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Shopping Centers Today -> November 2002
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THE BIG GOT BIGGER
By Bindu Nair
The 10 largest companies in this year’s ranking of the biggest owners in North America are the same as last year, though there has been some reshuffling of their positions. Despite this appearance of continuity, however, the past year saw several large transactions that strengthened the positions of some of these players. Among the deals:
• The dividing up of Rodamco North America’s U.S. portfolio — which involved 35 centers and a total of 41.8 million square feet of gross leasable area — among The Rouse Co., Simon Property Group and Westfield America. (Rodamco did not wholly own some of the properties, so in some cases only a partial share was sold.)
• General Growth Properties’ acquisition of JP Realty, comprising 18 regional malls and 26 community centers totaling 13.7 million square feet.
• New Plan Excel Realty Trust’s purchase of CenterAmerica Property Trust, consisting of 92 neighborhood and community centers for a total of 10.4 million square feet.
• The Macerich Co.’s acquisition of Westcor Partners, consisting of nine regional malls and 18 urban villages for a total of 15.6 million square feet.
• Westfield America’s purchase of nine Richard E. Jacobs Group centers totalling 9.8 million square feet.
As a consequence, the 10 largest companies now own 616 million square feet of shopping space, up 14 percent from 2001, when they owned 538.2 million square feet.
The other 40 top companies are a mix of smaller REITs, private companies and institutional investors. Their rankings are tightly spaced, because the purchase or sale of a mere handful of properties is often enough to tip a company’s position in either direction. These companies are frequently a strong presence within a specific geographic area.
This year ICSC expanded the ranking from the United States to include all of North America. Thus, four Canada-based companies make their debut on the list: Cadillac Fairview Corp., First Professional Shopping Centres, Ivanhoe Cambridge and RioCan Real Estate Investment Trust. Two of these also have significant U.S. holdings: Cadillac Fairview has whole or partial interests in 18 U.S. malls, while Ivanhoe Cambridge is involved in 13 joint ventures in U.S. malls. Both companies also own some U.S. strip centers.
There are currently no Mexico-based owners with sufficient holdings to make the ranking. None of the largest companies there — CAABSA Group, Frisa, Planigrupo and Servicios Liverpool — own more than 3 million square feet. There is, however, growing interest in this part of North America. Kimco Realty Corp. recently announced plans to buy Mexican community and neighborhood centers in a partnership with General Electric Co. And Chelsea Property Group, which already owns outlet centers in Japan, will now build its branded Premium Outlet centers with Mexican developer, Sordo Madaleno y Asociados.
This is the second year that ICSC has ranked top shopping center owners, but that doesn’t mean it’s too early to discern some trends. The past year can be assessed in a single statement: “The biggest companies got even bigger.”
Bindu Nair is an analyst for ICSC’s Research Department.
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Source: ICSC Research
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Source: ICSC Research
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