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Report of the Board of Directors

The Fund’s optimisation strategy

To achieve its targets, the Retail Fund aims to optimise its portfolio through targeted acquisitions, the redevelopment of core assets and the disposal of non-core retail units. Taking into account the trends in the retail market and the demographic outlook, we believe that the current competitive market requires specialised, well-positioned retail assets. Our strategy is to focus on what we believe will be the two decisive elements in the future of retail:

  • Experience: High street portfolio, focus on A1 locations in major shopping cities

  • Convenience: District shopping centres, focus on catchment areas and strong tenant mix

In addition, the key building blocks in the Fund’s strategy are:

  • Redevelopment: expansion/redevelopment of well-located shopping centres and retail units to meet the quality requirements of modern retail

  • Active asset management: maintaining high occupancy levels by developing close relationships with tenants

  • Focus on retail tenants less sensitive to economic cycles

Key market developments

Underlying aspects



Changing demography

·  Urbanisation: Urban areas are still growing and continue to attract young people with spending power

·  Cities, especially those in the Randstad, ‘winner’ in changing demographics

Focus on high street retail units in A1 locations (EXPERIENCE)

·  Shrinking and ageing of the population in rural areas

·  Worsened perspectives for fashion retailers outside urban areas


High street embrace online shopping

·  Consumer demand for shopping experience when shopping for non-food items

·  Physical shops add brand values as service point and experience centre


·  Large (international) fashion brands focus on exciting flagship stores as an addition to online sales

·  Large retail units in best shopping cities remain popular among retailers


Consumers demand convenience and value

·  Persistently low inflation is expected to boost consumer spending, strong turnover development in food sector

·  District shopping centres focus on food and daily goods

Focus on local/district shopping centres with strong catchment area and easy access (CONVENIENCE)

·  Accessibility and parking facilities are key in daily shopping

·  Opportunities for district shopping centres as pick-up point for online shopping

Strategic actions in 2015

  • Strengthened ‘Experience’ portfolio, through redevelopments in A1 locations

  • Strengthened ‘Convenience’ portfolio, through addition of new-build project and redevelopment of local shopping centres that meet the needs of today’s consumers

  • Divested non-core asset Arnhemseweg in Ede

  • Continued to optimise the standing portfolio through redevelopments

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