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Real Estate Market -1st semester 2013

Lombardy - Italy

PROVINCEMILAN

Copyright © 2013 World Capital. All Rights Reserved.

Index:

Introduction

Office real estate marketProvince and Municipality

Lease Trend - Across the Globe

Retail real estate marketRetail High-street market

Industrial real estate marketProvince

Europe prime industrial cities - lease rate

Hotel real estate marketHotel & tourism attractions

Tourism flowsHotel investment “Appeal” Index

Real Estate Market -1st Semester 2013

Lombardy - Italy

MILAN PROVINCE

ITALY

1

SwitzerlandAustria

SloveniaFrance

LOMBARDY REGION

Garda lake

Idro lake

Como lake

Lugano lakeMaggiore

lake

Varese lake

2

LOMBARDY Real Estate REPORTLOMBARDY Real Estate REPORT

3

Area Municipalities

(km²) (n°)

Bergamo 1.098.740 2.723 244

Brescia 1.256.025 4.783 206

Como 594.988 1.288 160

Cremona 363.606 1.772 115

Lecco 340.167 816 90

Lodi 227.655 782 61

Mantua 415.442 2.339 70

Milan 3.156.694 1.575 134

Monza & Brianza 849.636 405 55

Pavia 548.307 2.965 190

Sondrio 183.169 3.212 78

Varese 883.285 1.199 141

Lombardy 9.917.714 23.860,62Italy 60.626.442 301.340

Province Population

27.488,1 28.765,6 29.836,9 30.448,8 31.059,5 31.545,2 32.356,3 33.442,5 33.424,8 31.743,1 33.500 33.624,2 32.615,5

247.051,8 259.431,0 270.653,3 279.450,4 289.471,2 297.600,4 307.717,7 320.843,8 323.973,3 310.952,0 330.997 337.285,9 327.167,3

GDP per capita-Euro

GDPMillions of euro

2000YearGDP 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Provinces of Lombardy

Lombardy’s GDP

Source: ISTAT, Italian National Institute of Statistics


RegionalRoad Transport System

Garda lake

Idro lake

Como lake

Lugano lakeMaggiore

lake

Varese lake

A4A4

A21

A22

A1

A51

A9

A26

A7

LOMBARDY Real Estate REPORTLOMBARDY Real Estate REPORT

BREBEMI

PEDEMONTANA

Borni-Mortara

4

MILAN ProvinceMilan is Lombardy's largest city and one of the world's most important economic hubs. For international business communities in the areas of finance, fashion, design and ICT multinationals, Milan represents both a benchmark and an epicentre. The city and outlying districts are home to some 3.5 million inhabitants and constitute Italy's number one area in terms of consumption and production. A total GDP per capita of €36,000 puts Milan in first place nationwide and eleventh in the world.

In addition, the area is an important international logistics centre, home to 20% of Italy's warehouses used by various operators. Milan has an international reputation as one of the cornerstones of the European economy, hardly surprising when you consider the huge amount of commercial traffic, people and global expertise that pass through every day.

Philippines22%

Egypt18%

China12%

Peru

11%

Ecuador9%

Sri Lanka 8%

Romania8%

Morocco5%

Ukraine4%

Albania3%

LOMBARDY Real Estate REPORT

Milan’s GDP Trend

GDP per capita-Euro

YEAR 2003 2004 2005 2006 2007 2008 2009 2010 2011

Sources: ISTAT, Italian National Institute of Statistics - Unioncamere - G. Tagliacarne Institute


35.547,20 35.865,30 35.776,00 37.763,10 37.519,60 38.030,70 36.706,50 37.031,40 36.199,60

6

Foreign companies percentageby sector

42,10%

19,20%

14,30%

7,20%

4,40%

3,40%

2,20%

2,10%

1,80%

1,80%

1,50%

Wholesale trading

Other

Machinery & mechanical equipment

Electricity, gas & water

Metal production

Transport & logistics

Plastic products

Metalworking (inc, alloys)

Precision mechanics equipment

Food derivatives

Other professional services



Foreign Citizens PopulationFirst 10 Nationalities


OFFICE real estate market

70 €/mq

80 €/mq

90 €/mq

130 €/mq

140 €/mq

150 €/mq

200 €/mq

250 €/mq

300 €/mq

400 €/mq

450 €/mq

METROPOLITAN LINE

Max annual lease rate Min annual lease rate

180 €/mq

200 €/mq

210 €/mq

220 €/mq

230 €/mq

260 €/mq

300 €/mq

320 €/mq

400 €/mq

450 €/mq

500 €/mq

METROPOLITAN LINE

TANGENSIALE EST

A4

A1

A4

A8 A8

VENICE

BRE.BE.MI

PIACENZA

A7

GENOA

TURIN

COM

O -

SWIS

SMALPENSA

MILAN

INFRASTRUCTURE UNDER CONSTRUCTION

RAILWAY LINE

METRO LINE

ACTUAL INFRASTRUCTURE

LINATE AIRPORT

MALPENSA AIRPORT

OFFICE CENTRE

LEGEND

Average annual lease price

70 €/mq

90 €/mq

110 €/mq

140 €/mq

170 €/mq

Milan City - Office Real Estate Value €/m²/year

Milan City - Office Real Estate Value €/m²/year

More than 280,000 business of all sizes are based in the Milano area. Opening a business is easy in the city rated as one of the top ten economic hubs on the planet by Standard & Poor's. All you need is a week and a minimum level of required capital.

The Milan Exhibition Centre offers lots of opportunities for businesses and contributes around €4.3 million to the local economy each year. Expo 2015 will mark another important step in Milano's international development and 21 million visitors, exhibitors from 181 nations and 7000 events are expected.

7

1st semester - 2013 MILAN ProvinceLOMBARDY Real Estate REPORT

Lease Trend - Across The Globe

Vacancy rate %

Growth rate %

Sao Paulo

Beijing

Stockholm

New York ShanghaiLondon Dubai Frankfurt Milan Rome

MoscowBarcelona Brawlers

MadridParis

Hong Kong-15

-10

-5

0

5

10

15

20

0

200

400

600

800

1000

€

1200

1400

Shan

ghai

Toky

o

Hon

g Ko

ng

Mel

bour

ne

Sydn

ey

Prag

ue

Fran

kfur

t

Mila

n

War

saw

Mos

cow

Mad

rid

Paris

Buda

pest

Lond

on

Sao

Paul

o

San

Fran

cisc

o

Rio

de

Jane

iro

Vanc

ouve

r

Bogo

ta

Lim

a

Seou

l

Mum

bai

Del

hi

Kual

a Lu

mpu

r

Beijin

g

Sing

apor

e

Brus

sels

Latin America- America-Canada Europe Asia Australia

Shan

ghai

Toky

o

Hon

g Ko

ng

Prag

ue

Fran

kfur

t

Mila

n

War

saw

Mos

cow

Brus

sels

Mad

rid

Paris

Lond

on

Sao

Paul

o

San

Fran

cisc

o

Rio

de

Jane

iro

Bogo

ta

Vanc

ouve

r

Lim

a

Seou

l

Mum

bai

Sydn

ey

Mel

bour

ne

Del

hi

Kual

a Lu

mpu

r

Beijin

g

Sing

apor

e

0

5

10

15

20

31%

Buda

pest

Latin America- America-Canada Europe Asia Australia

8

Lease rate €/sq.m/year

RETAIL real estate market


Milan city- Retail High streets

Corso Garibaldi

Brera

Piazza Republica

Corso XX marzo

Piazza Diaz Corso di Porta Vittoria

Via Paolo Sarpi

Histori

cal C

entre

Zone

Corso Buenos AiresVia della Spiga

Via TorinoCorso Vercelli

Via Monte Napoleone

Corso Vittorio Emanuele

Lease: 4000-6700 €/m²/year

Examples of existing brands:

Bulgari - Armani

Gucci - PRADALouis Vuitton - Cartier

Giada - Valentino

Lease: 550-1250 €/m²/year


LacosteHogan - Luca

KiKoSwatch Store



Intimissimi - ZaraRossella Carrara

Guess - KiKo

Accessorize - Boxer

Via DanteLease: 1500-2600 €/m²/year


Yamamay - LushFoot locker

Swarovski - Elena MiroMax & Co.

Lease: 1400-3000 €/m²/year


H&M - Zara - CelioMassimo Dotti - Douglas

Disney - Marilena

Calzedonia - Liu-Jo

Lease: 3200-4900 €/m²/year Examples of existing brands:

Stuart Weitzman Dolce&Gabbana - Falconeri

Roberto Cavalli - Tod's Alan Journo-Giorgio Armani


Examples of existing brands:Calvin Klein - Sisley

Muji - Benetton - Lacoste

Zara - Mango - H&MAdidas - Bershka

PRIME (high-street)

SECONDARY (high-street)

9

Lease Rate - Milan City €/m²/year

Lease Rate - Across The Globe €/m²/year

City Prime Street 2011 2012 2013

Hong Kong Causeway Bay 12,644 22,307

New York Fifth Avenue 18,003 22,047

London Oxford Street - West 9,353 13,406

Paris Avenue des Champs-Elysées 7,310 10,375

Zurich Bahnhofstrasse 7,997 8,164

Milan Via Montenapoleone 6,830 6,870

Sydney Pitt Street Mall 7,544 7,243

Brussels Rue Neuve 7,800 7,409

Moscow Tverskaya 5,769 5,669

Tokyo Ginza (Chuo Street ) 5,108 5,116

Munich Kaufingerstraße 4,346 4,103

Frankfurt Zeil 3,550 3,609

Hamburg Spitalerstraße 3,157 3,483

Berlin Tauentzienstraße 2,889 2,738

Shanghai Nanjing Road West 2,730

2,152

2,772

Beijing Wangfujing 2,495

Seoul Myeongdong 2,085 2,090

Madrid Puerta del Sol Preciados 2,303 2,487

Delhi Khan Market 2,319 2,169

Rio de Janeiro Garcia D`Avila 1,340 1,532

Dubai

Country

China

U.S.A

U.K

France

Switzerland

Italy

Australia

Belgium

Russia

Japan

Germany

Germany

Germany

Germany

China

China

S.Corea

Spain

India

Brazil

U.A.E Sheikh Zayed Road 151 327

22,764

22,340

13,103

11,229

8,216

6,950

7,141

7,115

5,718

4,965

4,083

3,620

3,470

3,100

2,851

3,324

2,062

2,343

2,174

1,570

361

BRIC countries

0,000

5,000

10,000

15,000

20,000

25,000

Hon

g Ko

ng

New

Yor

k

Lond

on

Paris

Zuric

h

Mila

n

Brus

sels

Sydn

ey

Rom

e

Mos

cow

Toky

o

Mun

ich

Fran

kfur

t

Ham

burg

Beijin

g

Berli

n

Shan

ghai

Seou

l

Mad

rid

Del

hi

Rio

de J

anei

ro

Dub

ai

2011 2012 2013

1st semester - 2013 MILAN ProvinceLOMBARDY Real Estate REPORT7000

6500

6000

5500

5000

4500

4000

3500

3000

2500

2000

1500

1000

5000

MilanItaly

Via Monte Napoleone Via della Spiga

Via Dante

Corso Vercelli

Corso Vittorio Emanuele

Corso Buenos AiresVia Torino

City Prime streetCountry

10

Lease €/sqm/year

The city's international repute is enhanced by its superb transport infrastructure (three airports within a 50 km radius) and the presence of thousands of foreign companies and multinationals on Milanese land.Milan is blessed with a perfect location and as such has been a key trading centre for centuries. Today, an efficient and extensive infrastructure network connects the city to major European, North African and Middle Eastern markets (some 780 million potential consumers).


INDUSTRIAL real estate marketMilan province - industrial zones

MILAN

A4

A1

A4

A8

A8 VENICE

BRE.BE.MI

TANGENZIALE EST

PIACENZA

A7

GENOA

TURIN

COM

O -

SWIS

S

MALPENSA

AUTOSTRADA PEDEMONTANA LOMBARDA

Minimum lease price

Maximum lease price

34 €/mq

36 €/mq

38 €/mq

40 €/mq

42 €/mq

44 €/mq

48 €/mq

50 €/mq

40 €/mq

42 €/mq

44 €/mq

48 €/mq

50 €/mq

52 €/mq

54 €/mq

Creative Industry (fashion & design)

Financial and Consultancy

ServicesICT & MediaLife sciences &

Biotechnology

Retail & Commerce

IndustrialKey Sectors

MILAN

A4

A1

A4

A8

A8 VENICE

BRE.BE.MI

TANGENZIALE EST

PIACENZA

A7

GENOA

TURIN

COM

O -

SWIS

S

MALPENSA

AUTOSTRADA PEDEMONTANA LOMBARDA

UNDER CONSTRUCTION INFRASTRUCTUREACTUAL INFRASTRUCTURE

LINATE AIRPORTLOGISTIC ZONE

UNDER CONSTRUCTION INFRASTRUCTUREACTUAL INFRASTRUCTURE

LINATE AIRPORTLOGISTIC ZONE

11

All values are expressed in € / sq m / year and may be increased or decreased up to 25% in relation to the characteristics and location of the property, the law, and the state of conserv -ation. In particular, the analyzed sample took into account property from 5,000 to 20,000 square meters for logistics. It must be considered that for properties with the courier / transport use values can vary from a minimum of 10% to a maximum of +40%.


€ 20,00

€ 40,00

€ 60,00

€ 80,00

€ 100,00

€ 120,00

€ 140,00

Osl

o

Zuric

h

Stoc

khol

m

Mos

cow

Lond

on

St. P

eter

sbur

g

Tel A

viv

Mon

aco

Gla

sgow

Fran

kfur

t

Amst

erda

m

Bar

celo

na

Man

ches

ter

Mad

rid

Paris

Ista

nbul

Dub

lin

War

saw

Rot

terd

am

Ber

lin

Kie

v

Vien

na

Rom

e

Rig

a

Athe

ns

Prag

ue

Mila

n

Bru

ssel

s

Buc

hare

st

Europe prime industrial cities - lease rate €/m²/year

International trade 2012 IMPORT

EXPORT 34,193 Millions of €

67,930 Millions of €

12


HOTEL real estate market

13

Hotel density on Milan urban area

3 Stars hotels 4 Stars hotels

5 Stars hotels

Milan is a lively city visited by tourists of all kind during the whole year, according to its high level of connectivity to the world. Except August time the flow of business class tourist is very high, the Event tourism is another group which due to the high quantity of events held and their vast variation are highly attracted to Milan. One of the most important up coming events is Expo 2015 that will mark another important step in Milan's international develop-ment, 21 million visitors, exhibitors from 181 nations and 7000 events are expected by the time of the event.

Milan is internationally recognised as one of the world's most important fashion capitals, along with Paris, New York City, London and Tokyo. Acording to this fact, Milan is the favoured destination for shopping lovers and leisure tourism.

1st ring-Historical centre2nd ring-Bastoni ring3rd ring-Circonvallazione ringPeripheryHotel concentrationMetro lineCentral Train StationMilan EXPO 2015 Linate Airport

LEGEND

Milan province - tourist flows

Milan 1.581.703 3.028.033 2.572.462 5.551.363 4.154.165 8.579.396

Other municipalities 1.182.906 2.059.132 694.560 1.364.372 1.877.466 3.423.504

TOTAL 2.764.609 5.087.165 3.267.022 6.915.735 6.031.631 12.002.900

Arrivals Night spent Arrivals Night spent Arrivals Night spentItalians Foreigners TotalTouristic places

Milan Province - Hotel & touristic attractions


14

Milan Design Week

Rho Exhibition

Milan Fashion Week

Navigli Canal

Arco della Pace

Colonne di San Lorenzo

The Scala Theater

3 Stars Hotel

4 Stars Hotel

5 Stars Hotel

60 - 70 140 - 230 14826,30-17297,35 € 3.500,00 - 5.750,00 0,67- 0,76

90 - 130 140 - 230 21451,05-30984,85 4.480,00 - 7.360,00 0,76-0,79

150 - 260 140 - 230 36573,00-63393,20 5.180,00 - 8.510,00 0,86-0,88

67,70%

65,30%

66,80%

3 Stars Hotel

4 Stars Hotel

5 Stars Hotel

90 -150 200-400 22732,20-37887,00 5.000,00 -10.000,00 0,74- 0,78

150- 225 200-400 37957,94-56936,90 6.400,00 -12.800,00 0,78-0,83

200 -540 200-400 47669,00 -128706,30 7.400,00 -14.800,00 0,84-0,89

69,20%

69,33%

65,30%

Annual occupation rate

Lease price €/m2/year

Min room revenue

/night

Hotel investment appeal index

Room lease €/year

Room revenue €/per year

*1

*3

*2

3 Stars Hotel

4 Stars Hotel

5 Stars Hotel

65 - 90 150 - 260 16631,23-23027,85 € 3.750,00 - 6.500,00 0,72- 0,77

130 - 180 150 - 260 33262,45-46055,70 4.800,00 - 8.320,00 0,82-0,86

170 - 300 150 - 260 42628,35-75226,50 5.550,00 - 9.620,00 0,86-0,89

70,10%

70,10%

68,70%

Milan city - hotel investment appeal index

Zone: Historical Centre

Zone: Central Train Station

Other zones within the third city ring

Primary Sources*1- Booking.com™*2- Istat, Italian National Institute Of Statistics - Milan Province Tourism - Federturismo Confindustria - Italian Hotel Monitor - Trademark Italy*3- World Capital

Piazza Maestri del Lavoro, 7 - 20063 C ernusco sul Naviglio (MI) Tel. +39 02 95305886www.worldcapital.it - [email protected]

A G E N C Y - C O N S U L T IN G - P R O P E R T Y - IN V E S T M E N T

®

Our Expertise for your business

Phase 1Identifying needs:- Location- Type of property- Budget- Timing

Phase 2RESEARCH AND SELECTION:A network of local real estate consultants, according to a speci�c search criteria, individualize a series of real estate oppor-tunities in order to propose the best solutions to customers.

Phase 3EVALUATION AND CONCLUSION OF THE CONTRACT:The client consider the best market opportunities to choose the one suits his needs and then formulate the lease or purchase proposal. The customer will be companied until the conclusion of the �nal contract.

Phase 4REAL ESTATE INVESTMENT:Completed the contractual de�nition, World Capital individualizes, in the case of lease, the investor (private, company, real estate found etc) that is interested in purchasing the asset.

Phase 5EQUIPMENT, PLANNING, REALIZATION AND COMPLEMENTARY SERVICES:Based on the customer request, World Capital provides technical advice about the property.

WORLD CAPITAL IN THE WORLDMILAN – SHANGHAI – BEIJING – MOSCOW – NEW YORK – SAO PAULO – PRAGUE – LONDON – BUENOS AIRES

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Tel. +39 02 87365130 Fax. +39 02 95305209

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PROVINCEMILAN

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