PROPERTY REPORT

INVESTMENT IN EUROPE

Q2 2009

I2IPROPERTY REPORTINVESTMENT IN EUROPE - Q2 2009

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Investment volume by products

Q2 2009Q2 2008

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European investment volume

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BNP Paribas Economic Research survey data showed that after collapsing in Q1 2009, Euro area activity has further contracted in Q2 but at a much slower pace. The economy is expected to under perform for several quarters, and strong sustained growth will not return before the second half of 2010. The United Kingdom is likely to rebound earlier; even though estimates for Q2 GDP growth of -0.8% over the quarter still show the economy is contracting.

The European commercial real estate market remains affected by the financial crisis. However most of the cities monitored by BNP Paribas Real Estate research appear to have reached a nadir. After a historically weak first quarter (€4bn), the investment volume of the 25 cities monitored has increased and accounted for €5.2bn in Q2 2009. Investment have risen by 29% over Q1 2009, however the volumes are still very low when compared to Q2 2008 (-53%).

After six consecutive quarters of falls, investment volumes have started to bounce back and prime office yields have stabilized. Large deals that were totally absent over the last 12 months are slowly coming back to the markets that have already seen the biggest price corrections. Buyers and sellers are still very selective about their activity but the small rise in volume recorded this quarter is in line with a slight improvement in investor sentiment.

According to BNP Paribas Economic Research, average GDP in the Euro area should contract 4.5% in 2009 and stagnate in 2010. By late 2010 and in 2011, GDP is expected to renew with constant low but positive growth rates. Monetary and fiscal stimuli will progressively exert their effects on the economy meaning that confidence will gradually recover and uncertainties ease.

EUROPEAN BOTTOM MIGHT HAVE BEEN REACHED IN Q1 2009

PROPERTY REPORTINVESTMENT IN EUROPE - Q2 2009 I3I

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Investment volume in 2009

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Investment volume in 2009

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THE FIRST SIGNS OF A RECOVERY AT A VERY LOW LEVELQ2 2008 (-12%). Investment volumes in Düsseldorf and Frankfurt also rose compared to the previous quarter (+473% and + 58% respectively), however they are still down on Q2 2008 (-62% both). Cologne, Hamburg and Munich completed a worse quarter than the previous ones with drops spreading out from 33% to 62%. Foreign investors are still more or less absent from the German market.

Brussels doubled its investment volume, reaching €30m; a very slow upturn since investment volumes are still down 91% on Q2 2008. In fact, Brussels investment market has been severely affected since the beginning of 2009 with investors looking for national or more mature markets.

After three consecutive increases in investment volume, Luxembourg recorded a 50% drop in Q2 2009. Compared to Q2 2008, Luxembourg is only down 14%; one of the weakest falls amongst the 25 cities monitored. Like in most markets, this decline is due to a shortage of investment products and to the stand-by position of most buyers and sellers.

The investment volumes in Barcelona continued to slow down in Q2 2009 (-47% compared to Q1 2009 and -70% compared to Q2 2008). Investors, mainly private, have given priority to good location properties with stable tenants instead of profitability. In Madrid, investments recovered during Q2 2009, increasing by 110% over Q1 2009 and only falling by 9% compared to last year. Overall, Madrid investment market is stable and the largest transactions are dealt on the retail market.

The volume of transactions in Milan stood still compared to Q2 2008, with a minor variation of -1%. During Q1 2009 one large transaction weighted 90% of the investment volume; this quarter’s investment volume decreased by 32% with more but smaller transactions recorded. In Rome the investment volume tripled compared to Q1 2009, mainly thanks to the Galleria Colonna (retail) deal for €190m.

2009 has started dramatically for the European commercial real estate investment, with a low point of €4bn recorded during the first quarter. After six consecutive quarters of decrease, investment volumes slightly rise to €5.2bn in Q2 2009. There are large discrepancies amongst the 25 markets monitored; the investment volume of 13 cities of them has increased over Q1 2009 ranging from 3% to 473% whilst 11 markets recorded drops ranging from 14% to 100% compared to Q1 2009.

As one of the European markets with the greatest price corrections, investment volume in Central Paris increased by 31% this quarter compared to Q1 2009 but is still down 53% on Q2 2008. Some large transactions were recorded, indicating a return of agreement between buyers and sellers and easier financing conditions. The volume of transactions in the French regions that was particularly weak last quarter, has also recorded an upturn. Lyon stays the most active regional market (+114% over Q2 2009) and despite an increase of 275%, Marseille still runs at half speed; they are both down about 60% on Q2 2008. Lille which had no transaction last quarter recorded €180m this quarter, an increase of 149% compared to Q2 2008.

In the United Kingdom, we recorded an improvement in investment volumes in Central London and the Thames Valley, whereas Manchester’s transactions are down over Q1 2009 and Q2 2008. In Central London, investment increased by 49% compared to the previous quarter but the volume fell by 46% compared to the same period last year. The transaction volume in the Thames Valley increased by 3% during Q2 2009 compared to Q1 2009 but is still 83% lower than the volume recorded in Q2 2008. This quarter has seen the return of institutional investors across the UK market and of large transactions and foreign investors in Central London.

Investment volume in the six German cities amounted to €892m, up 31% on Q1 2009 and down 63% on Q2 2008. Berlin which has corrected its prices the most, recorded one of the largest increases compared to Q1 2009 (+165%) and one of the smallest falls over

PROPERTY REPORTINVESTMENT IN EUROPE - Q2 2009 I4I

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Rolling year investment change

Q2 2009 / Q1 2009

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Bucharest did not record any transactions over the quarter as landlords’ expectations and the investment strategy of the opportunistic funds, as sole demand drivers, have not reconciled in terms of price and the type of current investment products on offer. Prime yield is estimated between 9.5% and 10%, a jump of 125bp compared to last quarter, but no transaction has been concluded to substantiate the figures.

In Dublin, the continued unavailability of bank funding coupled with low investor confidence still have a marked effect on transactional activity. A little over €50m of transactions have taken place in H1, a paltry level of activity when compared with recent years. Although there are some signs that yields are beginning to stabilise, rents continue to experience downward pressure. It is likely that the market will remain in suspended animation while the States ‘Bad Bank’, NAMA (National Asset Management Agency) is set up over the coming months. It is estimated it will remove up to €90 billion of toxic property assets from Irish banks.

In Vienna, investment activity has been very slow during Q2 2009. With a total of €180m, investment volume felt by 81% compared to Q2 2008 and by 29% over last quarter. The continuous slowdown in Vienna is due to discrepancies between sellers’ and buyers’ expectations with a lack of bank financing.

The investment market in Amsterdam has been very quiet during Q2 2009, falling by 82% over Q1 2009 and down 47% on Q2 2008. Currently, investors seeking high returns have to be very specific in their target investment locations, more opportunities should arise as prices will adjust further. In The Hague, investment volume has gone up 111% compared to the previous quarter and 58% compared to Q2 2008. The Hague is considered as an attractive investment due to new high quality developments and modest vacancy levels.

With €13m of transactions recorded during H1 2009, Bratislava’s investment market is quite inactive. However, potential investors start showing their interest in high quality premises with good accessibility and long term tenants. This interest is expected to concretise with transactions taking place at the end of 2009.

Moscow has recorded very few transactions during Q2 2009; investors are still waiting for prices to decrease.

In Athens, the investment market was very quiet during the first six months of the year, but a growing interest started to arise from April for pre-let assets with long term guaranteed leases. Two significant transactions of less than €100m should be concluded during Q3 2009 and two others by the end of the year.

PROPERTY REPORTINVESTMENT IN EUROPE - Q2 2009 I5I

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Net of�ce prime yield

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LITTLE OR NO YIELD MOVEMENTCompared to Q2 2008, prime office yields in the 25 cities monitored have moved up by 60 to 305 bp and have reached their highest level since 2006. Over the last quarter, only seven cities have adjusted their yields, all the other markets have stabilised and finally proposed sound investment opportunities. In line with Q1 2009, German cities are still the most expensive in term of yields and Bucharest the cheapest across the 25 cities monitored by BNP Paribas Real Estate.

German cities, Vienna and Milan with prime office yields spreading out from 5.10% to 5.70% have shown the smallest yield movements over a year (between 30 and 75bp). Manchester, Bratislava and Bucharest, on the contrary, saw the biggest yield shift as from Q2 2008 (between 175 and 305bp). Prime office yields in the major markets, which have seen the largest price corrections, are not far from peaking, and should do so before the end of 2009.

French markets’ prime office yields remained unchanged between Q1 and Q2 2009 but are amongst the most adjusted between Q2 2008 and Q2 2009; +125bp in Marseille, +130bp in Lille, +145bp in Lyon and +150bp in Central Paris. Yields are not far from peaking, at least on the «prime» segment.

In the United Kingdom, corrections in capital value started during Q3 2007. Central London prime office yields seem to have reached a peak (+225bp compared to Q2 2007) whereas secondary markets such as Manchester and the Thames Valley have continued to adjust prices (+25bp this quarter compared to Q1 2009).

Foreign investors are back in the European commercial real estate market. After a net decline during Q1 2009 where foreign investors’ share reached a record low of 29%, they accounted for 52% of the total investors during Q2 2009. There are though, some variations amongst the different markets.

In Central London, foreign investors’ share represented 80% of total investment volume in Q2 2009, a sharp increase over Q1. With yields at a historic high and pound at very low, overseas investors saw good opportunities in Central London market, which appears to be the first to recover.

Foreign investors are also back on the French markets. They slightly dominate investments in Central Paris, representing 54% in Q2 2009 after three consecutive quarters below 34%. They are also a small majority in Lyon and the only investors in Lille.

However, in the six German cities foreign investors are still absent. During Q2 2009, Cologne, Düsseldorf, Hamburg and Munich did not record a single transaction by foreign investors. Their share only represents 23% in Berlin and 20% in Frankfurt.

RETURN OF FOREIGN INVESTORS

I6IPROPERTY REPORTINVESTMENT IN EUROPE - Q2 2009

INVESTMENT MARKET INDICATORS

Investment Volume(€ million)

Investment Volume by product as % of Q2 2009

Office Prime Yield (%)

Net Gross

Q2 2009 Q2 2008 Full Year 2008

% Office

% Retail

% Industrial & Logistics

Warehousing

% Other Q2 2009 Q1 2009 Q2 2008 Q2 2009

Central London 1,451 2,677 10,886 98 0 0 2 6.00 6.00 5.25 6.36

Central Paris 794 1,688 8,899 77 19 1 3 6.00 - 6.50 6.00 - 6.50 4.75 6.45

Madrid 547 602 3,735 34 66 0 0 6.50 6.50 5.00 6.75

Berlin 399 452 2,287 27 40 3 30 5.50 5.50 4.75 5.75

Vienna 180 930 2,000 56 2 0 42 5.70 5.80 5.25 n.a.

Hamburg 47 633 1,920 74 13 0 13 5.20 5.20 4.55 5.45

Munich 133 296 1,457 42 37 0 21 5.10 5.10 4.50 5.35

Frankfurt 178 469 1,453 14 7 7 72 5.30 5.30 4.65 5.55

Rome 344 242 1,410 45 55 0 0 6.00 - 6.50 6.00 - 6.50 5.40 n.a.

Milan 257 260 1,404 85 0 10 5 5.50 - 6.00 5.50 - 6.00 5.00 n.a.

Thames Valley 61 353 1,303 74 9 17 0 7.75 7.50 6.50 8.68

Barcelona 85 281 1,271 91 9 0 0 6.50 6.50 5.00 6.75

Cologne 32 284 1,188 18 60 0 22 5.50 5.50 5.20 5.75

Amsterdam 52 98 1,091 45 0 47 8 6.40 6.40 5.70 7.27

Brussels 30 335 1,070 100 0 0 0 6.20 6.20 5.45 6.35

Düsseldorf 104 270 943 32 16 0 52 5.40 5.40 4.80 5.65

Lyon 87 257 825 73 14 13 0 7.00 - 7.50 7.00 - 7.50 5.80 7.45

Bucharest 0 560 715 - - - - 9.75 8.50 6.70 n.a.

Manchester 26 85 542 27 42 30 1 7.50 7.25 5.75 8.40

Luxembourg 54 63 368 97 0 0 3 6.40 6.20 5.60 6.60

The Hague 108 69 345 94 0 3 3 6.85 6.85 6.00 7.78

Lille 180 72 197 0 91 9 0 7.35 - 7.85 7.25 - 7.75 6.30 7.80

Marseille 15 39 188 100 0 0 0 7.00 - 7.50 7.00 - 7.50 6.00 7.45

Athens 0 88 152 - - - - 7.00 - 7.50 7.00 - 7.50 7.25 n.a.

Bratislava 6 27 130 34 16 8 42 8.00 8.00 6.20 10.00

I7I

BNP Paribas Real Estate is working on producing indicators which are as comparable as possible. This is a complex issue, due to cultural differences from market to market. Nevertheless, as we aim to actively contribute to the transparency of the markets, we have high lighted those definitions and indicators which are strictly comparable, so that our readers can understand what the indicators mean.

Furthermore we have decided to adopt the PEPCIG1 definitions, on which most of the following indicators published by BNP Paribas Real Estate are based. Other indicators are from INREV2 and from BNP Paribas Real Estate.

Central Business District average rent is the average of each of the last four quarters’ average headline rent in the CBD. Each quarterly average rent is weighted by the surface of each lease signed during the quarter, in either new or second-hand premises. The definition of CBD corresponds to local conventions.

Completions represent the total amount of floor space that has reached practical completion and is occupied, ready for occupation or an occupancy permit where required has been issued during the survey period.

Central London includes the following districts: West End, Midtown, City, Docklands, Southbank, Western Fringe and Northern Fringe.

Central Paris includes the following districts: CBD, Paris out of CBD, La Défense, Western Crescent and Inner Rim.

Core Investment Vehicles target returns at 11.5% and lower, with gearing level up to 60% of Gross Asset Value.

Closed Ended Fund is a vehicle that has a targeted range of investor capital and a finite life.

Development Pipeline represents the total amount of floor space for all developments under construction and/or schemes (including major refurbishments) that have the potential to be built in the future through having a secured level of planning permission but remain unimplemented at the survey date. It includes all proposed new buildings, those constructed behind retained facades and buildings (or parts of buildings) undergoing a change of use to offices.

Exchange Rate from £ into € for rents is the average value observed over the quarter.

Exchange Rate from £ into € for investment volumes for each quarter is the average value over that period. Full-year investment volumes in both currencies are made up by adding the four quarters of each year.

German Open Ended Fund is a public vehicle that does not have a finite life, continually accepts new investor capital and makes new property investments. The list of German Open Ended Funds is published by the BVI (Bundesverband Investment und Asset Management e.V.).

Gross Asset Value is the sum of the Gross Capital Value of properties, cash and marketable securities and other (non-operating) assets.

Investment volume takes into account all commercial properties BNP Paribas Real Estate is aware of, whose owner has changed during the studied period, whatever the purchasing price. It includes Office buildings, Retail (supermarkets, hypermarkets), Industrial and Logistics Warehousing and Others (Hotels, Cinema, Leisure, Car Parks, Care Homes, parts of portfolio which can not be split up by product, and Development Sites in Germany). Quoted investment volumes are not definitive and are consequently subject to change.

Initial Gross Yield is defined as Gross income (i.e. income before costs of ownership) over purchase price excluding costs of acquisition.

Initial Net Yield is defined as Net income (or NOI) over purchase price plus all other costs of acquisition.

Prime Office Rent / Prime Office Yield represent the top open-market rent/yield at the survey date for an office unit:

- of standard size commensurate with demand in each location- of the highest quality and specification - in the best location in a market

Investment volume by investor/seller type refers to the following categories: Insurance, Private Investors, Public Sector, Corporates, Property Companies & REITS, Consortium, Funds and Other.

Investment volume by investor/seller nationality refers to the following categories: Eurozone, Non-Eurozone, North America, Other America, Asia, Middle East, Australia, International and Other.

Major Refurbishments represents refurbishments, where building work must involve either structural alteration, and/or the substantial replacement of

the main services and finishes. The quality of the floor space must have been substantially improved from its previous condition so as to offer accommodation of a modern standard – although not necessarily to the standard of a completely new building.

Opportunistic Investment Vehicles target returns in excess of 17%, with gearing levels above 60% of Gross Asset Value.

Actual transactions are used in France, Germany and Belgium to support the headline prime rental quoted, but one-off deals, which do not represent the market, are disregarded. In the UK & Spain, if there are no prime transactions during the survey period a hypothetical rent is quoted, based on expert opinion of market conditions.

Space calculation differs in Spain, where figures in m² (Take-Up, Vacancy, Pipeline, Completions) as well as Rental values are based on Gross Letting Area space, contrary to the other main European markets, which use Net Letting Area. In order to make the Spanish figures comparable across all monitored markets, they should be multiplied by 0.82 (NLA = 0.82 GLA). This ratio is applied by BNP Paribas Real Estate to produce international indices and benchmarks.

Take-Up represents the total floor space known to have been let or pre-let, sold or pre-sold to tenants or owner-occupiers during the survey period.

It does not include space that is under offer

- A property is deemed to be “taken-up” only when contracts are signed or a binding agreement exists

- Pre-let refers to take-up that was either in the planning or construction stage

- All deals (including pre-lets) are recorded in the period in which they are signed

- Contract renewals are not included

- Sales and leasebacks are not included as there had been no change in occupation

- Quoted take-up volumes are not definitive and are consequently subject to change.

The breakdown of take-up by business sector is compatible with the European NACE code.

Under Construction represents the total amount of floor space in properties where construction has commenced on a new development or a major refurbishment (see separate definition) at the survey date. It includes properties for owner occupation, which are reported separately. It does not include sites being cleared for possible development in the future.

Property that is under construction but pre-let or for owner occupation is recorded separately where appropriate.

Value-added Investment Vehicles target returns of 11.5% to 17%, with gearing levels between 30% and 70% of Gross Asset Value.

Vacancy represents the total floor space in existing properties, which are physically vacant, ready for occupation in the next three months (this period covers fit-out time) and being actively marketed at the survey date. Vacancy includes sublet space (except in Germany), but where possible, vacant sub-let space is recorded separately.

In France, vacancy excludes premises which the owner will renovate only once a lease is signed. Spain only counts immediately available space.

Vacancy Rate represents the total vacant floor space including sub-lettings divided by the total stock at the survey date.

1 Pan-European Property Common Interest Group. This group assembles a wide range of European advisors and investors and major agents.

2 European Association for Investors in Non-listed Real Estate Vehicles.

2009 BNP Paribas Real Estate Disclaimer clause

BNP Paribas Real Estate cannot be held responsible if, despite its best efforts, the information contained in the present report turns out to be inaccurate or incomplete. This report is released by BNP Paribas Real Estate and the information in it is dedicated to the exclusive use of its clients. The report and the information contained in it may not be copied or reproduced without prior permission from BNP Paribas Real Estate.

Should you no longer wish to receive this report, or wish to modify the conditions of reception of this report, please send an e-mail to:unsubscribe.mailing@bnpparibas.com

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PROPERTY REPORTINVESTMENT IN EUROPE - Q2 2009

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CONTACTS

Christophe Pineau Head of Researchchristophe.pineau@bnpparibas.com

Céline CotassonResearch Analyst celine.cotasson@bnpparibas.com

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Abu DhabiAl Bateen AreaPlot No. 144, W-11New Al Bateen MunicipalityStreet 32P.O. Box 2742Abu Dhabi, UAETel: +971 505 573 055Fax: +971 44 257 817

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Jersey 4th Floor, Conway House Conway Street St Helier Jersey JE2 3NT Tel: +44 15 34 62 90 01 Fax: +44 15 34 62 90 11

Luxembourg EBBC, Route de Trèves 6Bloc D 2633 Senningerberg Tel: +352 34 94 84 Fax: +352 34 94 73

RomaniaUnion International Center 11 Ion Campineanu Street Sector 1 Bucharest 010031 Tel: +40 21 312 7000 Fax: +40 21 312 7001

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United Kingdom90 Chancery Lane London WC2A 1EU Tel: +44 20 7338 4000 Fax: +44 20 7430 2628 USA787 Seventh Avenue 31st Floor New York City, NY 10019 Tel: +1 917 472 4970Fax: +1 212 471 8100

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Greece (Alliance)Danos1 Eratosthenous Str.11635 AthensTel : + 30 210 7 567 567Fax : + 30 210 7 567 267

The Netherlands (Alliance)Holland Realty Partners BVJ.J. Viottastraat 33, 1071 JPAmsterdam,Postbus 96691006 GD AmsterdamTel: +31 20 305 97 20Fax: +31 20 305 97 21

Russia (Alliance)Astera10, b.2 Nikolskaya Str.Moscow, 109012Tel: +7 495 925 00 05Fax: +7 495 925 00 05

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