歐洲零售房地產業的復興
來源：
聯商網
2008-05-13 11:40
EUROPE’S RETAIL REAL ESTATE RENAISSANCE
歐洲零售房地產業的復興
A WAVE OF NEW DEVELOPMENT IS ROLLING ACROSS THE CONTINENT
一輪新的發展浪潮席卷歐洲大陸
By Curt Hazlett
克.哈茲立特
歐洲零售房地產業的復興
A WAVE OF NEW DEVELOPMENT IS ROLLING ACROSS THE CONTINENT
一輪新的發展浪潮席卷歐洲大陸
By Curt Hazlett
克.哈茲立特
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.
單從流傳信息分析，好像每個對歐洲有興趣的零售開發商集中在基輔、索非亞或第比利斯交易。大量事實說明，他們使中歐和東歐成為增長的熱點。在這些作為成熟市場的西歐在新興市場的行動潛伏著一個寬廣的趨勢，即正在經歷一個投資建造的熱潮。這有助于推動建立新的購物中心創記錄的空間。一個國家并不總是了解強化零售業的發展, 例如，在傳統保守的意大利，大約有1100 或萬平方英尺的空間將在2006 年7 月至今年12 月開業，據Cushman & Wakefield 報道，幾乎同樣多的零售空間將進入西班牙，該報告說，德國法德國分別加上800萬平方英尺及730 萬平方英尺。Cushman & Wakefield 的合伙人兼零售研究負責人Yvonne Court 說：“那里當然有很多事情正在進行。
“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.”
重點在中歐和東歐，但你必須記住這里基數較低，而在其余的西歐出現了許多新的發展和大量的整修和擴建" 。
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 的報告顯示，歐洲渠道擠滿了活動。西班牙購物中心項目整體領先，今年和明年大約有2000 萬平方英尺的空間可期。第二和第三位是波蘭和土耳其，但成熟市場的英國，意大利，法國和德國正緊隨其后。
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 說，因嚴格限制新上的地面發展項目，大部份的零售渠道涉及整修和擴建。但消費者期望和要求零售商成長發揮作用。
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.
由不同位置組成的建設熱潮，Court 說，西班牙的經濟增長，大大拉動了主要由新的項目組成，而在英國、法國和德國增長的特點是翻新和擴建，其中許多是在城市中心。
“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.”
每個在零售渠道國家都有項目，但仍存在著不少差別。丹麥阿姆斯特丹Redevco Europe Services 的COO 兼ICSC 歐洲董事局主席說：“如果你看看西歐市場，你會看到擴展和整修項目多于新摩爾的完工。革新和復興城市中心區的的歐洲有一個龐大的投資組合。”
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.”
雖然Redevco 對中歐和土耳其特別感興趣，Gillis 說，該公司已經把物業伸向歐洲1 7 個國家。公司的目標是擴大其資產到100 億元（ 135 億美元）。“歐洲仍是可利用嗎？不錯，那里有很多機會。” Gillis 說：“ 但是你必須小心你作出的每一個選擇。”
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.
即使是這樣一些隱憂，這些成熟的市場正在吸引投資者。其中西蒙地產集團在意大利建設四個購物中心，這些都是它全部或與它的意大利伙伴GCI 合作部分擁有產權的,其中西蒙擁有49 ％。其中三個購物中心今年開業在米蘭、那不勒斯和羅馬。第四個也在那不勒斯，預定明年開業。
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，法國。“我們的工作很辛苦，有兩個或三個重大項目在法國，”首席財務官史蒂夫.斯特雷特在4 月西蒙的第一季度業績的電話會議商說。
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，那里的零售業已經熱了十多年，大部分的行動已推進到遠離大城市的二等人口城市。英國開發商Milligan RRI 的西班牙運營董事總經理FraserDenton 說。一個例子是：Multi Corp.的Espacio Buenavista 是一個400,000 平方英尺的購物中心將在西班牙北部，Oviedo 于11 月開業，這是一個比馬德里或巴塞羅那人口少得多得地區。
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.)
這并不是說項目設在城市中心是完全出于喜歡，雖然。總部設在蒙特利爾的億萬豪劍橋（Ivanhoe Cambridge）已經聯手同西班牙公司拉.格羅夫納拉(LarGrosvenor)在馬德里郊區建造900，000 平方英尺Islazul Centro Comercial。（億萬豪劍橋當前已經很強大，去年10 月已從The Mills Corp.收購了龐大的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.
據Cushman & Wakefield 計算，去年進入歐洲市場新的零售空間西班牙和意大利約占約四分之一。但是也許在歐洲最成熟市場的英國，預計在未來幾年中也將是一個主要的新空間受援國，該公司說。
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.”
報告歸納英國提升主要城市的項目實力強大。其中包括Liverpool One，預定明年開業，有165 萬平方英尺零售面積，占地42 英畝，位于英國北部城市中心，是由現有的Broadmead 零售中心擴建而成；在Bristo 市中心，有170 萬平方英尺的零售面積，于2008 年啟用的Westfield London；165 萬平方英尺的在Shepherd’s Bush 市區的購物中心。“未來的購物中心是在市區的社區，方便，最好是徒步，并提供混合用途，使人們能夠生活，娛樂，購物和工作，在同一地區。” Court 在 5 月ICSC 春季大會“地方事務“論壇上說。
（譯者：俞稚玉）
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