Retail Market Overview

Belgium

Q4 2012

2

Introduction:Socio-Economic Figures

3

GDP Growth Forecast 2013 - 2015More healthy medium-term growth outlook, esp. for East-European countries…

Source: Oxford Economics (January 2013)

4

Retail Sales Growth Forecast 2013 - 2015Moderate to robust medium-term retail sales growth forecast for most countries…

Source: Oxford Economics (January 2013); IHS Global Insight for Croatia and Ukraine (January 2013)

Mar

kets

Ent

ered

Mar

kets

Aba

ndon

ed

5

Cross-Border Expansion ‘11-’12 - Most Active RetailersSelective retailer expansion continues across 57 Key European Retail Markets…

No. y-o-y

Note: Analysis based on 150 international retailers and 55 key retail markets across Europe;excludes total number of stores per city, includes franchisers and resellers.

Source: Jones Lang LaSalle (2013)

1.7

0.7

PolandPortugalRomania

Russia

Prime SecondaryUnit Shops

Prime SecondaryShopping Centres

Prime SecondaryRetail Warehouses

Czech RepublicBelgium

6

Retailer Demand Q4 2012

Source: Jones Lang LaSalle

(January 2013)

Hot

Cold

Current Demand

Change Q-o-Q

Increased

Decreased

Stable

Modest improvement in sentiment, but demand for secondary remains week…

FinlandFrance

GermanyHungary

IrelandItaly

SlovakiaSpain

SwedenTurkey

United Kingdom

The Netherlands

Note: Demand indicators based on sentiment.

7

Internet Retail Spend per CapitaImpact of technology in Belgium low in comparison with other countries

Source: Euromonitor (2012)

0 100 200 300 400 500 600

Czech Republic

Belgium

Norway

Switzerland

Netherlands

Germany

Austria

Japan

Sweden

France

USA

South Korea

Denmark

Finland

United Kingdom

Internet retail spend per capita 2011 (€)

Consumer Confidence in Belgium Q4 2012

8

-9 -9-7

-14-12

-16

-20

-12 -12-10 -10

-13

-16-14

-17

-24-25

-23

-30

-25

-20

-15

-10

-5

02011-08 2011-09 2011-10 2011-11 2011-12 2012-01 2012-02 2012-03 2012-04 2012-05 2012-06 2012-07 2012-08 2012-09 2012-10 2012-11 2012-12 2013-01

Source : National Bank of Belgium, Belgostat, February 2013

9

Retail Sales Index* in Belgium

*Retail Sales index figures are deflated and deseasonalisedSource: Eurostat, February 2013

107.3

100

101

102

103

104

105

106

107

108

10920

11-0

1

2011

-02

2011

-03

2011

-04

2011

-05

2011

-06

2011

-07

2011

-08

2011

-09

2011

-10

2011

-11

2011

-12

2012

-01

2012

-02

2012

-03

2012

-04

2012

-05

2012

-06

2012

-07

2012

-08

2012

-09

2012

-10

2012

-11

2012

-12

Index 2005 = 100

10

Letting Market

11

• Far less ‘out of town mega-schemes’ than in neighbouring countries• Well equipped city centres and many RW along major roads

The Belgian Retail Market - Stock

Source : Locatus - figures 2011

1,008

4,626

9,246

3,427

Stock ('000 sq.m. est.)

Shopping CentresIn-town high streetOut-of-town unit shopsRetail warehousing

The Belgian Retail Market - Vacancy Rate

12

• Global country-wide vacancy rate of 7%, against 6.6% in 2011• No vacancy in AAA locations

8.9%

8.8%

8.2%

8.2%4.9%7%

8%

6%

6%

5%5%

Source : Locatus - figures Q1 2012

0

50.000

100.000

150.000

200.000

250.000

Retail warehousing Shopping Center High Street

Sq.m.2012 : 310,500 sq.m.

178,500

43,500

88,500

13

• All 3 sectors in decline in comparison with 2011.

• Strong overall market performance in Q4 2012.

Take up Evolution by volume 2012

0

50.000

100.000

150.000

200.000

250.000

Retail warehousing Shopping Center High Street

Sq.m. 2011 : 388,000 sq.m.

Q4

Q3

Q2

Q1

237,500

49,000

101,500

14

Take-up Evolution by # transactions 2012

128188

124178 157

125120

94

204182

318330

330

386375

0

100

200

300

400

500

600

700

800

900

2008 2009 2010 2011 2012

#

Shopping Center Retail Warehousing High Street 5-y Average

571638

548

768714

15

Take-up 2012 by Tenant Category

68

43 4237

33

2014 14 10 9 9 4 2 2 1.5 1.5

16

Take-up by sector 2012

Source : Jones Lang LaSalle Research

Fashion at the top in SC & HS. Decoration, DIY & Food in Retail Warehousing

Retail Warehousing Shopping Centres & High Street

17

Most active retailers: number of transactions

2011Tenant #

Caroll 17

McGregor 12

Delhaize 9

Veritas 8

Esprit 7

Brantano 6

Chronostock 6

H&M 6

Pandora 6

Pearle 6

Schoenenreus 6

Yves Rocher 6

2010

Tenant #

Du Pareil au Même 10

Vue sur Mer 10

Zeeman 10

Hema 7

Veritas 7

Standaard Boekhandel 6

C&A 5

Cassis 5

2012Tenant #

Albert Heijn 11

Hema 8

Hunkemöller 8

Rituals 7

Ava Papierwaren 6

Leen Bakker 5

Quick 5

Veritas 5

ZEB 5

High Street Unit Shops

19

Antwerpen (493,500 inh.)Meir, Leysstraat, Huidevetterstraat157 units92,325m² GLA508,000 pass./week

Hasselt (73,800 inh.)Hoogstraat, Demerstraat, Koning Albertstraat127 units31,992m² GLA142,000 pass./week

Liège (194,715 inh.)Vinave d’Ile, Rue Pont d’Ile, Rue Joffre86 units30,029m² GLA198,000 pass./weekBruxelles (1,119,088 inh.)

Nieuwstraat92 units65,337m² GLA349,000 pass./week

Gent (247,486 inh.)Veldstraat, Zonnestraat77 units41,641m² GLA152,000 pass./week

Brugge (116,885 inh.)Steenstraat, Zuidzandstraat123 units39,254m² GLA182,000 pass./week

Source: Expertise, Fastigon, Retail Focus

The Big Six

Newcomers in the Belgian High Streets in 2012

20

Retailer #Shops City

Agent Provocateur 1 Knokke

Armani Junior 1 Brussels

Artu Napoli 3 Antwerp, Knokke, Gent

Club Monaco 2 Antwerp, Knokke

Ethan Allen 2 Brussels, Antwerp

Ladurée 1 Antwerp

Maliparmi 1 Antwerp

The Kooples 2 Brussels

Vicomte Arthur 1 Antwerp

0

1000

2000

3000

4000

5000

6000

7000

8000

9000

Paris

Lond

on

Mos

cow

Mun

ich

Mila

n

Fran

kfur

t/M

Berli

n

Duss

eldo

rf

Amst

erda

m

Ham

burg

Barc

elon

a

Mad

rid

Prag

ue

Dubli

n

Stoc

khol

m

Brus

sels

War

saw

Buda

pest

€/sq.m. p.a.

City Street €/sq.m. p.a.

Brussels Nieuwstraat 1,850

Antwerp Meir 1,850

Ghent Veldstraat 1,525

Liège Vinave d'Ile 1,200

Brugge Steenstraat 1,200

Hasselt Hoogstraat 1,100

Leuven Diestsestraat 1,100

High Street Rents in Europe

1,850

Rents in Belgium are amongst the lowest in Europe

France

Spain

Portugal

Sweden

Poland

Finland

United Kingdom

Czech Republic

Netherlands

Belgium

Germany

Turkey

Hungary

Romania

Russia

Italy

7,130

1,080

2,530

8,500

3,500

2,400

780

840

1,850

3,050

2,110 2,090

4,170

3,960 2,160

1,140

Ireland

2,120

Denmark

2,680

Norway

2,250

22

Source: Jones Lang LaSalle (January 2013)

Prime Unit Shop Rents And Forecasts Europe Q4 2012Healthy growth forecast in Russia, United Kingdom, France and Germany…

Rental Growth 2012-2014 (% p.a.)

Rents Growing: 1% to 2%

Rents Stable: 0% to 1%

Prime rents in €/sq m per annum

Category Absolute Rent Level

Rents Growing: 3% to 4%

Rents Growing: 2% to 3%

Not Available

Rents Falling: 0% to -2%

Maximum Rental Growth: > 4%

Rents Falling: < -2%

Note: Forecast growth based on rental levels in local currencyPrime Rent and Prime Rental Growth Forecast United Kingdom

based on Oxford Street, London

Greece

1,920

Croatia

1,020

Serbia

960

23

600

800

1000

1200

1400

1600

1800

2000

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

€/sq.m. p.a.

City Street % of prime

Brussels Rue Neuve 100 %

Antwerp Meir 100 %

Gent Veldstraat 82 %

Liège Vinave d'Ile 65 %

Brugge Steenstraat 65 %

Hasselt Hoogstraat 60 %

City Street €/sq.m. p.a.

Leuven Diestsestr. 60 %

Knokke Kustlaan 54 %

NamurRue de l’Ange 54 %

MonsRue de la Chaussée 30 %

High street Rents: Evolution

BRUSSELSANTWERP

GENT

HASSELT

BRUGGELIEGE

Prime High Street Rents in Flanders Q4 2012City Street €/sq.m. p.a.

Antwerp Meir 1,850

Gent Veldstraat 1,525

Brugge Steenstraat 1,200

Hasselt Hoogstraat 1,100

Leuven Diestsestraat 1,100

Knokke Kustlaan 1,000

Oostende Kapellestraat 950

Roeselare Ooststraat 750

Lier Antwerpsestraat 750

Turnhout Gasthuisstraat 600

Mechelen Bruul 575

Aalst Nieuwstraat 450

Kortrijk Lange Steenstraat 450

Genk Rootenstraat 300

Sint-Niklaas Stationsstraat 250

24

Prime High Street Rents in Wallonia Q4 2012

City Street €/sq.m. p.a.Liège Vinave d’Ile 1,200

Namur Rue de l’Ange 1,000

Waterloo Chaussée de Bruxelles 750

Charleroi Rue de la Montagne 550

Mons Rue de la Chaussée 550

Verviers Rue du Brou 500

Wavre Rue du Pont du Christ 450

La Louvière Rue Albert Ier 350

Arlon Grand-Rue 250

25

Top Retailers in High Streets 2012

26

Retailer # Stores Evolution OriginH&M 14 = Sweden

Mobistar 12 = France

Zara 11 +1 Spain

WE 9 -1 Netherlands

Ici Paris XL 9 = Hong Kong

Esprit 9 = Hong Kong

Celio 9 = France

Vero Moda / Jack & Jones 9 +1 Denmark

Eram 8 = France

Base 7 +1 Netherlands

Belgacom 6 -1 Belgium

Veritas 6 +2 Belgium

Springfield 6 = Spain

C&A 6 = Netherlands

Hunkemöller 6 = Netherlands

New Look 6 +1 UK

Foot Locker 6 = USA

Source : Retail Focus 2012

27

Supply unable to meet demand, especially on prime locations

Almost no immediate availability : lettings often occur due to lease breaks / lease renewals / take-over of lease

Key Money is usually applied in AAA-locations

Main Six continue to attract most retailers, but retailers are also present in secondary cities, e.g. H&M in Knokke, DeSigual in Namur, Rituals in Nivelles, Roeselare & De Panne

Prime High street rents remain under upward pressure in Antwerp, Brussels, Ghent, Brugge and Namur ; prime rent is moving towards 2000€/m² pa for Antwerp Meir and Brussels Nieuwstraat

High Street Unit Shops - Summary

28

Shopping Centres

29

L’Esplanade

34,400 m²

Prime Shopping Centres >30,000 m²Waasland SC

45,000 m²

Mediacité

41,500 m²

Belle Ile

31,000 m²

Woluwe SC

44,400 m²

Wijnegem SC

57,500 m²

Les Grands Prés

35,500 m²

K in Kortrijk

33,000 m²

City 2

51,000 m²

Galeries St-Lambert

37,500 m²

Ring SC

34,700 m²

Westland SC

37,500 m²

0 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 18.000 20.000

LuxembourgSerbia

BulgariaGreeceCroatia

BelgiumSlovakiaHungaryFinlandIreland

Czech RepublicRomaniaPortugalUkraineSweden

NetherlandsPolandTurkeySpain

GermanyItaly

FranceRussia

United Kingdom

Total GLA in 000's Sq M

Existing Stock Pipeline 2013-2014

30

Existing Shopping Centre Stock and Pipeline H2 2012Belgium has a relatively low shopping centre stock, and a limited pipeline

Source: Jones Lang LaSalle (January 2013)

Note: Includes schemes >5,000m² GLA only; excludes Retail Warehousing and Factory Outlet Centre. Pipeline figures should be treated with caution.

Overall Summary Europe:

•2.9 million sq m completed during H2 2012•Total completions 2012 down by 9.6% on 2011

•8.7 million sq m scheduled for 2013•6.0 million sq m scheduled for 2014

•40% scheduled in Russia, Turkey for 2013/2014

31

Existing Shopping Centre Stock Per Capita H2 2012Highest density in mature retail markets, East Europe increasing significantly…

0 100 200 300 400 500 600 700

SerbiaGreeceUkraineBulgariaBelgiumRussia

RomaniaTurkey

HungaryGermany

CroatiaSlovakia

PolandCzech Republic

FranceItaly

PortugalSpain

United KingdomFinland

SwedenNetherlands

IrelandLuxembourg

Total GLA in sq m / 1,000 inhabitants

Average Density: 184 sq m GLA / 1,000 inhabitants

Note: Includes schemes >5,000m² GLA only; excludes Retail Warehousing and Factory Outlet Centre. Average density figures bases on countries shown on the graph.

Average Density (GLA / 1,000 inhabitants):

All countries 184 sq mWest-Europe 250 sq mEast-Europe 115 sq m

Source: Jones Lang LaSalle (January 2013)

0

50.000

100.000

150.000

200.000

250.000

300.000

350.000

400.000

450.000

2009 2010 2011 2012 2013 2014 2015 2016 No date

Completed Under Construction Permit granted Permit requested Design

32

Mediacité, Liège

Shopping Centres Pipeline Belgium

Médiacité LiègeAnspach Brussels

Groen Brugge ph.1

Storms Harbour,

Nieuwpoort

K in Kortrijk

Toison d’Or,

Brussels

Based on publicly available data, concerning planned dates and names shifts remain possibleNot all projects are straightforward SC

Sq.m.

JUTS, Brussels

Rive Gauche, Charleroi

Entre 2 Portes, Brussels

Grand Poste, Liège

Grands Prés (ext) Uplace, Machelen

L’Esplanade (ext)

Coté Verre, Namur

Woluwe SC (ext)

Grand Bazar, Antwerp

Nivelles (ext.)Ville 2 (ext.)

De Munt ph.1, Roeselare

Groen Brugge ph.1 City Center,

Waterloo Cristal Park,

Seraing

De Munt ph 2

Shopping 1, Genk

Wijnegem (ext)

Neo, Heysel

Waterside, Leuven

Tour&Taxis Brussels

Shopping Expo,

Charleroi

…

Shopping Centres – Main completions 2012

33

City Name of scheme Property Type GLA m² Quarter Units

Nivelles Shopping Center Nivelles extension fase 1 Extension 12,000 1

Brugge Groen Brugge ph.2 Redevelopment 8,000 4 3

Charleroi Ville 2 (extension 2) Extension 8,000 2 32

Roeselare De Munt Shopping phase 1 New construction 4,500 3 38

Shopping Centres – Take-up Evolution

34

35

Belgian Shopping Centres >30,000 m² – Prime Rents

Source : Jones Lang LaSalle Research

CITY NAME PRIME RENT€/sq.m. p.a.

AREAsq.m.

Brussels Woluwe SC 1,600 44,400

City II 1,400 51,000

Antwerpen Wijnegem 1,600 57,500

St-Niklaas Waasland 1,000 45,000

Galeries St-Lambert 950 37,500

Liège Belle Ile 950 31,000

Mediacité 575 41,000

Louvain-la-Neuve l’Esplanade 950 34,400

Kortrijk K in Kortrijk 700 33,000

Mons Grands Prés 900 35,500

36

City2

WaaslandEsplanade

K in Kortrijk

Grands Prés

Ring SC Kortrijk

Westland

400

600

800

1000

1200

1400

1600

1800

2006

2007

2008

2009

2010

2011

2012

WOLUWE

€/sq.m. p.a.

Belgian Shopping Centres >30,000 m² – Prime Rents

WIJNEGEM &

Belle Ile / Gal. St-Lambert

Source : Jones Lang LaSalle Research

Prime SC Rents in Europe

37

Prime SC Rents in Belgium exceed the European average

Source: Jones Lang LaSalle (January 2013)

0

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000€/sq.m. p.a.

38

TrendsShopping Centres

SC stock per capita in Belgium is lower than in other European countries. The most recent new projects in Belgium were mid-sized in-town projects (De Munt in Roeselare, K in Kortrijk,…).

Only 5 completions in 2012, for a total of 33,200 sq.m., mainly extensions of existing shopping centres and redevelopment.

Prime rents have risen under pressure from the lack of available units and as a result of lease renewals with upgrade to market rent. SC rents in Belgium exceed the European average.

Uplace in Machelen, Just under the Sky and Neo in Brussels : 3 large new retail projects in Brussels or its periphery that might be delivered from 2016 onwards.

Retail Warehousing

Retail Warehousing – Take-up Evolution

40

41

Based on publicly available data, concerning planned dates and names shifts remain possibleRP = Retail Park

Frunpark Izegem

RP Beveren

RP Anderlues

RP Ronse

Retail Warehouse Pipeline Belgium

RP WaremmeZ-Park, Zottegem

RP Bredene

T-Forum, Tongeren

V-Market, BruggeShopping Park,

OlenCascade RP, Drogenbos

Shopping Flémalle

Sq.m.

Retail Park Fléron

Brico Plan IT TernatFrunpark Belle

Sambre

RP Korbeek-LoDauphins, Mouscron

RP CouilletRP Eupen

Nivelles, FrunparkPortes de Braine

Crescend’Eau

B-Park BruggeRP Hornu

RP Dyle, Wavre

Zuiderring, GenkHeylen, Peer

Dampoort GentRP Ninove

Decathlon, Alleur

RP Mons

Ikea, MonsRP Tournai

42

Retail Warehousing - Major Completions 2012

City Name of scheme Property Type GLA m² Quarter Units

Tongeren T-Forum Tongeren Retail Warehousing 32.200 3 27

Olen Shopping Park Olen Retail Warehousing 32.150 3 27

Drogenbos Cascade Retail park - hypermarktsite Carrefour Retail Warehousing 28.600 1 10

Flémalle "Shopping Flémalle" Retail Warehousing 21.000 2 7

Turnhout Winkelpark XXL Turnhout Retail Warehousing 17.000 3 15

Brugge V-Market Retail Warehousing 12.100 3

Gent Dacarsite, Ottergemsesteenweg Retail Warehousing 10,000 4

Tubize Fabelta fase 1/COTE SENNE Retail Warehousing 6.400 2

Seneffe Retail park Seneffe Retail Warehousing 4.600 2 5 to 7

Retail Warehousing Rents

43

City Street €/m²/yr

Brussels Drogenbos 175

Antwerpen Bredabaan 165

Brugge Maalsesteenweg 130

Gent Kortrijksesteenweg 150

Zaventem Weiveldlaan 155

Liège (Rocourt) Chaussée de Tongres 145

Charleroi Gosselies 125

Namur Ch. de Liège, de Bruxelles 135

Waterloo Chaussée de Bruxelles 150

175€

44

Trends

Retail Warehousing

Typical City Center Retailers are moving towards retail Warehouse locations (eg. Hema, C&A, Lola&Liza, Kruidvat), whereas others, such as JBC and AS Adventure, are going to high streets and shopping centres.

Increased interest in retail parks with a single parking, single management, well thought brand mix, marketing…(ex Frun Parks)

45

Investment Market will retail escape the dance…

46

Source: Jones Lang LaSalle (January 2013)

Retail Transaction Volumes 2012 in million €

4,000 or over

2,000 to 4,000

1000 to 2,000

500 to 1000

200 to 500

100 - 200

0 - 100

No Transactions

Note: This review considers all investment sales of shopping centres, retail warehouses, factory outlet centres and supermarkets in Europe. The analysis excludes the high street

and any investment deal less than $ 5 million in value.

€4,384

€696

€1,327

€191

€653

€209

€1,228

€77

€1,024

European Retail Investment Volumes 2012€ 19.4 bn invested across Europe, on par with long-term average…

€103

€63

€32

€40

€933

€135

€1,534

€5,898

€33

€101

€39

€400

€33

€231

47

Belgium – Direct RE Investment - RETAIL

Source: Jones Lang LaSalle Research

0

50.000.000

100.000.000

150.000.000

200.000.000

250.000.000

300.000.000

350.000.000

Q1

2010

Q2

2010

Q3

2010

Q4

2010

Q1

2011

Q2

2011

Q3

2011

Q4

2011

Q1

2012

Q2

2012

Q3

2012

Q4

2012

Strong activity in 2012 with landmark transactions

Tois

on d

’Or +

Wes

tland

+

Genk

Olen

+ K

apel

len

Gran

ds P

rés

+ Ro

s Be

iaar

d

Gale

ries

Sain

t Lam

bert

Espl

anad

e Ex

tens

ion

+ Cr

esce

nd’e

au

47

Euro

48

219.94M

436.75M

98.81M

0

100.000.000

200.000.000

300.000.000

400.000.000

500.000.000

600.000.000

700.000.000

800.000.000

2004 2005 2006 2007 2008 2009 2010 2011 2012

Euro

Other

Mix

Unit Shop

Shopping Centre

Retail Warehousing

Retail Investment: by Sector in Belgium

755.5M

Transactions from 2.5M EUR upwards.

49

445.5M

69.7M110M

130.3M

0

200.000.000

400.000.000

600.000.000

800.000.000

1.000.000.000

1.200.000.000

2004 2005 2006 2007 2008 2009 2010 2011 2012

Euro

Belgium Germany Netherlands UK Ireland International Joint Venture USA Italy Other

Retail Investment: by origin of capital in Belgium

755.5M

Transactions from 2.5M EUR upwards.

Largest RETAIL Investment Transactions 2012

In red: transactions advised by Jones Lang LaSalle

Year QTR City Buildingname Price MEUR Yield Seller Buyer Typeinvest

2012 4 Brussels L'esplanade Extension 130.3 Wilhelm & Co Klepierre Investment

2012 1 Brussels Westland SC 80.75 5,85IF Westland 1980 &

Westland 2004 AG Real Estate Investment

2012 4 Various

Arlon, Haine St Pierre, Tienen, Westerlo, Genk, La Louviere, Anderlecht 72 Redevco Private Investment

2012 3 Mons Grands Prés Extension 69.7 City Mall Union Invest Investment

2012 1 Genk Genk Shopping 69 RedevcoWereldhave

Belgium Investment

2012 1 Brussels Toison d'Or 62 5,9 INGPrupim

(Prudential) Investment

2012 2 Antwerpen Olen Shopping Park 48 6,4 Cordeel + AertssenAberdeen Asset

management Investment

2012 4 Verviers Verviers Retail Park 1 33 AllFinRetail

Estates/Allfin Investment

2012 2 Kapellen Promenade 25 6,4 CBRE Global Investors Private Investment2012 3 Dendermonde Trading Places I 17.5 7,5 Revcap Private Investment

2012 4 Brugge KBC building 15 KBC Private Investment2012 4 Andenne Andenne Retail Park 13 Intervest Retail Pertinea Fund I Investment2012 3 Leuven Esprit 11.8 5 Tollet Baltisse Investment2012 3 Zaventem Infradis Real Estate 10.15 Unknown Retail Estates Investment2012 3 Antwerpen Huidevettersstraat 2-4 10 Private Bermaso Investment

50

Belgium: Prime Yields per Sector

4,0

4,5

5,0

5,5

6,0

6,5

7,0

7,5

8,0

8,5

9,0

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Q4 201

2

RETAIL WAREHOUSE 6.25%

UNIT SHOP 4.25%

SHOPPING CENTERS 5.00%

%

Offices, Logistics and semi-Industrial: stable. Unit shops declining further

5151

52

Belgium – Capital Markets Activity & Sentiment

1. Strongest asset class in terms of liquidity (institutionals + private investors)2. Higher demand for unit shops: yields are down to 4.25%3. Yields for prime and secondary product still under pressure

5353

Walter GoossensNational DirectorHead of Retail & Industrial AgencyJones Lang LaSalle Tel. +32 2 550 25 47Email: walter.goossens@eu.jll.com

Contact:

This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.

COPYRIGHT © JONES LANG LASALLE IP, INC. 2012

Thank you for your attention.

Pierre-Paul VerelstAssociate Director Head of Research BeluxJones Lang LaSalle Tel. +32 2 550 25 04Email: pierre-paul.verelst@eu.jll.com

Jean-Philip Vroninks (*)European Director Head of Capital Markets BelgiumJones Lang LaSalle Tel. +32 2 550 26 64Email: jean-philip.vroninks@eu.jll.com

(*)sprl/bvba