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Europe’s hot properties

Leading retailers and real estate firms talked shop at property trade show Mapic at the Palais des Festivals in Cannes this month. We listened in to find out what some of Europe’s biggest retail property firms are up to.

Cushman & Wakefield

Country of origin US

Portfolio Handles 260 shopping centres globally, totalling just under 97 million sq ft of floorspace. Clients include Agent Provocateur, Banana Republic, H&M, Mango, Reiss and Zara.

Commercial real estate broker Cushman & Wakefield exhibited at Mapic this year to meet both with existing clients and major developers.

The firm has also been speaking to retailers about the large estates it acts for in central London, including the Crown Estate’s St James’s estate and Regent Street, and Shaftesbury, which owns the Carnaby estate. Cushman & Wakefield says there is a trend towards a polarised market, with retailers opening in capital cities and regional schemes, which it says is driving up rents in those areas.

Contact 020 7935 5000

CBRE

Country of origin US

Portfolio Worked with Ted Baker on its entry into China; helped Portuguese retailer Sacoor Brothers expand across Europe and Asia; and advised Australian fashion brand Cotton On to launch into Germany, helping it secure six stores, identifying and finalising the leases.

CBRE is working on a raft of leasing instructions at Westfield Stratford City, the T8 in Paris, Crown Estate properties in Regent Street and Covent Garden in London, and Valdebebas Centre in Madrid. The retail property market in continental Europe mirrors that of the UK, says CBRE, with retailers moving away from secondary locations to primary ones. It points out that rents have fallen 15% to 20% in several countries, including Portugal and the Czech Republic. Vacancy rates in secondary locations have hit 40% in Greece.

Contact 020 7182 2000

Capital Shopping Centres

Country of origin UK

Portfolio Trafford Centre; Lakeside; MetroCentre; Braehead, Glasgow; Harlequin, Watford; Victoria Centre, Nottingham; Arndale, Manchester; Eldon Square, Newcastle; St David’s, Cardiff; Chapelfield, Norwich; Cribbs Causeway, Bristol; Chimes, Uxbridge;

The Potteries, Stoke; Glades, Bromley. Capital Shopping Centres, the manager and owner of UK-based regional shopping centres, has a number of developments in the pipeline, which are either at planning or consultation stage, including extensions at the Victoria Centre and Lakeside. With a lack of new space becoming available in the next few years, developers are offering retailers extensions to their stores. The landlord has since delivered extensions at Debenhams in the Trafford Centre, and at Primark and Marks & Spencer in the MetroCentre.

It has also developed a roof extension at Lakeside, which will house Forever 21’s new flagship store.

Contact 07785 925281

Hammerson

Country of origin UK

Portfolio Brent Cross, London; Highcross, Leicester; The Oracle, Reading; Bullring, Birmingham; Cabot Circus, Bristol; Centrale, Croydon; Union Square, Aberdeen; WestQuay, Southampton; Queensgate, Peterborough; Silverburn, Glasgow; Monument Mall, Newcastle; Cathedral Lanes, Coventry.

Hammerson is looking to attract international retailers to its UK and French schemes. It has an £8.5m real estate portfolio in the two countries, with investments in 18 major shopping centres and 18 retail parks. There is a number of developments in the pipeline, but its main focus is the Les Terrasses du Port scheme in Marseille. Construction started in May and the centre is set to open in 2014. The 603,000 sq ft mall will house 160 shops and 2,600 car spaces when finished. It has already secured Apple, H&M, Zara, Monoprix and Sephora, and 54% of space has been let.

Contact 020 7887 1833

Westfield

Country of origin Australia

Portfolio 124 shopping centres worldwide across Australia, New Zealand, US, UK and Brazil.

Hot on the heels of the opening of the £1.8bn Westfield Stratford City scheme in London, Westfield has more plans up its sleeve, including a development in Milan, new ventures in Brazil and at the World Trade Center site in New York. The landlord says modern retail developments must combine a compelling mix of retail, leisure and dining to succeed, and says it is itself targeting leading anchor retailers to sit alongside major international brands, individual retailers and food operators across its portfolio of shopping centres.

Contact 020 7061 1400

McArthurGlen

Country of origin UK

Portfolio Ashford, York, Bridgend, Cheshire Oaks, East Midlands, Livingston, Swindon; Barberino, Castel Romano, La Reggia, Veneto in Italy; Athens; Roermond, Holland; Berlin and Neumünster in Germany; Parndorf and Salzburg in Austria; Roubaix and Troyes in France; Luxembourg.

Designer outlet operator McArthurGlen is a Mapic veteran, exhibiting there since 1995. However, this year it sent its largest ever delegation after opening its 20th outlet in Athens. It presented its new projects at the show, and used it to build on its partnerships with its brand investors from across Europe. In autumn next year it will open its 21st centre, which will be 280,000 sq ft. It is currently in negotiations with retailers in Neumünster, Germany. It is also extending its Veneto, Barberino and Castel Romano outlets in Italy, and a 54,000 sq ft extension will open at its Swindon centre in 2014.

Contact 020 7535 2300

CWM

Country of origin UK

Portfolio Hugo Boss, Tommy Hilfiger, Dune, All Saints, Ben Sherman, Diesel, True Religion, American Apparel, Kate Spade, Juicy Couture, Bench.

Property consultant CWM has its sights set on bringing new international retailers into the UK. It has been working with Capital Shopping Centres on leasing its Lakeside scheme, where recent lettings include Guess, Cult, Thomas Sabo, Forever 21 and Boux Avenue. CWM has also won the job of leasing shops at Capital’s The Harlequin mall in Watford. Speaking to Drapers about the health of the property market, CWM says in order for shopping centres to be successful, they must offer a contemporary mix of retail and leisure.

Contact 020 7494 6900

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