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Real Estate Market - 1st Semester 2013

Lombardy - Italy

PROVINCEVARESE

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

VARESE PROVINCE

ITALY

1

SwitzerlandAustria

SloveniaFrance

LOMBARDY REGION

Garda lake

Idro lake

Como lake

Lugano lakeMaggiore

lake

Varese lake

2

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


LOMBARDY Real Estate REPORTLOMBARDY Real Estate REPORT

3

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

Varese ProvinceDiversification and business acumen are the buzzwords to use when describing Varese's economy. Some 65,000 companies employing 272,000 workers are distributed across the secondary and tertiary sectors, offering a vast array of products and services.

Varese's extensive entrepreneurial history is reflected by its successful multinationals (Agusta, Bticino, Whirl-pool, Novartis, Conforama and Alenia Aermacchi) and its thriving network of small and medium-sized businesses and craft workshops. A total of 53 businesses per sq km (an average of 34 in Lombardy and a national average of 18) of which 37% are craft workshops (an average of 32% in Lombardy and a national average of 28%) are just a couple of Varese's key economic statistics.

LOMBARDY Real Estate REPORT

Varese’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


22.609,90 23.296,40 23.763,50 24.856,60 26.709,90 27.507,40 27.345,30 28.066,20 22.132,30

Albania37%

Ukraine10%

Romania

9%Sri Lanka9%

Morocco7%

Peru 7%

China6%

Tunisia6%

El Salvador5%

Philippines

4%

6

Foreign Citizens PopulationFirst 10 Nationalities

Foreign companies percentageby sector



39,08%

22,55%

8,82%

6,01%

6,01%

4,91%

3,31%

3,31%

2,20%2,20%1,60%

Wholesale trading

Other

Machinery and mechanical equipment

Basic Chemicals

Transport & logistics

Plastic Products

Pharamaceutical products

Precision mechanics equipment

Other professional servicesMetal productsRetail


OFFICE real estate market

VARESE

Min annual lease rate Max annual lease rate

70 €/mq

75 €/mq

80 €/mq

85 €/mq

90 €/mq

95 €/mq

100 €/mq

105 €/mq

110 €/mq

Highway

A4 Highway

Streets

No o�ce market

80 €/mq

90 €/mq

100 €/mq

110 €/mq

120 €/mq

130 €/mq

140 €/mq

150 €/mq

160 €/mq

Highway

A4 Highway

Streets

Average annual lease price

70 €/mq

90 €/mq

110 €/mq

130 €/mq

150 €/mq

No/local market

RAILWAY LINE

E62 HIGHWAY

A9 HIGHWAY

A8 HIGHWAY

ACTUAL INFRASTRUCTURE

LOGISTIC HUB

LEGEND

MALPENSA AIRPORT

Varese Municipality - Office Real Estate Value €/m²/year

Varese Province - Office Real Estate Value €/m²/year

Varese’s businesses can always rely on comprehensive support in terms of promotional activity, development and assistance and they can benefit from a system that encompasses both public and private sectors.

Diversification and business acumen are the buzzwords to use when describing Varese's economy. 65,000 are the number of companies employing 272,000 workers which are distributed across the secondary and tertiary sectors and offering a vast array of products and services. Hi-tech sector has brought international prestige to Varese’s economy, accounting for 63% of its whole share of production. Due to this fact, Varese, in the regional ranking for hi-tech, is on the top production(47% being the national average).

7

1st semester - 2013 Varese Province

Lease Trend - Across The Globe

Vacancy rate %

Growth rates %

Sao Paulo

Beijing

Stockholm

New York ShanghaiLondon Dubai Frankfurt Rome Varese

MoscowBarcelona Brussels

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

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 AustraliaVa

rese

Shan

ghai

Toky

o

Hon

g Ko

ng

Prag

ue

Fran

kfur

t

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

Vare

se

8

Lease rate €/sq.m/year

RETAIL real estate market


Varese city- Retail High streets

Via Vittorio Veneto- Corso Aldo Moro

Lease: 190-280 €/m²/year

Examples of existing brands:Coin - Sisley

Benetton - Lacoste

Original Marins- ZARAAdidas - Bershka

Historical Centre Zone

Corso Matteotti

Lease: 200-420 €/m²/year

Examples of existing brands: Sisley

OVS - Promod

STEFANEL- HERMESMaxMara

Pedestrian zone

9

Lease Rate - Varese City €/m²/year

VareseItaly Via Vittorio Veneto- Corso Aldo Moro

Corso Matteotti

City Prime streetCountry

510530

480450420390360330300270240210190160130100


BRIC countries

Lease Trend - 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

Varese Corso Matteotti 418 415

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

420

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

Lease €/sqm/year

0,000

5,000

10,000

15,000

20,000

25,000

Hon

g Ko

ng

New

Yor

k

Lond

on

Paris

Zuric

h

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

Vare

se

2011 2012 2013

10


INDUSTRIAL real estate market

Como

ComoTurin

Milan

LuganoSwitzerland

VARESE

GALLARATE

BUSTARSIZIO

LONATEPOZZOLO

Varese province - industrial zones €/m²/year

RAILWAY LINE

E62 HIGHWAY

A9 HIGHWAY

A8 HIGHWAY

ACTUAL INFRASTRUCTURE

LOGISTIC HUB

LEGEND

Average annual lease price

25 €/mq

30 €/mq

35 €/mq

40 €/mq

50 €/mq

70 €/mq

No/local market

MALPENSA AIRPORT

Varese shortens the distance. The province is at the heart of Europe, at the foot of the Alps, and is a stepping stone to the north of the continent. The area is also an important strategic base for logistics firms (more than 2000 companies operate from here) as a result of the first-class infrastructure (Malpensa intercontinental airport, the Alp Transit rail project and an extensive road network).

Varese exports globally. Varese’s trade surplus adds up to nearly €9 billion a year, while more than 30% of the manufacturing revenue comes from exports alone.

Aerospace

Energy Home appliancesTransport and Logistics

Tourism and Sport

IndustrialKey Sectors

International trade 2012

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

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

International trade 2012 IMPORT

EXPORT 9,314 Millions of €

6,459 Million of €

12

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

Vare

se

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

Bru

ssel

s

Buc

hare

st


HOTEL real estate market

VARESE

Varese Lake

Maggiore Lake

Campo dei Fiori Park

Varese lake

Estensi Gardens - Varese

Palude Brabbia Nature Reserve

Palude Brabbia Nature Reserve

Varese has branched out into the hospitality industry over the years and tourism to the area (conference, business, leisure and sports) is on the up. The region's proximity to Milan, the new Milan Rho-Pero Exhibition Centre and Malpensa airport, coupled with its thriving business environment, make Varese the ideal destination for all kinds of tourism.

13

Varese Province - Hotel & touristic attractions

LEGENDGolf club

Horse riding club

Spa

Malpensa airport

Hotel concentrationnumber/municipality

Low High

Touristic attractions:


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

Varese Province - Tourist flows

Varese City Centre - Hotel investment appeal index

A tool for evaluation of different investment options is highly essential for a safe investment. Due to this fact it is provided an appeal index for Hotel real estate investments in Italy. This Index indicates the appeal of invest-ment and initiation of a hotel business in a specific zone of the city.

In calculation process of investment appeal Index many important parameters has been taken in to considera-tion among those we can mention: location in a city, annual occupational rate depending on the hotel stars, annual lease price, annual rooms revenue, room numbers, hotel services and so on.

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

3 Stars Hotel

4 Stars Hotel

50-65 110-160 11169,00-14519,70 2.750,00 -4.000,00 0,72-0,75

65-95 110-160 13843,54-20232,86 3.520,00 -5.120,00 0,75-0,77

61,20%

58,35%

14

Varese 56.168 111.062 61.290 129.337 117.458 240.399

Maggiore Lake 16.159 50.106 25.247 85.607 41.406 135.713

Other Municipalities 371.782 530.797 379.128 570.977 750.910 1.101.774

TOTAL 444.109 691.965 465.665 785.921 909.774 1.477.886

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

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

Via Restelli, 3/7 (MI) 20124 Milan

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

Neda AghabeglooResearch Department

[email protected]

PROVINCEVARESE

Via Camperio, 1 20123 Milan

Tel. +39 02 85155220 Fax. +39 02 85155227

[email protected]

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