- British Land

RETAILER
FEEDBACK 2010
CONTINENTAL EUROPE
RETAILER FEEDBACK 02
RETAILER FEEDBACK
“In early 2010, we commissioned an independent survey of our retailers
because we wanted to know what you really thought about us, our
managing agents and our properties, as well as the way we manage
our portfolio and your costs.
We wanted to identify opportunities to
improve, at the same time as highlighting
examples of best practice so that we could
introduce these across our portfolio to raise
performance.
YOUR VIEWS
Much of your feedback was positive,
with many of you commenting that we
are professional and efficient – and even
charming. You seem to be happy with
the quality of our portfolio - and see our
management as on a par with other leading
retail real estate companies. We will work
to improve on this so that we become your
partner of choice.
There were also some clear opportunities
for improvement. Findings often varied
from country to country – and so one of our
priorities is improving consistency in the
service we provide across our portfolio,
implementing similarly high standards at
each property, in each country.
We welcome your feedback and invite you
to find out more about how we plan to
address the priorities you identified. We plan
to undertake further surveys to gain your
valuable feedback.”
Focus on:
- Building relationships
- Managing service charges
- Improving property management
- Reducing energy use
- Negotiating contracts
- Who we spoke to
Alfonso Cuesta Castro
Fund Manager and Head of European Asset
Management
britishland.com/europe
RETAILER FEEDBACK 03
BUILDING
RELATIONSHIPS
“We will work more closely with you to
understand your changing needs.
We will try to ‘climb into your shoes’ so that
we make decisions that help you to achieve
your goals – at the same time as helping us to
achieve ours. Through our new key account
programme we will build relationships with
you. We will provide you with regular email
updates on what we are doing to address the
priorities you identified. We also invite you
to get to in touch with us where we can be of
help.”
Key account programme
YOU SAID...
SO WE...
“With British Land the relationship is
okay, but we need them to understand our
problems.”
We are setting up a key account
programme to build relationships with
you to understand your changing business
needs. All of our major retailers will have
a designated contact person who will
set up regular, face-to-face meetings,
as well as ongoing email and telephone
communications.
- Board Member, Home and Garden Retailer,
Portugal
Iñigo Taboada
Asset Manager
CONTACTS DIRECTORY
YOU SAID...
SO WE...
“The relationship and communication with
British Land is very good and efficient. The
contacts at British Land find solutions to
problems but they are good humoured
and charming at the same time. I think
that’s quite a rare quality.”
We have published this online contacts
directory, as well as a downloadable
contacts card. We hope that this makes it
even easier for you to get in touch with us
when you need to.
- Owner, Entertainment Retailer, France
britishland.com/europe
RETAILER FEEDBACK 04
BUILDING
RELATIONSHIPS
SETTING HIGH STANDARDS
YOU SAID...
SO WE...
“I can get in touch with British Land
whenever I need, and they are efficient.
Communication with British Land is
good with regard to business needs.
Occasionally there are delays in coming
back to us with answers.”
We will outline our standards for
communication, encouraging regular
telephone and email contact, as well as
face-to-face meetings. We hope that will
also improve consistency. We also plan to
send out regular email updates and expand
our contacts database to make sure that
these emails reach you in a timely manner.
- Administration Manager, Home and Garden
Retailer, Spain
Which methods of communication used by your landlord do you value most?
britishland.com/europe
RETAILER FEEDBACK 05
MANAGING
SERVICE CHARGES
“We recognise that service charges are your money –
and must be spent with your needs in mind.
We are working with our managing agents
to ensure that this ethos underpins any
expenditure at our properties. Our service
charge agreements with you vary from
country to country; in some places charges
are fixed, elsewhere they change year on
year. Whatever the agreement, we want our
agents to offer you the best value possible,
identifying savings that can be achieved
without affecting the high standards that
generate footfall and shopper spend.”
IMPROVING COMMUNICATION
YOU SAID...
SO WE...
“I think the market as a whole is not
transparent enough.”
We are reviewing our service charge
communications, exploring ways to offer
you a more detailed breakdown of costs,
as well as providing an annual budget and
annual reconciled statement.
- Managing Director, Optician, Spain
Santiago Neira
Asset Manager
BEING PROMT
YOU SAID...
SO WE...
“It would be nice to receive the service
charge reporting figures well in advance.”
We will look at the timings of our service
charge communications, making sure that
we send them to you as early as possible.
- Managing Director, Home and Garden Retailer,
Portugal
DELIVERING VALUE
YOU SAID...
SO WE...
“In normal circumstances service charge
costs would be good, but in the economic
downturn they are expensive.”
We are working with you and our managing
agents to identify opportunities to reduce
service charge costs. Our managing agents
already put main supplier contracts out to
tender to seek the best deal for you.
- Property Manager, Electronics Retailer, Spain
britishland.com/europe
RETAILER FEEDBACK 06
IMPROVING PROPERTY
MANAGEMENT
“We manage our portfolio through managing agents.
This is both cost-efficient and effective,
enabling us to adapt the level of management
provided, as appropriate, and respond quickly
to the purchase or sale of properties. We
thank you for your feedback and are working
closely with our managing agents to deliver
consistently high performance.”
SURVEYS
YOU SAID...
SO WE...
“I think that customer satisfaction studies
amongst the retailers should be carried
out throughout the year.”
We will carry out independent surveys of
our retailers every two years to identify
opportunities to improve and monitor your
satisfaction with us and our managing
agents. These will include surveys of store
managers at individual sites, as well as
members of your Head Office teams.
- Administration Manager, Home and Garden
Retailer, Portugal
Bertrand Labesse
Asset Manager
MYSTERY INSPECTIONS
YOU SAID...
SO WE...
“Overall, the centre management is quite
good, it’s quite responsive. They need to
focus more on the commercialisation
of the centre. For everyday matters the
management works well. The buildings
are well maintained.”
We will pilot new mystery inspections of
properties to see how well they are being
managed and identify opportunities to
improve the shopper experience.
- Owner, Entertainment Retailer, France
britishland.com/europe
RETAILER FEEDBACK 07
IMPROVING PROPERTY
MANAGEMENT
RESPONSIVENESS
YOU SAID...
SO WE...
“Sometimes things could go a bit
quicker with managing agents. We
would appreciate more flexibility as the
economic situation has changed.”
We will work to improve our own
responsiveness and will work more
closely with our agents to monitor their
responsiveness to your requests. We
understand that many of you have stores
at multiple locations and that if you are
introducing changes, you often want these
to be implemented across all your stores
simultaneously. We will work with our
agents to make the process as smooth as
possible for you.
- Administration Manager, Home and Garden
Retailer, Spain
Where should the managing agents focus their efforts to improve this service to you?
britishland.com/europe
RETAILER FEEDBACK 08
REDUCING
ENERGY USE
“We cannot afford, either financially or
environmentally, to be wasteful in our use of energy
or water, or to send recyclable waste to landfill.
We need to reduce our exposure, and your
exposure, to rising prices and increasingly
stringent regulatory requirements. We also
need to ensure that we are well placed to
deal with potential energy and water supply
restrictions, as well as anticipating growing
demands from shoppers. We will focus on
initiatives that make good business sense, as
well as being beneficial for the environment.”
IMPROVING COMMUNICATION
YOU SAID...
SO WE...
“British Land should tell us what they are
doing.”
We will tell you what initiatives are in place
at your schemes. We take our commitment
to sustainability seriously. We already have
recycling schemes at a number of our
properties, as well as initiatives to reduce
energy use and save water. For instance, at
Nassica we have an ISO:14001 accredited
Environmental Management System.
- Expansion Manager, Home and Garden Retailer,
Spain
David Sanchez
European Project Manager
INCREASING RECYCLING
YOU SAID...
SO WE...
“In retail, the means to recycle waste is
fundamental. Cardboard, paper and plastic are
easily recyclable. We need our own containers
and our own spaces for the containers. I think it is
important for the environment.”
We are reviewing opportunities to introduce
recycling facilities at those schemes
where they are not already in place. We
will review financial feasibility and will
work in partnership with our retailers at
each scheme, as we recognise that some
of you already have contracts for waste
management which cover your stores at
multiple locations. We will also carefully
consider whether sufficient space is
available on site to segregate and store
different waste streams.
- Administration Manager, Home and Garden
Retailer, Portugal
britishland.com/europe
RETAILER FEEDBACK 09
REDUCING
ENERGY USE
IMPROVING EFFICIENCY
YOU SAID...
SO WE...
“Energy saving lights to reduce costs would also
be good.”
We are introducing energy efficiency
initiatives at a number of our schemes; for
instance, replacing lightbulbs with energy
efficient LED alternatives, installing motion
and daylight sensors so that lights are only
on when needed, and zoning car parks so
that lighting in some areas can be switched
off during off-peak periods without affecting
shoppers.
- Chief Executive, Home and Garden Retailer,
Spain
RENEWABLE ENERGY SOURCES
YOU SAID...
SO WE...
“British Land should make the most of
the roof space. The park has a huge roof,
a huge area, ideal for solar panels to
convert solar energy. I don’t know if the
cost issue would be a problem but it would
be great if that was done.”
We are investigating the feasibility of
installing photovoltaic roof panels to
generate solar power. Naturally, we are
considering the implications of this carefully,
including any effects on maintenance,
warranties, insurance and leases. Payback
periods are being shortened in some
countries by feed-in tariffs which require
electricity suppliers to buy renewable
electricity at above-market rates.
- Board Member, Home and Garden Retailer,
Portugal
What could British Land do to help you achieve your sustainability objectives?
britishland.com/europe
RETAILER FEEDBACK 10
NEGOTIATING
CONTRACTS
“In the recent economic climate all costs and
contracts are coming under considerable scrutiny.
Many of our retailers are looking for greater
lease flexibility, reductions in rental charges
and cuts in service charge costs. We have
even received requests from retailers who
do not currently lease any space with us to
cut their costs. We take each request from
our occupiers seriously, but as a business
we, understandably, are not able to agree to
all of the demands we receive. That said, we
will work with you, within the context of our
own business needs, to help you to overcome
challenging conditions where possible.”
WORKING WITH RETAILERS
YOU SAID...
SO WE...
“This is a complex issue. I think we get
good value for money, but the current
economy has changed since the date the
contract was signed.”
We will work more closely with our
retailers, both those who are in particularly
challenging circumstances and those who
wish to expand. We want you to survive the
difficult times, with a business that thrives.
We will work with you, within the context
of our own business needs, to help you to
achieve this where we can.
- Expansion Manager, Home and Garden Retailer,
Spain
Alfonso Cuesta Castro
Fund Manager and Head of European Asset
Management
LEASE FLEXIBILITY
YOU SAID...
SO WE...
“I’m fine with how the lease is now. I would not be
prepared to pay more to have more flexibility.”
We aim to adapt our leases to suit the
constantly evolving needs of retailers.
We approach lease contract negotiations
with an open mindset, attempting to meet
retailers’ requirements wherever possible.
- Expansion Manager, Retailer, Spain
britishland.com/europe
RETAILER FEEDBACK 11
NEGOTIATING
CONTRACTS
IMPROVING TRADING
YOU SAID...
SO WE...
“I think there should be more investment
in marketing and promotion, also signage
and billboards.”
We recognise that surviving tough times
isn’t all about cutting costs; it’s also about
finding ways to increase shopper spend. We
are looking at marketing, promotion and
signage across our portfolio to see if there
are low-cost opportunities to increase
footfall.
- Expansion Coordinator, Home and Garden
Retailer, Portugal
What could British Land do to help you trade more successfully?
britishland.com/europe
RETAILER FEEDBACK 12
WHO WE
SPOKE TO
RealService, an independent research agency,
carried out over 40 telephone interviews with
Managing Directors, Expansion Managers, Finance
Managers and other senior members of management teams. Interviews
were conducted in early 2010, with each interview lasting between 30 and
40 minutes. Quantitative and qualitative feedback was gathered.
Retailers who provided feedback include:
britishland.com/europe
OUR TEAM
CONTINENTAL EUROPE
OUR TEAM 02
MEET OUR TEAM
Our European retail team manage retail parks in France, Italy,
Portugal and Spain - with offices in London, Paris and Madrid.
Charles Maudsley is Head of Retail AT British Land.
DetaILS OF THE
TEAM IN EACH
COUNTRY are
outlined on
the following
pages.
Alfonso Cuesta Castro
Fund Manager and Head of
European Asset Management
+34 91 5648622
Nick Hodson
Head of Development, Europe
+34 91 5648622
[email protected]
[email protected]
Alfonso joined Pillar
(subsequently bought by British
Land) in February 2004, as
its first European Manager.
He has been responsible for
asset management across our
Continental European portfolio
ever since, as well as being
involved in all our acquisitions
and disposals. Previously,
Alfonso worked at SEGECE, CB
Richard Ellis and VastNed in
roles within the international
retail real estate sector.
Nick joined Pillar (subsequently
bought by British Land) in 2004.
He has worked on over €800
million of transactions in the
Eurozone and is responsible
for British Land’s Continental
European business. In addition,
Nick is responsible for Puerto
Venecia, our 205,000m² retail
and leisure centre in Zaragoza,
Spain. Previously, Nick was a
Partner with EC Harris.
britishland.com/europe
OUR TEAM 03
FRANCE
We thank our French retailers for their feedback. This is helping
us to identify opportunities to meet your needs as effectively as
possible. If you need our assistance, please contact us.
MANAGING OUR PROPERTIES
Regular communication
We hold monthly meetings with
our managing agent, Ségémurs,
to discuss property management
issues and feedback from
occupiers, as well as establishing
action plans. Ségémurs also
visits our French properties
each month, liaising with store
managers as appropriate.
Service charge costs
Ségémurs will continue to
hold on-site meetings with
retailers to share information
on the scheme’s operations
and management. As well as
providing closing statements
on service charge expenditure,
they will now also present the
breakdown of service charge
costs and main drivers of
changes. A recent external survey
we commissioned on Property
Land Taxation has led to positive
cost adjustments for most of our
retailers in France.
Rental levels
We share our retailers’ concerns
about rental levels. Where
available, we are checking your
rental costs against turnover
data, and have instructed
Ségémurs to keep a close eye on
sales ratios and rental costs.
Bertrand Labesse
Asset Manager
+33 (0) 1 53 439013
[email protected]
Bertrand joined British Land
European Fund Management
in November 2006, opening
our office in Paris. Since then,
he has been responsible
for our French portfolio, as
well as Belgian and Swiss
assets in 2007 and Italian
assets since 2008. Previously,
Bertrand worked in the office,
logistics and retail sectors,
with Hammerson France and
Rodamco as Portfolio Manager.
Marc Auger
Ségémurs
Managing Agent
+33 (0) 1 40 675171
[email protected]
britishland.com/europe
OUR TEAM 04
ITALY
We welcome feedback from our Italian retailers. If you need our
assistance, please contact us.
MANAGING OUR PROPERTIES
Marketing funding
At Terminal Nord Retail Park
in Udine, British Land has been
funding additional marketing
budget since the site opened in
2008. The scheme also benefits
from a Park Manager who is
responsible for the day-to-day
management of the Park and for
liaison with our retailers.
Regular communication
We hold monthly meetings with
our managing agent, Espansione
Commerciale, to discuss
property management issues
and feedback from occupiers, as
well as establishing action plans.
Representatives from Espansione
Commercial also visit Terminal
Nord each month, liaising with
store managers as appropriate.
Bertrand Labesse
Asset Manager
+33 (0) 1 53 439013
[email protected]
Bertrand joined British Land
European Fund Management
in November 2006, opening
our office in Paris. Since then,
he has been responsible
for our French portfolio, as
well as Belgian and Swiss
assets in 2007 and Italian
assets since 2008. Previously,
Bertrand worked in the office,
logistics and retail sectors,
with Hammerson France and
Rodamco as Portfolio Manager.
Esmeralda Capellini
Espanione Commerciale
Managing Agent
+39 (0) 59 2924811
Nicola Granziolo
Park Manager
Managing Agent
+39 0432 477537
[email protected]
[email protected]
britishland.com/europe
OUR TEAM 05
PORTUGAL
We want to be the partner of choice for our retailers, and for them
to feel that we are close to them. Our managing agents are there
to meet the needs of our retailers. We welcome your feedback and
invite you to contact us where we can be of assistance.
MANAGING OUR PROPERTIES
Regular communication
We are working hard to improve
our responsiveness to retailers’
requests, giving responses
as quickly as possible so that
they can focus on trading as
successfully as possible.
synergies and provide us with
a retailers’ perspective on the
market. These meetings will be
followed by appropriate action
plans, with more frequent
meetings for retailers who have
particular concerns.
We will also continue working
to improve and consolidate
the relationships between our
managing agents and retailers.
Regular meetings between
agents and retailers will improve
understanding of retailers’
changing needs and concerns,
identify potential marketing
Service charge costs
In the challenging economic
climate, we are working
particularly hard to control
service charge costs per square
metre wherever feasible, helping
occupiers to improve their profit
and loss accounts.
Manuel Puig
Jones Lang LaSalle
Managing Agent
+351 (21) 3583222
Joao Correira de Sampaio
Sonae Sierra
Managing Agent
+351 (21) 751 5000/25
[email protected]
[email protected]
Marketing
We have instructed our managing
agents to provide retailers with
detailed information about annual
budgets and to consult with them
on marketing strategies, to get
feedback and identify potential
synergies. At those properties
where additional marketing effort
is required this year, British Land
will contribute to support the
marketing strategies.
Santiago Neira Canalejo
Asset Manager
+34 91 5648622
[email protected]
Santiago joined British Land
European Fund Management in
January 2007, with responsibility
for our portfolio in Portugal.
He currently manages five
Portuguese assets for us.
He was also involved in our
acquisition of Santarém in 2008
and Lima in 2007. Previously,
Santiago worked as Leasing
Project Manager with Riofisa
SA, and in the management and
leasing team at Cushman and
Wakefield on projects such as
Plenilunio in Madrid in 2006.
britishland.com/europe
OUR TEAM 06
SPAIN
We are putting considerable effort into building strong, long-term
relationships with our retailers. We welcome your feedback and
invite you to contact us where we can be of assistance.
MANAGING OUR PROPERTIES
Regular communication
Understanding and anticipating
changes to the dynamic retail
marketplace, and the implications
of these for retailers, are key
priorities for us, making regular
contact with retailers essential.
We are also working with our
managing agents to improve
responsiveness to retailers’ needs.
Service charge costs
In the current economic climate,
optimising service charge costs is
more important than ever. Together
with our managing agents, we
are investing time and effort in
identifying opportunities to reduce
service charge costs, without
negatively affecting the high quality
that distinguishes our portfolio.
These efforts are already bringing
about positive results, for instance
with cuts in local taxes following
a detailed survey, as well as
electricity use reductions of up to
14% thanks to efficiency initiatives.
Our management team will
continue to share information
with retailers about how each
asset is trading. Together with the
information retailers provide to us,
this enables both property owners
and occupiers to make informed
decisions.
Ana Colom Monfort
CB Richard Ellis
Managing Agent
+34 93 4447700
Jesús Ruiz Capilla
Gentalia
Managing Agent
+34 91 4321381
[email protected]
[email protected]
Susana Clarke
CWHB
Managing Agent
+34 93 4881881
[email protected]
Iñigo Taboada
Asset Manager
+34 91 564862
Iñigo joined British Land
European Fund Management
in July 2007, with responsibility
for Nueva Condomina
Shopping Centre in Murcia and
Puerto Venecia Retail Park in
Zaragoza. He now manages
Nueva Condomina, Nassica
Retail and Leisure Park in
Madrid and Vista Alegre Retail
Park in Zamora. Previously,
Iñigo worked with Jones Lang
LaSalle and VastNed, where
he was responsible for asset
management of its retail
portfolio in Spain.
[email protected]
David Sanchez
European Project Manager
+34 91 5648622
José Urrutia
European Project Manager
+34 91 5648622
[email protected]
[email protected]
David joined British Land
European Fund Management in
August 2006, with responsibility
for Continental European
developments and other capex
initiatives. Since August 2007
he has also had responsibility
for Continental European
acquisitions and disposals. He
has overseen ten operations
with a total value of more than
€600 million, relating to 14
assets in Belgium, France, Italy,
Portugal, Spain and Switzerland.
Previously, David worked with
Andersen Consulting and EC
Harris.
José joined British Land
European Fund Management
in December 2007, with
responsibility for the opening of
the Retail Park at Puerto Venecia
in Zaragoza. This was completed
in May 2008. He is now focused
on the Shopping and Leisure
Centre development. José
is also involved in the asset
management of the Retail Park
at Puerto Venecia. Previously,
José worked at Ségécé, Procisa
and Metrovacesa, where he
gained extensive experience in
management, development and
investment within the real estate
sector.
britishland.com/europe
OUR PROPERTIES
CONTINENTAL EUROPE
OUR PROPERTIES 02
FRANCE
EXONA RETAIL PARK, CORBEIL
MONTGERON RETAIL PARK, MONTGERON
4.2m visitors forecast for 2010 at Exona
100% let at Montgeron
- This 35,841m² scheme, which opened in 2007/2008 (phased), is
95% let by area.
- This 12,405m² retail park is 100% let by area and is trading well.
- Footfall increased by 1.5% in 2009.
- In 2009, the scheme was enhanced by the addition of the discount
supermarket, Leader Price, the organic supermarket Natureo,
and two restaurants, together with the opening of the adjoining
12,000m² Factory Outlet operated by ‘Marques Avenue’.
- We are continuing negotiations with the landowner to secure an
additional 14,000m² on an adjoining plot which will more than
double the size of the scheme. It will also improve access routes
and traffic circulation in the car parks.
- As a result, footfall at the scheme is forecast to increase to 4.2
million in 2010, from 3.9 million in 2009 and 2.8 million in 2008.
britishland.com/europe
OUR PROPERTIES 03
ITALY
TERMINAL NORD RETAIL PARK, UDINE
11% increase in sales in 2009 at Terminal Nord
- This 32,340m² park opened in March 2008.
- The scheme is 95% let to strong national and international
occupiers. These include Carrefour, Casa, Decathlon, Euronics
and Maison du Monde, with Kiabi and OVS recently joining the
scheme.
- Due to improved retail and marketing initiatives, sales increased
by 11% in 2009 compared with the same period last year.
britishland.com/europe
OUR PROPERTIES 04
PORTUGAL
AVEIRO RETAIL PARK, AVEIRO
SINTRA RETAIL PARK, LISBON
Agreement to improve accessibility at Aveiro
2,611m² extension at Sintra
- This 23,223m² scheme is now 98.9% let by area.
- Construction of the 2,611m² extension has now been completed,
with most units forecast to open during 2010.
- We have continued to actively manage the occupier mix by
introducing more appealing fashion operators.
- Visitor numbers have remained stable and we expect an increase
once the scheme is 100% let and an agreement has been reached
with our neighbouring scheme, Makro, to build a link which will
improve parking ratios and accessibility. Construction is expected
to be finished before summer 2010.
- The extension is 90% let to retailers whose activities were
previously not present on the park, such as Minipreçio
(supermarket), Feuvert (autocentre) and Brinka (toys). The
remaining 10% is in solicitors’ hands.
- Facilities on site, such as parking and signage, will be improved at
the same time as the fit-out extension work is carried out, and a
relaunch campaign will be organised.
PORTIMÃO RETAIL PARK, PORTIMÃO
SANTARÉM RETAIL PARK, SANTARÉM
3% increase in visitors at Portimão
3.2m visitors at Santarém
- This 27,105m² scheme is 99% let by area.
- The scheme is 92% let by area. The remaining area will be let with
a complementary activity to improve the mix.
- Footfall increased by 3%, despite the difficult economic market
and competition from Bouygues Retail Park which opened March
2009.
- We will improve signage on access routes to the Park, installing
new signs at key points in the city.
- Visitor numbers exceeded 3.2 million in 2009.
- We are working to improve signage on access routes at key points
in the city.
- Extra marketing effort will be made in 2010, to increase visitor
numbers further.
britishland.com/europe
OUR PROPERTIES 05
PORTUGAL
LIMA RETAIL PARK, VIANA DO CASTELO, LIMA
100% let at Lima
- A 10,764m² scheme which is fully let and trading.
- We are working to reduce occupancy costs, which is particularly
important in these challenging times.
- The scheme is well anchored and the occupier mix very
complementary.
- The Park enjoys a very good visibility from the main road.
britishland.com/europe
OUR PROPERTIES 06
SPAIN
NASSICA RETAIL AND LEISURE PARK, MADRID
Visitor numbers at Nassica up 20%
NUEVA CONDOMINA SHOPPING CENTRE
AND RETAIL PARK, MURCIA
14,369m² of lettings at Nueva Condomina
- This scheme is 99% let by area, with lease agreements recently
signed with Toys ‘R’ Us and Starbucks.
- Visitor numbers increased by circa 20% in 2009.
- Sales were positive and even weaker sectors in the current
economic context, such as electrical, showed an improvement
over the last quarter of 2009.
- The main anchor stores, Carrefour and UGC Cinema, are trading
well.
- The factory outlet will be redesigned during the second half of
2010, predominantly to accommodate new retail warehouse
occupiers.
- The scheme is now 96% let by area to strong national and
international occupiers including Fnac, H&M, Inditex Group, Leroy
Merlin, Media Markt and Primark.
- Visitor numbers increased by 6%, with around 11 million visitors in
2009.
- There was intensive leasing activity during 2009, with 14,369m² let
to retailers including Coleccion Hogar, Go Go Bowling and Worten,
as well as fashion retailers, such as Esprit, Mango, Todosport and
Zippy.
- A programme to improve signage, landscaping, car parking and
pedestrian flows was successfully implemented during the latter
half of 2009.
- This is a joint venture between PREF, British Land and
Henderson’s Herald Fund.
britishland.com/europe
OUR PROPERTIES 07
SPAIN
VISTA ALEGRE RETAIL PARK, ZAMORA
PUERTO VENECIA, ZARAGOZA
4% increase in sales at Vista Alegre
One of Europe’s largest retail and leisure destinations
- This 16,745m² scheme is now fully occupied.
- 200,000m² joint venture development project.
- Visitor numbers increased by 10% during 2009 and sales
increased by 4% on a like-for-like basis.
- The first phase of the scheme, a 85,000m² premium retail park,
opened in 2007/08.
- Rent-to-sales ratios remain comfortable for the majority of
retailers.
- The retail park is now 90% let or sold, attracting leading operators
in furniture, home decoration, electrical goods and sports
equipment. It is anchored by Ikea, Leroy Merlin, Media Markt and
Conforama, with Decathlon and Kiabi also due to open during
2010.
- We increased the proportion of turnover rent leases (based on
sales declarations) to 53% in 2009, from 26% in 2008.
- The second phase consists of a major shopping and leisure centre
focused around a lake.
- The shopping mall is anchored by the leading department store
operator, El Corte Inglés, together with Primark, Desigual, H&M,
Mango and Toys ‘R’ Us.
- The leisure element is anchored by Cinesa, the leading cinema
operator in Spain, and Wavehouse, the lifestyle surfing operator.
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