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CBRE Global Research and Consulting


The Netherlands Retail
MarketView
2014 H1
Slightly higher take-up
Demand for retail space resulted in
a total take-up of roughly 190,000
sq m and approximately 530
individual transactions in 2014 H1.
The result is lower than the H1
volumes observed in the years
before 2013, but higher than the
volume of 2013 H1 (147,500 sq
m). This implies that the strong
decline in take-up witnessed in
2013 has come to a halt and that
2014 may witness a more or less
stable or slightly higher figure.
Nonetheless, activity on the retail
letting market is still subdued.
Large units
Notable leases were signed by a
few foreign retailers though. This
has dominated the market in the
past few months, with the largest
units (4,000 - 4,600 sq m) targeted
by retailers such as Saturn (Duiven)
Primark (Rotterdam Zuidplein) and
Decathlon (Apeldoorn).
Several supermarkets took up units
ranging from 1,000 to 3,000 sq m,
but also Zara and H&M were
looking for units in this size
category. Eventually these fashion
chains found suitable units in places
as Breda, Eindhoven and Meppel.
Utrecht witnessed most individual
letting deals (28), followed by
Amsterdam, Rotterdam, The Hague,
Maastricht and Groningen. The
highest take-up volume (about
13,500 sq m), however, was
registered in Rotterdam, partly
thanks to Primark. Of the regional
cities Leiden witnessed the highest
take-up volume.
INVESTORS SHOW APPETITE, LETTING MARKET REMAINS SUBDUED
Imperial (Utrechtsestraat) and
Forever Flawless (P.C.
Hooftstraat). With the exception of
Forever Flawless, these retailers all
signed leases at subprime retail
locations. Their choice seems to be
motivated by the typical
atmosphere of these locations,
rather than by lower rents. This
atmosphere, being different from
the main stream high streets, may
contribute to the look & feel of the
business of these retailers.
Although subprime locations in
Amsterdam are showing a volatile
occupancy picture, vacant units
here are filled relatively quickly by
such foreign retailers. As for supply
of retail space in the entire country,
the figure moved around 3.47
million sq m in Q2 2014, which
implies an increase by 3.8%
compared to the figure registered
at the end of 2013.


Source: Oxford Economics
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GDP Inflation Unemployment Consumption
The historic centre of Leiden has
had a strong appeal on retailers:
11 out of 15 transactions
concerned retail space in the city
centre. The new scheme
Catharinasteeg, part of the
Aalmarkt redevelopment, was able
to attract H&M. With a 3,100-sq m
unit H&M will be the anchor tenant
of this new shopping area.
Catharinasteeg has also attracted
Via Mio / Moscow with a retail unit
of 1,250 sq m.
Subprime niche locations
A few new market entries have been
observed as well. These new
retailers opted for Amsterdam, with
the exception of Camp David
(Utrecht) and Park Lane Mainland
(Maastricht). Amsterdam welcomed
among others Subdued (two units
at Van Baerlestraat and
Leidsestraat), El Ganso
(Heiligeweg),
Chart 1: Economic Indicators
PRIME RENT G4
0% Hy-on-Hy
PRIME YIELD HIGH STREET
0 BP Hy-on-Hy
INVESTMENT VOLUME
283% Y-on-Y
AVAILABILITY
3.8% Hy-on-Hy
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Investment market pulled up by
large SC deals
The trend of restraint towards retail
investment observed since 2010
was interrupted in 2014 H1. The
total turnover moved around 780
million, whereas the investment
volume of the entire year of 2013
was only 805 million. 2014 H1
investment was also higher than the
H1 volumes realised in previous
years, with the exception of 2010.
The lions share of the H1 turnover,
however, was realised in Q1. Q2
has shown a lower investment
turnover both on a quarterly and
an annual basis.
The volume of 2014 H1 was
pushed up by a small number of
large transactions. It should also be
noted that transactions are
currently having a longer lead time;
as such, most larger H1 deals were
already initiated in 2013. The
largest impact came from the trade
of the Corio portfolio of eleven
shopping centres spread over the
country, which was acquired by a
joint venture of Mount Kellett and
Sectie5.
Furthermore, shopping centre De
Vier Meren and the V&D complex
(>30,000 sq m) in Hoofddorp
were purchased by the Wereldhave
REIT. No less important was the
sale of the Factory Outlet Center
Bataviastad in Lelystad.
The segment of shopping centres
has clearly generated the greater
part of total investment: over 540
million (almost 70% of the total
investment turnover) was invested
in (parts of) shopping centres.
Further sales included shopping
centre Miro Center (Enschede), De
Kwinkelier (Bilthoven) and Aan de
Kei (Valkenburg). Their purchase
prices moved between 20 and
30 million. Unibail-Rodamco again
acquired several parts of SC
Leidsenhage in Leidschendam. As a
result Unibail now owns half of this
shopping centre, a key destination
in the The Hague region. A
redevelopment and expansion of
Leidsenhage is in the pipeline.

Solitary high street units generated
a total investment volume of over
44 million, divided between seven
transactions. Kroonenberg Groep
concluded the largest deal with the
purchase of three units in
Amsterdam (Heiligeweg and
Leidsestraat).
At least seven supermarkets were
traded in H1, for a total volume of
around 30 million. The largest
deal concerned a unit at
Nieuwstraat in Spijkenisse,
occupied by Albert Heijn. Buyer
DWI Vastgoed paid a purchase
price of about 8 million.
With retail yields in general still
under upward pressure, a lack of
quality product and strong investor
competition has left the prime yield
for solitary high street units stable at
4.15% (NIY). Nonetheless, the
asset pool belonging to this
category has become gradually
smaller since the 2008 financial
crisis.

Location Project Type Purchaser million
Size
(sq m)
Nationwide Corio portfolio Shopping centre Mount Kellett/Sectie5 176 11 sites
Hoofddorp Vier Meren + V&D Shopping centre Wereldhave 138.8 30,070
Lelystad Bataviastad Factory Outlet Centre Undisclosed 115 26,289
Capelle a/d IJssel (greater
Rotterdam)
De Koperwiek Shopping centre Wereldhave 60.1 16,000
Leidschendam (greater The
Hague)
V&D Leidsenhage Shopping centre Unibail-Rodamco 40.6 11,450
Table 1: Key Investment Transactions 2014 H1
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Source: Statistics Netherlands
Source: CBRE
Source: Locatus Source: CBRE
Source: CBRE
Source: CBRE / VTIS
Chart 2: Retail Sales Turnover Chart 3: Take-up
Chart 4: Supply Chart 5: Investment Turnover
Chart 6: Prime Rents G4 High Streets Chart 7: Prime Yields (net)
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Utrecht The Hague
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high street shopping centre
retail warehousing
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OUTLOOK
www.cbre.nl
Economic conditions in the Netherlands are expected to improve only gradually. As such, consumer spending is
not to increase substantially in the months ahead. Perhaps the home furnishings sector will perform better,
benefiting from an improving housing market. Demand for retail space, therefore, will remain subdued, with a
take-up volume equal to or slightly higher than the figure registered in 2013. Parties still looking for retail space
are the usual suspects: Action- and H&M-like retailers in the lower segment, fashion brands mainly covered by
the Inditex Group and a few luxury retailers. Meanwhile, retailers such as high-end department store De
Bijenkorf and Primark in Amsterdam (store opening in 2015) are aiming for longer evening openings. They are
strong anchor tenants that manage to increase footfall in their vicinity. More retailers are expected to follow, and
longer evening openings are already practice in parts of subprime retail locations in Amsterdam, such as
Leidsestraat and Utrechtsestraat.

With a substantially higher turnover and increased investor appetite for portfolios and shopping centres, Dutch
retail investment has shown a picture which is fairly in line with the European one. Nonetheless, the Dutch
investment volumes are still below the levels observed before the crisis, and the greater part of transactions is still
for the account of Dutch investors. Yet, three deals of the Top 5 largest were concluded by foreign investors.
Some (opportunistic) foreign parties anticipating on improvement of the Dutch economy in the years ahead
and a possible value growth are currently looking for distressed or high-yielding assets. Significant in this
context is the recent market entry in the Netherlands of US based investor Mount Kellett, who acquired several
Corio shopping centres. Although Amsterdam is still not a core target such as London or Paris, its international
appeal is strengthening and this may also trigger foreign demand.
CONTACTS
For more information about this MarketView, please contact:

Ratih Bach
Senior Analyst
CBRE Research and Consulting
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: ratih.bach@cbre.com
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Global Research and Consulting
This report was prepared by the CBRE Netherlands Research Team which forms part of CBRE Global Research and
Consulting a network of preeminent researchers and consultants who collaborate to provide real estate market research,
econometric forecasting and consulting solutions to real estate investors and occupiers around the globe.
Disclaimer
CBRE B.V. confirms that information contained herein, including projections, has been obtained from sources believed to
be reliable. While we do not doubt their accuracy, we have not verified them and make no guarantee, warranty or
representation about them. It is your responsibility to confirm independently their accuracy and completeness. This
information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved
and cannot be reproduced without prior written permission of CBRE.

Krijn Taconis
Executive Director
CBRE Retail
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: krijn.taconis@cbre.com

Albert Hoogland
Executive Director
CBRE Asset Services
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: albert.hoogland@cbre.com

Erik Langens
Senior Director
CBRE Capital Markets
Gustav Mahlerlaan 405
PO Box 7971
1008 AD AMSTERDAM
t: +31 20 626 26 91
e: erik.langens@cbre.com

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