Lounais-Suomen Rakennuspäivä Kokemuksia & näkemyksiä Turun kiinteistösijoitusmarkkinoista ja vähän muutakin

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1 Copenhagen Denmark Copenhagen Denmark Stockholm Sweden Copenhagen Denmark Esbjerg Helsinki Denmark Finland Espoo Finland Turku Finland Helsinki Finland Stockholm Sweden Copenhagen Denmark Helsinki Finland Stockholm Sweden Helsinki Finland Helsinki Finland Lounais-Suomen Rakennuspäivä Kokemuksia & näkemyksiä Turun kiinteistösijoitusmarkkinoista ja vähän muutakin Kalle Myllymäki

2 CapMan in Brief A forerunner in private equity years of experience in Finland, the Nordics and Russia investments 5 core investment areas LPs as customers portfolio companies and real estate assets 2

3 Overview of CapMan s Investment and Service Operations Leading Nordic real estate investor with 1.5 bn in assets under management CapMan s capital under management 2.8 bn Team of 100 private equity professionals Growing services business Fund management Growth Equity One of the leading mid-sized buyout firms in Finland and Sweden Minority investments in Nordic unlisted growth companies CapMan Credit Private debt investments in small and mid-sized Nordic companies Leading growth investor in Russia 3

4 1.2 Billion of Equity Raised Since 2005 DEVELOPMENT OF CAPMAN REAL ESTATE

5 Nordic Market Overview January 2017

6 The Nordics Overview Norway Population 5,200,000 Capital Oslo Oslo population 1,200,000 GDP per capita, USD (Global rank)* 71,497 (3) Annual GDP growth % Unemployment** 4.9% Finland Population 5,500,000 Capital Helsinki Helsinki population 1,100,000 GDP per capita, USD (Global rank)* 43,492 (16) Annual GDP growth % Unemployment** 8.6% Denmark Population 5,600,000 Capital Copenhagen Copenhagen population 1,300,000 GDP per capita, USD (Global rank)* 53,243 (9) Annual GDP growth % Unemployment** 6.3% Sweden Population 10,000,000 Capital Stockholm Stockholm population 2,200,000 GDP per capita, USD (Global rank)* 51,604 (11) Annual GDP growth % Unemployment** 6.9% * IMF November 2016 ** Eurostat September

7 Nordic Products 7

8 GDP Growth (% p.a.), the Nordics vs Eurozone The Nordics have during the last decade showed a strong growth and outperformed the growth in Eurozone E 2017E 2018E Sweden Finland Denmark Norway Eurozone Source: OECD 8

9 Unemployment (%) the Nordics vs EU-average 1.2 All Nordic countries have a strong labour market and have continuously showed a lower unemployment rate than the EUaverage Sweden Finland Denmark Norway EU-28 Source: Eurostat 9

10 Property Market Overview Norway Office stock Oslo CBD / Greater Oslo, sqm 800,000 / 8,400,000 Office vacancy Oslo CBD / Greater Oslo 6.0% / 7.5% Prime office yields CBD / Suburban 4.00% / 5.00% Investment volume 2016 (billion Euro) 7.3 Finland Office stock Helsinki CBD / Greater Helsinki, sqm 1,100,000 / 8,600,000 Office vacancy Helsinki CBD / Greater Helsinki 6.8% / 12.4% Prime office yields CBD / Suburban 4.40% / 6.00% Investment volume 2016 (billion Euro) 7.2 Denmark Office stock Cph CBD / Greater Cph, sqm 5,700,000 / 11,800,000 Office vacancy Cph CBD / Greater Cph 7.7% / 7.7% Prime office yields CBD / Suburban 4.00% / 4.75% Investment volume 2016 (billion Euro) 6.7 Sweden Office stock Sthlm CBD / Greater Sthlm, sqm 1,800,000 / 11,600,000 Office vacancy Sthlm CBD / Greater Sthlm 3.8% / 8.1% Prime office yields CBD / Suburban 3.75% / 5.00% Investment volume 2016 (billion Euro) 22.2 Source: JLL Nordic City Report Autumn 2016, Investment volume Pangea Property Partners 10

11 Prime European Office Yields (%), H Source: Cushman & Wakefield 11

12 Nordic Property Market Prime Office Yields, % Prime Office Rents, EUR psm/yr Sweden Denmark Finland Norway Sweden Denmark Finland Norway Source: JLL, Catella and Cushman & Wakefield 12

13 Turku Overview February 2017

14 Turku Property Market Transaction Volume Real Estate Transaction Volume 14 Source: KTI

15 Turku Property Market Transaction Volume in 2016 Sample transactions in 2016 Nereis Business Garden PEAB -> Local investor Former Kodin1 department store in Länsikeskus n/a -> Local investor Retail centre Centrum CapMan RE II Ky -> Nordea Life Insurance Pharmacity office asset in Kupittaa Varma -> Turku Technology Properties High Tech Centre 3 in Kupittaa Lunden Kiinteistöt Oy -> Turku Technology Properties Yliopistonkatu 14 in city centre Sponda -> LähiTapiola Kivikukkaro retail asset n/a -> Virtanen Yhtiöt and an undisclosed foreign investor XXL retail box in Skanssi Etera -> Aktia Henkivakuutus Oy, VR Eläkesäätiö ja Rautuki-säätiö 15 Source: Catella, CapMan Real Estate

16 Turku Property Market Occupier Market 16 Source: Catella

17 Turku Property Market Occupier Market 17 Source: Catella

18 Turku Property Market Constrained Supply Pipeline Office Construction Activity in Turku Retail Construction Activity in Turku 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5, , , , , ,000 80,000 60,000 40,000 20,000 0 Started, sqm Completions, sqm Started, sqm Completions, sqm 18 Source: KTI