MAPIC, Cannes, 18th November 2009 – Russia and the United Kingdom, at €2,000 per sq m per annum, command the highest prime shopping centre rents in Europe according to new research released today at MAPIC by Jones Lang LaSalle.  A Prime Shopping Centre Rents in Europe map, produced in co-operation with many of the largest shopping centre owners and managers in Europe, gives an overview of prime shopping centre rental levels together with short term growth prospects for 17 European countries.

Nicola Birkett, Associate Director in Jones Lang LaSalle’s European Retail Capital Markets team, said: “Due to the limited availability of prime retail space in many shopping centres across Europe, the outlook over the next six months for prime rents in most European markets is stable despite the inevitable slowing of demand from occupiers. However, downward pressure remains on rents in a handful of markets including Hungary, Romania and Spain.”

Nicola Birkett added: “Rental comparison between prime shopping centres, and indeed between countries, is something investors will take into account when assessing investment opportunities.  In general, the dynamic face of retailing and continuing demand from new retailers for prime shopping centres, together with active management opportunities to maximise income growth should continue to go some way in shielding the best schemes from the challenging occupier conditions.”

Notes to Editors:

• Jones Lang LaSalle’s view on prime shopping centre rent* (€/sq m p.a.) is based on rental values received from shopping centre owners and managers: Corio, ECE, EFM, Eurocommercial, Hammerson, ING Real Estate, Land Securities, Multi and Sonae Sierra, together with Jones Lang LaSalle’s European retail experts. All data has been reviewed subjectively and in relation to the basket of prime rents received. 
• Prime Rent - Shopping Centre: Prime Shopping Centre Rent represents the top open market net rent that could be expected for a notional 'standard' shop situated in a prime major regional shopping centre as at Q3 2009. The rent quoted reflects a standard unit of 100 m² (except in France, Portugal and the UK where the unit reflects 200 m2).