IMAGE: UNIBAIL-RODAMCO

The Evolution of Retail Warehousing ........................... .6Commentary.by.Alice.Breheny

About Branding and Naming ............ .8Commentary.by.James.Turner

Make 2015 Your Year of Light ..... .10Commentary.by.Thomas.Mark

To App or Not To App That Is Not the Question (Anymore) ...................11Commentary.by.Jrg.F..Bitzer

Do We Need New Retail Real Estate? ..................................... .12Commentary.by.Rainer.Kundrfer

Operators Need to Position Themselves; They Need to Tell a Story ..................................... .42Markus.Schwitzke.and.Richard.Wrsch..of.the.Schwitzke.Group.set.brands.and.shopping.worlds.in.scene.and.tell.their.stories

Christmas Decoration: How Centers Become Places of Heightened Emotion ....................... .46Never.from.the.catalog,.never.off.the.shelf.is.First.Christmass.motto

Shopping Mall Activation la Carte ...................................... .48Commentary.by.Markus.Levens

Leasing Versus Commercialization: Foes or Allies? ................................. .50As.retail.markets.develop,.the.role.of.commercialization.is.becoming.increasingly.important

Where Are We Going? Thinking about the Future ........................................ .52Foodservice.Column.by.Jonathan.Doughty

ACROSS Mobile ............................... .36Retrieve.information.whenever.you.really.need.it..An.adapted.ACROSS.web.page.for.all.mobile.devices,.a.specially.designed.ACROSS.app,.the.ACROSS.news.ticker,.ACROSS.TV,.and.numerous.extra.features.are.now.available.to.the.community.of.ACROSS.readers..All.services.can.be.tested.free.of.charge.until.the.end.of.June

Take a Bite out of the Mobile Shopping Cake ................................ .38More.and.more.consumers.are.shopping.with.smartphones.and.tablets..Shopping.center.operators.are.trying.to.capitalize.on.this.trend.towards.mobile.commerce.in.myriad.ways

Projects & Openings............................14Projects,.openings,.refurbishments,.human.resource.announcements,.and.other.retail.real.estate.news

Tarasy Zamkowe Launched in Lublin .......................... .30Immofinanz.Group.has.completed.another.retail.project.in.Poland..The.investment.amounted.to.approximately.115.million

Inno Antwerp Meir in its Old Glory ................................ .32The.monumental.department.store.built.in.1901.has.now.been.restored.by.Redevco

And the Winner Is ......................... .34Markthal.in.Rotterdam.received.the.2015.award.for.the.Best.Shopping.Center.at.MIPIM

IMAGE: IM

MOFINANZ GRO

UP

2 ACROSS 1 | 2015

Innovative News from New York, New York ........................78A.study.tour.in.the.city.that.never..sleeps.led.to.both.new.and.traditional.retailers..They.are.united.by.the.fact.that.they.have.never.slept.through.a.trend

Every Year ......................................79....the.whos.who,.mainly.of.the..European.real.estate.industry,.meets..in.Cannes.for.MIPIM..One.of.the..trends.at.this.years.fair.was.an..increased.interest.in.secondary..cities

Emotionalization and Scenarios ...................................80More.than.250.international...decision-makers.in.the.field.of..concept.decorations.were..enthusiastic.about.the.Premium..Business.Program.at.Christmasworld.2015

7th Magdus Outlet Conference .......82This.industry.event.takes.places.on.June.11.and.12.in.Paris

Shopping in KL ................................ .66Kuala.Lumpur,.the.capital.of.the.former.Asian.Tiger.Malaysia,.has.seen.better.days.from.an.economic.perspective..A.little.photo.tour.through.the.citys.malls

Hungary without Shopping Sundays .......................... .72Legislation.forcing.all.retail.shops.to.close.on.Sundays.entered.into.force.in.Hungary.on.March.15,.2015;.most.shops.are.forced.to.close.on.Sundays.and.at.night

Unprecedented Times from an Investor Appetite Perspective ........ .74Savills.UK.Shopping.Center.and.High.Street.Bulletin,.Q4/2014.notes.intense.activity.in.the.countrys.market.with.increased.investor.action.and.demand.for.the.sector

Voracious Demand for Germanys Commercial Real Estate ................. .76Transaction.volumes.in.the.black-red-gold.republic.rose.by.a.third.in.the.first.quarter.of.2015.compared.to.the.same.quarter.last.year

Investment News ................................58TH.Real.Estate.has.exchanged.contracts.for.the.acquisition.of.the.Nova.Lund.shopping.center.in.Sweden.from..Unibail-Rodamco.for.176.million

There Are Almost No New Developments Anymore ..........62Josip.Kardun,.Group.CEO.of.Atrium.European.Real.Estate.Limited,.tells.ACROSS.about.the.Companys.strategy.and.why.institutional.investors.are.no.longer.willing.to.wait.to.see.returns

How Vasco da Gama Triggered a Disruptive Innovation ..................... .54Retail.Innovation.Lab.by.Stephan.Jung

Twenty New Stores in 2015 ............ .56The.Polish.clothing.chain.50.Style,.owned.by.Marketing.Investment..Group,.is.on.an.expansion.drive

IMAGE: ATR

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1 | 2015 ACROSS 3

The.United.Nations.has.designated.2015.as.the.International.Year.of.Light,.a.global.initiative.to.raise.awareness.of.the.importance.of.light.and.lightbased.technologies..The.campaign.(www.light2015.org).aims.to.highlight.how.dependent.we.are.on.light.for.our.very.existence.and.human.development.and.to.explore.how.science.and.lighting.technology.have.combined.to.create.solutions.in.energy,.education,.and.health.

On.a.personal.level,.we.can.all.identify.with.light.as.something.that.affects.our.well-being..It.is.well.documented.that.people.in.Northern.Europe,.for.instance,.can.be.adversely.affected.by.the.limited.daylight.hours.in.winter..Often.their.treatment.involves.light.to.lift.moods.and.dispel.depression..The.widespread.use.of.candles.in.Scandinavia.is.a.practice.designed.to.lift.the.mood.and.create.a.cozy.atmosphere.in.the.darkest.months.of.the.year.

We.have.also.come.to.recognize.light.as.playing.an.integral.part..in.celebrations..From.magnificent.festive.lighting.schemes.in.cities.such.as.Stockholm,.traditional.German.Christmas.markets,.cultural.events.like.Christmas,.Chinese.New.Year,.and.Diwali,.and.simply..illuminations.put.up.at.home.for.family.celebrations..effective.use.of.lighting.accentuates.and.creates.atmosphere..

The.emotive.nature.of.lighting.is.what.makes.it.so.charming..Light.makes.us.happy..Light.makes.us.feel.good.about.ourselves.and..others..Light.improves.the.quality.of.our.lives.and.our.well-being..every.day.and.in.every.way..By.making.clever.use.of.the.emotive..qualities.of.lighting,.experts.in.the.field.of.decorative.lighting.have..extended.the.capability.of.displays.to.become.powerful.storytelling.tools,.and.a.way.of.creating.positive.vibes,.stimulating.moods,.im.proving.security,.and.encouraging.customers.to.spend.money.

In.environments.such.as.shopping.centers.and.public.spaces,..lighting.displays.with.an.engaging.narrative.can.touch.customers.emotions.and.positively.influence.consumer.behavior.through.the..creation.of.a.memorable.shopping.and.social.destination..If.a.center.or.public.space.is.able.to.create.an.emotional.experience,.visitors.will.enjoy.shopping,.increase.their.dwell.time,.spend.more.money,.and.repeat.their.visits..

As.the.United.Nations.Year.of.Light.gets.underway.and.brings.to.the.publics.attention.the.importance.of.lighting,.now.is.a.great.time.to.evaluate.how.your.lighting.displays.can.have.a.positive.impact.and.bring.commercial.benefits.to.your.business.location..Make.light.work.for.you..The.rewards.could.be.significant.

MAKE 2015 YOUR YEAR OF LIGHT

BY THOMAS MARK, IMAGE: MK ILLUMINATION

THOMAS MARK

Vice President of MK Illumination

In environments such as shopping centers and public spaces, lighting displays with an engaging narrative can touch customers emotions and

positively influence consumer behavior through the creation of a memorable shopping and social destination.

4 ACROSS 1 | 2015

What is your opinion on this topic? Discuss it with us! Send your opinion toopinion@across-magazine.com!

TO APP OR NOT TO APP - THAT IS NOT THE QUESTION (ANYMORE)

Customers.are.constantly.being.offered.more.opportunities.and..methods.for.consumption,.both.online.and.offline..Every.retailer.has.to.recognize.and.follow.this.trend.in.order.to.avoid.losing.out.to.the..competition..We.must.find.a.combination.of.e-commerce,.mobile.apps.or.social.media,.and.traditional.retail.stores..Todays.end.consumers.are.digitally.networked.at.all.times.and.around.63%.of.buyers.use.devices.like.mobile.phones.and.tablets.to.learn.about.products.in.advance.or.to.buy.them.online.

A.strong.presence.on.all.channels.increases.retailers.sales.and.aware-ness.of.their.brands,.while.also.offering.the.opportunity.to.understand.customers.better.and.align.individual.advertisements.and.promotions..Although.the.latest.study.by.the.Austrian.Institute.for.SME.Research..reports.that.online.retail.in.Austria.accounts.for.only.a.5%.share.(excl..gas.stations).of.total.retail.sales,.the.combination.with.bricks-and-.mortar.stores.has.become.indispensable..37%.of.all.online.sales.are.made.in.addition.to.sales.in.bricks.and.mortar.stores..16%.of.these..indicated.that.the.product.was.not.available.locally.

LIMITED RETAIL SPACE

Online.stores.therefore.offer.a.diverse.selection.with.which.physical.shops.could.never.compete.to.that.extent.due.to.limited.retail.space..The.flow.of.information.about.the.desired.product.is.faster.and..customers.enjoy.a.higher.level.of.comfort..Stores.serve.as.an.addi.tional.focal.point,.build.customer.relationships,.and.present.products..

A.popular.example.is.the.clothing.manufacturer.H&M,.which.has..succeeded.in.integrating.the.internet.into.its.retail.stores..Customers.enjoy.flexibility.when.purchasing.or.exchanging..They.can.order.their..desired.articles.online.and.exchange.them.without.complications.in.the.nearest.physical.store.if.they.change.their.minds..They.dont.have.to.trek.to.the.post.office.

SOCIAL MIRROR

Todays.customers.are.spoiled.by.experience.and.benefits.and..overwhelmed.by.advertising.and.offers..How.can.they.make.decisions.in.such.an.environment.and.how.can.retailers.stand.out.from.the..competition?.Adidas.Neo.came.up.with.a.creative.concept.called.the.Social.Mirror..This.mirror.photographs.new.outfits.in.the.store.and.shares.them.automatically.with.the.Facebook.community,.which.can.then.assist.in.making.the.purchase.decision.

International.retailers.like.Ikea,.the.Swedish.furniture.manufacturer,.and.the.toy.maker.Lego.have.made.use.of.augmented.reality.apps.and..integrated.these.into.their.marketing.strategies..The.augmented.reality.app.allows.customers.to.retrieve.more.information.about.a.product..and.to.view.a.3D.animation.of.it.from.all.sides.via.a.scan.function.on.the.cell.phone.

Retailers.must.adapt.to.developments. in.customer.behavior...Customers.are.becoming.increasingly.mobile.and.that.must.also.apply.to.retailers..Consumption.takes.place.independent.of.space.and.time..Omni-channeling.offers.retailers.the.possibility.of.developing.new.and.foreign.markets.and.of.proving.themselves.among.fierce.competition.

JRG F. BITZER

Head of Retail at the Austria real estate

service provider EHL

BY JRG F. BITZER, IMAGE: EHL

think

ACROSS

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1 | 2015 ACROSS 5

What is your opinion on this topic? Discuss it with us! Send your opinion toopinion@across-magazine.com!

JESUS PEREZ RODRIGUEZ

The Spanish economy has passed through a difficult period, which has directly affected the real estate market. The recession has now been overcome; GDP increased by 1.3% in 2014. For 2015 and 2016, private consumption and employment levels will, in all probability, continue to rise. Conditions in the Spanish property market have thus significantly improved. As a result, BNP Paribas Real Estate Spain is preparing for the future and continuing its human resource restructuring: Jesus Perez Rodriguez (photo) was appointed as the new CEO in early February and also takes over property management in Spain as General Manager. He reports to Lauric Leclerc, Deputy CEO of BNP Paribas Real Estate, who is responsible for property management and secondary markets. Thierry Bougeard, previously Head of Transaction was also appointed as General Manager of BNP Paribas Real Estate Advisory Spain in early February and will report directly to Jesus Perez Rodriguez. This thus concludes the restructuring of BNP Paribas Real Estate Spain, which began in 2014 with the hiring of 20 new consultants and which led the company to reach a much better result last year than the year before.

IMAGE: TK DEV

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IMAGE: BNPPRE

CITY-PASSAGE TO BE RENAMED LOOM BIELEFELD

Another major step towards modernizing the City-Passage in Bielefeld is complete. In a public meeting in early February, the City Development Committee decided clearly in favor of the new draft design for the exter-nal facades. As part of the new look, the shopping center is also receiving a new name: Loom Bielefeld. Bielefelds first sewing machine factory once stood on the site of todays City-Passage. This was the inspiration for the new name. The majority of participants voted for this name through an online portal. The city and ECE had agreed on a so-called cooperative process for the development of a new faade. A working group with an equal number of representatives from politics, external experts, and ECE representatives developed the design concept. The whole concept is based on Bielefelds industrial heritage. In the middle of the 19th century, this city in North Rhine-Westphalia became a significant textile hub thanks to the sewing machine and linen industries. Even today, the image of the city is affected by the linen trade. This is evidenced by, among other things, the local presence of a global textile company, a renowned Textile College, and the popular town festival Weavers Market. The shopping gallery was acquired in 2011 by the ECE European Prime Shopping Center Fund and has since been under ECE management. The center specialist from Hamburg plans to turn the City-Passage, built in 1977, into a modern and attractive shopping center with about a hundred shops on around 26,000 sq m of retail space. Construction on the 120-million project is set to begin in late summer of this year. The opening is scheduled for spring 2017.

GERMANY

TK DEVELOPMENT SELLS STRDET PROJECT

Citycon is continuing to build its platform in Denmark and has signed an agreement with TK Development regarding the forward purchase of the Straedet project in Kge in the greater Copenhagen area. TK Develop-ment is developing an urban, grocery- anchored, open-air shopping center in the heart of Kge, next to the train station. Citycon will acquire the property at comple-tion based on a fixed 6.25% net initial yield. The purchase price is estimated to be approximately 75 million. The shopping center will have a gross leasable area of approximately 19,000 sq m. Straedet will be anchored by two grocery retailers and a cinema and will in total comprise some 38 retail units, cafs, and restaurants. The open-air mall will complete a defined high-street loop with pedestrian streets in the center of Kge and will be integrated with the refurbished city hall and other municipal services. Kge forms part of the Copenhagen metropolitan area and is located approximately 30-minutes by car from the Copenhagen Central Business District. The city is also directly connected to downtown Copenhagen by a commuter rail system. Kge has strong demographics with a disposable household income higher than the average for the Copenhagen municipality and the citys old town and harbor are popular destinations for Danish and foreign tourists. This new, attractive urban develop-ment fits perfectly with our portfolio and philosophy of investing in every-day shopping. The deal structure enables us to source a new, top-quality property with an attractive risk-return relationship. With this transaction, we are continuing to build our platform in Denmark and we also see opportunities in the market going forward. Our focus in Denmark remains on urban, grocery-an-chored shopping centers in the greater Copenhagen area, says Nils Styf, CIO of Citycon. TK Development is expecting to start construction during the first quarter of2015 and the project is scheduled to open in phases, with final completion in the second quarter of2017, at which time Citycon will acquire the property.

IMAGE: ECE

DENMARK

6 ACROSS 1 | 2015

IMAGE: UNIBAIL-RODAMCO

H&M GROUP SIGNS THREE OF ITS BRANDS AT MALL OF SCANDINAVIA

Unibail-Rodamco announced a major retail leasing deal with the Hennes & Mauritz (H&M) Group to take space for its H&M, COS, and & Other Stories stores at the Mall of Scandinavia, Scandinavias largest shopping center development. Opening in autumn 2015, the 100,000-sq-m shopping center is located just seven minutes from downtown Stockholm and will house 250 stores and restaurants. The three Swedish brands will take a total of 5,500 sq m, including an iconic H&M store of over 4,000 sq m over two floors. The store will feature the very latest H&M fashion collections, including successful sports and footwear ranges, H&M Home collection, and H&M Beautythe brands new beauty range. Popular fashion brands COS and & Other Stories will take 589 sq m and 1,049 sq m respectively in the shopping center. This marks a major milestone for COS it will be its first store to open in a shopping center in Scandinavia. H&M, COS, and & Other Stories will add to the long list of local and international fashion brands already signed to Mall of Scandinavia, such as Pull&Bear, Massimo Dutti, Zara, Zara Home, Superdry, Michael Kors, Hugo Boss, and an Ahlns department store.

SWEDEN

1 | 2015 ACROSS 7

The.faster.and.more.mobile.transfer.of.select.knowl-edge.is.essential.nowadays..Barrier-free.communi-cation.now.constitutes.a.measurable.competitive.ad-vantage.in.international.business..We.have.therefore.decided.to.present.ACROSS.-.The.European.Retail.Real.Estate.Magazine,.even.more.broadly..Multiple.new.services.related.to.retail.real.estate.create.addi-tional.value.for.our.readers..And:.From.now.on,.all.our.services.will.be.fully.mobile.and.accessible,.says.ACROSS.publisher.Reinhard.Winiwarter.of.the.cor-nerstones.of.the.digital.relaunch..In.short:.ACROSS.is.going.mobile..This.digital.restructuring.is.our..response.to.the.desire.frequently.expressed.by.our.readers.to.make.our.magazine.available.anywhere,.anytime..Were.opening.additional.multimedia.infor-mation.channels,.Winiwarter.continues..ACROSS.is.now.available.on.the.new.multimedia.website.www.across-magazine.com.and.via.app.(available.on.app-stores).for.all.popular.mobile.devices.

The.heart.of.ACROSS.mobile.is.and.will.remain.our.industry.magazine,.which.appears.six.times.per.year..In.addition.to.the.print.edition,.ACROSS.subscribers.receive.unrestricted.access.to.the.full.online.version.of.the.magazine..There.is.also.the.option.of.a.digital-only.subscription.at.a..reduced.price.

MANY NEW SERVICES

In.addition,.ACROSS.is.strengthening.its.indus-try.coverage..Industry.players.will.always.have.access.to.the.most.relevant.and.timely.news.from.the.retail.real.estate.business.with.the.new.ACROSS.news.ticker..We.provide.our.clients.with.information.on.main.events,.deals,.and.trends.from.the.European.shopping.center..industry.with.structured.and.reader-friendly..updates,.Winiwarter.explains.

Retrieve information whenever you really need it. An adapted ACROSS web page for all mobile devices, the ACROSS news ticker, ACROSS TV, and numerous extra features are now available to the community of ACROSS readers. All services can be tested free of charge until the end of June.

ACROSSGOE

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COVER STORY

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ACROSS MOBILE

ACROSS - The European Retail Real Estate Magazine comes out six times a year and is delivered by post. For a yearly price of 119, subscribers receive all six issues. ACROSS mobile can be tested until the end of June. Thereafter, a one-year subscription fee of 59 will be charged. For the spontaneous, there is also a cost-effective monthly digital subscription to ACROSS for 9. Subscribers to the print edition of ACROSS have unrestricted access to the full online version of the magazine as well at no additional cost. This will keep the users updated on legal, economic, and political news from the European Economic Area, as well as the latest developments on Europes shopping center and retail real estate scene.

ACROSS mobile: Access all our content anytime, anywhere.

The well-known TV journalist Manuel Koch presents

ACROSS TV. He reports on international events and

encourages top European managers like Thomas

Binder, Managing Director at Sonae Sierra (left) to step in

front of the camera.

Top jobs: In partnership with the British agency Foundation Recruitment, the ACROSS team has established a comprehensive human resource platform by specialists for specialists.

For.a.more.dynamic.presentation,.viewers.can.switch.to.the.brand.new.information.channel.ACROSS.TV..The.ACROSS.TV.team.will.provide.ongoing.up-to-date.reports.on.international..industry.meetings.and.provide.revealing.portraits.of.the.shopping.center.industrys.leading.man-agers..The.program.list.also.includes.detailed..interviews,.discussions,.and.a.clear.overview.of.the.European.retail.property.market.

CANDIDATES FOR TOP JOBS

The.continuous.professionalization.of.property.management.requires.highly.trained.specialists..ACROSS.brings.together.the.industry,.helping.companies.to.find.the.right.people.for.key.posi-tions..In.partnership.with.the.British.agency.Foundation.Recruitment,.the.ACROSS.team.is.establishing.a.comprehensive.human.resource.platform..by.specialists.for.specialists.

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1|2015PP, A-1010 ViennA Vn: 08Z037864M

Three gastronomic trends that are revolutionizing the industry Josip Kardun, CeO of Atrium, about his long-term goals no more shopping on Sundays in Hungary since mid-March

FOODSeRViCe COLUMn inVeSTMenTCOUnTRY RePORT

Wonderla

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www.firs

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Just did my Christmas Shoppingat West eld London...

WOOOOOOOW!

*Return On Marketing InvestmentRaising Footfall Higher Spending Longer Staying Time More Repeat Visits Word Of Mouth Viral Buzz Talk Of The Town Press Coverage

Creating ROMI*

mail@firstchristmas.com

Retrieve information whenever you really need it. An adapted ACROSS web page for all mobile devices, a specially designed ACROSS app, the ACROSS news ticker, ACROSS TV, and numerous extra features are now available to the community of ACROSS readers. All services can be tested free of charge until the end of June

ACROSS Strategic Partners - Our direct line to the industry

Many.industry.players,.experts,.and.leading.companies.in.the.retail.real.estate.sector.have.supported.us.in.word.and.deed.in.the.preparation.of.this.edition.of.ACROSS..We.would.like.to.take.this.opportunity.to.thank.all.of.our.strategic.partners,.guest.authors,.and.suppliers.of.ideas,.without.whom.it.would.be.nearly.impossible.to.create.this.informative.magazine.and.make.it.so.relevant.to.the.industry.

Media Owner: ACROSS.Medien-.und.Verlags.GmbH.

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ACROSS.is.the.leading.European.retail..real.estate.magazine..This.independent.magazine.informs.about.the.latest.projects.and.brings.relevant.news.in.top-quality.to.readers.in.the.sector.on.approx..100.pages..ACROSS.also.provides.political,.economic,.and.legal.information..All.this.is.rounded.off.by.country.profiles,.company.and.personal.portraits,.information.on.trends.in.retail..and.catering.sectors,.consumer.issues,..

and.commentaries.from.leading.experts..The.magazine.is.published.entirely.in..English,.with.an.exclusive.circulation.of.18,000.copies.in.42.European.countries,.reaching.the.industrys.decision.makers..directly.

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CINEPLEXX INTERNATIONALMag. Christof Papousek Geschftsfhrer|CFO Constantin Film-Holding GmbH Cineplexx Kinobetriebe GmbH Siebensterngasse 37, A-1070 Wien, Austria

Cineplexx Kinobetriebe GmbH was founded in 1993 as a 100% subsidiary of Constantin Film-Holding GmbH which belongs to the Austrian family Langhammer. Cineplexx emerged in the transition phase during the 1990s when tradi tional cinemas were closed and multiplex cinemas entered the market. Since 2008 the group has bundled its international business activities under Cineplexx International ltd. It runs 35 cinemas with 235 screens in total, across Austria, Croatia, Serbia, Montenegro and Northern Italy. Total sales reached 120 Mio. euros in 2011 with about 1.100 employees.

CBRE GLOBAL INVESTORSSchiphol Boulevard 281, G-tower, 8th floor 1118 BH Schiphol, The Netherlands Phone: +31 20 202 2200www.cbreglobalinvestors.com

CBRE Global Investors is a global real estate investment management firm with EUR 72 billion in assets under management*. The company sponsors investment programs across the risk/return spectrum for investors worldwide. The CBRE Global Investors EMEA platform, with 28,2 billion of assets under management* is one of the largest and most diversified real estate investment management business. The platform has offices in 15 countries, managing investments in 17 countries across Europe. For more information please visit www.cbreglobalinvstors.com *As.of.30.June.2012

London:BALMAIN ASSET MANAGEMENT25 Heathmans Road, London SW6 4TJPhone: +44 (0) 207 471 8700Email: info@balmain-am.comwww.balmainam.com

Warsaw:BALMAIN ASSET MANAGEMENT CEEul. Sienna 39, 00-121 Warsaw, PolandPhone: +48 (0) 22 206 4050Email: warsaw@balmain-am.com

The Balmain Asset Management group is one of Europes most experienced specialist shopping center asset managers and co-investors. The principals within Balmain have directly leased, developed, asset managed, and acquired 127 shopping centres globally covering 6.5 million sq m of retail GLA with nearly 18 billion of value. Its principals and senior executive team have 320 combined years of property experience. Balmain manages 23 properties in Poland covering more than 1,200 retail leases. Balmains Polish shopping centers serve over 42 million customers per annum; greater than the 38 million population of Poland itself. Balmain has leased on excess of 150,000 sq m of space since 2005.

ECE PROJEKTMANAGEMENT G.M.B.H. & CO. KGHeegbarg 30, D-22391 Hamburg, Germany Phone: +49 40 60606 - 0 Fax: +49 40 60606 - 6230Email: info@ece.comwww.ece.com

ECE has been developing, building, leasing out, and managing shopping centers since 1965 and is active in 16 countries. The company is European market leader with 196 managed shopping centers. On an overall sales area of 6.5 million sq m, about 19,500 retail businesses generate 22 billion euros in annual sales. Numerous shopping centers are currently under construction or planned throughout Europe.

COVERPOINT, A JLL COMPANYThe Square, 8 Stockley Park,Uxbridge, Middlesex, UB11 1FWUnited KingdomPhone: +44 18 940 5266Fax: +44 118 940 5277Email: commitment@coverpoint.co.ukwww.coverpoint.co.uk

Coverpoint, a JLL Company are an International Foodservice Consultancy. Since 1993 we have been creating for our clients, outstanding retail and shopping center food experiences. From fast food and innovative foodcourts to the latest casual dining clusters, we provide developers, landlords, shopping center managers and owners with the best advice on how to do food. We carry out feasibility studies, market analysis, capacity planning and foodservice spatial design. We bring all these skills together as part of your Team to ensure that your food & beverage experience is perfectly matched to your guests needs. We do food! Call us to find out how we can help you.

COGEST RETAIL SRLvia G.B. Pergolesi20124 Milano, ItalyPhone: +39 02 91278 / 02 49585 Fax: +39 02 61290784www.cogestretail.com

Cogest Retail is a consultancy company specialized in leasing and management of shopping centers, independent retail projects and multi-use complexes. The company has 20 years of experience and a retail portfolio of over 45 projects in Italy under its belt. Cogest assists investors and participates in all of the stages of shopping center development: geo- marke ting, market research, planning phase, concept studies, tenant mix, leasing and public relations. Tower Center Rijeka is currently the only project outside Italy, Cogest Retail aim to significantly expand activities in Croatia and across the South East Europe region. With a team of 150 highly skilled professionals, Congest offers valuable assistance with acqui sition, construction, development, commercialization and management of real estate.

EHI RETAIL INSTITUTE Spichernstr. 55 D-50672 Kln, GermanyPhone: +49 221 579 93 -32Fax: +43 221 579 93 -45info@ehi.orgwww.ehi.org

EHI is the scientific institute of the German retail industry. The members of EHI include German and international retail companies and their industry associations, manufac turers of consumer and investment goods and various service providers for retail like real estate developers and shopping-center management firms. We research topics relevant to the future of retailing, organize conferences and working groups, operate our own publishing house (e.g. The EHI Shopping-Center Report), and are partners to Messe Dsseldorf in staging the EuroShop, the world's biggest trade fair of investment goods for retail business.

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EHL IMMOBILIEN GMBHPrinz-Eugen-Strasse 8-10, A-1040 Vienna, Austria Phone: +43 1 512 76 90 Fax: +43 1 512 76 90 - 890 Email: office@ehl.atwww.ehl.at

EHL Real Estate Group is one of the leading real estate service providers in Austria and the market leader in the fields of commercial and residential real estate as well as investment properties. Its business activities range from property marketing, property valuation, asset and portfolio management, center management to market research and investment consultancy.

GERMAN COUNCIL OF SHOPPING CENTERS E. V.Bahnhofstrasse 29 D-71638 Ludwigsburg, Germany Phone: +49 7141 38 80 - 83 Fax: +49 7141 38 80 - 84 Email: office@gcsc.de www.gcsc.de

The German Council of Shopping Centers, GCSC, represents the interests of over 770 member companies in the shopping center and commercial real estate industry, including operators and developers, trade representatives, service providers, consultants, investors, and other companies.

FOUNDATION RECRUITMENT UK LTD23 Hanover SquareLondon W1S 1JB, United KingdomPhone: +44 20 3714 9275Email: info@foundationrecruitment.co.ukwww.foundationrecruitment.co.uk

Foundation Recruitment is Europes leading, professional recruitment expert within the field of international shopping center management. We are the only real estate recruitment busi ness with a specialist team entirely dedicated to the shopping center sector. Our passion, commitment and cross border reach enables us to offer our global clients unrivalled know-ledge, understanding and insight. Our extensive network provides us with considerable access to the worlds most talented shopping center professionals. Working across both enclosed and open air assets, our activities sit at the very heart of the modern day, dynamic shopping center arena. Our instructions and areas of professional expertise range across on site mall management, leasing, asset management and development.

GLOBAL REAL ESTATE INSTITUTE (GRI)10 Melton Street, London, NW1 2EB, UKPhone: +44 20 7121 5060Fax: +44 20 7388 8740Email: Info@globalrealestate.orgwww.globalrealestate.org

The GRI is a global club of senior real estate investors, developers and lenders. Its mission is to help its members build personal relationships and work together in creating rewarding opportunities. The GRI runs its activities through a collection of annual meetings focussed on different regions of the world since 1998. If building close relationships with the driving elite of the real estate industry at the most senior levels can be useful, we welcome you to join us.

GFK GEOMARKETING GMBHWerner-von-Siemens-Str. 9, Building 6508D-76646 Bruchsal, GermanyPhone: +49 7251 9295 100Fax: +49 7251 9295 290Email: info@gfk-geomarketing.comwww.gfk-geomarketing.com

GfK GeoMarketing is one of Europes largest providers of geomarketing services and products. Our business areas include: Consultancy and research expertise, Market data, Digital maps, RegioGraph. GfK GeoMarketing is a subsidiary of GfK, one of the worlds largest and most renowned market research companies. Drawing on this international network of wide-ranging resources and expertise, GfK GeoMarketing promotes business success and growth from knowledge.

ICSC EUROPE29 Queen Annes Gate, London SW1H 9BU, UK Phone: +44 20 7976 - 3100 Fax: +44 20 7976 - 3101 Email: icsc.europe@icsc.org www.icsc.org

The International Council of Shopping Centers is the global not-for-profit trade association for the shopping centre industry with over 60,000 members from more than 80 countries worldwide. Our members include Owners / Developers, Retailers, Investors, Architects, Shopping centre managers, Retail consultants and other real estate professionals.

FIRST CHRISTMAS BY ROSENAU GMBHBlankeneser Bahnhofstr. 7, D-22587 Hamburg, Germany Phone: +49 (0)40 86 64 875 - 0 Fax: +49 (0)40 86 64 875 - 60 Email: mail@firstchristmas.com www.firstchristmas.com

First Christmas by ROSENAU GmbH one of Europes leading suppliers of Christmas decorations. We offer a full service including design, production and installation of top quality modern and traditional decorations. Our expertise and products are being implemented across the continent and in the Near East.

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KLPIERRE21 avenue Klber, F-75116 Paris, FrancePhone: + 33 1 40 67 57 40Fax: + 33 1 40 67 55 62www.klepierre.com

A leading shopping center property company in Europe, Klpierre combines development, rental, property and asset management skills.Its portfolio is valued at 16.2 billion euros on June 30, 2013 and essentially comprises large shopping centers in 13 countries of Continental Europe.Klpierre holds a controlling stake in Steen & Strm (56.1%), Scandinavias number one shopping center owner and manager. The largest shareholders are Simon Property Group (28.9%), world leader in the shopping center industry, and BNP Paribas (21.9%). Klpierre is a French REIT (SIIC) listed on Euronext ParisTM and is included into the SBF 80, EPRA Euro Zone and GPR 250 indexes.

KUNDRFER CONSULTING GMBHFrankenweg 5, A-8051 Thal-Graz, Austria Phone: +43 316 / 581 822 Fax: +43 316 / 570 550 Email: office@kundoerfer.com www.kundoerfer-consulting.com

Building upon years of international experience in retail and extensive location expertise for many CEE/SEE countries as well as Austria and Germany, Kundrfer Consulting advises its customers on all retail expansion and retail property questions. Targeting retailers and companies active in the real estate market, Kundrfer Consulting offers both solutions for strategic issues and their implementation.

MAPICThe international market for retail real estatePhone: +33 1 79 71 90 00www.mapic.com

MAPIC (www.mapic.com/en/the-event/history/) is the key meeting point for 2,400 retailers looking for partners, and 2,300 property developers and owners looking for retailers to enhance their sites. MAPIC delivers 3 days of tailored meetings, expert-led conferences and a premium exhibition for industry leaders targeting all types of retail property and brings together 8,400+ participants from 75 countries. The 21st edition will take place at the Palais des Festival of Cannes, France, from 18-20 November 2015.

MEC METRO-ECECENTERMANAGEMENT GMBH & CO KGAm Albertussee 1D-40549 Dsseldorf, GermanyPhone: +49 211 30153-0Fax: +49 211 30153-450Email: info@mec-cm.comwww.mec-cm.com

MEC METRO-ECE Centermanagement GmbH & Co. KG is a joint venture company between the METRO GROUP and ECE. MEC is Germanys leading center management company and has around 2.8 billion assets under management. It is responsible for the management including operation, leasing, developing and marketing of a total of 43 retail parks and hybrid malls in Germany. With approximately 870 tenants and an area of more than 1.3 million sqm, all centers generate a yearly turnover of approximately 2.9 billion. Around 150 employees work for MEC, whose company headquarters are in Dsseldorf.

MESSE FRANKFURTMesse Frankfurt Exhibition GmbHLudwig-Erhard-Anlage 1D-60327 Frankfurt am Main, GermanyPhone: +49 69 75 75 - 0Email: info@messefrankfurt.comwww.messefrankfurt.com

Messe Frankfurt is one of the worlds leading trade fair organisers. 578,000 square metres of exhibition ground are currently home to ten exhibition halls and two adjacent congress centres. Events made by Messe Frankfurt take place at more than 30 locations around the globe and cover the fields of consumer goods & leisure, textiles & textile technologies, technology & production, mobility & infrastructure and entertainment, media & creation.

IMMOFINANZ GROUP Wienerbergstrae 11, A-1100 Vienna, Austria Phone: +43 1 88 090Email: communications@immofinanz.com www.immofinanz.com

The IMMOFINANZ Group is one of the five largest listed property companies in Europe. The company comprises 1,678 standing investments with a carrying amount of approx. EUR 8.5 billion. The core business of IMMOFINANZ covers the acquisition and management of investment properties, the realisation of development projects and the sale of objects in the retail, office, logistics and residential segments. More: www.immofinanz.com

MFImfi management fr immobilien AGBamlerstrasse 1, D-45141 Essen, GermanyPhone: +49 201 820 810Fax: +49 201 820 81 11Email: mfi.essen@mfi.eu

The mfi management fuer immobilien AG (mfi) was founded in 1987 and is the second largest German shopping centre company. Since 2012, mfi partners with Unibail-Rodamco (Paris), Europes largest listed real estate company. With the joint partnership mfi/Unibail-Rodamco pursue a structured growth of their portfolio and aim specifically at expanding their market presence in Germany. With over 500 employees in Germany mfi/Unibail-Rodamco covers the entire value chain from project development, planning and construction services up to long-term facility and asset management as well as portfolio construction. Additional services include refurbishment and project management. The Essen-based company currently operates on 26 shopping centers, with six ofthem in its own portfolio. In addition, mfi/ Unibail-Rodamco has three shopping centerprojects in development, namely in Osnabrueck, Recklinghausen and Moenchengladbach. These owned asset projects focus on creating a unique customer experience and innovative customer service measures. Overall, the mfi AG manages approximately 3,000 retail leases.

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NEINVERFrance, Germany, Italy, Poland, Portugal, SpainCalle Francisca Delgado n 115 Planta (Ncleo 2), 28108, MadridPhone +34 91 490 22 00Fax +34 91 490 23 01communication@neinver.comwww.neinver.com

NEINVER is a leading international property company that focuses its business on property development, asset management and fund management. With more than 40 years of ex-perience, NEINVER has reinforced its position in the European market by managing 15 outlet centres with a total of 311,600 sq m of GLA, under the FACTORY and The Style Outlets brands. NEINVER is now the second-largest operator of outlet centers in Europe (2012 ICSC ranking) and the company has being recognized by main inter national brands as the second outlet manager to trust in (FOC Performance Report Europe 2013). NEINVER manages the IRUS European Retail Property Fund and nearly 500,000 sq m of retail space, 2,000 shops and 900 of the finest brands in Spain, France, Italy, Germany, Portugal and Poland.

PAYLIFE BANK GMBH Marxergasse 1B, A-1030 Vienna, AustriaPhone +43 1 717 01 - 0Fax: +43 1 717 01 - 3000 www.paylife.at

PayLife is the market leader and number one choice for cashless payments in Austria. PayLife is synonymous with convenient, simple and secure card payments as well as customer focus and innovation. Whether credit- and prepaid card, POS Terminal, e-commerce or Quick, the Electronic Purse, PayLife offers individual and comprehensive products to meet all needs. With PayUnity, PayLife is the only provider for e-commerce and POS payments from one source. In 11 countries PayLife offers its customers total solutions for all branches. PayLife. Bringing life to your card.

REDEVCO B.V.Wibautstraat 2241097 DN Amsterdam, The NetherlandsPhone: +31 20 599 6262Fax: +31 20 599 6263Email: info@redevco.comTwitter: @Redevcowww.redevco.com

Redevco is an independent, pan-European real estate investment management company specialised in retail property. The more than 500 assets under management are spread across the strongest retail concentrations in the UK, France, Belgium, the Netherlands, Germany, Spain, Portugal, Switzerland and Austria. At present we offer real estate solutions for more than 1,000 retailers.

REINHARD WINIWARTER WINERYObere Hauptstrasse 19, A-3552 Stratzing/KremsBusiness Adress: Rotenturmstrasse 17, A-1010 Vienna, AustriaPhone: +43 1 533 32 60Fax: +43 1 533 32 60 10Email: office@rw-winery.com www.rw-winery.com

We like authentic, pure, and simple things. This awareness flows into all our wines. In a world that is increasingly complex, we stand for an emphasis on fine, regional characteristics, as well as simple and concise product design.Grner Veltliner is our most important variety and it is our main focus. Zweigelt and Chardonnay round out our portfolio.

SMA STANDORT MARKETING AGENTUR GMBHRotenturmstrasse 17, A-1010 Vienna, Austria Phone: +43 1 533 32 60 - 0 Fax: +43 1 533 32 60 - 10 Email: office@sma-austria.at www.sma-austria.at

We specialize in fulfilling the marketing and communication needs of retail and commercial real estate. Our scope comprises pro j ect development services as well as drafting and implementation of marketing and communi cations for operational properties. Our goal is to turn retail locations into strong and appealing regional brands.

SES SPAR EUROPEAN SHOPPING CENTERS GMBHSllheimer Strasse 4, A-5020 Salzburg, Austria Phone: +43 662 4471 0 Fax: +43 662 4471 7199 Email: office@ses-european.com www.ses-european.com

SES No. 1 in Austria and Slovenia is specialized in developing, constructing and managing first-class retail real estate at an international level. The company provides complete service from development to center management in Central, Southern and Eastern Europe. Shopping malls managed by SES are among the very best the industry has to offer.

MK ILLUMINATION Trientlgasse 70, A-6020 Innsbruck, Austria Phone: +43 512 20 24 30 - 0 Fax: +43 512 20 24 33 Email: t.mark@mk-illumination.com www.mk-shoppingcenter.com

At MK Illumination we aspire to create exceptional conceptual festive lighting for our partners. Our commitment to design, innovation, technical excellence and sustainable solutions coupled with our local knowledge and a global outlook allows us to create tailored, specially handcraft-ed illumination to suit our clients exact wishes and thus strengthen their brand and image. In keeping with its philosophy of being a regional company with a global reach, MK Illumination maintains independently run subsidiaries in 28 countries, allowing each business to benefit from local knowledge, customs and networking. The company provides a comprehensive service in three main areas: Retail Real Estate, Leisure and Public Spaces. We have a passion for enlightening your vision! For further information visit us at: www.mk-illumination.com

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TRIGRANIT MANAGEMENT CORPORATIONVci t 3.1062 Budapest, HungaryPhone: +36 1 374 6516Fax: +36 1 374 6571Email: info@trigranitmanagement.comwww.trigranitmanagement.com

ZUMTOBEL LICHT GMBHDonau-City-Strasse 1, A-1220 Wien, Austria Phone: +43 1 258 26 01 - 0 Fax: +43 1 258 26 01 - 982 845 Email: welcome@zumtobel.at www.zumtobel.at

Zumtobel, a company of the Zumtobel Group, is an internationally leading supplier of integral lighting solutions for professional indoor and outdoor building lighting applications. For more than 50 years, Zumtobel has been developing innovative, custom lighting solutions that meet extremely exacting requirements in terms of ergonomics, economic efficiency and environmental compatibility and also deliver aesthetic added value.

SONAE SIERRALugar do Espido,Via Norte 4471-909 Maia, Portugal Phone: +351 22 948 7522 Email: global@sonaesierra.com www.sonaesierra.com

Sonae Sierra is the international shopping centre specialist that is passionate about bringing innovation and excitement to the shopping industry. Our integrated approach to the shopping center business includes the ownership, development and management activities. This strategy allowed us to develop a recognized unique know-how which we use for our shopping centres, as well as third-parties projects and operating shopping centers.

TriGranit Management Corporation (TGM) is a 20 year old real estate consultancy company that is offering a wide scope of services that range from asset management services, retail property management, retail leasing, marketing, commercialisation, commercial property management, facilities management, health leisure & hospitality to detailed financials, adapted to fit the individual needs of our clients. TGM presently operates a network of 8 Central and East European (CEE) offices and in recent months has expanded to its operations to encompass the Romanian, Bulgarian, Macedonian, Armenian and Chinese markets, where it spearheads new and exciting ventures in the property sector. TGM operates in 14 different countries globally including the middle-east and China. The blend of a portfolio with almost 1 000 000 sq m of retail property under management and leasing, TGM has instructions on over 3 billion of assets in 29 current retail, office and leisure projects. TGM welcomes over 60 million visitors every year, supporting the success of more than 1,500 international tenants within the leasing portfolio.

UNION INVESTMENT REAL ESTATE GMBHValentinskamp 70 / EMPORIOD-20355 Hamburg, GermanyPhone: +49 40 34 919-0Fax: +49 40 34 919-4191 Email: service@union-investment.dewww.union-investment.de/realestate

Union Investment is a leading international investment company specializing in open-ended real estate funds for private and institutional investors. Union Investment has assets under management of some 23 billion in fourteen real estate funds. Active in the property invest ment business for 48 years, Union Investment operates today in 23 countries around the world. In addition to office space and business parks, the Hamburg-based company is investing in business hotels, logistics properties and shopping centers. Union Investment entered the retail sector at an early stage, allowing the company to secure a strategic position in this growing area. The result is a high-quality portfolio presently comprising 37 shopping centers in Germany, Austria, Sweden, Belgium, France, Poland, Italy, Spain and Turkey, with a current market value of some 6 billion.

ULI URBAN LAND INSTITUTEGERMANY/AUSTRIA/SWITZERLANDEuropa-Allee 22D-60327 Frankfurt am Main, GermanyPhone: +49 696 062 7181Fax: +49 69 768 067 9181Email: info@uli-germany.dewww.uli-germany.de

ULI the Urban Land Institute is a non-profit research and education organisation supported by its members. Founded in Chicago in 1936, the institute now has over 30,000 members in 95 countries worldwide, representing the entire spectrum of land use and real estate development disciplines private and public. In Europe, we have over 3,000 members supported by a regional office in London and a branch in Frankfurt for the German, Austrian and Suisse market. ULI brings together leaders with a common commitment to improving professional standards, seeking the best use of urban land and following excellent practices. ULI is a think tank, sharing knowledge through discussion forums, research and publications. By building and sustaining a diverse network of local experts, we are able to address the current and future challenges facing Europes cities.

TIAA HENDERSON REAL ESTATE 201 Bishopsgate, London EC2M 3BN Phone: +44 20 3727 8000 Fax: +44 20 3727 8001Email: gemma.young@threalestate.comwww.threalestate.com

TIAA Henderson Real Estate (TH Real Estate) is an established investment management company with specialisation in real estate equity and debt investing worldwide. As one of the largest real estate managers in the world, It has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and multi-family housing sectors, Launched in April 2014, the company has a dedicated global presence with offices across Asia and Europe, managing c.20bn of real estate assets across c.50 funds and mandates. Its alliance with TIAA-CREF in North America increases its global AUM to c.63bn.All.figures.as.at.31.September.2014.

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