and Kaufhof, explains:
„As part of the merger
of Karstadt and Kaufhof, we
are jointly repositioning the
food and gastronomy segment,
which includes the LeBuffet,
Dinea, Karstadt Feinkost and
that were made available for
investments in new buildings,
extensions and refurbishments
in 2018.
„Granted: Industry conditions
are challenging, for dealers and
operators alike. I see the reason
for the successful development
of our company in the previous
Kaufhof Gourmet sales brands.
I am delighted that in Peter
Obeldobel we have been able
to gain an experienced CEO
for this division who not only
stands for consistent sales and
earnings growth, but also for a
successful realignment of format,
product range and service
strategies“.
year on the one hand in the selection
of our shopping partners
and the consistent quality offensive
with which we always
keep our locations attractive,“
says Marcus Wild, CEO of SES
Spar European Shopping Centers,
explaining the company‘s
success.
The Murpark Mall in Graz is one of the top three SES centres.
Photo: Robert Fritz
Former Horten
department store in
Aachen to be completely
renovated
The former department store on
Komphausbadstraße in Aachen
is completely renovated. The
demolition and gutting work has
started on the more than 18,000
sqm property in the centre.
Completion is planned for 2020.
The residents around the important
inner-city project development
have already been informed
by Landmarken AG. As has
been known since November,
the former Horten-Haus will be
given a completely new, open
appearance and will be used for
a variety of purposes in the future.
STRABAG now new
Property Manager of
Corpus Sireo
TRABAG Property and Facility
Services GmbH (STRABAG
PFS) is taking over the property
management business of COR-
PUS SIREO Real Estate GmbH
as well as all its employees within
the framework of a jointly
developed partner model. The
transaction is expected to close
on April 1 - subject to approval
by the antitrust authorities. The
parties have agreed not to disclose
the purchase price.
AEW buys commercial
building in West-City,
Berlin
AEW announces the acquisition
of the commercial building
„B5“ in the Berlin submarket
„City West“ from the Becker &
Kries Group for the „AEW City
Office Germany“ - a German
real estate special fund. After a
final subscription round among
existing investors, the fund was
able to increase its managed
real estate assets to approx. 345
million euros (assets under management)
with this investment
and has thus been divested. The
approx. 15,900 sqm large commercial
building „B5“ was built
in 1971 and comprehensively
modernised for the first time in
1996. The eight-storey property
consists of four connected building
parts and offers approx.
12,300 sqm of office space and
3,000 sqm of retail space on the
ground floor.

Page 09 T O M
BALANCE SHEETS March 2019
PATRIZIA is pleased about
79 percent profit increase
Company continues to grow after active year 2018
PATRIZIA Immobilien AG
has now presented its report
for the 2018 financial year
following the publication
of its preliminary results
in February. The company
confirms its strong operating
performance, which
is primarily attributable
to the strengthening of the
pan-European investment
platform.
Assets under Management
(AUM) increased by 87.3 percent
to 41 billion euros as a
result of the successful consolidation
of acquisitions and
organic growth. Around EUR
2.6 billion in equity was raised
from institutional, (semi-)professional
and private investors.
Total fee income rose by 51.1
percent to 320.2 million euros,
thus increasing the stability of
the company and its sources of
income. The operating result
rose by 72.0 percent to EUR
141.4 million.
KGAL has
successfully
completed its
anniversary year
KGAL GmbH & Co. KG has
successfully completed its anniversary
year. In 2018, the
company, a leading independent
investment and asset manager,
realised a new business
volume of around EUR 1.9
billion. The managed investment
volume amounted to 20.5
billion euros. In fiscal 2019,
the KGAL Group will further
strengthen its presence abroad.
„We have consistently internationalised
our business in all
asset classes,“ explains Gert
Waltenbauer, CEO of KGAL
GmbH Co. KG. The company
received initial subscriptions
from five new countries
(France, Great Britain, Italy,
the Netherlands, Spain) and invested
for the first time in five
countries (Bulgaria, Ireland,
the Netherlands, Poland, Slovenia).
Thus it was possible to
stabilize the high level of the
results.
Karim Bohn, Chief Financial Officer of PATRIZIA Immobilien AG.
Photo: PATRIZIA
Based on the current growth,
PATRIZIA confirms that it expects
an operating result of
120 to 130 million euros for
2019. After the very high performance
fees in 2018, the
company expects a somewhat
normalized level for 2019. The
2019 forecast therefore implies
further growth in recurring management
and transaction fees
compared to 2018.
Sonae Sierra increased
EBIT by 11 percent in 2018
Sonae Sierra continued to focus
on implementing its long-term
capital recovery strategy and
expanding its service and project
development businesses,
resulting in solid operational
performance and a stable level
of capital recovery. In 2018,
Sonae Sierra sold shopping
centres with a gross asset value
EUROPA-CENTER AG is on
a strong growth and expansion
course in Germany and Europe.
The number of currently 24 developed
properties is to be further
increased.
To support the company‘s
growth, Uwe Heinrich Suhr,
founder, majority shareholder
and deputy chairman of the
supervisory board of EURO-
PA-CENTER AG, transfers
of almost €600 million, generating
attractive revenues, increasing
service EBIT by 11 percent
year-on-year, and invested over
€165 million in expansion measures
such as NorteShopping,
outlets in Spain and Greece
and a new shopping centre in
Colombia that opened on 27
February.
EUROPA-CENTER AG
continues to grow and expand
shares in private existing companies
to EUROPA-CENTER
AG. EUROPA-CENTER AG
also intends to acquire a stake
in EUROPA-CENTER International
GMBH in the near future
in order to push ahead with
its international expansion.
The equity capital of EURO-
PA-CENTER AG will rise to
over 75 million euros as a result
of the measures.
BNP Paribas Real
Estate will approach
the one billion
turnover mark
„Although 2017 was already
BNP Paribas Real Estate‘s most
successful year to date, with sales
of EUR 811 million in 2017,
this mark was exceeded once
again in 2018 with a growth rate
of 19%. This exceptional result
is all the more impressive when
one considers that the growth in
turnover was almost equal both
in France and in the 14 other
countries in which the company
operates. In addition, the
acquisition of Strutt & Parker
strengthened its position in the
UK through successful integration
and expertise. „This underlines
our goal to break through
the billion euro barrier by 2021
and confirms our position as a
leading service provider in the
European commercial real estate
market,“ said Thierry Laroue-Pont,
CEO of BNP Paribas
Real Estate.
Hamburg Commercial
Bank reports positive
annual result
Hamburg Commercial Bank
AG closes the 2018 financial
year with a positive result, solid
new business and strong capital
ratios. In addition, the Bank
successfully completed its privatisation,
significantly reduced
costs and almost completely eliminated
legacy liabilities. Hamburg
Commercial Bank is thus
at the beginning of a far-reaching
transformation lasting several
years, for which important
decisions were already taken in
2018.
ADLER looks forward
to improved operating
performance
ADLER Real Estate AG successfully
ended 2018 with an
increase in results. In 2018, key
figures benefited in particular
from the improved operating
performance and from the acquisition
of around 70% of the
shares in Brack Capital Properties
N.V. (BCP) in April. In
2018, ADLER Real Estate AG‘s
net rental income increased by
40% to EUR 238.4 million. The
improvement in operating performance
as well as the acquisition
of BCP contributed to this.

B E TTER
BUILDINGS
B E TTER
C OMMUNITIES
B E TTER
C ONNECTIVI T Y
B E TTER
C OLLECTIVE
P O W E R
WE IMPLEMENT AN AMBITIOUS
CORPORATE SOCIAL RESPONSIBILITY
STRATEGY WHICH ADDRESSES
THE MAIN CHALLENGES FACING
COMMERCIAL REAL ESTATE.
By creating better places, we move toward
a low-carbon economy, anticipate new modes
of sustainable mobility, fully integrate our
business activities with local communities,
and engage all of our teams and
stakeholders.

Page 11 T O M
INTERVIEW
March 2019
Shopping highlights from
the vending machine
Wolf-Jochen Schulte-Hillen wants to bring a success story from USA and Asia to Germany
What to do if you want to buy
something stationary, but all
shops are closed? A company
from Emsdetten has recognised
and used exactly this gap
in supply in malls and pedestrian
zones, but also in structurally
weak, rural areas. Since
then, it has been producing
state-of-the-art self-service
machines that keep all kinds
of goods ready for consumers
around the clock. The
idea isn‘t really new, but only
a few years ago has it become
an interesting and very
successful new trend in the
USA and Asia. Wolf-Jochen
Schulte-Hillen, who advises
international retailers with
his company SH Selection,
brought it to Germany. TOM
editor-in-chief Thorsten Müller
spoke to him.
TOM: Mr. Schulte-Hillen,
you are an experienced retail
expert who looks out for new
trends every year not only in
Europe but also in Asia and
the USA in particular in order
to be able to advise companies
here in Germany in a
future-oriented way. What‘s
the deal with vending machines?
Wolf-Jochen Schulte-Hillen:
Vending machines with goods
have been around for a long
time, but in this country drinks,
sweets and snacks were usually
offered. In other countries,
however, the range of goods is
much wider. During my travels
I could find out in many places
how popular these devices
are and what possibilities they
offer.
Wolf-Jochen Schulte-Hillen
which run very well everywhere.
TOM: But what is so different
about the USA, Japan
and China?
Wolf-Jochen Schulte-Hillen:
There are additional functionalities,
but above all attractive
products from renowned
labels, which seem completely
unthinkable in vending machines
in this country so far.
I‘m talking about top international
fashion brands, famous
jewelry producers, but also
suppliers of cool lifestyle products.
But these are just a few
examples. The selection there
is already huge and is getting
bigger and bigger.
TOM: You talked about additional
functions. What
kind of functions?
Wolf-Jochen Schulte-Hillen:
You can access the Internet
from the vending machines,
order goods that are not or no
longer available in the vending
machine immediately and
pick them up there later. The
exchange or return of goods
is also possible here. In addition,
there is the acceptance of
all means of payment and online
control and service. These
are all great opportunities for
retailers to expand their sales
activities.
TOM: That definitely sounds
like it. How expensive is the
production of such modern
vending machines?
Wolf-Jochen Schulte-Hillen:
Oh basically they are even
cheap. They can be bought for
as little as 10,000 euros for an
area of one square metre. And
as a rule, they pay for themselves
in just a few months,
because the monthly turnover
of such machines is in the five-figure
range with a good location
and product range.
TOM: So here in Germany
there is huge growth potential.
Wolf-Jochen-Schulte-Hillen:
You can really say that.
In recent years, the Hensing
company has installed around
3,000 vending machines,
mainly for food outdoors. In
the first three months of this
year alone, another 800 were
connected to the grid.
TOM: What can you imagine
that there could soon be
everything from Passau to
Flensburg?
Wolf-Jochen Schulte-Hillen:
The new formats that were
presented at the Panorama Fashionweek
in Berlin expand
the range of products to include
textiles, gadgets, design
articles and gifts, flowers, bicycles
and IT accessories. The
range is unlimited - outdoor
and indoor.
There are even vending machine
stores with up to 20 vending
machines under construction.
If desired, we are happy
to support the trade in product
selection.
TOM: And that‘s why you
specifically told a manufacturer
in Germany about this
and have been advising him
ever since on the search for
new business models?
Wolf-Jochen Schulte-Hillen:
Exactly. It‘s the Emsdetten-based
company Hensing, which
has made a name for itself in
rural areas mainly with vending
machines with fresh products.
Eggs, milk, meat, etc.,
This is the look of the modern vending machines, which now also
offer textile products for sale.
Photo: Hensing
TOM: The stationary trade
could indeed score points
with this - and the implementation
seems extremely
simple to you.
Wolf-Jochen Schulte-Hillen:
An innovation that is basically
not an innovation at all, but
only offers advantages for all
involved. Generating additional
sales 365 days a year, 24
hours a day is an argument,
isn‘t it?

Page 13 T O M
ANALYSES March 2019
Supermarkets & Co. are
in strong demand with investors
New Habona Report on local suppliers on the market
Following the great success
of the Habona Report
2018, the first industry
report for local supply
properties, Habona Invest
GmbH has added the Habona
Report 2019. Once
again, cooperation partners
such as the prominent
statistics online portal Statista
and real estate consultant
Savills were involved.
The focus of the current issue
is demographic change
with its effects on consumer
behaviour and local
supply property.
Local supply
in the fast lane
Everybody is talking about supermarket
& Co. The demand
for everyday products and services
is constantly reaching
new highs and is therefore dependent
on the entire non-food
retail sector.
With an average of 3600 euros
per capita, considerably more
than half of the annual retail
expenditure is spent on daily
needs. The front-runners are
middle-class pensioner households
with an impressive figure
of almost 5,000 euros per capita
per year.
The new formats from Edeka,
Rewe and Lidl & Schwarz,
which are modernising their
branch networks and preparing
them for the next twenty years,
are developing correspondingly
positively.
Over the past ten years, the turnover
of supermarkets has risen
by 36 percent and that of discounters
by 26 percent, largely
unnoticed by the public. This is
why more and more investors
are interested in the asset class
of local supply, which has been
underestimated for a long time.
At its peak, prices have long
since exceeded twenty times
that figure. But is this positive
trend also sustainable, and how
long will it last?
Demographic
profiteer
In the Habona Report 2019,
renowned companies from the
food trade, project development
and investment provide complex
answers from their respective
perspectives. Even though
demographic change is often
cited as the greatest risk for the
real estate industry, the prevailing
opinion is that local supply
concepts will benefit from it.
Manuel Jahn of Habona Invest
and editor-in-chief of the report
concretizes: „The megatrends of
an aging society such as safety,
health and comfort will continue
to drive spending, especially
on food, gastronomy and
health services.
The focus on increasingly differentiated
customer needs at different
locations and situations is
therefore becoming increasingly
important. Eike Hartmann of
Statista and responsible for market
research in the report: „This
development offers dealers who
consistently implement local
supplies great opportunities for
diversification.
Attractive real
estate solution
The customer‘s desire for convenience
in busy neighbourhoods
will also promote the
development of mixed real estate
concepts comprising living,
working and shopping“. This
assessment is shared by Jörg
Krechky of Savills, who sees
the potential of the local supply
property closely linked to
its permeability for other uses
such as housing, logistics or hotels:
„As a hybrid property that
delivers both a diversified cash
flow and meets changing consumer
needs, you have a bright
future“.
The Habona Report 2019 is
available at www.habona-report.de.
According to the Habona Report, local suppliers are a sought-after asset class, as here at Rewe in Frankfurt.
Photo: Habona Invest

Page 15 T O M
INTERVIEW
March 2019
„Footfall is needed all year round!“
Interview with Dr. Kersten Rosenau (First Christmas), who founded a second company - „retail emotions“
Dr. Kersten Rosenau from
Hamburg and his company
First Christmas have been
among the most successful
providers of emotional
Christmas decorations for
many years, with a focus on
shopping centres. In an exclusive
interview, TOM editor-in-chief
Thorsten Müller
asked him about his new
plans.
TOM: Dr. Rosenau, in the last
20 years your company First
Christmas has sold Christmas
decorations to more than 1000
shopping centres, including
Westfield London, the GUM
in Moscow, the Mall of the
Emirates in Dubai, the Mall of
Egypt in Cairo and here with
us the Mall of Berlin. Pretty
impressive! Now you have
founded a second company.
Don‘t you get tired of Christmas?
Dr. Kersten Rosenau: Christmas
is the most emotional celebration.
Since our childhood
and youth it has been very important
to all of us. Every year,
people look forward to Christmas,
yes, they long for it. And
the shopping center, which
has the most beautiful Christmas
decoration, notices this
at the Footfall. But Footfall
is needed all year round. How
can stationary retailers score,
especially against e-commerce?
With real emotions, with
impressive experiences! This
is what our new company retail
emotions by ROSENAU
offers.
TOM: Many shopping centers
and many shopping
streets suffer from a considerable
decline in visitors ...
Dr. Kersten Rosenau: Yes,
and that‘s where we come in!
More and more people are
doing their shopping on the
Internet. And when they go to
a shopping centre again, they
often find a smaller selection
at higher prices. Otherwise
they experience nothing. But
they also drove into town,
paid for parking and spent a
lot of time. In the Middle Ages
our market places offered
more, there were musicians,
jugglers, artists, Feldscher,
Dr. Kersten Rosenau
a lot of diversion, they were
the center of the city, center
of life of the citizens. By the
way, after the Second World
War the European architect
Viktor Grün built America‘s
first shopping centre because
he missed the market place of
old Europe with exactly these
social functions. We must reconsider
this.
TOM: What does „retail
emotions“ offer?
Dr. Kersten Rosenau: With
our company in Dubai, in recent
years we have emotionalized
the shopping centers
of the Arab world not only at
Christmas, but also at Ramadan,
National Day, Chinese
New Year and even throughout
the year. Decorations,
emotions, experiences - that‘s
what we are now offering in
Europe for twelve months a
year, and we are helping the
trade to achieve the necessary
frequencies. People have time,
and they want to spend it in a
pleasant way. Really attractive
places have every chance of
becoming an anchor of social
life. Retail emotions wants to
become the partner of shopping
centres and shopping
streets.
TOM: It‘s only spring, but
can you tell us what we will
see of you at Christmas?
Dr. Kersten Rosenau: Well,
one of the most important
shopping streets in Germany
will receive a new Christmas
illumination from us, the largest
project in the public space
in Germany to date and something
very special in terms of
design. And as far as shopping
centers are concerned, I am
particularly pleased about the
Franken Center Nürnberg, because
it was ECE‘s first large
shopping center in 1969. And
of course I also hope that we
will implement many attractive
projects with retail emotions.
TOM: Thank you very
much, then we wish you a
successful year and a good
start for your new company
„retail emotions“!
T
TOPS
O M
OF THE MONTH
Essential News About The Players In
The Retail Property Market In Germany
IMPRINT
Publisher:
Handelsimmobilien Heute Verlagsgesellschaft
mbH
Address:
Klaus-Bungert-Str. 3
40468 Düsseldorf
Germany
Tel. 0049-2011-429967-67
Web: www.hi-heute.de
Mail: tom@hi-heute.de
Frequency of publication:
monthly
Circulation: approx. 5000 copies
sent by e-mail
Editorial team: Bettina Meirose,
Susanne Müller, Michael
Henrichs, Thorsten Müller
Responsible in terms of press
law: Thorsten Müller
Layout: K4-PR, Essen

Page 16 T O M
MAP OF THE MONTH March 2019
Map of the Month: GfK Retail Turnover, Germany 2019
GfK‘s Map of the Month for March illustrates the forecasted 2019
regional distribution of brick-and-mortar retail turnover in Germany.
GfK forecasts a turnover volume of €423.1 bil. for Germany‘s
brick-and-mortar retail in 2019. This equates to an increase
of €3.4 bil. compared to the previous year. Brick-and-mortar retail
turnover is most concentrated in Germany‘s districts with the largest
populations. Berlin is the undisputed frontrunner with a retail
turnover of more than €18.9 bil., which equates to 4.48 percent of
the country‘s total retail turnover. Hamburg places second with
a retail turnover of €11.5 bil. (2.71 percent), followed by Munich
with €11.1 bil. (2.62 percent). The study „GfK Retail Turnover“
reveals the regional distribution of point-of-sale retail turnover,
allowing retailers and manufacturers to pinpoint the most lucrative
regions for promoting their products at brick-and-mortar outlets.
These insights are also available for many other European
markets.

Page 17 T O M
NEWS March 2019
Kaufland expands
to Down-Under
Building permits granted for first properties in Australia
Tim Pallas, Victorian Minister
of Economic Affairs, has
handed over building permits
for the first three Kaufland
branches and a distribution
centre in Victoria, southeast
Australia. The stores will be
located in Epping, Chirnside
Park, Dandenong and the
distribution centre in Mickleham.
Breuninger opens new
centre for goods services
The property was launched on schedule in Sachsenheim
Only one and a half years after
the ground-breaking ceremony,
Breuninger celebrated
the opening as planned in
Sachsenheim. During an open
day, visitors were able to inspect
the new goods service
centre.
Breuninger opened the modern
goods service centre for fashion
in Europe without any major
delays. In June 2017, the first
land improvement measures began
on the site. In October, the
first support was already provided
- since then, the impressive
large-scale building has grown
continuously into the sky. In
July 2018 Breuninger celebrated
the topping-out ceremony.
Immediately before the opening
ceremony, up to 400 people a
day were on the construction
site for construction and intralogistics
at the same time.
After the opening ceremony,
Breuninger immediately started
with a scheduled, extensive
commissioning phase. The
first goods processing begins in
„We are making long-term investments
in both Victoria and
Australia. The opening of our
first three stores, our distribution
centre and our planned future
headquarters in Victoria will
create up to 1600 jobs,“ said
Julia Kern, Chief Executive Officer
Australia. „With an investment
of 459 million Australian
dollars - around 286 million euros
- we are creating very good
opportunities for local businesses,
encouraging much needed
Kaufland is building its first
branches in Australia. Photo:
Kaufland
Sachsenheim in May. The complete
commissioning is planned
for the middle of 2020.
competition and increasing the
choice and shopping experience
for Australian consumers“.
The building permits are a very
important milestone. With the
following construction phase,
the company enters the next
phase of expansion. The first
construction measures are expected
to take place in May.
The building applications for
three further Kaufland sites in
Oakleigh South, Coolaroo and
Mornington are currently being
examined. „Australia has a lot
of potential for us. However,
it is still too early to talk about
future site numbers,“ says Julia
Kern. „We feel very welcome
in Australia and are very much
supported by all parties involved“.
On a gross floor area of around
76,000 m², which corresponds
to eleven football pitches, the
building complex in the Eichwald
industrial estate, which
has been built according to the
latest requirements, will in future
combine the Breuninger
sites currently still existing in
Sindelfingen, Bretten, Pleidelsheim,
Leinfelden-Echterdingen,
Neuenstadt and Gerlingen.
Breuninger has put its new goods service center in Sachsenheim
into operation. Photo: Thomas Niedermüller / Breuninger
The Hamburg team of
the redos Group has
three new members
The Hamburg-based redos
Group, one of the leading independent
retail real estate specialists,
announces three new
members of staff: Jan Steinhauer
and Dr. Till Dunemann are
joining the team responsible for
the revitalisation of the Rhein-
Ruhr Centre in Mülheim.
As the new Technical Director,
Steinhauer will be primarily responsible
for coordinating the
general planner and the project
manager. Before joining redos,
he worked for six and a half
years as Senior Project Partner
/ Director for Drees & Sommer.
In his new position, Mathis K.
Freundl is responsible for various
financing issues within
the redos Group, especially in
connection with the Rhine-Ruhr
Centre. Freundl comes from PricewaterhouseCoopers
GmbH.
WISAG to clean
all German Sport-
Scheck branches
in future
WISAG Gebäudereinigung has
won a new customer: From 1
April, it will take over the maintenance
and glass cleaning in all
German SportScheck branches.
Around 110 employees from 16
branches of WISAG Gebäudereinigung
will ensure a clean
environment in a total of 17
branches and two SportScheck
outlets.
SportScheck is one of Germany‘s
leading sports retailers and
welcomes around 13 million
visitors to its stores every year.
For SportScheck, cleanliness is
an important aspect in ensuring
an all-round successful shopping
experience.
Marcus Badmann new
Managing Director at
bulwiengesa
Marcus Badmann, 49, is now
Managing Director of the real
estate valuation company bulwiengesa
appraisal GmbH. In
this function, Badmann works
closely with Sven Carstensen,
Managing Director for many
years, and succeeds Ralf Fröba,
who has left the company.

Page 19 T O M
PARTICULARS March 2019
Nathalie Lohaus brings fresh
wind into shopping at URW
New Head of Commercial Partnerships
Nathalie Lohaus took over
the position of Head of Commercial
Partnerships at Unibail-Rodamco-Westfield
Germany
in March 2019.
Her activities focus on mall retail
in the form of pop-up shops,
kiosks and promotions, the
creation of brand experiences
through events and cooperations
as well as the management
of media campaigns on digital
and static advertising spaces.
Previously, she worked for the
company as Deputy Head of
Shopping Center Management
as well as Center Manager at
Ruhr Park Bochum.
GRR Group: Andreas
Freier succeeds
Susanne Klaußner
The GRR Group has appointed
Andreas Freier to the Executive
Board. In the future, Freier
will be responsible for the Asset,
Property, Transaction and
Project Management divisions
in the Executive Board.
He succeeds Susanne Klaußner,
who will leave the company
at her own request to pursue
new professional challenges.
In March 2017, Freier moved
from the issuing house and
asset manager Nordcapital in
Hamburg to the GRR Group.
The Supervisory Board thanked
Susanne Klaußner, former
Chairman of the Executive
Board, for her decisive role in
the establishment and development
of the GRR Group.
Under Klaußner‘s leadership,
the assets under management
of the GRR Group have increased
to approximately 1.4
billion euros since its foundation.
In June 2015, Klaußner
was named „Manager of the
Year“ in the real estate industry.
„Nathalie Lohaus is an experienced
manager who is very
familiar with the operative business
and knows the connections
between rental, marketing and
events as well as branding very
well“, says Paul-Eric Perchaud,
Director of Operations at Unibail-Rodamco-Westfield
Germany.
As Head of Commercial
Partnerships, Lohaus is responsible
for the 26 shopping centers
in the Group‘s German management
portfolio.
Nathalie Lohaus is the new Head of Commercial Partnerships at
Unibail-Rodamco-Westfield Germany.
Photo: URW
Claus Wisser
honoured for
his life‘s work
WISAG founder receives Lünedonk
B2B Service Award
This year, Claus Wisser receives
the Lünendonk Business to
Business Service Award (B2B)
in the Lifetime Achievement
category.
A jury of 15 media representatives
voted by a majority for
the founder of the nationwide
facility, industry and airport service
company WISAG based in
Frankfurt am Main.
The process visualization startup
Celonis from Munich was
awarded in the Innovation category,
the auditing company Ebner
Stolz from Stuttgart for its
disproportionate growth in the
Performance category over the
past decade.
Claus Wisser of WISAG has received
an award for his life‘s
work.
BayernLB gets new
CEO with Stephan
Winkelmeier
BayernLB‘s Supervisory Board
has appointed Stephan Winkelmeier
as its new Chairman of
the Board of Management. The
51-year-old, who currently still
heads FMS Wertmanagement,
will take up his new post in
August at the latest. Until then,
BayernLB will continue to be
managed on an interim basis
by Dr Edgar Zoller, who will
return to his function as Deputy
Chairman of the Board of Management
after Stephan Winkelmeier
takes office. Born in
Regensburg, Winkelmeier has
been a member of the executive
committee of the federal deconsolidated
environment for the
nationalised Hypo Real Estate
since 2015. He has also been a
member of BayernLB‘s Supervisory
Board since May 2017,
where he served as a member of
the Board of Management from
2010 to early 2014 and was responsible
for Finance and Operations.
Lars Schnidrig is
new CEO
at CORESTATE
The Supervisory Board of CO-
RESTATE Capital Holding S.A.
has appointed Lars Schnidrig
as the new Chief Executive
Officer (CEO) and Chairman
of the Management Board for
four years. The 46-year-old former
Chief Financial Officer has
held the functions of CEO and
Chairman of the Management
Board on an interim basis since
the beginning of the year. At the
same time, co-founder Thomas
Landschreiber‘s management
contract as Chief Investment
Officer (CIO) was extended for
a further three years.
Deka: Thomas
Schmengler retires
After almost 39 years in the
real estate sector and 11 years
at Deka, Thomas Schmengler
(63) will be retiring at his own
request at the end of August
this year and will concentrate
in future on exercising selective
consulting mandates. The
Supervisory Board will deal
with succession planning later
this year. Born in Koblenz, he
has been Managing Director of
Deka Immobilien GmbH since
September 2008.

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