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  俞稚玉,上海购物中心协会副秘书长兼研究发展中心主任。

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欧洲零售房地产业的复兴

EUROPE’S RETAIL REAL ESTATE RENAISSANCE
欧洲零售房地产业的复兴
A WAVE OF NEW DEVELOPMENT IS ROLLING ACROSS THE CONTINENT
一轮新的发展浪潮席卷欧洲大陆
By Curt Hazlett
克.哈兹立特

  Judging by buzz alone, it would seem as if every retail developer with an interest in Europe is concentrating on deals in Kiev or Sofia or Tbilisi. Indeed plenty of them are, and that has made Central and Eastern Europe hot spots of growth. But the action in these emerging markets has hidden a broader trend in Western Europe, whose mature markets are enjoying a construction boom of their own. This has helped push the creation of new shopping center space there into record territory. In tradition-bound Italy, for instance, a country not always known for strong retail development, some 11 million square feet of space will have opened between July 2006 and December of this year,according to a report by Cushman & Wakefield. Nearly as much will be coming on in Spain, the report says, while Germany and France are set to add 8 million square feet and 7.3 million square feet, respectively. “There’s certainly been a lot going on,” said Yvonne Court, a partner and head of retail research at Cushman & Wakefield.

  单从流传信息分析,好像每个对欧洲有兴趣的零售开发商集中在基辅、索非亚或第比利斯交易。大量事实说明,他们使中欧和东欧成为增长的热点。在这些作为成熟市场的西欧在新兴市场的行动潜伏着一个宽广的趋势,即正在经历一个投资建造的热潮。这有助于推动建立新的购物中心创记录的空间。一个国家并不总是了解强化零售业的发展, 例如,在传统保守的意大利,大约有1100 或万平方英尺的空间将在2006 年7 月至今年12 月开业,据Cushman & Wakefield 报道,几乎同样多的零售空间将进入西班牙,该报告说,德国法德国分别加上800万平方英尺及730 万平方英尺。Cushman & Wakefield 的合伙人兼零售研究负责人Yvonne Court 说:“那里当然有很多事情正在进行。

  “The focus has been on Central and Eastern Europe, but you have to remember that it is coming off a low base, while in the rest of Western Europe there has been a lot of new development and a lot of refurbishment and extension.”

  重点在中欧和东欧,但你必须记住这里基数较低,而在其余的西欧出现了许多新的发展和大量的整修和扩建" 。

  Cushman & Wakefield’s report shows a European pipeline jammed with activity. Spain leads the pack in overall shopping center projects for this year and next, with some 20 million square feet of space expected there. The second and third spots belong to Poland and Turkey, but the mature markets of the U.K., Italy, France and Germany are close behind. 

  Cushman & Wakefield 的报告显示,欧洲渠道挤满了活动。西班牙购物中心项目整体领先,今年和明年大约有2000 万平方英尺的空间可期。第二和第三位是波兰和土耳其,但成熟市场的英国,意大利,法国和德国正紧随其后。

  Court says a big part of the pipeline involves renovations and expansions, the result of tighter restrictions on new ground-up development. But consumer expectations and a demand by eager-to-grow retailers play a role too.

  Court 说,因严格限制新上的地面发展项目,大部份的零售渠道涉及整修和扩建。但消费者期望和要求零售商成长发挥作用。

  The makeup of this construction boom varies by location. Court says Spain’s growth has been fueled largely by new projects, while the growth in the U.K.,France and Germany is characterized by renovations and expansions, many of them in urban centers.

  由不同位置组成的建设热潮,Court 说,西班牙的经济增长,大大拉动了主要由新的项目组成,而在英国、法国和德国增长的特点是翻新和扩建,其中许多是在城市中心。

  “Every country has projects in the pipeline, but there are a lot of differences,”said Jaap Gillis, COO of Amsterdam, Netherlands-based Redevco Europe Services and chairman of the ICSC European Board. “If you look at the Western Europe market, you will see more extensions and refurbishments than complete new malls. There is a huge portfolio in Europe of renovation and revivals of inner cities.”

  每个在零售渠道国家都有项目,但仍存在着不少差别。丹麦阿姆斯特丹Redevco Europe Services 的COO 兼ICSC 欧洲董事局主席说:“如果你看看西欧市场,你会看到扩展和整修项目多于新摩尔的完工。革新和复兴城市中心区的的欧洲有一个庞大的投资组合。"
  

  

  Though Redevco has taken a particular interest in Central Europe and Turkey,Gillis says, the firm has properties throughout Europe — 17 countries in all.The company’s goal is to expand its portfolio to €10 billion ($13.5 billion). “Is Europe still available? Yes, there are a lot of opportunities,” said Gillis. “But you have to be careful which ones you choose.”

  虽然Redevco 对中欧和土耳其特别感兴趣,Gillis 说,该公司已经把物业伸向欧洲1 7 个国家。公司的目标是扩大其资产到100 亿元( 135 亿美元)。“欧洲仍是可利用吗?不错,那里有很多机会。” Gillis 说:“ 但是你必须小心你作出的每一个选择。”

  Even with such caveats, these mature markets are attracting investors. Among them is Simon Property Group, which is building four centers in Italy that are owned either fully or in part by its Italian partner, GCI, of which Simon owns 49 percent. Three of the centers — in Milan, Naples and Rome — are to open this year, and the fourth, also in Naples, is scheduled to open next year.

  即使是这样一些隐忧,这些成熟的市场正在吸引投资者。其中西蒙地产集团在意大利建设四个购物中心,这些都是它全部或与它的意大利伙伴GCI 合作部分拥有产权的,其中西蒙拥有49 %。其中三个购物中心今年开业在米兰、那不勒斯和罗马。第四个也在那不勒斯,预定明年开业。

  In addition, Simon has its eye on France. “We’re working very hard on two or three major projects in France,” said CFO Steve Sterrett during Simon’s first-quarter earnings conference call in April.

  此外,西蒙已盯住,法国。“我们的工作很辛苦,有两个或三个重大项目在法国,”首席财务官史蒂夫.斯特雷特在4 月西蒙的第一季度业绩的电话会议商说。

  In Spain, where retail has been hot for over a decade, much of the action has pushed beyond the larger cities into secondary population centers, says Fraser Denton, director general of the Spanish operations of Milligan RRI, a U.K.-based developer (see sidebar below). One example of that push is Multi Corp.’s Espacio Buenavista, a 400,000-square-foot center that will open in November in Oviedo, northern Spain, a far less populated area than Madrid or
Barcelona.

  在西班牙,那里的零售业已经热了十多年,大部分的行动已推进到远离大城市的二等人口城市。英国开发商Milligan RRI 的西班牙运营董事总经理FraserDenton 说。一个例子是:Multi Corp.的Espacio Buenavista 是一个400,000 平方英尺的购物中心将在西班牙北部,Oviedo 于11 月开业,这是一个比马德里或巴塞罗那人口少得多得地区。

  This is not to say that projects in urban centers are entirely out of favor, though.Montréal-based Ivanhoe Cambridge has teamed up with the Spanish firm of Lar Grosvenor to build the 900,000-square-foot Islazul Centro Comercial, on the outskirts of Madrid. (Ivanhoe Cambridge already has a strong presence there, having acquired the massive Madrid Xanadú from The Mills Corp. in October of last year.)

  这并不是说项目设在城市中心是完全出于喜欢,虽然。总部设在蒙特利尔的亿万豪剑桥(Ivanhoe Cambridge)已经联手同西班牙公司拉.格罗夫纳拉(LarGrosvenor)在马德里郊区建造900,000 平方英尺Islazul Centro Comercial。(亿万豪剑桥当前已经很强大,去年10 月已从The Mills Corp.收购了庞大的Madrid Xanadú。)

  Spain and Italy between them accounted for about a quarter of the new retail space that entered the European market last year, according to Cushman &Wakefield. But the U.K., perhaps the most mature market in Europe, is also expected to be a major recipient of new space over the next few years, the firm says.

  据Cushman & Wakefield 计算,去年进入欧洲市场新的零售空间西班牙和意大利约占约四分之一。但是也许在欧洲最成熟市场的英国,预计在未来几年中也将是一个主要的新空间受援国,该公司说。

  The report attributes the U.K.’s strength to a rise in major urban projects.These include Liverpool One, which is slated to open next year with 1.65 million square feet of retail on a 42-acre site in that northern British city center; the expansion of the existing Broadmead retail center, in downtown Bristol, to 1.7 million square feet of retail; and the 2008 opening of Westfield London, a 1.65 million-square-foot center in the Shepherd’s Bush section of the city. “The future of shopping centers lies in urban areas in communities that are accessible, preferably by foot, and provide a mixture of uses so that people can live, play, shop and work in the same area,” Court said at the ICSC Spring Convention in May. “Place matters.”

  报告归纳英国提升主要城市的项目实力强大。其中包括Liverpool One,预定明年开业,有165 万平方英尺零售面积,占地42 英亩,位于英国北部城市中心,是由现有的Broadmead 零售中心扩建而成;在Bristo 市中心,有170 万平方英尺的零售面积,于2008 年启用的Westfield London;165 万平方英尺的在Shepherd’s Bush 市区的购物中心。“未来的购物中心是在市区的社区,方便,最好是徒步,并提供混合用途,使人们能够生活,娱乐,购物和工作,在同一地区。” Court 在 5 月ICSC 春季大会“地方事务“论坛上说。

文章为作者独立观点,不代表联商专栏立场。

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