15 / 2018 Lutz Mattelson: Solid, self-operated logistics operations are the backbone of DEACATHLON'S continuous growth and development - VGP Park
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Lutz Mattelson:
Solid, self-operated logistics operations
are the backbone of DEACATHLON’S
continuous growth and development
15 / 2018
Building
Dear readers
Once again, a new issue of our magazine throughout this colourful continent.
Location3 has rolled off the printing As you can see from looking at our
press. And once again, we strive to offer business performance, we are on the
you not only interesting news from right path. You’ll also find in this issue
the world of semi-industrial parks but facts and figures regarding our business
also absorbing perspectives from the development. VGP is continuing to acquire
countries and regions where we are prized plots in strategically favourable
represented. Moreover, you will find locations, and thereby it is persistently
tomorrow
insightful reports and backstories about strengthening its pan-European
customers, businesses, and industries. network of semi-industrial parks.
A main focus of the current issue is on More countries, more developments,
the leg of land bordered by the Adriatic, and more parks also mean more people.
Tyrrhenian and Ligurian seas. Namely, So far, there are 170 employees working
Italy. Having made initial conquests in at VGP in different positions, with
Spain, VGP is beginning to extend its different qualifications, and from different
activities to the Italian peninsula. It is all origins. Working together they all make
starting with the country’s north, where one thing very clear: When everybody
a huge potential is just waiting to be pursues the same target, diversity is a
today
developed. You will find more on this topic real advantage. As usual, our “newbies”
in an interview with Agostino Emanuele, who will contribute to our continuing
“our man” in Italy. Not only does Italy success are also presented in this issue.
embody our southwards expansion, but
also it represents VGP’s ambition to grow I hope you enjoy reading Location3
into a truly pan-European provider that Jan Van Geet
can offer its capacities and services
03 11 21
Editorial Excursion Interview
We contribute 04
Strolling through
Milan: So historic
Massimo Saletti:
Investment expert’s
with turn-key solutions News
yet so much in
vogue
point of view
to your success 06 23
Business
14 Dreams
www.vgpparks.eu “Product availability
Quo vadis Přemysl Rabas:
Agostino Emanuele: My favourite animal
sets the bar for
Working to locate is whatever one
retail success.”
VGP clientele in I’m watching at
Interview with
northern Italy the moment
Lutz Mattelson
Visit us at Stand
C2.223 10 16 25
Our team VGP Family Day
Project
New people
VGP Park
Sibiu
in the VGP team
26
19 Do you need space?
published by — editors — design —
Brand story
VGP Jan Van Geet, Petra Vanclová Markéta Hanzalová, www.colmo.cz DECATHLON
Jenišovice 59 authors of texts — print —
468 33 Jenišovice u Jablonce nad Nisou VGP, FleishmanHillard Germany GmbH, ASTRON studio CZ, a. s. Sports for
Czech Republic ABBBA Consulting, s.r.o. the masses –
tel +420 483 346 060 photography — MK ČR E 20480
e-mail location@vgpparks.eu VGP archive, Pavel Horák, www.phph.cz by fans for fans
www.vgpparks.eu DECATHLON, Safari Park Dvůr Králové,
Issue 15, volume XI. www.shutterstock.com
pages 2/3
the warehouse has floor space of distribution. Some VGP developments
60,000 m2 and is expected to be are specifically tailored to future
completed in mid-2019. VGP Park tenants’ requirements, as are new
Kekava is located directly at the A7 VGP spaces in Bischofsheim near
and A5 motorways just 22 km from Groß-Gerau for Bettmer GmbH, a
Riga. With its modern warehouses, leading multi-channel company for
the Kekava park is precisely tailored promotional items that belongs to
to the customers’ needs. According to the Printus Group, the leader in the
Rimi Latvia’s specific requirements, German office supplies market. VGP
modern and well-equipped work areas is developing a 6,650 m2 rental space.
were built, as well as a dining room, Construction began in September
kitchen, lounge, and heated changing 2018, with completion set for May
rooms. Rimi Latvia’s logistics partner 2019. Bettmer’s future spaces are
Havi Logistics will start work here conveniently located, as major
by October 2018. Construction of throughways A60 and A671 are right
the warehouse proceeded wholly in around the corner and Frankfurt
accordance with Rimi Latvia’s high Airport is a mere 20 km away. FMS
VGP Park Kekava standards. As both VGP and Rimi are Field Marketing + Sales Services
leading companies in their respective GmbH is the newest tenant in VGP
industries, their cooperation sets Park Leipzig. The marketing and
a new business standard in Latvia sales services provider will move
whereby the construction project’s VGP Park Hamburg into a 2,300 m2 storage area that
Latvia: VGP launches developer and user truly work as includes 190 m2 of office space. The
partners. Rimi Latvia currently has park is located at Maximilianallee,
a modern warehouse 123 stores in five formats: 32 Rimi
Hyper, 29 Rimi Super, 26 Rimi
near the Leipzig exhibition grounds
and just 5 km from the city centre.
in Kekava Mini, 31 Supernetto, and 5 Rimi
Express. Rimi and Supernetto stores VGP Park Hamburg at full
With the commercial real estate
market booming in Hamburg
operate in 27 Latvian cities. The and surrounding areas, VGP Park
SIA VGP Latvia opened a new and logistics operations of Rimi Latvia.
warehouse opening in Kekava marks
a further important step in driving
capacity, new properties Hamburg has profited from the
strong demand and is now at full
modern warehouse in September
2018. The premises comprise
The warehouse’s opening significantly
increases the number of jobs in the
the local economy to even stronger
performance and a more promising
added in Rhein-Main area capacity. Located in Rade, just
20 km southwest of Hamburg and
23,684 m2 and will be home to the district. Part of the VGP Park project, future. strategically situated near the A1
in the direction of Bremen, it is the
The VGP Park in Berlin-Ludwigsfelde roadways and public transportation. largest VGP Park in Germany and
has new tenants. Global real estate The B101 and Berliner Ring are both has more than 277,000 m2 of rental
most sustainable solutions could services provider CBRE negotiated in the immediate vicinity, providing space. While Geodis, one of the
VGP Park San Fernando de be implemented, energy-efficient an agreement with DefShop GmbH a simple connection to downtown leading logistic service providers
HVAC systems in the office areas, LED to lease 20,000 m2 of warehouse and Berlin. In total, 160,000 m2 of logistics in Europe, has extended its lease
Henares: Hall A receives lighting, energy-efficient transport
systems, electric vehicle charging sta-
700 m2 of office space. Founded in
2006, the company is now one of
space has been developed on the 34
ha park. Lidl, a major grocery retailer,
agreement, the marketing producer
cooperative Landgard, headquartered
BREEAM Good certification tions, water-saving sanitation systems,
a hydrocarbon separator in the parking
the largest online distributors of
streetwear. The lease began 1 July
has been a primary occupant with
a 54,000 m2 facility used for online
in Straelen-Herongen, will open a
new distribution site this autumn.
drainage, and sustainable manage- 2018. Frankfurt-based LILLYDOO
ment of construction waste. This certi- GmbH had already moved into
Widely recognised internationally, in May 2018. The brand new 22,500 m2 fication, which bears witness to VGP’s 6,000 m2 of available space at the
BREEAM (Building Research Estab- building features thermal insulation commitment to an environmentally end of June. LILLYDOO produces
lishment Environmental Assessment in the roof and cladding, safe and friendly, high-quality product, creates and distributes baby care products
Method) has since 1990 assessed and adequate access to the worksite, cost a more attractive property investment like diapers, wet wipes and changing
certified sustainability performance analysis of the construction, opera- and solidifies our brand in the local mats. The company prides itself
for more than 550,000 buildings in tional and management phases so the Spanish market and across Europe. on using sustainable, high-quality,
over 75 countries. What all these skin-sensitive materials. The space
buildings have in common, regard- rented by LILLYDOO also offers an
less of location, is that their planning, expansion area of about 3,400 m2,
design, construction and operation which will be developed over the
fulfil the principles of better practices next few months. The sporting goods
in sustainability. A range of scien- manufacturer DECATHLON has
tifically based criteria are analysed also opted for VGP Park Berlin, and
within a number of categories (energy, construction for a new logistics centre
health and well-being, innovation, with total warehouse and office space
land use, materials, management, of approximately 45,000 m2 has
pollution, transport, waste, and water) recently started. From spring 2020,
by independent assessors who then DECATHLON will manage from here
award points towards the attainment its distribution of goods for the entire
of different levels of certification. north-east of Germany. VGP Park
Adhering to these improved practices Berlin is located in the heart of the
in environmental, social and eco- industrial area known as Brandenburg
nomic sustainability, VGP obtained Park. This park stands out thanks
BREEAM Good certification for Hall A VGP Park San Fernando de Henares to its central, conveniently situated VGP Park Berlin-Wüstermark
in its San Fernando de Henares park location with premium access to
issue 15 — 2018 — volume xi. News pages 4/5
Photo © DECATHLON
The following decades brought online and then to touch, test and ways to buy our products. Building the
continuous growth, resulting in a purchase the product in the store necessary infrastructure needs to be
need for more advanced and capable afterward. And because we know our task and priority and not, as is so
logistics solutions. For DECATHLON, that the “real” product test happens often the case in stores today, a prob-
this was a vital element of its value only when athletes actually put the lem for the customers to deal with. Es-
chain. The company today operates product to use, we offer a universal, pecially in big cities like Berlin we have
logistics centres in Schwetzingen and 365-day right of return. This gives the built true networks. Products that are
Dortmund. Now, a brand new logistics customers ample time to convince not available in smaller stores can be
centre at VGP Park Berlin-Ludwigs- themselves that the products them- delivered to a different location on the
felde is taking shape to become the selves and our price:performance same day. This means the large stores
sports company’s third location. ratio are up to par. operate as a kind of logistics hub.
In a recent interview, Lutz Mat-
telson, director of business develop-
Photo © DECATHLON
ment at DECATHLON Germany, spoke
about the company’s recipe for suc-
cess, as well as the role and require-
ments of logistics as part of the overall
business strategy.
Q Mr. Mattelson, DECATHLON
has over 93,000 employees
and about 1,400 stores across
more than 40 countries. What
makes the company special?
What was it that the founders hit
upon and the specific demands in
the market that they were able to
Business satisfy?
The founders, all of whom came from
the Leclercq and Mullierz families
and are themselves still today own-
Product
ers of the business, had a clear vision:
providing athletes the best value for
their money while building a com-
pany driven by vitality, responsibility
and a free spirit. These values con-
tinue to be instilled in everything we
availability
do today, 40 years after DECATHLON
was founded. That’s why all of our
employees worldwide share the same
philosophy. The products that we, as
a vertical retailer, develop, produce
and distribute ourselves allow us to DECATHLON Run Store
sets the bar for be 100% sure that we know and un-
derstand exactly what we’re selling.
We can offer athletes the best possi-
ble products for the most reasonable
prices. That had been a gap in the Q Inbranches,
addition to your “regular”
you also operate
Today, the availability of popular
products at whatever time is most
retail success
market not only in Germany, but in “Connect Stores” that have less convenient for customers is the stand-
many other countries, too. space but are located at highly ard for businesses and their logistics.
frequented, more convenient That’s why an efficient link between
Q Disregarding the e-sports
niche, sports still remain
locations. This has enabled you to
grow the overall number of stores
large, regional logistics hubs and
small, local logistics hubs, in addition
very physical in nature: custom- yet again. What kind of logistical to reliable delivery services for the last
Interview with Lutz Mattelson ers want to touch, test and try the
products. What does that mean
challenges does that model bring?
Generally speaking, we’d like our
mile, are essential to what DECATH-
LON does.
for DECATHLON in the era of network of stores to be user-centric.
online selling? What mix do you
bring to the market today?
That means having the right store
concept in the right location, which Q You promise to guide your
products from the idea stage
DECATHLON has pursued a fully is where athletes need DECATHLON through to being sold in the
When Michael Leclercq opened his first cross-channel strategy for years. That products most. We want to be right stores. You operate your more
sporting goods store in Lille in 1976, he had means we enable our customers to in the middle of it. Maybe a customer than forty worldwide logistics
choose where they buy their DE- wants to have an extensive in-store centres yourself, including the
no way of knowing just how successful his CATHLON products. We have stores shopping experience with the family two – and now with Berlin, three
young business – known today as DECATHLON in different sizes and with different today but then purchases the product – in Germany. What’s behind this
product focus, plus we offer e-com- online tomorrow as a “click and col- philosophy? Why is it so important
– would eventually be. Ten years later, the merce, click and collect, same day lect” and picks it up (or exchanges it) to be responsible for your own
company was already producing sporting delivery, and more. The close linkage in a Connect Store on the way to work logistics operations? Is it about
among all of these is our advantage. the next day. sustainability? Or simply proximity
goods of its own and opened its first store It allows an athlete, for example, to Our diverse range of store concepts to customers?
outside of France, in Dortmund. obtain information about a product provides one of the most convenient
Business pages 6/7
Photo © DECATHLON
VGP will build a new logistics centre
for DECATHLON in VGP Park Berlin
(Ludwigsfelde) with total warehouse and office
space of approximately 45,000 m2. From 2020,
DECATHLON will manage its distribution of
goods for the entire north-east of Germany
from the VGP Park south of Berlin.
volume of products over time. Simi-
Photo © DECATHLON
larly, our employee profile has shifted
away from mundane picking activities
and more toward being true process
optimisers.
In relation to developments in
logistics, I’m convinced that the
value-added optimisation of retailers
will contribute continuously to more
efficient, more customer-centric logis-
tics systems. Process optimisation,
automation, and reducing costs not
relevant to the customer are just a few
key areas.
Since the beginning of this year,
we’ve relied on rail transport as an
DECATHLON Store alternative transportation method to
Solar panels on DECATHLON's warehouse improve product shipments to select
cities and stores. Both economically
and ecologically, this is an attractive
Our 40 logistics centres move about put their needs at the centre of our down major milestones in this regard. alternative. Only the last few miles
800 million products to our custom- business. Solid, self-operated logistics For example, we recently installed stores know that we have a very flex- Shops, for example – we’ve joined to- are still reserved for trucks. Further-
ers in 70,000 containers. Logistics operations are the backbone of our a huge photovoltaic system at the ible and modular setup. The same gether the advantages of both online more, some of our European ware-
constitute a vital element of our entire continuous growth and development. warehouse in Schwetzingen that saves concept can be found in our logistics and brick-and-mortar stores. And we houses now get deliveries from Asia
value chain and, thus, of our customer In addition to customer proxim- 437 tonnes of CO2 a year. We also were centres. Our contractual options to can say that for us it works. that come directly by rail. For us, that
satisfaction. Experience has shown us ity, sustainability is also an issue for focused on energy efficiency while expand the building or add additional We need to get our products to our means more flexibility and improved
that owning core logistics processes us. More often than not, sports are constructing the new distribution mezzanines give us the flexibility we customers at the right time and in the customer proximity. And we shouldn’t
is far more efficient than outsourcing all about being close to nature and centre at the VGP Park in Berlin, and need to develop according to market right place. In times when the online forget about the ecological benefits of
them. This results in more flexibility require clean air, clean water, and our stores are always built to be as demands, and especially those related marketplace is expanding, that be- eliminating cargo ships from our lo-
and higher quality. And it guarantees a healthy environment. That’s why sustainable as possible, too. to the growth of our stores. comes more important than ever. And gistics chain. Although delivery loads
that we have more control over the fu- protecting the environment must in order to do that, we need automa- are smaller overall, the flexibility in
ture challenges that the retail industry
will surely continue to face. It allows
be of utmost importance to us – and
not only in terms of logistics but also Q What is most important when
it comes to equipping your Q Looking to the future, and
aside from market share
tion and the application of technolo-
gies generally. Otherwise, we simply
making products available to our cus-
tomers has improved because delivery
us to be closer to the customers and in manufacturing. Logistics can set logistics centres? For example, and overall sales, where do you won’t be able to manage the sheer times have been drastically reduced.
how much flexibility do you see DECATHLON in three to five
need in order to have room for years? Where do you see retail
Photo © DECATHLON
Photo © DECATHLON
expansion if you have to increase as a whole? What kind of further
capacities? developments in logistics can
In a day and age when good logistics you imagine?
properties are hard to come by, DE- I’ve always been a big proponent of
CATHLON stands in competition with brick-and-mortar stores. The retail
many other companies. And the same industry has been exposed to new
is true in regard to what we must offer concepts and external influences for
to our employees. Therefore, we put decades now, all of which have led to
employee satisfaction at the forefront. universal, cross-channel adaptation
That means specifically to have things in one way or the other. Individual
like good connections to public trans- concepts have worked, even if with
portation and small sports parks for some modifications. That’s still how
occasional games during breaks and I see it today. A person needs to stop
for team events. We also find proper tilting at windmills and demonising
lighting, larger window area, and heat- the online marketplace as some sort
ing of the industrial floors to be impor- of “enemy”. It’s about tackling the
tant. In terms of employee safety, we subject constructively and finding
surely have expectations that are well solutions. Maybe the best oppor-
above average. And of course func- tunity comes in boldly trying new
DECATHLON logistic
Dietercentre
Götte tionality mustn’t be forgotten, either. approaches. That’s what we’re doing DECATHLON Connect Store
People familiar with our DECATHLON with our DECATHLON Connect
issue 15 — 2018 — volume xi. Business pages 8/9
Photo © Petru Stan / Shutterstock.com
Milan, Arco della Pace
Project
VGP Park Sibiu:
Growing in central
Romania
Situated in the very centre of Romania, from that city’s international air-
port. Like Sibiu, Timişoara lies on
VGP Park Sibiu is the company’s second the A1 motorway that is now un-
and newest logistics and industrial der construction and will connect
park in the country. Bucharest and Budapest as part of
the Pan-European Corridor IV.
Romania’s third-largest city with
a population approaching 400,000
Excursion
It stands at one of Romania’s most Sibiu is a regionally important
important transportation hubs. This manufacturing and logistics location.
2
scenic Transylvanian city of about
97,000 m It has been named a 2021 co-host
150,000 inhabitants is popular with
both tourists and foreign investors. Lo-
cally important industries include es-
pecially manufacturing of automotive
as well as other electrical and machine
Land area
45,000 m2
city of the European Capital of
Culture events. In addition, VGP
has acquired land for development
in Brașov, Romania’s sixth largest
city. On 237,538 m2, the future VGP
Strolling
through
components, but also food processing, park in Brașov has potential to add
building materials production, and, Lettable area more than 108,000 m 2 of lettable
traditionally, textiles production. area to VGP’s premises inventory.
VGP Park Sibiu is positioned
just ten minutes from an interna-
tional airport (with regular flights
to and from Munich, London and
Vienna) and adjacent to the A1/E81
motorway connecting Sibiu with
Bucharest to the south and east
(275 km) and Timişoara to the west
(270 km). The city is situated on
Milan
Romania’s main rail line connect-
ing to Bucharest through Brașov
So historic yet
and the western border through
Arad or Cluj Napoca and Oradea.
On a land area of more than
so much in vogue
97,000 m 2, VGP is developing at Sibiu
approximately 45,000 m2 of logisti-
cal and industrial premises. Located VGP Park Sibiu
on Sibiu’s northern outskirts, the site
has excellent access to the main roads
All roads may lead to Rome, as
and to the centre of Sibiu via public the saying goes, but travellers
transport. Layout possibilities for to Italy with business, design or
lessees at VGP Park Sibiu are still very
flexible. VGP can offer units from as fashion on their minds are more
small as 1,000 m 2 up to tailor-made likely to be headed for Milan.
solutions for large logistics, indus-
trial or commercial operations. This very cosmopolitan and
VGP still sees plenty of potential multicultural city is the industrial
for its development in Romania. Its
VGP Park Timişoara, in close prox- and financial capital of Italy,
imity to the Hungarian and Serbian and it is well known for fashion,
borders, offers more than 120,000 m2
of Class A semi-industrial premises VGP Park Sibiu football, financial markets, art
and is situated just two kilometres and architecture.
issue 15 — 2018 — volume xi.
Photo © Olgysha / Shutterstock.com
Photo © Shutterstock.com
Situated in Northern Italy’s Po Valley
and just a short drive from the Alps
that begin to rise north of the city,
Milan has been attracting builders,
conquerors, traders, and creators
since the predawn of history. Celts
(who are believed to have founded the
city), Romans, Germanic Goths and
Lombards, the Spanish, Austrians and
French all have conquered, controlled
or coveted Milan through the ages.
Although all have left their marks and
influences on the city, Milan is today a
quintessentially Italian metropolis.
Agostino Emanuele, Country Man-
ager at VGP Group Italy, is living proof
that even a born Sicilian can make the
move from Italy’s great southern is-
land up to Milan and find much that is Milan, Fiori Oscuri Street with boutiques Milan, Duomo di Milano, Piazza del Duomo
special in Italy’s north. He moved here
in 2001 from the small town of Capo
d’Orlando, Messina, to study, and
today Agostino is working with VGP
to build upon the economic develop-
“You cannot enough from the main square that it is
not quite so full of tourists.
two glass-vaulted arcades opens out
to the central square at one end and
through the middle of the city’s fashion
district, Via Monte Napoleone is Mi-
extension of the castle’s gardens. Al-
though one will wish to wander about
ment in this region. “In recent years,” get bored here. Navigli is a canal district. In fact, to the Piazza della Scala at the other, lan’s most upscale shopping street. But in Parco Sempione, the ultimate goal
he explains, “the areas of logistics and the largest of five canals, the Nav- where one finds Milan’s renowned the shopping can wait! It’s time now for will be clear from the start – it is the
light industry have grown a lot, and This is why iglio Grande, was once an impor- Opera House and a statue of Leonardo lunch, and Agostino will stroll with his Arco della Pace (Arch of Peace) at the
especially in northern Italy. The most tant transportation route into and da Vinci. A sort of borrowed native guests into the nearby Brera District to far end of the park. The Arch reminds
important axes of that development I love Milan.” through the city. Constructed in the son, da Vince had worked in Milan enjoy a nice meal at some restaurant one of the twice-larger Arc de Tri-
have been along the A1 motorway 12th and 13th centuries, this 50 km from 1482 until 1499. During that or café tucked away down one of the omphe at the Champs-Élysées in
from Milan to Bologna, the A4 from waterway connects the city to the time, among other things, he painted district’s small alleys. Paris. This is not surprising, of
Turin to Trieste, the A7 from Milan to
Agostino Emanuele River Ticino, a tributary to the Po, The Last Supper for the Monastery of Once fed and refreshed, Agostino course, because the Arch of Peace
Genoa and Verona, and the A21 from Country Manager, and in much earlier times was used Santa Maria delle Grazie, where it can will suggest the afternoon be devoted was begun during the short rule of
Turin to Brescia.” VGP Group Italy to bring food and building materials be seen to this day. (Agostino warns to the Castello Sforzesco and adja- Napoleon when Milan was the capital
Although Agostino admits that into the growing city. These days, that visits to see The Last Supper must cent Parco Sempione. This agenda, of his Italian Republic (1802–1805). It
his “heart has remained in Sicily,” Navigli is a haven for local artists. It be booked in advance.) he explains, will combine “a jump marked the start of the road leading
where he and his wife and child still “In addition,” he notes, “there are is known for its small galleries, shops The Romanesque Basilica di San into the past with a dip into nature”. out of Milan through the Simplon
spend their Christmas and summer interesting cultural events going on and cafes, and as a place to enjoy a Babilia is less of a draw for tourists The Castello Sforzesco (or Sforza Pass across the Alps and ultimately
vacations, he also feels that Milan is all through the year, and, in any case, ride on a rented bike. The district than is Milan’s massive cathedral, but Castle) was built in the 15th century to Paris. The Arch was completed
special. “Milan is just Milan. It is a city you can always enjoy a walk in one of also is renowned for its nightlife. that is just a plus for those who are able for Francesco Sforza, Duke of Milan. under Austrian rule, however, after
that offers so much from every point the different districts.” For example, Like anybody else who lives in an to spend a few restful minutes in this Sforza is remembered as an effective Napoleon and the French had been
of view: for work, for culture, for fash- Agostino mentions the Brera and interesting and popular city, Agos- low-key church dating back to the 11th ruler, who modernised the city and expelled. “Here we are at the happy
ion,” he says. “You cannot get bored Navigli districts. Brera is in Milan’s tino has a favourite walk that he does century. San Babilia is alluringly out of was a reasonable but not excessive hour!” Agostino proclaims. “The
here, and that is why I love Milan.” old town, and the district surrounds with visitors. “Milan has always been place among the taller buildings sur- patron of the arts. His castle is today Corso Como and Corso Garibaldi
While Agostino says it is true that a street by the same name. It has an known as the Italian city of fashion, rounding it and the hustle and bustle of home to several of Milan’s museums present so many stylish bars where we
most big cities offer a lot, he finds that artsy, bohemian atmosphere and is a and in recent years it has also become business people and shoppers. Its doors and art collections. can refresh ourselves from the long
Milan has an excellent mix of avail- great place to stroll about the mean- famous for its night life. In general, are not always open to the public, so it The 39-hectare city park be- day and get recharged for a night of
ability and high quality when it comes dering streets, visiting small shops, when I host people new to this city, is a special treat to get inside. Running hind Sforza Castle is essentially an dancing in a nearby disco.”
to the likes of restaurants and stores, sidewalk cafes and churches. The I try to help them to experience these
and especially in the fashion area. neighbourhood is trendy but just far two spirits,” he relates. “Therefore,
I walk them through the Duomo
cathedral square, through the Gal-
Milan celebrates!
Photo © ansharphoto / Shutterstock.com
leria Vittorio Emanuele, down to San
Babilia, and then along the prestigious “Milan becomes so romantic in the Christmas
Via Monte Napoleone.” The Duomo di
season! The huge Christmas tree on the square
Milano and Piazza del Duomo, where
Agostino begins his personal city tour, in front of the Duomo cathedral is just one of the
simply must be a major feature of any beauties the city offers at this time, explains VGP’s
sightseeing in Milan. These are the Agostino Emanuele. “Another period when Milan
city’s massive, Gothic main cathedral is especially lively is during the Salone del mobile
and surrounding central square the
in mid-April. In conjunction with this international
size of three soccer fields. The Duomo
Photo © Katarzyna Uroda / Shutterstock.com
is the largest cathedral in Italy (if we
furniture and design exhibition, the whole city
exclude St. Peter’s Basilica in Vatican celebrates, with events and parties everywhere.
City, which technically is a separate The nice spring weather really helps, of course.
state and not a part of Italy). And we can’t forget the Milan fashion weeks in
Agostino’s next destination, the September and March. Particularly in September,
Galleria Vittorio Emanuele, is a mag-
there is the Vogue Fashion Night, when all the
nificent glass-and-iron-domed shop-
Milan, Galleria Vittorio Emanuele II ping mall constructed in the 1860s. shops in the city centre stay open and have events.”
One of the four-storey “Galleria’s”
issue 15 — 2018 — volume xi. Excursion pages 12/13
Quo vadis “A strong competitive advantage for VGP consists
in its ability to provide a truly comprehensive
Agostino Emanuele offering of services with the leased property as its
central aspect. This starts with securing readily
accessible properties in highly accessible locations,
Working to locate VGP then designing and building projects that meet the
clientele in northern Italy clients’ general and specific needs.”
it was up by 28% compared to 2016. needs, but renovation of older build- and assisting customers in managing a truly comprehensive offering of
Location3 caught up with Agostino Emanuele, That’s thanks to a more dynamic ings is not yet under development. their properties within the VGP parks. services with the leased property as
a seasoned real estate professional who has rental market and support from People are looking for top locations in its central aspect. This starts with
joined the VGP team as Country Manager to the strong e-commerce activity.
I believe that logistics will con-
strategic locations and to build new
buildings. Q Could you share with
us some highlights from
securing readily accessible properties
in highly accessible locations, then
lead the new Italian operations from their tinue to give a boost to the real estate your career prior to joining designing and building projects that
headquarters in Milan. sector also through 2018 and into
2019, as we expect to see continu- Q What are the main indus-
tries and economic or other
VGP and how this prepared
you for your new role?
meet the clients’ general and specific
needs. Once a tenant has moved in,
ation of the growth trend recorded factors driving growth for semi- I am a civil engineer with a master’s VGP stands ready to provide also a
in 2017. I think, therefore, that Italy industrial real estate in your degree in project management and full range of facility management ser-
VGP has been expanding from its Lombardy, Piedmont, Liguria, and represents a safe bet when it comes market? additional education in real estate vices. Finally, as the client continues
central European origins for some Emilia-Romagna. To date, there is to investing into this particular part Many logistics operators, couriers and finance and banking. I have more to grow its business, VGP will be there
years now, and it is already three still a lot of demand in these areas. of the real estate market. distribution centres are expanding than fifteen years of work experience as a continuing partner. That means
years since the developer of semi- We already have identified three or The current supply situation for their businesses in Italy connected acquired entirely in the development it can work with the client to provide
industrial properties began its four land plots in top locations that semi-industrial real estate is very to e-commerce. They are doing so and project management of various more space – whether at the same
activities in Spain. Perhaps it was just we expect to acquire in autumn 2018, low compared to the demand. That is despite a certain political instabil- international real estate projects, location, across the country, or in the
a question of time before VGP would and we expect to begin building the especially the case in northern Italy, ity in our country and the fact that and especially in logistics and the next country where it aims to grow.
continue its growth within southern first VGP Park by the end of this year. where most of the clients would like taxation is very high here compared industrial sector. I’ve had a chance to
Europe by stepping into Italy, the
euro zone’s third-largest economy.
Q What is the current supply–
to find new or additional space. This
is because northern Italy remains
to the other leading European coun-
tries. Italy is a country of more than
work with projects in many countries,
including the UK, Italy, the Nether- Q For a company just entering
the Italian market (and
demand situation for semi- the geographic area with the strong- sixty million people, after all, the lands, Russia, the Czech Republic, perhaps which will be leasing
Q VGP is just now entering
the Italian market. From the
industrial real estate look like
in Italy, and especially northern
est demand for logistics buildings,
and especially due to the growth in
fourth largest in the EU. Probably no
pan-European business can ignore
Bulgaria, Libya, and Indonesia.
Overall, I’ve managed real estate
space with VGP), are there any
particularities about the Italian
geographic and timing viewpoints, Italy? e-commerce. the opportunity that Italy represents. development projects with total gross business environment that one
where does the company intend Investments last year into the In general, I’m noticing that clients Among the top twenty logistics leasable area of 1.6 million square should be aware of?
to acquire, build and operate its logistics and semi-industrial real are looking for new and innovative operators present in Italy, twelve are metres and turnover of 1.17 billion There are certain complexities that
parks? How do you anticipate this estate market exceeded 1 billion buildings in terms of their techni- Italian while the remaining eight are euro. I believe that the combination can tend to slow things down and
might roll out over time? euro in Italy. That is a value never cal and infrastructure performance, controlled by foreign capital. Some of of my education and worldwide ex- might cause one to stumble. That’s
VGP in Italy would like to start in reached before. In the year 2017, energy efficiency and sustainability, the more important names are DHL, perience gives me a range of knowl- true to a greater or lesser extent in
acquiring, building and managing its logistics was the sector that showed and also with excellent connections to BRT, TNT, CEVA, UPS, and FERCAM. edge concerning the Italian market every country, of course, but Italy is
parks from northern Italy, close to the the greatest growth: the volume of the existing infrastructure. There can In food distribution, important players that should allow us to accelerate not better than average in this respect.
main areas of logistic and industrial investments reached a record amount be exceptions, of course, depending are Carrefour, Lidl, Esselunga, Au- VGP’s launch into that market. We at VGP can help the clientele
interchange – regions such as Veneto, of 800 million euro, which means on the individual client’s business and chan, and Despar. And in e-commerce, with certain aspects of this, because
we’ve got Zalando and, of course,
Amazon. Q What kinds of companies
will VGP target as clients
we are combining local knowledge
with really broad European experi-
in the Italian market? ence. For example, the bureaucratic
Agostino Emanuele
Country Manager in Italy
Q Please explain how you see
your role within VGP and its
A great many companies and sectors
are going to make a good fit with the
process here for obtaining permits
is very slow and complex. We’re
entry to the Italian market. formula that VGP offers, because used to dealing with this from the
Agostino Emanuele joined VGP in April 2018 and is supporting My mission is to make sure that there is so much important work real estate and development side.
the company as Country Manager in Italy. The civil engineer with VGP properties are known in the still to be done towards improving Tax issues represent another area
a master’s degree in project management, real estate finance, and market and to reach out to our most the quality of logistics in Italy. Food that businesses really need to know
banking has over 15 years of job experience in the development & loyal customers also in Italy as we distribution, fashion, and automotive and evaluate carefully. We obviously
project management industry. He has been involved in executing have elsewhere. For this reason, will surely be important sectors, cannot deal with every issue that a
various international real estate projects in the UK, Italy, the we will focus especially on acquir- and there can be no doubt that new company in this market faces, but
Netherlands, Russia, the Czech Republic, Bulgaria, Libya, and ing land in top locations and be- e-commerce will give us really a lot what VGP can do is continue mov-
Indonesia. Agostino has many skills and strengths. Above all, ginning construction of the first to talk about in the years ahead. ing forward with its philosophy of
he is a strong team leader with a rich record of organisational VGP parks in the Italian market. creating a high-quality product in the
achievements. His work has provided valuable experience
regarding the many facets of his job. Because Agostino is a
There is a lot of competition among
real estate developers in Italy right Q What benefits can VGP
uniquely bring to that target
most representative zones within each
country. If we do our work really well
talented communicator who gets on well with people at all levels, now, so the keys to success will be to clientele that constitute both in this area, then the clients and their
he has demonstrated great success in creating good working choose top locations for building our a competitive advantage for VGP other advisors and suppliers can focus
relationships. Moreover, he clings to the philosophy of lifelong VGP Parks, ensuring high customer and for the future leasing client? on their core businesses and other
learning and is always keen to take on new responsibilities. satisfaction by offering the highest A strong competitive advantage for critical matters.
quality in the new VGP properties, VGP consists in its ability to provide
issue 15 — 2018 — volume xi. Quo vadis pages 14/15
Our team Martijn Vlutters
VP Business Development and Investor Relations
On the first of October Martijn Vlutters joined VGP as
New people
VP Business Development and Investor Relations. In
this capacity he will be responsible for building out
the Business Development function which will involve
implementing the business plan, crafting financial plans
and analysing acquisitive growth opportunities. He
in the VGP team will also drive our efforts to intensify relations with our
institutional shareholder base. Before joining VGP Martijn
worked 13 years at J.P. Morgan based in London and
New York. He held various roles in Capital Markets and
Corporate Finance, and he spent two years in New York
as Vice President Investor Relations for parent company
J.P. Morgan Chase. Martijn was born in The Netherlands,
VGP is making significant additions to its international and he received a master degree in Civil Engineering at
management team, thereby positioning the company Delft University and graduated in Business Administration
at Erasmus / Rotterdam School of Management. He lives
even better to uphold its promise of quality and with his wife and two children (and fox-terrier dog) in
to generate growth. Here are the newest members Middelburg, The Netherlands and will work from our new
Antwerp office. He loves family walks along the beach in
of VGP management. Zeeland, cycling and reading.
Cornel Ioan Cicu Matthias Sander
Country Manager Romania Chief Investment Officer
From 1 October, Cornel Ioan Cicu is the new Country Matthias Sander is the new Chief Investment Officer at
Manager Romania for VGP. Trained as a civil engineer, VGP and responsible for all the company’s investments in
Cicu had worked in recent years as development manager all countries – land plots as well as buildings. The 49-year-
for a Romanian construction company that had enjoyed old father of two children has lived in the Czech Republic
rapid growth during his time there. Cicu developed some for 12 years. Even before becoming CIO, Sander had a
45,000 m2 of logistics space and contributed significantly close relationship with VGP, as he had been involved in the
to this growth. With international experience and valuable construction of three buildings for the company between
contacts to all relevant industries, he possesses a 2008 and 2017. In this period, Matthias Sander worked as a
strategic talent that has proven to impact positively upon managing director at an automotive production site, where
businesses’ results and reputations. Cicu has worked for he was responsible for around 600 employees. He also has
such companies as the Anconi Group, Sigura Total Fire & worked as a managing director for shared business service
Building Engineering, as well as the Promotherm Group, operations in several European countries. All in all, Matthias
where he succeeded in boosting turnover, setting up new Sander has over 20 years of professional experience and
business operations, and streamlining processes. Cicu has demonstrated his leadership qualities in many ways.
speaks English and French fluently. He loves travelling Not least because of his positive experiences with VGP,
and playing basketball. Sander can get on with his new tasks – such as driving
VGP’s expansion in more European countries – with a strong
tailwind and enthusiasm.
Geerd van Helden Julien Dufros
Acquisition Manager Benelux Head of Controlling
Since April 2018, Geerd van Helden has been working Since August 2018, Julien Dufros has been located
for VGP as Acquisition Manager Benelux. Born in the in VGP’s Munich office as Head of Controlling. Born
Netherlands, van Helden feels like a real “Benelux citizen”. in beautiful Brittany, Dufros studied in Paris as well
He graduated in Commercial Economics and before coming as in Milan and Mannheim. He then decided to stay
to VGP worked eight years for an Antwerp-based residential in Germany, where he has spent most of the past
developer. As Acquisition Manager for Benelux, van Helden two decades. Before joining VGP, Dufros had worked
is responsible for VGP’s expansion in this region. From his 15 years in a family-owned automotive company, where
Antwerp office, he manages that expansion at any relevant he was Director of Finance and Controlling Europe for
level. He is responsible for all follow-ups, looking for new the last seven years. In his leisure time, Dufros enjoys
plots and new end-users, and establishing new contacts spending time with his family and friends. He also runs
and networks. Van Helden sees his challenge in generating marathons in various European countries and pursues
a highly visible VGP footprint in the Benelux region that a strong interest in the rich Breton culture.
positions VGP as successful, growth-oriented, quality-
conscious, and customer-centric. The identification and
support of new trends and future-oriented approaches also
fall into van Helden’s area of responsibility. The 29 year old
is married and has two children.
issue 15 — 2018 — volume xi. Our team pages 16/17
Photo © DECATHLON
Brand story Nevertheless, a bunch of enthusiasts
led by Michael Leclercq have proven
True motivation something one really feels immedi-
ately upon entering a store. Second,
that seeking the shortest track need
not earn a penalty. Within just a few
is far more than a customer can explore extensively
and try out nearly everything that is in
decades, they have managed to build a marketing claim. the store. Customers are even kindly
DECATHLON
DECATHLON from a cool idea into asked to do so. Third, DECATHLON is
a sporting goods provider enjoying DECATHLON is capable to manage and integrate the
worldwide success. digital transformation by developing
It all started at a parking lot some- a proper example and executing intelligent shop con-
where in France in the 1970s. Seven
true sports enthusiasts met there and
demonstrating cepts that combine the advantages of
brick-and-mortar stores with the best
Sports for the Masses – came up with a plan – a plan that over
the next several decades would evolve
how these values of the digital world.
The DECATHLON portfolio in-
into a unique success story. are integrated cludes some 35,000 items for more
by Fans for Fans All the participants in this brain-
storming session had one thing in in everyday life.
than 70 sports disciplines. Although
they differ very greatly in size, all the
common: They were striving to come stores appeal through their character-
up with new ways to produce and sell istic, inspiring atmosphere. With its
sports equipment in a much better new Connect Stores, such as that just
In business as in sports, way than was usual in those days. Philippines and Australia joined the opened at Berlin’s Central Station, DE-
From sports fans for sports fans, top family in 2017/2018 so that DECATH- CATHLON has created a completely
getting from aspiration to quality, and affordability for all – LON now runs a worldwide network new format at the interface of the
the winners’ circle is always those were the fundamental pillars of stores. The customers benefit from physical and digital worlds. Most of
of the brand new concept. the brand’s promise to give people the stores’ employees are themselves
a marathon and never a sprint. easier access to their favourite sports passionate sportsmen and -women.
It requires good condition From Lille to the world gear that is backed up by more than That means they know exactly what
Indeed, that meeting marked the 50 stores in Germany, around 1,500 they are talking about when giving
and unfailing persistence. birth of DECATHLON. In 1976, Mi- worldwide, and some 80,000 knowl- sales advice. The manager of both
DECATHLON has proven that chael Leclercq opened the very first edgeable employees. The marathon Karlsruhe stores, for example, is an
store in Lille. The concept worked, of openings continues, as new stores ex-professional bicycle racer who
to be true also in the sporting and sports fans found there exactly in Chile, Egypt, Canada, and Congo knows his sport inside and out.
goods industry. what they were looking for. Even are planned (as well as in less exotic
more important, they could feel that places like Cologne and Dresden). Sustainability is integral
the shopkeepers understood them Where exactly the new stores should to the concept
perfectly. That may have been some- be located is determined by the cus- But not everything at DECATHLON is
thing new in 1976, but already ten tomers, because DECATHLON makes solely about products, services, and
years later the concept had become so it a practice to ask its customers for the employees’ commitment. Sustain-
well accepted by the customers that their favourite locations. ability is critical, too. DECATHLON
DECATHLON dared to cross the Rhine describes its focus on sustainability
and to open its first German store in Success through quality with the slogan “Vitality and Respon-
Dortmund-Kley. and its own brands sibility”. Both are equally fundamental
That was the start of the brand’s In addition to the affordability of its corporate values. The two are firmly
international expansion. Following goods and strong position of its own linked, because without sustain-
Germany came Spain (1992), Italy established brands, three critical ability there scarcely can be any true
(1998), Portugal and Great Britain parameters set DECATHLON apart vitality. Whether in manufacturing,
(1999) and then China (2003), India from its competition: First, real sports logistics or retail, responsibility for
(2009), Hong Kong (2013) and Malay- fans sharing the same passion are on the human being and the environment
sia (2016). Finally, South Africa, the both sides of the counter, and that is is crucial for the brand. That is why
DECATHLON reports comprehensively
about its sustainability activities and
Photo © DECATHLON
projects. In 2016, the management
defined central targets and aims for
the coming decade. The whole supply
chain is designed for sustainability. For
example, DECATHLON is abandoning
superfluous packages as well as harm-
ful substances. Recycling is becoming
more and more relevant, and there is a
clearly defined set of standards regard-
ing the environment and working con-
ditions up and down the supply chain.
True sportsmanship and commit-
ment shows up not just on the trail or
in the stadium. True enthusiasm does
not end with sales or turnover figures.
Not least, true motivation is far more
than a marketing claim. DECATHLON
is a proper example demonstrating
how these values are integrated in
World Clean-up Day everyday life. The company’s success
is by far the best proof for that thesis.
Brand story pages 18/19Interview “What I really like about VGP:
entrepreneurial spirit, a strong
view on the future and very clear
Massimo Saletti ideas on how to reach the target.”
Investment expert’s point of view rates were higher than yields on real
estate. Now we are in a situation
when the spread not only is positive,
but is probably one of the highest in
estate company to do so. Overall history, because interest rates are
Since the beginning of 2017, Massimo capital raised by real estate still extremely low and while yields
Saletti is Global Co-Head of Real Estate, companies was up 21% over on real estate have gone down, the
the last 3 years compared to spread is still quite significant. Even if
Gaming & Lodging at J.P. Morgan. the 3 years prior (according to there is a reasonable expectation that
a recent Deloitte study). Do you interest rates will go up, the spread
expect this trend to continue? will still be positive and because of
Yes, absolutely. The REIT market the macroeconomic environment the
Saletti joined J.P. Morgan from in Europe is still quite significantly top line rents will be supported. So
Deutsche Bank AG, where he held underdeveloped vis-à-vis the US we will not see a rentals decline, and
a number of senior roles over 13 years. market. So there will be significant this will support the spread going
He accompanied and supported VGP growth in the real estate sector, both in forward. Overall, because of that we’ll
on behalf of J.P. Morgan, VGP’s global terms of the number of players listed, see quite positive impacts in terms
coordinator and joint bookrunner, for volumes and capital raised. We are of the sector’s attractiveness for
the company’s second public offering only at the beginning of the REIT story institutional capital.
in September 2017. VGP Location3 in Europe. In some countries, the REIT
talked to Massimo Saletti to learn
more about the real estate market’s
regimes were introduced just 2 years
ago, so there will be significant growth Q The consensus is that digi-
talization will continue to
prospects and characteristics from an over the next 10, 15 years. be one of the key drivers behind
investment expert’s point of view. transformation across the logis- Amazons of this world are doing. ever. With innovation being such
O Overall, global real estate Q What are investors (in
particular institutional
tics industry. Whilst this creates
a tremendous opportunity for
In my mind, this will really be the
key differentiating factor over the
an important driver of change,
in your opinion which role do –
performed well in 2017 and investors, family offices, and the developers it also requires players next few years. It’s about how much and will – mid-sized companies
Europe proved a main beneficiary like) currently considering when to continue to adapt. What do you the logistics industry will become with access to capital play in
of cross-border capital growth. they invest in the European real expect will be the most signifi- more and more integrated with the real estate sector?
How is 2018 panning out so far? estate sector, and particularly cant differentiating factors in the “new-generation” internet related There is quite a significant appetite
There is still quite a strong dynamic when they want to invest into industry in the coming 5 years? distribution. That is already the for investment in the spectrum, in
from the capital allocation standpoint the logistics segment? I have no doubt that digitalization case, but as long as it continues the sector, for medium- and small-
to the region. We are seeing a lot of
capital in different forms targeting the
“I would say that I will say that in our interaction
with institutional investors, logistics
will impact the whole sector, not
only logistics. Logistics by nature is
then whoever will be able to
do that most effectively it will
sized companies. There is more of
an opportunity to move the needle
region on the parts of private equity, the dynamic we is quite consistently at the top of associated with the new economy experience significant value creation because they can actually grow their
institutions, insurance companies, everybody’s priority lists. There is more than other real estate asset opportunities. asset base in a more technologically
funds, and asset managers. So, had seen in 2017 some anxiety towards retail; offices classes, because segments of the friendly way than a large company.
actually, I would say that the dynamic
we had seen in 2017 has been even has been even
are still seen as an interesting sector;
but without exception, everybody is
logistics space are more linked to
the last-mile distribution what the Q New technologies are
coming – and faster than
Whoever is most nimble can benefit
from having capital and using the
more positive in the recent months. saying that logistics is the real target. right technology to really change
more positive The other important factor is related the shape of their company in a very
Q VGP successfully executed
its re-IPO last year and,
in the recent to the listed market. Across Europe,
there aren’t really many large logistics
substantial and effective way.
frankly, it was not the only real months.” players, which is an opportunity for
non-listed or existing listed players Q Finally, you personally
worked on the VGP IPO last
with logistics focus to actually grow year. Could you describe your
quite significantly over the next few observations when working with
years. the VGP team?
Yes, I think the team’s main asset
Q Do you believe there is
a risk that global political
is a very unique combination of
entrepreneurial vision and spirit and
tensions and rising interest rates very strong commitment and hard-
will diminish the “real estate working, cooperative attitude. It’s
premium” and thereby discourage quite rare to find these two factors
direct and indirect investments so well combined in a company. So,
in real estate? I think this is what I really like about
When I started working in real VGP: entrepreneurial spirit, a strong
estate, 20-plus years ago, the spread view on the future and very clear ideas
between real estate cap rates and on how to reach the target.
interest rates was actually negative.
We were doing deals where interest
issue 15 — 2018 — volume xi. Interview pages 20/21You can also read
