Listed retail specialists make a comeback

Europe’s largest listed retail specialist Unibail-Rodamco made it into PropertyEU’s ranking of top 3 leading European retail developers this year.

The ranking is based on projects completed between 2010 and 2012 in m2. During this period, the Franco-Dutch property giant delivered 15 projects and extensions, primarily in France, Spain and the Netherlands.

In Austria, it finished a 28,000 m2 extension of Donau Zentrum in Vienna. The largest mall completed during the three-year period was the 53,000 m2 Confluence in Lyon.

Unibail-Rodamco has more in the pipeline: in Stockholm construction has begun on the 101,000 m2 Mall of Scandinavia involving a development cost of around €600 mln.

The Paris-listed company is not the only quoted retail player to move up in this year’s ranking. French peer Klepierre jumped into the top 5 while its Scandinavian subsidiary Steen & Ström made it into the top 20. Another French heavyweight Alterea-Cogedim climbed to 6th from 17th position this year after completing five major projects in its home country.

UK REIT Hammerson ended in the top 20 this year at number 18 and is also is also revving up its development engine in France, in particular Marseille, as well as its home base in the UK.

The Netherlands’ leading developers no longer dominate the rankings: former heavyweight ING RED plunged to 37th position this year from nr 4 last year as it continues to wind down its development arm. MAB has also tumbled out of the top 5 to nr 24 while Redevco is likewise toning downs its ambitions.