n 1. half 2010 n 1. half 2011 n 1. half 2012 n 1. half 2013 n 1. half 2014 n 1. half 2015

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1 MARKET REPORT ON THE LEASING OF LOGISTICS PROPERTY AND INDUSTRIAL SPACE North Rhine-Westphalia 1. half of 015

2 Market report on logistics property and industrial space leasing in North Rhine-Westphalia for the first half of 015 n all three logistics markets in NRW have grown and, with a total of 517,000 sqm of brokered space, have surpassed last year s result by more than 40% n the Dusseldorf / Mönchengladbach / Lower Rhine region reached 0,000 sqm after only six months nearly matching the entire take-up of 014 n the Ruhr region showed a 5% increase in take-up n the Cologne / Bonn / Aachen region saw a slight increase to 1,000 sqm n price of leases for new property in some areas less than for existing space n prognosis: NRW on target for another record year The logistics market in North Rhine-Westphalia* reached a top result for the first half of 015, according to an analysis by Realogis, Germany s leading consulting firm for logistics properties, industrial space, and commercial parks. The total storage and logistics space that was leased in NRW reached about 517,000 sqm during the year s first six months (014: 365,000 sqm; 013: 450,000 sqm; 01: 305,000 sqm; 011: about 545,000 sqm). The Dusseldorf / Mönchengladbach / Lower Rhine market showed the strongest demand by staking out a takeup of 0,000 sqm (H1 014: 137,000 sqm) in only six months, which is nearly the entire volume of last year s activity (Q : 50,000 sqm). The Ruhr region was also able to outperform last year s result by 16%, with a total take-up of 175,000 sqm (H1 014: 150,000 sqm), while the Cologne / Bonn / Aachen area was able to expand its take-up to 1,000 sqm (H1 014: 110,000 sqm). NRW is one of Europe s most important logistics locations we re expecting to reach a total take-up of over 1 million sqm in 015, a figure we last saw in 013, Managing Director Bülent Alemdag, of Realogis >> Comparison with previous half-year s turnover of industrial and logistics properties in the region North Rhine-Westphalia by geographic area 300,000 sqm 50,000 sqm 00,000 sqm 150,000 sqm 100,000 sqm 50,000 sqm 0 sqm Cologne Ruhrregion n 1. half 010 n 1. half 011 n 1. half 01 n 1. half 013 n 1. half 014 n 1. half 015 Immobilien GmbH, said about the promising forecast. At sqm, the logistics market for Dusseldorf / Mönchengladbach / Lower Rhine is responsible for more than 60% of the entire NRW take-up during the first half of the year. This positive result is primarily due to owner-occupiers in the commerce and industry sectors (53%) followed by contract logistics and storage leases (47%). Among the most important transactions were contracts signed with Bauhaus for 60,000 sqm in Krefeld, with the GGV logistics company for 46,000 sqm in Krefeld, with Vetten Logistik for,500 sqm in a new facility in Mönchengladbach, and with Offergeld Logistik for 0,000 sqm in Neuss. Currently we have no large-scale, vacant logistics properties available in the Dusseldorf / Mönchengladbach / Lower Rhine market. At the same time, there is increasing pressure on capital from the financial markets, and the tenants have high technical and infrastructure demands in order to optimize their logistics processes. Based on these facts, new construction in NRW is going to increase. Additional large-scale deals are already in the pipeline, with 60,000 sqm in the immediate Dusseldorf area by itself. We believe that just in this market alone we will see a take-up of 550, ,000 sqm this year which would be a new record high, said Bülent Alemdag. One peculiar fact is that some peripheral markets are offering space in newly developed properties for less than the current cost of existing space. Tenants will only benefit from these circumstances, though, if they bring enough time to the table. That means the about six to twelve months needed to realize a new logistics property. Bülent Alemdag, Managing Director of Realogis Immobilien GmbH: The high rate of development activity in NRW will continue for this year and into 016. Except for one on-spec development in the Lower Rhine area, where large-scale proper- >> Half-year turnover 015 of industrial and logistic properties in the region North Rhine- Westphalia by geographic area sqm Cologne sqm Ruhrregion sqm

3 ties are in demand, developers in the greater Dusseldorf area are so far holding back from high-risk developments. There is some thought being given, though, to a new logistics facility built on spec to satisfy demand from Dusseldorf-based companies looking for floor spaces between 1,500 and 5,000 sqm. In the Ruhr region, the take-up of 175,000 sqm was mostly dominated by contract logistics companies, which were responsible for 67% of the total. New facilities having more than 10,000 sqm were in the highest demand (80% of all contracts) and commanded about 103,000 sqm of space (63%). Bülent Alemdag: Almost every city in the Ruhr region has a large number of brownfield and greenfield sites that all have potential for development. Within the next six to nine months we will see some very interesting sites appearing on the property development market. At the moment, the only two speculative developments being planned are for Duisburg and Dortmund. As in greater Dusseldorf, the Duisburg region also has a need for buffer sites, mostly in the 3,000-5,000 sqm range. On the one hand, units of this size create higher property management demands, but on the other hand they also generate higher rental incomes. With stable demand in the background, Realogis projects an overall total for the Ruhr region of around 400,000-40,000 sqm for 015 about the same level as experienced last year. The Cologne / Bonn / Aachen market, which was mostly characterized by leases taken on existing properties during the first half of 015, showed a slight increase in take-up compared to last year. Most of the contracts went to commercial tenants (80%) in near periphery locations (Troisdorf, Frechen, Pulheim). The only available, recently developed new spaces in the Cologne-Bonn- Aachen area are all on the verge of being under contract. High-end existing facilities over 5,000 sqm are in short supply here as well. Overall, mid-range floor areas between,000 and 7,000 sqm either existing or new are becoming a rarity. We still see a lot of pressure in greater Cologne due to high demand, Bülent Almedag reported. Whenever there are good prospects for developers and investors, there are also notable increases in speculative developments, especially when anchor tenants can be found early on for the first rental space. Currently, developers are securing brownfield sites in Cologne s northern and western regions in order to develop properties for downtown logistics and as commercial parks. Almost no more logistics sites are available in Cologne proper or its more affluent immediate surroundings, but it is still possible to realize new developments in the short term in locations such as Wesseling and Bergheim (built-to-suit). For 015, Alemdag foresees an overall result of around 50,000 sqm, slightly above last year s number (014: 10,000 sqm). Leases for the 1st half of 015 Cologne / Bonn / Aachen market: rental prices for high-end new developments rose slightly to euros/sqm. Commercial parks, with leases running at around 5.00 euros/sqm, are in high demand. They are mostly fully leased or, if vacant, are demolished on short notice. Ruhr region market: stable rental prices for general storage use euro/sqm, for modern logistics facilities euros/sqm. Dusseldorf / Mönchengladbach / Lower Rhine market: based on favorable demand and continued supply shortfall, Realogis foresees stable rental prices in the greater Dusseldorf area that could still increase in certain locations: commercial parks euros/ sqm, general storage use euros/sqm, high-end logistics properties euros/sqm.

4 A67 A73 Venray Heerlen A79 A73 Roermond 40 5 Mönchengladbach 46 Heinsberg A Eupen Verviers Venlo 61 Alsdorf Aachen 4 57 Dormagen Oberhausen Solingen NORDRHEIN WESTFALEN 1 Jülich Friedrichsfeld Düren Kreuzau Krefeld Bergheim Duisburg Erftstadt Euskirchen Essen Köln 46 3 Herne Bochum 43 Bergisch Gladbach Dortmund Hagen Wipperfürth 45 Windeck 1 Hamm 44 4 Hagen (Sauerland) Gummersbach Olpe Neunkirchen-Seelscheid Bonn Königswinter Lüdenscheid Soest 46 Sundern (Sauerland) Attendorn Arnsberg Kirchhundern Siegen >> * North-Rhine Westphalia market area: Realogis defines submarkets as the relevant available warehouse, logistics, industrial and production space in the regions Ruhr, / Mönchengladbach / Lower Rhine and Cologne / Bonn / Aachen. MARKET REPORT ON THE LEASING OF LOGISTICS PROPERTY AND INDUSTRIAL SPACE // North Rhine-Westphalia 1. half of 015

5 Region Nordrhein-Westfalen REALOGIS Immobilien GmbH Contact: Bülent Alemdag (Managing director) Tel.: +49 (0) Fax: +49 (0) duesseldorf@realogis.de The first address for industrial and logistics real estate REALOGIS For you in When we founded REALOGIS in 005, we had an ambitious goal: to become the market leader in the leasing of industrial and logistics real estate. Concentrating and bundling our know-how in this niche has proven its worth over time: In 015 we are once again the German market leader in terms of floor-space turnover in industrial, warehouse and logistics properties. And our share of the European market is also rising steadily. Today, the owner-managed REALOGIS Group, with its headquarters in Munich and branches in Berlin,, Hamburg and Stuttgart, is not only a broker and advisor, but also a sought-after partner to private and institutional investors, who we support with all our experience and a wealth of knowledge about regional, national and international markets. We are your partner when leasing industrial and logistics real estate and business parks in the Hamburg area, where we have been the market leader since 006. You are looking for a certain kind of property? We specify your requirements in detail, optimize your search profile and find precisely what you need. Need a new tenant? We help you determine your property s value and the optimum rent. We market it professionally and find the right tenant fast. Whether you are lessee or lessor, you profit from our many years of market experience and specialization, our close contact to the market and the valuable relationships that our six-person team maintains in the region. We only employ qualified real estate consultants and have our own Real Property department that specializes in commercial and industrial real estate. A wide range of advisory services in the fields of logistics and fulfillment rounds off our consultancy offering. With our team of highly motivated and qualified staff, we strive to partner our clients over the long term, and to help them benefit from our position as market leader. And if you are looking for properties in this segment elsewhere in Germany, we will be happy to link you up with our Realogis offices in Berlin,, Munich and Stuttgart. Our services n Compiling a detailed and individualized requirement profile n Well targeted offers n Developing possible alternatives (lease, buy) n Integrated Realogis logistics consulting to define the best possible property and location n Sound, realistic valuation of your real estate asset n Individually tailored marketing concept n Advice on how to optimize properties n Extensive regional, national and international network of contacts with potential tenants REALOGIS Immobilien GmbH Hansaallee 47b D Tel.: +49 (0) Fax: +49 (0) duesseldorf@realogis.de MARKET REPORT ON THE LEASING OF LOGISTICS PROPERTY AND INDUSTRIAL SPACE // North Rhine-Westphalia 1. half of 015