IPD Danish Annual Property Index 2013

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2 Agenda IPD Denmark Annual Property Index 2013 Size, segments and contributors Results, returns and vacancy International comparison Conclusions 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 2

Number of square metres 6.6 mil Ejendomspartnerselskabet af 1/7.

4 IPD Denmark Annual Property Index Denmark databank 2013 Capital Value (DKK bn) 113 Number of Properties 921 Number of Portfolios 20 Number of square metres 6.6 mil Ejendomspartnerselskabet af 1/ Investment Property Databank Ltd. All rights reserved. ipd.com 4

5 IPD Denmark Property Databank % of year-end values Shopping Centre Copenhagen Shopping Centre Rest of Denmark Other Retail Copenhagen Other Retail Rest of Denmark Office Copenhagen CBD Office Copenhagen Harbour Office Copenhagen Broer & Fred. Office Copenhagen Other Office Copenhagen South & West Office Copenhagen North Office Aarhus Office Odense Office Aalborg Office Trianglearea Office Rest of Denmark 61 Logistic Industrial Other Retail Office Industrial Residential Other Residential Copenhagen Residential Copenhagen Residential Copenhagen Present Residential Copenhagen Pre Unknown Residential Odense, Aarhus, Aalborg, Trianglearea Residential Rest of Denmark Other 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 5

Ireland United States Canada UK Sweden Denmark Netherlands International markets so far 2013 % pa 14 12 12.7 11.6 10.7 10.5 10 8 6.8 6 4 3.

7 Ireland United States Canada UK Sweden Denmark Netherlands International markets so far 2013 % pa Capital growth Income return Total return Source: IPD 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 7

8 Full history of return Total return 8.1% p.a. 20 Total return 11.2% p.a. Total return 4.1% p.a. % Total return 4.4 p.a Income Return Capital Return Total Return 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 8

9 Industrial struggling, residential holding-up Property types sectors 14 Capital return 2013 Income return 2013 Total return 2013 Total return Vacancy rate Vacancy rate All Property Retail Office Industrial Residential 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 9

10 Shopping centres are challenged Retail segments Capital return 2013 Income return 2013 Total return 2013 Total return Vacancy rate 2013 Vacancy rate 2012 Shopping Centre Copenhagen Shopping Centre Rest of Denmark Other Retail Copenhagen Other Retail Rest of Denmark 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 10

11 Office Cph CBD and other major towns are holding-up Office segments Capital return 2013 Income return 2013 Total return 2013 Total return Vacancy rate 2013 Vacancy rate 2012 Cph CBD Cph Harbour Cph Broer & Fred. Cph Other Cph South & West Cph North Aarhus Odense Aalborg Triangle area Rest of Denmark 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 11

12 Modern Cph residential are outperforming Residential segments Capital return 2013 Income return 2013 Total return 2013 Total return Vacancy rate 2013 Vacancy rate Copenhagen Copenhagen Copenhagen Present Copenhagen Pre Unknown Odense, Aarhus, Aalborg, Trianglearea Rest of Denmark 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 12

13 All segments last 6 years Income return Capital return Total return % Resi Cph Pre ? Resi Cph Resi Resi Od, Aar, Aal, Triangle Resi Cph Resi Rest of Den Resi Cph Present Logistic Industrial Industrial Other Office Cph South & West Office Cph North Office Cph Other Office Trianglearea Office Aarhus Office Office Cph CBD Office Cph Harbour Office Rest of Den Office Cph Broer & Fred. Office Aalborg Office Odense Other Retail Rest of Den Shopping C Cph Retail Shopping C Rest of Den Other Retail Cph All Property 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 13

14 Huge spread in income return Income return 13 and range from % pa Range of income returns since income return Source: IPD Industrial Other Office Aalborg Logistic Office Trianglearea Office Rest of Den Office Odense Office Cph South & West Office Cph Harbour Office Cph Other Shopping C Rest of Den Other Retail Rest of Den Resi Rest of Den Other Retail Cph All Property Office Aarhus Office Cph North Office Cph Broer & Fred. Office Cph CBD Resi Cph Present Resi Cph Shopping Centre Cph Resi Od, Aar, Aalb, Triangle Resi Cph Resi Cph Pre Unknown 2014 Investment Property Databank Ltd. All rights reserved. ipd.com 14

15 Conclusions Denmark Total return below long term at 4.4 % Lower returns than expected Vacancy rates increasing, but decreasing for residential Income return stable but low Best performing: Office Cph CBD, other major cities Modern Cph residential Retail (non-shopping centres) Low performing: everything else 2013 Investment Property Databank Ltd. All rights reserved. ipd.com 15

17 How to contact IPD in the Nordic Region Enquiries Håvard Bjorå Christina Gustafsson Pernilla Arnrud Melin Erik Nyman Rikard Eliasson Investment Property Databank Ltd. All rights reserved. ipd.com 17

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