Belgium real estate trend indicator 2012

Trend indicator
Real Estate Assets Investment
Belgium 2012

Key findings for 2012

84% of the participants see Belgium as an attractive location.

The capital and transaction markets are viewed with moderate
optimism

Prices in prime locations will stay stable

Strongest seller groups: Residential real estate companies, real estate
corporations/REITs and banks

Strongest buyer groups: Real estate corporations/REITs

Office properties will have the highest focus for investors

Preferred regions: Brussels (offices), Leuven (retail) and Gent
(residential)

January 2012 Page 2 Trend indicator: real estate assets investment Belgium 2012

Agenda

Trend Indicator
real estate assets investment
Belgium 2012

About the trend indicator 2012

Market outlook Belgium 2012

Investment strategy Belgium 2012

European outlook 2012


Trend indicator
Belgium 2012

© euroluftbild.de

Our trend indicator covers a broad range of investor groups in Belgium…

Trend indicator: real estate assets investment Investor groups

► Survey of about 25 companies and investors who have been active in the Belgian Real estate services firm (30%)
property market in recent years Publicly listed company / REIT (14%)

► The survey looks at two topics: Institutional investor / Pension fund (12%)
Other UK lending bank (8%)
► General assessment of the Belgian real estate investment market in 2012 by
real estate investors Other debt provider (8%)
Private property company (8%)
► Analysis of the strategy pursued by real estate investors in Belgium with
respect to the development of the real estate market Open-ended fund (8%)
Private equity / Opportunity / Hedge fund (4%)
Other, please specify (8%)

1 Background 2 Aims 3 Method
► Ernst & Young Real Estate has conducted ► Assessment of the Belgian real estate ► The trend indicator is based on a survey
this survey in Germany since 2006 and in investment market in the year to come. conducted by the Economist Intelligence Unit in
Switzerland since 2010. ► Outlook on the strategy which Belgian investors November and December 2011.
► This year it was extended to Belgium for will pursue in the coming year. ► The feedback of the interviews forms the results
the first time. of the trend indicator.


… the same survey was also executed in other European countries

European trend indicator: real estate assets investment
► The survey includes for the first time 12 European countries
► All surveys took place in November and December 2011
► Across these countries, we have gathered feedback from a total of 550
companies who are active on the real estate market

Participating Countries
► Austria ► Luxembourg ► Spain
► Belgium ► Netherlands ► Sweden
► France ► Poland ► Switzerland
► Germany ► Russia ► United Kingdom


84% of the participants see Belgium as an attractive location in 2012 …

Belgium’s attractiveness as a location for real estate investments
Key messages
► A clear majority (84%) views
69% Belgium as an attractive or very
attractive real estate investment
location in 2012

15%
12%
4%
0%

Very attractive Attractive Less attractive Neutral No response

Original question – “How do you rate Belgium‟s overall attractiveness as a location for real estate investments in 2012?”


… particularly compared with other European countries

Belgium’s attractiveness as a location for real estate investments
Key messages
compared to other countries
► The majority rated Belgium as
attractive or very attractive 43%

compared to other countries (58%)
► 27% of the participants are neutral
27%
about the relative attractiveness
of Belgium
15% 15%

0%

Very attractive Attractive Less attractive Neutral No response

Original question – “How do you rate Belgium‟s overall attractiveness as a location for real estate investments in 2012 compared to other countries?”


The capital markets in 2012 are viewed with moderate optimism …

"Fears of high inflation in the medium term will drive
"Fears of high inflation in the medium term will drive investors towards the
real estate market."
investors towards the real estate market."
8% 61% 19% 12% ► High inflation will drive investors
towards real estate (69%)
"The "The euro-zone sovereign debt crisis will significantly
euro-zone sovereign debt crisis will significantly reduce activity in
12% 53% 23% 12%
European real estate markets."
reduce activity in European real estate markets. “ ► Euro crisis will reduce activities in
Due to the Solvency II regulation, insurance companies
“Due to the Solvency II regulation, insurance companies could increasingly
the real estate market (65%)
act as debt providers for real estate investments in for future.”
could increasingly act as debt providers the real estate 58% 23% 19%
investments in the future.” ► Insurance companies to increasingly
"There will will be increased transaction activity a result of real
"There be increased transaction activity in 2012, as in 2012, as act as debt providers (58%)
estate assets of realto market out of restructuring market out of
a result coming estate assets coming to of secured debt 8% 46% 23% 23%
facilities."
restructuring of secured debt facilities." ► Increase in transactions (54%)
"Banks will reduce their exposure to commercial real commercial real
"Banks will reduce their exposure to estate holdings over
12% 41% 35% 4% 8% ► Banks will reduce commercial real
estate holdings over the next 12 months.”
the next 12 months."
estate holdings (53%)
"The Basel III regulation will make real estate loans less
"The Basel III regulation will make real estate loans less attractive for banks
attractive for banksrestraint inleadmortgage business."
and will lead to greater and will the to greater restraint in 15% 31% 19% 8% 27% ► Restraints in mortgage availability
the mortgage business." due to Basel III (46%)
"There will be an increase in M&A activity in the real estate sector in
"There will be an increase in M&A activity in the real
2012."
estate sector in 2012.”
8% 34% 27% 8% 23% ► Increase in M&A activities (42%)
► CMBS will revive in 2012 (38%)
"The commercial mortgage backed securities market will
"The commercial mortgage backed securities market will revive in 2012." 8% 30% 31% 4% 27%
revive in 2012." ► IPOs and equity issuance will
"Capital markets will become become morefor real estate IPOs and
"Capital markets will more attractive attractive for real
increase (36%)
equity capital increases." 8% 28% 24% 8% 32%
estate IPOs and equity capital increases."

Strongly agree Agree Disagree Strongly disagree Neutral No response
Strongly agree Agree Disagree Strongly Ddsagree Neutral

Original question – “Which of the following statements about the real estate financial/capital market in 2012 do you agree with?”


… and the transaction market is expected to be also moderate in 2012

"‟Green‟ building standards will play a more important role
► Green building standards will play a in the real estate investment market in the future, alsomore
"‟Green‟ building standards will play a with
38% 38% 12% 4% 8%
respect to role in the in existing investment
important investmentsreal estate real estate."…
more important role in the future
(76%) “There will be more more new project developments in
“There will be new project developments in 2012.”
65% 19% 4% 12%
2012.”
► More project developments in
2012 (65%) “There will be more realfinancial investors will be more
“International estate portfolio deals in 2012.”
8% 46% 23% 4% 19%
attracted to the real estate market in 2012.”
► International financial investors “International financial investors will be more attracted
“There will be more real estate portfolio deals in
increasingly attracted (54%) to the 2012.”
real estate market in 2012.” 12% 41% 8% 4% 35%

► More portfolio deals (53%) “On average, the size of the size of real estate deals will
“On average, real estate deals will increase in
2012 compared to 2011.” 12% 38% 35% 15%
► Increased deal size (50%) increase in 2012 compared to 2011.”

► Increased transaction volume “Overall, the transaction volume volume will continue to
“Overall, the transaction will continue to recover
4% 15% 54% 4% 23%
compared to 2011 (19%) recover2012 and and exceed levellevel seen in …
in in 2012 exceed the the seen in 2011.”

Strongly agree Agree Disagree Strongly disagree Neutral

Original question – “Which of the following statements about the real estate transaction market in 2012 do you agree with?”


Price trends will vary depending on location …

Key messages Office Retail
► Prices for offices in prime locations 53%
will increase (35%) or stay stable 43%
(42%) 42% 43% 38% 38%
38% 35% 34%
► Retail in prime locations will 35% 35% 31% 31% 31%

increase (38%) or stay stable (43%)
23% 19%
19%

12%

Increasing
Increasing Stable
Stable Decreasing
Decreasing Increasing
Increasing Stable
Stable Decreasing
Decreasing

Prime Secondary Periphery

The figures on page 12,13,16,17,18,19 and 22 may not add
up to 100% as the charts do not include cases of no response

Original question – “How do you expect purchase prices to develop in 2012 based on the type of use and location?”


… and type of use

Residential Hotel Key messages
60% ► The majority expects prices of
residential properties to remain
48%
48% 48%
43% 43%
stable in all locations
38% 40% 38%
► Many expect attractiveness of
32%
28% 28%
hotel investments, especially in
24% prime locations to increase (43%),
20% 19% 19%
other locations are considered to
12% 12%
be stable

Increasing
Increasing Stable
Stable Decreasing
Decreasing Increasing
Increasing Stable
Stable Decreasing
Decreasing

Prime Secondary Periphery



Who will be the most active seller groups in Belgium in 2012 …

Seller groups
Key messages
Residential real estate real estate
Residential companies 53% 35% 12%
companies ► In addition to the residential real
Real estate corporations/REITs 19% 66% 15%
estate companies (88%), real
Real estate corporations/REITs
estate corporations/REITs (85%)
Banks
Banks 8% 73% 19% and banks (81%) will be the most
active seller groups in 2012
Open-ended funds
Open-ended Funds 27% 42% 31%
► Banks in surrounding countries in
Public sector
Public sector 12% 57% 31% top three sellers
Insurance companies
Insurance companies 19% 46% 35% ► Open-ended funds and public
sector will be slightly less active
Corporates (non-property)
Corporates (Non-Property) 31% 34% 35% sellers groups
Other international funds
Other international Funds 12% 46% 42% ► Closed-ended funds and PE-funds
are seen as the most moderate
Opportunity-/PE-funds
Opportunity-/PE-Funds 4% 54% 38% 4% seller groups
Closed-ended funds
Closed-end Funds 46% 54%

Active Moderately Moderately active
Active active Cautious No response response
Cautious No

Original question – “How active do you think the following seller groups will be in the Belgian real estate market in 2012?”


… and who will be the buyers in Belgium?

Key messages
Buyer groups
Real estate corporations/REITs 31% 50% 19%
► Real estate corporations/REITs Real estate corporations/REITs
(81%) will be the most active
Insurance companies
Insurance companies 27% 46% 27%
group of buyers
► All other types of buyers seem to Other international funds
Other international funds 19% 54% 27%
be equally active on the market
Open-ended Funds
Open-ended funds 19% 54% 27%
► Only opportunity/PE-Funds are
expected to be less active Residential real estate
Residential real estate 8% 61% 31%
companies
companies

Banks
Banks 12% 57% 31%

Closed-end Funds
Closed-end funds 34% 35% 31%

Private/Family Office
Private/Family office 19% 46% 35%

Sovereign wealth funds 15% 50% 31% 4%
Sovereign wealth funds

Opportunity-/PE-Funds 12% 38% 46% 4%
Opportunity-/PE-funds

Active Moderately active Cautious No response
Active Moderately active Cautious No response
Original question – “How active do you think the following buyer groups will be in the Belgian real estate market in 2012?”


The following use types will be popular …

Strong or moderate investment focus
Key messages
► Office properties will have the
53% 53% highest focus for investors (27%)
42% 43% ► Generally all use types will have a
more moderate investment focus
31%
27%
19% 19%

8%
4%

Strong Moderate

Office Retail Residential Logistics Hotel

Original question – “Compared to 2011, what kind of focus do you intend to give to the following real estate use types in your investment strategy for 2012?”


… and not so popular with investors in 2012

Lower or no investment focus
Key messages
► Logistic investments are in a low
42%
investment focus

27%
23% 23%
19%
15%
12% 12% 12%
8%

Low No focus




Investors prefer Brussels and Antwerpen for office investments, for
retail investments Leuven-Gent-Antwerp are more in the focus …

Office and Retail focus
Key messages
► Brussels (58%) and Antwerp (34%)
will be the most attractive
58%
locations for offices
► Retail investments are expected to
be stronger in Leuven (30%),
34%
30% Antwerp (27%) and Gent (27%)
27% 27%
19%
15% 15%
12% 12% 12% 12%
8%
4%

Office Retail

Brussels Antwerp
Brussel Gent Gent
Antwerpen Leuven
Leuven Namen
Namen Luik
Luik Kortrijk
Kortrijk

Original question – “Which Top-City-Locations will you be focusing your investments on in 2012?”


… residential investments are preferred in Flanders

Residential and no focus
Key messages
► For residential investments,
investors prefer Flanders i.e. Gent 30%
(30%) and Leuven (23%)
23%
19% 19% 19%

12% 12% 12%
10%
8% 8%
4% 4%
0%

Residential Other

Brussel Antwerpen
Brussels Antwerpen Gent
Gent Leuven
Leuven Namen
Namen Luik Luik
Kortrijk Kortrijk

Original question – “Which Top-City-Locations will you be focusing your investments on in 2012?”


The greatest impediments to deal flow in 2012 will be…

Impediments to deal flow
Key messages
► The availability of senior debt
Availability of senior
Availability of senior debt
debt funding
funding
12% 60% 12% 4% 12% funds (72%) and availability of
junior debt funding (50%) are the
greatest impediments for deal
Availability of junior
Availability of junior debt
debt funding
funding
19% 31% 19% 8% 23% flows
► Price mismatch between buyers &
Price mismatch sellers is an additional hurdle
Price mismatch between
between buyers and 8% 38% 23% 4% 27%
buyers and sellers
sellers
(46%)
► Need for capital injection (42%)
Level of capitalof Capital
Level injection becomes important
required
23% 19% 23% 12% 23%
Injection required

Strongly agree Agree Disagree


Original question – “Do you agree or disagree that the following will be impediments to deal flow in 2012?”


… and the following bank actions are expected for problem loans

Bank actions to handle problem loans
Key messages
► Extension of loan repayment Banks will extend loan
Banks will extend loan
repayment period 8% 57% 23% 8% 4%
period is considered to be the repayment period
most effective action to handle
problem loans (65%) Banks will increase debt-for-
Banks will increase debt-
equity swaps 8% 50% 15% 8% 19%
for-equity swaps
► Debt-for-equity swaps are
increasing (58%)
Banks will increase
Banks will increase consensual
consensual restructuring
restructuring deals 19% 27% 31% 4% 19%
deals

Banks will increasingly
Banks will increasingly replace
12% 23% 34% 31%
replaceasset managers
asset managers

Banks will increase
Banks will increase enforcementof
enforcement of
8% 23% 19% 12% 38%
repayment repayment terms and
terms and conditions
conditions
Strongly agree Agree Disagree Strongly Disagree Neutral No response

Original question – “Please indicate whether you agree or disagree with the following statements.”


Which exit options will play a role?

Planned exit strategies
Key messages
► Mutual funds (46%) is the
preferred exit option
46%
42%
► REOC/REIT (42%) and closed-
ended funds (35%) will also play a
35% large role

27%
23%

0%

REOC/REIT Mutual funds IPO Closed-end funds Trade sale Other
REOC/REIT Mutual funds IPO Closed-end funds Trade Sale Other

Original question – “What exit strategies do you have planned?”


Trend indicator
Europe 2012

© euroluftbild.de


The perceived attractiveness of property markets varies from country to
country.

Key Message Attractiveness (absolute) … compared to other locations
► All countries were rated positively
Germany 1% 61% 38% Germany
Germany 52% 47% 1%

► Economic stability makes Germany Sweden 4% 64% 32% Sweden
Sweden 21% 57% 11% 7% 4%
Sweden and Switzerland most
Austria 4%4% 71% 21% Austria
Austria 14% 51% 14% 21%
attractive to investors who are active
there Luxembourg 4%7% 82% 7% Luxembourg
Luxembourg 18% 54% 7% 21%

► Some other countries are viewed Russia 4% 8% 53% 35%
Russia
Russia 15% 59% 13% 13%
with caution. Reasons include a lack
Switzerland 50% 38% 9% 3%
of transaction opportunities at Swiss 6% 9% 44% 41% Swiss

attractive prices and uncertainty Spain 15% 60% 25% Spain 28% 36% 9% 25% 2%
Spain
regarding economic stability
Belgium 4%12% 69% 15% Belgium
Belgium 15% 43% 15% 27%

Poland 11% 6% 53% 30% Poland
Poland 19% 64% 13% 4%
The
Netherlands 6% 14% 68% 12% Netherlands
Netherlands 22% 48% 8% 22%

France 2% 21% 65% 12% France
France 12% 57% 10% 21%

UK 15% 11% 57% 17% UK UK 31% 30% 26% 13%

No responseattractive
Very Neutral Attractive attractive attractive
Less Less Neutral No response
Very attractive Attractive Less attractive
Attractive Very attractive Neutral No response
Original question – “How do you rate your attractiveness as a location for real estate investments in 2012? And compared to other locations worldwide?”


Fear of inflation in the medium term is driving more investors toward
real estate …

Fear inflation will drive real estate investment Key Message
Swiss
Switzerland 35% 53% 9% 3% ► In all countries surveyed, a majority
of respondents agree that concern
Germany
Germany 24% 64% 12%
over inflation is fueling interest in
France
France 25% 44% 15% 4% 12% real estate
Belgium
Belgium 8% 61% 19% 12% ► The majority is particularly
overwhelming in Switzerland and
UK
UK 9% 59% 15% 2% 15%
Germany (88 % in each)
Russia
Russia 20% 46% 22% 4% 8%

Luxembourg
Luxembourg 21% 43% 18% 7% 11%

Poland
Poland 15% 48% 17% 7% 13%
The
Netherlands 8% 53% 27% 4% 8%
Netherlands

Austria
Austria 7% 50% 25% 4% 14%

Sweden
Sweden 4% 50% 32% 7% 7%

Spain
Spain 9% 43% 26% 11% 11%
Strongly Agree Agree Disagree Strongly Disagree Neutral No reponse
Original question – “Do you agree with the following statement: „Fears of high inflation in the medium term will drive investors towards the real estate market.‟?”


… and the Euro crisis is linked with a decline in real estate activity in the
European markets.

Key Message Perceptions of the Euro crisis
► A majority in all countries surveyed Sweden
Schweden 25% 61% 14%
associates the Euro crisis with a
Polen
Poland 17% 66% 11% 6%
decline in real estate investment
activity Spanien
Spain 26% 57% 13% 2% 2%

► In Switzerland, Germany and Großbritannien
UK 22% 57% 13% 2% 6%
Belgium, fear of inflation appears to
France
Frankreich 29% 49% 12% 8% 2%
be overriding skepticism toward the
Euro Austria
Österreich 14% 61% 18% 7%

Luxembourg
Luxemburg 25% 47% 14% 7% 7%

Russia
Russland 15% 56% 23% 2% 4%
The
Niederlande 14% 57% 27% 2%
Netherlands
Belgium
Belgien 12% 53% 23% 12%

Germany
Deutschland 14% 38% 30% 18%

Switzerland
Schweiz 12% 38% 38% 12%


Original question: „Do you agree with the following statement: „The euro-zone sovereign debt crisis will significantly reduce activity in European real estate markets.‟?”


Some respondents anticipate increased lending by insurance companies
as a result of Solvency II …

Opinion of insurance companies as debt providers Key Message
Deutschland ► Respondents in half the countries
Germany 31% 54% 14% 1%
surveyed agree that insurance
Belgien
Belgium 58% 23% 19% companies will become more active
The
Niederlande 14% 41% 18% 2% 25% as lenders as a result of Solvency II
Netherlands
► Agreement is strongest in Germany
Großbritannien
UK 13% 41% 19% 6% 21%
(85%), while just over a third of
Polen
Poland 11% 43% 25% 4% 17% respondents in Austria share this
view
Schweiz
Switzerland 9% 44% 38% 9%

Spanien
Spain 21% 30% 17% 32%

Russia
Russland 10% 39% 37% 4% 10%

Schweden
Sweden 18% 29% 18% 4% 31%

Luxemburg
Luxembourg 18% 29% 25% 7% 21%

France
Frankreich 13% 29% 12% 19%

Austria
Österreich 11% 25% 25% 39%


Original question – “Do you agree: „Due to the Solvency II regulation, insurance companies could increasingly act as debt providers for real estate investments in the future.‟?”


… and expectations of transaction volume in 2012 are generally
lukewarm.

Key Message Expectations of transaction volume
► Germany and France are the only Deutschland
Germany 8% 48% 39% 4% 1%
countries surveyed in which a
Frankreich
France 33% 21% 17% 6% 23%
majority of respondents (56% and
54%) expect higher transaction Luxembourg
Luxemburg 11% 42% 29% 4% 14%
volume in 2012 than in 2011
Poland
Polen 13% 33% 30% 15% 9%
► In most countries, respondents
Switzerland
Schweiz 3% 38% 47% 12%
anticipate a stable or declining
volume of transactions UK
Großbritannien 7% 34% 22% 11% 26%

Spanien
Spain 8% 30% 25% 11% 26%
The
Niederlande 6%
Netherlands 27% 24% 16% 27%

Russland
Russia 12% 21% 42% 12% 13%

Österreich
Austria 7% 18% 25% 11% 39%

Schweden
Sweden 21% 40% 7% 32%

Belgien
Belgium 4% 15% 54% 4% 23%

Ich stimme zu Ich stimme eher zu Ich stimme eher nicht zu Ich stimme nicht zu Neutral keine Angabe
Original question – “Do you agree with the following statement: „Overall, the transaction volume will continue to recover in 2012 and exceed the level seen in 2011‟?”


Price trends for office property are expected to vary from country to
country and according to location …

Price trends office property Key Message
► In almost all countries surveyed,
office property prices in prime (1a)
locations are expected to remain
14 14
stable or grow
SWE 39 39
47 47 ► Growth potential is especially evident

20 22 8 18
in those countries in which office
NL 16 64
30
RUS 31 61 28 54 property had been under price
48

19 15 18 pressure
BEL 23 35
43 UK 26
39

► Prices in peripheral locations are
59 43
42 38
25
11 PL 47
30 26
largely viewed as stable; Germany
LUX 32 57
32 36
28 44
32 8 27 19 and Switzerland are the exceptions
GER 65 81

15 8 11 19
F 25
60 46 46
AT 50
39
44
37

12 30 24 18 15 Legend
SP 17 32 CH
71 38 58 85 Prime Periphery
19 Increasing stable decreasing
39 37
50
11 44 (percentage results) )


… as are price trends for retail property ...

Key Message Price trends retail property
► In most countries, a majority of
respondents expect prices for retail
property in prime locations to remain
stable or even climb
4 32 32
► Expectations of rising prices in top SWE 53
43
36
locations are strongest in Germany
24 20 27 18 18 13 21
and Luxembourg NL
56
44
29
RUS 64 66

19 17
BEL 38 31 35 UK 33 42 30
43 34 50 28
21
14 22 22 PL 30 42 35
LUX 39
47 28 44
56 4 1
GER 49 47 57 42

17 15 12 26 30
F 38 33
AT 56
32
45 52 44

Legend 19 8 29 25 12 6 18
SP CH
Prime Periphery 73 46 82 82

39 37
50


… and residential property…

Price trends residential property Key Message
► Throughout Europe, residential
property prices are robust in top
locations
7
► This is expecially true in Germany,
21 25
SWE 39 54
54 Switzerland and Great Britain
22
► Even in peripheral locations,
34 20 17 18
NL 35
43
46
RUS 31 52
33
residential real estate prices are
49

20 15 14 generally viewed as stable
BEL 32 24 28
UK 21 64 46
40
48 48
28 22
14 21 25 PL 37 43
LUX 47
39
54
35 35
1 7
24 27
GER 75 66

14 18 36
38 25 33 30
F 45
41
AT
37 46 37

25 3 6 Legend
SP 45
37 40
CH 32
65
24
30 23 70 Prime Periphery
39 37
50


… whereby the most active seller and buyer groups are identified as
follows:

Key Message TOP seller groups TOP buyer groups
Residential RE Corp. (88 %), RE Corp./REITs (81 %), Insurance Corp. (73 %),
► Throughout Europe, banks and Belgium
RE Corp./REITs (85 %), Banks (81 %) Other intl. funds (73 %)
property companies /REITs are Open-ended funds (91 %), Privat/Family Office (94 %), Insurance Corp. (92 %),
Germany
expected to be among the most Opportunity-/PE-Funds (89 %), Banks (88 %) Other intl. funds (89 %)
RE Corp./REITs (92 %), Banks (92 %), Residential RE Corp. (85 %),
active sellers in 2012 Residential RE Corp. (85 %)
France
Open-ended funds (85 %), Banks (85 %)
► In a majority of the countries Banks (89 %), Opportunity-/PE-Funds (83 %), Residential RE Corp. (80 %),
UK
Opportunity-/PE-Funds (79 %), Open-ended funds (78
surveyed, residential real estate Residential RE Corp. (79 %)
%)
RE Corp./REITs (88 %), Residential RE Corp. (89 %),
companies will become more active Residential RE Corp. (86 %), Banks (79 %)
Luxembourg
Open-ended funds (82 %), Other intl. funds (80 %)
as sellers RE Corp./REITs (88 %), Banks (84 %), Residential RE Corp. (80 %),
The Netherlands
Residential RE Corp. (75 %) Banks (74 %), RE Corp./REITs (73 %)
► On the buyer side, residential real
RE Corp./REITs (79 %), Sovereign wealth funds (75 %),
estate companies are expected to be Open-ended funds (75 %), Banks (75 %)
Austria
Open-ended funds (75 %), Banks (64 %)
most active in 2012 Banks (80 %), Residential RE Corp. (79 %),
Poland
Banks (79 %), Residential RE Corp. (77 %),
RE Corp./REITs (78 %) Open-ended funds (74 %)
RE Corp./REITs (87 %), Open-ended funds (86 %), Banks (85 %), Residential RE Corp. (83 %),
Russia
Opportunity-/PE-Funds (84 %) RE Corp./REITs (83 %)
Open-ended funds (89 %), RE Corp./REITs (86 %), Residential RE Corp. (89 %),
Sweden
Residential RE Corp. (82 %) Open-ended funds (82 %), Other intl. funds (80 %)
Opportunity-/PE-Funds (75 %), Real estate funds (100 %),
Swiss
Corporates (Non-Property) (74 %), Banks (73 %) Privat/Family Office (97 %), Insurance Corp. (91 %)
Banks (91 %), RE Corp./REITs (81 %), Residential RE Corp. (83 %),
Spain
Opportunity-/PE-Funds (77 %) Banks (83 %), Open-ended funds (76 %)

Original question – “How active do you think the following seller/buyer groups will be in the real estate market in 2012?”

Investment focus on office property, in comparison with other uses, is
anticipated as follows:

Investment focus office property Key Message
► Investors in countries where office
property prices are expected to rise
have office property at the top of
their shopping lists
7
14
SWE 32
► Investors in France and Russia report
47

12
8
4 2
the strongest focus on office
NL 29 51 RUS 38 56 property for 2012
8 11
12 27 9
BEL UK 40
40
53

14
14 14 15 28
LUX 11 36
GER 21 PL 17
39 51 40

12 14 21
F 31 57 AT 21
44

11 22 17 Legend
SP 9 38
CH 61
42 14 21
strong moderate low no focus
21
44
(percentage results)


Belgium real estate trend indicator 2012

Belgium real estate trend indicator 2012

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Belgium real estate trend indicator 2012