Large portfolio of resilient high-quality retail property assets, valued at €22.6 billion on June 30, 2016. Broad diversity of tenants and strengthened wide geographic reach within Western Europe, with a presence in 16 countries and 57 cities across Europe. A track record of steady organic growth underpinned by high barriers to entry. A management strategy of focusing on large shopping centers in growing areas, and divesting noncore assets while keeping low exposure to higher risk development activities. Medium-term risk of increasing competition from e-commerce and reducing number of physical stores. Relatively prudent financial policy centered on a loan-to-value (LTV) target of 40%. Very low cost of debt and strong capacity to cover interest, with a ratio of EBITDA to interest
