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if you build it, will they shop?

by:Xilong      2019-08-16
Peter Munk knows how to find opportunities in neglected areas.
In the 1980 s, when the price of gold plunged for the first time, he made a lot of money from Barrick Gold.
Formula: buy mines cheaply and extract metals cheaply using new methods.
In early 1990, he had a similar alchemy in the ailing real estate industry.
As head of Toronto today
TrizecHahn, the owner and developer of the Chicago Sears Tower, controls many famous and profitable business addresses.
What about his next scene?
He is a Hungarian refugee from the Nazis and wants to move TrizecHahn to retail stores in Europe, especially the former Soviet bloc.
Don\'t own this stock if you don\'t want to take a risk with him, although its trading price is quite cheap, probably 9 times the 1999 cash flow (
In the sense of net income plus depreciation)of $2 a share.
If you really want to take a flyer in Eastern Europe, it\'s as good as any way. (
See table for other options. )
Munk insists that the thrust of Europe has nothing to do with emotion or personal glory.
He said: \"The real estate problem has always been a hero developer ---
Trump, zekdorf, Rickman and others-
He needs a monument to himself.
Nevertheless, there are still a lot of personal factors in his current thinking.
The 72-year-old Munk seems tired of his stake in North America and says he may want to sell it ---
Or at least bundle them into real estate investment trusts that Munk will continue to control.
For Munk, who owns 6% of TrizecHahn\'s common stock, he goes through super-
Stock with voting rights, running well
Rental property has become Nickeland-dime.
\"Commodity,\" he sneered.
Munk believes that 0. 3 billion Europeans will have a large-scale consumption spree, and there are too few shopping centers to accommodate them.
Divide the total area of retail space in Europe by the population and you will get a trivial 0.
13 square meters, compared to 1.
9 square meters in the United States.
So, given Munk\'s macroeconomic vision, TrizecHahn allocated $0. 5 billion last year (
Loan commitment to $0. 5 billion)
Plans to build a Berlin mall in Budapest, Brno, Frankfurt, Prague, Madrid and Budapest have also begun.
Now, he has just opened two shopping malls in Brno.
In Czech Republic)and Budapest.
The area between them is 130,000 square meters, which is currently less than 2% of TrizecHahn\'s Global Holdings.
Don\'t make a mistake. it\'s risky.
Property investment in Eastern Europe is not performing much better than real estate companies in the United States, where real estate companies have recently been unable to pay off for fear of a recession.
Munk\'s international plan is cursed by the contrarian: they rarely find fans on Wall Street.
Since TrizecHahn unveiled its European strategy at a Wall Street analyst meeting in Dallas, Texas on February, the company\'s shares have fallen 19% to $17. Its market value has fallen by about $0. 6 billion.
Munk dismisses this suspicion: He says it is wrong for Hungarians and Czechs not to buy Western goods because of consumption.
They are attracted by American culture.
\"It is not enough for them to be troubled;
They must have cash to spend in the mall.
Visit the TrizecHahn Mall in Budapest, known as the WestEnd City Center, which shows how much Munk kills there.
The West End is spectacular.
Three levels of shops winding through 500meter-
Long section of a former freight yard in Budapest\'s historic downtown.
TrizecHahn, across the mall, is building a 18,000-square-
M office building and 240-
Hilton Hotel.
Crowds of Hungarians, mostly under 45 years old, are buzzing in British and American pop music played through the main speaker.
However, few people can see the day.
People watched the brightly lit, spotless shops, but rarely went in.
Fewer people go out with shopping bags. -
Although a man in his thirties in a brown suit jacket took what he bought from Nikename tenants.
Hungary\'s economy is growing, with per capita income accounting for 1 out of 3 in Germany.
Since the mall was only open for a short time, the company said it was too early to judge the sales situation.
At least 50,000-square-
The Meter mall is 100% leased and the rental is high for Budapest.
90% of the leases are 10-Year agreement.
TrizecHahn, it has a 50-
50 ownership transactions with local developers believe that the mall will generate this year (Before interest)
14% of the $100 million spent developing the west end city center.
That\'s two to three percentage points more than the first one.
Annual gains from developers in the United StatesS. malls.
But how good is 14%?
James Sullivan, an analyst at Green Street Consultants, said that given the risks: currency volatility, regulation may change, and corruption in this relatively new government.
Samuel Lieber, currency manager at Alpine Management & Research, Mutual Fund Store, said: \"The mall may be packed, but if it is like Southeast Asia, people will come here for free --conditioning.
\"TrizecHahn is more problematic at another new shopping mall near Brno because the area is full of competitors.
The shopping center called Olympia is far from the city center.
TrizecHahn tried to use 14-
Multi-screen and bowling alley.
For its competitors, Olympia has three \"big supermarkets\" with an area of about 9,000 square meters, each of which is located closer to the town. Fast-
A growing number of retailers have cut profits so little that Czech regulators have recently launched a survey to determine whether goods have been dumped into the country.
TrizecHahn hopes to dominate the Czech market, possibly the 50-hectare flea market it is targeting in the heart of Prague.
Unfortunately, the company has been getting nothing in its four-year plan.
Another TrizecHahn strategy, which fought against its competitors, stalled: in 1998, the company spent $5 million to acquire a 54% stake in the Czech suburban development website, which is a three-Project project.
How to deal with British developer Stannifer & Royal Ahold.
Of the five locations, two are now dormant.
The prospects are better in a more prosperous Germany.
In Frankfurt, the company, in cooperation with German train operator deutschbahn, opened up a piece of land behind the city\'s main train station, which is expected to be 210,000 kilometerssquare-
It is called the instrument complex of the city entertainment center.
The partnership is scheduled to open by 2003.
Let\'s see what Munk will do at home.
Sullivan valued North American assets at $8. 9 billion.
One strategy is to buy Munk\'s stock and then hope that he can peel off the boring assets.
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