whenever real estate matters annual Report 2014

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1 whenever real estate matters Group Hugo Ceusters-SCMS annual Report 2014 REAL ESTATE TRENDS 2015/2016

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3 Real estate trends 2015/2016 annual Report 2014

4 contents pp 2-3

5 introduction 6 offices 10 semi-industrial and logistics properties 22 retail 32 investment market 40 property management 46 contact details 56

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7 introduction

8 introduction pp 6-7

9 annual report 2014 introduction / pp 6-7 Dear Sir and Madam, We are honoured that you are taking the time to read our Annual Report The year 2014 for Group Hugo Ceusters-SCMS (HCS) was the first year for our new corporate structure. Our companies Hugo Ceusters and SCMS have indeed merged, but each has retained its own role. Together they ensure that you can benefit from optimal service. For our employees, 2014 was a year they reaped the rewards of their perseverance and dedication. This included several awards: the trade journal Expertise named us Property Manager Retail 2014 as well as Letting Agent Offices Antwerp Region. In addition, the Property Management department won two international ICSC Solal Marketing awards for marketing events in the Wijnegem Shopping Center. But the primary purpose of this annual report is to explain to you the trends and developments in the commercial real estate sector in Belgium. The major conclusion from them is that today, more than ever before, real estate can provide stability in an investment portfolio. The way in which our team members advise and guide you, as manager, developer, owner or entrepreneur, is at the heart of our business. With this in mind, we are pleased to invest intensively in training our people and to be able to rely on the know-how of our regional satellite offices in Belgium. We are also proud of our entry into Gerald Eve s (UK) new European alliance. This group of independent and autonomous real estate offices enables us to look across borders and to serve you optimally abroad as well as at home, thanks to our talented foreign colleagues. We re building up further on the strong momentum of our Property Management department, SCMS- Ceusters, which you can read more about in this report. The same holds for our rapidly growing consultancy department, Hugo Ceusters. And finally, our geographical expansion and the development of a Valuation services department and Research cell guarantee that we will continue to be able to offer all the necessary expertise you need in the future. Our sincere thanks to you for the trust you ve given us over the past year. Let s look towards the future together! On behalf of all our employees, Ingrid Ceusters-Luyten Group Hugo Ceusters-SCMS Jeroen V.M. Hafkamp Group Hugo Ceusters-SCMS

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11 offices

12 The percentage of office space take-up in the Flemish Region matches up to that of the Brussels-Capital Region. offices pp 10-19

13 annual report 2014 offices / pp The office market in Belgium Finally a recovery? In 2014, the office market made a cautious comeback with a national take-up of approximately 700,000 m². Not only do crisis years such as 2011 and 2013 seem to have passed us, but the Belgian office market is a segment that is performing well and that continues to be a stable investment market. Brussels is still the largest office market with a 54% market share. However, the Flanders share about 39% cannot be underestimated. Wallonia limps along behind with just 7%. The take-up there is barely evolving, with the most movement in Walloon Brabant, which is technically part of the Brussels market. The trends Companies renovating their own offices A lot of office users including Provincie Antwerpen, Bank Delen, De VoorZorg and Argenta are committed to the offices that they fully own. To ensure that their building continues to meet updated requirements and standards, they renovate it. During the renovation works, they move into other office spaces, which they rent temporarily. Surface area per employee is declining The office market is still a shifting market, in which companies exchange their old buildings for new, and therefore, as a rule, cause a lower take-up. This has to do with the fact that, on the one hand, new buildings are more sustainable and efficient, and on the other hand, prospective tenants apply new work model principles. chart take-up offices Belgium ,000 m² ,000 m² ,000 m² ,000 m² However, we are also seeing an increasing number of growth enterprises, from the IT sector and others, as well as young start-ups that have an amazing start, trading in smaller premises for larger ones when they relocate. These companies often demand additional facilities (e.g. an ironing service, restaurant, fitness area) and a creative work environment. In other words: it pays to stimulate innovation and that means investing in new office concepts. At the same time, we do expect that the trend in strictly limiting working space per employee will gradually die out (cf. Prof. Compernolle s study). But this effect will not be felt immediately. Decentralisation Companies are increasingly handling mobility issues by moving to the regional markets so that they are closer to their human capital. With 83 hours per year of struggling through traffic for those who commute daily to Brussels, the capital city has become a no go zone for many young people. By comparison, workers employed in London commute an average of 81 hours per year while in the rest of Europe the average is 53 hours per year.

14 The take-up figures also confirm the decentralisation trend. With 267,000 m², the Flemish Region has become almost as big a player in the office market as the Brussels-Capital Region. More government, fewer corporates In Brussels as well as in Flanders, the government accounts for a large share of the take-up 280,000 m² in total. Scores of Flemish governmental services are being decentralised to smaller central cities for better inland administration. The civil servant is thus literally taken to the citizen. VAC (Flemish Administrative Centre) Ghent, KAM Bruges, and VAC Kievitplein Antwerp are just a few examples. The largest take-up in Brussels comes from the government too: BIM (the Brussels Institute for Environmental Management), which moved into the brand new (and with 16,000 m², Belgium s largest) passive office building. We expect that the demand from large corporates will continue to decline over the next few years and that the office market, including in Brussels, will be dominated by public institutions. For example, we know today that Europe is seeking to occupy 200,000 m² of additional office space in Brussels by Will it restrict itself to Brussels, and what type of building will it choose? If we wish to convince corporations to put down roots in Belgium, the government will have to take the necessary measures, including those regarding tax law and legal certainty, as well as those for mobility. Fewer purchases, more rentals While independent end-users, such as lawyers and doctors with group practices, do purchase offices, the office market is and will primarly remain a renter s market. On the one hand, this is a result of the uncertainties of the past year concerning VAT and tax laws, but on the other hand, companies are aware that buying their own offices makes them less flexible. In other words, when an entrepreneur considers buying a building, he needs to weigh up the likely impact on operational growth. A great many companies reconsider and ultimately decide to rent, preferring to invest any available finances in their core business. In this renter s market, the tenant can impose his requirements on the landlord. Ownersentrepreneurs will become increasingly willing to offer sale-and-lease-backs. Stable prices, stable market Average rental prices and prime rents on the Flemish and Brussels office markets have remained fairly stable over the past 10 years. In 2014, the average rental prices in Brussels and Antwerp amounted to 150 and 107 euros/m²/year, respectively. In Ghent, rents are at an average of 118 euros/ m²/year.

15 annual report 2014 offices / pp chart - prime rents euros/m²/year Conclusion: The development of new offices that meet the BREEAM standards (and thus that also take the mobility factor into account) stimulates companies to relocate and this means an increase in demand. Ghent and Antwerp are living proof of this. Former offices are then repurposed out of necessity. These are the factors that make the Belgian office market a stable and attractive one for investors Antwerp Brussels Ghent chart -average rental prices euros/m²/year Antwerp Brussels Ghent The regional markets A new norm for Brussels The city of Brussels (the 19 municipalities of the Capital Region) ended 2014 with a take-up of 375,000 m², an increase of 60% compared to This seems like a significant rise, but it has to be put into perspective: in 2013, the lowest take-up in the past few years was recorded in Brussels. The capital, including Flemish and Walloon Brabant, recorded a take-up of 461,000 m², which is an increase of 40% compared to While the peak years of 2005, 2006 and 2007 saw the Brussels office market reach a take-up of approximately 700,000 m², it appears that a new norm is now in effect for the city, which will keep it at around 400,000 m² per year. Still, this reconfirms Brussels as the largest office city in the country following the difficult years of 2011, 2012 and The average surface area per employee is about 30% lower than it was in the past.

16 The public sector continues to play an important role in the capital city. Semi-governmental, regional and federal governments, European institutions and embassies account for nearly half of the take-up as well as for all the major deals, which today would mean an estimated 3/4 of the take-up in Brussels. That take-up is largely located in the Central Business District, and there is a limited demand for premises on the outskirts along the Ring. Moreover, the 2,500 5,000 m² office category appears to be struggling more than ever. Whereas last year corporations still accounted for 70% of the take-up, performance was 50% below par in 2014 as a result of the crisis and the new working trend, among other factors. Brussels is currently contending with large challenges and contrasts, certainly in its market segments, and this will continue. Many corporations are dismantling and leaving. Where there is a shortage of office space in one district, there is high and structural vacancy in another. Given the expected population growth in Brussels by 2060, there will be an additional 165,000 residents the city must also provide (affordable) housing and schools. For this reason, in the past 10 years building permits have been granted for the redevelopment of approximately 600,000 m² of obsolete or unoccupied office space into housing, rest homes, etc. (100,000 m² of office space can provide some homes). On the outskirts of Brussels, where there are barely any new projects being initiated, there is still a serious mobility problem and few initiatives are being taken to renovate existing buildings. Looking to the future, the current government has taken measures that should stimulate employment in our capital. The supply of office buildings is adapting itself, little by little, to the demand for flexibility and energy-efficiency, and for a total of about 330,000 m² of new space is expected. Take-up: 461,000 m² (including Flemish and Walloon Brabant) Vacancy: 5-6% in the Central Business District and Leopold district, over 20% on the periphery. Prime rent: 285 euros/m²/year Average rental price: 150 euros/m²/year Antwerp With a take-up of 120,000 m² in 2014, and an increase of over 40% compared to 2013, Antwerp and by extension the Antwerp Region remains a large and active market in the Flemish Region, with the city returning to 2010 levels (127,000 m²). In Antwerp too, corporations are trading in old buildings for newer, more modern and more efficient premises, but very few new companies are moving in. Once again, this is a renter s market, with the tenant enjoying a lot of leverage. It s notable that transactions have rarely been as large as in 2014, peaking with the Truvo (5,200 m²) and Ferranti (4,000 m²) deals. Whereas in the past

17 annual report 2014 offices / pp few years prospective tenants would only occasionally ask for more than 1,000 m², that is now a frequent occurence. Still, for Antwerp as well, the surface area per employee is about 20% lower than the benchmark for the past few years. In contrast to recent years, Antwerp currently has many new projects in the pipeline. An estimated 145,000 m² in new-build projects will be delivered by We have high expectations, therefore, for the Antwerp office market in 2015 and 2016, especially with the city administration s clear emphasis on Antwerp s ambitions as an office city and its desire to facilitate land use and building permit processes for new projects. Take-up: 120,000 m² Vacancy: 11.3% Prime rent: 148 euros/m²/year Average rental price: 107 euros/m²/year Ghent The year 2013 was an unprecedented year for Ghent, with a take-up of no less than 60,000 m². The city was unable to maintain that level in 2014, with a take-up of 51,000 m², but there is still plenty of activity in East Flanders capital city. This is primarily generated by local and smaller SMEs of 5 to 15 employees, which account for the majority of the transactions and usually relocate within the Ghent Region. Over 10 years time, the capacity of new-build offices in the city increased by no less than 20%, of which 10%, or 155,000 m², was built in 2013 and Whereas Ghent city centre is contending with outdated office buildings (two-thirds are over 15 years old), the vacancy rate in Ghent as a whole is very low (5.5%) compared with other cities and newly built offices are immediately occupied. The latter is much more cost-effective than adapting old buildings to meet today s stricter standards and confirms, once more, that newly built spaces create solid demand. With regard to 2015, we expect a good year in Ghent as well, because of several new-build projects that will be delivered in 2016 and will already be placed on the market in Meanwhile, Hugo Ceusters has quietly been making progress, in Ghent during 2010 and by extension into all of East and West Flanders, by developing the department that takes part in this market. The foundations in and around the city of Ghent are in place, and HCS will continue to push forward our expansion into West Flanders. Take-up: 51,000 m² Vacancy: 5.5% Prime rent: 145 euros/m²/year Average rental price: 118 euros/m²/year Leuven: rising star... here to stay? In 2014, Leuven became the third largest office market in Flanders behind Antwerp and Ghent. Today, we note a take-up of 33,000 m² vs 11,000 m² in 2013 and a 5-year average of 19,000 m². All of this can be attributed to the largest rental transaction Leuven has ever seen: in 2014, KHL moved into the former

18 Belgacom-Proximus office in the business park in Haasrode, a property of no less than 24,000 m². The largest transactions in Leuven are primarily situated on the periphery, at the train station and at the trendy Vaartkom. Leuven s ascendancy is caused partly by a population growth of 10,000 residents over the past 10 years, and by the Leuven university, which generates dozens of spin-offs and start-ups in the creative sector, leading to an increased demand for modern and well-equipped offices. Take-up: 33,000 m² Vacancy: 10.9% Prime rent: 145 euros/m²/year Average rental price: 123 euros/m²/year Mechelen Contrary to expectations, take-up in Mechelen was negligible in the past year. Beyond HP s rental renewal of 13,500 m2, only 2,700 m² of take-up was recorded in It appears that Mechelen is not an attractive office city this year, and nearly everything that is built there is commissioned. In fact, Mechelen is ideally located along the E19, and has a train station that connects the city to the Hague and Zaventem. Mechelen s office clusters, which are concentrated around the North and South exits and in the station area, are almost exclusively home to corporates, such as Kraft and Sanoma. We expect that the major reconstruction of the station and the station area will create new dynamics in the market going forward. Limburg Limburg, and more specifically Hasselt, accounts for +/- 5,000 m² in take-up. We expect that the future will bring growth to the Limburg Region, given the stimulating measures directed to the region as a result of the closing of Ford Genk. West Flanders In total, the West Flanders province accounts for +/- 20,000 m². Several larger companies, such as Barco and the port of Zeebrugge, and a climate of vigorous entrepreneurship, ensure an economic dynamism that will see a growing West Flemish office market for Hugo Ceusters In 2014, our consultants conducted transactions for a total surface area of 48,000 m² of office space, spread over 75 deals. This figure includes new takeups, sales to end-users and rentals all over Belgium. In Antwerp, we are the market leader with a 34% market share spread over 45 deals. This is a result that we re proud of and for which we have received recognition: in 2014, Expertise trade journal awarded us the Letting Agent of the Year Offices Antwerp award, confirming the prominent position of our Ghent office (opened in 2010) within East and West Flanders.

19 annual report 2014 offices / pp Total rented office space in Belgium through HCS in Belgium: 48,000 m² (75 deals). Some notable deals: Ferranti: 4,300 m² Jongerenwelzijn (Flemish government): 2,500 m² Farmad: 1,200 m² Looking ahead The office market can continue to climb out of the dip, but it will take some time before we see a euphoric recovery like we had in the pre-crisis years. The interest rate is low, commodities have never been so cheap and the United States is recapturing its position. As long as there are no unforeseeable disasters, we can say we are somewhat confident in the economy. Companies are daring to take decisions and to relocate once more. Provided that there is additional clarity from the policy-makers, we believe that there will be a return to healthy business confidence in A large number of new-build offices will be delivered in 2015 and 2016, especially in Flanders, and we can expect take-up to rise sharply from mid-2015 onwards. We anticipate many large transactions from companies and governmental bodies that will be trading in their old offices for new, more energy-efficient buildings. When it comes to new-build projects, it s vital that the city and the public transport organisation consider the office functions that will be fulfilled. While station areas should be valued, there must also be plans made to open up locations that are less accessible for cars. We see the offices of the future as clusters of different activities: employees will have their offices, recreation areas and restaurants under one roof, and perhaps even supermarkets, copy centres and ironing services. This fits in with the Corporate Social Responsibility policy conducted by many companies, where sustainability plays a key role in terms of identity and in HR policies as well. We expect that Brussels will retain its leading role in the national office market in the foreseeable future, but the decentralisation trend provides us with a firm belief in the strength of Flanders as a region. Flanders: stronger as a region Today, in an attempt to attract employment, every city profiles itself as the perfect place for a company s headquarters. But we would argue that, while it is perfectly acceptable to promote each city, it is better to combine forces than to compete with each other. Flanders Region can work together to draw more offices and more logistical activity to our area. Flanders has all the assets to be an attractive region for foreign investors. We have our universities, which have an excellent reputation worldwide. We also have a highly skilled, multilingual workforce. This workforce is the reason, for example, that India s Tech Mahindra - whose activities include managing Alcatel Lucent s

20 Hugo Ceusters Offices: 48, 000 m² of office space transactions spread over 75 deals Letting Agent of the year Office Antwerp

21 annual report 2014 offices / pp chart - take-up in m² National 800, , , , ,000 Antwerp 127, , ,499 82, ,000 Ghent 65,000 17,752 37,270 60,000 51,000 Brussels 460, , , , ,000 Leuven 24,796 11,000 33,000 Mechelen 14,887 28,803 10,000 2,700 customer services and Base s ICT infrastructure and network - chose to open offices in Brussels and, recently, to expand into Antwerp as well. It is of major importance that we retain companies once they have chosen to establish themselves in our country. It is unlikely that large production units will be set up in Belgium in the future. The Belgian office market will be fed mainly by the service sector, whether or not linked to powerhouses like, for example, the cleantech sector around Umicore, by maritime services near the ports and by university spin-offs. large. There are more cities than ever before vying for the attentions of companies that wish to set up offices in Europe. American companies no longer automatically choose to locate their offices in the heart of Europe. Wages are too high here, the taxation system isn t favourable enough, and there are plenty of alternatives within the EU. All of the reasons mentioned above lead us to once again call on the government and the social partners to create a climate of security for organisations, to reduce wages, and to ensure social order. The office market will be the better of it. Belgium and Brussels are still the geographical centre of Europe, but Europe has become very

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23 semi-industrial and logistics properties

24 Hugo Ceusters Industrial & Logistics: m² transactions spread over 67 deals EUR 815,000 in generated rental income EUR 23,185,000 in property sales semi-industrial and logistics properties pp 22-29

25 annual report 2014 semi-industrial and logistics properties / pp Continuining the 2013 momentum With a take-up of a total of 1,3 million m² in 2014, the momentum of the past few years continued in the semi-industrial and logistics market. Since 2011, this market has seen an annual take-up rate of approximately 1,5 million m² and in 2013, a national take-up of 1,536,008 m² was recorded, spread over 706 deals. The take-up in 2013, therefore, was no less than 1/3 higher than the average of the previous 10 years. In 2014, with 631 deals, a total take-up of 1,283,000 m 2 was reached in this segment (-16%). In this total take-up, semi-industrial comprises 784,000 m² and logistics 499,000 m². Both segments are experiencing a declining trend, although it should be mentioned that transactions involving unspecified private parties or real estate firms have not been included in these figures. The market segments Semi-industrial: primarily a buyer s market With the exception of the active third quarter, the semi-industrial take-up throughout the year (784,000 m²) was a bit lower than in 2013 (850,266 m²). This had to do with complicit in our country s declining industrial production and the economy s slow recovery. Still, in our opinion, this limited decline is not significant. The decline is the largest in Flanders: whereas in 2013, 649,541 m² take-up was recorded in that region, the figure was only 570,584 m² in In Brussels, the take-up of semi-industrial properties remains virtually stable, and Wallonia has recorded a slight increase. With a share of 73%, Flanders is still by far the largest market in this segment (vs. 76% in 2013). Historically low interest rates have impacted this market as well. Very small semi-industrial companies and start-ups that need a first or second warehouse of 200 to 750 m 2 are still generally inclined to rent a property. However, low interest rates mean that the semi-industrial market has clearly become a buyer s market for surface areas of 750 m 2 and more. We have noticed over the past few years that semiindustrial SME parks often have difficulty becoming commercialised. Key success factors are primarily the location, the number of units on offer in the location and the size of the units themselves. The better the location, the fewer the alternatives and the smaller the units, the greater the chance that units are sold or rented. We also note that the units on offer are steadily becoming smaller: surface areas range from 200 to 500 m², and can be combined with several units. The prices are proportionally on the high side, partly because the buildings have had to be adapted to the changing regulations in the areas of, for example, insulation and water management.

26 In general, the prime rent for semi-industrial properties is also stagnating, hovering around 45 euros/m²/year for a few years now. It goes without saying that the rates for semi-industrial properties vary according to the location of the property and the age of the building, and are partly dependent on the price of land. Incidentally, because of land scarcity, prices of land in industrial areas are increasing. Nationally, we note a prime land price of 200 to 300 euros/m². In Antwerp, the average land price fluctuates around 145 to 200 euros/m². chart Prime rent for semi-industrial property 2014 Brussels, Wallonia and Flemish-Brabant 55 euros/m²/year Antwerp euros/m²/year East Flanders euros/m²/year Limburg, West Flanders, Hainaut euros/m²/year Logistics In 2014, the national take-up in logistics was 499,000 m², distributed over 46 transactions. The average transaction size was +/- 11,000 m². With 414,004 m², Flanders remains by far the largest market in terms of logistics as well. The take-up there is more or less at the same level as in 2013 (419,387 m²). By contrast, large declines were recorded in Wallonia and Brussels. In Brussels, the take-up dropped from 117,637 m² in 2013 to 3,500 m 2 in This is primarily due to the fact that only 1 logistics transaction took place in Brussels in 2014, versus 5 in In Wallonia, the take-up (81,526 m²) in 2014 was almost half of the 2013 figure (148,719 m²), as the number of transactions fell from 13 in 2013 to 8 in Although, especially in Wallonia, there are lots of opportunities in the logistics area, it is clear that most of the logistics players are still focusing on Flanders. Overall, the market consists of a limited number of players who offer logistics, and a limited number of larger users who rent them. The greatest concentration of logistics activity is located, as always, around the Antwerp-Brussels axis (E19 and A12, accounting for a +/- 57% share of the take-up), in the periphery of cities such as Willebroek, Puurs and Londerzeel. Many distribution firms are moving in the same direction, such as Spar, which moved its warehouses to this region from Heist-op-den-Berg. Lidl also has a warehouse in the Brussels area and one in

27 annual report 2014 semi-industrial and logistics properties / pp Sint-Niklaas. The presence of a container terminal in Willebroek further strengthens the appeal of the Antwerp-Brussels axis. For example, European Food Transport chose Willebroek, with a take-up of no less than 34,000 m². The Antwerp-Limburg-Liege (E313) axis is the second largest, with a +/- 12% share of the take-up. There, too, the presence of the container terminal in Laakdal, where Nike has established itself, as well as the Beverdonk terminal in Grobbendonk, play an important role. Belspeed, for example, chose a site of 20,000 m2 at the Beverdonk terminal. Together with the third axis, Antwerp-Ghent, along the E17, the three axes form the golden triangle of logistics in Belgium. In 2014, once more, the rents for logistics remained stable. Whereas a prime rent on the Brussels outskirts amounts to 55 euros/m²/year, the average prime rate on the Brussels-Antwerp axis is only euros/m²/ year. This has been the case for years, which means that the logistics rental prices in our country no longer reflect the actual cost structure. The price of land, which is very high in Belgium, is not calculated according to adjusted rental prices. A charge of 55 euros/ m²/year would be a better reflection of reality than euros/m²/year. On the one hand, stagnant logistics rental prices make our logistics properties highly competitive in comparison with those of neighbouring countries, but on the other hand, high labour costs and traffic congestion issues in our country seem to be major handicaps to attracting businesses to existing logistics sites. Moreover, hardly any new logistics projects are being developed in Belgium as a result of the proportionally low rents. This has led to many regulated real estate firms increasingly looking across the border and investing in property in the Netherlands and France, where construction costs are just as high but the rents better reflect reality and thus yield higher returns. An additional reason for the almost non-existent development of new logistics projects is the fact that logistics parties prefer to tie themselves to a location for as short a period as possible, while developers hesitate to construct a building without a long-term tenant. The exception is for strategic locations, where several flows can be brought together. We do not see this situation changing in the short-term. Belgium is still a logistics hub in Europe: in addition to our local distribution centres for supplying our internal market, we also have several European distribution centres. However, no additional distribution centres are planned. This is caused partly by our wage handicap, but we believe that the non-facilitating regulations and bureaucracy that we are subjected to in our country are also contributing factors. Companies that are considering a move to Belgium can find themselves guided by an abundance of policy bodies without seeing significant results. There are even a number of real estate firms that draw on their reserve sites in order to attract customers to buy, rather than rent, a newly developed building. In this respect, Wallonia often appears to be more business-friendly and to have a greater awareness of the need for additional logistics activity. A PwC study decla-

28 red Wallonia to be the most suitable Belgian region for European distribution centres in e-commerce. Wallonia was third in the top 10, while Flanders, in 6th place, was superseded by the southern and western Netherlands. With its dense road network that connects to many remote corners of Europe, its central location, its proximity to Brussels, a logistics centre at Liege airport, incentives from the government, low land prices, reasonable rents and a huge amount of available land, it s clear that Wallonia has a lot of advantages. On the other hand, figures indicate that many logistics parties would still prefer a location in Flanders. The low take-up of warehouses in the port of Antwerp last year was also noteworthy. We saw little demand for warehouses for the storage of listed products such as cacao, coffee and steel. Many countries have become self-sufficient and have developed enough storage capacity of their own. Thus, Volvo Ghent was not the only company to return to in-sourcing its own logistics. Despite a limited amount of new take-up, the port of Antwerp is doing well. In 2014, the port handled an estimated 198,8 million tonnes of goods. That s an increase of 4.2%, which is mainly due to containers and bulk goods. This constituted a new record for the port for the second consecutive year. Antwerp s healthy performance can be attributed to the fact that the harbour, which is both a container port and a petrochemical port, is a port of call. This guarantees sufficient transfer activity and makes the port more attractive to other companies, including those from inland. In that regard, Zeebrugge, as a roll-on-roll-off port, is also one up on Ghent s port, which is primarily a production port and less focused on containers than it is on general cargo and automotive. This lack of transfer activity is one of the reasons that the 60-hectare development zone at Ghent s Kluizendok has not been exploited for over a year and a half now. The idea that the manufacturing industry or real production could return to Belgium again seems rather utopian in the short-term, with the exception of production for our own internal market. But we do believe in the reallocation of available industrial land, in the port of Antwerp, for example, or the Opel site, Ford Genk site, etc., in order to establish logistics with added value. This type of logistics, in which people with specialised training unpack large quantities of goods and then, for example, repackage the products in small bags or boxes, can create additional employment in the port and attract additional logistics activity. There is certainly a place for this type of value-added logistics in the Belgian port areas, but we need to be in a position to manage on-site working conditions more flexibly. Finally, we note that a great many so-called thirdparty logistics providers (3PLs) (such as DHL, Schenker, Dachser, and so on) are showing interest

29 annual report 2014 semi-industrial and logistics properties / pp in cross-dock warehouses. Cross-docking is the procedure by which large containers are unloaded at night, the goods are sorted and then dispatched at the other end of the warehouse. Temporary storage is sometimes provided in an additional distribution warehouse. Cross-dock warehouses are expensive because they require a surface area disproportionate to the size of the warehouse itself in order to facilitate traffic flow. They first existed abroad but we are now seeing a demand from logistics players in Belgium. Naturally, e-commerce makes this type of warehouse extremely useful. This is advantageous: where traditional logistics players often rent back-to-back for one contract and prefer to minimise the lease term, we see cross-dock players ready to enter into longer-term contracts or even to buy properties. Such a warehouse is considered to be strategically important and the demand for this kind of logistics is only expected to increase. In this context, there is currently also a high demand for other types of express delivery that do not use motorised transport. Antwerp s ASX-IBECO and Ghent s Bubble Post, for example, specialise in smart warehousing and same-day deliveries by using small, eco-friendly and fast transport methods to provide urban logistics for traders, transporters and e-commerce for Hugo Ceusters Hugo Ceusters realised a take-up of 117,299 m² in the semi-industrial and logistics market. For our property owners, we generated 815,000 in rental income and 23,185,000 in property sales. Even though the total market declined slightly in 2014, semi-industrial is a stable market for Hugo Ceusters, with a take-up of 83,430 m². Once again, we recorded an increase in international business in this segment, most often concerning companies from the U.S. or the U.K. that are establishing a presence in Belgium. One example is Brady Corporation, which is renting 5,800 m² in Herentals for production and distribution. In addition, we also negotiated a number of sales for own use. It is notable that in 2014 there was a lot of activity in the zone around the A12, each time for sizeable surface areas. Thus, the Smart building was sold to the Vermant Automotive Group, which will set up a Kia dealership there. The Smart building has a surface area of 1,800 m² and is situated on a plot of 6,000 m² in total. On the Schelselei, we sold a building of 2,000 m² and, a little further on, another building of 5,000 m². The sale of the three buildings together in the vicinity of the A12 amounted to a total of 7,6 million. Even though some companies prefer to stay away from the area because of traffic congestion, there are still others that clearly believe in the potential of a location on the A12.

30 In logistics, for 2014 we recorded a take-up of 33,869 m². An overview of our major logistics transactions: The take-up of 10,000 m² in Oudenaarde (and an option to take up another 10,000 m² within three years) by food supplement manufacturer Medix Laboratories. The rental of 3,500 m² in the Prijkels zone, Nazareth, to DHL Express. The sale of the SITA (Suez Environment) building in Roeseare to end-user Dewagtere, which needed an additional business site for expansion. many companies still have instinctively an eye on Flanders. In this regard, we expect a sustained healthy growth in the coming years. One point for concern is the lack of available buildings for logistics: occupancy rates with the regulated real estate firms are high. Interested parties are often obliged to either wait for a building in the desired location or expand their search area. But if enough attention is paid to this situation as we move forward, a lot of logistics opportunities are still in store for Flanders. The sale of the Barco site in Kuurne to developer Futurn, which will develop the site further. Futurn has already delivered a warehouse of 4,000 m², which Barco will rent. Barco also took an option on a second 4,000 m² warehouse. Looking ahead In the short-term, we anticipate that the semiindustrial and logistics real estate market will improve further. Flanders will continue to be the most important market in this area in the future. On the Antwerp-Brussels axis especially, we see a large number of requests for larger surface areas and that

31 annual report 2014 semi-industrial and logistics properties / pp Many companies still have instinctively an eye on Flanders. One point for concern is the lack of available buildings for logistics

32

33 retail

34 Hugo Ceusters Retail: 21,572 m² of retail space transactions 101 deals retail pp 32-37

35 annual report 2014 retail / pp The year of the shopping centre With a take-up of retail space at the 2013 level (332,000 m²), retail real estate is and will remain a very stable market in Belgium. Flanders is the lead player in this market, with a 60% market share and a more or less stable take-up. The realisation of the Docks, Equilis and Le Toison d Or developments has meant that the take-up in Brussels has risen considerably, while we observe a significant drop in Wallonia. But the tide can turn quickly: there are a number of new projects in the pipeline for 2015, such as Rive Gauche in Charleroi and Au Fil d Eau in Verviers. With the arrival of famous brands such as Primark, Marks & Spencer, Calvin Klein, & Other Stories, among others, it s clear that our country is still very popular in the eye of international chains. Established retailers, such as Albert Heijn, Media Markt, Hunkemöller, etc., also continue to show faith in Belgium by further expanding their retail space. chart - take-up in m² Belgium 299,000 m² 332,000 m² 332,000 m² Regions Brussels 31,000 m² 24,000 m² 64,000 m² Flanders 173,000 m² 205,000 m² 196,000 m² Wallonia 95,000 m² 103,000 m² 72,000 m² Segments City shops 67,000 m² 101,000 m² 113,000 m² Shopping centres 31,000 m² 35,000 m² 55,000 m² Retail Warehousing 201,000 m² 196,000 m² 163,000 m² Main Street Six 7,100 m² 27,000 m² 18,000 m²

36 As was clearly demonstrated at MAPIC in November, 2014 could be perceived as the year of the shopping centre, and more specifically, of the Belgian shopping centre. In addition to the large volume in capital markets (e.g., Kortrijk Ring), we note that the shopping centres of Wijnegem, Woluwe, Mediacité, and K in Kortrijk and Louvain-la-Neuve, remain highly demanded by prospective tenants. While the number of visitors to shopping centres is experiencing a slight decline (by 1.35% according to the council of shopping centres, BLSC), this hasn t impacted the retailers business volume. Furthermore, the take-up in shopping centres increased by nearly 60%, thanks to the realisation of new developments as well as remodelling and expansion projects, such as those at Wijnegem Shopping Center. In addition, at this time there is an estimated 3,8 billion invested in retail real estate that is either in development or ready for development, spread over some 115 projects: consider Docks Bruxsel, Neo and Uplace, to name just a few. So, the future looks bright for shopping centres. With top rental prices having risen more sharply than inflation in the past 10 years and top rents of 1,400 per m² for Wijnegem Shopping Center and Woluwe Shopping Center, 1,300 per m² for City 2 in Brussels, and 800 per m² for K in Kortrijk investing in Belgian shopping centres is clearly a sound venture. Wijnegem: trouble-free rental renewals With an extension of 60,500 m² to its surface area, Wijnegem Shopping Center strengthened its position as the largest and most important shopping centre in Belgium. The new addition the fourth expansion in 21 years was seamlessly integrated into the whole, as were previous additions. Visitors can hardly see a difference between the older sections and the new wing. In addition to the new wing, a total restyling was carried out and new enterprises could move in, with 48 retailers opening new branches in the shopping centre. These new contracts account for a total surface area of 18,727 m². Rental renewals with 20 existing tenants were concluded with minimal effort. Visitor numbers also dropped slightly in Wijnegem in 2014, but since customers spent a bit more, owners could continue to command good, stable rental prices. chart - rental price per m² Shopping centres price 9/ year evolution City 2 Brussels 1,300 euros/m² % Wijnegem Antwerp 1,400 euros/m² %

37 annual report 2014 retail / pp Retail warehousing: a growing market Even though the figures show a downward trend in the retail warehouse segment, we re still experiencing growth in this market. The decrease in the segment as a whole almost exclusively concerns Wallonia. In Flanders, which represents the largest number of square metres in retail warehousing, the market shows an upward trend. Until recently, retailers had clear preferences for either a high street store or a shopping centre or a retail warehouse, but now we are seeing the borderlines between the different types of premises becoming blurred. A retailer such as JBC, for example, which previously chose retail warehousing by definition, is now also opening shops in Wijnegem Shopping Center or in the centre of Heist-op-den-Berg. At the other end of the scale, Lola & Liza was a high street shop but is now setting up branches in strategic main road locations. These vanishing borders between shop concepts mean that retail warehousing continues to be a growth market and we have high expectations for it in the future. Retail remains an excellent investment Various sources refer to the suggestion that prime rents in the retail segment would be under pressure in There is some truth in this since many retailers experience revenue insecurity as a result of uncertainties about the Belgian consumers purchasing patterns and about the impact of new government measures on consumer purchasing power. This influences rental prices, which are slightly under pressure, particularly in the high streets and shopping centres. In Brussels, there is also uncertainty because of the possible arrival of new shopping centres, such as Uplace and Neo/Europea, which can impact on the business of current retail players. Nevertheless, we note that there is also a lot of activity in Brussels: Marks & Spencer (5,000 m²) is chart - rental price per m² High street prices 2013 Price 9/ year evolution Nieuwstraat Brussels 1,850 1, % Meir Antwerp 1,850 1, % Veldstraat Ghent 1,550 1, % Steenstraat Bruges 1,200 1, % Vinave d Ille Lièges 1,200 1, % Hoogstraat Hasselt 1,100 1, % Avenue Louise Brussels 1,800 1, %

38 returning, Zara is opening its largest flagship store in Belgium in the Le Toison d Or development, Calvin Klein is opening in Brussels, Uniqlo has chosen Meir in Antwerp and then of course there is the arrival of Primark in Nieuwstraat. Despite the slight downward trend in prime rents, retail properties are still a very good investment. In the past 10 years, owners of city shops have even been able to enjoy a growth in rentals that was up to 3 times greater than inflation (+19% in 10 years). In times in which traditional investments hardly give a return, the purchase of a retail property clearly remains an attractive alternative for private investors. Antwerp: most sought after shopping city Antwerp is still a tremendously popular location. This can be attributed to the city s image and charisma, and to quality city marketing and urban planning. On the high street Meir, there are practically no vacant premises and Antwerp s most famous street remains the most sought after shopping street in Belgium. There are a number of minor adjustments to the rental prices that could be expected, or other incentives to win over prospective tenants, such as rent-free periods or progressive rents. As a city with all the allure of a capital, Brussels also continues to exercise a strong pull on potential tenants. Nieuwstraat maintains its attractiveness to retailers through the quality, cleanliness and security of its shopping environment. Furthermore, the arrival of Primark has enticed scores of new eager windowshoppers and shopaholics to the street. In 2014, Ghent further reinforced its retail market position. And it will continue to make progress in the future, in part due to the Kouter project, which will be delivered in 2016 but for which pre-rentals are already underway in The new Dok Noord development, which will be completed in August 2015, is almost fully pre-leased. In Antwerp, Ghent and Brussels, trendy and upmarket shopping districts are doing well and often better than the high streets. Thus, for example, the Wilde Zee in Antwerp was good for a take-up of 8,200 m² ( ) and a prime rent of 1,000 euros/ m² was recorded there. In Brussels, the Louiza district is trending: in , the neighbourhood accounted for a take-up of 6,500 m² and a prime rent of 1,400 euros/m². The Brabantdam in Ghent is also doing well, albeit with a somewhat more modest take-up of 1,700 m² in and a prime rent of 800 euros/m². In the sub-top of the shopping cities also called B locations Elsenesteenweg in Brussels, the coastal cities of Knokke and Ostend, and Leuven and

39 annual report 2014 retail / pp Namur are all registering results that are comparable to those of the Main Six (Brussels Nieuwstraat, Antwerp Meir, Bruges Steenstraat, Ghent Veldstraat, Hasselt Hoogstraat, and Liège Pont d Ille). It goes without saying that there are major differences in rental prices from city to city in these sub-top shopping cities: prime rents vary from 300 to 1,100 euros/m². Aalst and Turnhout are also doing well. In Aalst, the Pieter van Aelst Arcade has reduced vacant premises to a minimum, thanks to the arrival of Gerry Weber. In Leuven, Bondgenotenlaan and Diestsestraat continue to do well. However, by contrast, the centre of Mons has suffered since the arrival of a large shopping centre on the city s outskirt for Hugo Ceusters With a take-up of 21,572 m² over 101 transactions (vs 17,176 m² spread over 96 transactions in 2013), 2014 was also an excellent year for HCS. HCS reinforces its market position clearly as one of the leading retail property agents for shopping centres in Belgium as well as for the high streets in Flanders. We also recorded numerous rental renewals, at the Wijnegem Shopping Center and the Pieter van Aelst Arcade, among others, and for properties in Antwerp, Ghent, K in Kortrijk and Leuven. We count Gerry Weber in Aalst, Camaïeu and Desigual in Basilix, Oil & Vinegar in Galeries Saint-Lambert, Brax in K Kortrijk and Nike in Antwerp (Meir) among our most significant retail transactions. Looking ahead We have every confidence that 2015 will be another good year for the retail market. We look forward to many interesting challenges but we are also aware of the many, perhaps slightly elevated, uncertainties that lie ahead. At this time, we can still only speculate on the impact of new government measures on consumer spending patterns and purchasing power. The main challenge for the market and for now, that s what we re taking with us into 2015 is to very quickly identify retailers who may wish to create a presence in our country for the first time. So, in addition to further strengthening our position in the French-speaking part of the country, our strategy is to interact more closely with international, established or potential, retailers in Belgium.

40

41 investment market

42 Well-located real estate that meets the latest standards was clearly a valuable alternative for long-term investors in investment market pp 40-43

43 annual report 2014 investment market / pp Robust growth, yields under pressure With a total investment volume of just under 3 billion in 2014, the Belgian investment market recorded a vigorous growth of 30% compared to 2013 (in which the total investment volume amounted to 2,3 billion). Due to the limited return on government and corporate bonds, well-located real estate that meets the latest standards was clearly a valuable alternative for long-term investors in The most recent IPD property index reported a total return on professional real estate of 3.5%, whereby real estate performed better than inflation, which dropped to 1.2% in At the same time, the market is also characterised by compression of the initial returns and declining yields since the worst of the crisis. For retail properties in high street locations, the prime yields hover around 4% and even lower. Considering the high consolidation level of high street retail property owners, there was little activity in this market in For office buildings that are rented long-term to a single triple A tenant, the prime yields are around 4.7% to 5.15%. We expect that the prime yields for offices will fall even further. New-built multi-tenant offices produce a slightly higher prime yield of 5.75% to 6.25%, but here too we expect a decline in the short-term because of the limited supply. Prime yields for retail warehousing and logistics are 6.25% and 6.75% respectively. chart Top investment deals for offices 2014 North Galaxy Brussels Covent Garden Brussels Kievitplein Antwerp VAC - Ghent Bastion Tower Brussels Platinum Brussels HQ BIM Brussels RAC Ter Platen Ghent Regent 37 - Brussels Onyx Antwerp The sub-markets Offices 475 million 260 million 198 million 145 million 115 million 91 million 72 million 38 million 30 million 29 million The office market accounts for the majority of all investment transactions, with an estimated 45-50% share or +/- 1,35 billion (versus 1,2 billion in 2013). Brussels remains the most important market in this area, although Flanders (20% share) also had a very good year in 2014, with major deals in Leuven, Ghent and Antwerp...

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