EUR mln. CEE Investment, 215 Record investment volumes in CEE driven by US money 25% YoY 23% QoQ 6.28% 6.5 % Chart 1: Investment volume per country 25 215 14. 12. 1. 8. 6. 4. 2. 25 26 27 28 29 21 211 212 213 214 215 Czech Republic Hungary Poland Romania Slovak Republic BG, HR, EE, LV, LT, RS, UA Key Points The total investment volume for CEE (excluding Russia) in 215 was of EUR 9.978 billion, up 25% compared to last year. The retail sector, fuelled by major transactions closed in Czech Republic and Poland, registered a record investment figure of almost EUR 4.5 billion, representing 45% of the total amount. US purchasers account for almost 3% of all CEE investment volume. Q4 investment volume was the best final quarter ever recorded, which gives indication for a powerfull 216. CEE prime yields compressed for all sectors, with further compression expected in certain markets / sectors in 216. H2 215 CBRE Research 216 CBRE Real Estate Consultancy 1
% Macroeconomic indicatos Chart 2 : GDP Growth per country 215-217 5, 4,5 4, 3,5 3, 2,5 2, 1,5 1,,5, 215 (est) 216 (f) 217 (f) based on Oxford Economics Investment activity Chart 3: Investment volume by country of origin in 215 USA Germany 3% 2% 6% 3% 4% 5% 7% 8% 9% 23% 3% Poland UK Czech Republic Austria South Africa Netherlands Hungary Luxembourg Other H2 215 CBRE Research 216 CBRE Real Estate Consultancy 2
% % Investment by Sector Chart 4 : Investment volume by sector in 215 Retail 8% 3% 1% Office 14% 45% Industrial Residential 29% Hotel Other Chart 5: CEE Indices Weighted Average Yield 11, 1, 9, 8, Pricing 7, 6, 5, 212 212 213 213 214 214 215 215 WA Yield Sh. Center WA Yield Industrial WA Yield High Street WA Yield Office Chart 6: Core-CEE Indices Weighted Average Yield 9, 8, 7, 6, 5, 212 212 213 213 214 214 215 215 WA Yield Sh. Center WA Yield Industrial WA Yield High Street WA Yield Office H2 215 CBRE Research 216 CBRE Real Estate Consultancy 3
EUR mln. % EUR mln. Russia Chart 7 : Investment volume by sector in Russia 6. 5. 4. 3. 2. 1. 26 27 28 29 21 211 212 213 214 215 Office Retail Industrial Hotel Other Residential Chart 8: Prime Office Yields in Historical Context Outlook 18 16 14 12 1 8 6 4 2 Prague Warsaw Bratislava Budapest Bucharest Current Yield Cyclical Low Cyclical High Average Chart 9: Debt- Equity Split in Investment Volume Core-CEE 14. 12. 1. 8. 6. 4. 2. 25 27 29 211 213 215 Debt Equity H2 215 CBRE Research 216 CBRE Real Estate Consultancy 4
Table 1: Top five single-asset retail investment transactions 215 (non-confidential) Asset Country, City Purchaser Price (EUR mln.) Palladium Czech Republic, Prague Union Investment 57 Riviera Poland, Regional (Gdynia) Union Investment 291 Stary Browar Poland, Reginal (Poznań) Deutsche Asset & Wealth Management Central Shopping Center Slovakia, Bratislava Allianz Real Estate 175 Arkády Pankrác Czech Republic, Prague AERE 162 29, companies Table 2: Top five single-asset office investment transactions 215 (non-confidential) Asset Country, City Purchaser Price (EUR mln.) Dominikański I Poland, Regional (Wrocław) Union Investment 117 Empark Poland, Warsaw Immofinanz 9 Floreasca Park Romania, Bucharest GLL 9 Enterprise Park, companies Czech Republic, Regional (Kraków) Table 3: Top five industrial investment transactions 215 (non-confidential) Tristan Capital Partners Green Horizon Poland, Regional (Łódź) Griffin Real Estate 65 65 Asset Country, City Purchaser Price (EUR mln.) Amazon Dobrovíz, companies Czech Republic, Regional (Dobrovíz) AEW Europe 15 Europolis Logistic Park Romania, Bucharest P3 118 Bucharest West Logistic Park Romania, Bucharest CTP Invest 7 Millenium Logistic Park Tychy Poland, Tychy Deka Immobilien 62.6 Prologis Park West Romania, Bucharest CTP Invest 4 H2 215 CBRE Research 216 CBRE Real Estate Consultancy 5
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