commercial property spain · case study: plenilunio, madrid a knight frank success story knight...

COMMERCIAL PROPERTY SPAIN

RECORD LEVELS OF OVER €7.1 BILLION WERE INVESTED IN COMMERCIAL PROPERTY IN SPAIN IN 2015.

OFFICE AND RETAIL WERE THE MAIN SECTORS, WITH MORE THAN €1.8 BILLION INVESTED IN SHOPPING CENTRES AND RETAIL PARKS.

THE MARKETPLACE FOR COMMERCIAL PROPERTY IS CONTINUING TO GROW AND STRENGTHEN.

KNIGHT FRANK IS LEADING THE WAY.


A STRONGER, MORE EFFICIENT ECONOMY

The Spanish economy has experienced a dramatic turnaround since the financial

crisis, notably in the last two years. While there remain various headwinds such

as a slowly recovering housing market, high youth unemployment and ongoing

political uncertainty, key economic indicators point towards a broadly based and

sustained recovery over the next 12-18 months.

Growing sectors include manufacturing, notably the car industry, which has seen

a sharp rise in exports on the back of strong international demand and a weaker

Euro. Tourism has also given the economy a much-needed boost, while the

construction, banking and financial services sectors are more stable.

Despite the continuing domestic issues and weakness in other parts of the

Euro area, the short to medium term outlook for the Spanish economy is

generally positive. Forward-looking indicators such as the CPI indices point

to a healthy level of growth in the manufacturing and service sectors over

the coming months.

In summary, economic growth is accelerating on the back of a more robust

labour market, while easier access to finance, improving confidence and lower

oil prices will provide an additional boost to corporate activity. Having grown at

a rate of 3.2% in 2015, forecasts by the OECD suggest that the Spanish economy

will grow by around 2.7% this year and 2.5% in 2017.

KNIGHT FRANK’S 2015 EUROPEAN BREAKFAST POLL RESULTS SUGGEST THAT MARKET SENTIMENT REMAINS STRONG, WITH ALMOST 74% OF THE AUDIENCE BELIEVING INVESTOR DEMAND IN 2016 WILL BE SLIGHTLY OR MUCH STRONGER THAN IT WAS IN 2015. A FURTHER 18% BELIEVE THAT DEMAND WILL REMAIN UNCHANGED.

Spain was again the top target country in 2015, chosen by 27% of the audience,

narrowly beating Germany at 25.4%. This is unsurprising given the strength of the

recovery being witnessed in the Spanish market, with values still well below their

previous peak. The UK again featured strongly, although its share of the vote

declined from 19.2% to 17.4%.

In terms of preferred sectors, the office sector was again in first place with 40%

of the votes, against 34.8% in 2014. Retail was in second place with an increase

in its share of the vote from 24% in 2014 to 29%, indicating the strength of the

rebound in retailer and consumer confidence. Industrial saw its share of the vote

decline to 9%, following a strong showing in the previous two years.

Residential meanwhile saw its share rise from 12.9% to 17% on the back of

improved sentiment across much of Europe, while hotels also boosted their share

from 2.2% to a healthy 6%.





OFFICES

Knight Frank forecasts that the TMT sector will be the driving

force in the occupier market over the coming years. The lack

of Grade A space represents an opportunity for landlords and

investors who decide to refurbish well located buildings, in view

of the new trends in office work space driven by technology.

Our offices division in Madrid has an in-depth knowledge

and understanding of the latest market and development

activity, and changing occupier requirements.

We are focused on delivering intelligent, research-led

advice to owners and occupiers, which is tailored to

meet clients’ business objectives across development

consultancy, marketing, leasing, acquisitions.

CAPITAL MARKETS

OCCUPIER SERVICES

MANAGEMENT

VALUATION & DUE DILIGENCE

BEST IN CLASS CASE STUDIESHere are just some examples of why Knight Frank retains its enviable reputation as one of

the leading agents in the commercial market.

M&G & WPP

- Size: 36,000 sq m

- Location: Calle de Rios Rosas, 26

- Sale price: c.€150 million

WPP plans to redevelop the property

into a modern Grade A office space

and have agreed a simultaneous sale

& leaseback with the investment

giant M&G.

CASTELLANA 200

- Size: 44,800 sq m, plus 844 basement

parking spaces

- Location: Paseo de la Castellana, 200

- Sale price: €144 million, 6% above the

asking price

The mixed use office, retail and hotel

scheme houses the headquarters of

companies such as Schweppes, Discovery,

Sony and CBRE.

JP MORGAN

- Size: 3,488 sq m of office space plus

77 parking spaces

- Property: Edificio Pirámide,

Paseo de la Castellana, 31. Madrid

- Client: JP Morgan

The deal was introduced by Knight Frank in

London, and was the successful culmination

of one year of work.

TOYOTA

- Size: 7,272 sq m plus 113 basement

parking spaces

- Location: Within the prestigious Arroyo

de la Vega business park area

- Sale price: €21.6 million, with 4.2% net

initial yield, circa 9% above the asking price

The property continues to house Toyota’s

Spanish headquarters, who have occupied

the building since its completion in 2003.



KNIGHT FRANK’S VIEW

As occupier demand gets stronger, we

saw office take-up in Madrid reach more

than 519,476 sq m in 2015, the highest

annual figure since the global crisis,

indicating that in the past 12 months the

city’s office market has continued

its recovery.

Limited new stock entering the market

could potentially restrict leasing activity

but is expected to also promote

significant rental growth in the next

few months, particularly in the

central locations.

Although GDP and employment in

Madrid are showing positive growth,

office volumes are unlikely to reach their

pre-crisis peak this year. Nevertheless, we

still expect the office sector to continue

its upward trend, as full-year investment

volumes look set to reach a post-crisis

record of €2.4 billion, boosted by the sale

of Torre Espacio for €558 million at the

end of 2015.

‘REAL ESTATE FUNDAMENTALS ARE CONTINUING TO IMPROVE.’

38YEARLY TAKE-UP IN 2015,THE HIGHEST SINCE 2007

RISE IN PRIMEOFFICE RENTSIN THE LAST12 MONTHS

PER SQM

PER MONTH

OCCUPIER ACTIVITY IN2015 INCREASINGYEAR ON YEAR

6%519,000

€27

%

SQ

M



RETAIL

Knight Frank provides dedicated commercial retail property services

to retailers, landlords, investors and developers throughout Spain.

Our dedicated retail team provides clear, trusted advice across the full retail

property spectrum on leasing, management, acquisition and disposal of retail space.

Our specialist retail teams work seamlessly together to provide in-depth local

knowledge, offering an up to date, 360 degree view of the market, sentiment

and practice.

Our experts are regularly appointed to work with some of the most prestigious

brands, landlords and investors.

CAPITAL MARKETS

OCCUPIER SERVICES

MANAGEMENT


FIT OUT MANAGEMENT

BEST IN CLASS

INVESTMENT RETAIL

TOP

DEA

LS ZIELO SHOPPING POZUELO – 15,550 sq m GLA HABANERAS – 24,000 sq m GLA PARQUE RIVAS – 38,000 sq m GLA ALCALÁ MAGNA – 34,165 sq m GLA

VALUATIONS AND CONSULTANCY70 shopping centres with a value of €5.2 billion and a total GLA of 1.8 million sq m valued in the last two years

SHOPPING CENTRE MANAGEMENT

12 shopping centres under full management in Spain with a total GLA of 400,000 sq m

LETTINGS

37 shopping centres in Spain with a total GLA of 800,000 sq m

SHOPPING CENTRES: TENANT FIT OUT COORDINATIONMADRID – Plenilunio: 70,000 sq m, La Vaguada: 85,000 sq m ASTURIAS – Parque Astur: 78,000 sq m VALLADOLID – Vallsur: 34,600 sq m, Rio shopping: 60,000 sq m ANDALUCIA – La Loma: 27,942 sq m, Los Arcos: 43,400 sq m, Bahia Sur: 59,000 sq m, Luz Shopping: 105,000 sq m, El Arcangel: 32,825 sq m, Metromar: 23,400 sq m EXTREMADURA – El Faro: 42,000 sq m BARCELONA – Glories: 56,300 sq m

SPOTLIGHT ON RETAIL

Knight Frank’s annual SPOTLIGHT ON RETAIL

event in Madrid brings together the biggest

names in retail property and retail brands. The

presentations and discussions at this event set

the scene for Spanish retail in the coming year.

17%transactions in 2015

were prime

41%of transactions in 2015 came from SOCIMIs/

listed vehicles

2.7%Spain´s GDP growth

forecast 2016

Retail Confidence Indicator up

22%

€1.48shopping centre

investment volume in 2015

bn

Prime High Street Yields forecast to close

2016 at

3.5%

TECHNOLOGY IN RETAIL

While the broader Spanish economy suffered greatly during the crisis, e-commerce sales have grown

at an average quarterly rate of 20% since 2009.

Online platforms are becoming increasingly important to retailers active in the Spanish market.

Spain does however lag behind many other European countries and is therefore considered a

high potential market for e-commerce. According to comScore, Spain’s online penetration of

retail websites sat below that of most major European countries, reaching 78.7% of internet

users in 2013 which is well below the 90.9% in the UK.

The rise of online sales in retail is not however the death knell of the traditional bricks and

mortar retail format. Multi-channel formats, such as Click & Collect, incorporating online sales

with pickup and returns within physical stores, are convenient for many consumers, allow for

cross selling and can ease logistics complications.

Many retailers are incorporating in-store access points to their online platforms, which allow

consumers to order out of stock product and familiarise themselves with the platform with the

support of sales personnel. Multi-channel retailing, when done effectively, increases demand

capture and creates a complimentary relationship between physical stores and online platforms.

As technology changes, having a basic online platform is no longer sufficient. The rise of

alternate devices other than a standard computer has created the necessity of having

online retail platforms compatible for use with smartphones, tablets etc. In 2015 there were

more internet users than computer users and internet users are increasingly using a variety

of devices in order to access the internet. As consumers become more comfortable with online

payments and the payment process becomes easier, we expect alternate device

sales to increase in tandem.



OCCUPIER TRENDS

Retail sales growth begins to take-off

The dominance of mega fashion groups Inditex, H&M

and Mango has increased during the crisis years. The

rise of fast fashion has coincided with a reduction

of independent retailers, and the recession pushed

many foreign brands such as PC City, GameStop and

Darty to leave the market. In their absence, we have

overwhelmingly seen larger retailers re-entrench

themselves in the best locations, in many cases

consolidating locations into large flagship stores.

The largest retailers in Spain are also developing

separately branded lines to target key consumer

demographics. Mango has their sub brands of H.E.

by Mango, Mango Kids and Violeta. Similarly, H&M is

developing a discount line to compete with Lefties and

& Other Stories and Cos to diversify their offering into

higher end fashion.

The success of discount retailing has led new foreign

brands to enter the market. Of note are Chinese low cost

retailers such as Mulaya and Okeysi which began mainly

on secondary retail streets and have now begun to

expand and take shopping centre space as well.

The improving employment picture has boosted

consumer confidence, which reached a post-crisis

record high in March 2015. In turn, this has translated

into buoyant retail sales growth.

NEW BRANDS TO THE SPANISH RETAIL MARKET

Source: Knight Frank - Shop of the Future 2015


CASE STUDY: PLENILUNIO, MADRIDA KNIGHT FRANK SUCCESS STORY

Knight Frank has managed the Plenilunio shopping centre since opening, mandated by its original developer,

Riofisa, and later by its two subsequent owners Banif (2006-2009) and Orion Capital Managers (2009-2015).

During this period, the value of the asset increased more than €100 million, consolidating Plenilunio as one of

the best centres in Spain.

THE CHALLENGE

In March 2006, two months before opening, Knight

Frank won the full mandate for the property and asset

management, including the lettings and ECOP, with

the objective to position the 70,000 sq m centre as a

reference for the entire sector.

HIGHLIGHTS

Knight Frank’s management of the centre firmly

consolidated it as a prime asset, notably improving its

commercial mix and achieving excellent results such as

the 2014 opening of the largest Primark in Spain, the

continual increase in rents and footfall, and the 100%

occupation level acheived for the last three years in the

restaurant area.

THE RESULT

Today Plenilunio is one of the best 10 shopping centres

in Spain. Its sale by Orion to Klepierre was one of the

most important real estate transactions this year.


SOURCING NEW CAPITALKnight Frank’s ability to identify and harness capital has become

fundamental to providing the best advice to our clients and

realising maximum value for them.

Managing over £18 billion worth of property transactions per

annum, our investment advisors have access to an impressive

contact database as well as insight into the latest trends and

capital flows.

With unrivalled insight and access to commercial capital flows,

we provide tailored portfolio analysis, acquisition and disposal

services, based on the short and longer term investment

objectives of our clients.

Our integrated commercial investment and agency teams

provide seamless cross-border expertise through our global

investment network of over 500 advisors across 58 countries.

This network lends us the agility to stay ahead of our larger

competitors and swiftly respond to the market and

our clients’ needs.

Operating through our five core hubs in London, Europe, the

Middle East, Asia Pacific and the Americas, our cross-border

approach enables us to benefit from up-to-date market

intelligence and transactional activity in all the key global

investment markets.

PUERTA DE SOL 9, MADRID

GLA 170 sq m

PURCHASER Thor Equities. USA

VENDOR Kutxa Bank

HERON CITY, BARCELONA

GLA 36,658 sq m

PURCHASER Activum. USA

VENDOR Internos

PARQUE CEUTA

GLA 14,500 sq m

PURCHASER HIG Bayside Capital. USA

VENDOR Morgan Stanley, Grupo Lar

PORTFOLIO SEB, ESPAÑA

GLA 45,100 sq m

PURCHASER Incus. South America

VENDOR Morgan Stanley

RBS DEBT PORTFOLIO

GLA 192,500 sq m

PURCHASER Perella Weinberg Partners. USA

VENDOR Royal Bank of Scotland


INDUSTRIAL & LOGISTICAt Knight Frank we trade in innovative solutions, delivering marketing,

leasing and acquisition strategies, development consultancy and investment advice in

every major industrial market in Spain.

As an industrial property occupier, developer or investor, Knight Frank knows that

maximising the value of assets is a priority.

Our team in Madrid specialise in small to medium-sized industrial units, providing

experience in dealing with a diverse range of clients, from developers, owners and

occupiers of industrial premises.

CAPITAL MARKETS

OCCUPIER SERVICES



MARKET VIEW

From 2014 onwards, the Spanish logistics market has taken off as an investment

destination. It is the third preferred sector, after offices and retail. The numbers confirm

this with the logistics investment volume in 2015 tripling the previous year’s figure.

RECENT INDUSTRIAL & LOGISTICS DEAL

LEASE OF A LOGISTICS PLATFORM IN GUADALAJARA

R 38,000 SQ M

R GRUPO LOGISTA

R OWNER: INVERSIONES MONTEPINO

LOW TO HIGH INVESTOR ACTIVIT Y

GLOBAL CAPITAL MOVEMENTS COMMERCIAL PROPERTY SPAINSPAIN

€7.1BNTotal commercial investment

volume including direct transactions of offices,

retail and industrial

€45.5BN

€8.8BN

€7.6BNNORTH AMERICA

ASIA-PACIFIC

EUROPEMIDDLE

EAST

€8.9BN

€0.1BN

€0.1BN€9.4BN

€2.7BN

€15.3BN

€3.3BNKNIGHT FRANK SPAIN IS UNIQUELY PLACED TO BENEFIT FROM GLOBAL CAPITAL MOVEMENT.

KNIGHT FRANK’S HEAD OFFICE IN MADRID ACTIVELY SECURES CAPITAL FROM INTERNATIONAL INVESTORS.

IN ADDITION, SPAIN IS BENEFITING FROM ITS ESTABLISHED LINKS TO CAPITAL AND INVESTMENT FROM SOUTH AMERICA, ASIA AND MIDDLE EAST.


YOUR GLOBAL PROPERTY PARTNER

Knight Frank provides commercial property services globally. Since we first

opened our doors in 1896, we have become the world’s largest privately owned

property agency and consultancy.

Based on more than a quarter of a century of growth and success in Spain,

we are also recognised as the Spanish real estate advisor of choice. From our

headquarters in Madrid, and through our network of offices across Spain, Knight

Frank provides market-leading advice and transaction support.

Our offices in Spain form part of a global network of over 400 offices spread

across over 55 countries.

We operate as one firm with shared values.

THE WORLD’S LEADING INDEPENDENT REAL ESTATE CONSULTANCY

KNIGHT FRANK


THE FIVE INGREDIENTS WHICH SET KNIGHT FRANK APART ARE OUR INDEPENDENCE, OUR GLOBAL NETWORK, OUR COMMERCIAL AND RESIDENTIAL PLATFORMS, AND OUR EXCEPTIONAL PEOPLE.

THESE, IN ADDITION TO OUR ENVIABLE TRACK RECORD ARE WHY CLIENTS COME BACK TO US FOR THEIR PERSONAL AND PROFESSIONAL PROPERTY REQUIREMENTS.

SUPPORTED BY DEDICATED RESEARCH TEAMS, WE PROVIDE IN-DEPTH SECTOR AND LOCATION SPECIFIC ADVICE. WE ARE THEREFORE OFTEN THE FIRST TO IDENTIFY NEW OPPORTUNITIES AND INVESTORS IN THE MARKET.

THE KNIGHT FRANK GLOBAL NETWORK COMMERCIAL PROPERTY SPAIN

TAILORED ADVICE, LOCAL INSIGHTS

Knight Frank provides professional consultancy on a full range of real estate services.

Working with investors, developers and property owners, we make it our

business to understand the needs and objectives of our clients, making their

commercial goals our own.

We provide timely, considered advice based on a wealth of experience.

Through industry-leading technology and in-depth market research we

consistently improve operations and maximise returns on investment.

As one of the largest and highest profile national valuation practices, our teams

of commercial, residential and development experts provide comprehensive

valuation and market appraisal services globally, including Spain.

Our primary objective is to add value to our clients, rather than simply report it.

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BUSINESS INTELLIGENCE

Knight Frank’s web-based property management

intelligence solution enables users to monitor all

aspects of their property portfolio, with access to real

time information, 24 hours a day, 7 days a week.

DATA. KNOWLEDGE. CONFIDENCE

KNIGHT FRANK GLOBAL REACH TARGETING INTERNATIONAL WEALTH

PR

Knight Frank has dedicated local and international PR teams,

based in-house. With key contacts at leading publications,

these teams pro-actively feed the media, whilst protecting our

clients’ property interests.

ADVERTISING

Targeted advertising is used to reach specific target audiences

and provide exposure in the most important publications.

The media we recommend elicit qualified enquiries, and

raise the property profile in the right areas.

For added visibility, sales boards bearing the Knight Frank

logo are proven successful lead generators.

MARKETING

Knight Frank is one of the world’s most recognised brands.

Clients benefit from our brand association and also our

expertise in creating and managing effective marketing

campaigns, ensuring that projects benefit from the best

presentation and exposure through tried and trusted channels.

ONLINE MARKETING

We operate in a global market. That is why our website is

available in 23 languages, more than any of our competitors.

Knight Frank’s communication tools are constantly evolving to

take advantage of technological advances. This helps us keep

clients informed and bring them together with buyers in the

most effective and convenient ways possible.

EVENTS

Knight Frank hosts industry-leading events. We also have a

strong presence at key events such as Mipim, Expo and Mapic.

KNIGHTFRANK.COM

By listing properties on Knight Frank’s award-winning Global

Property Search website, we showcase projects to potential

buyers around the world in 23 languages. As well as improving

accessibility for users, this enables us to attract even more

international buyers. No other agent has this extensive capability.

Knight Frank’s website lists over 12,500 properties for sale and

rent. Over the last 12 months, it has been visited by people

from 232 countries. With around 2 million page views per

month, a potential purchaser clicks on the website every 1.3

seconds. These statistics become even more powerful when

you consider that over 80% of potential buyers start their

search online.

OUR INTERNATIONAL SALES TEAMS ARE FOCUSED ON TARGETING HNWI CLIENTS, WORKING DIRECTLY WITH LONDON’S INTERNATIONAL PROJECT MARKETING TEAM. A JOINED-UP APPROACH IS NEEDED TO ACCESS THESE INDIVIDUALS EITHER DIRECTLY OR VIA ‘WEALTH GATEKEEPERS’ SUCH AS WEALTH MANAGERS, PRIVATE BANKS, AND TRUSTED ADVISERS.

ACCESS TO HNWIs

In each location we work with many of the private banks

and their clients.

The principal means by which we access HNWIs is

via the following:

- Key private banks and financial institutions

- Professional introductions

- Wealth advisers

- Luxury brand associations

GLOBAL PROPERTY WEALTH

- Knight Frank holds detailed personal records and

information on the property interests of 150,000 contacts

- The database includes 673 US $ billionaires that are

known to Knight Frank and in excess of 1,000 central

millionaires

- This database has been assembled over 25 years of

servicing global HNWIs for all their property requirements

around the world

- Access to these markets is anchored by the production of

Knight Frank’s annual Wealth Report

KNIGHT FRANK’S ANNUAL WEALTH REPORT

Now in its 10th year, The Wealth

Report provides a global

perspective on prime property

and wealth, reinforcing Knight

Frank’s position as the market

leaders in understanding the

property, investment and

lifestyle requirements of High

Net Worth Individuals.

KNIGHT FRANK’S GLOBAL CITIES REPORT

In recent years we have seen

the emergence of what we

call the Global Cities. These

are attracting the great name

companies, high flying financial

firms and the start-ups of the

future. Knight Frank’s Global

Cities report explores the

future of the built environment, and is intended to help

investors, occupiers and city planners with their future

business strategy.

WHY KNIGHT FRANK SPAIN?

LOCAL• PRIVATE PARTNERSHIP OF 62 PROPRIETARY

PARTNERS INCLUDING ALBERTO PRIETO, MANAGING DIRECTOR, KNIGHT FRANK SPAIN

• UNPARALLELED EXPERIENCE AND KNOWLEDGE OF THE SPANISH REAL ESTATE MARKET

• MARKET LEADING INTELLIGENCE AND TOOLS

• HOST OF BESPOKE EVENTS THAT SHAPE THE MARKETPLACE

• SEAMLESS, INTEGRATED COMMERCIAL PROPERTY TEAM OFFERING A FULL SPECTRUM OF SERVICES, LOCAL IN-DEPTH KNOWLEDGE AND ADVICE TO OCCUPIERS, LANDLORDS AND INVESTORS OVER ALL COMMERCIAL PROPERTY CLASSES

• RICS REGISTERED

GLOBAL• THE WORLD’S LEADING INDEPENDENT PROPERTY ADVISOR

• ABILITY TO IDENTIFY AND HARNESS CAPITAL THROUGH A DEDICATED, INTERNATIONAL GLOBAL INVESTMENT NETWORK

• PROVIDING THE HIGHEST STANDARDS OF QUALITY AND INTEGRITY IN GLOBAL RESIDENTIAL AND COMMERCIAL PROPERTY

• DEBT FREE

• RECOGNISABLE, VALUABLE BRAND THAT IS A NATURAL CHOICE FOR HNWIS, INVESTORS, DEVELOPERS, RETAILERS, FUNDING ORGANISATIONS, THE PUBLIC SECTOR AND CORPORATE INSTITUTIONS

• GENERATOR OF INDUSTRY-LEADING MARKET RESEARCH, INCLUDING THE WEALTH REPORT, INTERNATIONAL VIEW, SPANISH VIEW, GLOBAL CITIES AND PIRI 100 – KEEPING YOU AHEAD OF THE MARKET

• OVER 13,500 PROPERTY PROFESSIONALS AT YOUR SERVICE

• ACCESS TO AN INTEGRATED NETWORK OF OVER 400 OFFICES IN OVER 55 COUNTRIES, SPANNING FIVE CONTINENTS

MYKNIGHTFRANK.ES

In these fast-moving and challenging market conditions, providing our global client base with an excellent service and sound advice is central to everything we do. One way we provide this is via our online research tool ‘My Knight Frank’- compulsory viewing for the best property for sale and research, both commercial and residential, from around the world.

KNIGHT FRANK MADRIDSuero de Quiñones 34 28002 Madrid Spain

[email protected] T: +34 91 595 90 00 www.knightfrank.es

Humphrey WhitePartner, Head of Commercial Property +34 600 919 012 [email protected]

Elaine BeachillAssociate, Capital Markets Manager +34 600 919 016 [email protected]

Pablo PárragaHead of Retail Projects +34 600 919 078 [email protected]

Raúl VicenteAssociate, Head of Office Agency +34 600 919 023 [email protected]

Irene GiménezAssociate, Head of Retail Letting +34 600 919 074 [email protected]

Alejandro GalánHead of Industrial & Logistics +34 600 919 069 [email protected]

Inmaculada PérezHead of Rent Management + 34 600 919 080 [email protected]

© Knight Frank LLP 2016. This document has been published for general information purposes only. Knight Frank does not accept any legal responsibility for any loss or damage as a result of the content of this report. As a general report, this material does not necessarily represent Knight Frank’s opinion with regard to private properties or schemes. Reproducing part of this document or the entire document will only be permitted if appropriate reference is made to KnightFrank.com.

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