Belval – market figures 2019 / 2 Page 1 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 Page 2 1. Belval – Fact Sheet - Location Page 3 1. Belval – Fact Sheet - 1997 Transforming former industrial sites into modern urban districts – That’s the core mission of Agora ! Page 4 1. Belval – Fact Sheet - 2019 Page 5 1. Belval – Fact Sheet – Districts map 1.800 m • Housing • Leisure • Office • Research • Housing • Retail • Restaurants 800 m • Housing • Education • Office • Retail • Housing • Restaurants Page 6 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 m 2 gfa: 600,000 m 2 public sector and 750,000 m 2 private sector . 300,000 m 2 gfa office, 350,000 m² gfa housing, 100,000 m 2 gfa shopping / leisure / hotel / service facilities in private development . Currently more than 1,050,000 m² gfa sold => 78% of the entire program . 667,000 m2 finished or under construction => 50 % of the entire program Page 7 1. Belval – Fact sheet . More than 8,000 inhabitants, about 3,100 already on site including students and CIPA residents . Up to 25,000 jobs, 9,300 workers already on site every day . 5,700 students and pupils on site. 8,000 foreseen . Around 200 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 connexions to Luxembourg, Esch and Metz . Today, largest area with preliminary certificate in gold by DGNB for sustainable development Page 8 2. Belval – Mobility – Site map Page 9 2. Belval – Mobility - Car Source: Statec Source: Google maps Page 10 2. Belval – Mobility - Car Source: Statec Source: Google maps Page 11 2. Belval – Mobility - Train Belval-Université station : Morning travel times in rush hour : • Direct trains to Luxembourg every 15 minutes (25 min travel time) • Thionville: 36 min • Direct trains from Luxembourg every 15 minutes (25 min travel time) • Metz: 60 min • Connexions from Luxembourg station to Belgium, France and Germany • Arlon: 1h 04 min • P&R 1,600 spaces Page 12 2. Belval – Mobility - Bus Accessibility in Belval trough the following lines: • TICE Line 1 : Esch - Belvaux - Lamadeleine 1 • TICE Line 2 : Esch - Soleuvre - Differdange 0 • TICE Line 3 : Esch - Belvaux - Bascharage - Rodange • TICE Line 4 : Belval - Esch - Schifflange - Dudelange L • TICE Line 7 : Belval - Esch - Lallange i • TICE Line 15 : Esch - Belval - Bascharage - Clemency n • RGTR Line 202 : Luxembourg - Belvaux - Obercorn e • RGTR Line 203 : Luxembourg - Soleuvre - Differdange s • RGTR Line 332 : Steinfort - Garnich - Belval • RGTR Line 750 : Niedercorn - Steinsel 5 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) Page 13 2. Belval – Mobility – Bike / Pedestrian Page 14 3. Office market - Luxembourg Office stock evolution in Luxembourg Pipeline: 2019: . +/-363,000 m² . 92% of pipeline 2019 already committed Source: Agora 2020: Development pipeline . +/- 218,000 m² . 83.000 m² available 2021: . +/- 148,000 m² . 96,000 m² available Source: CBRE Research Page 15 3. Office market - Luxembourg Stock per district Center City belt Periphery Belval is the biggest periphery district (5% total market share) Source: JLL Research Page 16 3. Office market - Luxembourg Take-up & vacancy rate evolution in Luxembourg Source: Inowai Research . Take up 2018: 245,000 m² . Take up H1 2019: 41,900 m² . Take-up 5 years average: 220,000 m² . Vacancy H1 2019: 3.78% . Vacancy: 4 - 7 % during last years, large spread within different areas Page 17 3. Office market - Luxembourg Monthly rents per district Prime yields evolution in Luxembourg Source: Savills Research Source: Inowai Research Investment volume evolution in Luxembourg Belval: brand new buildings for a low rent level ! . Prime Yield: 3.7 % . Prime Yield Periphery : 6% . Invest volume H1 2019: 779 Million € Source: Inowai Research Page 18 4. Office market - Belval Office stock evolution in Belval H1 2019: Private Office stock: 108,167 m² Public Office stock: 117,990 m² Total Office stock: 226,157 m² 18% market share since 2006 Source: Agora Page 19 4. Office market – Belval - Perception and experience 1 9 out of 10 employees think that 2 3 out of 4 employees prefer to work in Belval Belval is developing with a good / compared to their previous job location. very good dynamic. Belval 3 More than 8 out of 10 employees 4 Service and leisure offers are evaluated who have worked in Luxembourg very positively by employees. prefer Belval. 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 Page 20 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. Belval's accessibility 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. Perception and experience of employees working at the Belval 1/2 site Source: Quest Based on a panel of 504 employees interviewed by institutions and companies - June 7, 2019 Page 21 4. Office market - Belval Take up and vacancy rate Take Up: Take up H1 2019: • Office: 13,748 m² • Retail: 2,826 m² Number of transactions: • Office: 8 • Retail: 6 Pre-letting 2019: • Office 44,194 m² • Retail 3,935 m² Vacancy: Vacancy H1 2019: • Office: 10,998 m² • Office rate: 4.86 % Vacancy rate go on decreasing despite new deliveries page 22 4. Office market - Belval Pipeline 2019 – 2021 2019: 1 Maisons des Laboratoires 34,854 m 2 2 Naos (delivered) 13,204 m 2 3 Rouden Eck 4,460 m 2 1 Total private pipeline 17,664 m² Total public pipeline 34,850 m² Total pipeline 2019 52,518 m² 2 3 Total pipeline 2020 6,804 m² Total pipeline 2021 8,748 m² 98% of pipeline 2019 already rented ! Page 23 5. Housing market - Luxembourg 28% 70% Population region Sud • 70% of the population is concentrated in the south part of the country. • 28% of the population is concentrated in the 11 communes of the south region => 167,000 inhab. • The population of the south region is growing. Growth will continue to rise in the coming years. Page 24 5. Housing market – Luxembourg Average sell prices evolution. + 62% in 10 years Esch: 5,498 €/m² Sanem: 5,735 €/m² Belval: 6,179 €/m² Page 25 5. Housing market - Luxembourg Evolution of price level to rent . Rental level for apartments: . Country average 19.91 €/m² . Esch: 17.98 €/m² . Sanem: 16.98 €/m² . Rental level for houses: . Country average: 14.11 €/m² . Esch: 12.65 €/m² . Sanem: 12.67 €/m² Source: Observatoire de l‘Habitat Page 26 6. Housing market - Belval Residential stock in Belval. 1,711 accomodations already built: Future Hospital 923 accomodations (flats / houses) 120 seniors residential units 668 student accomodations Ground school High school 1,500 students Under construction More than 150 new accommodations per year ! Page 27 7. Retail & Services - major retails BelvalPlaza: Other: Hotel: 2 • Total m 2 shopping: 36,500 m 2 • Retails: 16 • Rooms: 180 • Retails: 45 • Restaurants/ bars: 11 • Parking sp.: +/- 160 • Restaurants/bars: 13 • Leisure facilities: 4 • Leisure: 5 • Parking spaces: 853 Page 28 7. Retail & Services - major retail brands . Terrasse des Hauts-Fournaux: 50,000 m² gfa shopping, restaurants, cinema . Potential space in Square Mile: 50,000 m² gfa Page 29 7. Retail & Services – major restaurants & bars Page 30 7. Retail & Services - Services Page 31 7. Retail & Services – Leisure facilities 3 2 1 1 Rockhal 2 Ciné Belval 3 Parc “Um Belval” • 1 concert hall up to 6,500 people • 7 theaters • 8 ha • 1 concert hall up to 1,200 people Page 8. Belval – Public areas 6 7 1 5 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 Page 33 9. Research - Innovation Campus Page 34 9. Research - Innovation Campus 1 Maison du Savoir 2 Maison du Nombre 3 Maison des Sciences Humaines 4 Maisons des Laboratoires 4 1 5 Maison des Arts & des Etudiants 1 4 3 5 6 2 Luxembourg Learning Center 1 LIST 2 3 2 Start Up Center - Technoport 6 4 3 Biotech 5 4 Maison de l’Innovation 5 Biotech II page 35 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.