YEAR BOOK Property Investment Market

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1 YEAR BOOK 2016 Property Investment Market

2 EXECUTIVE SUMMARY Kære Læser, Den samlede investeringsvolumen var i 2016 på 64,1 mia. kr., der dermed overgik investeringsvolumen i 2015 med ca. 10 mia. kr. Specielt 4. kvartal i 2016 var præget af en enorm aktivitet, hvor der blev gennemført transaktioner for 25,6 mia. kr. Det danske marked har været genstand for stor efterspørgsel i de traditionelle segmenter: kontor, retail og bolig, men også opkøb af industriejendomme og grunde til nybyggeri var stærkt stigende. I et år præget af flere usikkerheder på investeringsmarkederne i Europa i kølvandet på Brexit, har vi på europæisk plan oplevet en tilbagegang i investeringsvolumen. Med dette i mente synes det danske investeringsmarked at stå sin distance med højt inflow af udenlandsk kapital. Den udenlandske kapital kombineret med det fortsat lave renteniveau og det fordelagtige danske realkreditsystem, har i stigende grad skærpet konkurrencen i markedet, hvilket har givet yderligere prisstigninger igennem 2016 inden for de 3 hovedsegmenter retail, kontor og bolig. God læselyst! Dear Reader, In 2016, the total investment volume was DKK 64.1 bn., thus exceeding the investment volume in 2015 with approx. DKK 10 bn. Especially the fourth quarter of 2016 was affected by enormous activity, where transactions of DKK 25.6 bn were carried out. The Danish market has been subject to great demand in traditional segments: office, retail and residential, but also acquisitions of industrial properties and land for development, has been booming. In a year marked by multiple uncertainties on the investment markets in Europe in the wake of Brexit, we have at a European level experienced a decline in the investment volume. With this in mind, the Danish investment market seems to stand the distance with a high inflow of foreign capital. The foreign capital combined with the continued low interest rate and the favorable Danish mortgage system, has increasingly intensified the level of competition in the market, which has given rise to growing prices in the 3 main investment segments retail, office and residential. Enjoy the report! 2

3 INVESTERINGSMARKEDET 2016 / INVESTMENT MARKET 2016 INVESTERINGSVOLUMEN 2016 Investment Volume 2016 TOTAL INVESTMENT Retail Office Residential Land Industrial Other (incl. mixed use) 5% 12% 16% 3% % 34% 5% 5% 11% 9% % 21% 9% 3% 8% % 37% 29% 3

4 INVESTERING - SEGMENTER OG TRANSAKTIONSSTØRRELSER Investment - Segments and Transaction Sizes Boligsegmentet var igen i 2016 det største investeringssegment, efterfulgt af kontor- og retailsegmentet som de 2. og 3. største segmenter. Mængden af udenlandsk kapital nåede i 2016 nye højder med en andel på 41% af de samlede investeringer. Fra 2012 og frem til nu, har udenlandske investorer investeret for over 70 mia. kr. i det danske ejendomsmarked. 40% af investeringsvolumen var drevet af transaktioner på 500 mio. kr. eller over, hvor vi har observeret hele 31 transaktioner, hvilket ligeledes vidner om et yderst likvidt marked. Again in 2016, the residential segment was the largest investment segment followed by the office and retail segment as the 2nd and 3rd largest segments. The amount of foreign capital in 2016 reached new heights with a share of 41% of the total investments. From 2012 and until today, foreign investors have invested over DKK 70 bn in the Danish real estate market. 40% of the investment volume was driven by transactions of DKK 500 million or above, where we have observed 31 transactions, which also bear witness to a very liquid market. INVESTED CAPITAL IN COMMERCIAL REAL ESTATE BY ORIGIN % % % 69% 10 80% 31% 30% 36% 41% 0 20% Danish Investors share Foreign investors share TRANSACTION VOLUME - BREAKDOWN IN PRICE RANGE TRANSACTION VOLUME IN DIFFERENT SEGMENTS 2016 PRICE RANGE* IN M DKK NO. OF TRANSACTIONS VOLUMES IN M DKK 0-5 1,404 2,631 Industrial 6% Other 5% Retail 12% , ,054 Land 8% , , , , , , , ,656 Residential 36% 64.1 Office 33% < 1, ,000 TOTAL 2,267 64,073 *IF POSSIBLE PORTFOLIOS ARE REGISTRERED AS SINGLE TRANSACTIONS 4

5 INVESTERINGSMARKEDET 2016 / INVESTMENT MARKET 2016 DAMARK SOM INVESTERINGSMARKED Denmark as Investment Market Danmark har med sin stabile økonomi, fastkurspolitik over for Euroen og lave renteniveau vist sig at være et attraktivt marked for udenlandsk kapital, der efterspørger høj sikkerhed og gunstig demografisk udvikling. De fundamentale makroøkonomiske parametre er stærke, og i en række mere kvalitative undersøgelser indtager Danmark og København en førerposition. Dertil kommer det stærke danske realkreditsystem, der beviste sin robusthed under krisen og giver investorer mulighed for at låne til lave marginer og med en høj grad af sikkerhed. Denmark has with its stable economy, fixed exchange rate policy to the Euro, and the record low interest rate level proven to be an attractive market for foreign investors, who demand low risk and a positive demographical development. The fundamental macroeconomic parameters are strong and in a number of more qualitative studies, Denmark and Copenhagen take on leading positions. Added to this, is the strong mortgage system which showed its robustness during the financial crisis giving investors the possibility to borrow at low margins and with a high degree of security. DENMARK 26.3 IN FOREIGN CAPITAL WAS INVESTED IN DENMARK CURRENCY RATES JAN 2017 USD EUR SOURCES: DANISH NATIONAL BANK NO. EASE OF DOING BUSINESS MOST LIVEABLE CITIES BEST FOR TALENTS EUROPEAN CITY OF THE YEAR 1 NEW ZEALAND TOKYO SWIZERLAND COPENHAGEN 2 SINGAPORE BERLIN DENMARK EINDHOVEN 3 DENMARK VIENNA BELGIUM MONTPELLIER 4 HONG KONG COPENHAGEN SWEDEN - 5 KOREA, REP MUNICH NETHERLANDS - 6 NORWAY MELBOURNE FINLAND - 7 UNITED KINGDOM FUKUOKA NORWAY - 8 UNITED STATES SYDNEY AUSTRIA - 9 SWEDEN KYOTO LUXEMBOURG - 10 MACEDONIA STOCKHOLM HONG KONG - SOURCES: THE WORLD BANK,, MONOCLE MAGAZINE, IMD AND THE ACADEMY OF URBANISM 5

6 RETAIL - INVESTERING Retail - Investment Investeringsvolumen for retail segmentet er faldet i 2016 i forhold til 2015, der var præget af specielt to store enkelt transaktioner, Galleri K og Illum. Den samlede investeringsvolumen for retailsegmentet udgjorde i ,5 mia. kr. De mest aktive investorer i segmentet var ejendomsfonde med en andel på 67%, herefter stod private investorer for 17% og ejendomsselskaber for 10%. Trods en andel på bare 36% af retailmarkedet er strøgejendommene i København ikke blevet mindre attraktive. Denne udvikling skal ses i lyset af, at retail markedet har bredt sig bredere geografisk ud, og vi oplever nu, at investorerne investerer uden for de attraktive strøggader i hovedstaden. The investment volume for the retail segment has decreased in 2016 compared to 2015, which was particularly influenced by two large individual transactions, Galleri K and Illum. The total investment volume for the retail segment amounted to DKK 7.5 bn in The most active investors in the segment were property funds with a share of 67%, then private investors that represented 17% and real estate companies with 10%. Despite a share of just 36% of the retail segment, high street properties in Copenhagen have not become less attractive. This progress should be seen in the light that the retail market has spread wider geographically, and we are now experiencing investors also investing outside the attractive high streets in the Capital. RETAIL TRANSACTIONS AND FOREIGN INVESTOR SHARE INVESTOR BREAKDOWN FOR RETAIL PROPERTIES IN 2016 Private Investors 17% Others Institutional Investors Property Funds 67% 1% 7.5 5% Real Estate Companies 10% HIGH-STREET ASSET SHARE OF TOTAL RETAIL INVESTMENTS % % % 1.4 BN BN BN BN BN % 58% 57% 46% 54% 76% 36% 64% 36% HIGH-STREETS COPENHAGEN 58% 62% 67% RED PROPERTY Danish Investor share Foreign investor share 6

7 INVESTERINGSMARKEDET 2016 / INVESTMENT MARKET 2016 TOP 5 RETAILTRANSAKTIONER 2016 Top 5 Retail Transactions 2016 De største retail transaktioner var præget af udenlandske investorer, der stod bag samtlige top 5 transaktioner. De Københavnske strøgejendomme var igen i år efterspurgte, hvor Standard Life solgte både Købmagergade 3 og Frederiksberggade 1. I slutningen af året, blev de første færdigudviklede butikker i Københavns nye område, Carlsberg Byen, solgt til Aberdeen IM. Årets største retail transaktion var CBRE GI s køb af det nyopførte BIG Shopping i Herlev. The largest retail transactions were marked by foreign investors, who were behind all top 5 transactions. Again this year, the Copenhagen high street properties were in great demand, where Standard Life sold both Købmagergade 3 and Frederiksberggade 1. At the end of the year, the first fully developed retail unit in the new area of Copenhagen, Carlsberg City District, were sold to Aberdeen IM. The largest retail transaction of the year was CBRE GI s acquisition of the newly contructed BIG Shopping in Herlev. 1 Herlev Hovedgade 17 1,100 M DKK 45,705 sq m CBRE Global Investment Partners & Portus Retail NREP/NPV Comment: BIG Shopping is located in Herlev in the outskirts of Copenhagen. Newly constructed with several large international retailers such as H&M, Nike, Power etc. 2 PHOTO: PHOTO: Købmagergade 3 Pris: 400 M DKK 3,400 sq m Allan Warburg Standard Life Comment: A core high-street property located just opposite of the iconic department store, Illum. The property houses tenants such as Monki and newly opened Zara Home PHOTO: CARLSBERG BYEN P/S Tapperitorvet M DKK 7,500 sq m Aberdeen IM Carlsberg Byen P/S Comment: The first 7,500 sq m retail out of a total area of 21,000 sq m in the historic new area, Carlsberg City District. The asset is located at the UCC Campus with high footfall counts due to the location at the newly built s-train station, Carlsberg Station. PHOTO: DN GROUP PHOTO: DN ERHVERV Across Denmark Est. 350 M DKK 24,760 sq m Standard Life Top-Toy Comment: Sale and leaseback transaction of Top-Toys retail portfolio consisting of 10 properties across Denmark. Frederiksberggade M DKK 3,185 sq m AXA IM Standard Life Comment: Located at the corner of Strøget and Nytorv. The building is acquired by the AXA IM on behalf of an institutional German client. The development of the assets has already taken place, with the opening of a flagship store for JD Sport.

8 KONTOR - INVESTERING Office - Investment Kontorsegmentet nåede nye højder i 2016 med en samlet transaktionsvolumen på 19,3 mia. kr. sammenlignet med 13,5 mia. kr. i Efterspørgslen i dette segment har taget yderligere til i 2016, hvor specielt ejendomsselskaberne har været aktive med en andel af investeringsvolumen på 42%. Andelen af udenlandske investorer i segmentet nåede det højest observerede niveau i 2016, hvor næsten halvdelen af kontorinvesteringerne blev foretaget af udenlandske investorer. The office segment reached new heights in 2016 with a total transaction volume of DKK 19.3 bn compared to DKK 13.5 bn in The demand within this segment has increased even further in 2016, where particularly real estate companies have been active with a share of 42% of the investment volume. The share of foreign investors in this segment reached a new high in 2016, accounting for nearly half of the investments. INVESTOR BREAKDOWN FOR OFFICE PROPERTIES IN 2016 Public institutions 7% Real Estate Companies 42% Others 15% 19.3 Institutional Investors 11% Property Funds 25% OFFICE TRANSACTIONS AND FOREIGN INVESTOR SHARE % 67% 4.04 WERE INVESTED IN SALE AND LEASEBACK TRANSACTIONS IN 2016 WITHIN THE OFFICE SEGMENT % 93% 85% 33% 44% 0 8% 7% Danish Investor share 15% Foreign investor share SALE AND LEASEBACK 8

9 INVESTERINGSMARKEDET 2016 / INVESTMENT MARKET 2016 TOP 5 KONTORTRANSAKTIONER 2016 Top 5 Office Transactions 2016 Castellum udvidede deres kontorportefølje i København markant med opkøbet af Norrporten på 3,55 mia. kr., hvilket var årets største transaktion. Den helt store trend i 2016 var sale and leaseback transaktioner, hvor Danske Bank fulgte op på 2015 strategien og solgte deres hovedkontor på Holmens Kanal til Standard Life. Ligeledes frasolgte Nykredit en række af deres Københavnske ejendomme i en sale and leaseback transaktion, herunder deres hovedsæde til det danske ejendomsselskab DADES. Castellum expanded its office portfolio in Copenhagen significantly with the acquisition of Norrporten, which was the largest transaction of the year at DKK 3.55 bn. In 2016 the major trend was sale and leaseback transactions, where Danske Bank followed their 2015 strategy and sold their headquarter at Holmens Kanal to Standard Life. Similarly, Nykredit divested off a number of their Copenhagen properties in sale and leaseback constructions, including their headquarter, which was sold to the Danish real estate company DADES. 3 PHOTO: NORRPORTEN PHOTO: 1 Portfolio in Copenhagen 3,550 M DKK 107,800 sq m Castellum Norrporten Comment: Castellum acquires a portfolio in Copenhagen previously owned by Norrporten. With the acquisition of the Danish portfolio and the remaining properties in Sweden, Castellum now represents the largest property company in the Nordics. 2 Kalvebod Brygge 1-3 and Under Krystallen 1 1,500 M DKK 27,171 sq m DADES Nykredit Comment: Nykredit s headquarter and other offices located in Copenhagen were acquired by DADES in a sale and leaseback transaction. The location of the headquarter is considered an absolute prime office location. 4 5 PHOTO: PHOTO: WIHLBORGS A/S PHOTO: ESTATE MEDIA Holmens Kanal 2 1,400 M DKK 49,065 sq m Standard Life Danske Bank Comment: Holmens Kanal 2 has been the headquarter of Danske Bank since 1875 and was acquired by Standard Life in a sale and leaseback agreement. The properties were acquired with a relative short lease agreement with the purpose of developing the properties. Copenhagen 690 M DKK 85,191 sq m Wihlborgs A/S Unipension Comment: Office portfolio located in Copenhagen and surrounding areas acquired by Wihlborgs from the Danish institutional investor, Unipension. Kalvebod Brygge M DKK 14,138 sq M&G Real Estate PFA Ejendomme Comment: M&G Real Estate acquired the property at Kalvebod Brygge from PFA Ejendomme. The property was originally built for Forstædernes Bank in 2005, and is now acting as offices for Nykredit.

10 BOLIG - INVESTERING Residential - Investment Boligsegmentet var endnu engang det dominerende segment med hele 24.8 mia. kr. af den samlede volumen i Ejendomsselskaber stod bag 34% af investeringerne, efterfulgt af institutionelle investorer og ejendomsfonde, hver med en fordeling på 26% i dette segment. Specielt hovedstadsområdet tiltrak investorer og udgjorde i 2016 hele 76% af alle boliginvesteringerne. Den støt stigende befolkningstilvækst i hovedstadsområdet har bevirket en øget byggeaktivitet, og i 2016 trådte slut-investorerne tidligere ind i investeringer end tilfældet har været de forgående år for at sikre sig de rette investeringer. Once again, the residential segment was the dominant segment with DKK 24.8 bn of the total volume in Real estate companies were behind 34% of the investments, followed by institutional investors and property funds, each with an allocation of 26% in this segment. Especially the Copenhagen area attracted investors, and accounted for 76% of all residential investments in The steadily increasing population growth in the Capital has caused an increased construction activity, and in 2016, the end-investors entered investments earlier than previous years to ensure the right investments. INVESTOR BREAKDOWN FOR RESIDENTIAL PROPERTIES IN 2016 Real Estate Companies 34% Private Investors 8% Others 6% 24.8 Institutional Investors 26% Property Funds 26% RESIDENTIAL TRANSACTIONS AND FOREIGN INVESTOR SHARE GEOGRAPHIC DISTRIBUTION FOR RESIDENTIAL PROPERTIES % 22% % 64% 53% 36% % 44% % 41% ,467 M DKK 281 M DKK 574 M DKK 20,415 M DKK Danish Investor share Foreign investor share 10

11 TOP 5 BOLIGTRANSAKTIONER 2016 Top 5 Residential Transactions 2016 INVESTERINGSMARKEDET 2016 / INVESTMENT MARKET 2016 Bolig transaktioner var stærkt domineret af det Københavnske marked med 4 ud af de 5 største handler i Den Nordiske investor Heimstaden har været særdeles aktiv i 2016 med købet af en bolig portefølje i Sydhavnen til 1,4 mia. kr. samt 303 lejligheder fordelt over hele København til 980 mio. kr. På en femte plads er NIAMs køb af m² boliger i Aalborg til 750 mio. kr. af Sveafastigheter og North Property Asset Management. Residential transactions were heavily dominated by the Copenhagen market with 4 out of 5 of the largest transactions in The Nordic investor Heimstaden has been especially active in 2016 with the acquisition of an residential portfolio in Sydhavnen at DKK 1.4 bn and 303 apartments spread over Copenhagen at DKK 980 million. On fifth place is NIAM s purchase of 46,500 sq m residential properties in Aalborg at DKK 750 million by Sveafastigheter and North Property Asset Management. 3 1 PHOTO: PHOTO: BY & HAVN Portfolio in Copenhagen 1,445 M DKK 68,000 sq m PFA Ejendomme Resolution Property Comment: Portfolio of residential properties with 500 apartments located in Copenhagen, Frederiksberg and Gentofte. All properties are within the old building mass with a potential uplift. 2 Portfolio in CPH South Harbour 1,400 M DKK 44,400 sq m Heimstaden NIAM Comment: Portfolio consisting of 436 apartments across the South Harbour in Copenhagen. Exited by NIAM after 2-3 years of ownership. 4 5 PHOTO: CARLSBERGFONDET.DK Portfolio in Copenhagen 1,100 M DKK 70,000 sq m PFA Ejendomme (49 %), JØP (34 %) DIP (17 %) Carlsbergfondet Comment: Carlsberg Foundation Residential Portfolio. Portfolio consisting of more than 700 apartments acquired by three Danish pension funds. PHOTO: ORESUNDSTAARNET.DK PHOTO: DAVINCIPARKEN.DK Portfolio in Copenhagen 980 M DKK 29,000 sq m Heimstaden Danica Ejendomme Comment: Residential portfolio of 303 apartments in three properties across Copenhagen. Two properties are located on Amager Strandvej and one is located in Valby. Portfolio in Aalborg 750 M DKK 46,500 sq m NIAM Sveafastigheter & North Property AM Comment: All located in Aalborg, NIAM has aquired Hvidts Gård 4,000 sq m and 42 appartments located at the harbour front and DaVinci Parken with 416 appartmens and a total area of 42,500 sq m.

12 THE PROFESSIONAL AND EXPERIENCED CONSULTANCY IN THE COMMERCIAL REAL ESTATE MARKET RED Property Advisers P/S Amaliegade 3, 5 th Floor 1256 København K red@red.dk red.dk