Large portfolio of resilient high-quality retail property assets, valued at €23.3 billion on June 30, 2017. 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. Management's strategy of focusing on large shopping centers with a mass-market position in growing areas, and divesting of noncore assets while keeping low exposure to higher-risk development activities. Medium-term risk of increasing competition from e-commerce and a falling number of physical stores, partly mitigated by management marketing initiatives to sustain footfall. Relatively prudent financial policy centered on a loan-to-value (LTV) target of 35%-40%. Very low cost of debt
