GUIDE TO LOGISTICS. The Netherlands A Cushman & Wakefield Research Publication 2012

Transcription

1 GUIDE TO LOGISTICS The Netherlands A Cushman & Wakefield Research Publication 2012

2 CONTACT Cushman & Wakefield Research Strawinskylaan ZX Amsterdam the Netherlands Tel: +31 (0) Fax: +31 (0) Cushman & Wakefield Logistics Bahialaan WC Rotterdam the Netherlands Tel: +31 (0) Fax: +31 (0) Carien in t Veld Senior Research Consultant Tel: +31 (0) Mob: +31 (0) carien.intveld@eur.cushwake.com Hylcke Okkinga Partner Head of Rotterdam office Tel: +31 (0) Mob: +31 (0) hylcke.okkinga@eur.cushwake.com Michiel Boonen Research Consultant Tel: +31 (0) Mob: +31 (0) michiel.boonen@eur.cushwake.com Michiel van den Bout Associate - Negotiator Tel: +31 (0) Mob: +31 (0) michiel.vandenbout@eur.cushwake.com Stefan Kamphuis Research Trainee Tel: +31 (0) Mob: +31 (0) stefan.kamphuis@eur.cushwake.com Dennis van Gijtenbeek Negotiator Tel: +31 (0) Mob: +31 (0) dennis.vangijtenbeek@eur.cushwake.com Mathijs Flierman Partner Head of Capital Markets Tel: +31 (0) Mob: +31 (0) mathijs.flierman@eur.cushwake.com This report has been produced independently by Cushman & Wakefield for use by those with an interest in commercial property solely for information purposes. It is not intended to be a complete description of the markets or developments to which it refers. The report uses information obtained from public sources which Cushman & Wakefield believes to be reliable, but we have not verified such information and cannot guarantee that it is accurate and complete. No warranty or representation, express or implied, is made as to the accuracy or completeness of any of the information contained herein and Cushman & Wakefield shall not be liable to any reader of this report or any third party in any way whatsoever. All expressions of opinion are subject to change. Our prior written consent is required before this report can be reproduced in whole or in part Cushman & Wakefield. All rights reserved.

3 SUMMARY TABLE OF CONTENTS The Netherlands is one of the main countries for logistics in Europe. With its two mainports, Schiphol Airport and the Port of Rotterdam, the country houses two important hubs for transshipment. The country is characterized by a virtual logistic belt that leads from the two mainports via the west of the country towards the east of the country. Because of the transshipment function the country mainly fulfills, the logistic market of the Netherlands is mostly focused on the southern half of the country. This can be seen in the number of important locations for logistics that are located in the south of the country. Besides the two mainports the country has some other important logistic hubs. Examples of these are Moerdijk, next to the Port of Rotterdam one of the key locations for transshipment towards Antwerp, Breda, Tilburg and Venlo. These last three cities form important hubs for transshipment towards Germany and Belgium. Because of the important function as a transshipment country, the industrial market is mainly influenced by the market sentiment in the transport- and logistics sector. This market performs more or less comparable to the development of the country s GDP. Since the economic crisis in 2008, the market has performed relatively weak, mainly driven by a cautious transport- and logistics sector, with the focus of occupiers on consolidation and cost-cutting. However, 2011 has been a relatively strong year for the industrial and logistics market in the Netherlands. Whilst the occupier market has shown an increase in take up compared to 2010, the investment market only saw good investment figures in the first six months of the year. The investment volumes for logistics slowed over the final two quarters, resulting in a lower total investment compared to Page: Summary 3 Table of Contents 3 The Dutch Industrial Market 5 Mainport Amsterdam 8 Mainport Rotterdam 10 Trends on the logistic market 13 Main Logistic Port West Brabant 14 Moerdijk 16 Bergen op Zoom 16 Roosendaal 16 Breda 17 Oosterhout - Raamsdonksveer 17 Main Logistic Port Tilburg 18 Main Logistic Port Venlo 20 The National Investment Market 23 Cushman & Wakefield Services 25 Logistic Contacts Cushman & Wakefield 27 3 Picture on cover page : Port of Rotterdam Source: Claire Droppert / Rotterdam Image Bank

4 = Main Port = Main Logistic Port = Important Logistic Port

5 Guide to Logistics 78,698 Hectares Is the total industrial zoned area in the Netherlands. THE DUTCH INDUSTRIAL MARKET The Dutch industrial market is mainly focused on its mainports; the airport Amsterdam Schiphol, and the Port of Rotterdam area. These two areas have shown stable performances in the past and are important logistic hubs in the country as well as in Europe. Whilst Amsterdam Schiphol is mainly focused on air transports, the Port of Rotterdam focuses itself on both harbor activities and transport via land. Besides these two mainports there are several other important hubs in the country that have proven to fulfill an important role for the industrial market. These important hubs are mainly located on the virtual logistic belt of the Netherlands. This virtual belt leads from the capital city of the country through mainport Rotterdam towards the southern provinces, with Moerdijk, Breda, Tilburg and Venlo as important logistic locations on this belt. These locations are mainly focused on the logistic market whereas they fulfill an important role because of their relative good accessibility. The total net industrial zoned area in the country covers approximately 78,698 hectares. The Dutch industrial market is more dispersed than its office market, as the office market is mainly focused on the four major cities in the country (Amsterdam, Rotterdam, The Hague and Utrecht). MARKET ANALYSIS The stock for industrial space increased during the period. Since then, the stock has been relatively stable throughout the country. The supply showed a more or less comparable movement as it moved up in the period. During the supply decreased which was mainly caused by a relatively good economic situation in the Netherlands, driven by the transport- and logistic sector. After the financial crisis of 2008, the supply increased rapidly in This increase slowed down in 2010 and 2011, coming to 9.5 million square meters of supply at the end of Graph: take up and supply of logistic space in the Netherlands Source: Cushman & Wakefield - Research Take-up Supply Cushman & Wakefield 5

6 The take up of logistic space in the Netherlands increased steadily during In 2006 and 2007, the take up increased significantly to a record take up of approximately 1.1 million square meters in In 2008 the take up was bounced back to just above the 2005 level. In 2009 take up of logistic space decreased further to 475,000 sq.m. In 2010 take up increased slightly compared to the previous year, but remained well behind the 2006 and 2007 levels. In 2011 take up levels moved out further, ending the year with a take up of 625,000 sq.m of logistic space. MARKET CHARACTERISTICS The industrial market in the Netherlands is characterized by three types of industrial spaces: Logistic space Industrial space and older logistic space Multi-tenant buildings The Netherlands ranks second as top logistics location in Europe, as stated in the European Distribution Report produced by Cushman & Wakefield, where Belgium holds the first position. The Netherlands retains a prominent place in the Western European logistic market despite increasing traffic problems and high wages, but scores well thanks to its efficiencies in the transport sector. Mainly because of the growth in goods-transport via the port of Rotterdam and Schiphol airport, the Netherlands can still more than meet the competition with other European countries. In addition, there has been strong growth in the last few years in the logistics hotspots in the South of the Netherlands, and major logistic service providers are located there nowadays. From Rotterdam and Amsterdam leading to the German and Belgian borders, are several important main roads, rivers and railways. These transport links run through the Southern and Eastern regions of the Netherlands. As land prices in the south and east of the country are much lower than in the densely populated areas around Amsterdam and Rotterdam, important logistic hubs have been established here, especially in smaller towns where rivers, railways and roads meet. Logistic hubs in the south of the Netherlands are: Breda, Moerdijk, Tilburg and Venlo. Image: Word cloud Logistics in the Netherlands Source: Cushman & Wakefield - Research Cushman & Wakefield 6

7 = Main Port Guide to Logistics = Main Logistic Port = Important Logistic Port = Main Transport Link = Important Transport Link = Transport Link Cushman & Wakefield 7

8 KEY FIGURES MAINPORT AMSTERDAM PRIME RENT AVERAGE RENT* PRIME YIELD AVERAGE YIELD 1. Schiphol North EUR 90 EUR % 7.75% 2. Schiphol East EUR 90 EUR % 7.75% 3. Schiphol Rijk EUR 90 EUR % 7.75% 4. Schiphol South East EUR 90 EUR % 7.75% 5. Schiphol Center EUR 90 EUR % 7.75% 6. Schiphol South EUR 90 EUR % 7.75% 7. Westpoort EUR 60 EUR % 8.50% 8. Atlaspark / Afrikahaven EUR 65 EUR % 8.00% 9. Sloterdijk I-III EUR 60 EUR % 8.50% 10. North EUR 60 EUR % 8.75% * Rent per sq.m per year MAIN ROADS: A9 / A2: Schiphol/Port of Amsterdam Utrecht Maastricht Germany N201: Provincial highway A10 / A7: Schiphol/Amsterdam Leeuwarden A4: Schiphol Rotterdam TRAIN LINKS: Schiphol: Only passenger trains towards Amsterdam Utrecht Leiden Rotterdam The Hague Amsterdam: Passenger trains towards the entire country Cargo trains: several train terminals WATER LINKS: Schiphol: No direct water links Amsterdam: Inland River IJ is connected to Amsterdam Rhine canal Sea North sea canal towards Ijmuiden North sea BARGE: Schiphol: Amsterdam: No direct barge possibilities Amsterdam Container Terminal (ACT) and other (smaller) terminals Cushman & Wakefield 8

9 Guide to Logistics MAINPORT AMSTERDAM Amsterdam is the capital of the Netherlands and holds one of the two mainports of the country. The mainport in Amsterdam is the airport Schiphol, which is the largest airport of the country and one of the largest airports in Europe. Schiphol is located just southwest of Amsterdam and is one of the main European air cargo hubs, currently ranking 3 rd in Europe. The most important occupiers are therefore mainly airport/line and air cargo related companies including their logistic suppliers and related logistic businesses. As the existing logistic parks on and around Schiphol are almost entirely phased out, new development locations are being planned around the airport, combined with the improvement of the accessibility of Schiphol (restructuring of the N201), in order to keep sufficient stock available for future expansion/demand. MAIN LOGISTIC PARKS The main logistic parks are: 1. Schiphol Noord mainly airline related business 2. Schiphol East mainly airline (maintenance) and 2 nd / 3 rd tier logistics 3. Schiphol Rijk 2 nd / 3 rd tier logistics 4. Schiphol South East 1 st tier logistics (air cargo handling) and 2 nd tier logistics 5. Schiphol Center 1 st tier logistics (air cargo handling) and 2 nd tier logistics (dated) 6. Schiphol South 1 st tier logistics (air cargo handling) and 2 nd tier logistics (dated) Additionally there are two logistic parks planned for the future for Schiphol. These are Schiphol Logistics Park of approximately 45 hectares and A4 Zone West of 140 hectares. Lastly, the city of Amsterdam also has some business parks, such as Teleport I (7), Atlaspark/ Afrikahaven (8), Teleport III (9) and North (10) Cushman & Wakefield 9

10 KEY FIGURES MAINPORT ROTTERDAM PRIME RENT AVERAGE RENT* PRIME YIELD AVERAGE YIELD 1. Distripark Eemhaven EUR 60 EUR % 8.00% 2. Distripark Botlek EUR 60 EUR % 8.00% 3. Distripark Maasvlakte EUR 52,50 EUR 42, % 8.50% 4. Business Park Waalhaven EUR 50 EUR % 8.50% 5. Gadering EUR 50 EUR % 8.75% 6. Charlois EUR 55 EUR % 8.75% 7. Spaanse Polder EUR 40 EUR % 8.75% 8. Northwest EUR 55 EUR % 8.75% * Rent per sq.m per year * RPER SQ.M PER YEAR MAIN ROADS: A15: Rotterdam Nijmegen Germany A20 A12: Rotterdam Utrecht Germany A16: Rotterdam Antwerp A13: Rotterdam The Hague A4: Rotterdam Amsterdam TRAIN LINKS: Rotterdam: Passenger trains towards multiple cities in the Netherlands Several terminals for cargo trains spread over the entire port area Betuwelijn: train link from Maasvlakte to Germany WATER LINKS: Rotterdam: River Maas towards European hinterland AIRPORT: Rotterdam: Rotterdam The Hague airport BARGE: Rotterdam: Multiple barge terminals on various locations Recent deal The lease of 50,000 sq.m warehouse, 32,500 sq.m outer site and 16,500 sq.m embankment grounds; to Henry Bath Fruithavens Rotterdam Cushman & Wakefield 10

11 Guide to Logistics MAINPORT ROTTERDAM Rotterdam is the second largest city of the Netherlands and holds one of the two mainports of the country. The mainport in Rotterdam is the Port of Rotterdam, which is one of the largest ports of the world and the largest port in Europe. It is covering close to 10,500 hectares and has a unique industrial character. Furthermore the port offers state of the art distribution facilities, light, medium and heavy (process) industries, a modern pipeline system as well as excellent connections via water, road and railway. With a net surface area of over 5,712 hectares, Rotterdam is the largest single logistic market in the Netherlands. The most prestigious project today is the realisation of the Tweede (Second) Maasvlakte, a new port and industrial area that is currently being developed at the most western tip of the port of Rotterdam. This development enables Rotterdam to fully service the latest (and future) generations of container and bulk vessels, and so Rotterdam will most likely be able to keep its leading position as largest port in Europe. MAIN LOGISTIC PARKS The main logistic parks are: 1. Distripark Eemhaven 2. Distripark Botlek 3. Distripark Maasvlakte 4. Business Park Waalhaven Additionally, the city of Rotterdam also has some business parks such as Gadering (5), Charlois (6), Spaanse Polder (7) and Northwest (8). However, these business parks are mostly smaller than the main logistic parks. Furthermore Spaanse Polder and Northwest generally facilitate in other services than the main logistic parks Cushman & Wakefield 11

12 Picture: Botlek Rotterdam Cushman & Wakefield Research Strawinksylaan ZX Amsterdam Source: Rotterdam Image Bank 12

13 Guide to Logistics TRENDS The market has experienced a good year on the occupational market, with a high take up of both industrial and logistic space. What were the key market drivers in the past year, and what are the expectations for this year? 1. SCALE ENLARGEMENT One of the main trends in the market is the scale enlargement seen for both the logistic real estate as the logistic service provider. Occupiers of logistic space are now focussing on larger buildings and use these buildings to suit several of their clients or cluster a number of locations into one modern central hub. In this way the logistics centres are used more effectively. The expectations for 2012 are that this trend will continue in the logistic hotspots of the country. 2. KEY PLAYERS: RETAIL & COMMODITIES Whilst the consumer retail market is somewhat slowing, retailers are relatively active on the logistic market, whether it be direct or indirect. Examples of retailers that are active in the market were seen over the past year, when both retailers and logistic service providers leased space for retail distribution purposes. Transactions in Almelo, Roosendaal, Waalwijk and Zaltbommel varied in size from 20,000 to 40,000 sq.m and were all transactions driven by the retail sector. Similar to 2009, and as direct result of the economic slowdown, we expect an increasing demand for commodity storage space during 2012, as demand for raw materials will (temporarily) decrease. This demand will mainly be concentrated in the port area of Rotterdam and Flushing but might also be noticed in ports such as Amsterdam. This demand concerns hard commodities, such as metals (ferro and non-ferro), but also soft commodities like cacao and coffee. 3. LEASE CONTRACTS With investors in logistic space looking for properties in the hotspots with long lease contracts, the current market trend for 3PL s* is for increasingly shorter, back to back, flexible lease contracts (1-3 years) as their clients demand more and more flexibility. As a result, most of the vacant speculative developments on the logistic hotspots have been taken up and supply of available modern logistic space on these spots is decreasing rapidly. * = third party logistics; a firm that offers outsourced logistics services for supply chain management functions. 4. HIGH QUALITY LOGISTICS START DEVELOPING? Due to the mismatch between the needed longer term contracts and the demand for shorter term solutions, speculative developments are scarce. Investors/developers are increasingly cautious regarding investing for a relatively short period, resulting in an unbalanced occupier demand and the market supply. This is the main reason for occupiers to demand shorter contracts, because this gives them flexibility to look for better or newer properties and facilities in a brief period. Cushman & Wakefield 13

14 KEY FIGURES MAIN LOGISTIC PORT WEST BRABANT PRIME RENT AVERAGE RENT* PRIME YIELD AVERAGE YIELD 1. Moerdijk EUR 60 EUR % 8.00% 2. Bergen op Zoom EUR 55 EUR % 8.25% 3. Roosendaal EUR 55 EUR % 8.00% 4. Breda EUR 60 EUR % 8.50% 5. Oosterhout EUR 55 EUR % 8.25% 6. Raamsdonkveer EUR 45 EUR % 8.50% * Rent per sq.m per year MAIN ROADS: A16: Moerdijk Bergen op Zoom Antwerp A17: Rotterdam Breda Antwerp TRAIN LINKS: Moerdijk: Bergen op Zoom: Roosendaal: Breda: Several terminals for cargo trains Passenger trains towards a couple of cities in the Netherlands Passenger trains towards a couple of cities in the Netherlands Some terminals for cargo trains Passenger trains towards multiple cities in the Netherlands and Belgium WATER LINKS: Moerdijk: Raamsdonkveer: Hollands Diep connected with Meuse and Rhine for inland transport (Rotterdam Antwerp) Dordtse Kil towards Port of Rotterdam for seagoing transport Dordtse Kil towards Port of Rotterdam for seagoing transport BARGE: Moerdijk: Oosterhout: CCT at Moerdijk Several smaller terminals at Moerdijk Barge terminal Oosterhout Cushman & Wakefield 14

15 Guide to Logistics MAIN LOGISTIC PORT WEST BRABANT The region West Brabant is an important logistic hub in the Netherlands. The region has several cities that have an important function in the logistic market of the country. West Brabant benefits from its strategic location between the two largest European ports; Rotterdam and Antwerp. The main transport corridors are formed by the highway A16 and A17 which respectively lead traffic from the north towards the south and from east to west. Furthermore the river estuary of the Hollands Diep forms a main connection between Rotterdam and Antwerp. The Hollands Diep river estuary is also connected to the rivers Meuse and Rhine, which form waterways to the east of the country and to Germany. The most important logistic hub in this region is Moerdijk; the most inland port still accessible for seagoing vessels. Moerdijk is also the largest single logistic park of the Netherlands, covering roughly 2,600 hectares of land. Most of the logistic parks in the surrounding communities of Bergen op Zoom, Breda, Oosterhout Raamsdonksveer and Roosendaal, serve as inland hubs for the companies located on these business parks. MAIN LOGISTIC PARKS The main logistic parks are: 1. Moerdijk 2. Bergen op Zoom 3. Roosendaal 4. Breda (Breda also has businesspark Hazeldonk, which is located south of Breda, and is also indicated with a 4) 5. Oosterhout 6. Raamsdonkveer Cushman & Wakefield 15

16 MOERDIJK The village Moerdijk is a small place with approximately 2,000 inhabitants, but in contrary to the size of the village, business park Moerdijk is the most important and largest logistic hub in West-Brabant. Business park Moerdijk is perhaps generally best known as the most inland port area of the port of Rotterdam. The business park is the largest single logistic park in the Netherlands, offering space to a wide variety of industrial and logistic companies. The zoning plan allows for light industrial activities up to heavy (petrochemical) industry as well as for all the different logistic activities (transport, distribution, storage, ADR). Some parts of the business park are dated and therefore see some vacancy in the more obsolete stock. However, Moerdijk remains one of the most popular and attractive logistic hubs in the Netherlands, due to the (inland) port facilities (including custom services on site) of this park, its multi modal character (road, water and rail), its geographic location on the bank of one of the busiest waterway intersections in Europe and the proximity of the ports of Rotterdam and Antwerp. Main logistic occupiers are DHL, DSV, Kuehne + Nagel, Ewals/Adidas, PAX Group and Gondrand Traffic. BERGEN OP ZOOM Bergen op Zoom is located southwest of Moerdijk, close to the Dutch-Belgium border and the (northern) outskirts of the Port of Antwerp. The Municipality itself is small, but because of its location close to the Port of Antwerp, Bergen op Zoom has proved to be an increasingly attractive logistic location in the Netherlands. The town is easily accessible because of the motorway A17 from Moerdijk-Roosendaal and splits into the A58 and A4 just south of Bergen op Zoom. The A4 that runs from Bergen op Zoom towards the Port of Antwerp is an important transportation axis from the Port of Rotterdam to the Port of Antwerp. Future plans are to extend the A4 from Bergen op Zoom to the north, creating a direct corridor between Rotterdam and Antwerp. Furthermore Bergen op Zoom also offers a barge terminal next to the Rijn Schelde canal, one of the main waterway connections between Rotterdam and Antwerp, Amongst others, RICOH, Partner Logistics (cool storage), TNT Fashion and Meeus (Darvi) Transport have located large logistic sites in Bergen op Zoom. ROOSENDAAL Roosendaal is located between Moerdijk and Bergen op Zoom and has seen a number of large logistic developments over the last years. The business parks Borchwerf (I II) are situated along motorway A17 (towards Bergen op Zoom) and close to the factory outlet centre Rosada. Borchwerf is one of the largest business parks in the province of Brabant, offering space to numerous companies, ranging from light industrial to heavy industry (environmental category 5) as well as a wide variety of logistic companies. Because of its success, this park has been extended to the north and east with Borchwerf II. Business park Majoppenveld is situated next to the motorway A58 (towards Tilburg-Eindhoven). This business park is currently facing an expansion of approximately 40 hectares. Because of the excellent rail connections and the vicinity of the Dintel (canal) and the port of Moerdijk (at approx. 15 km), multimodal solutions can be offered, and thanks to its strategic location between Rotterdam and Antwerp and motorways A17 and A58, a growing number of logistic companies are located in Roosendaal. New large logistic sites have recently been developed or are being developed for, CEVA Logistics, Forever Living, AKZO Nobel, Whirlpool/De Rooy and Warnaco/Calvin Klein. Cushman & Wakefield 16

17 Guide to Logistics BREDA Located between the main ports of Rotterdam and Antwerp and along the A16 and A27/A58 motorway axes, Breda serves as a central logistics and distribution spot, mainly in use for Belgium, the Netherlands and Luxembourg (Benelux). The main logistic parks of Breda (De Krogten, IABC and Hazeldonk) can all be found along or close to motorway A16 (Rotterdam Antwerp). De Krogten is one of the older and fully developed business parks of Breda, located more towards the centre of Breda, whereas business park IABC is located along motorway A16, offering space to a large number of food and fruit distribution related companies. Because of the excellent motorway connections the logistic companies are mainly transporting companies rather than 3PL* companies, something which is perhaps best seen at the logistic park Hazeldonk, situated on the border of The Netherlands and Belgium. This is the main logistic park of Breda which has been formed over the last ten years, with a large percentage of logistic space situated on this park. Main logistic companies/sites in Breda are Michelin, General Motors, Schenker, Biomet, Schavemaker Transport and Lidl. * = third party logistics; a firm that offers outsourced logistics services for supply chain management functions. OOSTERHOUT - RAAMSDONKSVEER Oosterhout is in the direct vicinity of Breda and borders at Raamsdonksveer. Located along the motorway A59 and A27 it offers excellent motorway connections in all directions. The town has its own barge terminal, and the presence of a large IKEA Benelux distribution centre boosted the development of Oosterhout as a logistic spot. In 2010 a large new site (50,000 sq.m) was developed for HiLogistics (LG) by ProLogis. Just north of Oosterhout lies Raamsdonksveer, also housing a number of large logistic companies. These two cities basically strengthen each other and actually form one larger logistic area. Important logistic sites are being operated by Kuehne + Nagel, IKEA, ND Logistics, Leen Bakker and Versteijnen. Picture: Distribution Centre in Moerdijk Sold in 2011 Source: Cushman & Wakefield Cushman & Wakefield 17

18 KEY FIGURES MAIN LOGISTIC PORT TILBURG PRIME RENT AVERAGE RENT* PRIME YIELD AVERAGE YIELD 1. Vossenberg EUR 55 EUR % 8.25% 2. Kraaiven EUR 55 EUR % 8.25% 3. Loven EUR EUR % 8.50% 4. Katsbogen EUR 55 EUR % 8.25% 5. Het Laar EUR 40 EUR % 8.75% 6. Kanaalzone EUR 40 EUR % 8.75% * Rent per sq.m per year MAIN ROADS: A58: Breda Tilburg Eindhoven A15: Tilburg Waalwijk Nijmegen A261: Tilburg Waalwijk Nijmegen TRAIN LINKS: Tilburg: Passenger trains towards multiple cities in the Netherlands Rail Terminal Tilburg at logistic park Loven WATER LINKS: Tilburg: Wilhelmina Canal for inland shipping (from Rotterdam towards southern parts of the Netherlands) BARGE: Tilburg: Barge terminal Tilburg at logistic park Loven Picture: Distribution Centre in Tilburg sold in 2011 Source: Cushman & Wakefield Cushman & Wakefield 18

19 Guide to Logistics MAIN LOGISTIC PORT TILBURG Tilburg is a key logistic hub, located in the centre of the province of Noord-Brabant along the highway A58, which is one of the main west-east transport corridors in the Netherlands. Tilburg was originally established as a manufacturing and production area for textiles during the industrial revolution. Nowadays Tilburg has become one of the largest logistic hubs in the Netherlands, outside the mainports. The total net industrial stock covers approximately 905 hectares. Tilburg offers multimodal facilities with rail and barge terminals on business park Loven and excellent connections to the surrounding highways, providing an excellent infrastructure for both the Value Added Logisticsmarket (VAL-market) as well as the transport sector. MAIN LOGISTIC PARKS The main logistic parks are: 1. Vossenberg, Vossenberg West and Vossenberg West II 2. Kraaiven 3. Loven and Loven North 4. Katsbogen Furthermore, Tilburg has some smaller business parks, such as Het Laar (5) and the Kanaalzone (6) Cushman & Wakefield 19

20 KEY FIGURES MAIN LOGISTIC PORT VENLO PRIME RENT AVERAGE RENT* PRIME YIELD AVERAGE YIELD 1. Tradeport EUR 50 EUR % 8.25% 2. Tradeport East EUR 55 EUR % 8.00% 3. Tradeport West EUR 55 EUR % 8.00% 4. Tradeport North EUR 55 EUR % 8.00% 5. Fresh Park Venlo EUR 65 EUR 40** 7.75% 8.25% 6. De Veegtes EUR 40 EUR % 9.00% * Rent per sq.m per year ** depends on cooled or non-cooled MAIN ROADS: A67: Antwerpen Eindhoven Venlo Germany A73: Nijmegen Venlo Roermond TRAIN LINKS: Venlo: Passenger trains towards Nijmegen, Eindhoven and Roermond Trimodal Container Terminal at Trade Port WATER LINKS: Venlo: River Meuse for inland shipping (Rotterdam Germany) BARGE: Venlo: Trimodal Container Terminal at Trade Port Picture: Jabil in Venray Deal: The lease of 52,000 sq.m for Jabil Maasheseweg 86b in Venray Source: Vastgoedmarkt XL Cushman & Wakefield 20

21 Guide to Logistics MAIN LOGISTIC PORT VENLO Venlo is commonly known as the main inland logistic hub of the Netherlands. Located at the river Meuse, Venlo offers modern multi-modal facilities (rail, barge and road) and has a strategic location along the main logistic axes between the Ruhr Area in Germany and the ports of both Rotterdam and Antwerp. The development of the ECT rail terminal in Venlo boosted the growth of Venlo as a major inland hub. The success of the terminal has led to an expansion of the small barge terminal which has recently been completed, ensuring the future role of Venlo as a major inland hub. Future development is planned at Tradeport West and Tradeport Noord, whereof Tradeport Noord is the most recent realised logistic park of Venlo. In addition, Venlo also has a large concentration of fruit and vegetables related companies, all located at the Fresh Park Venlo (FloraHolland co-operation). MAIN LOGISTIC PARKS The main logistic parks are: 1. Tradeport 2. Tradeport East 3. Tradeport West 4. Tradeport North 5. Fresh Park Venlo Lastly, Venlo also houses some smaller business parks, such as De Veegtes (6) Cushman & Wakefield 21

22 = Main Container Transport Link ( >1,000,000 TEU) = Important Container Transport Link (10,000 1,000,000 TEU) = Container Transport Link (< 10,000 TEU) = Barge terminal

23 Guide to Logistics EUR 3.2+ billion Is invested in commercial real estate in the Netherlands in THE NATIONAL INVESTMENT MARKET FOR COMMERCIAL REAL ESTATE The start of 2011 was relatively good for both the occupier and the investment market. Despite the somewhat lower investment volume in the first months of 2011 compared to 2010, expectations for the remainder of the year were still positive. However due to the continuous negative news regarding the Euro crisis and the disappointing outlook for the key economic indicators the confidence of investor and financial institutions vanished from the summer of 2011 and onwards. Despite the relatively positive start, the uncertain second half of the year brought the total investment volume at the lowest figure in ten years. The total investment volume came to EUR billion for commercial real estate (retail, offices, industrial and hotels & leisure). Whilst large scale transactions boosted the 2010 investment volumes, hardly any transactions of comparable sizes were recorded in The risk averse attitude of financial institutions hardened the climate for investments further, which also contributed to the lower investment volumes of Investors focus hardly changed in 2011 compared to the previous years and was mainly focussed on the prime products in the market with long lease contracts in the major cities. Financing, quality, location, catchment area, solvability and long lease contracts were the key-words for the investment market in Graph: Investment in commercial real estate; Offices Industrial Retail Hotel & Leisure Billions Source: Cushman & Wakefield - Research Cushman & Wakefield 23

24 EUR 560+ million Is invested in industrial space in the Netherlands in THE INDUSTRIAL INVESTMENT MARKET The general state of the investment market in industrial and logistic properties hardened slightly in 2011, with trading volumes totalling over EUR 560 million. The invested volume in this sector is somewhat lower than the 2009 and 2010 figures, which was mainly caused by a slowdown in the final two quarters of Despite the lower investment volume, the share of industrial investments increased from twelve percent in 2010 to eighteen percent in The first half of 2011 saw healthy figures, with investments standing at EUR 370 million. In these first six months of 2011 the investment volume was boosted by a sale-and-leaseback portfolio transaction which totalled nearly EUR 160 million. Whilst investments in the first half of 2011 recorded relatively good figures that were above the first half figures of 2009 and 2010, the investment market for industrial properties slowed in the second half of Investment in the third quarter reached just over EUR 100 million, which was still above the total invested volume of the second quarter. The final quarter of 2011 however saw investment figures falling to just over EUR 90 million, which brought the total investment for industrial properties in the second half of the year to just under EUR 200 million. Prime gross yields for logistic space remained stable in the prime locations at 7.25% %. NAME LOCATION INVESTOR VENDOR PRICE 1. C1000 Portfolio W.P. Carey C1000 EUR 157 million Various locations 2. Logistic Portfolio Various locations 3. Distribution Centre - Tilburg WDP Wereldhave EUR 42 million Deka Immobilien Somerset Real Estate EUR 26 million 4. N/a Waalijk ABN Amro Spar Holding EUR 23 million 5. Tradeboulevard Zevenbergen 6. Marco Poloweg 3- Venlo 7. Distribution Warehouse - Waalwijk 8. DC Reebok - Rotterdam 9. Archangelkade - Amsterdam 10. Middenweg 49 - Moerdijk Deka Immobilien GmbH DSV Solutions Netherlands EUR 22 million Aspen Real Estate Investments ProLogis Aberdeen Property Investors Roozen van Hoppe Bouw & ontwikkeling EUR 22 million Confidential Dudok Adidas EUR 16 million VBC Alecta Pensionfund EUR 16 million Dudok Zublin Real Estate EUR 15 million Cushman & Wakefield 24

25 Guide to Logistics CUSHMAN & WAKEFIELD SERVICES Capital Markets The Capital Markets Group provides advice, execution, and investment services to clients engaged in buying, selling, investing in, financing, or building real estate. These services typically are provided to private and institutional owners and investors, as well as to corporate owners and occupiers. Industrial and Logistics Cushman & Wakefield provides local, national and multinational corporations, developers and investors with custom-tailored industrial real estate solutions that fulfill business objectives, improve shareholder value, maximise cost savings and enhance portfolio value. Industrial brokerage services include acquisition and disposals, lease and sale negotiations that incorporate extensive market knowledge, comprehensive research and current trends, incentive negotiations and build-to-suit analysis and planning. Clients are provided with a comprehensive supply chain and strategic business advice into a top-tobottom service. Office Agency We offer integrated brokerage/transaction services designed specifically to fit landlords` needs. Our brokerage professionals develop strategies to enhance the value of a real estate asset through four key elements: positioning the product in the marketplace, identifying suitable prospects, creating customised marketing strategies and tools and managing all of the steps associated with the leasing process. Due to our experience with tenants needs and thus position and lease properties for landlords as effectively as possible. Property & Asset Management Through a broad range of property management and real estate accounting services, Cushman & Wakefield helps clients to minimize operating expenses and maximize revenue. Our objective is to increase the value of a client's property and align the property with the client s short- and long-term objectives. Research & Consultancy Services Our Research teams are located throughout the world, coordinated from London for Europe, New York for the United States and Hong Kong for Asia. Consultancy services and market studies are undertaken at a local or international level. In the Netherlands our research team works closely together with their international colleagues for developers, retailers, occupiers, investors and local authorities. Retail Agency We are recognised as one of the largest retail property advisors in the Netherlands. Our team is at the forefront of retail schemes across the Netherlands and Europe. From shopping centres and retail parks to main streets and factory outlets, we provide access to consumer markets, identify sites to specific demographic requirements and assist our clients in rationalising their networks while providing opportunities to maximise their cost savings. Valuation & Advisory We provide valuation and advisory services for individual units to extended portfolios throughout the Netherlands. We also coordinate cross border valuation assignments for international companies based in the Netherlands with property interests across Europe. Cushman & Wakefield 25

26 Picture: Warehouse Cushman & Wakefield Research 26 Strawinksylaan ZX Amsterdam Source: Cushman & Wakefield

27 LOGISTIC CONTACTS Rotterdam office Hylcke Okkinga - Partner Head of Rotterdam Office hylcke.okkinga@eur.cushwake.com Michiel van den Bout - Associate Negotiator michiel.vandenbout@eur.cushwake.com Dennis van Gijtenbeek Negotiator dennis.vangijtenbeek@eur.cushwake.com Cross Border Team Michael Rhydderch - Partner Head of Capital Markets michael.rhydderch@eur.cushwake.com Nick Jones - Partner Capital Markets nick.jones@eur.cushwake.com Steven Watt - Partner Head of Pan-European Logistics and industrial steven.watt@eur.cushwake.com Capital Markets Team Mathijs Flierman - Partner Head of Capital Markets mathijs.flierman@eur.cushwake.com Jeroen Muis Consultant jeroen.muis@eur.cushwake.com Research Team Carien in t Veld Senior Research Consultant carien.intveld@eur.cushwake.com Michiel Boonen Research Consultant michiel.boonen@eur.cushwake.com Stefan Kamphuis Research Trainee stefan.kamphuis@eur.cushwake.com Valuation & Advisory Team Justin de Gier - Partner Head of Valuation & Advisory justin.degier@eur.cushwake.com Willem Rodermond - Associate Valuation & Advisory willem.rodermond@eur.cushwake.com Property & Asset Management Team Michel Chang - Partner Head of Property & Asset management michel.chang@eur.cushwake.com

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