A record strong H1 for the Nordic Investment Market

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1 MARKETVIEW Nordic Investment A record strong H1 for the Nordic Investment Market 41% - 6 Figure 1: Nordics investment volume ( mn) 14 Denmark Finland Norway Sweden Source: CBRE Research, While Britain voting to leave the European Union in the June referendum was always a distinct possibility, the referendum result announced on June 24th took the commercial real estate world by surprise. In reaction to the Leave result, our research colleagues in the UK and EMEA prepared a comprehensive report entitled The Long Goodbye? which explores the consequences in detail. Needless to say, anything that creates uncertainty is unwelcome in the property market. However, it will be some time before there is clarity on whether and how the Nordic real estate market will be affected by the Brexit decision. NORDIC TRANSACTION MARKET CBRE will strive to monitor the situation and keep our client base informed of developments over the coming months. CBRE Research, CBRE Ltd 1

2 Office Retail Industrial / logistics Other MARKETVIEW A STRONG QUARTER FOR THE REGION Figure 2: Investment volume Europe and Nordics, ( mn) Rest of Europe Nordics Nordics share 2 2% 1 1% % A RECORD QUARTER FOR THE OFFICE SECTOR Source: CBRE Research, INVESTMENT VOLUME PER SEGMENT ( bn) Source: CBRE Research, OFFICE RETAIL INDUSTRIAL / LOGISTICS RESIDENTIAL OTHER TREND (Y-t-Y) A CONTINUED STRONG INTEREST FROM FOREIGN INVESTORS, BUT VOLUME DOWN Figure 3: Nordic vs. Europe Total sector share of total, 5% Nordics Europe Total 2% 1% % Source: CBRE Research, CBRE Research CBRE, Ltd 2

3 Denmark Finland Norway Sweden MARKETVIEW Figure 4: Foreign share of the total investment volume 1% LOW AND STABLE YIELDS ACROSS THE REGION 2% % Source: CBRE Research,. Figure 5: Nordics Prime Yields, - OUTLOOK Source: CBRE Research, Figure 6: Prime Yields and Rents per market and segment Prime Yields Office - 16 Retail High Street - 16 Industrial/ Logistics Copenhagen, DEN Helsinki, FIN Oslo, NOR Stockholm, SWE Nordics, average Prime Rents (Local currency) Office - 16 Retail - High Street - 16 Industrial/ Logistics Copenhagen, DEN (DKK) 1,7 2, 55 Helsinki, FIN (Euro) 444 1,8 144 Oslo, NOR (NOK) 4,25 25, 1,2 Stockholm, SWE (SEK) 5,5 2, CBRE Research CBRE, Ltd 3

4 DENMARK, SUMMARY Figure 7: Investment volume Denmark ( mn) Office Retail Industrial /Logistics Residential Other Source: CBRE Research, 5 Figure 8: Prime Yields Source: CBRE Research, 9% Notable transactions Source: Press release May Source: Press release June Source: Press release July CBRE Research CBRE, Ltd 4

5 FINLAND, SUMMARY Figure 9: Investment volume Finland ( mn) Office Retail Industrial /Logistics Residential Other Source: CBRE Research, Figure 1: Prime Yields 5 Source: CBRE Research, Notable transactions Source: Citycon press release April 29 th Source: SATO press release April 21 st Source: CapMan press release June 26 th CBRE Research CBRE, Ltd 5

6 NORWAY, SUMMARY Figure 11: Investment volume Norway ( mn) Office Retail Industrial /Logistics Residential Other Source: CBRE Research, Figure 12: Prime Yields Source: CBRE Research, Notable transactions Source: Masdison Int. Realty press release July 5 th Source: NPRO press release June 1 st Source: Balder Fastigheter press release May 2 nd CBRE Research CBRE, Ltd 6

7 SWEDEN, SUMMARY Figure 13: Investment volume Sweden ( mn) Office Retail Industrial /Logistics Residential Other Source: CBRE Research, Figure 14: Prime Yields Source: CBRE Research, Notable transactions Source: Nordic Property News, June 3 rd Source: Willhem press release April 13 th Source: Willhem press release April 7 th CBRE Research CBRE, Ltd 7

8 Figure 15: Major investment deals during Market Property / Address Type / Sector Size (Sq m) Price ( m) Purchaser Seller Denmark Norreporten portfolio Office 116, 44 Castellum AP2 & AP6 Denmark Project Kingdom Residential 68, 194 PFA Resolution Property Denmark BIG shopping center Retail 46, 15 GIP/Portus Retail NREP Denmark Carlsberg Fund Portfolio Residential 7, 147 PFA/JØP/DIP Carlsberg Fund Finland Portfolio of 5 retail assets Retail eq Finnish Real Estate Citycon Finland St. George / Yrjönkatu 13 Hotel 1 2 N/A Deka Immobilien Capman Nordic Real Estate Fund Finland Portfolio of 356 apartments in Helsinki Metropolitan Area Residential > 8 Bayerische Versorgungskammer (BVK) Tapiola KR IV fund Finland Portfolio of 115 rental apartments in Helsinki Metropolitan Area and Turku Residential ~56 84 N/A SATO Suomen Laatuasunnot Oy Norway Statoil regional HQ, Fornebu Office 65, 415 Arctic Syndicate Madison Int. Realty Norway Verkstedveien 1&3, Drammensveien 134 Office 61, 269 Entra ASA NPRO ASA Norway Terningen Arena Other 16,4 8 Balder Fastigheter AB Pareto Syndicate Norway Six asset regional portfolio Mixed 88,8 73 Kildare Partners Storebrand Eiendomsfond Sweden Norrporten Portfolio Office 1,49,914 2,339 Castellum AP2 & AP6 Sweden Portfolio Residential 31, Wilhem Akelius Sweden Garnisonen, Linköping & Campus, Östersund Mixed Use 132, Intea Fastigheter Blackstone () & Areim Fond III (2%) Sweden Kåkenhuset 37 Kungshuset Office 16, KPA Pensionsförsäkring GIC THE DEAL OF THE QUARTER SUMMARY Aurinkolahti, Vuosaari Helsinki CBRE Research, CBRE Ltd 8

9 CONTACTS CBRE OFFICES CBRE Sweden CBRE Norway CBRE Finland CBRE Denmark For expert advice, please contact CBRE s in-country Heads of Capital Markets: CBRE Sweden CBRE Norway CBRE Finland CBRE Denmark The Nordics The Nordic countries consist of Denmark, Greenland, the Faroe Islands, Finland, Åland, Iceland, Norway and Sweden. The Faroe Islands and Greenland are both part of the kingdom of Denmark. Åland is part of the republic of Finland. The focus of this report is on the four main countries in the Region; Denmark, Finland, Norway and Sweden and their capitals; Copenhagen, Helsinki, Oslo and Stockholm. Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.