Retail

26 boulevard des Capucines

CS 20062
75 009 PARIS – France
Tel.: + 33 (0)1 40 67 57 40
French corporation (Société Anonyme)

only
with Executive Board and Supervisory Board
Registered capital of 440,098,448.20 euros
Paris Trade and Companies Register (RCS)
No. 780 152 914

www.klepierre.com

Photo credits :
Julien Magre /75—W,
Michel Labelle,
Klépierre Picture Library.

Design & production :

M&C Saatchi Little Stories
Klépierre
www.mcslittlestories.com 2014 Essentials
 2014 E S S E N T I A L S R E TA I L O N LY — K L E P I E R R E

With retail facilities 01

Editorial
08—09
An ambitious
“Our offer is innovative,
flexible, and consistent
in 57 metropolitan areas Laurent Morel development
program
across Europe: this is
precisely what retailers
spanning 16 countries, 02—03
Key figures 10 are looking for when they
and privileged access to 04—05
Putting digital to
work for retail
scout and select locations.”
The efficiency Laurent Morel,
150 million consumers, of a retail-only 11
Chairman of the Executive Board

Klépierre is Continental model

06—07
Klépierre’s
Good Choices®
Europe’s specialist Keep retail

in shopping center moving forward

properties.
Its property portfolio
was valued at 21.4 billion
euros on December 31,
2014. For leading retailers,
Klépierre offers an
unrivaled platform of
“Klépierre is now
shopping centers, which 02 the undisputed shopping
draw more than 1.2 billion
visitors each year.
center specialist in
Continental Europe”

01

In 2014, Klépierre accelerated the rollout of its strate-
gic focus on shopping centers, with the aim of becom-
ing the leading pure player in Europe. In parallel, we
have focused on destination shopping centers located
in urban areas that are undergoing rapid demographic
growth and that are well-connected to infrastructures.
While our business involves ensuring that a steady flow
of visitors reaches our retail tenants, our responsibility
is to support their development by proposing premium
locations and the best possible mix of nationwide and
global retail brands. Our capacity to anticipate how
01
Emporia, Malmö, the retail landscape is evolving sets us apart – and this
Sweden capacity in turn hinges on a corporate culture based
02 on deep knowledge of what retailers are looking for.
St.Lazare, Paris,
France
A winning fit
With the integration of the Dutch player Corio, Klépierre
“Being a specialist the resources needed to pursue our growth and step up
allows us to be the pace of our program to upgrade our assets. Officially
better: better at
selecting our completed on March 31, 2015, it is part of a broader stra-
assets and better tegy of overall complementarity, not just geographic
at optimizing, and in terms of assets but also operational, and it is
managing and
leasing our
facilitating the dissemination of best practices.
portfolio of
assets.”
Partner of choice
for retail brands
The quality and coherence of the Klépierre portfolio,
combined with expertise of the f irst rank in the f ield
of shopping centers, represent a ver y compelling
value proposition for retailers. Innovative, f lexible,
and consistent across Europe, Klépierre’s offer opens
up new opportunities for growth in our various mar-
kets. This is what drives the Group as it continues to
improve its performances, the quality of its teams and

www.klepierre.com
is positioned as the undisputed specialist in shopping its management in order to ensure operational excel-
centers and the leader in Europe. Our size now gives us lence for retailers.

KLEPIERRE KLEPIERRE.COM 01
 2014 E S S E N T I A L S R E TA I L O N LY — K L E P I E R R E

Shopping center breakdown The Group’s portfolio Key figures(01)

178
by region
(value of holdings excluding transfer duties) is perfectly positioned
01.
02.
France-Belgium: 39.1%
Scandinavia: 16.8%
to offer the best
03.
04.
Italy: 16.2%
The Netherlands: 8.3%
growth performances shopping centers
and outperform

€21.4 Bn
05. Iberia : 6.3%
06. Germany: 5.2%
07. Others: 8.1% the sector.
01

total value of property portfolio on 12/31/2014

1.2   Bn
02

visitors in 2014

€1,240  M
03

07 04 total gross rents

06 05 Proforma after the acquisition
(01)

of Corio in January 2105.

Value of holdings including
transfer duties.

Leading centers
in Continental Europe
Klépierre shopping centers give
retailers access to nearly 150 million  04  03
consumers living in the most
promising catchment areas.

 05

01 • France 06 • Italy 10 • Germany  07 13

Paris, Bordeaux, Milan, Rome, Berlin, Dresden
 02
Toulouse, Montpellier, Venice, Turin,  10
11 • Turquie 12
15
Lyon, Marseille Naples, Bologna
Istanbul, Ankara
14
02 • Belgium 07 • The
12 • Czech  01
Brussels Netherlands
Republic
Amsterdam,
03 • Sweden Prague  06
Utrecht,
Malmö, Gothenburg,
Rotterdam 13 • Poland
Örebro  09  08 16  11
Warsaw, Krakow,
08 • Spain
04 • Norway Poznan
Madrid,
Oslo, Bergen,
Barcelona, 14 • Hungary
Stavanger, Larvik
Tenerife, Budapest To download
05 • Denmark Valencia the complete 2014
15 • Slovakia
Copenhagen, financial report,
09 • Portugal Bratislava go to:
Aarhus, Vejle
Lisbon, Porto, www.klepierre.com/
16 • Greece en/finance/investor-
Portimão
Thessaloniki relations/reports/

02 KLEPIERRE KLEPIERRE.COM 03
 2014 E S S E N T I A L S R E TA I L O N LY — K L E P I E R R E

02
La Gavia,
Madrid, Spain

The efficiency
03 Growth opportunities
Emporia for leading retailers
Malmö, Sweden
Via the platform, strategy, this offers them

of a retail-only model
Klépierre offers a genuine
development partnership
to the best retailers.
From the perspective
of a medium to long-term
Wvision, they can negotiate
globally for the most
suitable locations across
a portfolio of more
than a hundred shopping
centers. With respect
Klépierre alone offers to the rollout of their
leading shopping destinations
in 57 European metropolises.
They open up new development 03
opportunities for the best retailers,
in their domestic market
and internationally.
the guarantee of controlled
that supports revenue
growth. Above and beyond
the Group’s size and its
retail-only model, Klépierre
makes a real effort to
respond to the demands
of retailers, which expect a
high level of professionalism
and a faultless capacity
for executing their
development plans.

01 02

Anticipation, the key to “Owning the most Leveraging growth through A highly selective
a rapidly evolving market relevant assets in international expansion development strategy
their catchment
area: that's the + 2.6%
To adapt to the needs and expectations of retailers and winning model.” Present in 16 countries, Klépierre is gaining in visibility The Group supports an ambitious development pro- That’s the average

consumers alike, the Group manages its assets pro-
Jean-Marc Jestin,
actively. Klépierre has specific ambitions for each of COO
its shopping centers, detailed in a five-year action plan.
“The size of the
Updated once a year, the plan brings f lexibility and property portfolio
responsive lease and re-tenanting management to the
is important in two
respects: in terms
commercial offering, while also ensuring that the cus-
tomer’s shopping and purchasing experience remains of the relationship
with leading
rich and vibrant. Specif ic objectives are set for each retailers, and on
theme and the organization’s full array of skills is mobi- the financial level,
lized to roll out this ambition. in terms of market
capitalization and
The world of retail is subject to increasingly ephe- access to capital
meral fashions and trends, as well as to the growing markets.”
role that the internet plays in purchasing practices. To Jean-Michel Gault,
survive, a shopping center must be in sync with the Deputy CEO
habits and expectations of nomadic yet connected
consumers. Continuous adaptation of the merchan-
dising mix is thus one of the preconditions of success.
Striking just the right balance between the historic
retail powerhouses, the new concepts, and the exclusive
brands is part of the process of accelerated retail rota-
tion. Through regular portfolio reviews, Klépierre has
forged trust-based relationships with its retail tenants.
Its in-depth knowledge of domestic markets, combined
with its capacity to analyze new consumer trends allows
01
Klépierre to anticipate, identifying the unique concepts Maremagnum,
that will be the leaders of tomorrow. Barcelona, Spain
1.2 billion
and appeal, particularly with respect to global retailers. gram  worth  3  billion euros, with  most of the projects loca- increase in retailer
revenues in 2014 on
The stepped-up international expansion of its portfolio ted  in France, Scandinavia, and the Netherlands. In a like-for-like basis
has strengthened the Group’s leadership in several coun- the interest of further enhancing the value of its assets,
tries and boosted its knowledge of Europe’s major retail Klépierre is putting in place a strategy of upgrading the 97.0%
catchment areas. In Italy, Klépierre has become the quality of its portfolio that meets the current demands That’s the occupancy
rate for shopping that’s the number of visitors
leading player, offering a unique portfolio of destination of retailers. Klépierre’s priority is to refurbish and
shopping center assets. Klépierre is also the leader in upgrade the existing shopping center assets in order
center assets on to Klépierre centers
12/31/2014
both the Netherlands and Scandinavia, two territories to create or maintain uncontested leaders in their at year-end 2014.
that boast high purchasing power. It has consolidated catchment areas. Accordingly, most of the projects
its positions in France and in Iberia; and its platform has involve extensions and/or refurbishments. By expand- 05
been expanded to include Germany, Europe’s biggest ing the available retail space, the Group can accom-
economy, and Turkey, a growth market. modate new tenants that will help to refresh the retail
mix. The Group also knows how to seize any opportu-
nity that meets its selection criteria, whether it is a new
Leading centers project for development or an acquisition.
in leading regions
04
The top-performing retail brands are demanding and
carefully select the locations that offer the best potential.
Attentive to their needs, Klépierre focuses on Europe’s most
dynamic   a nd   well-connected urban   areas. Every   l a rge  
metropolitan area is confronted with the challenges of 04
Tarsus, Tarsu,
mobility and the energy transition. The quality of mass  tran- Turkey
sit  access  and   connections   is   a   decisive  criterion  for Klépierre,
05
of the same magnitude as the level of purchasing power, the Plelinulio,
demographic energy, and the competitive landscape. Madrid, Spain

04 KLEPIERRE KLEPIERRE.COM 05
 2014 E S S E N T I A L S R E TA I L O N LY — K L E P I E R R E

Keep Retail Click here Discover what the Relive the highlights

Moving Forward
for complete major retailers are of 2014 in images at:
information about selling at Klépierre www.klepierre.com/
Klépierre in 2014: shopping centers: ra2014/#lookback
www.klepierre.com/ www.klepierre.com/
ra2014 ra2014/#leading
brands

With its strategic transformation and retail-

only refocus, Klépierre has become a retail
powerhouse in just a few years. What sets the
Group apart is its commitment to innovation
focused on enhancing the retail purchasing
experience, for customers and retailers alike.
Today, Klépierre shopping centers are much
more than places of commerce: they are
places where people meet, interact and enjoy
life. This creative added value is Klépierre’s
signature and also what has made it an
innovative and vital force in retail.

Rendezvous
with successful brands
The selection of top-performing brands
Continuously renewed
merchandising mix
It results from the alchemy between
33%
That’s the contribution
of apparel/ready-to-wear
and the rotation of retailers ensure that the leading fashion brands, those retailers to Klépierre’s
the offer is constantly fresh and optimizes that create the buzz, unique concepts, total rents

10%
locations to create traffic. and the must-haves.

Only at
That’s the contribution
of restaurants and cafés
to Klépierre’s total rents
Klépierre
The ClubStore® spirit,
the success of a unique concept
Make the shopping center a place where people
Say no to stress, yes to emotion!
Each shopping center has a personality
reflected in specific design features and
95%
of customers applaud
the ClubStore® concept

meet and interact for a unique shopping experience.
That’s how the exclusive ClubStore® concept
was born. Customers love it.
55%
services – Club Lounge, library, curiosity
cabinets, and play areas for kids – that gives
it a little bit of soul. Hospitality, safety,
cleanliness and purchasing comfort
of customers say they feel
contribute to customer well-being. better in the shopping center
thanks to ClubStore®

Let’s Play®,
making shopping a game
The shopping center is a new place for customers
From virtual to real
The websites for Klépierre shopping centers
are getting a facelift in order to effectively
20
shopping centers across Europe
will roll out the Let’s Play®
to relax, have fun, laugh. On the agenda: showcase brands, their products and concept in 2015

60
exciting moments, inventive style, free their promotions. As an added benefit,
and exclusive brand animations, etc. customer experience is enriched and
the stay extended.
websites on a single new generation
platform in 2015 first quarter

06 KLEPIERRE KLEPIERRE.COM 07

An ambitious
development
program
Of all the projects inscribed in the Klépierre
development pipeline, 4 illustrate particularly
well their shared vision of upgrading the portfolio
in the most promising retail catchment areas.
Val d’Europe, a spectacular
metamorphosis
A regional center that draws international
visitors, located in the heart of Europe’s
number one tourist destination
Situated 40 minutes from Paris, with Disneyland
Paris® close-by, Val d’Europe is an exceptional shop-
ping center ideally accessible by car and by train – both
the regional RER and the TGV high-speed rail lines.
Since it opened, this center has posted the most dyna-
mic retail grow th in France, attracting more than
16 million visitors a year. In 2017, with its revisited
customer experience, Val d’Europe will reinforce its
leadership with the addition of several new global
retailers, including Primark and Uniqlo. The extension
project is anchored around a majestic glass canopy
that looms over a monumental square. Over more than
17,000 sq.m., 29 stores will join the 160 shops that
already cover the existing 120,000 sq.m. space. Park-
ing capacity will also increase to accommodate the
growing number of shoppers. Work on the project
began in early June of 2014.
For more information:
www.klepierre.com/en/centres/val-deurope/
01
Field’s, Copenhagen,
08 KLEPIERRE
2014 E S S E N T I A L S R E TA I L O N LY — K L E P I E R R E
03–04
03 Le Prado, Marseille, 05
France
05–06
Hoog Catherijne,
Utrecht,
The Netherlands
06
Le Prado in Marseille,
an emblematic destination
02
02 Le Prado intends to become Marseille’s
“must visit” shopping destination
In November, Klépierre entered into an agreement to
acquire a 60% stake in Massalia Shopping Mall, the
investment company in charge of developing Le Prado
shopping center. This new shopping center, which
extends over 4 levels, is ideally located in the very heart
of Marseille, France’s second largest city. Near the
Vélodrome stadium and the beaches, the facility enjoys
unrivaled accessibility: the point of convergence for
several subway lines, it is also served by 13 bus lines
and a tunnel that links the 3 main freeways going in and
out of the city. Le Prado will feature around fifty stores,
including the premium department store anchor Galeries
Lafayette, which has already signed a nine-year lease on
a 9,400 sq.m. space. The best international retailers are
expected to follow suit, attracted by the catchment area’s
wealth and population density, not to mention the
project’s environmental aspect. The center has been
designed to receive a BREEAM rating of excellent for its
environmental performance and is expected to be ready
to open in the second half of 2017.
Field’s, Denmark’s emblematic Hoog Catherijne, an ambitious
Field’s shopping center, gets a project in Utrecht Hoog Catherijne
refurbishment-extension For more information:
7.2 M www.klepierre.com/en/centres/prado-2/ This leading urban project in the Netherlands 26 M
visitors a year The preferred destination of Denmark’s offers a perfect illustration of Klépierre's visitors a year
shoppers gets a complete facelift development criteria
79 ,300 04 89,500
sq.m. In the heart of Greater Copenhagen, Field’s imposing Hoog Catherijne is a shopping center located in Utrecht, sq.m.
architecture is a perfect alliance  of  Scandinavian  design a city in the center of the country. Directly linked to the
8 ,500 and comfort. Just a 10-minute trip from the Danish station, it attracts nearly 26 million visitors a year. The 100 M
sq.m. capital by subway, train, bus or car, with direct freeway extension-refurbishment project is part of a vast urban passengers in 2030
of additional space for the refurbished
access, this shopping center – with its 150 retailers, renewal plan that also calls for an expansion of the and expanded
3 ,000 15  coffee shops and restaurants, 2 levels of parking, play
areas for kids, and a fi tness space for adults – is Denmark’s
train station that will enable the latter to accommodate
100  million passengers a year by 2030, compared with
station
parking slots
preferred shopping destination. The 8,500 sq.m. exten- 65 million today. Access to the shopping center will be
sion will enhance the retail mix with a 9-screen multiplex further improved by an overhaul of the bus station and
and the quality of customer care thanks to the rollout light rail system. Movie theaters, several towers and a
01 of the latest Klépierre ClubStore® and Let’s Play® con- casino will also enhance this shopping destination.
Val d’Europe, cepts. Opening scheduled for the second quarter of 2015.
Marne-la-Vallée,
France
02 For more information:
For more information: www.klepierre.com/en/centres/hoog-catharijne/
Denmark www.klepierre.com/en/centres/fields/
KLEPIERRE.COM 09

Putting digital
to work for retail
In the digital era, retail is being transformed and
is reinventing itself. The relationship between brands
and consumers is enhanced by a virtual dialogue. As
a seasoned specialist, Klépierre anticipates and supports
this multiplicity of virtual and physical experiences.
Online
catalogue
Shopping center websites
are getting a makeover and
showcasing their retail offer:
online catalogues for retail
tenants, news on the latest
trends, gift ideas, special
retail offers. All content
is managed via a shared
digital platform.
Click & Collect
Buy online and pick up the
purchase at the shopping
center – at the reception
desk, the automatic
consignment service or the
Pickup Store – it’s simple,
practical, and a big hit with
(e-)shoppers. In addition
to Click & Collect, the
Pickup Store has a lounge,
a shopping space and
a service area.
10 KLEPIERRE
2014 E S S E N T I A L S
Connected
directories
Connected to the digital
platform, these information
touchscreens located
in shopping centers help
shoppers find their favorite
brands and find out what’s
currently happening.
50%
of the total traffic to
Klépierre shopping center
websites is via a smartphone
or a tablet device
35%
is the global monthly
increase in online audience
from one year to the next
after launch
Digital
screens
Nearly 700 connections
in 3 days for the Let’s Play®
game at Val d’Europe in
December. Equipped with
a smartphone transformed
into a remote control device,
the customer browses Clear
Channel digital totems in
a dream world looking for
a gift card.
Q1 2016
100
leading shopping centers
connected to the new web-
platform of the Group
Play Box
Shoppers put their
smartphone in the Play Box
(mobi rider®) and, without
having to provide their
number, they get a text
message in just a few
seconds that allows them
to download the center’s
app so they can play and
win goodies and gift cards.
The shopping experience
version of Let’s Play®.
R E TA I L O N LY — K L E P I E R R E
01
Passages, 01 A strong ambition,
Boulogne-
68% clear objectives
Billancourt, France
of the portfolio
02
equipped with
Environmental, social and societal performance
Emporia, energy consumption is the result operational excellence.
Malmö, Sweden measurement
system
Klépierre’s approach is based on strong convictions:
5.3M 1 — t he best environmental performance is the result of
operational excellence in the daily management of assets;
Energy bill lowered
by 5.3 million euros 2 — shopping centers that are well integrated into their
over two years settings, with a positive local footprint, are also the most
“Sustainable appealing to retailers and visitors;
development starts 3 — the development of talents and skills ensures col-
in the field with lective performance and dynamism.
operational On the strength of such convictions, the Group is
excellence.”
committed to irreproachability, efficiency, and innova-
Christophe
Moureaux, tion. The Good Choices® concept shapes its strategy and
Head of Sustainable defines the content of action plans.
Development
Klépierre’s
For more information:
www.klepierre.com/en/sustainable-development/
operational-excellence/our-objectives/
Good Innovative and targeted
Choices
responses  
® A pragmatic approach,
continuous projects
Using a continuous improvement approach, Klépierre
strives to be exemplar y in order to ensure, for the
visitors and employees who frequent its shopping
The choices that guide the Group in centers, a safe environment thanks to irreproachable
the area of CSR are consistent with management of its assets. The Group sets ambitious,
a vision that is resolutely business measurable objectives to improve its eff iciency and
based and as close as possible to daily energy mix. It is also constantly on the lookout for
management of shopping centers. innovations and best practices that help to ensure
that its shopping centers have a positive footprint in
t he loca l com mu n it ies t hey ser ve. Accord i ng ly,
accessibility and the quality of their connection with
mass transit are important considerations.
Extra-financial ratings Visitor breakdown
by means of trans-
Best in class
portation used For more information, go to:
www.klepierre.com/en/sustainable-development/
17% of visitors walk or environmental-responsibility/
ride a bike (+1% vs. 2013)
DJSI
82/100
02
in France
30% vs. 2012 23% of visitors use
Co-leader public transportation
(+3% vs. 2013)
in Europe
GRESB
78/100 World Retail
60 % of visitors drive
(-4% vs. 2013)
59%
vs. 2012
KLEPIERRE.COM 11
You are…
A shareholder,
an investor,
an analyst
Find all the information,
financial press releases and
results, stock prices, legal
disclosures, etc., as well as
your Klépierre contacts at:
www.klepierre.com/
en/finance
A retailer,
a marketing
manager, a retail
professional
Read on to discover the latest
news about the events and
promotions at our shopping
centers. An unrivaled virtual
glimpse, spanning Europe,
into the world of a shopping
center pure player.
www.klepierre.com/en/
retail-news
To contact one of our leasing
professionals:
www.klepierre.com/
en/property
Extend
the experience
online
An experienced
jobseeker, a recent
graduate
You are invited to check out the
career corner, where you will
discover our ambitions and our
values, exciting jobs in retail real
estate that you aspire to, and the
excellent course offering at our
corporate learning center
Klépierre University.
What are you waiting for?
Connect with us now:
www.klepierre.com/en/careers

Don’t miss a minute To download the

of the Klépierre entire 2014 annual
experience! Go to: report, go to:
www.klepierre. www.klepierre.com/
com/ra2014/en en/publication-
of-the-2014-annual-
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12 KLEPIERRE