Investment market in poland vs europe may 200 7
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INVESTMENT MARKET IN POLAND vs. EUROPE May 200 7. AGENDA. Evolution of Polish Investment Market to Date. 1. Rationale for investing in Poland (Retail, Industrial, Office). 2. Returns. 3. Recent Trends. 4. Investors in Poland. 5. Adding value and success in Polish retail market. 6. 7.

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INVESTMENT MARKET IN POLAND vs. EUROPE May 200 7

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Investment market in poland vs europe may 200 7

INVESTMENT MARKET IN POLANDvs. EUROPEMay 2007


Agenda

AGENDA

Evolution of Polish Investment Market to Date

1

Rationale for investing in Poland (Retail, Industrial, Office)

2

Returns

3

Recent Trends

4

Investors in Poland

5

Adding value and success in Polish retail market

6

7

Case studies


Evolution of polish investment market to date

Evolution of Polish Investment Market to Date

Investment Volume (mln €)

€ 2.5 bn

Retail

Industrial

€ 2.0

Office

€ 0.3 bn

€ 0.2 bn

€ 1.1 bn

€ 1.9 bn

Source: King Sturge Research


Rationale for investing in polish retail

Rationale for investing in Polish Retail

Investment Yield (%)

Rent (€ / m2 / p.a.)

Warsaw

Source: King Sturge Research


Rationale for investing in polish offices

Rationale for investing in Polish Offices

Investment Yield (%)

Rent (€ / m2 / p.a.)

Warsaw

Source: King Sturge Research


Rationale for investing in polish industrial

Rationale for investing in Polish Industrial

Investment Yield (%)

Rent (€ / m2 / p.a.)

Warsaw

Source: King Sturge Research


Shopping centre floorspace gla m 2 per 1 000 population by country in 2006

Shopping centre floorspace (GLA m2) per 1,000 population by country in 2006

m2

Source: Retail Research Forum


Office floorspace gla m 2 by cities in 2007

Office floorspace (GLA m2) by cities in 2007

m2

Source: King Sturge Research


Rationale for investing in poland

Rationale for investing in Poland

Rental growth in the all sectors

Growing spending purchase power

Business Process Offshoring

Increasing tenants diversification in regional cities

Dynamic development of regional cities and Euro 2012

Optimistic economy growth prospect


Challenges faced by investors in poland

Challenges faced by investors in Poland

Lack of transparency and quality of data

Local approach vs. institutional experience

Immature market

Increasing competition

Little historic data

Lack of investment product

Yield levels and DSCR


Yields in polish retail history forecast

Yields in Polish retail – history & forecast

Prime Retail, Warsaw

Prime Retail, Regional Cities

*

* Information at the end of 2006

Source: King Sturge Research


Yields in polish office history forecast

Yields in Polish office – history & forecast

Prime Office, Warsaw

Prime Office, Regional Cities

*

* Information at the end of 2006

Source: King Sturge Research


Yields in polish industrial history forecast

Yields in Polish industrial – history & forecast

Prime Industrial, Warsaw in-town

Prime Industrial, logistics locations

*

* Information at the end of 2006

Source: King Sturge Research


Recent trends

Recent trends

New products

Newcomers

Smaller lot

sizes / portfolios

Forward fundings

/ purchases

Joint

ventures

Resales of

assets


Investors in polish investment market

Investors in Polish investment market

Investor Type

Structure of the investor

Country of origin

Core Investors

Institutional Investment Funds

French

Austrian

German

Spanish

Opportunistic Investors

Property Companies

American

Irish

Dutch

UK

Small / Medium Asset Managers

Source: King Sturge


Adding value

Adding value

  • Active asset and property management

  • Adding income

  • Repositioning / refurbishments

  • Building portfolio

  • Changes to tenant mix

  • Extensions


How can investors succeed in poland

How can investors succeed in Poland?

  • Know the market

  • Choose location

  • Target properties

  • Prepare clear strategy

  • Detailed due diligence

  • Active sourcing


Industrial sale

Industrial Sale

  • Diamond Business Park Janki

  • Purchase price: $ 30,000,000

  • Size: 28,000 m2

  • Seller: AIG Lincoln

  • Buyer: Teesland / IOG

  • Main tenants: Hellmann, Coty


Retail sale

Retail Sale

  • Promenada (Warsaw)

  • Purchase Price:€ 127,000,000

  • Size: 50,000 m²

  • Seller: Private Individual

  • Buyer: Dawnay Day Carpathian

  • Main tenants: Cinema City, Zara,

    H&M, Alma, Empik


Office sale

Office Sale

  • Euromarket (Kraków)

  • Purchase Price:€ 32,000,000+

  • Size: 16,000 m²

  • Seller: Invesco

  • Buyer: CIT Group

  • Main tenants: BP, Fortis Bank


Retail schemes joint ventures

Retail schemes joint ventures

  • Focus Park

  • Total target lot size:€ 500,000,000 +

  • Partners: Parkridge CE Retail &

    Morley Fund Management


Questions

Questions

Michał Ćwikliński

Investment Department

King Sturge

T: +48 22 653 48 48

E-Mail: [email protected]

Al. Jana Pawła II 25

00-854 Warszawa


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