Logistics in Belgium. Pulse Summer 2014 Quarterly Market Update

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1 Logistics in Belgium Pulse Summer 2014 Quarterly Market Update Current market trends based upon quarterly up-dated key market indicators, and perspectives for the future.

2 2 / pulse BELGIAN LOGISTICS MARKET SUMMER 2014 Market overview Occupier market Q1 14 Q2 14 Take-up LTM cumulative ( 000 sq.m.) Take-up current qtr ( 000 sq.m.) Change Q-o-Q Y-o-Y* % 29% % 57% 12 Month outlook -Antwerp % 214% Ghent 20 0 NA NA Limburg-Liège % -77% Walloon Axis % 58% Other Belgium 2 50 NA NA Prime Rent (sq.m. p.a.) % 0% Investment market > 2.5m Q1 14 Q2 14 Change Q-o-Q Y-o-Y* 12 Month outlook Investment Volume (MEUR) % -60% Prime Yield 7% 7% 0 bps 0 bps *Current quarter compared to same quarter last year - LTM : last 12 months Belgium has 4 main logistic axes: - Antwerp (A12-E19) including Nivelles, Ghent (E17), Limburg- Liège (E313, E19, E34, E314 towards the Netherlands), and Mons-Charleroi-Liège (E42). sq.m FIGURE 1: TAKE-UP 659,000 With 331,449 sq.m. taken up in the first 6 months of 2014 spread equally over the 2 quarters, the logistics occupier market continues to show signs of recovery in comparison with the first year half of the two previous years. The take-up volume for the first year half was 50% above last year s. Geographically the highest volume in the first year half, 189,000 sq.m., was recorded on the axis, representing 57% of the global volume. The 40,300 sq.m. taken up on the E313 axis Limburg-Liège represented 12% of the volume, followed by the Walloon axis with approx. 30,000 sqm. representing 7% of the volume. The largest logistics transactions of the first year half were the letting of 61,850 sq.m. by Caterpillar in Grimbergen, in a joint project by local REITs WDP and Montea, followed by the letting of 34,000 sq.m. by EFT, in the former Q Ghent E313 Walloon Axis Other Belgium 10-yr Ave DHL-site in Willebroek, and the letting of 20,258 sq.m. by Van Moer Group in Antwerp (left bank).the number of transactions in H was equal to that of 2013, but the average size of transaction increased from 7,900 sq.m. to just under 12,000 sq.m. Looking forward, we expect the take-up volume at year-end to be in line with last year s level, but if a number of large demands currently on the market reach a conclusion before year-end, the 2014 take-up volume will be positively influenced.

3 3 / pulse BELGIAN LOGISTICS MARKET SUMMER 2014 Existing supply remains limited, with vacancy levels estimated between 1.8% and 3% in the prime logistics zones. Developers continue to limit development to non-speculative schemes, as they can deliver new built-to-suit projects within a relatively short timeframe. So far in 2014, a total of 99,000 sq.m. were completed, in 8 non-speculative developments. In the second half of the year, 167,000 sq.m. are scheduled for completion, which will bring the total volume developed to 266,000 sq.m., 18% below the 5-year average of 325,000 sq.m. The only speculative development planned this year is 5,500 sq.m. that forms one third of a pre-let scheme in Liège FS Non-Spec FS Spec Completions - 5-y Average FIGURE 2: COMPLETIONS AND FUTURE SUPPLY sq.m e 2015e 2016e Prime rents for logistics properties in Belgium remained stable for the 10th consecutive quarter at 55 per sq.m. p.a. This rent applies to the periphery, whilst prime rents in the Antwerp region amount to 46 per sq.m. p.a. Rents remain under slight upward pressure for prime logistics properties and locations. As immediately vacant space remains low, incentives are relatively scarce. The total investment volume in industrial properties in the first half year in the range above 2.5m amounted to 126m. The highest volume was invested in logistics properties, 79.9m in 6 transactions, and 46m was invested in semi-industrial properties, in 4 transactions. All transactions took place in Flanders. The largest transaction in the first quarter was the sale of the 39,000 sq.m. DSV site in Puurs from one entity of the CBRE GI group to another, for 22.7m, and in the second quarter the acquisition for 16.5 MEUR by CBRE Global Investors of a light industrial park of over 36,000 sq.m. in Aartselaar on the axis. Both local and international investors were active in the market in 2014 so far, both sell and buy side. We expect yields for logistics properties to compress under pressure of the weight of money aimed at logistics. Interest from investors for logistics properties remains solid, but as there is only limited offer, particularly of prime properties, this limits transaction volumes. /sqm p.a FIGURE 3: PRIME RENTS BY AXIS Q4 09 Q4 10 Q4 11 E313 Prime Yield (%) 8,0 7,5 7,0 6,5 6,0 Q4 12 Q4 13 Ghent Walloon Axis FIGURE 4: PRIME YIELDS Q2 14 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q2 14 Prime Yield (6/9yr) 5- yr Ave WALTER GOOSSENS, HEAD OF INDUSTRIAL AGENCY Take-up in the first half of 2014 improved on last year s volumes. In the second half year, take-up levels in 2014 might benefit from larger demand active in the market.ˮ Source all Charts: JLL

4 4 / pulse BELGIAN LOGISTICS MARKET SUMMER 2014 LARGEST OCCUPIER MARKET TRANSACTIONS LAST 12 MONTHS : Q Q YEAR QTR CITY REGION LOG ADDRESS WAREHOUSE m² TYPE OCCUPIER Willebroek Victor Dumonlaan 4 33,932 Letting European Food Transport Willebroek De Hulst 14,000 Letting Sonoco Erembodegem -Ghent Industriezone Zuid IV 13,000 Letting Movianto Grimbergen Westvaartdijk 61,850 Letting Caterpillar Distribution Services Europe Beveren- Waas Ghent Hoek Hazopweg / Waaslandlaan 20,258 Letting Van Moer Group Grobbendonk E313 Antwerp East Port 20,000 Letting Belspeed Neder-Over- Heembeek Carcoke-site ex-marly 70,000 Letting Bpost Ham E313 Zwartenhoekstraat/ Staatsbaan 40,000 Owner-occ. Nike Deurne E313 Merksemsesteenweg 33,650 Owner-occ. W.W.R.S. Belgium Willebroek Bornem De Hulst 19,000 Letting Neovia Rijksweg 23,800 Letting DHL Battice Walloon Axis Rue de Chesseroux 26,600 Owner-occ. Jost Logistics Zele Ghent Lindestraat 21,000 Letting Brady Duffel A. Stocletlaan 15,000 Letting Sofidel Transactions in bold were advised by JLL

5 5 / pulse BELGIAN LOGISTICS MARKET SUMMER 2014 LARGEST LOGISTICS INVESTMENT TRANSACTIONS LAST 12 MONTHS : Q Q Year Qtr City Building WH m² Price MEUR Yield Seller Buyer Type Geel Benelog 35, Groep Heylen WDP Investment Bornem N16 Logistics Schröders Prologis Investment Willebroek De Hulst - Dachser MG Real Estate Montea Investment Tessenderlo Land Havenlaan Dow Chemicals Gheys Beheer Own Occupation Willebroek De Hulst - Neovia 19, MG Real Estate Montea Investment Willebroek De Hulst - Sonoco 14, MG Real Estate Montea Investment Ghent Ghent Logistics 18, SAS Automotive Montea Investment Asse Breker 41 12, Tamar WDP Investment Ternat TransEuropean fund (part of portfolio of 2 properties) 9, Patrizia WDP Investment Transactions in bold were advised by JLL JEAN-PHILIP VRONINKS, HEAD OF CAPITAL MARKETS 2014 investment started strongly with international investors actively seeking prime logistics and putting further pressure on yield going sub 7%. ˮ

6 The Netherlands North Sea Zeebrugge Meer Turnhout Oostende Brugge Kortrijk Gent St-Niklaas Lier Geel Boom Mechelen Aalst Antwerpen Zaventem Leuven Lummen Hasselt Genk Tongeren Mons Wavre Nivelles La Louvière Charleroi Namur Liège Germany France Airport Main Seaports Main Inland Port Neufchâteau Arlon Luxembourg Motorways CHARACTERISTICS : USE : Logistic schemes and Distribution Center BUILDING TYPE : Minimum 5,000 sq.m., numerous loading docks (minimum 1/1000 sq.m.), minimum height of 8 m, office area <10% of total built area, good access to motorways. GEOGRAPHIC SPREAD : JLL CONTACTS JEAN-PHILIP VRONINKS (*) HEAD OF CAPITAL MARKETS - BELUX +32 (0) (*) sprl / bvba WALTER GOOSSENS HEAD OF INDUSTRIAL LEASING - BELGIUM +32 (0) PIERRE-PAUL VERELST HEAD OF RESEARCH - BELUX +32 (0) COPYRIGHT JONES LANG LASALLE IP, INC All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them. Printing information: paper, inks, printing process, recycle directive.

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