Company profile ’10 / ’11
Spain, Portugal and Italy SPAIN - Gijón, C.C. Los Fresnos
PORTUGAL - Porto
Other projects recently completed
Distribution centre in Madrid. This 32,000 sq. m. logistics platform at San Fernando de Henares, Madrid, was completed in 2009. The platform is divided into four modules of 8,000 sq. m. each. Half of the space has already been let, to TDL and Iberlink.
Prime high street investment, Madrid, Spain – Goya 47. We continue to monitor the market closely, and, in line with the strategy described above and despite the current market situation, last June we acquired a 2,300 sq. m. high street unit on Goya, one of Madrid’s principal commercial streets.
City centre redevelopment. A 3,200 sq. m. high street building on Las Ramblas / Plaza de Cataluña, Barcelona, was redeveloped for H&M in 2008.
Goya 47 is let to Zara, part of the Spanish Inditex Group. We expect to complete similar investments in the coming months.
City centre redevelopment. The redevelopment, on a turnkey basis, of a garage in Braga’s main commercial street as a 2,170 sq. m. H&M high street retail unit opened in 2007.
Redevco Retail España, S.L. C/ José Ortega y Gasset 20, 6º 28006 Madrid Spain
City centre redevelopment. Redevco Italy recently acquired the Rinascente Building in Via Sparano, Bari. This property, a prime 5,000 sq. m. retail building located in the heart of the city, reflects Redevco’s strategic target of investing in prime downtown properties in large cities across Europe. Prior to the acquisition, the Rinascente Building was redeveloped and let to the prestigious Swedish fashion retailer H&M; after acquisition, Redevco completed the letting process, incorporating Oviesse (part of the Coin group, Italy’s leading fashion retailer) into the property.
T +34 91 432 32 30 F +34 91 432 32 34 E firstname.lastname@example.org Redevco Italy Srl Corso Venezia 5 20121 Milan Italy T +39 02 897 897 1 F +39 02 897 897 37 E email@example.com www.redevco.com
We are constantly analysing potential redevelopments in our current portfolio, and we expect some of those to be realised in the coming period. SPAIN - Madrid
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Market analysis Like other regions, Spain, Portugal and Italy have been affected by the economic crisis since 2008. GDP declined sharply as levels of private consumption fell and unemployment rose, especially in Spain. Investment activities, the company’s expansion plans and new development and redevelopment schemes all slowed down, but we are now back in the market looking for prime retail properties. Though economic uncertainty continues to affect the region, the outlook is encouraging, with the global economy likely to consolidate in the months to come, leading to growth during the coming year. Furthermore, markets for prime real estate – and more especially the prime high street real estate market – are attracting greater interest from investors because, although some additional value correction might well still be seen, the price adjustments already experienced have created more realistic values. Interest among investors is growing cautiously, as the gap between the price being asked by vendors and what purchasers are willing to pay narrows. The market is not yet expanding, but it is certainly stabilising. New retailers have decided to enter Europe through this region, with Italy particularly attracting some overseas retailers which have either opened (Abercrombie & Fitch for example) or are planning to open their first continental European stores.
Our focus is on
and sustainable products
Strategy For the coming period, Redevco’s strategy across Europe is to further enhance the profile of its real estate portfolio. With a clear retail focus, we will invest in and redevelop prime retail properties. We may also consider disposing of some properties that no longer meet our investment criteria. Within those investment criteria, we will maintain a clear focus on prime retail properties located in the historic centres of Europe’s main cities. In our region, making use of our local management teams, we will try to replicate Redevco’s European strategy, exploiting market cycles to implement the activities described above. Clearly, our main focus will be prime retail assets, and we are committed to investing in prime retail properties (high street, shopping centres) – as long as their fundamentals are consistent with our asset selection policy and the price reflects the risks incurred.
SPAIN - Palma de Mallorca, Can Puig
prosper If the retailers
ITALY - Bari La Coruña Brescia
Gijón Bilbao Vigo
we prosper too
Milan San Sebastián
PORTUGAL - Braga
As in the past few years, we will continue to divest properties that no longer play a strategic role in our portfolio. We will also continue our policy of redeveloping the existing portfolio to create added value to some of our existing properties.
La Palma Cádiz
SPAIN - Palma de Mallorca, Can Puig Tenerife
Vigo, Spain – Príncipe, 15. Mixed-use development
SPAIN - Barcelona, Las Ramblas
Redevco - the name derives from Real Estate Development Company – has been operating as an independent company since 1999. Its origins lie in the real estate department of fashion retailer C&A. So we are a young company with over 150 years of experience. Redevco sees itself as a specialist in the Spanish, Portuguese and Italian retail real estate markets. As such, we can offer our clients – local, national and international tenants – solutions in all retail formats: high street, retail warehousing and shopping centres, acting as final investors and also as developers.
Key figures Portfolio value: € 734 million SP&PT/IT 69 Number of properties: More than 300,000 sq. m. GLA:
Redevco Spain is about to finalise the development of a mixed-use building. The building is located in Vigo, in the city’s main retail street, and will consist of 1,000 sq. m. of residential space and another 1,000 sq. m. of retail space. A lease contract for most of the retail space was recently signed with the fashion brand Springfield (part of the Cortefiel Group).
Chiclana de la Frontera (Cadiz), Spain – Puerta de Chiclana. Retail park extension We expect to start work this autumn on extending a retail park (which we purchased as part of the Ahold/Dinosol portfolio back in 2005) located in the city of Chiclana de la Frontera in the south of Spain. The redevelopment will provide an additional 8,400 sq. m. of retail park space adapted to current retail trends. Retailers such as Eroski, Decathlon and Worten have already signed lease contracts with Redevco, and Puerta de Chiclana is now 80 per cent let.