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GLOBAL CAPITAL FLOWS Life on the High Plateau Global Capital Flows Colliers Global Capital Markets Speakers

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GLOBAL CAPITAL FLOWS Life on the High Plateau Global Capital Flows Colliers Global Capital Markets Speakers GLOBAL CAPITAL FLOWS Life on the High Plateau Global Capital Flows Colliers Global Capital Markets Speakers DAMIAN TERENCE JOHN HARRINGTON TANG MARASCO Head of ASIA AUSTRALIA & Research, EMEA NEW ZEALND MATTHIAS LEUBE GERMANY RICHARD CHRISTIAN RICARDO DIVALL KADEL BETANCOURT EMEA GERMANY LATAM EXPO GLOBAL CONFERENCE | 2019 GEO-POLITICS Global Trends GLOBAL TRENDS VOLUMES BY GLOBAL REGION TOTAL GLOBAL REGION AsiaPac s Americas Trillion US$ US$ Billions US$ US$ EMEA Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 North America Europe AsiaPac GLOBAL TRENDS (3YR ROLLING AVERAGE) % of cross-border activities GLOBAL CITIES 37% 26% SEOUL TOKYO 71% 52% 18% LONDON BERLIN TORONTO 54% 16% SHANGHAI SAN FRANCISCO 46% 43% HONG KONG PARIS 17% 27% 22% LOS ANGELES NEW YORK WASHINGTON D.C 51% 55% SINGAPORE SYDNEY Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 GLOBAL TRENDS GLOBAL INVESTORS SECTOR MOMENTUM 2010 2018 € 74,055 € 103,437 OFFICE 40% (RETAIL INVESTMENT € 53,627 € 77,254 RETAIL 44% NEGATIVE LAST 12 MONTHS) € 16,813 € 31,930 I&L 89% € 7,947 € 20,506 RESIDENTIAL 158% € 5,431 € 10,261 HOTEL 90% € 1,483 € 11,256 DEV SITES 659% EUROPEAN TRENDS Buyer Premiums: Hedging & Yield Spreads 10% 10% 8% 8% 6% 6% 4% 4% 2% 2% 0% 0% -2% -2% -4% -4% -6% -6% Local yield - EU yield 5yr Hedging Gain/Loss Hedging Impact on Yield Premiums EXPO GLOBAL CONFERENCE | 2019 EUROPEAN TRENDS EUROPE SUMMARY Sustainability / STRUCTURED AGENDA Currency Low Rates & Mixed-Use / ADVANTAGE FINANCE COSTS SMART CITIES Alternatives Lifestyle/Living Lack of FAVOURABLE Entry time Genuine Rental DEVELOPMENT TO RETAIL? GROWTH EXPO GLOBAL CONFERNCE | 2019 INVESTOR ACTIVITY By Domicile GLOBAL CROSS-BORDER INVESTMENT Australia Yield Outlook Has Moved & Capital Values Spreads are Growing EXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €2bn Australia (€25bn) Last 12 months Destination 3YR Annual Average [€ bn] US 0.6 UK 0.3 Singapore 0.1 US New Zealand 0.1 UK Hong Kong 0.1 European Activity (Current Cycle) Total investment Net investment FX Blend 3 160 HONG KONG 140 2 120 1 100 0 80 60 -1 SINGAPORE bn)Ilvestment(EUR 40 FX Blend Index Index (2008=100) Blend FX -2 20 -3 0 NEW ZEALAND 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €22bn Singapore (€28bn) Last 12 months Destination 3YR Annual Average [€ bn] China 7.0 US 5.8 Australia 2.6 GERMANY CHINA US UK 2.5 UK Germany 1.3 European Activity (Current Cycle) Total investment Net investment FX Blend 7 160 6 140 120 5 100 4 80 3 60 Ilvestment (EUR bn)Ilvestment(EUR 2 40 FX Blend Index Index (2008=100)FX Blend AUSTRALIA 1 20 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €12bn South Korea (€30bn) Last 12 months Destination 3YR Annual Average [€ bn] US 2.1 UK 1.6 Germany 1.5 BELGIUM GERMANY US France 1.1 UK Belgium 0.4 European Activity (Current Cycle) Total investment Net investment FX Blend 12 140 10 120 100 FRANCE 8 80 6 60 4 Ilvestment (EUR bn)Ilvestment(EUR 40 FX Blend Index Index (2008=100)FX Blend 2 20 0 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €5bn Japan (€32bn) Last 12 months Destination 3YR Annual Average [€ bn] US 2.4 Singapore 0.8 Australia 0.4 CHINA US China 0.2 Taiwan 0.2 European Activity (Current Cycle) Total investment Net investment FX Blend 1.0 160 0.8 140 TAIWAN 0.6 120 0.4 100 0.2 80 0.0 60 -0.2 SINGAPORE bn) (EUR Ilvestment 40 -0.4 Index (2008=100)FX Blend AUSTRALIA -0.6 20 -0.8 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €9bn PRC (China) (€536bn) Last 12 months Destination 3YR Annual Average [€ bn] US 8.2 Hong Kong 6.7 UK 2.4 GERMANY US Australia 2.4 UK Germany 1.3 European Activity (Current Cycle) Total investment Net investment FX Blend 20 160 140 HONG KONG 15 120 10 100 80 5 60 Ilvestment (EUR bn)Ilvestment(EUR 40 0 Index (2008=100)FX Blend AUSTRALIA 20 -5 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €49bn Canada (€69bn) Last 12 months Destination 3YR Annual Average [€ bn] US 24.3 UK 2.1 Germany 1.2 GERMANY Australia 1.1 UK India 0.9 European Activity (Current Cycle) Total investment Net investment FX Blend 12 140 10 120 8 100 US 6 4 80 INDIA 2 60 0 Ilvestment (EUR bn)Ilvestment(EUR 40 -2 Index (2008=100)FX Blend AUSTRALIA -4 20 -6 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019… Source: Colliers/RCA CITYSCAPEEXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €65bn US (€510bn) Last 12 months Destination 3YR Annual Average [€ bn] UK 9.6 Germany 9.3 Spain 7.7 NETHERLANDS GERMANY France 5.1 UK Netherlands 3.7 European Activity (Current Cycle) Total investment Net investment FX Blend 70 160 SPAIN 60 140 50 120 FRANCE 40 100 30 80 20 60 10 Ilvestment (EUR bn)Ilvestment(EUR 40 0 Index (2008=100)FX Blend -10 20 -20 0 2008 2010 2012 2009 2011 2013 2014 2015 2016 2017 2018 2019… Source: Colliers/RCA EXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €0.7bn Mexico & Brazil (€2.2bn) Last 12 months Destination 3YR Annual Avg. [€ mn] Mexican Cross-border Destinations US (ME) 208.0 Spain(ME) 91.2 Panama (ME) 89.9 Americas EMEA Portugal (ME) 1.3 32% 30% Brazilian Cross-border Destinations Americas 6% EMEA US (BR) 101.7 6% UK (BR) 27.2 Luxembourg (BR) 13.3 Domestic European Activity (Current Cycle) 38% RLH Properties buys Hotel Villa Magna in Madrid for €210m Domestic 88% Mexico Brazil Source: Colliers/RCA CITYSCAPEEXPO GLOBAL CONFERENCE | 2019 GLOBAL CROSS-BORDER INVESTMENT Global XBorder €27bn Germany (€66bn) Last 12 months Destination 3YR Annual Average [€ bn] US 4.9 Austria 2.5 UK 2.1 France 2.0 Netherlands 1.9 Netherlands UK European Activity (Current Cycle) Austria Total investment Net investment FX Blend France 25 120 20 100 15 80 US 10 5 60 0 40 Ilvestment (EUR bn)Ilvestment(EUR -5 FX Blend Index Index (2008=100)FX Blend 20 -10 -15 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Source: Colliers/RCA CITYSCAPEEXPO GLOBAL CONFERENCE | 2019 Global Capital Flows Colliers Global Capital Markets Speakers DAMIAN TERENCE JOHN HARRINGTON TANG MARASCO Head of ASIA AUSTRALIA & Research, EMEA NEW ZEALND MATTHIAS LEUBE GERMANY RICHARD CHRISTIAN RICARDO DIVALL KADEL BETANCOURT EMEA GERMANY LATAM EXPO GLOBAL CONFERENCE | 2019 Detailed Domicile Slides – specific deal activity as a reference European Investment Australian Activity (Last 12 months) 3 2 2 1 AustralianSuper and TH Real Estate jointly finance £280m One Crown Place, London 3 1 4 Goodman buys developments sites across the board: UK, Spain, Netherlands, Germany, France, for a total 2 2 of just under €150mn. 2 Cromwell buys 11 office assets in Helsinki for €113mn. Various office assets across Poland, for €280mn. 3 3 An additional buy has been for the Business Garden Poznań, 40,000 m2 office park, from Vastint (IKEA Property arm) for ca. EUR 89 mln 2 Pirelli HQ in Milan for €90mn 4 APG-QIC consortium acquires 36% interest in Brussels Airport. Rank Buyer EUR Bn # Props 1 Cromwell Europe 169 4 2 Goodman Group 146 8 3 Cromwell 113 2 4 Macquarie Group 64 4 5 Arrow Capital Partners 16 1 1 Cromwell Europe 169 4 2 Goodman Group 146 8 sold bought home Global Europe Europe Deals EXPO GLOBAL CONFERENCESource: | 2019 Colliers/RCA European Investment Singapore Activity (Last 12 months) 3 Mapletree buys pan-European and US logistics portfolio from Prologis for €805mn. 1 6 1 Maplteree forward purchase of €240mn The Sorting Office scheme in Dublin 2 5 2 CDL buys 125 Old Broad Street in London from Blackstone, for € 430mn. 4 Ascendas REIT buys two UK logistics portfolios: 3 OWL Portfolio - 12 assets for £207mn from Oxenwood Catalina; Griffen Portfolio of 26 UK properties for £257.5m (€289.5m) from Griffen Group. 4 GIC buys Tour Ariane in Paris from Unibail-Rodamco-Westfield for €475mn. 5 CapitaLand acquires 36-storey ‘Galileo’ skyscraper in Frankfurt from Patrizia-owned Triuva for €356m. Rank Buyer EUR Bn # Props 1 Mapletree Investments 892 42 2 GIC 850 25 Mapletree buys pan-European and US logistics portfolio from Prologis for €805mn. 3 CDL 655 3 6 Maplteree forward purchase of €240mn The Sorting Office scheme in Dublin 4 Wing Tai Holdings Limited 457 1 5 Singapore Press Holdings 401 19 6 Cromwell EREIT 323 23 7 Mapletree Commercial 320 2 8 Elite Partners Capital 320 98 9 Stamford Land 291 1 10 Ow Chio Kiat 291 1 sold bought home Global Europe Europe Deals EXPO GLOBAL CONFERENCESource: | 2019 Colliers/RCA European Investment (Sth) Korean Activity (Last 12 months) 1 2 1 AIP AM, Korea Inv Securities and NH Inv & Securities buy Novo Nordisk office building in Copenhagen for €170mn. 4 3 5 2 NPS buys Goldman Sachs’ London HQ for €1.3bn. 7 6 8 3 Vestas IM represent Hana Financial in €145mn buy of We-Work leased office in Dublin.
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