Listed retail specialists or developers affiliated to listed groups account for a sizeable chunk of the European retail development pipeline for new shopping centres and extensions or redevelopments.
This is one of the key findings of PropertyEU's latest survey on Top Retail Developers in Europe.
Unibail-Rodamco heads both our ranking of Top Retail Developers based on completed projects between 2013-15 and our overview of pipeline projects. The Paris-listed company has just over 900,000 m2 of new projects scheduled for the coming five-year period including its Mall of Europe in Brussels, its Uberseequartier development in Hamburg, Val Tolosa in Toulouse and 3 Pays in Hésingue.
Westfield also features prominently thanks to its mammoth new development in Milan which is due to open in 2018. Westfield is also one of the drivers behind a major redevelopment in Croydon in the UK together with UK REIT Hammerson. Meanwhile another UK REIT, Intu, is betting on Spain where it is developing a mammoth new mall in Malaga.
Russian and Turkish players feature prominently in our ranking this year – and so do their respective capital cities in terms of new shopping centres under construction and pipeline projects. Western European cities are in the minority in our ranking of total volume of projects under construction although four – Valencia, London, Milan and Brussels – feature in the top cities in terms of pipeline projects.
Ikea Centres also has a significant pipeline of 752,500 m2 – including 10 new centres in Russia and adding to its existing portfolio of 14 Mega schemes covering 1 million m2.
