Provides overview of lease contract terms in shopping centres across 36 European countries
BRUSSELS, November. 23, 2022 – The European Council of Shopping Places (ECSP), the voice for Europe’s retail property sector, has today published a research report covering the main terms in leasing contracts used in shopping centres across thirty-six European countries.
The research was conducted by ECSP’s Legal Working Group, with support from market specialists across Europe. Taking into account both legal requirements and standard industry practice, it provides a comprehensive overview for retail professionals, policymakers, and government authorities to compare approaches in each market and how they differ between countries.
Joaquim Pereira Mendes, Chairman of ECSP Legal Working Group and Chief Legal Tax and Compliance Officer at Sonae Sierra, said: “The report is not only a useful tool for those looking to analyse and enter a new market, it also helps support the development of more harmonised contractual and legal arrangements in Europe. Despite expected differences in certain areas, we have seen an underlying consistency between European countries. We hope this will further facilitate the exchange of best practices and solutions to common problems between jurisdictions in these ever challenging and changing times.”
Peter Wilhelm, Chairman of ECSP, noted that: “The impact of the Covid-19 pandemic, looming economic recession, and the energy crisis are collectively challenging our industry. We also now need to play our part in addressing climate change and the move to a more sustainable way of working. The relationship between landlords and tenants has always been at the core of our industry, so our ability to adapt and respond to the changes ahead will be continue to be essential. Flexibility and transparency are key, and we are starting to see both emerging in the majority of markets”.
The research comes shortly before MAPIC, where ECSP’s Legal Working Group will host an exclusive networking event bringing together legal experts and decision-makers from the retail and property sectors. The focus of the session will be green leases, flexible agreements and new models.
Copies of the full report can be downloaded here.
For further details, please contact:
- Marcus Pepperell, FTI Consulting for ECSP: +44 7821 420 477 / Marcus.pepperell@fticonsulting.com
- Christy Drummond, FTI Consulting for ECSP: +32 478 79 62 67 / Christy.drummond@fticonsulting.com
About European Council of Shopping Places (ECSP)
The European Council of Shopping Places provides a European voice for an industry that designs, creates, funds, develops, builds and manages places anchored by retail across Europe. Its members are a catalyst for sustainable urban regeneration and represent an important civic function in virtually every European community. For more information, please visit www.ecsp.eu
ECSP’s Legal Working Group aims to identify, analyse and share information on the main legal issues affecting the retail property industry. It is composed of thirteen members, out of which five are in-house lawyers and either at from law firms.
About Sonae Sierra
We pursue an integrated approach to real estate. We find solid platforms from which we can create sound investments, all around the world. From shopping to public or living spaces, from management to turnkey projects, we are the most far-sighted partner to have when developing innovative concepts.
Currently, Sonae Sierra is present in 11 countries and manages on a global level more than €8 billion of real estate across different sectors and asset classes.
For further information, please visit www.sonaesierra.com