EUROPEAN MARKET VIEW - LASALLE INVESTMENT MANAGEMENT
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European Market View July 2020
EU RECOVERY FUND LIFTS ECONOMIC OUTLOOK FOR THE BLOCK, BUT RISKS AROUND SECOND COVID-19 WAVE REMAIN
CONFIDENTIAL | FOR INTENDED RECIPIENTS ONLY & NOT FOR PUBLIC DISTRIBUTION
LaSalle Investment Management | LaSalle European Market View 1
Overview
ECONOMIC HIGHLIGHTS
• After months of discussion, EU leaders struck a deal on the Covid-19 recovery plan worth €750bn financed via EU-wide
borrowing. The plan includes €390bn in grants alongside loans aimed to help suffering member states.
• The move came on top of less negative readings of the economic sentiment indicator in June, which keeps rebounding from
its April low.
• Financial markets reacted positively to the announcement. Equity stocks rose in line with Southern European bond prices,
resulting in the narrowest gap between 10-year Italian and German bond yields since March.
• Growing confidence in the Eurozone economy aided by the recovery fund is also reflected in more positive GDP outlooks for
member states from 2021 onwards.
• Despite more positive news, risks around a second Covid-19 wave remain. The annualised EU-28 retail sales growth index
turned negative for the first time since May 2010, highlighting ongoing difficulties experienced particularly in the retail and
hospitality industry.
REAL ESTATE
• Q2 20 European rolling annual office take-up was down 19% y/y and 13% down q/q. This means that the vacancy rate
increased for the first time in seven years to 5.4%, even though it is coming from a very low level of 5.2% in Q1 2020. At a
regional level, demand suffered most in the UK and in Southern Europe and least in CEE countries.
• Prime office rents across European countries held surprisingly steady in Q2 2020. Some exceptions were Paris, Hamburg and
Stuttgart, where rents went up q/q, while London City and Oslo both saw rents decline.
• Q2 2020 European prime property yields moved out most for retail warehouses (+31bps), followed by shopping centres and
retail shops (each +20bps & +22bps). Industrial yields moved out by +8bps, while office yields were relatively stable. Much of
the movement was driven by the UK, which saw the biggest q/q yield shift of +35bps.
The outbreak of the Novel Coronavirus (COVID-19) was declared by the World Health Organisation as a “global health emergency” on the 30th January 2020 and was then characterised as a pandemic in March 2020. COVID-19 has impacted global
financial markets, severely restricted international trade and travel, disrupted business operations (in part or in their entirety) and negatively impacted most investment asset classes (including real estate (whether held directly or indirectly, or whether as a
result of being a lender to owners of real estate)). As a result, conditions exist in the real estate markets that may result in value uncertainty and valuations are reported on the basis of significant valuation uncertainty or extraordinary assumptions related to
the impact of COVID-19. This communication contain forward-looking statements. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management’s intentions, beliefs, expectations,
research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements
LaSalle Investment Management | LaSalle European Market View 2MACRO NEWS FLOW
Europe is preparing for a second wave of Covid-19
EUROPEAN MACRO ENVIRONMENT
Major News Real Estate Impact Upcoming Events
- Europe is seeing an uptick in Coronavirus In a move to comply The Brexit
cases, which many attribute to the easing of with the Paris negotiations between
lockdown measures and to the start of the Agreement, France is the EU and the UK
summer tourist season. preparing for a ban of are ongoing. The two
- The UK and Germany introduced quarantine outdoor terrace pressure points
measures on tourists returning from Spain heaters. The move remain fishing rights
after renewed lockdown measures in several comes at a difficult and state subsidies.
cities. Spain disapproved of the move fearing time for the Despite no real
for its tourism sector. hospitality industry, agreement in sight,
- Belgium announced curbs on social contact, during which most both parties are
after cases had increased again this month. turnover is generated hopeful that they can
- Poland ramped up its testing after a mining outdoors as people strike a deal by end
region in the south was behind a record spike try to social distance. of October.
in the country's confirmed coronavirus cases.
Since mid-May the number of departures in European gateway Particularly in Spain, where more than 1mn people have lost
cities turned from almost 0 to ~130 flights per day in Milan up to their jobs in Q2 2020, hopes were high that a surge in tourism
~300 flights in Paris. While this is good progress, it still only would spur an economic rebound during the summer months.
reflects 30-50% relative to the 2019 avg. at max.
Source: LaSalle (07/20), Oxford Economics (07/20), Financial Times (07/20), Reuters (07/20), Flight Tracker (07/20)
LaSalle Investment Management | LaSalle European Market View 3ECONOMY
GDP outlook lifted by EU recovery fund, but risks of second wave remain
ECONOMIC GROWTH FORECASTS Forecast chg
since 6m ago
Upgraded
Unchanged
GDP growth
[% p.a.] Downgraded
12.0
11.0
10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0
-1.0
-2.0 1.2 3.1 1.3 0.7 0.3 1.2 1.7 1.0
-3.0 -2.3
-4.0
-3.5
-5.0
-6.0 -4.7
-7.0 -6.1
-8.0
-9.0
-10.0 -9.3
-11.0 -10.2 -10.6 -10.9
-12.0
19 20 21 22 19 20 21 22 19 20 21 22 19 20 21 22 19 20 21 22 19 20 21 22 19 20 21 22 19 20 21 22
Sweden Poland Netherlands Germany Italy France Spain United
Kingdom
Source: Oxford Economics (01/20, 07/20), LaSalle (07/20)
Note: Green boxes indicate upgraded forecast for the current year from 6 months earlier, grey unchanged within 10bps, red downgraded
LaSalle Investment Management | LaSalle European Market View 4ECONOMY
Economic sentiment gradually recovering from its low in April
ECONOMIC CLIMATE & SENTIMENT INDICATORS
Economic sentiment indicator Eurozone business climate indicator
[Monthly index] [Monthly index]
Neutral = 100
Neutral = 100
Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20
Germany France Spain
Netherlands UK Eurozone
Source: Thomson Reuters (06/20), LaSalle (07/20)
The business climate indicator indicates the phase of the business cycle
LaSalle Investment Management | LaSalle European Market View 5ECONOMY
Sweden sees highest m/m rise in unemployment due to fewer summer jobs
LABOUR MARKET
Unemployment rate
[%, as at May 2020]
18
15
12
9
6
3
0
Spain Sweden France Italy Eurozone Germany UK Netherlands Poland Czech Rep
12 months ago Current Low High
Source: Thomson Reuters (05/19), LaSalle (07/20)
High/low since January 2006; Spain’s highest unemployment rate @ 26.3%
LaSalle Investment Management | LaSalle European Market View 6ECONOMY
Headline inflation picked up slightly from its four-year low to 0.3%
INFLATION
Eurozone CPI inflation CPI inflation forecasts
[% y/y] [Avg 2020-21 % p.a. (as at July 2020)]
2.5 Italy
2.0 Spain
Eurozone
1.5
United Kingdom
1.0
France
0.5
Sweden
0.0 Germany
Netherlands
-0.5
Poland
-1.0
Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 0.0 1.0 2.0 3.0
Headline Inflation Core Inflation
Source: Eurostat (06/20), Oxford Economics (07/20), LaSalle (07/20)
*Core inflation excludes certain items that face volatile price movements (energy, food, alcohol and tobacco)
LaSalle Investment Management | LaSalle European Market View 7ECONOMY
EU retail sales growth index negative in May for first time since 2010
CONSUMER CLIMATE
Real private consumption growth forecasts
EU-28 retail sales growth Avg 2020-23, % p.a. (as at July 2020)
Annualised turnover index, % y/y
5 Czech Republic
4
Poland
3
Germany
2
United Kingdom
1
Sweden
0
Eurozone
-1
France
-2
Netherlands
-3
Spain
-4
Italy
-5
May 08 May 10 May 12 May 14 May 16 May 18 May 20 0.0 1.0 2.0
Source: Eurostat (05/20), Oxford Economics (07/20), LaSalle (07/20)
LaSalle Investment Management | LaSalle European Market View 8REAL ESTATE OCCUPIERS
Cities with stronger E-REGI Index scores to see lesser rental declines
E-REGI INDEX AND EUROPEAN PRIME OFFICE OUTLOOK
E-REGI Rental Vacancy Rate
2019 Growth current vs
Rank** 2020-24 2024*
London WE 1 0.1% 6.2% (+56) 4
Paris Central 2 0.4%*** 6.3% (+110)
Stockholm 4 0.4% 6.9% (+23)
Munich 5 0.9% 1.9% (+304)
Madrid 10 -0.3% 8.3% (+56)
32
Berlin 13 0.2% 2.0% (+362) 16 13
1
Barcelona 15 -0.6% 6.7% (+342)
Amsterdam 16 0.2% 5.8% (+650) 19
2
Frankfurt 19 -0.1% 7.2% (+196) 5
Hamburg 32 0.1% 3.2% (+176)
Milan 54 -0.3% 13.2% (+269) 54
*2024 vacancy number represented in bps change
**Rank of 100 main European cities ***Paris CBD
10 15
Legend Weak Strong
Map - E-REGI 2019 scores
Tables – rent and vacancy
E-REGI Ranking of selected cities
Source: LaSalle (07/20), PMA (07/20)
LaSalle’s E-REGI scores measure future potential of occupier demand based on various regional economic indicators. Current vacancy rate as at Q2 2020 where available, Q1 otherwise
Colour coding for vacancy rates refers to current level relative to both own history and rest of Europe
Current vacancy rates subject to revision
LaSalle Investment Management | LaSalle European Market View 9REAL ESTATE OCCUPIERS
Prime All Property rental growth outlook -0.9% pa, dragged down by retail
PRIME EUROPEAN ALL PROPERTY RENTAL GROWTH FORECASTS
European prime rental growth forecasts
[Avg 2020-24, % p.a.]
3
2
1
0
-1
-2
-3
Offices Logistics Retail
Germany France Netherlands Poland Spain Sweden Avg All Europe (ex UK)
Source: LaSalle (05/20)
Note: Segments are weighted by LaSalle/IPD estimates of investable universe
Retail includes High Street Shops, Shopping Centres and Retail Warehouses, Logistics includes Urban Logistics and Motorway Logistics
LaSalle Investment Management | LaSalle European Market View 10CAPITAL MARKETS
Policy rates expected to remain at current low at least until Q3 2022
INTEREST RATE FORECASTS
Central bank policy rates Forecasts
[%]
6.0
5.0
4.0
3.0
2.0
1.0
0.0
United States Eurozone United Kingdom
Source: Oxford Economics (07/20), LaSalle (07/20)
LaSalle Investment Management | LaSalle European Market View 11CAPITAL MARKETS
Recovery fund deal boosts confidence in Southern European debt
10-YEAR GOVERNMENT BOND YIELDS
10-Year Government Bond Yields
[%]
2.5
2
10-year Government Bond Yields (%)
1.5
1
0.5
0
-0.5
-1
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20
UK Germany France Italy Spain USA
Source: LaSalle (07/20) Thomson Reuters (07/20)
LaSalle Investment Management | LaSalle European Market View 12CAPITAL MARKETS
European bank CDS spreads calm further in July
CDS SPREADS OF KEY TRADITIONAL LENDERS IN EUROPE
5-year credit default swaps on European banks
[Spread (basis points)]
700
600
500
400
300
200
100
0
Jul 08 Jul 09 Jul 10 Jul 11 Jul 12 Jul 13 Jul 14 Jul 15 Jul 16 Jul 17 Jul 18 Jul 19 Jul 20
HSBC Bank PLC Barclays Bank PLC Deutsche Bank AG BNP Paribas SA UniCredit SpA
Source: Thomson Reuters Datastream (07/20), LaSalle (07/20)
LaSalle Investment Management | LaSalle European Market View 13CAPITAL MARKETS
Senior lending terms unchanged in July
EURO SWAP RATES REMAIN IN NEGATIVE TERRITORY
Debt terms for 5-year senior loan on prime office
5-year 3-month
swap Euribor / Loan Margin range over Euribor Arrangement
rate Libor Maximum Maximum LTV
amortization if (EUR loans) fees as % of
senior LTV with no
Euro -0.36% -0.44% LTV>threshold and over Libor (GBP loans) loan amount
available amortization
(% p.a.) Bps (up front)
UK 0.21 0.09%
Up to 60-70%
50% LTV
LTV
Germany
50%-55% 50% 1.00%-3.00% 125-165 170-250 0.00%-0.50%
Top 6 Cities
France
Debt terms shown 50%-55% 50% 1.50%-3.00% 125-170 180-270 0.40%-0.80%
here are based on Top 2/3 Cities
our best estimates,
acknowledging the
current high level
of market
uncertainty UK
50%-55% 50% 1.00%-2.00% 175-250 250-350 0.70%-1.00%
Top 2 Cities
Spain
45%-50% 45% 1.50%-2.00% 155-220 230-350 0.80%-1.00%
Top 2 Cities
Source: LaSalle (07/20), Thomson Reuters Datastream (07/20)
Swap rates & Euribor/Libor spreads are month averages
Changed data from last month is highlighted in boxes
Green indicates decrease of margins/increase in LTV, red indicates increase of margins/decrease in LTV, blue indicates widening of margins/LTV
LaSalle Investment Management | LaSalle European Market View 14CAPITAL MARKETS
Senior bank lenders adopt risk-off positioning as uncertainty still high
SWAP RATES LOWER COMPARED TO PREVIOUS MONTH
5-year senior loan on prime office
[Implied All-In Cost of CRE Debt (50% LTV)]
6.0%
Debt terms shown
here are based on
our best estimates,
5.0% acknowledging the
current high level
of market
uncertainty
4.0%
3.0%
2.0%
1.0%
0.0%
Feb 14 Jul 14 Dec 14 May 15 Oct 15 Mar 16 Aug 16 Jan 17 Jun 17 Nov 17 Apr 18 Sep 18 Feb 19 Jul 19 Dec 19 May 20
UK Germany France Spain
Source: LaSalle (07/20)
Implied all-in cost of debt = annualised up-front fee + 5Y swap + margin for 50% LTV
CRE = commercial real estate
LaSalle Investment Management | LaSalle European Market View 15CAPITAL MARKETS
France: real estate pricing relative to history and other asset classes
ASSET CLASS PRICING WEB
Asset Class Pricing Web Asset Class Pricing Web
[compared to history] [compared to 10-year government bonds]
CAC All Tradeable
CAC All Tradeable
JLL Prime Yield FTSE EPRA Nareit France JLL Prime Yield FTSE EPRA Nareit France
BBB Corporate Bonds 10 Year Bonds BBB Corporate Bonds 10 Year Bonds
AAA Corporate Bonds Index-linked Bonds AAA Corporate Bonds Index-linked Bonds
5 Year Swap 3m Treasury Bill 5 Year Swap 3m Treasury Bill
EURIBOR EURIBOR
Latest 12 Months Ago Latest 12 Months Ago
The closer the line is to the centre of the web, the more expensive it is on that measure
Source: LaSalle (05/20) MSCI (07/20) Thomson Reuters (09/19), JLL(Q2 20).
LaSalle Investment Management | LaSalle European Market View 16CAPITAL MARKETS
Germany: real estate pricing relative to history and other asset classes
ASSET CLASS PRICING WEB
Asset Class Pricing Web Asset Class Pricing Web
[compared to history] [compared to 10-year government bonds]
DAX DAX
FTSE EPRA Nareit Germany
JLL Prime Yield FTSE EPRA Nareit Germany JLL Prime Yield
BBB Corporate Bonds 10 Year Bonds BBB Corporate Bonds 10 Year Bonds
AAA Corporate Bonds Index-linked Bonds AAA Corporate Bonds Index-linked Bonds
5 Year Swap 3m Treasury Bill 5 Year Swap 3m Treasury Bill
EURIBOR EURIBOR
Latest 12 Months Ago Latest 12 Months Ago
The closer the line is to the centre of the web, the more expensive it is on that measure
Source: LaSalle (05/20) MSCI (07/20) Thomson Reuters (09/19), JLL(Q2 20).
LaSalle Investment Management | LaSalle European Market View 17REAL ESTATE OCCUPIERS
Q2 20 European rolling annual take-up down -19% y/y and -13% q/q
EUROPEAN OFFICE TAKE-UP & VACANCY OF EUROPEAN MARKETS
Rolling annual office take-up & Vacancy rate Share of rolling annual office take-up
12 100%
15
-8% q/q
-14% y/y
10
80%
12 -19% q/q
-27% y/y
8
Take up (mil sqm)
-11% q/q
Vacancy rate (%)
60% -9% y/y
9
-18% q/q
6
-27% y/y
40%
6 -17% q/q
4 -18% y/y
3 20%
2
-11% q/q
-19% y/y
0 0 0%
Q2 10
Q2 11
Q2 12
Q2 13
Q2 14
Q2 15
Q2 16
Q2 17
Q2 18
Q2 19
Q2 20
Q2 20
Germany France
Take-up (LHS) Vacancy Rate (RHS) UK CEE
South Europe Rest
Source: LaSalle (07/20), JLL (Q2 20)
Take-up based on 31 major office markets across Europe and vacancy rate based on 34 major office markets
CEE covers Prague, Warsaw and Budapest; South Europe covers Milan, Rome, Lisbon, Barcelona and Madrid
LaSalle Investment Management | LaSalle European Market View 18REAL ESTATE OCCUPIERS
Q2 data shows weaker or no rental growth in most European markets
PRIME OFFICE RENTAL GROWTH; Q2 2020
Prime office rental growth
[Q2 2020, y/y & q/q]
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
Rental growth YOY Rental growth QOQ
Source: LaSalle (07/20), JLL (Q2 2020)
LaSalle Investment Management | LaSalle European Market View 19REAL ESTATE INVESTMENT
Investment volumes resilient in Germany but slowed elsewhere
EUROPEAN REAL ESTATE INVESTMENT VOLUMES (CUMULATIVE YEAR -TO-DATE, EUR BILLION)
UK Germany
100 100
80 80
60 60
40 40
20 20
0 0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2020 2018 2019 2020 2018 2019
France
Spain & Italy
40 40
30 30
20 20
10 10
0 0
Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov
2020 2018 2019 2020 2018 2019
Source: RCA (06/20), LaSalle (07/20)
lncludes office, retail, industrial, hotels, multifamily (apartments) and portfolios. 2020 figures are preliminary and subject to revisions
LaSalle Investment Management | LaSalle European Market View 20REAL ESTATE INVESTMENT
Office yields stable in Q2 2020, retail yields moved out further
EUROPEAN PRIME YIELDS BY SECTOR AND REGION
European prime yield by sector Prime All Property yield by region
[%] [%]
9 9
8 8
7 7
6 6
5 5
4 4
3 3
2 2
Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2 Q2
06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20
All Property Offices United Kingdom Eurozone
Industrial Shopping Centres CEE Nordics
Retail Shops Retail Warehouses South Europe
Source: JLL (Q2 20), LaSalle (07/20)
Note: Segments are weighted by LaSalle/MSCI estimates of investable universe.
CEE includes Czech Republic, Hungary & Poland. South Europe includes Italy, Portugal & Spain
LaSalle Investment Management | LaSalle European Market View 21REAL ESTATE INVESTMENT
Prime Europe (excl. UK) yields expected to move out in the short term
YIELD FORECASTS
Prime Europe (excl. UK) All Property yield Prime UK All Property yield*
[%] [%]
7.00 7.00
LaSalle LaSalle
Forecast Forecast
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
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
History H1 20 Forecast History H1 20 Forecast
Source: JLL/LaSalle (05/20)
Note: European segments are weighted by LaSalle/MSCI estimates of investable universe
*For the UK, total returns are weighted by UK MSCI segments
LaSalle Investment Management | LaSalle European Market View 22RETURNS & RECOMMENDATIONS
Total returns to suffer in 2020-21, before returning to positive values
ALL PROPERTY TOTAL RETURNS FORECASTS; AVERAGE 2020 -24 P.A.
Prime Europe (excl. UK) All Property total returns Prime UK All Property total returns*
[% p.a.] [% p.a.]
15 15
10 10
5 5
0 0
-5 -5
-10 -10
-15 -15
-20 -20
2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024
Income Return Rental Growth Yield Impact Capex / Depreciation Total Return
Source: LaSalle (05/20)
Note: European segments are weighted by LaSalle/MSCI estimates of investable universe
*For the UK, total returns are weighted by UK MSCI segments
LaSalle Investment Management | LaSalle European Market View 23RETURNS & RECOMMENDATIONS
Prime Europe (excl. UK) total returns 2020-24: 1.4% pa
PRIME TOTAL RETURNS FORECASTS BY COUNTRY & SEGMENT
Prime total returns forecasts*
[Avg 2020-24, % p.a.]
9
By country By sector All markets
8
7
6
5
4
3
2
1
0
-1
-2
-3
-4
-5
-6
-7
-8
3.3% - 2.1% 2.0% - 0.0% > 0.0%
-9
Income Return Yield Impact Rental Growth Capex Total Return
Source: LaSalle (05/20)
Note: European segments are weighted by LaSalle/MSCI estimates of investable universe
LaSalle Investment Management | LaSalle European Market View 24UK: Investment recommendations
NEW ACQUISITIONS MUST HAVE STRONG ESG CREDENTIALS
Core
Value-Add Opportunistic
Defensive Income
Mezzanine debt & whole loans
Residential
London & key regional
Development
city offices refurb/build-
UK Residential Regional Offices
prime in key centres only to-core
incl. discounted pooled funds & REITs
Best Inflation-linked with
Opportunities high site value
Income-producing assets with high site value
incl. urban retail parks & distressed retail
Ground leases &
income strips
Long hold
Urban logistics & multi-let industrial
irreplaceable assets incl. income producing & development
Special situations
incl. pref equity, development
finance, recaps & distressed loans
Affordable housing, retirement housing, healthcare, educational facilities
incl. for Social Impact
The only active strategies until market
liquidity returns. Other strategies on hold
Source: LaSalle (05/20)
LaSalle Investment Management | LaSalle European Market View 25Continental Europe: Investment Recommendations
VIEW FOR THE NEXT 18 MONTHS AS OF MAY 2020
Core
Value-Add Opportunistic
Defensive Income
Secure long term
Income producing offices Full reconstruction office projects
income offices Low vacancy asset in strong DTU+E
In markets with strong occupier Top DTU+E locations with strong micromarket fundamentals
locations in DE, FR, NL, Nordics
fundamentals
Distressed retail
Income producing assets with high site value with alternative use
Retail warehousing in locations such as DE, FR, PO, Nordics Markets with outstanding
connectivity and low supply
Logistics
Best Urban logistics & Modern motorway logistics
incl. sites with potential future e-commerce use (no planning risk). developments
Opportunities Well connected big box focus on highly productive
locations
Residential Repriced hotels
Residential
Urban build-to-rent, urban for sale & family housing in FR, DE, NL, ES developments with strong covenant and/or
predominantly build-to-rent operational manager
Senior loans Special situations
FR, DE, Benelux
Mezzanine debt & Whole loans incl. pref equity, development
finance, recaps
The only active strategies until market
liquidity returns. Other strategies on hold
Source: LaSalle (05/20)
LaSalle Investment Management | LaSalle European Market View 26Contacts
Simon Marx Petra Blazkova Dominic Silman
Investment Strategist - UK Senior Strategist – Continental Europe Data Strategist
London London London
+44 207 852 4492 +44 20 7399 5568 +44 207 852 4119
simon.marx@lasalle.com petra.blazkova@lasalle.com dominic.silman@lasalle.com
Zuhaib Butt Chris Psaras Tobias Lindqvist
Associate Strategist - UK Associate Strategist – Continental Europe Research Associate
London London London
+44 207 852 4066 +44 207 852 4016 +44 207 852 4027
zuhaib.butt@lasalle.com chris.psaras@lasalle.com tobias.lindqvist@lasalle.com
Katie Taylor Sabrina Zimmermann (author)
Associate Strategist - UK Research Associate - Continental Europe
London London
+44 20 7399 5117 +44 207 087 5414
sabrina.zimmermann@lasalle.com
katie.taylor@lasalle.com
Ryan Daily
Research Associate - UK
London
+44 207 852 4107
ryan.daily@lasalle.com
Important Notice and Disclaimer
This publication does not constitute an offer to sell, or the solicitation of an offer to buy, any securities or any interests in any investment products advised by, or the advisory services of, LaSalle Investment Management (together with its global investment
advisory affiliates, “LaSalle”). This publication has been prepared without regard to the specific investment objectives, financial situation or particular needs of recipients and under no circumstances is this publication on its own intended to be, or serve as,
investment advice. The discussions set forth in this publication are intended for informational purposes only, do not constitute investment advice and are subject to correction, completion and amendment without notice. Further, nothing herein constitutes
legal or tax advice. Prior to making any investment, an investor should consult with its own investment, accounting, legal and tax advisers to independently evaluate the risks, consequences and suitability of that investment.
LaSalle has taken reasonable care to ensure that the information contained in this publication is accurate and has been obtained from reliable sources. Any opinions, forecasts, projections or other statements that are made in this publication are forward-
looking statements. Although LaSalle believes that the expectations reflected in such forward-looking statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Accordingly, LaSalle does not make any express or implied
representation or warranty, and no responsibility is accepted with respect to the adequacy, accuracy, completeness or reasonableness of the facts, opinions, estimates, forecasts, or other information set out in this publication or any further information,
written or oral notice, or other document at any time supplied in connection with this publication. LaSalle does not undertake and is under no obligation to update or keep current the information or content contained in this publication for future events.
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or performance.
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