Lisbon

Porto

Valencia

Barcelona

Toulouse

BristolCardiff

Dublin

Cork

Belfast

Manchester

Newcastle

Edinburgh

Birmingham

Lille

Antwerp

Brussels

Genk

Liege

Bordeaux

Paris

London Heathrow

Lyon

Strasbourg

Turin

Geneva

Zurich

Basel

Milan

Verona

Vienna

BrnoOstrava

Warsaw

Riga

TallinnTartu

HelsinkiTurku

Tampere

Oulu

Ventspils

Stockholm

Malmö

Gothenburg

Stavanger

CopenhagenAarhus

Odense

Bergen

Oslo

Lodz

Poznań

Klaipeda KaunasVilnius

KrakowKatowice

Wroclaw

GrazInnsbruck Salzburg

Linz

Prague

Pilsen

Piacenza

Bologna

Rome

MarseilleBilbao

Madrid

Zaragoza

Sevilla

a

B

C

D

E

f

g

h

i

k

l

M

n

o

p

Q

r

s

t

u

v

w

x

1

98

2

3

4567

GERMANYPrime yield, %

Prime rent €/sqm/month

a Berlin 4.00 5.50b Bremen 4.50 4.50c Regensburg 5.60 5.65d Dresden 5.70 4.40e Duisburg 4.15 4.85f Erfurt 4.25 3.90g Hamburg 4.10 6.00h Hanover 4.90 4.50i Koblenz 6.20 4.70j Cologne 4.15 5.35k Leipzig 4.30 4.15l Magdeburg 6.10 3.75m Kassel 5.60 4.50n Munich 4.10 7.20o Münster/

Osnabrück 4.50 4.50p Nuremberg 4.15 5.00q Freiburg 5.40 4.95r Dortmund 4.90 4.55s Frankfurt 4.10 6.30t Mannheim/

Heidelberg 5.40 5.75u Saarbrücken 6.10 3.85v Augsburg/

Ulm 4.50 5.05w Stuttgart 4.20 6.40x Würzburg 6.00 4.45

THE NETHER-LANDS

Prime yield, %

Prime rent €/sqm/month

1 Utrecht 5.00 5.502 Arnhem 5.20 4.353 Nijmegen 4.90 4.404 Tilburg 4.50 4.605 Eindhoven 4.25 4.206 Venlo 4.50 3.957 Venray 5.00 4.208 Amsterdam

Schiphol 4.40 7.409 Port of

Amsterdam 5.00 5.5010 Rotterdam -

Maasvlakte 5.00 4.2511 Rotterdam -

Distriport 4.80 5.60

10 11

NORWAY

SWEDEN

DENMARK

GERMANY

FRANCE

SWITZERLAND

BELGIUM

IRELAND

THE NETHERLANDS

UNITED KINGDOM

SPAIN

PORTUGAL

POLAND

FINLAND

ESTONIA

LATVIA

LITHUANIA

AUSTRIA

ITALY

CZECH REPUBLIC

478.4

1,923.2

110.8

2,427.0

2,513.1

1,282.1

84.9

10.0

19.0

1,214.6

312.8

100.7

394.5

205.0

41.8

27.5

3.0

77.1

77.1

157.8

125.8

Logistics transaction volume per country in EUR million, HY 1 2019

Rent and yield data refers to HY 1 2019.

Logistics prime rent in €/sqm/month

Logistics prime yield net in %

6.10

6.10

Dynamic Logistics Market in Europe 2019For years now, the logistics sector has been recording an almost exponential growth rate, regardless of the sub-segment such as procurement, production or sales logistics. The dynamic demand side, whether in the BtB or BtC business, is strengthening the European logistics market. Investors show a very high level of interest. We expect the high international demand of recent years to continue and (due to limited supply) further yield declines for logistics properties and retail parks. Especially in the City Logistics sector we see a growing demand for the next few years, supporting industrial light and urban warehousing.

CATELLA LOGISTICS MAP EUROPE | 2019

Catella is a leading specialist in property investments, fund management and banking, with operations in 15 countries. The group manages assets of approxi-mately SEK 200 billion.

Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.

Research Contacts: Prof. Dr Thomas Beyerlethomas.beyerle@catella.de

Andreas Slupikandreas.slupik@catella.de

Definition of prime yield: Prime yield equals the yield for a property of the highest quality specification in a prime location within the area. The property should be 100% let at market rent at the time, to blue-chip tenants, with a typical lease term for prime property within that market. The yield should reflect net income received by an inves-tor, expressed as the percentage of the total capital value plus expected acquisition costs.

Definition of prime rent: Prime rent represents the top open-market rent that can be achieved for a logistics unit (sq m.) per month. The unit itself has to be of the highest quality and be located at the best location of the local market.

Description of 104 logistics regions in Europe, based on NUTS3 geographical units for the purpose of creating regions that were as compact as possible.

Glasgow

9.257.00

8.007.50

5.9010.00

8.507.00

8.504.50

7.204.80

7.505.00

7.754.50

5.756.60

6.104.75

6.254.15

7.004.50

7.754.50

8.254.00

6.404.10

6.753.60

6.303.60

6.004.756.70

3.30

6.903.40

6.303.55

5.704.00

5.254.40

5.904.15

6.054.90

6.604.80

6.254.90

5.205.50

6.503.85

5.804.00

6.305.15

6.853.55 5.30

4.55

6.103.60

5.253.75

4.703.90

5.503.65

5.403.90

5.303.85

4.304.75

5.708.55 5.30

10.50

5.8013.50

4.753.85

4.754.20

5.753.85

5.903.40

6.003.25

j

4.0016.50

4.757.50

4.757.50

5.256.60

5.007.80

5.506.00

5.908.70

5.906.60

6.106.20

5.008.35

6.507.00

5.804.60

6.803.70

6.303.90

6.504.50

5.205.50

6.903.50

6.904.10

5.006.80

3.607.00

4.807.00

4.606.25

5.0010.00

6.906.25

6.007.15

4.806.20