9
PROPERTY REPORT RETAIL IN EUROPE APRIL 2011
PROPERTY REPORT
RETAIL IN EUROPE
APRIL 2011
SUMMARYMacroeconomic Overview 2
Occupier Market Overview 3
Investment Market Overview 5
Glossary 7
Contacts 8
CONTACTSBUSINESS
FRANCEThierry BonniolHead of Retail Letting & [email protected].: +33(0)1 47 59 24 19
GERMANYChristoph ScharfHead of Retail [email protected].: +49-30-884 65-228
Frank Loeblein Head of Retail [email protected].: +49-69-298 99-111
ITALYMarco PellizzariHead of Letting & [email protected].: +39 02 3211 5342
SPAINMarcos Diéguez Jiménez de la EspadaDirector Retail Investment/Letting & Sales [email protected] Tel.: +34 91 454 99 55
UNITED KINGDOMIan ParishHead of Letting & [email protected].: +44(0)207 338 4327
RESEARCHChristophe PineauHead of International [email protected].: +33 (0)1 47 59 24 77
Zsolt NenkovResearch analyst [email protected].: +33 (0)1 47 59 20 33
Tiphaine ChattonDeputy Head of Research - [email protected].: +33 (0)1 47 59 21 89
Carola KünneckeResearch Analyst - [email protected].: +49 40 348 48 106
Simone RobertiHead of Research - [email protected] Tel.: +39 02 321 153 57
Ramiro-Jose RodriguezResearch Analyst - [email protected].: +34 91 454 97 84
Domenica ScordoResearch Analyst - United [email protected].: +44(0) 207 338 1016
2PROPERTY REPORT - RETAIL IN EUROPE - APRIL 2011
2PROPERTY REPORT - RETAIL IN EUROPE - APRIL 2011
Following the harsh economic recession, GDP growth in the Euro area reached 1.7% in 2010. As fiscal austerity measures adopted in several Euro area countries will have most impact in 2011, economic growth is expected to drop slightly to 1.4% whilst the differential in output between the core and peripheral economies should persist. In the meantime, inflation in the Euro area has recently accelerated due to higher energy prices. The recent sharp rise in oil prices represents a serious risk for this year’s inflation, so the ECB could start to raise interest rates as from Q2 2011. In the UK, inflation will peak at above 4% in 2011 mainly due to January’s VAT rise and commodity price increases. Consequently, a first increase in the monetary rate by the BoE is expected to take place in Q2 2011. On the labour market, Euro area employment is forecasted to grow by only 0.1% in 2011 which is not sufficient enough to reduce unemployment rate. Therefore, the Euro area jobless rate should stay at 10% in 2011, whilst in the UK a stabilisation is expected only in 2012.
Regarding GDP growth within the Euro area, Germany clearly outperformed the region in 2010. The German economy expanded by 3.5%, recording double-digit growth rates in both exports and industrial production. The French economy recorded a 1.5% growth essentially driven by good private consumption figures. A similar economic performance is expected for both 2011 (+1.6%) followed by a 2% expansion 2012. In 2011, Spain should finally move out of recession but will record the lowest growth rate amongst major economies due to the consequence of a series of strict fiscal measures taken aimed at reducing deficits. These policies have had a significant impact on consumer spending, which should slow down this year. Italy will continue to record growth rates between 1 and 1.5% due to weak recovery in consumer spending and imports growing faster than exports. The main contributor to the GDP growth of the last six quarters was stock production. In the UK, GDP growth has been weak due to the ambitious fiscal consolidation plan, including VAT rise and budget cuts in the public sector. The economy is expected to grow by 1.8% in 2011.
In contrast to exports, consumer spending remains the weak component of recovery. One of the few countries seeing positive development is Germany where consumer confidence is rising fuelled by economic performance forecasted for this year. Consumer spending is supported by the declining unemployment rate, which is well below the Euro area average and should drop close to 7% by the end of the year. France recorded a positive growth rate during the recession and consumer spending rose by 1.6% in 2010 and by around 1.4% on average in 2011-2012. Otherwise, in the Euro area, average consumer spending growth will be less than 1% in the next couple of years. The weakest performance within the area is expected in Spain as government fiscal cutbacks (higher taxes, cuts in social benefits) will hit consumers hard and just a 0.4% increase is forecasted in 2011. The record high unemployment rate is also blocking the recovery in consumer spending. In Italy, consumption grew by 0.7% in 2010 after contracting by 1.7% in 2009. After a 3.3% drop in 2009, consumer spending in the UK recorded a first positive quarterly growth in 2010.
Despite a slight improvement in economic outlook during 2010, concerns around the stability of the Euro area have not disappeared and the fiscal evolution of peripheral economies will still be an issue in 2011. In addition, the recent rise in oil prices represents a downward risk on growth too.
No significant improvement in consumer spending is expected for 2011
MACROECONOMIC OVERVIEW
Euro AreaGDP, In�ation, Employment and Unemployment
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011(f)
2012(f)
Source: Oxford Economics, BNP Paribas (March 2011)
GDP Growth (Is) Employment (Is)In�ation (Is)
Unemployment Rate (rs)
-6
-4
-2
0
2
4
6%
6
7
8
9
10
11
12%
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
GDP Growth
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011(f)
2012(f)
Source: Oxford Economics (March 2011)
Spain United Kingdom Italy Germany France
-6
-4
-2
0
2
4
6%
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
Consumer Spending Variation
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011(f)
2012(f)
Source: Oxford Economics (March 2011)
Spain United Kingdom Italy Germany France
-6
-4
-2
0
2
4
6%
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
3PROPERTY REPORT - RETAIL IN EUROPE - APRIL 2011
OCCUPIER MARKET OVERVIEW
High street retail: Germany and France are enjoying healthy demand
High street prime rents in selected European markets (€/m²/year)
City Area 2007 2008 2009 H1 2010 H2 2010
Paris Avenue des Champs-Elysées 10,000 10,500 10,000 10,000 10,000
London Oxford Street - West 6,891 7,204 7,016 7,016 8,457
Munich Kaufinger Straße 3,360 3,600 3,720 3,780 3,780
Frankfurt Zeil 2,880 3,120 3,180 3,180 3,240
Berlin Tauentzienstraße 2,640 2,940 2,940 3,000 3,000
Madrid Calle Serano/Calle Ortega y Gasset 2,800 2,400 2,200 2,250 2,280
Brussels Rue Neuve 1,600 1,600 1,600 1,600 1,600
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
Source: BNP Paribas Real Estate
In the second half of the year, the same trend was observed in the high street segment with international retailers being very active and trying to secure the few available spots in prime areas. The highest demand came from fashion retailers, either newcomers or already established brands, as their turnover has resisted the downturn well. Due to their aggressive expansion strategies they are willing to pay higher rents just in order to open stores in high streets offering the best footfall prospects.
In the UK, following the adoption of fiscal austerity measures, the outlook for retailers became more challenging in the second half of the year. Vacancy rates continued to increase and reached 14.3% by the end of 2010 which is almost double that recorded in 2009. Consequently, prime high street rents dropped in H2 2010 in most UK cities. Indeed, in regional cities demand was less resilient compared to the prime segment of Central London which is benefiting from the high tourist footfall and from being international retailers’ main destination. Therefore, the prime rent went up to approximately € 8,500/m²/year in Central London’s Oxford Street following the Desigual letting. Prime rents were less resilient in regional cities (Newcastle, Birmingham, Leeds and Manchester) as after a brief period of stabilisation in H1 2010 rental drops occurred during the second half of the year.
In Germany, it is worth mentioning that prime rents for high street shops did not fall during the crisis. Currently, the improvement in both economic outlook and consumer confidence is very attractive to domestic and international retailers who are in strong competition over the prime segment’s limited supply. Therefore, prime high street rents continued to increase in H2 2010 in most major cities. For instance, Düsseldorf, Frankfurt and Hamburg all recorded a further 2% rental increase compared to the first half of the year. At the end of the year, the highest prime rent reached € 3,780/m²/year and was achieved in Munich (Kaufinger Straße).
In France, the continuous strength of household consumption attracted several international brands. New retailers keep expanding in Paris and their strong competition for the best retail spots kept rents at a high level. In fact, lower rents in several high streets continued to increase further in H2 2010 and this is representative of the current competition for the best locations. Besides the expansion of already present brands like Desigual, the second half of 2010 saw the opening of H&M and Tommy Hilfiger on the Champs-Elysées and will be followed in 2011 by Abercrombie & Fitch and Banana Republic. Currently, prime rents on the Champs-Elysées are negotiated between € 6,000 and 10,000/m²/year according to the exact spot.
In Spain, after the poor performance of the first half year, some improvements were recorded in the occupier market with signs of stabilisation in prime high street rents. In H2 2010, the prime rent was € 2,280/m²/year in Calle Serano (Madrid). Though vacancy rate is still increasing in some areas, prime premises remain scarce and some international brands are still looking for facilities adjusted to their strategies. That is the case of the Japanese Uniqlo and the Irish Primark that began their search in 2009. As in the case of Paris, Abercrombie & Fitch recently found a high street location in Calle Ortega y Gasset (near Calle Serrano), having started their search in early 2010. Nevertheless, the outlook for retailers remains challenging in 2011 due to the further drop in retail sales, following the adverse impacts of recent fiscal austerity measures.
4PROPERTY REPORT - RETAIL IN EUROPE - APRIL 2011
OCCUPIER MARKET OVERVIEW
Shopping centre development continued to decline in Europe in 2010 and the trend is set to continue until 2012. Indeed in 2011, European shopping centre development should stay low as although recession ended last year, the current economic context remains difficult and consumer spending is lagging the recovery. Due to worries of an uncertain economic recovery impacting on the occupier market, developers were cautious to launch new large projects which are also difficult to finance. Consequently, the share of existing shopping centres’ extensions and refurbishments, aimed at increasing their footfall, rose in the past couple of years. Even though the defining trend in 2011 for Europe is the falling pipeline, Germany will record an increase in shopping centre projects. Indeed, existing supply in that country is low, even on a European level, compared to high retail demand.
In France, just like the high street retail segment, prime shopping centres resisted market decline well. In general, shopping centres with a good catchment area were resilient in retail sales and did not see rental drops despite the crisis. On the other hand, secondary shopping centres recorded contractions in both footfall and turnover. Regarding completions, France recorded one of the largest number of projects completed in the past couple of years, although a high share was represented by extensions and refurbishments. In 2010, the major delivery was “Okabé” shopping mall in the Greater Paris area, representing 35,000 m² of retail space. For 2011, some new developments are expected, the largest being the 56,000 m² “Le Millénaire” in Aubervilliers (Central Paris - Northern Inner Rim).
In Germany, thanks to the good economic outlook and the rising demand for retail, there are several shopping centre developments under construction or in the pipeline. These projects are expected to bring significant new retail space. In 2010, approximately 126,000 m² of shopping space was delivered, with almost two-thirds completed in the second half of the year. The most significant deliveries were “Rhein-Galerie” in Ludwigshafen (30,000 m²) and “Europa-Galerie” in Saarbrücken (25,000 m²). In 2011, modern shopping centre stock is expected to rise by more than 200,000 m².
In the UK, shopping centre development continued to slow down in 2010. Since 2008 when shopping centre pipeline represented 750,000 m², the total surface under construction dropped considerably and in 2011 it will represent only 250,000 m². In London, shopping centre development was low in the past couple of years with no major project completed since Westfield shopping centre in 2008. “One New Change” - a 21,000 m² shopping centre as part of a mixed-use scheme - was the only project to be delivered last year. Q3 2011 will see the opening of Europe’s largest shopping centre in Stratford (Greater London) which will add 170,000 m² of retail space to the market. In regional markets, the two significant projects to be delivered in 2011 are “Trinity Walk” in Wakefield and “Parkway” in Newbury.
Shopping centres: Completions continued to drop in 2010
Major shopping centre projects delivered in 2010
Country City Property Name Surface (m²) Date
France Central Paris Okabé 35,000 H1 2010
Germany Ludwigshafen Rhein-Galerie 30,000 H2 2010
Germany Saarbrücken Europa-Galerie 25,000 H2 2010
Germany Leverkusen Rathaus-Galerie 22,600 H1 2010
United Kingdom Central London One New Change 21,368 H2 2010
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
Source: BNP Paribas Real Estate
Retail Sales
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011(f)
2012(f)
Source: Oxford Economics (March 2011)
Spain United Kingdom Italy Germany France%
-6
-4
-2
0
2
4
6
8
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
5PROPERTY REPORT - RETAIL IN EUROPE - APRIL 2011
INVESTMENT MARKET OVERVIEW
Retail investment volume in the five major European markets continued to increase progressively during H2 2010, rising by 54% over the same period last year. The full year retail investment volume increased by 66% in 2010. Indeed, in a context where economic recovery might not be as strong as expected, retail remained an attractive product for investors by offering higher income stability compared to offices. Consequently, since the break-out of the crisis, retail increased its market share continuously, from 28% in 2008 to 34% in 2010.
In 2010, the UK retail investment market represented € 13.8 billion, half the size of the European total. Retail investment increased by 58% last year supported by rising demand for all type of retail products. Shopping centres were dominant and continued to be very popular amongst investors, all the more so as a very low level of new supply is expected to arrive onto the market. For instance, the “Stratford City” shopping centre project in the Greater London area, set to be completed in the second half of 2011, was purchased for approximately € 1 billion, i.e. the largest shopping centre transaction of the year. Thanks to their resilience during recession, supermarkets remained very attractive too. The year’s largest retail deal was a portfolio of 41 Tesco supermarkets in a sale and leaseback transaction of around € 1.1 billion.
In Germany, retail investment volume soared by an impressive 136% in 2010, thanks to the very good performance of the Big Six1 markets. Berlin was the top location with € 1.4 billion invested followed by Hamburg (€ 816 million) and Cologne (€ 620 million). For the first time since 2006, shopping centres attracted most retail investment last year and were well represented by both single deals (Alexa, A10-Centre) and portfolios (Corio, Ciloger). Indeed, investors were increasingly attracted to the German market thanks to good economic performance and optimistic prospects backed by the strength of consumer spending. The rising share of foreign investors from 17% in 2009 to 42% in 2010 is also a sign of the higher confidence in the German market.
Along with Germany, France was also a target for investors in 2010. Household consumption, which has always been a key economic driver, continued to stay positive during recession therefore making French retail an attractive proposition for investors. Retail investment increased by 67% in 2010, driven by some large shopping centre deals. In H2 2010 the largest shopping centre transaction was “Cap 3000” near Nice for € 450 million, made by a consortium of Altaréa, ABP and Predica. Another major deal was made by National Pension of Korea who paid € 237m for the “O’Parinor” shopping centre in the Greater Paris area.
In Italy, retail investment rose by 26% in 2010, being the only segment to increase significantly compared to last year as offices and logistics seem to be suffering from the uncertain economic recovery. The rise in retail investment was supported by some large shopping centre deals especially in H1 2010 like the “Porta di Roma” whilst in the second half of the year the most significant transaction was the launch of Metro portfolio by BNP Paribas REIM.
In Spain, due to the ongoing economic recession and the gloomy outlook for consumer spending, the recovery in retail investment is slow. Investment volume rose by just 3% in 2010, but retail remains by far the dominant asset class, being perceived as resilient by investors in the current uncertain economic context. The years’ largest deal was concluded in the final quarter and it concerned the 50,000 m² “Centro Commercial Ballonti” in Portugalete (Basque Country) for € 116 million.
1 Munich, Hamburg, Frankfurt, Berlin, Cologne, Düsseldorf
Retail investment rose by almost two-thirds in 2010
United Kingdom
Germany
Spain
France
Italy
50%
28%
7%
10%
5%
Retail Investment by Country in 2010
Source: BNP Paribas Real Estate
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
0
10
20
30
40
50
60
70%
Retail's Share of Total Investment
ItalyGermanySpain UK France Europe
Source: BNP Paribas Real Estate
2008 2009 2010
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
0
2
4
6
8
10
12€ billion
Retail Investment in Europe
UK Germany Spain France Italy
Source: BNP Paribas Real Estate
Q1 Q22007 2008 2009 2010
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4Q3 Q4
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2011
6PROPERTY REPORT - RETAIL IN EUROPE - APRIL 2011
INVESTMENT MARKET OVERVIEW
Retail was the big winner in the European investment market in 2010. Competition for prime retail assets led to a downward yield movement across major European markets. Globally, by the end of 2010 prime retail yields reached more or less the same levels as in early 2008.
In the UK, the gloomier outlook for the occupier market due to the impacts of fiscal austerity on consumer spending and therefore on retail turnover was reflected in increasing high-street retail yields from 4.50% to 4.65% during H2 2010. On the other hand, prime shopping centre yields stabilised in H2 2010 at 5.75% after significant contraction during the first half of the year. Investors’ interest for the few well-positioned shopping centres available on the market is still high.
In Germany, the increased competition for prime retail locations especially in H2 2010 continued to push yields down in all markets of the Big Six cities. Nevertheless, overall downward yield movement represented just between 20-35bp during 2010, reflecting the low volatility of the German market. At the end of 2010, the prime high street yield was 4.25% in Munich and 4.60% in Berlin. In the same time, the prime shopping centre yield was 5.40%, dropping by 35bp compared to 2009.
In France, the prime segment enjoyed strong interest from investors. Therefore, yields for prime assets were on a downward trend in 2010 whilst they stabilised for secondary retail locations. The drop in prime high street yield even accelerated throughout 2010 and reached 4.40% in Q4 2010 compared to 5.15% a year earlier. Behind, the attractiveness of high street retail is the low level of vacancy rate and therefore the resilience in rental values. Regarding other retail categories, prime yields for both shopping centres and retail parks were around 5.75% and 7.75% respectively in H2 2010.
In Italy, both prime high street and shopping centre yields were stable during 2010 at 5% and 6.50% respectively. Considering that yields dropped during the same period in most European markets, the current level of yields has made the Italian market relatively more attractive.
After peaking at 6.5% at the end of 2009, prime high street yields in Spain dropped to 5.5% in H2 2010. Nevertheless, yields are relatively high compared to core European markets.
As a similar increase in retail investment volumes is not likely in 2011, yields should be mostly stable in major European retail markets. Nevertheless, a further yield drop could be recorded in some German markets where demand is particularly high or in Spain where the increase in yields was particularly significant during the crisis and a correction seems likely.
Yields are expected to stabilise further
High Street Prime Yields in Europe
Q1 Q22006
Q3 Q4 Q1 Q22007
Q3 Q4 Q1 Q22008
Q3 Q4 Q1 Q22009
Q1 Q22010
Q3 Q4 Q3 Q4
Source: BNP Paribas Real Estate
Italy Spain Germany France UK
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0%
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2010
Shopping Centre Yields in Europe
Source: BNP Paribas Real Estate
France (Average) Italy (Prime) Germany (Prime)UK (Secondary) UK (Prime)
2004 2005 2006 2007 2008 2009 Q12010
Q22010
Q32010
Q42010
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0%
BNP
Parib
as R
eal E
stat
e -
Rese
arch
- A
pril
2010
7PROPERTY REPORT - RETAIL IN EUROPE - APRIL 2011
GLOSSARYThe numerical data used by BNP Paribas Real Estate for its statistics features all the information it has at its disposal when compiling them. These statistics may change according to new information brought to our knowledge that is often confidential to begin with.
Definitions from A to Z…
Business goodwill: Business goodwill includes leasing rights, sales volume, customer base, fitting, brands and affiliation contracts … which determine the value. It does not include buildings or debt.Business resources can be operated by the owner or on a management lease contract. It can be solded or invested.
CCI: Cost of Construction index (INSEE): index that makes quarterly measurements in construction prices for new house building. It is the price after VAT paid by the owner to construction companies. It excludes land-related prices and costs (site development, special foundations, etc.), fees and financial costs.Rents are updated annually or every three years according to the change in the ICC.
City-centre store: This includes street-level stores, mixed premises with a high proportion of retail and specialist department stores in the city centre.
Flagship store: Showcase store also used for advertising and brand image at national and international level.
GLA: Gross Leasing Area: total area leased to merchants, including all sales and additional space. This is a term used for shopping centres.
Generalist store: this includes department stores, hypermarkets and supermarkets- hypermarket: self-service retail establishment generating over a
third of its sales from food and measuring over 2,500 m², - supermarket: service retail establishment generating over two
thirds of its sales from food and measuring 400–2,500 m².- department store: self-service retail establishment generating less
than a third of its sales from food and measuring over 2,500 m².
Gross useable area: The gross useable area is divided into three subcategories: sales area, stock rooms and staff and sanitary areas. Deduction is then made of pillars, outside walls and vertical circulation.
Leasing rights: The tenant owns the renewal rights to the lease, expressed as a commercial ownership. It may sell its rights to another merchant. The payment for this sale is made to the selling tenant.
Prime location: Relative appreciation of a commercial site according to footfall, quality of retail brands and rental value.
Prime rental value: Highest meaningful rental value for a top trading site.
Rental value: Annual rent plus 10% of leasing rights, divided by the number of weighted m²Rental value = ((leasing right payment / 10) + annual rent excluding tax and charges) / weighted area in m².
Right of entry: The right of entry or premium for goodwill is the sum paid by the tenant to the owner on signing the lease for a vacant unit. It is considered as a supplement to rent for the owner.
Suburban retail: This includes retail zone, retail parks and large suburban specialist stores.- Retail zone: unconnected grouping of stores each with its own
parking.- "Retail park": a set of retail premises with a unified architecture
built and managed as a unit, with a single parking facility.- Suburban specialist department store: store located in a business
park on the edge of a city ZAC that is not part of a retail zone or "retail park".
Shopping centre: collection of at least 20 stores and services totalling minimum GLA (gross leasing area) of 5,000 m², designed, built and managed as a single entity.- regional shopping centre: GLA > 40,000 m², over 80 stores and
services- large shopping centre: GLA > 20 000 m², over 40 stores and services- small shopping centre: GLA > 5 000 m², over 20 stores and services- themed centre: shopping centre specialising in a business sector,
such as household equipment- factory outlet: examples include Marque Avenue, Usine Center,
Quai des Marques
Useful weighted area: This notion is used by street-level stores measuring less than 1,000 m². This is calculated from the gross useable area by dividing it into sections scored according to their commercial usefulness.
Weighting chart: A method for weighting the surface area of a retail site devised by the main companies in the marketplace.
BNP Paribas Real Estate Disclaimer clause
BNP Paribas Real Estate cannot be held responsible if, despite its best efforts, the information contained in the present report turns out to be inaccurate or incomplete. This report is released by BNP Paribas Real Estate and the information in it is dedicated to the exclusive use of its clients. The report and the information contained in it may not be copied or reproduced without prior permission from BNP Paribas Real Estate.
Should you no longer wish to receive this report, or wish to modify the conditions of reception of this report, please send an e-mail to: [email protected]
Bernard Blanco Tel.: +33 (0)1 47 59 20 84 [email protected]
Greg Cooke Tel.: +44 (0) 20 7338 4201 [email protected]
Philippe Mer Tel.: +33 (0)1 55 65 27 85 [email protected]
Please contact
Property Development Commercial real estate Louis-Baudouin Decaix Tel.: +33 (0)1 55 65 24 40 [email protected]
Property Development Residential real estate René Metz Tel.: +33 (0)1 55 65 29 30 [email protected]
International Investment Group Peter Roesler Tel.: +49 69 298 99 940 [email protected]
Consulting Sylvain Hasse Tel.: +33 (0)1 47 59 23 57 [email protected]
Valuation Jean-Claude Dubois Tel.: +33 (0)1 47 59 18 10 [email protected]
Property Management Lauric Leclerc Tel.: +33 (0)1 55 65 29 29 [email protected]
Investment Management David Aubin Tel.: +33(0)1 55 65 26 06 [email protected]
SERVICES OFFERS
Guillaume Delattre Tel.: +33 (0)1 55 65 24 31 [email protected]
CLIENT SOLUTIONS
Christophe Pineau Tel.: +33 (0)1 47 59 24 77 [email protected]
RESEARCH
ABU DHABI Al Bateen Area Plot No. 144, W-11 New Al Bateen Municipality Street 32 P.O. Box 2742 Tel.: +971 44 248 271 Fax: +971 44 257 817
BELGIUM Boulevard Louis Schmidtlaan 2 B3 1040 Brussels Tel.: +32 2 646 49 49 Fax: +32 2 646 46 50
CZECH REPUBLIC Pobřežní 3 186 00 Praha 8 Tel.: +420 224 835 000 Fax: +420 222 323 723
DUBAÏ Emaar Square Building No. 1, 7th Floor P.O. Box 7233 Tel.: +971 44 248 271 Fax: +971 44 257 817
FRANCE 167, Quai de la Bataille de Stalingrad 92867 Issy-les-Moulineaux Tel.: +33 1 55 65 20 04 Fax: +33 1 55 65 20 00
GERMANY Goetheplatz 4 60311 Frankfurt Tel.: +49 69 2 98 99 0 Fax: +49 69 2 92 91 4
HUNGARY Alkotás u. 53. H-1123 Budapest, Tel.: +36 1 487 5501 Fax: +36 1 487 5542
INDIA 704, Level 7, MMTC House, C-2 Bandra Kurla Complex Bandra (E) Mumbai 400 051 Tel.: + 91 22 6138 8088 Fax: +91 22 6138 8089
IRELAND 40 Fitzwilliam Place Dublin 2 Tel.: +353 1 66 11 233 Fax: +353 1 67 89 981
ITALY Corso Italia, 15/A 20122 Milan Tel.: +39 02 58 33 141 Fax: +39 02 58 33 14 39
JERSEY Dialogue House PO Box 158 Anley Street St Helier Jersey JE4 8RD Tel.: +44 (0)1 534 815 300 Fax: +44 (0)1 534 629 011
LUXEMBOURG Axento Building Avenue J.F. Kennedy 44 1855 Luxembourg Tel.: +352 34 94 84 Fax: +352 34 94 73
POLAND ul. Górczewska 124 01-460 Warszawa Tel.: +48 22 533 40 03 Fax: +48 22 533 40 04
ROMANIA Union International Center 11 Ion Campineanu Street Sector 1 Bucharest 010031 Tel.: +40 21 312 7000 Fax: +40 21 312 7001
SPAIN María de Molina, 54 28006 Madrid Tel.: +34 91 454 96 00 Fax: +34 91 454 97 65
UNITED KINGDOM 5 Aldermanbury Square London EC2V 8HR Tel.: +44 20 7338 4000 Fax: +44 20 7430 2628
MAIN LOCATIONSALBANIA
AUSTRIA
BULGARIA
CANADA
CYPRUS
GREECE
JAPAN
NETHERLANDS
NORTHERN IRELAND
RUSSIA
SERBIA
SLOVAKIA
SWITZERLAND
UKRAINE
USA
OTHER LOCATIONS
Non
con
trac
tual
doc
umen
t - R
esea
rch
depa
rtm
ent –
Mon
th Y
EAR
BNP
Pari
bas
Real
Est
ate
: Sim
plifi
ed jo
int s
tock
com
pany
wit
h ca
pita
l of €
329
196
608
€ -
692
012
180
RCS
NAN
TERR
E -
Code
NAF
411
0B -
CE
iden
tific
atio
n nu
mbe
r : F
R 66
6 92
0 12
1 80
H
eadq
uart
ers:
167
, Qua
i de
la B
atai
lle
de S
talin
grad
- 9
2867
Issy
Les
Mou
linea
ux C
edex
- B
NP
Pari
bas
Real
Est
ate
is p
art o
f the
BN
P P
arib
as B
anki
ng G
roup
.
