法国不动产市场报告

FRENCH2022&2023I

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LINVESTMENTOFFICESGREATER

PARISREGIONRETAILFRANCEFRANCE01INVESTMENTK

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KINVESTMENTCOMMERCES2022HIGHLIGHTS•

Volumes

weredownslightly

by4%year-on-year,

but

fellsharply

in

Q4

(-53%year-on-year).•

Offices

arestill

thedominant

assetclass,

but

their

sharecontinues

to

fall(54%in2022

compared

to

62%in2021).•

Industrial:

2nd

bestyearonrecord.•

Retail:

3rd

bestyearever.•

Thenewfinancialclimatehas

caused

the

markettostall:morethan

6billion

eurosof

assetshave

beenwithdrawnorput

onhold.•

Increasingdiversification

strategies.•

Theregionsfaredbetter

than

theGreater

ParisRegion(-1%year-on-year

comparedto

-5%).•

Increaseinprime

yields,

but

still

significant

differences

ofopinion

between

sellersandbuyers.•

Foreignerswerelesspresentforacquisitions

(23%dropyear-on-year

ininvestment

volumesinFrance).K

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KINVESTMENTCOMMERCESNewfinancial

climateChange

inlifeinsurance

contributionsInFrance,

inbillions

of

euros2022wasthe

year

ofmonetarypolicy

tightening,withtheEuropeanCentralBank

raising

keyinterestrates

by250

basis

pointsinthe

secondhalf

ofthe

yeartocurb

inflation.

Inflationremainshigh,reaching

10.4%inDecember

inthe

EUcomparedto5.3%a

yearearlier.

The

10-year

OATratehas

alsosoared,gaining

nearly

300basispoints

inone

year.

The

fightagainst

inflation

willcontinue

over

the

next

fewmonthsandfurtherratehikeswillbeimplemented,although

theymaybesmallerthanlastyear.

The

lack

ofvisibilityonprices

andperformanceinthe

propertysectorwillthereforecontinue

into2023.160134132Theend

of

freemoneyChange

inthe

10-year

OATrateand

the

ECB'skey

rateAs

a%Abundant

liquidity:

howlongwillitlast?Change

in

SCPI

inflowsInFrance,

inmillions

of

euros1208040-43,5310-year

OATECBrate10

00090008000700060005000400030002000100002,521,510,50-0,5-1Source:Banque

deFrance

/ECBSource:ASPIMSource:France

AssureursK

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KINVESTMENTCOMMERCESInternational

contextFrance

held

upwellChange

ininvestment

volumes

in

the

main

European

marketsAllasset

types

combined,

includingresidential,

inbillion

eurosAfter

abuoyant

2021,

the

newfinancial

situationexplains

the

dropinrealestateinvestmentvolumes

in2022worldwide.Across

all

assetclasses,the

decreasewas

25%onaveragecomparedtotheprevious

year.In

Europe,thedecrease

wassignificant

insomemajormarkets,suchasGermany,whileFrance

faredwellwithagenerally

stablevolume

from

one

year

tothe

next.30025020015010050Sharp

decrease

onallcontinentsChange

ininvestment

volumes

between

2021

and

2022worldwideAllasset

types

combined,

excluding

residential

(offices,

retail,

industrial)Europe-26%USA-18%World-25%AsiaPacific-37%-2013

2014

2015

2016

2017

2018

2019

2020

2021

2022UKGermanyFranceNetherlandsSwedenSpainSources:RCA,

KnightFrankSources:RCA,

KnightFrankK

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KINVESTMENTCOMMERCESClose

tothe

averageIn

the

corporate

realestatemarket(offices,retailandindustrial

premises),

the

sums

investedinFrance

totalled

25.4billion

eurosin2022,

i.e.avolume

4%lowerthaninthe

twoprevious

years.Although

activity

remains

farfromthe

peak

of2019,

itisclosetothe

ten-year

average

andremainssignificantly

higherthanthe

resultsrecorded

during

thefinancial

crisis

andthe

eurozonecrisis.Slight

4%decrease

year-on-yearChange

involumes

invested

in

FranceAllasset

types

combined

(offices,

retail,

industrial),

in

billionsofeuros€37.52017-2021€29.7B

/year2012-2021€25.7B

/year€26.3

€26.3€25.42008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022Frenchinvestmentvolumes10-yearaverage5-yearaverageSource:KnightFrankK

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KINVESTMENTCOMMERCESSharp

dropinthe4th

quarterEstimated

volume

of

assets

onholdor

withdrawn

from

themarketInFrance

in2022Having

increased

ineach

ofthefirstthreequartersof2022,

volumes

fellsharplyatthe

endoftheyear,

whichisusually

the

most

dynamic

period.5.1billion

euroswasinvested

inFrance

inthefourthquarter,a

decrease

of54%

comparedtothe

sameperiodin2021andthe

lowestlevel

forafourthquarter

since

2013.

Although

activity

hadbeguntolosesteaminthe

summer,

itwasinthefourthquarter

thatthe

consequences

ofthe

riseinthe

costofmoneyandthe

increased

wait-and-seeattitude

ofinvestors

weretrulyreflected

inthefigures.Almost6billion

eurosis

missing

comparedtoQ42021,

which

isquiteclosetoKnightFrank'sestimateoftheamountofassetswithdrawnfromthe

marketandtransactions

put

onhold.Themajorityofthisamountrelates

tooffices

(84%),ahead

ofretail

andindustrial

premises.€6.4BLowestlevel

since

2013Change

involumes

invested

in

France

in

the

fourth

quarter

ofeach

yearAllasset

types

combined

(offices,

retail,

industrial),

in

billionsofeurosBreakdown

byassettype%oftotal

amount€15.44%2017-2021€12.5B

/year2012-2021€10.3B

/year12%€11.0€9.2€5.184%20092010201120122013201420152016201720182019202020212022OfficeRetailIndustrialSource:KnightFrankVolumes

investisenFranceMoyenne10

ansMoyenne5

ansK

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KINVESTMENTCOMMERCESEvenfewer

very

largedealsThe

slowdowninactivity

isparticularly

evident

inthe

largetransaction

category.

Ofthe

65transactions

>100millioneuros

completedinFrance

in2022,

only13wererecordedinQ4

fora

totalvolume

of2billion

euros.24wererecorded

inQ4

2021fora

volume

almostthreetimesaslarge.Furthermore,

onlythreeofthe18transactions

>200millioneuros

in2022

werecompletedinQ4,including

thesaleofthe

"Bloom"office

building

inthe

12tharrondissementofParis

toPRIMONIAL.

Conversely,portfolios

played

a

moresignificant

rolein2022,contributing

tothe

verystrong

performanceofthe

logisticsandretailmarkets.899transactions(956

in2021)18

>

€200

M(22

in2021)=Proportionsremain

stableBreakdown

ofinvestment

volumes

inFrancebyamountAlltypes

ofassets

combined

(offices,

retail,

industrial)€6.1B100%(7.1

in2021)=31%31%80%24%ofvolume60%19%25%21%(27

%in2020)40%21%23%Shareofvolumeinvestedin

portfolios20%27%24%0%20212022(22

%in2021)Morethan

€200M€100-200M€50-100M<€50MSource:KnightFrankK

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KINVESTMENTCOMMERCESGreater

ParisRegionstruggling

moreThe

trendtowardsthe

weakening

ofthe

GreaterParis

Region'sdominance,

whichhas

beenseensince

the

outbreak

ofthehealth

crisis,isbeingconfirmed.With15.5billion

euros

investedin2022,

down5%year-on-year,

Paris

anditsregionaccounted

for61%ofthe

amountsinvested

inFrance

across

allassetclasses,comparedwithanaverage

of75%inthe

tenyears

priortotheCovid-19pandemic.Although

activity

alsoslowedinthefourthquarter,theregions

faredbetterin2022,withavolume

ofnearly

10billioneuros,virtuallyunchanged

over

one

year.Change

in

investment

volumes

2021-2022Allasset

types

includedGreater

ParisMoresignificant

decrease

than

in

theregionsChange

ininvestment

volumes

in

the

Greater

Paris

Region,

allasset

types

combinedInbillions

ofeurosRegion-5%Year-on-year€3080%70%60%50%40%30%20%10%0%61%€252017–2021€21.1

B/

year62%2012–2021€18.7

B/

year€20€15€10€5Regions-1%Year-on-year€020082009201020112012201320142015201620175-yearaverageGreaterParisRegionshareinFrenchinvestmentvolumes20182019202020212022GreaterParisRegioninvestmentvolumes10-yearaverageSource:KnightFrankK

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KINVESTMENTCOMMERCESForeigners

lessconspicuousForeigners

invested

8.6billion

eurosinFrance

in2022,

adecrease

of23%

year-on-year.

Although

they

werevery

presentinthe

firsthalf

of

the

year,their

sharegradually

decreased

to35%ofthe

sums

investedinFrance.

NorthAmericans,

presentinallmarketsectors,werethe

most

active

with11%ofFrenchinvestmentvolumes

in2022,

ahead

ofthe

British(9%).

Frenchinvestors

accounted

for65%

ofthe

volume

invested

in2022,comparedwith55%a

yearearlier.SCPIs

have

beenactive.

Benefiting

fromstronginflows,theywereresponsibleforsomeverylarge

transactions,

particularly

inthe

office

sector,including

acquisitions

byPERIAL

("LaMarseillaise"

tower,"WestPark2"inNanterre,"SeineAvenue"inAsnières,etc.)andLaFrançaise

("Campus

Cyber"

inLaDéfense,

"Alphabet"

inBois-Colombes).Change

in

investment

volumesbetween2021and2022Allasset

types

includedSharp

dropin

international

investmentChange

ininvestment

volumes

byforeigners

in

FranceAllasset

types

combined,

in

billionsofeurosForeigners-23%Year-on-year18€16€14€12€10€8€50%45%45%40%35%30%25%20%15%10%5%35%€11.2French€8.6+20%Year-on-year6€4€2€0€0%2010201120122013201420152016201720182019202020212022Source:KnightFrankK

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KINVESTMENTCOMMERCESFunds

continuetodominateThe

decrease

intheamounts

committedinFrance

byforeigninvestors

explains

the

dropinthe

shareof

funds.Thelattercontinue

todominate,but

the

gaphasnarrowedwithSCPI/OPCIs,

which

areresponsible

forasignificant

number

oftransactions

andaremorepresentinthelarge

transaction

category.The

shareofprivate

investors

alsoincreased.Gaining

5points

inone

year,

itwasboostedbyone

of

thelargesttransactions

of

2022:

thepurchase

byBernardArnault,

chairman

andCEOofthe

LVMH

group,ofaportfolio

ofthreebuildings

located

inthe

CBD(60%of22avenue

Montaigne,

7rue

delaPaixand12place

desÉtats-Unis).

Finally,

the

shareofinsurersandsovereign

wealthfunds

alsofellcomparedto2021....butthegap

has

narrowed

withSCPI/OPCIsShare

ofeach

investor

typeintotalinvestment

volume

in

FranceAllasset

types

combined,

share

as

a%oftotal

volumeFunds38%Insurers16%Fonds36%SCPI

/OPCIs27%Propertycompanies11%20212022Propertycompanies10%Others5%SCPI

/OPCIs23%Privateinvestors9%Assureurs10%Others5%Sovereign

funds4%4%2%Private

investorsSovereign

fundsSource:KnightFrankK

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KINVESTMENTCOMMERCESFrance

remainsaprime

targetInthe

To

p

5Top

5most

popular

countries

for

foreign

investorsCross-border

investment

volumes,

all

asset

types

combined*TheAmericans

and

British

are

stillvery

presentForecast

breakdown

ofcross-border

investment

volumes

inFrancein2023*Despite

thedecrease

inforeigninvestment,France

willretainitsplace

inthe

Top5mostpopular

marketsin2023,

behindthe

UnitedStates,the

UnitedKingdom,GermanyandAustralia.Breakdown

bynationalityBreakdown

byasset

typeIn2022In2023

(forecast)In

France,

NorthAmericans

shouldremainthemost

active

foreigninvestors

in2023,

aheadoftheBritishandGermans.Furthermore,offices

shouldcontinue

toaccount

forthelargestshareofinvestment

volumesinFrancebyforeigninvestors,

evenif

their

sharecouldfurtherdecrease

infavour

ofretail,industrialandalternative

assets.Changefrom2022estimatesOthers47%USA-10

pts0pt15%OfficesSouthKoreaCanada29%21%5%10%3%Industrial21%+9

pts+1

ptRetail16%Switzerland22%11%GermanyOthers(residential

/hotels)UKSource:KnightFrank

/*including

alternative

andresidential

assets.K

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KINVESTMENTCOMMERCESOffices:

themostaffected

assetclassOffices

accounted

for13.6billion

eurosin2022comparedto16.2billion

eurosin2021.

Thisistheir

worstperformance

since

2013.Whereas

they

have

accounted

foranaverage

of67%

of

the

volumeinvested

inthe

French

marketover

the

pasttenyears,their

sharefellto54%

in2022.

At

a

timewhenmanyinvestors

witha

highexposuretooffices

wanttodiversify

their

assets,

andwhenthe

pricecorrection

istaking

longertomaterialiseinthissector

than

intheindustrial

andretailsectors,the

officemarketisconsequently

themost

penalised

bythe

new

financial

situation.In

the

GreaterParis

Region,

the

wait-and-seeattitude

ofinvestors

isallthe

moreimportantasremoteworkingcould

have

alastingimpactontheconsumption

ofoffice

space

andvacancy

rates

haverisensharplyincertain

office

hubs.Of

the

33office

transactions>€100

million(following38in2021and50in2020),theoverwhelming

majorityarenevertheless

inthe

GreaterParis

Region(29).

In

the

regions,therewerefour

suchsales,the

largestbeing

thepurchase

by

PERIAL

of

the"LaMarseillaise"

tower.Office

transactions

≥

€100

M

inFranceChange

innumber2020-2022changeJustover

halfof

investment

volumesChange

inoffice

investment

volumesInFrance,

in

billionsofeuros5030,0€25,0€20,0€15,0€10,0€5,0€80%70%-34%innumber54%60%In

202050%38In

2021€13.640%30%20%10%0%-37%involume33In

2022-

€201120122013201420152016201720182019202020212022GreaterParisRegionRegionsShareofofficesin

totalFrenchinvestmentvolumeSource:KnightFrankK

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KINVESTMENTCOMMERCESExamples

of

2022

office

transactionsPERIAL|LAMARSEILLAISE,

MARSEILLESFL

|91-93

BD

PASTEUR,

PARIS15THLAFRANÇAISE

|CAMPUS

CYBER,PUTEAUXAG2R

LAMONDIALE|61-63

RUEDES

BELLESFEUILLES,

PARIS16THM&G

REALESTATE

|RIO,

PARIS8THHSBCREIM

|AXE13,NANTERRELAFRANÇAISE,

CDC|ALPHABET,BOISCOLOMBESICAMAP|CB3,

PUTEAUXBLACKROCK

|MLYON,LYONPRIMONIAL

REIM

|BLOOM,

PARIS12THSource:KnightFrankK

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KINVESTMENTCOMMERCESAlmost

universal

decreaseLaDéfenseParisCBDInner

SuburbsOf

the

10.6billion

eurosinvested

intheGreaterParisRegion

officemarketin2022(-17%year-on-year),

itisinthesuburbsthatthe

drophasbeenthe

greatest.IntheInnerSuburbs,the

amountsinvested

lastyear

totalled

justunder1.5billion

euros,a

volume

39%below

the

ten-year

average.In

the

North,whereseventransactions

>100millioneurosdrove

the

marketin2021,

four

werefinalised

in2022,including

the

salebyLAFRANÇAISEof"Kappa"

inSaint-Ouen.

Despitethe

recent

completionofanumber

oflargetransactions,

suchasthe

saletoICAMAPof"CB3"inLaDéfense,

activity

has

alsoslowedinthe

West.Lookingatalltransaction

sizes,the

cumulative

value

oftransactionssignedin2022inthe

WesternCrescentandLaDéfense

willbarely

reach2.4billion

euros,comparedtoanaverage

ofmorethan5billioneuros

over

the

lasttenyears.€3.56€5.32€3.48€3.69€3.00€1.80€2.43€1.50€0.69WesternCrescentParisoutsideCBD€5.99€4.24€3.50The

strengthofthe

Parisian

marketcontrasts

withthedownturnseeninthe

suburbs.Investmentvolumes

intheCentralBusiness

Districtwere8%higherthanin2021,driven

bynear-record

letting

activity.

Outside

the

CBD,performance

in2022

was11%above

theten-year

averageasa

resultofseveral

largeandvery

largetransactions

suchasthe

saleof91-93boulevard

Pasteur

inthe

15tharrondissementtoSFLandthesaleofBloominthe

12tharrondissementtoPRIMONIAL.

That

said,theParis

marketdidnotescape

the

slowdowninactivity

inthe

secondhalf

ofthe

yeardue

todifferences

ofopinion

betweensellers

andbuyers,as

wasthecase

inother

sectors.€3.16€2.86OuterSuburbs€1.72Paris

outsidetheCBD

outperformsOffice

investment

volumes

bygeographical

areaInthe

Greater

Paris

Region,

in

billionsofeuros€1.70€0.72€0.6310-year

investment

record202210-year

averageSource:KnightFrankK

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KINVESTMENTCOMMERCESStrengthof

theregionsAfter

asluggishthirdquarter,2022ended

ona

positive

note

forthe

regional

officemarket.Volumesroseagaininthe

fourthquarter

asa

resultofthe

completion

ofseveral

significant

transactions.

Over

the

wholeof2022,

they

amountedtojustoverthreebillion

euros(-5%year-on-year).

Whilea

numberof

medium-sizedcities

havebecome

moreattractive,

volumes

have

beenboostedbythe

signing

oflarge-scaletransactions

inthelargestcities,

suchasPERIAL's

purchase

ofthe"LaMarseillaise"towerinthe

firsthalf

ofthe

year.

In

the

fourthquarter,the

acquisition

byBLACKROCKofthe"MLyon"project

andthe

salebyICADEandSOGEPROMof13,200sqm

ofoffice

spaceinLaPart-Dieu

confirmedthe

dominance

oftheLyonmarket,whichwasparticularly

dynamic

with1.1billion

eurosinvested

inoffices

in2022.

Although

thelargetransaction

trendcould

fadein2023,

the

outlook

remainspositive

fortheregional

office

markets:

morestable,lessexposedtoremoteworking

andtothe

upsanddownsofglobalactivity,

their

supplygenerally

remainslimitedandtheyalsobenefit

from

the

geographical

diversification

strategies

ofFrench

andforeignplayers.TOP

5in

theregionsLille13%Office

investment

volumes

in2022Share

as

a%oftotaloffice

investments

inthe

regionsLyonrecordsoneof

itsthreebest

yearsChange

ininvestment

volumes

in

offices

inthe

Rhône-Alpes

regionInbillions

ofeuros1,41,21,00,80,60,40,260%€1.10

50%Nantes4%40%30%20%10%0%LYON36%ToulouseAix-Marseille13%8%0,02010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022OTHERS10-yearaverageRhône-Alpessharein

regionalofficeinvestments16%Source:KnightFrankK

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&

2

0

2

3

O

U

T

L

O

O

KINVESTMENTCOMMERCESCoreassets

still

dominateAs

in2021,

the

majorityofinvestmentvolumes

inthe

GreaterParis

Regionoffice

market

have

beenforcoreassets,

illustrating

the

appeal

ofsecureproperties

inthe

faceof

the

deteriorating

economicsituation

andsoaringvacancy

rates

outside

Paris.In

2023,

investors

willcontinue

tofavourproperties

thatarebestsuitedtooccupier

demandandthatarethe

mostenvironmentally

efficient.However,whilethe

correction

invalues

remainsfairly

modestinthe

coresector,the

marketforcore+andvalue-add

properties

couldbemoredynamic

due

toa

morepronounced

adjustmenttomeetbuyers'expectations.…

but

the

price

correctionmakes

Core

+and

Value-add

more

appealingBreakdown

ofoffice

investment

volumes

byrisktype

in

the

Greater

Paris

RegionUnittransactions

≥€20M2022202157%5%11%23%3%4%54%5%15%23%CoreOf

which

pre-letforward-funding

salesCore

PlusOf

which

partially

letforward-funding

salesValue-add

/speculativeOf

which

speculative

forward-fundingsalesSource:KnightFrankK

N

I

G

H

T

F

R

A

N

K

2

0

2

2

R

E

V

I

E

W

&

2

0

2

3

O

U

T

L

O

O

KINVESTMENTCOMMERCESRetail:3rd

bestyear5.7billion

euroswasinvested

inthe

Frenchretail

market

in2022,

anincrease

of16%

comparedtothe

ten-year

average

andthe

thirdbestperformance

initshistoryafter2014and2019.

Thisresultisdue

toa

highnumber

oflargetransactions:

16>100millioneuroswererecordedinFrance

in2022

comparedwithonly

4in2021.Despite

aslowdownatthe

endoftheyear,

the

fourthquarter

wasnonetheless

buoyedbythe

signing

ofthreenewmajortransactions,allofwhichwereportfolio

sales:the

saleofGRANDFRAISshops,CORA

hypermarketsanda

portfolioofshopping

centres

andretailparks.Over

the

year

asa

whole,portfolios

accounted

for41%ofthevolume

invested

intheFrench

retail

market

andthereforecontributed

directly

toitsexceptional

result.Finally,

although

thelack

ofvisibility

islikelytoweighonvolumes

andthe

numberoftransactions

in2023,

several

majortransactions

arestillexpected,particularly

inthe

outskirts

andonsomeofParis'mostprestigiousstreets.Share

of

volumes

investedinportfoliosInFrance,

allretail

formats,

as

a%In202241%In2021Retailis

restoredtoits

former

gloryChange

inretail

investment

volumes

inFranceInbillions

ofeuros,

allretail

formats

included€9€8€7€6€5€4€3€2€1€035%30%25%20%15%10%5%23%17%13%30%0%200820092010201120122013201420152016201720182019202020212022Sumsinvestedinretailin

France10-yearaverageShareofretailin

totalFrenchinvestmentvolumeSource

:KnightFrankK

N

I

G

H

T

F

R

A

N

K

2

0

2

2

R

E

V

I

E

W

&

2

0

2

3

O

U

T

L

O

O

KINVESTMENTCOMMERCESExamples

of

2022

retail

transactionsCHEVAL

PARIS|150

AVENUE

DES

CHAMPS-ÉLYSÉESSOCIETE

GENERALE

ASSUR.

/BNP

PARIBAS

CARDIFCEETRUS

|V2SHOPPING

CENTRELAFRANÇAISE

|FIREPORTFOLIO,

FRANCEPARIS8THCARRÉ

SÉNART,

LIEUSAINTVILLENEUVE

D’ASQARESMANAGEMENT

|

FAST

PORTFOLIO,

FRANCEAMUNDI

|SHOPPING

PARC

CARRÉ

SÉNART,

LIEUSAINTBARINGS

|GALAXY

PORTFOLIO,

FRANCEBNPPARIBASREIM

|MONBEAU

BUCHELAY,BUCHELAYSource:KnightFrankK

N

I

G

H

T

F

R

A

N

K

2

0

2

2

R

E

V

I

E

W

&

2

0

2

3

O

U

T

L

O

O

KINVESTMENTCOMMERCESA

record

yearforretail

parks2022wasa

historicyear

forretail

parks,with1.5billioneuros

invested,anincrease

of78%comparedtothe

ten-year

average.

As

inother

marketcategories,

the

saleofretailportfolios

(BURGER

KING,

DECATHLON,etc.)wasa

keyfactor,

butactivity

wasalsosupportedbynumeroussales

ofindividual

assets,bothsmallandlarge-scale,

suchastheCarréSénart"ShoppingParc",soldtoAMUNDIbyURW.

This

exceptional

performanceisthe

signofa

maturemarket.Investorsarenowveryfamiliar

withthisformat,whichhasproven

itselfinrecentyears

andhas

withstoodthe

Covid-19

pandemicwell.In

2023,

retail

parks

willcontinue

tobenefitfromtheir"tripleA"

positioning:

1.attractive

yields

forinvestorsimpactedbythe

new

financial

climate,

2.

attractiveoccupancy

costs

forretailers

accelerating

thestreamlining

oftheir

realestateinordertoretainprofitability,

andfinally

3.

attractive

prices

forconsumerswhosepurchasing

powerhasbeen

erodedbyinflation.Retail

investment

volumes

byassettypeInFrance,

as

a%

oftotal8%10%14%22%21%33%Anoutstanding

performanceInvestment

volumes

inthe

French

retail

park

marketInmillionsofeuros14%35%27%€1800€1600€1400€1200€1000€

800€

600€

400€

200€

0100%90%80%70%60%50%40%30%20%10%0%€1,533€1,11545%38%35%33%€

61427%202020212022HighstreetsRetailparksShoppingcentresOthers*2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022Retailparks10-yearaverageShareofretailparks*Factory

outlet

centres,

hypermarkets

and

supermarkets,

non-divisibleportfoliosSource:KnightFrankK

N

I

G

H

T

F

R

A

N

K

2

0

2

2