RESIDENTIAL MARKET

FRANKFURTREPORT AM - THE METROPOLIS ON THE RIVER MAIN WITH AN INTERNATIONAL FORMAT, A GLOBAL CITY AT THE CENTRE OF EUROPE

FRANKFURT AM MAIN A CITY WHICH IS GROWING HORIZONTALLY AND VERTICALLY, INTEGRATING MEETING THE DEMAND FOR LIVING SPACE WITH MODERN CONCEPTS!

RESIDENTIAL MARKETREPORTFRANKFURT 3 BOOMTOWN 5,722,000 759,000 2,300,000 Population of the Rhine- Population of Population of Frankfurt FRANKFURT am Main Main metropolitan region Frankfurt am Main am Main and its suburbs

The most international city in , the largest financial centre in continental Europe & the fastest growing major city 2019: 759,000

+13.3%

+7.1% P O P U L +4.4% A 2035: +2.4% TOP 4 T POPULATION GROWTH IO N FORECAST 2019–2035 (%) GR OWTH 860,000 HAMBURG BERLIN MUNICH FRANKFURT AM MAIN

POPULATION GROWTH IN THE FRANKFURT RHINE/MAIN METROPOLITAN REGION FORECAST

6,100

Frankfurt am main IS THE CITY WITH BY FAR THE 5,900

STRONGEST POPULATION GROWTH FORECAST AMONG 5,700

THE TOP 4 IN GERMANY. IN ADDITION, THE RHINE-MAIN thousandsin REGION AS A WHOLE IS ALSO GROWING AT AN ABOVE- 5,500

AVERAGE RATE. 5,300 1999 2003 2007 2011 2015 2019 2023 2027 2031 2035

Source: Oxford Economics, Stadt Frankfurt am Main

4 5 FRANKFURT NO.1 Financial Centre AM MAIN Continental Europe

GLOBAL FINANCIAL CENTRE 311 destinations in 97 countries

BREXIT-WINNER 70.5 M Approx. 25 applications to Passengers in 2019 BaFin for new banking licences >1,400 NORDRHEIN-WESTFALEN FLIGHTS departures and arrivals daily HESSEN

INTERNATIONAL REACH 1 of 30 global gateway cities

5 MOTORWAYS & 6 MAJOR TRUNK ROADS link Frankfurt with SECTOR MIX TALENT BASE the whole of Europe Frankfurt am Main is regarded as the job 27 Universities and other motor of the Rhine-Main area and has by institutions of higher education, far the highest office employment rate in Frankfurt am Main 50 educational facilities with Germany at over 50%. With about 720,000 over 70,000 students. employees, Frankfurt am Main has the hig- hest density of jobs in Germany. Aschaffenburg 470,000 passengers daily use Frankfurt main station, THE SECOND BUSIEST RAIL- WAY STATION IN GERMANY

1,003,790 QUALITY OF LIFE SKYLINE RHEINLAND-PFALZ WORKDAY POPULATION Ranked 7th globally Landmark and symbol of the for quality of life* „metropolis on the Main“, GERMANY‘S COMMUTER Germany‘s global city BADEN-WÜRTTEMBERG CAPITAL Net inward commutes +286,500 (2019)

Rhine-Main Region Source: Mercer*, Bundesagentur für Arbeit, Oxford Economics, Regionalverband FrankfurtRheinMain, Frankfurt am Main Stadt Frankfurt am Main, Statistisches Bundesamt, IHK Frankfurt am Main 0 5 10 Kilometers

0 5 10 Kilometers Data © OSM CW Research Germany 20

Data © OSM C&W Research Germany 20 6 7 FRANKFURT AM MAIN IS ALSO KNOWN ECONOMIC ENVIRONMENT AS THE MOST COMPACT METROPOLIS IN THE WORLD, CONSTANTLY REINVENTING ITSELF AND DISPLAYING NEW FACETS. FRANKFURT AM MAIN IN COMPARISON (Q3 2020)

FRANKFURT AM RHINE-MAIN GERMANY MAIN METROPOLITAN REGION

Population in thousands 759 5,722 83,167

Population density in inhabitants per km² 3,030 388 233

Unemployment rate in % 7.5 4.9 6.2

Employed persons contributing to social security 613 2,272 33,648

Services sector in % 90 77 71

€3.436 billion GDP Germany (2019, Q1 2020: €854.57 billion)

0.6% GDP growth Germany (2018­­–2019)

Purchasing power per head of population €27,449 Frankfurt am Main (2019)

30.0% Proportion of foreign residents Frankfurt am Main (2019)

Proportion of international companies 15.7% in Frankfurt am Main (2019)

611,471 Employed persons contributing to social security (2020)

Employed persons contributing to social security 89% in the services sector (2019)

Source: C&W, Statistische Ämter

8 9 HOUSING SHORTAGE SUSTAINED SHORTAGE OF LIVING SPACE IN FRANKFURT AM MAIN 2019 2030

BUILDING PERMITS 2018 2019 395,000 436,000 7,329 5,829 APARTMENTS APARTMENTS Decline in building permits compared 50,000 100,000 to the previous year due to fluctuations caused by major projects. In 2020, this will APARTMENT SHORTFALL APARTMENT SHORTFALL be higher again due to the approval of the + 50,000 major „FOUR“ project.

0.7%* Near 0% BUILDING COMPLETIONS VACANCY VACANCY 2018 2019 3,519 3,583

Second-highest completions figure of *Source: C&W Research, Stadt Frankfurt am Main, Empirica the last ten years. GROWTH IN NUMBER OF HOUSEHOLDS IN FRANKFURT AM MAIN

HOUSEHOLDS HOUSEHOLD STRUCTURE FRANKFURT AM MAIN 2030

500,000 482,000 480,000 + 31% Frankfurt am Main 465,000 At the end of 2019, Frankfurt am Main‘s hou- + 10% Germany 460,000 448,000 sing stock comprised approx. 395,000 apart- 2005–2035 ments which is significantly below current 440,000 430,000 demand. The current shortfall is estimated 420,000 at approx. 50,000 apartments, which is ex- 407,000 pected to double by 2030. The pressure of demand on the housing market in Frankfurt 400,000 am Main continues to be high and no reversal 380,000 369,000 of the trend is expected - the rate of popula- 367,000 Single person 52% tion growth continues to outstrip the rate of 360,000 expansion of the housing stock. The signifi- Two-person 33% cant shortage of residential space is illustra- 340,000 2005 2010 2015 2020 2025 2030 2035 Four or more persons 8% ted by the virtually non-existent vacancy rate (0.7%). In recent years, the residential market Three person 7% in Frankfurt am Main has become one of the Source: Oxford Economics, riwis most expensive in Germany, due to the cons- Ave 1.7 persons per household tantly increasing excess demand for living space. Even newly-listed apartments cannot meet demand, which leads to further increa- THE 31% GROWTH IN THE NUMBER OF HOUSEHOLDS IN FRANKFURT AM MAIN (2005–2035) IS SIGNIFICANTLY HIGHER THAN THE GERMANY-WIDE AVERAGE 10%. 10 11 LIVING IN FRANKFURT AM MAIN NOTHING IS FAR

AIRPORT MOTORWAY (A5) MAIN STATION E-Scooter Only 12 minutes Only 5 minutes from Centrally located within the Comprehensive from the city centre the city centre city and centrally within e-scooter coverage, Germany - provides swift currently via 5 providers links to all major cities.

GOETHE 5 FRANKFURT UNIVERSITY UNIVERSITY OF APPLIED SCIENCE GRUENEBURGPARK

PALMENGARTEN

RÖMERBERG & OSTPARK NEUE ALTSTADT (NEW OLD TOWN) ZOO MESSE & ALTE OPER 6 ZEIL SKYLINE PLAZA CBD 7 1 EZC FRANKFURT4 MAIN STATION 2

HAFENPARK MUSEUMSUFER 3 8 THE CITY OF SHORT DISTANCES. IN FRANKFURT AM MAIN EVERYTHING IS NEARBY - BOTH WITHIN 9 THE CITY AND BEYOND, WHETHER TRAVELLING FOR BUSINESS ABROAD, TO OTHER MAJOR STADTWALD GERMAN CITIES OR TO THE NEARBY HILLS 10 AT WEEKENDS. IN NO OTHER GLOBAL CITY ARE JOURNEYS SO SHORT AND CLOSELY INTERWOVEN. 12 13 CAPITAL VALUE GROWTH

YEAR MULTIPLE MULTI-FAMILY BUILDING APARTMENT RENT MAXIMUM RENT INITIAL TENANCY MAXIMUM CAPITAL VALUE PER SQ M IN CAPITAL VALUE PER SQ M MAXIMUM (EURO/sq m) (EURO/sq m) RELATION TO THE MAXIMUM RENT ON IN RELATION TO MAXIMUM RELETTING RENT ON INITIAL LETTING

2000 18.00 11.25 12.78 2,430 2,760

2001 18.30 11.25 13.10 2,471 2,877

2002 20.00 12.00 13.80 2,880 3,312

2003 20.00 12.00 13.80 2,880 3,312

2004 19.00 12.10 14.00 2,759 3,192

2005 19.00 12.00 14.00 2,736 3,192

2006 18.00 12.00 14.00 2,592 3,024

2007 18.50 12.00 14.20 2,664 3,152

2008 18.00 12.30 14.50 2,657 3,152

2009 19.00 12.50 15.00 2,850 3,420

2010 19.50 12.80 16.00 2,995 3,744

2011 20.00 14.00 17.00 3,360 4,080

2012 22.00 16.00 17.80 4,224 4,699

2013 23.50 16.80 18.50 4,378 5,217

2014 24.00 17.20 19.20 4,954 5,530

2015 25.00 18.00 20.00 5,400 6,000

2016 26.50 19.00 21.00 6,042 6,678

2017 28.50 20.00 22.00 6,840 7,524

2018 31.00 20.50 22.50 7,626 8,370

2019 33.00 21.20 23.50 8,514 9,306

2000–2019

+15 factors +88% +84% +250% +237%

Source: riwis THE RESIDENTIAL INVESTMENT MARKET‘S KEY INDICATORS HAVE BEEN RISING STEEPLY FOR 20 YEARS WITH FURTHER GROWTH EXPECTED IN THE COMING YEARS

14 15 RENT AND PURCHASE PRICE LEVELS APARTMENT RENTS H1 2020 AVERAGE RENTS AT ADMINISTRATIVE DISTRICT LEVEL 30.00 1.200

25.00 1.000 Bad Homburg v.d. Höhe Numbers of offers Karben 20.00 800

NIEDER- Oberursel 15.00 ERLENBACH Schöneck 600 NIEDER- €9,72/m²

ESCHBACH m/Month €/sq 10.00 €9,84/m² 400 Königstein Kronberg KALBACH- 5.00 200 RIEDBERG €9,64/m² €12,25/m² Niederdorfelden 0.00 0

Key Steinbach II East 95%-Quantile NORTH -W- EST CITY-EAST South West BERGEN- Harheim 75%-Quantile €11,18/m² €11,00/m² City-West City-NorthNorth-East ENKHEIM City Centre I North-West Bad Soden Schwalbach City CentreCity III Centre 50%-Quantile €10,56/m² Maintal Bergen-Enkheim Nieder- 25%-Quantile Bornheim/Ostend Kalbach-Riedberg Nieder-ErlenbachFrankfurt am Main CITY-NORTH 5%-Quantile EAS T €11,97/m² Number of offers €10,43/m² (right axis) Kelkheim Source: Empirica CITY -WEST CITY-CENTRE II Sulzbach €11,28/m² €14,29/m² CITY-CENTRE III AS EXPECTED PRIME RENTS ARE ACHIEVED IN WESTEND; NORDEND AND BORNHEIM. THE BORNHEIM/ Liederbach €13,86/m² OSTEND GREATEST NUMBERS OF APARTMENT OFFERS ARE ALSO IN THESE DISTRICTS AS WELL AS IN €13,33/m² FRANKFURT AM MAIN WEST AND SACHSENHAUSEN. Mühlheim am Main CITY-CENTRE I Hofheim €13,49/m² WEST APARTMENT PURCHASE PRICES H1 2020 €10,27/m² 16,000 350 Kriftel SOUTH 14,000 €12,78/m² 300 12,000

250 Numbers of offers Obertshausen10,000 Hattersheim 200 8,000

€/sq m 150 Flörsheim 6,000 Neu-Isenburg Heusenstamm 100 4,000

2,000 50 Dreieich 0 0 Raunheim Mörfelden- Langen I Key Rüsselsheim Walldorf II III East 95%-Quantile South West 0 0,75 1,5 Kilometers Harheim City-West 75%-Quantile City-North North-East City Centre North-West Data © OSM C&W Research Germany 20 City Centre City Centre 50%-Quantile ADMINISTRATIVE DISTRICT CITY DISTRICTS Bergen-Enkheim Nieder-Eschbach 25%-Quantile Bornheim/Ostend Kalbach-Riedberg Nieder-Erlenbach Frankfurt am Main Bergen-Enkheim Bergen-Enkheim 5%-Quantile Bornheim/Ostend Bornheim, Ostend Number of offers Harheim Harheim (right axis) City Centre I Gallus, , , Altstadt, City Centre Source: Empirica City Centre II Bockenheim, Westend-South, Westend-North City Centre III Nordend West, Nordend East Kalbach-Riedberg Kalbach-Riedberg City-North , , Dornbusch THE HIGHEST APARTMENT PURCHASE PRICES IN FRANKFURT AM MAIN ARE FOUND NOT ONLY IN City-West , Hausen, Rödelheim Nieder-Erlenbach Nieder-Erlenbach WESTEND AND NORDEND BUT ALSO IN THE OLD TOWN AND THE TOP OF RIEDBERG. THE LARGEST Nieder-Eschbach Nieder-Eschbach North-East , , , , NUMBERS OF OFFERS ARE FOUND NOT ONLY IN THE WEST AND SOUTH BUT ALSO IN THE GALLUS North-West , DISTRICT. East , , Seckbach South Sachsenhausen North & South, , , West , , , Höchst, Griesheim, Schwanheim, , 16 17 RENT DEVELOPMENT

Nieder-Erlenbach, 10.92 Harheim, 10.83 City -West, 14.99

I, 18.19

III, 23.38 Nieder-Eschbach, 11.56 East, 15.54

City Centre III, 17.68 City Centre

Bergen-Enkheim, 12.16 City Centre Bergen-Enkheim, 15.73 I, 21,02

City Centre II, 17.48 City Centre West, 12.17 AVERAGE RENT EXISTING AVERAGE RENT NEW BUILDINGS BUILDING North-West, 15.78 City Centre II, 20.67 (€/sq m/MontH) s(€/sq m/MontH) Bornheim/Ostend, 17.11 North-East, 12.3

Bornheim/Ostend, 19.05

South, 15.42

East, 13.04 Kalbach-Riedberg, 14.58 Kalbach-Riedberg, 16.44 City

City-West, 14.27 -Nor th, 17.9

West, 16.9 North-West, 13.5

South, 17.1

City-North, 13.91

Maximum rent existing buildings (€/sq m) Maximum rent new buildings (€/sq m) City Centre I City Centre I City Centre III City Centre III Bornheim/Ostend Bornheim/Ostend City Centre II City Centre II South South Kalbach-Riedberg Kalbach-Riedberg City-West City-West North-West North-West City-North City-North East East West West Bergen-Enkheim Bergen-Enkheim North-East 0 5 10 15 20 25 30 (€/sq m) Nieder-Eschbach Harheim * Harheim, Nieder-Erlenbach, Nieder-Eschbach, Frankfurt North-East: Due to the lack of new-builds in the rental segment in 2020 it is Nieder-Erlenbach not currently possible to calculate an average and maximum price. . 0 5 10 15 20 25 30 (€/sq m)

Source: iib Source: iib 18 19 PURCHASE PRICE DEVELOPMENT

Nieder-Eschbach, 5,033 Nieder-Erlenbach, 3,569

Harheim, 3,635

West, 5,062 III, 9,542 Nieder-Eschbach, 3,744

City Centre II, 8,267 City Centre East, 5,076

West, 3,751 II, 8,331

City Centre I, 7,534 City Centre Nieder-Eschbach, 5,282

North-East, 4,022 AVERAGE PURCHASE AVERAGE PURCHASE City Centre III, 7,021 City Centre I, 7,792

North-West, 4,399 PRICE EXISTING BUILDINGS North-West, 5,443 PRICE NEW BUILDINGS (€/sq m) (€/sq m)

Bornheim/Ostend, 6,209 Bornheim/Ostend, 7,589

-West, 4,414 City CIty-North, 5,830

Kalbach-Riedberg, 6,606

City South

-North, 5,201 , 5,317 Bergen-Enkheim, 4,520

South, 6,344

Bergen-Enkheim, 5,895 East, 4,572

-West, 6,285

City

Kalbach-Riedberg, 5,037

Capital value max. existing buildings Capital value max. new buildings City Centre II City Centre II City Centre I City Centre I City Centre III City Centre III Bornheim/Ostend Bornheim/Ostend South South Kalbach-Riedberg Kalbach-Riedberg City-North City-North Bergen-Enkheim Bergen-Enkheim North-West North-West North-East City-West City-West East East West West Nieder-Erlenbach Nieder-Erlenbach Nieder-Eschbach Nieder-Eschbach 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 (€/sq m) Harheim

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 (€/sq m) * Harheim, Frankfurt North-East: Due to the lack of new-builds in the purchase segment in 2020 it is not currently possible to calculate an average and maximum price.

Source: iib Source: iib 20 21 46 NEW RESIDENTIAL DISTRICTS 26 FRANKFURT AM MAIN IS EXPANDING 25 27 DEVELOPMENT POTENTIAL AND 61 PROJECTS IN FRANKFURT AM MAIN 31 3 45 40 7 30 55

6 45 31 23

67 51 13 21 14 10

54 66

48 50 35 11 41 56 62 38 29 39 59 9 37 8 20 2 12 16 &17 34 4 15 33 54 48 1 42 24 60 18 44 18 68 28 53

22 65 43

0 7501.500 Meters

Data © OSM C&W Research Germany 20 22 23 NEW RESIDENTIAL DISTRICTS FRANKFURT AM MAIN IS EXPANDING

NO. (NEW) PROJECT NUMBER OF DU’S NO. (NEW) PROJECT NUMBER OF DU’S

1. Adam Riese Straße 600 33. Nordöstlich Silobad (Silogebiet I) 1,000

2. Altes Polizeipräsidium 500 34. Parkstadt Unterliederbach II 18 ha

3. Am Eschbachtal, Harheimer g 1,100 35. Platensiedlung North 7.5 ha

4. Am Römerhof 2,200 36. Quartier East 0.4 ha, 75 apartments

5. Am Stockborn 130 37. Quartier Four 1.6 ha, 650 apartments

6. An der Sandelmühle 270 38. Quartier Main Yard 0.9 ha, 300 apartments

7. Berkersheim East 450 39. Rebstock 950

8. Breite Gasse 150 40. Riedberg 266 ha

9. Danziger Platz (former Telekom area) 320 41. Senckenbergquartier, #One Forty West 0,4 ha, 187 apartments

10. Ernst-May-Viertel 121 ha, approx. 3,800 apartments 42. Silogebiet II 650

11. Fechenheim 31 ha 43. Sindlingen South 280

12. Fischerfeldstraße/Lange Straße 70 44. Sommerhoffpark 20 ha

13. Friedberger Landstraße / Östlich Bodeng 200 45. Municipal development measures Frankfurt Nordwest 8,500

14. Friedberger Landstraße / Südlich Wasserpark 1,500 46. Südlich am Riedstieg (Nieder-Erlenbach North) 360

15. Hafenpark Quartier 604 apartments 47. Südlich Frankenallee / Hellerhofstraße 550

16. Hanauer Landstraße / stlich Osthafenplatz/Launhardtstraße 410 48. Südlich Rödelheimer Landstraße 2,500

17. Hanauer Landstraße / tslich Launhardtstraße 410 49. Südlich Urnbernweg 3 ha

18. Henninger Areal 27 ha 50. Unigelände Bockenheim 1,000

19. Kleyerstraße / Ackermannstraße 1,200 51. Westlich Friedberger Warte 200

20. Klinikum Höchst (Nördlich Hospitalstraße) 260 52. Westlich und südlich der Ferdinand-Hofmann-Siedlung 1,200

21. Leuchte 430 53. Wohnbebauung Palleskestraße - VGF Betriebshof Höchst 260

22. Lyoner Quartier 88 ha 54. Wohnen am nördlichen Günthersburgpark 100

23. Melagärten Wohnquartier 0.8 ha, 76 apartments 55. Wohngebiet Frankfurter Berg - Hilgenfeld 850

24. Nieder Tor / Ortsrand Alt-Nied 130 56. Wohnhochhaus Katzenpforte 100

25. Nieder-Eschbach Am Hollerbusch 250 57. Wohnquartier Grand Ouest und Westend-Ensemble 1.4 ha, 404 apartments

26. Nieder-Eschbach North 300 58. Wohnquartier Griesheim-City Centre 0.8 ha, 38 apartments

27. Nieder-Eschbach South 420 59. Wohnquartier Grünhoch2 2 ha, 276 apartments

28. Niederrad am Main 37 ha 60. Wohnquartier High Lines 0.6 ha, 500 apartments

29. Nördlich Dieburger Straße 250 61. Wohnquartier Mainwald 2.1 ha, 391 apartments

30. Nördlich Lurgiallee 600 62. Wohnquartier Marie 1.4 ha, 236 apartments

31. Nordöstlich der Anne-Frank-Siedlung 850 63. Woogstraße / Schäfers Garten 50

32. Nordöstlich Auf der Steinern Straße 300 64. Zeilsheim South 200

Source: C&W, Stadtplanungsamt Frankfurt am Main, TD

24 25

0 750 1.500 Meters

Data © OSM CW Research Germany 20 NEW CITY DISTRICTS VERTICAL GROWTH

CASE STUDY: FOUR

Deutsche Bank The FOUR project Completion of the four The building sold the site to is currently under towers, which give plan area is 2.8 Groß & Partner construction, with the project its name, ha. the project in 2015 59 full storeys 2023/2024 area is 1.6 ha.

97,000 m² 380 rental apart- 150-room hotel, 15,000 m² retail office space ments, of which 30% 180-room and gastronomy publicly subsidised, apartment hotel area 270 owner-occupier apartments with 41,000 m² residential floor space

The area is located in Frankfurt am Main city centre and comprises the block bounded by Junghofstrasse to the north, Roßmarkt to the east, Große Gallusstrasse to the south and Neue Schlesingergasse to the west. A dense urban „quarter“ with a mix of residential, commercial, hotel, daycare, retail and gastronomy uses is planned, which will contribute to the revitalization of the banking district. The area is to be linked to the neighbouring areas by new public squares and arcades. In order to maintain a socially-mixed quarter, subsidized apartments are to be included.

TOWER TOWER TOWER TOWER 233 m 173 m 120 m 100 m Offices Apartments Owner-occupier Offices Food hall Hyatt House apartments Kimpton Design Hotel

26 27 NEW CITY DISTRICTS HORIZONTAL GROWTH

CASE STUDY: AM RÖMERHOF

The Römerhof, located south of Rebstockpark, is the pilot project The investors include Developer: Rebstock Building plan for the of the „City 2020“ research program of the German Institute ABG FRANKFURT HOLDING, Projektgesellschaft project should be for Urban Design and offers the unique urban development Instone Real Estate, Gero Real mbH (public private published in 2021. opportunity to expand the Europaviertel to the west. Estate, LBBW Immobilien partnership) Completion Q4 2025 Gruppe and Wüstenrot Haus- The design did not emerge from an urban planning competition, and Städtebau GmbH but for the first time from a joint workshop with that of the German Institute for Urban Design, the city administration and the municipal housing company ABG, which will develop the quarter.

The concept is based, among other things, on ideas from the Wilhelminian period with its numerous courtyards and squares, perimeter block development and small-scale architecture, for Investment volume Over 2,000 Over 30% of the which a competition is still being held. approx. €300 million apartments on an residential area to be area of 29 hectares subsidised housing

28 29 CONTACT CAPITAL MARKETS FRANKFURT

RICHARD HELGE MICHELLE JOANA ALEXANDER TUCKER ZAHRNT MRICS SCIVOLI BULK BRUNE International Partner, Head of Research & Insight Senior Consultant, Consultant, Junior Consultant, Capital Markets Frankfurt Germany Capital Markets Frankfurt Capital Markets Frankfurt Capital Markets Central Team

T +49 69 50 60 73 231 T +49 40 3008811 50 T +49 69 506073 264 T +49 69 50 60 73 262 T +49 69 506073 274 M +49 151 188 30 924 M +49 151 46764203 M +49 151 18836163 M +49 1511 8831034 M +49 151 18836203 E [email protected] E [email protected] E [email protected] E [email protected] E [email protected]

Cushman & Wakefield Copyright 2020.

This information („Information“) is intended solely for the recipient and was prepared in good faith from public and other external from third parties which requires verification. The information is intended solely as a guide for potential buyers or investors and does not sources. Cushman & Wakefield has not verified the Information provided by third parties and assumes no responsibility for its accuracy constitute the entire offer or any part thereof. No employee of C&W is authorized to make any representation or warranty relating in any or completeness. C&W shall not be liable for the losses incurred by any other party who is not the intended recipient of the Information way to the Information. The above rents and prices may be subject to VAT. but who nevertheless relies on the Information. Although all reasonable precautions have been taken to ensure the accuracy of the Information, it is subject to change and confirmation. C&W does not accept any liability for damages resulting from information originating 30 31