2.0 – 5.0 EUR · 44. Segro Business Park Warsaw, Ożarów 45. Segro Logistics Park Warsaw,...
Transcript of 2.0 – 5.0 EUR · 44. Segro Business Park Warsaw, Ożarów 45. Segro Logistics Park Warsaw,...
1
R E S E A R C H
1
Real Estatefor a changing
world
Real Estatefor a changing
world
Data from the first half of 2017 showed that the Industrial & Logistic market is the fastest developing real estate sector in Poland. Development is driven by strong tenant demand for warehouse and logistics space. This is confirmed by the fact that, despite the delivery of a significant volume of space in the first quarter, vacancy rates are still at a low level.
Total stock delivered in H1 2017
Vacancy rate as of Q2 2017 Rent range (m2/month)
Under construction
At a glance Q2 2017
801,200 m2
2.0 – 5.0 EUR
1,252,400 m2
INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND
NEW
5.9%
1IMPRESIVE FIRST HALF OF 2017
Over the first six months of 2017 a record volume of 801,200 sqm was delivered, of which 74% was completed in Q1. This accounts for 60% of new supply in the entire 2016. The largest delivery of new supply was located in the Poznań hub (133,000 sqm), Warsaw II hub (115,700 sqm) and in the Central Poland hub (111,800 sqm). The biggest schemes com-pleted in H1 were another phase of P3 Błonie (47,500 sqm) Pana-ttoni BTS Kaufland (45,650 sqm) and Prologis Park Piotrków II (42,200 sqm).
3VACANCY RATES GOES DOWN
Compared to the situation at the end of Q1 2017, the overall vacancy rate decreased by 0.4 p.p. and currently stands at 5.9%. In the context of a significant growth of new supply, such trend results from strong take-up.
Currently, schemes under construction are on average 80% leased. This means that warehouses are often almost fully let upon completion.
2OVER 1.25M SQM UNDER CONSTUCTION
The impressive numbers of new deliveries did not discourage developers from launching new projects. Currently there are al-most 1,252,400 sqm under construction. The largest schemes in-clude: Panattoni BTS Amazon Szczecin (161,000 sqm) and Good-man BTS Zalando Szczecin (130,000 sqm). The construction of another large-scale BTS project, Panattoni BTS Amazon Sosno- wiec (135,000 sqm), was launched in 2017. As the names indi-cate, e-commerce remains a strong demand driver for the sector.
4RENTS STILL STABLE
The high level of demand, which translates into leasing transactions and schemes under construction, is in equilibrium. Therefore the significant increase of supply does not signifi-cantly affect the level of asking rents. The highest rental costs are for warehouses located within the boundaries of Warsaw. Central Poland records the lowest rates as the market there is dominated by large-scale big box parks and build to suits.
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AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
1.00 EUR 2.00 EUR 3.00 EUR 4.00 EUR 5.00 EUR 6.00 EUR
Toruń/Bydgoszcz
Szczecin
Tricity Region
Cracow Region
Lublin/Rzeszów
Central Poland
Lower Silesia
Poznań Region
Upper Silesia
Warsaw II
Warsaw I
8.7%
6.3%
4.4%
8.8%
7.9%
0.5%
2.7%
8.9%
5.7%
9.1%
7.5%
0% 2% 4% 6% 8% 10% 12%
Toruń/Bydgoszcz
Szczecin
Tri-city Region
Kraków Region
Lublin/Rzeszów
Central Poland
Lower Silesia
Region Poznania
Upper Silesia
Warsaw II
Warsaw I
0 100,000 200,000 300,000 400,000
Szczecin
Tri-city Region
Kraków Region
Central Poland
Lower Silesia
Toruń/Bydgoszcz
Poznań Region
Upper Silesia
Warsaw II
Lublin/Rzeszów
Warsaw I
MLP 2.8%CBRE GI 2.4%
Hines 3.2%
GLL 2.1%Hillwood 2.1%
GIC 5.0%
Goodman 7.7%Logicor 7.9%
Panattoni 15.7%
Segro 9.8%
others 21.1% Prologis 20.3%
Warsaw I 5.9%
Warsaw II 21.4%
Upper Silesia 17.6%
Poznań Region 14.7%
Central Poland 13.0%
Lower Silesia 12.8%
Tri-city Region 3.6%Lublin/Rzeszów 2.9%
Kraków Region 2.6%
Szczecin 1.8%Toruń/Bydgoszcz 2.4%
others 0.5%
0%
2%
4%
6%
8%
10%
12%
14%
16%
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
2010 2011 2012 2013 2014 2015 2016 H12017
m²
new supply stock vacancy rate
Vacancy rate, modern industrial and logistics stock
Landlord market share, Q2 2017
Market share by hub, Q2 2017
Rental ranges by hub, € per sqm/month, Q2 2017
Under contruction industrial and logistics space, Q2 2017 (sqm) Vacancy rate by hub, Q2 2017
Source: BNP Paribas Real Estate Source: BNP Paribas Real Estate
Source: BNP Paribas Real Estate
Source: BNP Paribas Real Estate
Source: BNP Paribas Real Estate
Source: BNP Paribas Real Estate
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SZCZECIN
BYDGOSZCZ
GORZÓW WLKP.
WROCŁAW
OPOLE
KATOWICE
KIELCE
KRAKÓWRZESZÓW
LUBLIN
ŁÓDŹ
WARSZAWA
BIAŁYSTOK
POZNAŃ
ZIELONAGÓRA
PIOTRKÓW TRYB.
GDAŃSK
OLSZTYN
TORUŃ
4
54
3 2
2
3
5
2
1
1
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
PRIMARY HUBS:1. Warsaw I & Warsaw II2. Upper Silesia3. Poznań4. Central Poland5. Lower Silesia
SECONDARY HUBS:1. Tri-City1. Lublin / Rzeszów2. Cracow3. Szczecin4. Bydgoszcz / Toruń
BNP Paribas Real Estate has divided the industrial & logistics market into the 5 primary hubs (over 1 million sqm) and 5 secondary markets as marked on the map.
MAJOR NATIONAL ROADS
HIGHWAYS:EXISTINGUNDER CONSTRUCTION
PLANNED
EXPRESS WAYS:EXISTINGUNDER CONSTRUCTION
PLANNED
MAP OF INDUSTRIAL & LOGISTICS HUBS & TRANSPORTATION NETWORK
Source: BNP Paribas Real Estate
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Narew
Wisła
Utrata
Jezi
orka
Pomiechówek
Czosnów
Wieliszew
Nieporęt
Jabłonna
Izabelin C
Stare Babice
Opacz
Janki
NadarzynLesznowola
ŁOMIANKI
LEGIONOWO
NOWY DWÓRMAZOWIECKI
OTWOCK
PRUSZKÓW
MARKI
KOBYŁKA
WOŁOMIN
ZIELONKA
ZĄBKI
JÓZEFÓW
KARCZEW
KONSTANCIN--JEZIORNA
PIASECZNO
PIASTÓW
BRWINÓW
PODKOWA LEŚNA
OŻARÓW MAZOWIECKI
WARSZAWA
E77
E77
E30
E30
E67
E67
62
61
79
7
8
2
7
A2
S8
S8
S2
7
19
28
13
4
202
25
23
21
5
2227
1839
1. Airport House2. Bokserska Distribution Center3. City Point4. Diamond Business Park Ursus5. Distribution Park Annopol6. Distribution Park Okęcie7. Distribution Park Żerań8. Gate One9. Hillwood Warsaw I10. Ideal Distribution Centre11. Ideal Idea III12. Ideal Idea IV13. Kolmet14. Krakowska Distribution Center15. Logicor Warszawa 16. Manhattan Business
& Distribution Center17. Modularna Distribution Centre18. Metropol Park Jagiellońska19. Norblin Industrial Park20. Platan Park21. Prologis Park Warsaw II22. Prologis Park Warsaw – Żerań23. Segro Business Park Warsaw,
Żerań24. Space Distribution Center25. Ursus Logistic Center26. Warsaw Distribution Center27. Wenecka28. Żoliborskie Centrum Biurowo-
Magazynowe
LotniskoWarszawa Okęcie
im. Fryderyka Chopina
W-WARAKÓW
AL. K
RAKO
WSK
A
AL. JE
ROZO
LIMSK
IE
Łopuszańska
Kleszczowa
Ryżo
wa
SzyszkowaPOŁUDNIOWA
OBWODNICA WARSZAWY (S2)
Nowolazurowa
15
1711
8
1
614 26
16
10
12 24
0 2 4 6 8 km
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
• The highest rents for warehouse space in Poland are recorded in Warsaw I cluster.
• Warehouse schemes are smaller than in other clusters. Also, they often offer more office space and form Small Business Units (SBU).
• The vacancy rate remains at 8.7%. It is one of the highest in Poland.
• Limited availability and high land prices significantly reduce cluster development.
PRIMARY HUBS1
WARSAW I
EXISTING & UNDER CONSTRUCTION
1. Supply over 1m sqm.
3.50-5.00 EUR
8.7%Vacancy rate
Under construction
Total existing stock
WARSAW I
691,100 m2
58,200 m2
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
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1. Altmaster Wola Mrokowska 2. Altmaster Pęcice 3. Altmaster Piaseczno 4. Błonie Business Park 5. Distribution Park Grodzisk Maz. 6. Good Point Puławska II, IIIa, IIIb7. Goodman Grodzisk Logistics Centre 8. Hillwood Błonie9. Hillwood Błonie II10. Hillwood Klawaria11. Hillwood Marki12. Hillwood Ożarów II13. Hillwood Ożarów Logistic Center14. Hillwood Pruszków15. Lexar Distribution Park16. Logicor Błonie17. Logicor Łazy18. Logicor Piaseczno 19. Logicor Święcice 20. Logicor Teresin 21. MLP Pruszków I22. MLP Pruszków II 23. MLP Teresin 24. P3 Błonie 25. P3 Mszczonów26. Panattoni Park Garwolin27. Panattoni Park Grodzisk I, II, III28. Panattoni Park Janki I, II29. Panattoni Park Konotopa 30. Panattoni Park Pruszków II 31. Piaseczno Business Park 32. Point of View Góra Kalwaria33. Point of View Kawęczyn 34. Point of View Piaseczno 35. Prologis Park Błonie36. Prologis Park Błonie II37. Prologis Park Janki38. Prologis Park Nadarzyn39. Prologis Park Sochaczew 40. Prologis Park Teresin 41. Pruszkowskie Centrum
Dystrybucyjne42. Raszyn Business Park43. Reguły Logistic Park 44. Segro Business Park Warsaw,
Ożarów45. Segro Logistics Park Warsaw,
Nadarzyn 46. Segro Logistics Park Warsaw,
Pruszków 47. Techniczna Industrial Park 48. WAN Pruszków49. West Park Ożarów50. West Park Pruszków
1. Diamond Business Park Raszyn 2. DL Invest Słomczyn Grójec
Narew
Bug
Bzura
Wkra
Utrata
Pisia
Raw
ka
Wisła
Utrata
Pilic
a
Jezi
orka
J. Zegrzyńskie
Dzierzążnia
Naruszewo
Joniec
NoweMiasto
Załuski
Pomiechówek
Zakroczym
Leoncin
Czerwińsknad Wisłą
Wyszogród
Brochów
Kampinos
Teresin
Baranów
Jaktorów
Puszcza Mariańska
NowyKawęczyn
Regnów
Cielądz Sadkowice
Błędów
Pniewy
Goszczyn
Mogielnica
BelskDuży
Promna
JasieniecBiałaRawska
Chynów
Prażmów
Tarczyn
ŻabiaWola
Lesznowola
Wiązowna
Sulejówek
Józefów
Karczew
Konstancin--Jeziorna
Góra Kalwaria
Nadarzyn
Sobienie--Jeziory
Grabównad Pilicą
Kowiesy
Radziejowice
Wiskitki
Leszno
Błonie
MilanówekPodkowaLeśna
Brwinów
Pruszków
OżarówMazowiecki
Raszyn
Stare Babice
Izabelin C
Młodzieszyn
Winnica
NasielskPłońsk
PokrzywnicaZatory
Somianka
Dąbrówka
Klembów
Kobyłka
Marki
Nieporęt
Radzymin
ZielonkaZąbki
Serock
Wieliszew
JabłonnaCzosnów
Świercze
WARSZAWASOCHACZEW
ŁOMIANKI
NOWY DWÓRMAZOWIECKI
LEGIONOWO
WOŁOMIN
OTWOCK
Warka
GRÓJEC
PIASECZNO
Rawa Mazowiecka
MSZCZONÓW
ŻYRARDÓW
GRODZISKMAZOWIECKI
E77
E30
E67 E77
E77
E30
50
62
92
79
50
79
50
5070
62
62
61
85
7
2
7
A2
S8
S8
S8
S7
128
29
32
14
16
11
30
23
277
2
1
2
331
33
25
3536
3815
39 40
4142
43
17
45
4
6
92122
138
26
192050
5
10
24
18
441249
34
37
46
47
48
0 5 10 15 20 km
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
WARSAW II
EXISTING & UNDER CONSTRUCTION
2.00-3.20 EUR
6.3%2,630,800 m2
272,100 m2
WARSAW II
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
PLANNED
• Warsaw II is the largest warehouse market in Poland. It accounts for 22.4% of the country’s total stock.
• In Q2 2017 the total volume of stock under construction was 272,100 sqm, which is the second highest result among all warehouse markets in Poland.
• Supply grew by over 100,000 sqm in Q2. The largest scheme delivered was another phase of P3 Błonie (47,500 sqm).
• The rapid increase of the new supply and the dominance of large-scale projects affects rental rates, which are stable and remain at one of the lowest levels in the country.
• New transport infrastructure in the eastern (S8, A2) and southern (S8, S19) parts of the hub will result in warehouse development in these directions over the following years.
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1. 7R Gliwice2. 7R Siemianowice Śląskie3. City Flex Business Park Bytom4. City Flex Business Park Gliwice5. City Flex Business Park
Katowice6. DL Invest Park Dąbrowa
Górnicza7. Hillwood Katowice8. MLP Czeladź9. Prologis Park Ruda10. Prologis Park Ujazd
1. 7R Beskid Park2. Alliance Silesia Logistics Center3. Centrum Logistyczne Milowice4. Diamond Business Park Gliwice5. Distribution Park Będzin6. Distribution Park Sosnowiec7. DL Invest Park Psary/Czeladź 8. Goodman Gliwice Logistics
Centre9. Goodman Sosnowiec Logistics
Centre10. Górnośląski Park Przemysłowy11. Hillwood Bielsko-Biała12. Logicor Czeladź13. Logicor Gliwice I14. Logicor Gliwice II15. Logicor Mysłowice16. Logicor Czeladź17. MLP Bieruń18. MLP Gliwice19. MLP Tychy20. Panattoni Park Bielsko-Biała II21. Panattoni Park Czeladź III22. Panattoni Park Gliwice II, III23. Panattoni Park Ruda24. Panattoni Park Sosnowiec I, II, III25. Prologis Park Będzin II26. Prologis Park Chorzów27. Prologis Park Dąbrowa28. Segro Business Park Gliwice29. Segro Industrial Park Tychy30. Segro Industrial Park Tychy II31. Segro Logistics Park Gliwice32. Śląskie Centrum Logistyczne33. Terminal Logistyczny Promont
Tychy
Warta
J. Porajskie
M
ała Panew
Przemsza
Soła
Wisła
Brynica
Cza
rna
Pr
zem
sza
J. Goczałkowickie
Olza
Pszczynka
Ruda
J. Rybnickie
Kłodnica
DobrodzieńCiasna
Pawonków
Zawadzkie
Lubliniec
Kochanowice
Koszęcin
Blachownia
Herby Konopiska
BoronówStarcza
Olsztyn
Podczesna
KamienicaPolska
Poraj
Koziegłowy
Woźniki
Kalety
KrupskiMłyn
Wielowieś
Tworóg
Miasteczko Śl.
SiewierzMierzącice
Poręba
OżarowiceŚwierklaniec
RadzinkówZbrosławicePyskowice
Toszek
Jemielnica
StrzelceOpolskie
Warmątowice
Ujazd
Rudziniec
KuźniaRaciborska
Pilchowice
Sośnicowice
Nędza
Lyski Jejkowice
Gaszowice
RydułtowyPszów
RadlinMarklowice
Gorzyce Mszana
Godów
Zebrzydowice
DębowiecHażlach
SkoczówJaworze
Kozy
Bestwina
Goczałkowice--Zdrój
Miedźna Brzeszcze
BojszowyKobiór
Suszec
Pawłowice
Orzesze
Ormontowice
Gierałtowice
WyryŁaziska G.
Lędziny
Bieruń
Chełm Śl.
Chełmek
Libiąż
Imielin
PsaryBobrowniki
PIEKARY ŚL.
TARNOWSKIEGÓRY
DĄBROWA G.BYTOM
GLIWICE
RYBNIK TYCHY
BIELSKO--BIAŁA
ZABRZERUDA ŚL.
ŚWIĘTOCHŁOWICE
CHORZÓW
SOSNOWIEC
JAWORZNOMYSŁOWICE
JASTRZĘBIE--ZDRÓJ
Wojkowice
PolankaWielka
Przeciszów
Wilamowice Wieprz
Osiek
Andrychów
Kęty
Jasienica
StrumieńChybie
Bohumín
Petřvald
HAVÍŘOV
KARVINÁ
ORLOVÁ
Jankowice
ŻarkiKolonowskie
MYSZKÓW
KNURÓW
CZERWIONKA--LESZCZYNY
ŻORY
PSZCZYNA
OŚWIĘCIMWODZISŁAWŚLĄSKI
CZECHOWICE--DZIECICE
KATOWICE
CZĘSTOCHOWA
E75
E40
E40
E40E75
E40E75
E462
E462
E462
46
11
9478
78
86
1178
88
94
94
44
86
81
44
152
78
67
81
475
40
40
88
1
46
46
S86
S1
S1
S1
S1
S1
S69
A1
A1
A1
A4
A4
A1
A1
7
181
30
3
6
7
9
10
88
3
2
45
2
31
24
5
16
6251221
102623
17
1322
201929
11
1
14932
33
27
15
428
0 5 10 15 20 km
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q4 2016
UPPER SILESIA
EXISTING & UNDER CONSTRUCTION
PLANNED
2.00-3.20 EUR
4.4%2,065,700 m2
253,200 m2
• Upper Silesia remains the second largest market in Poland after Warsaw II.
• Warehouse space increased by 23,000 sqm in Q2 2017, follow-ing the delivery of Goodman Gliwice Logistics Centre and Segro Logistics Park Gliwice.
• Despite completion of new supply, vacancy rate decreased by 0.2 p.p. compared to the end of Q1. This demonstrates undimin-ishing tenant interest.
• There are 253,200 sqm under construction, of which more than a half is Panattoni BTS Amazon Sosnowiec.
• The range of rental rates in Upper Silesia is similar as in other major warehouse clusters.
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1. Centrum Magazynowe Bugaj2. Clip – Centrum Logistyczno
Inwestycyjne Poznań3. Distribution Park Gądki4. Doxler5. Goodman Poznan II Logistics
Centre6. Goodman Poznań III Logistics
Center7. Goodman Poznań Airport
Logistics Centre8. Goodman Poznań Logistics
Centre9. Logicor Poznań I10. Logicor Poznań II11. Logicor Poznań III12. Logit13. Luvena Logistic Park Poznań14. MLP Poznań15. Nickel Technology Park Poznań16. P3 Poznań17. Panattoni Park Poznań III18. Panattoni Park Poznań IV19. Panattoni Park Poznań V20. Panattoni Park Poznań VI21. Panattoni Park Poznań VII22. Panattoni Park Poznań Airport23. Panattoni Park Września24. Prologis Park Poznań I25. Prologis Park Poznań II26. Segro Logistics Park Poznań,
Gądki27. Segro Logistics Park Poznań,
Komorniki
1. MLP Poznań II2. Prologis Park Poznań III3. Segro Logistics Park Poznań,
Gołuski
Warta
Mogilnica
War
ta
Lubasz
Połajewo
Wronki Obrzycko
OstrorógSzmotuły
Oborniki
Rokietnica
Kaźmierz
Duszniki
Buk
Opalenica
Granowo
GrodziskWielkopolski
Kamieniec
Śmigiel
LipnoOsieczna
Krzywiń
DolskJaraczewo
KsiążWielkopolski
Brodnica
Czempiń
Mosina
StęszewPuszczykowo
Kleszczewo
Dominowo
Nekla
Czerniejewo
Pobiedziska
MurowanaGoślina
Łubowo
Kiszkowo
Kłecko
Sroki
Mieścisko
WapnoBudzyń
Rogoźno
Kostrzyn
Czerwonak
SuchyLas
ŚrodaWielkopolska
Miłosław
Zaniemyśl
Kórnik
Komorniki
Krzykosy NoweMiaston. WartąKościan
Dopiewo
TarnowoPodgórne
Ryczywół
POZNAŃ
WĄGROWIEC
SWARZĘDZ
ŚREM
JAROCIN
E30
E30
E261
E261
E261
11
11
92
92
11
12
11
15
15
32 5
5
S5
S11A2
A2
7
2
6
20
18
1
2
311 16
9
24
22
21
26
25
23
19
4
10
8
1314
15
5
27
1217
3
1
.
0 5 10 15 20 km
EXISTING & UNDER CONSTRUCTION
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
POZNAŃ HUB
PLANNED
2.00-3.20 EUR
8.8%1,733,300 m2
115,300 m2
• Poznań hub recorded the highest growth of new space out of all industrial and logistics clusters in H1 2017.
• The largest projects completed in Q2 2017: another build-ing of Panattoni Park Poznań VIII (21,300 sqm) and P3 Poznań (7,300 sqm).
• Because of the delivery of new space, the vacancy rate has slightly increased by 0.4 p.p. to the level of 8.8%.
• Rents are stable, but the relatively high percentage of vacancy and the volume of new schemes, can strengthen further tenant negotiating positions.
• There is an increasing number of warehouses being built in the area between Poznań and the German border, along major transportation corridors.
8
J. Sulejowskie
Wolbórk
a
Pilica
Raw
ka
Skierniew
ka
Rawka
Bzura
Mro
ga
Bzura
Mos
zcze
nic a
Bzura
Ner
Grabia
Widawka
Luciąża
Pilica
Czarna
Parzęczew
Góra św. Małgorzaty
Bielawy
ZdunyChąśno Nowa
Sucha
NieborówBolimów
Godzianów
Słupia
Żelechlinek
Czerniewice
Inowłódz
SławnoMniszków
Będków
RokicinyBrójce
Grabica
DrużbiceZelów
ŁękiSzlacheckie Ręczno
Aleksandrów
Paradyż
Budziszewice
Nowy Kawęczyn
Łyszkowice
MakówDmosin
Ozorków Głowno
ŁOWICZ
SKIERNIEWICE
Łęczyca
ZGIERZ
Piątek
Lutomiersk
Dobroń
Ksawerów
Andrespol
Rogów
LipceReymontowskie
Jeżów
Głuchów
Dłutów
Kluki
Kleszczów
Sulmierzyce
Gorzkowice
Rozprza
WolaKrzysztoporska
Białaczów
Żarnów
Rzeczyca
Lubochnia
UjazdCzarnocin
Moszczenica
Domaniewice
Witonia
Brzeziny
KoluszkiKonstantynówŁódzki
AleksandrówŁódzki
PABIANICE
BEŁCHATÓWPIOTRKÓWTRYBUNALSKI
TOMASZÓWMAZOWIECKI
Stryków
Rzgów
Tuszyn
Kamieńsk
Sulejów
Wolbórz
Opoczno
RAWAMAZOWIECKA
ŁÓDŹ
E75E30
E30
91
14
92
5092
70
70
72
72 72
71
71
71
14
12
91
9174
4412
481
1
8
E75
E75
E67
S8
S14
E67
A1
A1
A1
A2
A2
72
1319
18
4
6
8
21
13
722
12
119
16
15
17
2
10 145
20
2
1
0 5 10 15 20 km
1. Diamond Business Park Stryków 2. Goodman Łódź Logistics Centre3. Hillwood Stryków 4. Logicor Łódź5. Logicor Łódź II6. Logicor Łódź III 7. Logicor Stryków8. Logis 9. Logistic City – Piotrków
Distribution Centre 10. Łódź Business Park 11. P3 Piotrków 12. Panattoni Park Business Center
Łódź 13. Panattoni Park Business Center
Łódź II, III, IV14. Panattoni Park Łódź East 15. Panattoni Park Stryków II16. Prologis Park Piotrków I 17. Prologis Park Piotrków II18. Prologis Park Stryków 19. Prologis Park Rawa 20. Segro Business Park Łódź 21. Segro Logistics Park Łódź22. Segro Logistics Park Stryków
1. Hillwood Łódź2. MLP Łódź
0 5 10 15 20 km
EXISTING & UNDER CONSTRUCTION
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
CENTRAL POLAND
PLANNED
2.00-3.20 EUR
0.5%1,530,000 m2
65,100 m2
• The central location, well developed transport infrastructure and relatively good access to the labour force make the cluster constantly popular among tenants.
• Central Poland is characterised by the lowest vacancy rate in the country. It reached only 0.5% at the end of June. This means a drop of 1.8 p.p. as compared to the end of Q1 2017.
• There was only one warehouse delivered on this market in Q2 2017 - another phase of Prologis Park Stryków (18,100 sqm). The completed scheme was fully leased upon delivery, which is typical for Central Poland Region.
• Currently, the largest buildings under construction are the next stage of the Segro Logistics Park Stryków (30,400 sqm) and Panattoni Park Stryków II complex (18,600 sqm).
9
Oława
Oław
a
Odra
Odra
J. Mietkowskie
Strzegomka
Wąsosz
Jemielno
Wińsko Żmigród
Milicz
Twardogóra
Dobroszyce
ZawoniaTrzebnicaOborniki Śl.
WiszniaMała
Brzeg Dolny
Wołów
Malczyce
Miękinia
Kostomłoty
Mietków
Marcinowice Sobótka
Łagiewniki
Kondratowice
NiemczaPieszyce
StoszowiceNowaRuda
PiławaGórna Ciepłowody
Ziębice
Przeworno
Grodków
Olszanka
Wiązów
Domaniów
Żórawina
Siechnice
Czernica
Długołęka
BIerutów
Jelcz--Laskowice
Lubsza
Kobierzyce
Strzelin
SkarbimierzOsiedle
Ząbkowice Śl.
JordanówŚląski
Borów
Żarów
KątyWrocławskie
ŚrodaŚląska
Krośnice
Prusice
OLEŚNICA
OŁAWA
BRZEGŚWIDNICA
DZIERŻONIÓW
BIELAWA
WROCŁAW
E67
E67
E40
E67
E40
E40
E261
36
94
94
94
35
39
15
5
5
8
8
25
S5
S8S8
S8
A1
A4
A8
A4
13
10
1
2
123
1
2
93
5
4
22
24
6 23
16
17
18 11
21 19
20
14
15
15
8
7
0 5 10 15 20 km
0 5 10 15 20 km
1. Distribution Park Wrocław2. Eurologis3. Gazowa Industrial Park4. Goodman Wrocław IV Logistics
Centre5. Goodman Wrocław East
Logistics Centre6. Goodman Wrocław South
Logistics Centre7. Hillwood Wrocław I8. Hillwood Wrocław II9. Hillwood Wrocław III10. MLP Wrocław11. Panattoni Park Wrocław II12. Panattoni Park Wrocław III13. Panattoni Park Wrocław IV14. Panattoni Park Wrocław V 15. Panattoni Park Wrocław VIII 16. Prologis Park Wrocław I17. Prologis Park Wrocław III18. Prologis Park Wrocław IV19. Prologis Park Wrocław V20. Segro Industrial Park Wrocław21. Tiner Logistic Park22. Wrocław Business Park23. Wrocław Logistic Center24. VATT Invest Wrocław
1. Goodman Wrocław V Logistics Centre
2. MountPark Wrocław3. Wrocław Logitic Centre Bielany
EXISTING & UNDER CONSTRUCTION
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
LOWER SILESIA
PLANNED
2.60-3.60 EUR
7.9%1,503,700 m2
65,500 m2
• Lower Silesia owes its development to good transport infrastructure and proximity to the southern and western borders of the country.
• There was no new warehouse scheme delivered to this hub in Q2 2017.
• The second quarter of the year brought an increase of vacancy rates by 0.6 p.p., which reached 7.9%.
• Rental rates in the Wrocław area belong to one of the highest among the main industrial and logistics hubs (excluding the area within the boundaries of Warsaw).
• At the turn of 2017 and 2018, a part of the S5 expressway to the north of Wroclaw shall be completed. It will improve links between Poznań and the northern part of Poland and will create favourable conditions for the development of the warehouse market to the north of the city.
10
J. Żarno-wieckie
Z a t o k aP u c k a
Z a t o k a
G d a ń s k a
Wisła
Nogat
Martwa
Wisła
Reda
J. Raduńskie Dln.
Radunia
Krokowa
Jastarnia
Władysławowo
Puck
Gniewino
Reda
Luzino
Szemud
Przodkowo
ŻukowoChmielno
KARTUZY
Somonino
Przywidz
Kolbudy
Nowa Karczma
Liniewo
Stara Kiszewa
Kaliska
Zblewo
Pelplin
SulkowyMiłoradz
Lichnowy
PszczółkiTrąbkiWielkie
Skarszewy
Suchy Dąb
CedryWielkie
Ostaszewo
Stegna
Sztutowo
Nowy DwórGdański
Nowy Staw
StaryTarg
Kosakowo
HelWEJHEROWO
PRUSZCZGDAŃSKI
STAROGARDGDAŃSKI
MALBORK
SZTUM
GDYNIA
GDAŃSK
SOPOT
RUMIA
TCZEW
E28
E28
E77
E75
20
55
55
2222
2291
91
20
6
7
7
S6
S7
S6
S6
A1
58
4 1
612
7
1023
13
914 11
1
1. Diamond Business Park Gdańsk
1. 7R Tczew2. Gdański Distribution Centre
Kowale I3. Gdański Distribution Centre
Kowale II4. Gdański Distribution Centre
Kowale III5. Gdański Distribution Centre
Kowale IV6. Centrum Magazynowe Hutnicza7. Goodman Pomeranian Logistics
Centre8. Hillwood 7R Kowale II9. Logistic Center Pruszcz Gdański10. Panattoni Park Gdańsk11. Panattoni Park Gdańsk II12. Port Gdynia Logistic Centre13. Prologis Park Gdańsk14. Segro Logistics Park Gdańsk
0 5 10 15 20 km
1. Supply below 1m sqm.
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
TRI-CITY HUB
2.50-3.50 EUR
5.7%399,600 m2
48,700 m2
PLANNED
• The Tri-City region is the largest industrial and logistics mar-ket in Northern Poland. The proximity of international seaports, airports and expressways contributes to the development of in-termodal transport.
• Delivery the next phase of Goodman Pomeranian Logistics Cent-er increased the total warehouse supply in Tri-city by 20,900 sqm.
• Despite completion of new supply, vacancy rate decreased by 1.5 p.p. compared to the end of Q1.
• At the end of June, there were two A-class warehouses under construction – another phase of Goodman Pomeranian Logistics Center (36,700 sqm) and Hillwood 7R Gdansk 2 (12,000 sqm).
SECONDARY HUBS1
EXISTING & UNDER CONSTRUCTION
KEY INDICATORS & FUTURE TRENDS* ( )
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
11
Wieprz
Chodelka
Bystrzy
ca
Abramów
Kurów
Końskowola Markuszów
GarbówJastków
Nałęczów
Wojciechów
Poniatowa
Bełżyce
Borzechów
Jabłonna
Piaski
MełgiewMilejów
CycówPuchaczów
Łęczna
Ludwin
SpiczynNiemce
Serniki
Lubartów
JakubowiceMurowane
Trawniki
Fajsławice
ŁopiennikGórny
Chodel
Konopnica
NiedrzwicaDuża
Wąwolnica
Kamionka
LUBLIN
ŚWIDNIK
48
19
19
19
74
8217
17
12
12
S19
S17
S17
S19
S17
5
34
12
Przyr w
a
Wisłok a
Łęg
Wisła
Wisła
ZalewPilzno W
isło
k
Wisłoka
Szydłów Staszów Łoniów
Osiek
BaranówSandomierski
PadewNarodowa
TuszówNarodowy
GawłuszowiceBorowaPacanów
Szczucin
WadowiceGórne
RadomyślWielki Przecław
Radgoszcz
Dąbrowa Tarnowska
LisiaGóra
Pustków
Żyraków
Czarna
Pilzno
WielopoleSkrzyńskie
Wiśniowa
Frysztak
Kołaczyce
Wojaszówka
TarnowiecJedlicze
Dębowiec
Chorkówka
Niebylec
Domaradz
JasienicaRozielna
Brzozów
Haczów
Korczyna
Czudec
Iwierzyce
Boguchwała
Tyczyn
Lubenia
ŚwilczaTrzebownisko
GłogówMałopolski
NiwiskaKolbuszowa
Cmolas
Dzikowiec
MajdanKrólewski
Bojanów
Grąbów
NowaDęba
Raniżów
Ostrów SędziszówMłp.
Ropczyce
Skrzyszów
Tuchów
Ryglice
RzepiennikStrzyżewski
Ciężkowice
Moszczenica
Szerzyny
Skołyszyn
Biecz
ŁużnaLipinki
Jodłowa Brzostek
Brzyska
PołaniecŁubnice
Koprzywnica
Rytwiany
Oleśnica
Tuczępy
TARNÓW
RZESZÓWDĘBICA
STRZYŻÓW
JASŁO
GORLICE
KROSNO
MIELEC
TARNOBRZEGSTALOWA
WOLA
79
79
73
73
73
28
9
9
4
9
E371
E40
A4
A4
S19
6 9
8
7
1
10
0 5 10 15 20 km
0 5 10 15 20 km
1. Centrum Logistyczne Mełgiewska
2. Centrum Logistyczne Tokarska3. Goodman Lublin Logistics
Centre4. MLP Lublin 5. Panattoni Park Lublin6. Centrum Logistyczne Rogoźnica7. Panattoni Park Rzeszów8. Skalski Logistic Park Podgrodzie9. Waimea Cargo Terminal
Rzeszów-Jesionka10. Waimea Logistic Park Korczowa
1. Korczowa Logistic Park
EXISTING & UNDER CONSTRUCTION
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
LUBLIN / RZESZÓW
3.20-3.30 EUR
2.7%342,800 m2
16,900 m2
PLANNED
• There was only one scheme delivered to this market in Q2 2017 - Waimea Cargo Terminal Rzeszów-Jasionka (4,900 sqm).
• The total warehouse space under construction is equal to 16,900 sqm, with the largest scheme being MLP Lublin (12,100 sqm).
• A lack of significant inflow of new supply allow to reduce the vacancy rate. It dropped by 3.9 p.p. in Q2 and at the end of June amounted to 2.7%.
• The planned completion of the S19 expressway between War-saw and Lublin in 2019 will significantly improve communica-tion with the capital and should increase the potential for the development of the industrial and logistics sector in this area.
• Route S19 between Lublin and Rzeszow, which is a part of the route Via Carpatia, is currently in the process of a public tender.
12
ŚwinnaPoręba (bud.)
J. Dobczyckie
Raba
Raba
Skawa
S kawa
Wisła
Ogrodzieniec
Żarnowiec
Sędziszów
Kozłów
Charsznica
Miechów
KsiążWielki
Michałów
Słaboszów
Działoszyce
CzarnocinRacławice
PałecznicaRadziemice
Koniusza
Luborzyca
Michałowice
IwanowiceWłościańskie
Skała
WielkaWieś
Zielonki
TrzyciążGołcza
Sułoszowa
Klucze
Bolesław
Bukowno
Trzebinia
Krzeszowice
Zabierzów
Alwernia
Spytkowice
Brzeźnica
Tomice
Wadowice
KalwariaZebrzydowska
StryszówLanckorona
Mucharz
Zembrzyce
Stryszawa
Tokarnia
BystraJordanów
RabaWyżna
Rabka--Zdrój
MszanaDolna
Lubień
Pcim
Wiśniowa
Jodłownik
Dobra Tymbark
Laskowa
ŻegocinaTrzciana
Łapanów
NowyWiśnicz
Raciechowice
Dobczyce
Myślenice
SieprawMogilany
Skawina
Wieliczka
ŚwiątnikiGórne
Sułkowice
Gdów
Tomaszkowice
Niepołomice
Kłaj Rzezawa
LipnicaMurowana
Limanowa
Łukowica
Słopnica
Niedźwiedź
Zawoja
SuchaBeskidzka
MakówPodhalański
Budzów
Liszki
Czernichów
Babice
JerzmanowiceProszowice
NoweBrzesko
DrwinaWawrzeńczyce
SłomnikiKazimierzaWielka
Skalbmierz
Pińczów
Wodzisław
Wolbrom
Pilica
OLKUSZ
CHRZANÓW
BOCHNIA
KRAKÓW
ZAWIERCIE
E40
E40
E77
E462
E77
94
79
44
52
28
28
28
28
75
47
7
7
7975
7
S7
S7
S7A4
A41
1
4
8
26
5
9
103
7
1. Centrum Logistyczne Kraków III
1. Centrum Logistyczne Kraków Kokotów
2. Centrum Logistyczne Kraków I3. Centrum Logistyczne Kraków II4. Goodman Kraków Airport
Logistics Centre5. Logicor Kraków6. MARR Business Park7. MG Logistic8. Panattoni Park Kraków II, III, IV9. RB Logistic Olkusz10. Witek Airport Logistic Centre
0 5 10 15 20 km
EXISTING & UNDER CONSTRUCTION
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
CRACOW HUB
PLANNED
2.70-3.60 EUR
307,600 m2
17,600 m2
8.9%
• There was no new delivery in Cracow region in Q2 2017.• Vacancy rate in the hub fell by 3 p.p. and stood at 8.9%, which
still is one of the highest results out of the analysed clusters.• The high vacancy rate resulted in a meager volume of space
under construction (17,600 sqm).• Issues connected with attracting occupiers to Cracow Hub have
put pressure on the rental ranges, which reduced prime head-line rates. Still, Cracow remains the second most expensive warehouse market after Warsaw.
13
Ina
Randow
Randow
Odra
Zac
h.
Odra
Płonia
Ina
Gowienica
RoztokaOdrzańska
Z a l e w S z c z e c i ń s k i J. Nowowar-
pieńskie
Małe Dąbie
J. Dąbie
J. Miedwie
Odra
Wsc
h.
Brüssow
Gartz
Penkun
Osina
Stara Dąbrowa
StareCzarnowo
Kołbaskowo Kobylanka
Dobra
Stepnica
Maszewo
Gryfino
Nowogard
GoleniówPOLICE
STARGARDSZCZECIŃSKI
SZCZECIN
E65
E65
E65
E28
E28
104
E28
E28
10
10
20
10
1331
2
2
A6
S3
S3
S6
S10
12
2
1
31. North-West Logistic Park2. Panattoni Park Szczecin I3. Prologis Park Szczecin
1. Waimea Logistic Park Port Morski Szczecin
2. Waimea Logistic Park Statgard
0 5 10 15 20 km
Brda
Kanał
Noteć
Notecki
Wisła
Wisła
Drwęca
Sicienko
Osielsko
PruszczStolno
Lisewo
Chełmża
Łysomice
LubiczDolny
Obrowo
CiechocinekAleksandrówKujawski
MałaNieszawka
Rojewo
ZłotnikiKujawskie
Nowa WieśWielka
BiałeBłota
SolecKujawski
ZławieśWielka
Łabiszyn
Barcin
WielkaNieszawka
Gniewkowo
KowalewoPomorskie
PłużnicaKijewoKrólewskie
DąbrowaChełmińska
Unisław
Łubianka
PapowoBiskupie
Dobrcz
BYDGOSZCZ
TORUŃ
E75
E261
E261
25
25
15
15
5591
10
10
80
80
5
5
A1
S5
S5
S5S10
S10
5
4
13
2
1
1. Logistic and Business Park Bydgoszcz
2. Goodman Toruń Logistics Centre
3. Panattoni Park Bydgoszcz4. Panattoni Park Toruń5. Waimea Logistic Park Bydgoszcz
1. Diamond Business Park Toruń
0 5 10 15 20 km
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
SZCZECIN HUB
EXISTING & UNDER CONSTRUCTION
PLANNED
• The only finished schems in H1 were two schemes were deliv-ered in Q1 on the Szczecin warehouse market: Panattoni Park Szczecin I (12,800 sqm) and Prologis Park Szczecin I (9,300 sqm).
• The vacancy rate did not fluctuate over Q2. Currently 9,1% of existing stock remains available.
• The total space under construction amounted to 293,500 sqm, which is split between the two large BTS schemes designed for e-commerce giants – Amazon and Zalando.
• Thanks to the proximity of the German border, relatively high labour availability and the development of transport infrastruc-ture the Szczecin market is very popular among the e-commerce companies.
BYDGOSZCZ / TORUŃ • Only in the H1 2017, the industrial and logistics market in the
Bydgoszcz / Toruń Hub increased by 74%. It was caused by deliv-ery of the three large-scale warehouse schemes in Q1, the larg-est of which was Panattoni BTS Kaufland (45 650 sqm).
• Currently, there is only one scheme under construction – Wai-mea Logistic Park Bydgoszcz (16,200 sqm) consisting of two buildings.
• Delivery of new supply and expiry of significant lease agree-ments resulted in an increase in vacancy rate by 6.4 p.p. in com-parison to the end of 2016. Currently the share of space avail-able accounts for 7.5%.
KEY INDICATORS & FUTURE TRENDS* ( )
2.40-3.10 EUR
7.5%278,600 m2
16,200 m2
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
EXISTING & UNDER CONSTRUCTION
PLANNED
2.50-3.60 EUR
9.1%209,000 m2
293,500 m2
Vacancy rate
Under construction
Total existing stock
Rent range (per sqm/mth)
*for the next 6 months
KEY INDICATORS & FUTURE TRENDS* ( )
14
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
Selected lease transactions, H1 2017
Selected schemes under construction, H1 2017
Selected schemes delivered, H1 2017
Tenant Scheme Hub Area leased (sqm) Type of lease
Amazon Panattoni BTS Amazon Sosnowiec Upper Silesia 135,000 BTS
Castorama BTS Castorama Central Poland 101,700 BTS
BSH Panattoni Łódź BSH BTS Central Poland 79,000 new
KN P3 Piotrków Warsaw II 55,800 new
OBI BTS OBI Łódź Central Poland 50,700 BTS
confidential Hillwood Stryków I Central Poland 46,700 renewal + expansion
BMW BTS Goodman Świecko other 32,000 BTS
Arvato Segro Logistics Park Stryków Central Poland 30,300 new
Scheme Hub Developer Area (sqm)
P3 Błonie Warsaw II P3 47,500
Panattoni BTS Kaufland Bydgoszcz/Toruń Panattoni 45,650
Prologis Park Piotrków II Central Poland Prologis 42,200
Panattoni BTS Carrefour Bydgoszcz/Toruń Panattoni 38,000
Clip Poznań Poznań CLIP 37,800
Centrum Logistyczne Tokarska Lublin/Rzeszów CLM 35,000
Panattoni BTS IFA Rotorion Upper Silesia Panattoni 34,000
Panattoni Park Poznań V Poznań Panattoni 32,300
Panattoni BTS Decathlon Central Poland Panattoni 32,000Source: BNP Paribas Real Estate
Source: BNP Paribas Real Estate
Source: BNP Paribas Real Estate
Scheme Hub Developer Area (sqm)
Panattoni BTS Amazon Szczecin Szczecin Panattoni 161,000
Panattoni BTS Amazon Sosnowiec Upper Silesia Panattoni 135,000
Goodman BTS Zalando Szczecin Goodman 130,000
Panattoni Park Grodzisk III Warsaw II Panattoni 66,100
P3 Poznań Poznań P3 57,100
Panattoni Park Grodzisk II Warsaw II Panattoni 42,700
Panattoni Park Pruszków II Warsaw II Panattoni 38,600
Hillwood Marki 1 Warsaw I Hillwood 38,500
DEFINITIONSIndustrial and logistics stock (sqm) – a term covering the following sub-types of existing space: Light Manufacturing and Warehousing (including Logistics), delivered to the market by professional developers.
Take-up (sqm) – transactions regarding industrial and logistics space including: pre-lets, built-to-suit, new transactons, renegotiations and sub-lease.
Vacancy rate (%) – ratio representing the percentage of physically va-cant space in existing properties.
Rent range (in Euro per sqm) – Rental rates for a 2,000 sqm unit rang-ing from the top to average modern industrial and logistic schemes in a given hub.
15
BNP Paribas Real Estate Poland Sp. z o.o. al. Jana Pawła II 25, 00-854 WarsawTel. +48 22 653 44 00www.realestate.bnpparibas.pl
AT A GLANCE - INDUSTRIAL & LOGISTICS MARKET REVIEW, POLAND - Q2 2017
Sour
ce: L
ibra
ry B
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Parib
as R
eal E
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AUTHORSzymon Dołęga Junior Consultant, Research & Consultancy Department, Central & Eastern Europe, [email protected]
CONTACTSAnna Staniszewska Head of Research & Consultancy, Central & Eastern Europe, [email protected] Pyś-Fabiańczyk Head of Industrial & Logistics Department, Central & Eastern Europe, [email protected] Żuchniewicz Associate Director, Industrial & Logistics Department, [email protected] Kajka Consultant, Industrial & Logistics Department, [email protected] Gnich Junior Consultant, Industrial & Logistics Department, [email protected] Drukker Managing Director, Agency & Valuation, Central & Eastern Europe, [email protected] Baran MIRCS acting Director, Head of Valuation, Central & Eastern Europe, [email protected] Palmer FRICS SIOR Director, Industrial Investments & Valuations, Central & Eastern Europe, [email protected]
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6busiNess liNesin Europe
a 360°vision
p r o p e r t y d e v e l o p m e N t | t r a N s a C t i o N | i N v e s t m e N t m a N a g e m e N t | p r o p e r t y m a N a g e m e N t | v a l u at i o N | C o N s u lt i N g
EuROPE
FRANCEHeadquarters 167, Quai de la Bataille de Stalingrad92867 Issy-les-Moulineaux Tel.: +33 1 55 65 20 04
BELGIuM Avenue Louise 235 1050 Brussels Tel.: +32 2 290 59 59
CZECH REPuBLIC Pobřežni 620/3 186 00 Prague 8 Tel.: +420 224 835 000
GERMANYGoetheplatz 460311 FrankfurtTel.: +49 69 2 98 99 0
HuNGARY117-119 Vaci ut. A Building 1123 Budapest,Tel.: +36 1 487 5501
IRELAND20 Merrion Road, Ballsbridge, Dublin 4Tel.: +353 1 66 11 233
ITALYPiazza Lina Bo Bardi, 3 20124 MilanoTel.: +39 02 58 33 141
JERSEY3 Floor, Dialogue House2 - 6 Anley StreetSt Helier, Jersey JE4 8RDTel.: +44 (0)1 534 629 001
LuXEMBOuRGAxento BuildingAvenue J.F. Kennedy 441855 LuxembourgTel.: +352 34 94 84 Investment ManagementTel.: +352 26 26 06 06
NETHERLANDS Antonio Vivaldistraat 54 1083 HP Amsterdam Tel.: +31 20 305 97 20
POLANDAl. Jana Pawła II 25 Atrium Tower00-854 WarsawTel.: +48 22 653 44 00
ROMANIABanul AntonacheStreet n°40-44Bucharest 011665Tel.: +40 21 312 7000
SPAIN C/ Génova 17 28004 Madrid Tel.: +34 91 454 96 00
uNITED KINGDOM 5 Aldermanbury Square London EC2V 7BP Tel.: +44 20 7338 4000
MIDDLE EAST / ASIADuBAIEmaar SquareBuilding n° 1, 7th FloorP.O. Box 7233, DubaiTel.: +971 44 248 277
HONG KONG25 /F Three Exchange Square,8 Connaught Place, Central,Hong KongTel.: +852 2909 2806
ALGERIA
AuSTRIA
CYPRuS
DENMARK
ESTONIA
FINLAND
GREECE
HuNGARY **
IVORY COAST
LATVIA
LITHuANIA
MOROCCO
NORTHERN IRELAND
NORWAY
PORTuGAL
SERBIA
SWEDEN
SWITZERLAND
TuNISIA
uSA
* March 2017** Coverage In Transaction, Valuation & Consulting
Main locations* Alliances*
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