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Vilhelm Eliasson
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2 Talare Patrik Löfvenberg Chef Värdering -Omvärld -Fastighetsmarknaden Ollie Saunders Alternative Segment Leader Europe -Self Storage ur ett Europeiskt perspektiv Linus Ericsson Chef Debt Financial Markets -Finansiering

3 Omvärld & Fastighetsmarknaden Patrik Löfvenberg Chef Värdering

4 Omvärld Positivt Prognoser för tillväxt globalt Ökad ekonomisk optimism kortsiktigt Stabiliserade råvarupriser Negativt Politisk utveckling; svårigheter adderas Handelshinder sänker tillväxten Stundande valutakrig(?) Enorma kapitalflöden söker avkastning i denna miljö!

5 Europa Långsam ekonomisk återhämtning Politisk turbulens Kontorsutbudet hämmas av striktare krav på finansiering Tyskland förbi Storbritannien som största transaktionsmarknad

6 Effekterna av Brexit nu synbara -36% -8% -8% (+7%)

7 Sverige Positivt Fortsatt god tillväxt Demografi och arbetslöshet Bäst i europeiska klassen Det går bra för exportindustrin Negativt Rävsax: negativ styrränta, höga bostadspriser, försiktiga konsumenter Sverige volatilt när det blåser därute (valutakurs, börs) Man borde äga fastigheter! De bästa förutsättningarna Men, svårare med bankfinansiering

transaktioner Ökat internationellt intresse Å

8 Fastighetsmarknaden i Sverige Å ena sidan Låga vakanser Hyror all-time-high i CBD Rekordår för transaktioner Ökat internationellt intresse Å andra sidan Ohälsosamt låga vakanser Hyreschock att vänta

9 100%

10 Prime-hyra kontor Stockholm

11 Miljarder SEK Transaktionsvolym Transaktionsvolymen för 2016 ökade med 39 procent jämfört med Inhemsk Cross-border Q Q4

12 Var kommer det internationella kapitalet ifrån? Globalt och Norskt kapital fortsätter dominera på den svenska fastighetsmarknaden 5% Nederländerna 3% U.S. 3% Danmark 6% Finland 33% Globalt 9% UK 11% Tyskland Källa: JLL 13% Schweiz 17% Norge

13 Prime yield kontorsfastigheter per storstad (10-års period) 6.50% 6,50% 6.00% 6,00% 5.50% 5,50% 5.00% 5,00% 4.50% 4,50% 4.00% 4,00% 3.50% 3,50% 3.00% 3,00% K4-16 K2-16 K4-15 K2-15 K4-14 K2-14 K4-13 K2-13 K4-12 K2-12 K4-11 K2-11 K4-10 K2-10 K4-09 K2-09 K4-08 K2-08 K4-07 K2-07 K4-06 Stockholm CBD Göteborg CBD Malmö CBD Källa: JLL

hyrestillväxt i Storstäderna Fler restriktioner i

14 Spaning framåt TINA alltjämt här Sverige håller som investeringsmarknad så länge vi har tillväxt Fortsatt hyrestillväxt i Storstäderna Fler restriktioner i privatbostadsmarknaden? Mätbar inflation och därmed räntehöjningar skymtar i horisonten Nya skatteregler

15 Self Storage industry overview Ollie Saunders Alternatives Leader JLL Europe

A total of 14 alternative deals in Sweden, with over 250m worth of transactions.

16 Alternative Transactions Europe 2017 There have been nearly 500 alternative class transactions across Europe in 2017 so far. Over 14bn worth of transactions. A total of 14 alternative deals in Sweden, with over 250m worth of transactions. In 2016 there were 34bn transactions across alternative assets, out of around 200bn total sales volume (17%). Source: JLL, RCA 2017 Jones Lang LaSalle IP, Inc. All rights reserved.

17 Alternative Transactions Europe ,000,000,000 Alternative Investment Volumes 900 Alternative European Number of Deals 35,000,000, ,000,000, ,000,000,000 20,000,000,000 15,000,000,000 10,000,000, ,000,000, YTD YTD 2017 Jones Lang LaSalle IP, Inc. All rights reserved.

Self Storage Europe 2017 There is now 7.8 million sq m of self storage in Europe. Up 314,500 sq m from 2015.

Higher than the European average but still some way behind The Netherlands and The UK.

18 Self Storage Europe 2017 There is now 7.8 million sq m of self storage in Europe. Up 314,500 sq m from This represents an average of sq, per capita across Europe. Sweden has sq m per capita. Higher than the European average but still some way behind The Netherlands and The UK. There were around 500m of transactions in 2016, up by 25% from Source: JLL, FEDESSA & RCA 2017 Jones Lang LaSalle IP, Inc. All rights reserved.

22 Macro Economic Overview HPI 2010= Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q3 Sweden United Kingdom Germany France Sweden 3rd highest HPI growth in Europe since (Behind only Iceland and Estonia). Largely driven by low interest rates Jones Lang LaSalle IP, Inc. All rights reserved.

23 Self Storage Key Transactions Big Yellow acquire 3 freehold stores at > 18 multiplier April 17 Storage Giant acquire 2 sites in Telford and Leicester from The Space Place at 8 multiple Lock & Leave s 4 sites are incorporated into the portfolio of Big Yellow and their Armadillo platform 24Storage acquired 10 stores and 2 satellite stores between November 2015 and February 2016 Storage Mart acquire 15 stores in UK for 115m in Oct 2016 A minority stake in EasyBox Italy was sold in Q by Caledonia Investments City Self Storage sold their Spanish portfolio of 8 stores to Bluespace in Q City Self Storage sold their Nordic portfolio to OK Minilager in Q Jones Lang LaSalle IP, Inc. All rights reserved.

24 Key Themes in 2017 New business models and building sizes Technology : customer experience and cost base Changing capital structures Metro Self Storage Automation Global Capital Flows Consolidation and the problem of scale Pioneering capital and local dominance Debt Markets Mixed Use Consolidation 2017 Jones Lang LaSalle IP, Inc. All rights reserved.

25 Finansieringsmarknaden Linus Ericsson Chef Debt Financial Advisory

26 The Big Picture Wall of Money Bank Regulation RESEARCH Low Analysis Interest Reports Rate in all asset Environme classes nt Strong Demand to Invest in Real Estate Strong Banks in the Nordics Cheap Valuation Money of properties Not for & property Everyone portfolios 26

27 Market Trends Category Large and strong corporations Mid-size corporations with core properties and/or strong ownership Mid-size and smaller corporations with weaker ownership and/or real estate in secondary location Developers Trend Lower leverage, rating, diversified sources of funding, less bank dependent. In some cases to big for the Nordic banks Core clients to banks - cheap funding from banks Dependent on historical bank relations Struggling to raise funding from bank, use of mezzanine as a compliment 27

28 Lending terms 1.60% 1.40% 1.20% Regulation of banks Basel III Crisis in Greece, Italy and Spain regulation risk weighing 3 months 3 years 5 years 1.00% 0.80% 0.60% 0.40% 0.20% 0.00% 28

29 Trends in financing market Large real estate companies deleverage Bond market continue to increase in volumes Bank debt, better availability than in 2016 Competitive terms on bank debt for core clients of the banks Smaller and less strong real estate investors struggle to raise senior financing Development financing less interesting to the banks 29

30 Tack!

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