THE MARKET FOR XXL WAREHOUSES IN EUROPE. November 2013

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1 THE MARKET FOR XXL WAREHOUSES IN EUROPE November 2013

2 XXL WAREHOUSES IN SUPPLY CHAIN CONTEXT 2 Source: CBRE

3 GENERIC XXL WAREHOUSE FEATURES 3

4 THE CASE FOR XXL WAREHOUSES The Centralization of Procurement 4

5 THE CASE FOR XXL WAREHOUSES Decrease of Storage Space Inside Buildings 5

6 THE CASE FOR XXL WAREHOUSES Changes in Inventory Management Increase of delivery services (faster, with more fluctuations) Mutualization of safety inventories of shop network Decrease of total inventory 6

7 THE CASE FOR XXL WAREHOUSES Reducing Transport Costs via the Coordination of Deliveries 7

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9 THE CASE FOR XXL WAREHOUSES Control of Information Flow BIG DATA 9

10 THE OCCUPIERS PERSPECTIVE Locational Criteria Proximity to producers Government incentives / grants Proximity to customers Labour availability Accessibility / quality of infrastructure 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% XXL Warehouse Advantages Centralisation of operations (100%) Economies of scale (80%) Reduced transport (60%) 10 Source: CBRE

11 CHALLENGES IN DEVELOPING SITES Environmental issues Finance/funding issues Limited supply of sufficiently well-located sites Planning/permits issues Availability of large enough sites 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 11 Source: CBRE

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13 EUROPEAN LOGISTICS LOCATIONS 13 Source: Prologis Research

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15 MARKET FIGURES AND TRENDS

16 XXL WAREHOUSE TAKE UP IN EUROPE 2010 H ,0 2,5 2,0 1,5 1,0 0,5 0, H and 2013 account for 14% of total year take up 16 Source: CBRE

17 XXL WAREHOUSES TAKE UP BY COUNTRY 2010 H ,0% 90,0% 80,0% 70,0% 60,0% 50,0% 40,0% 30,0% Russia Czech Republic Poland Netherlands Italy Germany France UK 20,0% 10,0% 0,0% Source: CBRE 17

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19 XXL WAREHOUSE TAKE UP BY SECTOR 2010 H Manufacturing 8% Other 3% Food retail 20% 3PL 22% Online retail 17% Non-food retail 30% Including 3PL s working for contracted customers, overall retail demand could be in excess of 80% 19 Source: CBRE

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21 CAPITAL MARKETS VIEWPOINT

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23 XXL WAREHOUSES INVESTMENT DISTRIBUTION H Turkey 6% Sweden 20% UK 28% CEE 12% France 6% Spain 7% Netherlands 2% Germany 19% Source: RCA 23

24 INVESTMENT CONSIDERATIONS Account for almost 20% of European industrial market in Additional capital entering the sector through funding of build-to-suits Relationship between size and cost/value not linear Scale and longevity of occupier commitment (10-15 years) due to tenant specific fit-outs costs High average lot size and cost (> 35 m) Degree of specialism, liquidity, re-letting risks potential are negative 24

25 INVESTMENT CONSIDERATIONS Evidence from Asia-Pac and USA indicates strong demand and pricing Entry yield premium required to compensate Yields are compressing Advantageous for investors o sub 7% in core Western Europe o and low 7% s in core CEE 25

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27 KEY TRANSACTIONS

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29 EUROPEAN XXL WAREHOUSE LEASING TRANSACTIONS Date Location Size (sq m) Occupier Sector Jun-13 Heudebouville, France 53,000 Intermarché Food retail Sep-12 Stryków, Poland 56,000 Leroy Merlin Non-food retail Jun-12 Monticelli, Italy 57,000 Gruppo Scerni 3PL Aug-13 Derby, UK 58,715 Kuehne & Nagel 3PL Feb-13 Milton Keynes, UK 62,710 John Lewis Non-food retail Apr-13 St Joost, Netherlands 77,000 Action Non-food retail Jan-13 Karlsruhe, Germany 85,340 Daimler Manufacturing Feb-12 Reading, UK 86,558 Tesco Food retail Oct-12 Daventry, UK 92,903 Sainsbury plc Food retail Jun-13 Saint-Martin-de-Crau, France 117,000 Castorama Non-food retail 29

30 DEMANDE PLACÉE* EN FRANCE m² < m² > m² m² m² m² m² m² m² m² m² m² m² 0 m² M 2013 * Toutes classes (A, B, C, frigorifique et messagerie), en m² Sources : CBRE et Immostat 30

31 DEMANDE PLACÉE* EN FRANCE 100% 90% 8 % 9 % 22 % 16 % 80% 70% 60% 50% 40% 30% 20% 10% 0% M 2013 < m² > m² * Toutes classes (A, B, C, frigorifique et messagerie), en m² Sources : CBRE et Immostat 31

32 TRANSACTIONS ENTREPOTS > m² EN FRANCE Année Départemen t Commune Surface Preneur Brie Comte Robert m² POINT P Hénin Beaumont m² BOULANGER Montbartier m² INTERMARCHE Fos sur Mer m² MAISONS DU MONDE Clermont l Hérault m² SYSTEME U St Mard m² FRANPRIX Le Coudray Montceaux m² ND LOGISTICS Trappes m² AUCHAN Vert St Denis m² INTERMARCHE Rouvignies m² OXYLANE St Martin de Crau m² MAISONS DU MONDE 32

33 TRANSACTIONS ENTREPOTS > m² EN FRANCE Année Départemen t Commune Surface Preneur Guichainville m² SCHNEIDER ELECTRIC Pusignan m² DARTY Lauwin Planque m² AMAZON Aulnay sous Bois m² SAMADA MONOPRIX Villeneuve les Béziers m² INTERMARCHE St Martin de Crau m² CASTORAMA Heudebouville m² INTERMARCHE Sin Le Noble m² GIFI 33

34 For more information regarding this presentation please contact: Amaury Gariel, SIOR Managing Director CBRE l EMEA Industrial & Logistics T M amaury.gariel@cbre.com