Page 1

Belgium Retail Market Overview Q4 2012


Introduction: Socio-Economic Figures

2


GDP Growth Forecast 2013 - 2015 More healthy medium-term growth outlook, esp. for East-European countries‌

Source: Oxford Economics (January 2013)

3


Retail Sales Growth Forecast 2013 - 2015 Moderate to robust medium-term retail sales growth forecast for most countries‌

Source: Oxford Economics (January 2013); IHS Global Insight for Croatia and Ukraine (January 2013)

4


Cross-Border Expansion ‘11-’12 - Most Active Retailers Selective retailer expansion continues across 57 Key European Retail Markets…

Markets Entered

No. y-o-y

1.7

Markets Abandoned

0.7

Source: Jones Lang LaSalle (2013) Note: Analysis based on 150 international retailers and 55 key retail markets across Europe; excludes total number of stores per city, includes franchisers and resellers. 5


Retailer Demand Q4 2012 Modest improvement in sentiment, but demand for secondary remains week‌ Unit Shops Prime Secondary

Shopping Centres Secondary Prime

Retail Warehouses Secondary Prime

Belgium Czech Republic Finland France Germany

Current Demand

Hot

Hungary Ireland Italy The Netherlands Poland Portugal Romania Russia Slovakia Spain Sweden Turkey United Kingdom

Cold Change Q-o-Q

Increased Stable Decreased Source: Jones Lang LaSalle (January 2013) Note: Demand indicators based on sentiment. 6


Internet Retail Spend per Capita Impact of technology in Belgium low in comparison with other countries United Kingdom Finland Denmark South Korea USA France Sweden Japan Austria Germany Netherlands Switzerland Norway Belgium Internet retail spend per capita 2011 (â‚Ź)

Czech Republic 0

100

200

300

400

500

600

Source: Euromonitor (2012)

7


Consumer Confidence in Belgium Q4 2012 0

2011-08 2011-09 2011-10 2011-11 2011-12 2012-01 2012-02 2012-03 2012-04 2012-05 2012-06 2012-07 2012-08 2012-09 2012-10 2012-11 2012-12 2013-01

-5 -7 -10

-9

-9

-10 -12

-15

-12

-14

-20 -25

-16

-12

-10 -13

-14 -16

-17

-20 -24

-23 -25

-30 Source : National Bank of Belgium, Belgostat, February 2013

8


Retail Sales Index* in Belgium Index 2005 = 100 109 108 107

107.3

106 105 104 103 102 101

012-

012-

012-

012-9

012-8

012-7

012-6

012-5

012-4

012-3

012-

012-

01-2

01-2

01-2

01-92

01-82

01-72

01-62

01-52

01-42

01-32

01-2

01-2

100

*Retail Sales index figures are deflated and deseasonalised Source: Eurostat, February 2013

9


Letting Market

10


The Belgian Retail Market - Stock Stock ('000 sq.m. est.) 1,008 3,427 4,626

Shopping Centres

9,246

In-town high street Out-of-town unit shops Retail warehousing

• •

Far less ‘out of town mega-schemes’ than in neighbouring countries Well equipped city centres and many RW along major roads Source : Locatus - figures 2011 11


The Belgian Retail Market - Vacancy Rate 8.2% 7%

4.9%

5%

5%

8.2%

6% 8.9%

8% 6% 8.8%

• •

Global country-wide vacancy rate of 7%, against 6.6% in 2011 No vacancy in AAA locations Source : Locatus - figures Q1 2012 12


Take up Evolution by volume 2012

Sq.m. 250.000

2011 : 388,000 sq.m. 237,500

250.000 200.000

200.000 150.000

Q4 101,500

100.000 50.000

2012 : 310,500 sq.m.

Sq.m.

Q3 Q2

49,000

Q1

178,500

150.000 88,500

100.000 43,500

50.000 0

0 Retail warehousing Shopping Center

High Street

Retail warehousing Shopping Center

•

All 3 sectors in decline in comparison with 2011.

•

Strong overall market performance in Q4 2012.

High Street

13


Take-up Evolution by # transactions 2012 # 900 800

768

700

386

600 500

571

638 330

318

714 375

548 330

400 204

300 200 100

120 125 188 128

94

182

178

157

2011

2012

124

0 2008 Shopping Center

2009

2010

Retail Warehousing

High Street

5-y Average

14


Take-up 2012 by Tenant Category 68

43

42

37

33 20

14

14

10

9

9

4

2

2

1.5

1.5

15


Take-up by sector 2012 Fashion at the top in SC & HS. Decoration, DIY & Food in Retail Warehousing Retail Warehousing Shopping Centres & High Street

Source : Jones Lang LaSalle Research 16


Most active retailers: number of transactions 2010

2011

Tenant

#

Du Pareil au MĂŞme

10

Tenant

2012 #

Tenant

#

Caroll

17

Albert Heijn

11

McGregor

12

Hema

8

Delhaize

9

HunkemĂśller

8

Vue sur Mer

10

Zeeman

10

Veritas

8

Rituals

7

Hema

7

Esprit

7

Ava Papierwaren

6

Veritas

7

Brantano

6

Leen Bakker

5

Chronostock

6

Quick

5

H&M

6

Veritas

5

ZEB

5

Standaard Boekhandel

6

C&A

5

Pandora

6

Cassis

5

Pearle

6

Schoenenreus

6

Yves Rocher

6

17


High Street Unit Shops


The Big Six

Antwerpen (493,500 inh.) Meir, Leysstraat, Huidevetterstraat 157 units 92,325m² GLA 508,000 pass./week

Hasselt (73,800 inh.) Hoogstraat, Demerstraat, Koning Albertstraat 127 units 31,992m² GLA 142,000 pass./week

Brugge (116,885 inh.) Steenstraat, Zuidzandstraat 123 units 39,254m² GLA 182,000 pass./week Gent (247,486 inh.) Veldstraat, Zonnestraat 77 units 41,641m² GLA 152,000 pass./week Bruxelles (1,119,088 inh.) Nieuwstraat 92 units 65,337m² GLA 349,000 pass./week

Liège (194,715 inh.) Vinave d’Ile, Rue Pont d’Ile, Rue Joffre 86 units 30,029m² GLA 198,000 pass./week

Source: Expertise, Fastigon, Retail Focus 19


Newcomers in the Belgian High Streets in 2012 Retailer

#Shops

City

Agent Provocateur

1

Knokke

Armani Junior

1

Brussels

Artu Napoli

3

Antwerp, Knokke, Gent

Club Monaco

2

Antwerp, Knokke

Ethan Allen

2

Brussels, Antwerp

LadurĂŠe

1

Antwerp

Maliparmi

1

Antwerp

The Kooples

2

Brussels

Vicomte Arthur

1

Antwerp

20


High Street Rents in Europe Rents in Belgium are amongst the lowest in Europe

City

€/sq.m. p.a.

Street

Brussels

Nieuwstraat

1,850

Antwerp

Meir

1,850

Ghent

Veldstraat

1,525

Liège

Vinave d'Ile

1,200

8000

Brugge

Steenstraat

1,200

7000

Hasselt

Hoogstraat

1,100

6000

Leuven

Diestsestraat

1,100

€/sq.m. p.a.

9000

5000 4000 3000

1,850

2000 1000

udapest B

arsw W

rusel B

rague P

ublin D tockhlm S

arcelon B

sterda m A

useldorf D

Frankfut/M

burgH am

adri M

erlin B

unich M

oscw M

Lond

aris P

ilan M

0


Prime Unit Shop Rents And Forecasts Europe Q4 2012 Healthy growth forecast in Russia, United Kingdom, France and Germany‌ 2,250 Norway

4,170

Finland

Sweden

Russia

2,680

2,120 3,050

7,130

Ireland

United Kingdom

Denmark

Netherlands

Belgium

3,960 Germany

2,160

Maximum Rental Growth: > 4% Rents Growing: 3% to 4%

840 1,020

France

3,500 2,530

Category Absolute Rent Level Poland

Czech Republic

8,500

1,080

Rental Growth 2012-2014 (% p.a.)

1,140

1,850

Portugal

2,090

2,110

Italy

Rents Growing: 2% to 3%

780

Hungary

Croatia

Rents Growing: 1% to 2%

Romania

960

Rents Stable: 0% to 1% Rents Falling: 0% to -2%

Serbia Spain

1,920 Greece

Source: Jones Lang LaSalle (January 2013)

2,400

Turkey

Rents Falling: < -2% Not Available Prime rents in â&#x201A;Ź/sq m per annum

Note: Forecast growth based on rental levels in local currency Prime Rent and Prime Rental Growth Forecast United Kingdom based on Oxford Street, London

22


High street Rents: Evolution €/sq.m. p.a. 2000

ANTWERP BRUSSELS

1800 1600

City

Street

% of prime

Brussels

Rue Neuve

100 %

Antwerp

Meir

100 %

Gent

Veldstraat

82 %

Liège

Vinave d'Ile

65 %

Brugge

Steenstraat

65 %

Hasselt

Hoogstraat

60 %

City

Street

€/sq.m. p.a.

Leuven

Diestsestr.

60 %

Knokke

Kustlaan

54 %

Namur

Rue de l’Ange

54 %

Mons

Rue de la Chaussée

30 %

GENT

1400 BRUGGE LIEGE HASSELT

1200 1000 800

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

600

23


Prime High Street Rents in Flanders Q4 2012 City

Street

â&#x201A;Ź/sq.m. p.a.

Antwerp

Meir

1,850

Gent

Veldstraat

1,525

Brugge

Steenstraat

1,200

Hasselt

Hoogstraat

1,100

Leuven

Diestsestraat

1,100

Knokke

Kustlaan

1,000

Oostende

Kapellestraat

950

Roeselare

Ooststraat

750

Lier

Antwerpsestraat

750

Turnhout

Gasthuisstraat

600

Mechelen

Bruul

575

Aalst

Nieuwstraat

450

Kortrijk

Lange Steenstraat

450

Genk

Rootenstraat

300

Sint-Niklaas

Stationsstraat

250

24


Prime High Street Rents in Wallonia Q4 2012

City

Street

€/sq.m. p.a.

Liège

Vinave d’Ile

1,200

Namur

Rue de l’Ange

1,000

Waterloo

Chaussée de Bruxelles

750

Charleroi

Rue de la Montagne

550

Mons

Rue de la Chaussée

550

Verviers

Rue du Brou

500

Wavre

Rue du Pont du Christ

450

La Louvière

Rue Albert Ier

350

Arlon

Grand-Rue

250

25


Top Retailers in High Streets 2012 Retailer

# Stores

Evolution

Origin

H&M

14

=

Sweden

Mobistar

12

=

France

Zara

11

+1

Spain

WE

9

-1

Netherlands

Ici Paris XL

9

=

Hong Kong

Esprit

9

=

Hong Kong

Celio

9

=

France

Vero Moda / Jack & Jones

9

+1

Denmark

Eram

8

=

France

Base

7

+1

Netherlands

Belgacom

6

-1

Belgium

Veritas

6

+2

Belgium

Springfield

6

=

Spain

C&A

6

=

Netherlands

Hunkemรถller

6

=

Netherlands

New Look

6

+1

UK

Foot Locker

6

=

USA Source : Retail Focus 2012 26


High Street Unit Shops - Summary  Supply unable to meet demand, especially on prime locations  Almost no immediate availability : lettings often occur due to lease breaks / lease renewals / take-over of lease  Key Money is usually applied in AAA-locations  Main Six continue to attract most retailers, but retailers are also present in secondary cities, e.g. H&M in Knokke, DeSigual in Namur, Rituals in Nivelles, Roeselare & De Panne  Prime High street rents remain under upward pressure in Antwerp, Brussels, Ghent, Brugge and Namur ; prime rent is moving towards 2000€/m² pa for Antwerp Meir and Brussels Nieuwstraat

27


Shopping Centres

28


Prime Shopping Centres >30,000 m² Wijnegem SC Waasland SC

57,500 m²

45,000 m² Woluwe SC 44,400 m² City 2 K in Kortrijk

51,000 m²

33,000 m² Ring SC

Belle Ile

34,700 m²

31,000 m²

Westland SC

Mediacité

37,500 m²

41,500 m² Galeries StLambert

Les Grands Prés 35,500 m²

37,500 m² L’Esplanade 34,400 m²

29


Existing Shopping Centre Stock and Pipeline H2 2012 Belgium has a relatively low shopping centre stock, and a limited pipeline United Kingdom Russia France Italy Germany Spain Turkey Poland Netherlands Sweden Ukraine Portugal Romania Czech Republic Ireland Finland Hungary Slovakia Belgium Croatia Greece Bulgaria Serbia Luxembourg

Overall Summary Europe: •2.9 million sq m completed during H2 2012 •Total completions 2012 down by 9.6% on 2011 •8.7 million sq m scheduled for 2013 •6.0 million sq m scheduled for 2014 •40% scheduled in Russia, Turkey for 2013/2014

Existing Stock

Pipeline 2013-2014 Total GLA in 000's Sq M

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

20.000

Source: Jones Lang LaSalle (January 2013) Note: Includes schemes >5,000m² GLA only; excludes Retail Warehousing and Factory Outlet Centre. Pipeline figures should be treated with caution. 30


Existing Shopping Centre Stock Per Capita H2 2012 Highest density in mature retail markets, East Europe increasing significantlyâ&#x20AC;Ś Luxembourg Ireland Netherlands Sweden Finland United Kingdom Spain Portugal Italy France Czech Republic Poland Slovakia Croatia Germany Hungary Turkey Romania Russia Belgium Bulgaria Ukraine Greece Serbia

Average Density: 184 sq m GLA / 1,000 inhabitants Average Density (GLA / 1,000 inhabitants): All countries West-Europe East-Europe

184 sq m 250 sq m 115 sq m

Total GLA in sq m / 1,000 inhabitants

0

100

200

300

400

500

600

700

Source: Jones Lang LaSalle (January 2013) Note: Includes schemes >5,000m² GLA only; excludes Retail Warehousing and Factory Outlet Centre. Average density figures bases on countries shown on the graph. 31


Shopping Centres Pipeline Belgium Sq.m. 450.000 JUTS, Brussels

400.000

Rive Gauche, Charleroi

350.000

Entre 2 Portes, Brussels Grands Prés (ext) Uplace, Machelen L’Esplanade (ext)

250.000

150.000 100.000 50.000

Waterside, Leuven

Grand Poste, Liège

300.000

200.000

Neo, Heysel

Médiacité Liège Anspach Mediacité, Liège K in Brussels Kortrijk Groen Brugge ph.1 Storms Toison Harbour, d’Or, Nieuwpoort Brussels

Coté Verre, Namur

2010

Completed

Brussels

Shopping Expo, Charleroi …

Woluwe SC (ext)

Grand Bazar, Antwerp

Nivelles (ext.) Ville 2 (ext.) De Munt ph.1, Roeselare Groen Brugge ph.1

De Munt ph 2 Shopping 1, Genk

City Center, Waterloo Cristal Park, Seraing

Wijnegem (ext)

0 2009

Tour&Taxis

2011

2012

Under Construction

2013

Permit granted

2014

2015

2016

Permit requested

No date

Design

Based on publicly available data, concerning planned dates and names shifts remain possible Not all projects are straightforward SC 32


Shopping Centres â&#x20AC;&#x201C; Main completions 2012

City

Name of scheme

Property Type

GLA m²

Quarter

Units

Nivelles

Shopping Center Nivelles extension fase 1

Extension

12,000

1

Brugge

Groen Brugge ph.2

Redevelopment

8,000

4

3

Charleroi

Ville 2 (extension 2)

Extension

8,000

2

32

Roeselare

De Munt Shopping phase 1

New construction

4,500

3

38

33


Shopping Centres â&#x20AC;&#x201C; Take-up Evolution

34


Belgian Shopping Centres >30,000 m² – Prime Rents PRIME RENT €/sq.m. p.a.

AREA sq.m.

Woluwe SC

1,600

44,400

City II

1,400

51,000

Antwerpen

Wijnegem

1,600

57,500

St-Niklaas

Waasland

1,000

45,000

Galeries St-Lambert

950

37,500

Belle Ile

950

31,000

Mediacité

575

41,000

Louvain-la-Neuve

l’Esplanade

950

34,400

Kortrijk

K in Kortrijk

700

33,000

Mons

Grands Prés

900

35,500

CITY Brussels

Liège

NAME

Source : Jones Lang LaSalle Research 35


Belgian Shopping Centres >30,000 m² – Prime Rents 1800

WIJNEGEM &

1600

WOLUWE

City2

1400

1200 €/sq.m. p.a.

1000 Belle Ile / Gal. St-Lambert

800

Waasland Esplanade Grands Prés Westland K in Kortrijk

600

Ring SC Kortrijk 2012

2011

2010

2009

2008

2007

2006

400

Source : Jones Lang LaSalle Research 36


Prime SC Rents in Europe Prime SC Rents in Belgium exceed the European average â&#x201A;Ź/sq.m. p.a.

4.000 3.500 3.000 2.500 2.000 1.500 1.000 500 0

Source: Jones Lang LaSalle (January 2013)

37


Shopping Centres Trends

 SC stock per capita in Belgium is lower than in other European countries. The most recent new projects in Belgium were mid-sized in-town projects (De Munt in Roeselare, K in Kortrijk,…).  Only 5 completions in 2012, for a total of 33,200 sq.m., mainly extensions of existing shopping centres and redevelopment.  Prime rents have risen under pressure from the lack of available units and as a result of lease renewals with upgrade to market rent. SC rents in Belgium exceed the European average.  Uplace in Machelen, Just under the Sky and Neo in Brussels : 3 large new retail projects in Brussels or its periphery that might be delivered from 2016 onwards.

38


Retail Warehousing


Retail Warehousing â&#x20AC;&#x201C; Take-up Evolution

40


Retail Warehouse Pipeline Belgium Nivelles, Frunpark T-Forum, Portes de Braine Tongeren Crescend’Eau V-Market, Brugge Shopping Park, Olen Cascade RP, Drogenbos Shopping Flémalle

Sq.m.

B-Park Brugge RP Hornu RP Dyle, Wavre

Frunpark Izegem RP Beveren

Retail Park Fléron

RP Anderlues RP Ronse

Brico Plan IT Ternat Frunpark Belle Sambre RP Waremme Z-Park, Zottegem RP Bredene

Zuiderring, Genk Heylen, Peer

RP Korbeek-Lo Dauphins, Mouscron RP Couillet RP Eupen

Decathlon, Alleur Dampoort Gent RP Ninove

RP Mons Ikea, Mons RP Tournai

Based on publicly available data, concerning planned dates and names shifts remain possible RP = Retail Park 41


Retail Warehousing - Major Completions 2012 City

Name of scheme

Property Type

GLA m²

Quarter

Units

Tongeren

T-Forum Tongeren

Retail Warehousing

32.200

3

27

Olen

Shopping Park Olen

Retail Warehousing

32.150

3

27

Drogenbos

Cascade Retail park - hypermarktsite Carrefour

Retail Warehousing

28.600

1

10

Flémalle

"Shopping Flémalle"

Retail Warehousing

21.000

2

7

Turnhout

Winkelpark XXL Turnhout

Retail Warehousing

17.000

3

15

Brugge

V-Market

Retail Warehousing

12.100

3

Gent

Dacarsite, Ottergemsesteenweg

Retail Warehousing

10,000

4

Tubize

Fabelta fase 1/COTE SENNE

Retail Warehousing

6.400

2

Seneffe

Retail park Seneffe

Retail Warehousing

4.600

2

5 to 7

42


Retail Warehousing Rents

City

Street

€/m²/yr

Brussels

Drogenbos

175

Antwerpen

Bredabaan

165

Maalsesteenweg

130

Kortrijksesteenweg

150

Weiveldlaan

155

Chaussée de Tongres

145

Gosselies

125

Ch. de Liège, de Bruxelles

135

Chaussée de Bruxelles

150

Brugge Gent Zaventem Liège (Rocourt) Charleroi Namur Waterloo

175€

43


Retail Warehousing Trends

 Typical City Center Retailers are moving towards retail Warehouse locations (eg. Hema, C&A, Lola&Liza, Kruidvat), whereas others, such as JBC and AS Adventure, are going to high streets and shopping centres.  Increased interest in retail parks with a single parking, single management, well thought brand mix, marketing… (ex Frun Parks)

44


Investment Market will retail escape the danceâ&#x20AC;Ś

45


European Retail Investment Volumes 2012 € 19.4 bn invested across Europe, on par with long-term average… €191

Retail Transaction Volumes 2012 in million €

€1,327

4,000 or over

€32

€1,534

2,000 to 4,000 1000 to 2,000

€933 €63

€33

500 to 1000 €5,898

200 to 500

€696

100 - 200

€653

0 - 100

€101

No Transactions

€1,024

€4,384

€231

€103

€1,228 €209 €77

€33

€40 €39

€135

€400

Source: Jones Lang LaSalle (January 2013) Note: This review considers all investment sales of shopping centres, retail warehouses, factory outlet centres and supermarkets in Europe. The analysis excludes the high street and any investment deal less than $ 5 million in value.

46


Belgium – Direct RE Investment - RETAIL Strong activity in 2012 with landmark transactions Euro

350.000.000

Grands Prés + Ros Beiaard

Esplanade Extension + Crescend’eau

Q3 2012

Q4 2012

300.000.000

Q2 2012

Q3 2011

Q2 2011

Q1 2011

Q4 2010

Q3 2010

Q2 2010

Q1 2010

0

Toison d’Or + Westland + Genk

50.000.000

Q1 2012

100.000.000

Galeries Saint Lambert

150.000.000

Q4 2011

200.000.000

Olen + Kapellen

250.000.000

Source: Jones Lang LaSalle Research

47


Retail Investment: by Sector in Belgium Euro

800.000.000

755.5M

700.000.000

98.81M

600.000.000 500.000.000 436.75M

400.000.000 300.000.000 Other Mix Unit Shop Shopping Centre Retail Warehousing

200.000.000 219.94M

100.000.000 0 2004

2005

2006

2007

2008

2009

2010

2011

2012

Transactions from 2.5M EUR upwards.

48


Retail Investment: by origin of capital in Belgium Euro

1.200.000.000 1.000.000.000

755.5M

800.000.000

130.3M

600.000.000

110M 69.7M

400.000.000 445.5M

200.000.000 0 2004 Belgium

2005 Germany

2006

2007

Netherlands

UK

2008 Ireland

2009

2010

International Joint Venture

2011 USA

2012 Italy

Other

Transactions from 2.5M EUR upwards.

49


Largest RETAIL Investment Transactions 2012 QTR

City

2012

4

Brussels

L'esplanade Extension

130.3

2012

1

Brussels

80.75

2012 2012

4 3

Various Mons

Westland SC Arlon, Haine St Pierre, Tienen, Westerlo, Genk, La Louviere, Anderlecht Grands PrĂŠs Extension

2012

1

Genk

2012

1

Brussels

2012

2

2012

4

2012 2012

2 3

2012 2012 2012 2012 2012

4 4 3 3 3

Buildingname

Price MEUR

Year

Buyer

Typeinvest

Klepierre

Investment

5,85

Wilhelm & Co IF Westland 1980 & Westland 2004

AG Real Estate

Investment

Investment Investment

ING

Private Union Invest Wereldhave Belgium Prupim (Prudential)

Cordeel + Aertssen

Aberdeen Asset management

Investment

AllFin

Retail Estates/Allfin

Investment

6,4 7,5

CBRE Global Investors Revcap

Private Private

Investment Investment

5

KBC Intervest Retail Tollet Unknown Private

Private Pertinea Fund I Baltisse Retail Estates Bermaso

Investment Investment Investment Investment Investment

Redevco City Mall

Genk Shopping

69

Redevco

Toison d'Or

62

Verviers Retail Park 1

Kapellen Promenade Dendermonde Trading Places I Brugge Andenne Leuven Zaventem Antwerpen

Seller

72 69.7

Antwerpen Olen Shopping Park Verviers

Yield

KBC building Andenne Retail Park Esprit Infradis Real Estate Huidevettersstraat 2-4

48

5,9 6,4

33 25 17.5 15 13 11.8 10.15 10

Investment Investment

In red: transactions advised by Jones Lang LaSalle 50


Belgium: Prime Yields per Sector

Offices, Logistics and semi-Industrial: stable. Unit shops declining further 9,0

%

8,5 8,0 7,5 7,0 6,5

RETAIL WAREHOUSE 6.25%

6,0 5,5 5,0

SHOPPING CENTERS 5.00%

4,5

UNIT SHOP 4.25%

Q4 20 12

20 11

20 10

20 09

20 08

20 07

20 06

20 05

20 04

20 03

20 02

20 01

4,0

51


Belgium â&#x20AC;&#x201C; Capital Markets Activity & Sentiment

1. Strongest asset class in terms of liquidity (institutionals + private investors) 2. Higher demand for unit shops: yields are down to 4.25% 3. Yields for prime and secondary product still under pressure

52


Thank you for your attention. Contact:

Walter Goossens National Director Head of Retail & Industrial Agency Jones Lang LaSalle Tel. +32 2 550 25 47 Email: walter.goossens@eu.jll.com Jean-Philip Vroninks (*) European Director Head of Capital Markets Belgium Jones Lang LaSalle Tel. +32 2 550 26 64 Email: jean-philip.vroninks@eu.jll.com Pierre-Paul Verelst Associate Director Head of Research Belux Jones Lang LaSalle Tel. +32 2 550 25 04 Email: pierre-paul.verelst@eu.jll.com

COPYRIGHT Š JONES LANG LASALLE IP, INC. 2012 This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.

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Retail Market 2012 Q4  

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