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28 November 2017 PRADERA APPOINTS JOINT HEADS OF TURKEY OFFICE Pradera, the specialist international retail real estate fund and asset manager, has appointed Sabiha Güleç and Sevgi Ocak as Joint Heads of its Turkey office. 27 November 2017 PRADERA FUNDS AWARDED GREEN STAR FOR GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARK Pradera, the specialist international retail real estate fund and asset manager, has again demonstrated it is setting the standard for sustainable retail real estate, having significantly improved its Global Real Estate Sustainability Benchmark (GRESB) results for 2017 across three of its funds. 21 November 2017 PRADERA RETAIL ASIA NAMES CHIEF EXECUTIVE FOR ITS CHINA BUSINESS Pradera, the specialist international retail real estate fund and asset manager, today announced the appointment of experienced real estate executive, Alison Rehill-Erguven, as Chief Executive of Pradera Retail Asia’s China business.

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Pradera Hong Kong Limited 1202
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Pradera Retail Asia
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No. 353 Nanjing East Road
Huangpu District
Shanghai 200001
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EMEA PROPERTY MARKET OUTLOOK 2015

The Eurozone economies continued their slow, some would say painfully slow, economy recovery in 2014 and look set to continue to do so in 2015.  The big development in 2014 was the role reversal of the core and peripheral countries.  In 2014, many of the geographically peripheral Eurozone countries started to show concrete signs of economic recovery, notably in Spain and Ireland.  Even Greece managed to post economic growth for the first time in seven years.  By contrast, the core countries of Germany, France and Italy disappointed.  Outside of the Eurozone, the UK, Sweden and most of Central Europe posted solid growth while the Russian economy slowed precipitously under pressure from sanctions and falling oil prices, with the latter doing by far the most damage.

 

The major changes in the commercial real estate capital market during 2014 were principally driven by a greater willingness to take risk by both investors and lenders.  Although this was starting to happen towards the end of 2013, there was a much more substantial change in 2014 which set the trend for the year.  This was reflected in:

  • The surge in investment activity in Spain and Ireland and in second and third tier towns in UK and Germany which has taken CRE investment activity to over €200 billion;
  • The sharp fall in yields in these markets;
  • The increase in the availability (and fall in the cost) of debt, both generally and more specifically for investors buying in more secondary markets; and
  • The sharp rise in loan sale transactions – from around €20 billion in 2013 to over €50 billion in 2014.

Consumer sentiment showed great improvement over the course of 2014 and trading conditions and occupier demand have also improved.  However retail sales again presented a varied picture across Europe in 2014 with some markets still facing challenging conditions.  The most buoyant sale growth has bene in Romania, Hungary and the Czech Republic in central Europe and in the UK, Ireland and Sweden in the west, although the “Black Friday” phenomenon may have flattered year-on-year comparisons in some cases.  In contrast, a number of countries have seen sub-1% growth and volumes are actually down in Austria and Finland.

 

The outlook for 2015 is expected to show a strengthening in retail sales growth across most markets.  Southern Europe will continue to see growth in sales, in particular in Greece, but Italy’s performance will be subdued.  The UK and Slovakia, Romania, Turkey, Hungary and Ireland are expected to continue to see robust growth in 2015 and Russia is the only market expected to see a significant fall in sales volumes in 2015.

 

Retailers continue to seek out new locations although are increasingly selective about their requirements, as many are trying to navigate and expand their multichannel platforms.  Investment in technology is becoming increasingly important for many retailers as competition, on both a physical and virtual sales front, stiffens.  Although investment into online platforms remains a focus, investment in new store openings and in existing stores is also a priority for many retailers.  Cross- border expansion will continue at a steady pace.

 

Shopping centre development activity in Europe are following the same geographical pattern as last year, with new construction dominated by emerging markets – Russia and Turkey.  In Turkey the majority of development, certainly the larger schemes, is taking place in the major cities such as Istanbul with smaller scheme development taking place in the outer regions such as Izmir.  The scale of new development is largely due to economic growth in the region, a growing middle class and the increasing demands of cross-border retailers, many of whom have found that the existing retail space in the region does not meet their requirements.  In terms of Western Europe there is very little new space due to enter the market in 2015, the majority of development that is taking place is in Germany and France, elsewhere there is a trend towards refurbishing existing assets to try and refresh schemes.

 

The major development in the UK has been the teetering of the big supermarket chains under challenge from a combination of low cost, aspirational and convenience competition.   This has resulted in a price war and the recent announcement that once-dominant Tesco are to close over 40 stores and shelve the development of a further 49, mostly large out-of-town, stores.  While the Tesco announcement has been well received by the stock market we can expect further changes to the UK food retailing landscape over the coming year.

 

Source: EMEA Property market Outlook 2015, January 2015

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Rebound in UK investments

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