BELVAL Market Figures 2021

BELVAL

Market figures 2021 / 1

22/04/2021

1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation Campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

2 BELVAL – market figures 2021 / 1 I 1. BELVAL - FACT SHEET - LOCATION

3 BELVAL – market figures 2021 / 1 I 1. BELVAL - FACT SHEET 1997

Transforming former industrial sites into modern urban districts That’s the core mission of Agora !

4 BELVAL – market figures 2021 / 1 I 1. BELVAL - FACT SHEET 2020

5 BELVAL – market figures 2021 / 1 I 1. BELVAL - FACT SHEET - DISTRICTS MAP

1.800 m

• Housing

• Leisure • Office • Research • Housing • Retail • Restaurants 800 m • Housing • Education

• Office • Retail • Housing • Restaurants

6 BELVAL – market figures 2021 / 1 I 1. BELVAL - FACT SHEET

. Located at Esch-sur-Alzette and Sanem in the southern region of Luxembourg

. 120 ha total surface according to Masterplan 2002

. 1,350,000 m2 gfa: 600,000 m2 public sector and 750,000 m2 private sector

. 300,000 m2 gfa office, 350,000 m² gfa housing, 100,000 m2 gfa shopping / leisure / hotel / service facilities in private development

. Currently around 1,140,000 m² gfa sold => 84% of the entire program

. 726,000 m2 finished or under construction => 54 % of the entire program

7 BELVAL – market figures 2021 / 1 I 1. BELVAL - FACT SHEET

. More than 8,000 inhabitants, about 3,600 already on site including students and CIPA residents

. Up to 25,000 jobs, 10,000 workers already on site every day

. 5,700 students and pupils on site. 8,000 foreseen

. Around 250 companies, shops and public institutions already on the site

. Direct motorway access, 25 minutes to the airport

. Existing direct train link from the greater region, station Belval-Université on site, walking distances within the location

. Efficient bus connections to Luxembourg, Esch and Metz

. Today, largest area with preliminary certificate in gold by DGNB for sustainable development

8 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Belval - Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

9 BELVAL – market figures 2021 / 1 I 2. BELVAL - MOBILITY - SITE MAP

10 BELVAL – market figures 2021 / 1 I 2. BELVAL - MOBILITY - CAR

Morning car travel time

120

100

80 Bel val rush hour

60 Bourmicht rush hour Minutes

40 Cl oche d'or rush hour 20 Kirchberg rush hour 0 Luxembourg (Blvd Metz (2, blvd Arlon (Spetz) Trier (Porta Nigra) Royal) Pontiffroy)

Morning time waste Workers repartition. Tot: 437,000 60 Bel val 50 40 Bertrange 30 44% Cl oche d'or Minutes 56% 20 10 Kirchberg 0 Luxembourg ha. Luxembourg (Blvd Metz (2, blvd Arlon (Spetz) Trier (Porta Nigra) Royal) Pontiffroy) Commuters

11 BELVAL – market figures 2021 / 1 I 2. BELVAL - MOBILITY - CAR

Evening car travel time

120

Belval rush hour 100

80 Bourmicht rush hour

60 Minutes Cloche d'or rush hour 40

20 Kirchberg rush hour

0 Luxembourg Metz (2, blvd Arlon (Spetz) Trier (Porta (Blvd Royal) Pontiffroy) Nigra)

Evening time waste Commuters repartition. Tot: 192,000 60 50 Belval 24% 40 Bertrange 30 52% Cloche d'or Minutes 20

10 Kirchberg 24% France 0 Belgium Luxembourg (Blvd Metz (2, blvd Arlon (Spetz) Trier (Porta Nigra) Royal) Pontiffroy) Germany

12 BELVAL – market figures 2021 / 1 I 2. BELVAL - MOBILITY - TRAIN

Belval-University station : Morning travel times in . Direct trains to Luxembourg every 15 minutes (25 min travel time) rush hour : . Direct trains from Luxembourg every 15 minutes (25 min travel time) . Connexions from Luxembourg station to Belgium, France and Germany • Thionville: 36 min . P&R 1,600 spaces • Metz: 60 min • Arlon: 1h 04 min

13 BELVAL – market figures 2021 / 1 I 2. BELVAL - MOBILITY - BUS

Accessibility in Belval trough the following lines:

. TICE Line 1 : Esch - Belvaux - Lamadeleine . TICE Line 2 : Esch - Soleuvre - Differdange . TICE Line 3 : Esch - Belvaux - Bascharage - Rodange . TICE Line 4 : Belval - Esch - Schifflange - Dudelange . TICE Line 7 : Belval - Esch - Lallange . TICE Line 15 : Esch - Belval - Bascharage - Clemency . RGTR Line 202 : Luxembourg - Belvaux - Obercorn . RGTR Line 203 : Luxembourg - Soleuvre - Differdange . RGTR Line 332 : Steinfort - Garnich - Belval . RGTR Line 750 : Niedercorn - Steinsel

Additional crossboarding lines:

. RGTR Line 306 : Trier (D) - Cloche d’Or - Belval . RGTR Line 309 : Perl (D) - Frisange – Belval . RGTR Line 325 : Luxembourg - Differdange - Hussigny (F) . RGTR Line 322 : Esch - Rédange (F) . Line Metz (F) – Belval (+/- 55 min travel time)

14 BELVAL – market figures 2021 / 1 I 2. BELVAL - MOBILITY - PEDESTRIAN

15 BELVAL – market figures 2021 / 1 I Content

16 BELVAL – market figures 2021 / 1 I 3. OFFICE MARKET - LUXEMBOURG Office stock evolution in Luxembourg

4,370,000 5,000,000

4,000,000

3,000,000

2,000,000

1,000,000 267,998 m² 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Source: Agora, JLL Research Belval GDL Devolopement pipeline

Stock: . 4,370,000 m²

Pipeline 2021: . +/-300,000 m²

. 70% already committed

Source: CBRE Research

17 BELVAL – market figures 2021 / 1 I 3. OFFICE MARKET - LUXEMBOURG

Stock per district

CENTER CITY BELT PERIPHERY

Source: JLL Research

Belval is the biggest periphery district (6% total market share)

18 BELVAL – market figures 2021 / 1 I 3. OFFICE MARKET - LUXEMBOURG

Take- up evolution in Luxembourg

. Take up 2020: 327,000 m²

. Take up 2019: 263,000 m² . Take-up 5 years average: 252,000 m²

Vacancy rate evolution in Luxembourg . Vacancy 2019: 3.5% . Vacancy: 3.4 – 5.8 % during last years, large spread within different areas

Source: CBRE Research

19 BELVAL – market figures 2021 / 1 I 3. OFFICE MARKET - LUXEMBOURG

Monthly rents per district

Investment volume and prime yields evolution in Luxembourg

Source: JLL Research

. Prime rent: 52 €/sqm/month in CBD . Prime Yield: 3.6 % . Invest volume 2020: 1,030 Million €

Source: Cushman & Wakefield Luxembourg

20 BELVAL – market figures 2021 / 1 I Content

21 BELVAL – market figures 2021 / 1 I 4. OFFICE MARKET - BELVAL

Office stock evolution in Belval

350,000 m² 333,184 m² 312,311 m²

300,000 m² 277,844 m² 267,998 m²

250,000 m² 230,617 m² STOCK 2020

200,000 m² . Private Office stock: 115,154 m²

150,000 m² . Public Office stock: 152,844 m²

100,000 m² . Total Office stock: 267,998 m²

50,000 m²

0 m²

Source: AGORA

18% Market share since 2006

22 BELVAL – market figures 2021 / 1 I 4. OFFICE MARKET - BELVAL TAKE UP AND VACANCY RATE

Take Up:

Take up 2020:

. Office: 47,243 m² . Retail: 966 m²

Number of transactions: . Office: 7 . Retail: 2

Pre-letting 2020: . Office 18,772 m² . Retail 1,185 m²

Vacancy:

Vacancy 2020: . Office: 2,974 m² . Office rate: 1.11 %

Total Office Take-up: 66,015 m2

23 BELVAL – market figures 2021 / 1 I 4. OFFICE MARKET - BELVAL PIPELINE 2020 - 2023

2020:

Maisons des Laboratoires 34,850 m2 Capelli Towers 2,500 m2

Total private pipeline 2,500 m² Total public pipeline 34,850 m²

Total pipeline 2020 37,350 m²

Total pipeline 2021 9,850 m²

Total pipeline 2022 34,500 m²

Total pipeline 2023 20,900 m²

Pipeline 2021 fully let !

24 BELVAL – market figures 2021 / 1 I 4. OFFICE MARKET - BELVAL PERCEPTION AND EXPERIENCE

9 out of 10 employees think that 3 out of 4 employees prefer to work in Belval 1 Belval is developing with a good / very 2 good dynamic. compared to their previous job location.

More than 8 out of 10 employees Service and leisure offers are evaluated 3 who have worked in Luxembourg prefer 4 Belval. very positively by employees.

Source: Quest: Perception and experience of employees working at the Belval 1/2 site -Based on a panel of 504 employees interviewed by institutions and companies June 7, 2019 25 BELVAL – market figures 2021 / 1 I 4. OFFICE MARKET - BELVAL PERCEPTION AND EXPERIENCE

6 Between 9 and 7 out of 10 employees plan a very positive future for Belval. 5 Belval's accessibility is evaluated by 8 out of 10 employees as good / very good.

7 Between 9 and 7 out of 10 employees confirm Belval as a contemporary, practical and pleasant site.

This accessibility is much better than that of other business districts in Luxembourg.

Source: Quest: Perception and experience of employees working at the Belval 1/2 site -Based on a panel of 504 employees interviewed by institutions and companies June 7, 2019 26 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

27 BELVAL – market figures 2021 / 1 I 5. HOUSING MARKET – LUXEMBOURG

70% 28%

Population region Sud

200,000

190,000 • 70% of the population is concentrated in the south 180,000 part of the country. 170,000

160,000 • 29% of the population is concentrated in the 11 150,000 communes of the south region => 179,000 inhab.

140,000

130,000 • The population of the south region is growing.

120,000 Growth will continue to rise in the coming years.

110,000

100,000

28 BELVAL – market figures 2021 / 1 I 5. HOUSING MARKET – LUXEMBOURG

Housing : types and volume per commune New flats : average price per commune

New flats av. prices:

• National: 8,014 €/m² • Esch: 7,174 €/m² • Sanem: 7,029 €/m² • Belval: 6,909 €/m²

Source: Observatoire de l‘Habitat

29 BELVAL – market figures 2021 / 1 I 5. HOUSING MARKET – LUXEMBOURG

EVOLUTION OF PRICE LEVEL TO RENT

Flats: national rents 4000 3500 . Rental level for apartments (2020): 3000 2500 . Country average 29.4 €/m² 2000 . Esch: 27.8 €/m² 1500 . Sanem: 20.1 €/m² 1000 500 0 Studio 1 br 2 br 3 br 4 br

Average rent 2018 (€/month) Average rent 2019 (€/month)

Houses: national rents 5000

4000

. Rental level for houses (2020): 3000

. Country average: 18.9 €/m² 2000

1000

0 2 br 3 br 4 br 5 br 6 br

Average rent 2018 (€/month) Average rent 2019 (€/month)

Source: Observatoire de l‘Habitat

30 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

31 BELVAL – market figures 2021 / 1 I 6. HOUSING MARKET - BELVAL

RESIDENTIAL STOCK IN BELVAL Future Hospital

1,912 accomodations already built:

1124 accomodations (flats / houses)

120 seniors residential units

668 student accomodations

Ground school High school 1,500 students Under construction

More than 150 new accomodations per year !

32 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

33 BELVAL – market figures 2021 / 1 I 7. RETAIL & SERVICES – MAJOR RETAILS

Belval Plaza: Other: . Total m2 shopping: 36,500 m2 . Retails: 20 . Retails: 45 . Restaurants/ bars: 15 . Restaurants/bars: 13 . Leisure facilities: 5 . Leisure: 5 Hotel: 2 . Parking spaces: 853 . Rooms: 180 . Parking sp.: +/- 160

34 BELVAL – market figures 2021 / 1 I 7. RETAIL & SERVICES – MAJOR RETAIL BRANDS

. Terrasse des Hauts-Fournaux: 50,000 m² gfa shopping, restaurants, cinema Jx: vérifier . Potential space in Square Mile: 50,000 m² gfa enseignes

35 BELVAL – market figures 2021 / 1 I 7. RETAIL & SERVICES MAJOR RESTAURANTS & BARS

36 BELVAL – market figures 2021 / 1 I 7. RETAIL & SERVICES MAJORS SERVICES & LEISURE

37 BELVAL – market figures 2021 / 1 I 7. RETAIL & SERVICES - LEISURE FACILITIES

2 1

1 Rockhal . 1 concert hall up to 6,500 people . 1 concert hall up to 1.200 people

2 Ciné Belval . 7 rooms Belval Parc 3 . 8 ha

38 BELVAL – market figures 2021 / 1 I Content

39 BELVAL – market figures 2021 / 1 I 8. PUBLIC SPACES

7 1

2 4 3

1 Place de l’Université 4 Hauts-Fourneaux 7 Place CIPA 2 Place de l’Académie 5 Parc « Um Belval » 3 Place des Archives 6 Plateau Saint Esprit

40 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

41 BELVAL – market figures 2021 / 1 I 9. RESEARCH – INNOVATION CAMPUS

42 BELVAL – market figures 2021 / 1 I 9. RESEARCH – INNOVATION CAMPUS

1 Maison du Savoir

2 Maison du Nombre

3 Maison des Sciences Humaines

4 Maisons des Laboratoires 1 4 Maison des Arts & des Etudiants 1 5 3 5 2 6 Maison du Livre

2 1 LIST 3 6 4 2 Start Up Center

3 Biotech 5 4 Maison de l’Innovation 5 Biotech II

43 BELVAL – market figures 2021 / 1 I 9. RESEARCH – INNOVATION CAMPUS EXISTING BUILDINGS UNDER ACTIVITY

• Luxembourg Learning Center : It’s the library of the University which has moved in one of the main vestiges of the iron and steel industry. The “Luxembourg Learning Center" will be open to all students and University’s staff, searchers but also to all citizens.

• Maison du Savoir : The « Maison du Savoir » is the central building of the University of Luxembourg and the « Cité des Sciences ». It houses the central administration, amphitheatres as well as general teaching infrastructures of the University of Luxembourg. There are also rooms that can be used for public or private seminars.

• Maison des Sciences Humaines : The "Maison des Sciences Humaines“ hosts researchers and students of the faculty of arts, social-sciences, languages and Education. It houses also the Social Research Institute (LISER).

• Maison du Nombre : The «Maison du Nombre” is provided for mathematics and IT. The buildings accommodate specific research and teaching activities. The university's computer center is also located in-there.

• Maison des Arts et des Étudiants : The "Maison des Arts et des Etudiants" accommodates various social, cultural and artistic events such as concerts, exhibitions or receptions. It also houses student associations.

• Maison de l’Innovation: Among other things, this building houses partly the activities on the part of the Luxembourg Institute for Science and Technology (LIST).

• House of Biomedicine: This building houses the Luxembourg Center for Systems Biomedicine (LCSB), an interdisciplinary center for research in biotechnology. The building consists mainly of laboratories with integrated office spaces.

• Halls d’Essais des Ingénieurs: This hall hosts test laboratories regarding materials studies. • Technoport: It is a business incubator working very closely with the various faculties of the University of Luxembourg. • Maisons des Laboratoires: These buildings will be dedicated to host a part of the “LISER” research center as well as some other research fields of the University of Luxembourg.

44 BELVAL – market figures 2021 / 1 I 9. RESEARCH – INNOVATION CAMPUS UPCOMING BUILDINGS • Maison des Ingénieurs • Maison de l’Environnement • Maison de la Vie

45 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

46 BELVAL – market figures 2021 / 1 I 10. OUTLOOK – SALES OF LAND PLOTS

Dominique Couleur #485681 Colorier lots 40, 42 et 43

MORE THAN 1,140,000 gfa already sold !

47 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

48 BELVAL – market figures 2021 / 1 I 11. OUTLOOK – CENTRAL SQUARE

. Most representative district of Belval . Located in the heart of the site . District including a wide pedestrian zone . Mixed uses: office, retail and residential . Total construction capacity: 193,000 m² . Total of 13 plots of lands . District providing a great felixibility with buildings between 8,000 and 23,000 m² . 8 plots sold or under agreement . 3 plots under construction . Architectural contest for the public square done

CENTRAL SQUARE: Where Belval’s heart beats

49 BELVAL – market figures 2021 / 1 I 11. OUTLOOK – CENTRAL SQUARE

Architectural contest for the public space

50 BELVAL – market figures 2021 / 1 I 11. OUTLOOK – CENTRAL SQUARE

Plots sold Plots under sale agreement

51 BELVAL – market figures 2021 / 1 I 11. OUTLOOK CENTRAL SQUARE

52 BELVAL – market figures 2021 / 1 I 11. OUTLOOK CENTRAL SQUARE

53 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

54 BELVAL – market figures 2021 / 1 I 12. OUTLOOK - BELVAL SOUTH

School complex

• Future residential district including services • Total construction capacity :100,000 m² GFA • New ground school opened • 77% for housing • Around 650 single family homes foreseen • Residential in a green landscape • PAP foreseen in 2021 Belval South – Family first

55 BELVAL – market figures 2021 / 1 I Content

1. Belval Fact sheet 2. Mobility 3. Office market Luxembourg 4. Office market Belval 5. Housing market Luxembourg 6. Housing market Belval 7. Retail and services 8. Public spaces 9. Research – Innovation campus 10. Outlook – Sales of land plots 11. Outlook – Central Square 12. Outlook – Belval South 13. Pictorama

56 BELVAL – market figures 2021 / 1 I 13. PICTORAMA - PUBLIC CONSTRUCTIONS

57 BELVAL – market figures 2021 / 1 I 13. PICTORAMA PRIVATE CONSTRUCTIONS

58 BELVAL – market figures 2021 / 1 I 13. PICTORAMA - PRIVATE PROJECTS

59 BELVAL – market figures 2021 / 1 I 13. PICTORAMA - PRIVATE PROJECTS

60 BELVAL – market figures 2021 / 1 I 13. PICTORAMA - PUBLIC SPACES

61 BELVAL – market figures 2021 / 1 I THANKS FOR YOUR ATTENTION

62 I CONTACTS

Vincent Delwiche | Directeur Général [email protected]

Robert Kocian | Directeur Marketing et Développement [email protected] Jean-Xavier Foidart | Responsable de Développement [email protected]

Agora s.à r. l. et Cie. | 3, avenue du Rock ’n Roll L-4361 Esch-sur-Alzette | Luxembourg

www.agora.lu

63 I