DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

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Growth per region The following exhibit shows the GDP growth development in the various regions from 1996 to 2005. Bavaria seems to be the ever lasting number one whereby the East German states lack behind. Exhibit 9 GDP growth 1996-2005 Source: Bayerisches Staatsministerium für Wirtschaft, Infrastruktur, Verkehr und Technologie Unemployment has always been relatively low in southern states like Baden- Württemberg and Bavaria: Exhibit 10 Unemployement rate in january 2007 Source: Bayerisches Staatsministerium für Wirtschaft, Infrastruktur, Verkehr und Technologie A further rise in disposable income is foreseen due to the improved job market circumstances, however, to a certain extent offset by a further rise in private household savings, rising energy and commodity prices. Overall, the average net income already amounted to approximately EUR 2766 in 2003, which is already relatively high compared to other <strong>Europe</strong>an countries. Many households actually exceed this amount to a large extent. German retail update - 28/11/2007 12
Exhibit 11 Division median net income per household in EUR in 2003 Source: Statistisches Bundesamt, Statistisches Jahrbuch 2007 If we look at the regional differences Baden-Württemberg, Bavaria and Hessen are topping the ranks. Exhibit 12 Division median net income per household in EUR in 2003 Source: Statistisches Bundesamt, Statistisches Jahrbuch 2007 Demographic context; urban society From a demographic perspective quite some important developments are expected; the number of people living in Germany will decline by almost 10% by the middle of this century. Furthermore, the Germany population is ageing fast; the share of 65 year-olds will increase from 17% to roughly 30%. Also important to notice is that regional differences will become larger as highly educated young people tend to migrate to dynamic economic regions. People from the east go west, people from the west again go south. Germany actually lacks a true cosmopolitan city like London or New York and there are very big conurbations. A total of eleven agglomeration areas exist to which the urban areas are tightly linked. The hubs of these agglomerations are of such crucial importance to the retail trade because they exert powerful centripetal forces. German retail update - 28/11/2007 13
Page 1 and 2: www.petercam.com Real Estate Novemb
Page 3 and 4: Executive Summary “The secret of
Page 5 and 6: Introduction Following the record r
Page 7 and 8: The ZEW Indicator of Economic Senti
Page 9 and 10: 2 Destatis 3 Federal Statistical Of
Page 11: Consumer Price Index Consumer price
Page 15 and 16: Exhibit 14 Population, purchase pow
Page 17 and 18: Exhibit 16 Life cycles of the vario
Page 19 and 20: Corporate tax rate to 15.8% In the
Page 21 and 22: (30%) 4 . The preference for hyperm
Page 23 and 24: Exhibit 20 Indexed space developmen
Page 25 and 26: Exhibit 23 Shopping centre pipeline
Page 27 and 28: y approximately 25 basis points by
Page 29 and 30: spread of DIY over shopping centres
Page 31 and 32: Rental levels Not only prime assets
Page 33 and 34: Exhibit 30 Retail yields and rents
Page 35 and 36: acquisition of new shopping centres
Page 37 and 38: Dawnay Day Treveria • Bloomberg t
Page 39 and 40: Exhibit 34 Portfolio overview BBI I
Page 41: Petercam Institutional Research and

DIRECT MARKET REPORT GERMAN RETAIL - Europe Real Estate

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