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Presentation on the Greek Real Estate Investment Market

Presentation on the Greek Real Estate Investment Market. New York Mon day 30th Octo ber 2000. Agenda. Greece in a European Economy Greece in European Property Market Gree k Real Estate Market Overview Why invest in Greece?. Greece in a European Economy. GDP Growth.

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Presentation on the Greek Real Estate Investment Market

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  1. Presentationon the Greek Real Estate Investment Market New York Monday 30thOctober 2000

  2. Agenda • Greece in a European Economy • Greece in European Property Market • GreekReal Estate Market Overview • Why invest in Greece?

  3. Greece in a European Economy

  4. GDP Growth Source: Consensus Forecasts

  5. European inflation % Source : OECD (1990-9), Consensus Forecasts (2000-1)

  6. European interest rates % Source : OECD

  7. Greek GDP growth and inflation GDP growth (%) Inflation (%) Sources: OECD, Consensus Forecasts

  8. Greece in European Property Market

  9. European Cross-BorderDirect Investment in Real Estate - by Origin Source DTZ Research

  10. Prime office rents Mid-2000 Euro/sq.m/annum Source: DTZ Research

  11. European prime office yields (current) Mid-2000 Source: DTZ Research

  12. European office yield trends Source: DTZ Research

  13. European shopping centre density 1999 Gross Lettable Area (sq.m) per 1,000 inhabitants • Source : Various

  14. Greece Real Estate Market Overview

  15. A Changing Market • Entry to Euro-Zone – Jan 2001 • Lowering of interest rates • Infrastructure Projects • New Airport • Greater Athens Ring Road and other road projects • Expansion of Metro System • 2004 Olympic Games and associated projects • Legal Framework and securitisation through mutual funds

  16. Characteristics • Traditionally owner-occupied • High State ownership – although increasing disposals through privatisations • Immature Investment Market • Historical lack of transparency and information • Currently increasing interest from domestic and international investors.

  17. The Attica market

  18. Development opportunities • Central Athens undersupplied with quality product • Urban regeneration in Central Athens and Pireaus. • Demand for large spaces cannot be satisfied • Development activity continues in prime locations. • New Airport - Mesoghia Valley • Olympic Games in 2004 and associated infrastructure projects • Interest from major foreign players: Chelverton, Lend Lease, Sonae, TrizecHahn, Rodamco, Hindes • East Coast of Attica – expansion of ports Source: DTZ Research

  19. Why Invest in Greece?

  20. International Real Estate Cycle Source: Deutsche Bank Real Estate Private Equity

  21. Why invest in Greece ? • Entry into the Euro in Jan 2001 • High rate of economic growth • Reducing interest rate • Widening yield gap between bonds and real estate returns • Major EU Investment Program • Olympic Games 2004 • Substantial Infrastructure Improvements • Positive rental growth prospects • Legal framework becoming more ‘investor friendly’ • Indirect property investment vehicles emerging in mutualisation • Sale and leaseback opportunities • Emerging market performance within the EU Source: DTZ Research

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