FranceGermany

Finland

COPYRIGHT © JONES LANG LASALLE IP, INC. 2015. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.

JLL quarterly Logistics and Industrial analysis illustrates the current market condition and examines how it will evolve in the future.www.jll.euAll figures are in sq m / €, based on logistics units >5,000 sq m

For more information

Alexandra Tornow Philip MarsdenEMEA Logistics & Industrial Research Head of EMEA Logistics & Industrial alexandra.tornow@eu.jll.com philip.marsden@eu.jll.com

Tom WaiteDirector – Capital Marketstom.waite@eu.jll.com

Nick JonesDirector – Capital Marketsnick.jones@eu.jll.com

41%share

Year-end rally pushes total 2015 investment to the record level seen a year earlier

European Logistics & Industrial Capital MarketsQ4 2015

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

25

20

15

10

5

6% share*

9% share*

* % share on total commercial real estate volumes

2015 standout achievements at a glance

of capital invested in 2015 sourced outside of Europe or globally

Best transaction volume achieved since the previous peak (between 2005 – 2007) inBelgium, Italy, Netherlands, Slovakia and Denmark

31%

Strong YoY yield movement recorded across all markets in Q4 … albeit slowing from previous quarters

*markets highlighted in red recording below their historic peak in Q4 2015

Large-size and portfolio transactions continued

in portfolio transactions in 2015

11% YoY in volume terms

Moscow+25 bpsDublin

stable

20bps QoQ

60bps YoY

COPYRIGHT © JONES LANG LASALLE IP, INC 2015 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.

JLL quarterly Logistics and Industrial analysis illustrates the current market condition and examines how it will evolve in the future.www.joneslanglasalle.eu

For more information

Alexandra TornowEMEA Logistics & Industrial Researchalexandra.tornow@eu.jll.com

Philip MarsdenHead of EMEA Logistics & Industrialphilip.marsden@eu.jll.com

Tom WaiteDirector - Capital Marketstom.waite@eu.jll.com

Nick JonesDirector - Capital Marketsnick.jones@eu.jll.com

1% YoY

63% on 5yr average

83% YoY

94% on 5yr average

The Nordics marked their best ever result (€3.8 billion) as a region & the strongestregional growth in 2015 YoY (+30%)

€3.8 billion

Benelux at €1.5 billion was the only other region recording YoY growth at 23%, driven by growth in both Belgium and the Netherlands

€1.5 billion

UK recorded the highest ever volume in single asset deals exceeding €100 million, marking a total volume of €795 million, up 175% YoY

€795 million

2% almost stable YoY

€2.2 billion

Continued yield compression sees levels fall below the historic peak in some markets

5.9%*European primelogistics yield *excl. Moscow

14single assets

> €100 million

75-99 bps

BerlinDüsseldorfFrankfurtHamburgLyonMunichParis

25-49bps

LondonManchesterWarsaw

50-74 bps

Amsterdam

Budapest

StockholmRotterdam

AntwerpBarcelonaBrussels

MadridLeeds

PragueMilan

BirminghamGlasgow

2015 volumes

Record transaction volumes reached in

two out of three core markets, and

Finland

Francerose to 3rd in portfolio transactions

thanks to strong final quarter, up 83% YoY

Germany leads portfolio activity

with stable YoY volumesUnited Kingdomwith 2nd strongest portfolio

volume, down 38% YoY

3

12