CEE Investment Market Pulse / 2014 A major preoccupation for the global economy over the next few months will be interest rates. Last year saw the long awaited “tapering” and liquidity withdrawal run its course in the US. Now that a self-sustaining recovery has been established, the next step will be raising interest rates from their near-zero lows. The market expectation is that the Fed funds rate could rise by mid-2015, a view shared by Oxford Economics. The picture is more complex in Europe. Over recent weeks there has been sustained downward pressure on bond rates and, unlike in the US, markets have become more bearish. With the inflation outlook softening due to lower oil prices, it looks increasingly likely that any European interest rate response will fall into next year. Tightening by the ECB was always several years away and this has not changed. Elsewhere, the UK is still the most likely to follow the Fed, with Nordic and Eastern European economies close behind, but all now look set to delay into 2016. The revival in European capital flows has been continuous since 2009 against a background of only faltering economic revival. In 2014 as a whole, circa €200 billion is estimated to have been invested in European commercial property, up 23% on a year before. This total is still below the peaks of the last cycle, but strong enough that each year brings speculation about how long the recovery will last. In 2015, there will be headwinds, most notably political risks. Not the least of these is the conflict in Ukraine and consequences for Russia’s economy, which has potential negative spill-overs across the Continent. There are also important national votes, including a General Election in the UK, Europe’s largest investment market. The re-emergence of Grexit speculation in the New Year also illustrates how fragile recent Eurozone stability remains. But notwithstanding these, few expect any let-up in the pace of global capital inflows. There are still important structural reasons why European property will continue to be in demand and our own view is that investment in 2015 will broadly be in line with 2014. Relative pricing remains an important pull, with returns on real estate still significantly higher than those for other assets. The upward trend in global savings and a history of under-allocation to real estate by many pension funds will provide further support. Even after the US interest rate cycle turns next year, spreads over bond rates will remain generous, especially in the Eurozone. In addition, more benign economic conditions and unusually-limited supply will maintain upward pressure on prime rents. Added to this, further gradual restructuring of bank balance sheets should bring COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved both more assets to market and also potentially release more debt for real estate purchase. But we expect a shift in investor activity in 2015, as the focus moves from prime assets in selected lead markets towards secondary and regional centres. There is evidence of this already in some markets and the trend is expected to widen. Prime yields are expected to see a small compression this year, and there is potential downside in the current climate. But longer term, yields are expected to stabilise at close to their current levels in most markets. In CEE, 2014 investment volumes reached a level of approximately €7.9 billion. This represents a circa 27% y-o-y increase in volumes compared to those in 2013 (ca. €6.2 billion). Poland remained the leading regional market with a share of circa 41% in CEE followed by the Czech Republic (25%), Romania (16%), Slovakia (8%), Hungary (7%) and the SEE markets (3%). The breakdown of volumes for 2014 is as follows: Country Poland Czech Republic Romania Slovakia Hungary SEE 2014 Volumes* (€ millions) 3,200 2,000 1,300 610 580 200 Source: JLL, January 2015 (*Preliminary data) Characterizing and citing the CEE markets as a whole remains particularly difficult, as these markets are so diverse and the investor landscape itself is undergoing a meaningful change. Nonetheless, we do see some important observations emerge from a regional analysis. First, we see that although Poland posted another exceptional year and remained the primary focus for many institutional investors, Poland’s percentage of total CEE volume has moved from 70% in 2012 to approximately 41% in 2014. Poland continues to perform exceptionally well, but the other CEE countries have all significantly increased their trading volumes, which is a positive trend for the region as a whole. Moreover, the investment activity in these reemerging markets was well-balanced, with deals across all sectors and lot sizes. 2014’s solid or record “post-crisis” activity is expected to continue into 2015, as several large deals are currently advanced. A second noteworthy observation is the continued intense hunt for portfolio and platform opportunities. This capital is from both legacy players and new entrants, and it can enter direct or indirect. These 1 CEE Investment Market • 2014 newer equity players are seeking to match “equity with expertise,” an approach which allows them more control of their destiny with smaller real estate teams, while still aligning themselves with the very best expertise in the markets. Finally, we do see increasing appetite for value add opportunities across the region. These investors are targeting opportunities providing scale and asset management/development upside. With a lack of attractively-priced prime product, spreads on a risk-adjusted basis on these projects are increasingly attracting attention, both from institutional and local funds. Attractive debt terms further southeast remains a major impediment, although we would expect to see some continued, albeit gradual improvement on this front in 2015. the volume across seven deals, with the most noticeable being the AEW portfolio, bought by PZU AM and the Standard Life Portfolio, acquired by Blackstone/Logicor. The largest purchasers were Blackstone/Logicor acquiring almost €200 million of product, as well as PZU AM, Prologis, SEGRO and Hillwood, each trading around or above the €100 million mark. Retail investment saw a relatively slow performance with €570 of deals – just above 40% of 2013 volumes (€1.4 billion). The Poznań City Center and Focus Mall Bydgoszcz deals accounted for over 60% of total 2014 turnover. An important observation across all sectors is that a number of transactions slipped into 2015, or were initiated late in 2014, hence 2015 is again expected to deliver strong results, benefiting from landmark deals across all sectors. We estimate prime office yields to remain stable at around 6.006.25%, with possible compression for unique assets. Retail yields, for best in class products, are at 5.50% and truly prime warehouse asset yields are expected at, or below 7.00%. Focus on Poland 2014 delivered very strong results of €3.2 billion, just 8% below the exceptionally strong 2013 – totalling €3.4 billion. 2014 volumes comprise of a record (since 2006 peak) amount of office investment deals at €1.8 billion, as well as the highest ever level of warehouse investments at €744 million, supported by €570 million of retail transactions. The most important deals of 2014 included: Rondo 1 and Metropolitan – acquisitions by DeAWM, Poznań City Center bought by a consortium of Resolution and ECE Fund, Plac Unii – an acquisition by Invesco, the Ghelamco portfolio and Quattro Business Park acquired by the Starwood Group, Atrium 1 deal concluded by Deka, the AEW warehouse portfolio bought by PZU AM, Focus Mall Bydgoszcz purchased by Atrium European Real Estate, Tristan/AEW Portfolio closed by SEGRO and the Standard Life Portfolio acquired by Blackstone/Logicor. All of these transactions were at or above the €100 million mark, proving increased liquidity for large-scale deals. In the office sector, regional cities played a significant role, delivering over €440 million of transactions. This was a record level and more than the total of the last five years volumes combined in regional cities. The most outstanding regional city was Kraków, witnessing transactions totalling €260 million – almost 60% of the entire regional office investment volumes and more than the combined office trades in Kraków for the last 7 years (€186 million). The warehouse investment market achieved a record year with €744 million of deals, following an exceptionally strong 2013 (€656 million). It was again dominated by portfolio deals, accounting for over 80% of COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved Focus on the Czech Republic The second half of 2014 provided transactional volumes of €1.28 billion; a 52% increase on the same period in the previous year and 78% above H1 2014. This takes the total annual investment volume to just over €2 billion, i.e. the third most active year in the history of the market, only 2.5% behind 2011 with its transaction volume of €2.07 billion. Demand-side pressure caused by the weight of international capital seeking core CEE opportunities has provided liquidity for large lot-size properties and portfolios, while their continued limited availability has driven yield compression. The substantial pipeline carried into 2015 demonstrates that healthy competition for prime assets across all sectors and lot-sizes is set to continue. Additionally, non-core and opportunistic activity registered a significant increase as the pricing delta to compressed prime yields improved the relative value of those assets. While the prime end of the market remains the focus of the international institutions, the noncore properties started to be the domain of an increasing amount of domestic capital. In agreement with the broader European trend, major logistics operators continued to consolidate their holdings in the Czech Republic over H2. The sale of the Tristan/VGP portfolio to P3/TPG 2 CEE Investment Market • 2014 represents the country’s largest investment transaction to date at €523 million, while Prologis’ purchase of Rudna Business Park was the largest ever single-asset logistics purchase. Smaller lot-sizes continue to prove attractive to a broad range of purchaser groups. The retail sector accounted for 21% of overall volumes and displayed increased breadth and depth as transactions involving portfolios, regional centres, non-core properties and an outlet concept were traded in H2. The largest deal concerned Futurum Hradec Kralove and was purchased for €87.6 million by Meyer Bergman who also acquired, as part of a wider portfolio, Freeport Fashion Outlet, complimenting their H1 purchase of Fashion Arena. ING Real Estate Finance sold Galerie Butovice to Valad, notable due to its position as a value-add asset and signifying the broadening of International capital’s risk appetite. Office activity was proportionally lower than historic levels due to constrained supply and larger deals elsewhere. The largest transaction was the €50 million sale of River Gardens I from HB Reavis to IAD; H2’s only core office deal. Elsewhere 6 properties, including Prague 5 neighbours, Perkarska & Technopark and BB Centrum Alpha and Polygon House in Prague 4, transacted. These further confirmed the liquidity of non-institutional product; something significantly aided by the sustained appetite of local funds and developers. Regarding mixed-use assets, Invesco’s sale of Slovansky Dum to a private investor for ca €90 million and Muller/Erste Bank’s disposal of the Diamant Building to GLL for ca €70 million, showed continued strong interest in properties occupying trophy locations as new yield benchmarks were established. Our views on prime office yields are at 6.00% (heading sub 6.00%), prime logistics are at 7.00% (heading sub 7.00%), whilst prime retail yields are at 5.50% with a significant premium for trophy, and regionally significant assets. We anticipate large lot-size purchases by international capital, including that from non-traditional investor nationalities, to drive continued high investment volumes in 2015. Reduced bank margins and low interest rates are supportive while increased fund allocation towards real estate provides a weight of capital and illustrates its attractiveness relative to other asset classes. Focus on Hungary In 2014, Hungary witnessed its highest transaction volume since 2007 with a total volume of just over €580 million, out of which income producing assets represented around €450 million. Investor appetite has gained momentum for Hungarian assets due to improving market conditions and the attractive prices compared to Poland or the Czech Republic, making prime assets particularly attractive. Among the various asset classes, the performance of the Hungarian office market was especially convincing as vacancy dropped to the lowest level of the past 6 years while gross take-up broke record volumes. Both halves of 2014 were active with €285 million transacted in the first half and €295 million in the second half of the year. During H2, various core office and industrial assets were transacted and new market players became active on the market. The Hungarian National Bank purchased two assets while the Hungarian Diófa REIM generated nearly 20% of the total transaction volume. Based on their strategies, we expect them to remain particularly active in 2015 as well. Whereas the National Bank focuses on premium assets, Diófa concentrates on core and value-add assets, depending on its fund allocation. The most significant transaction of the second half was the sale of Eiffel Palace, a multi-tenant prime office building in the CBD, delivered in 2013. The 14,500 sq m asset was sold to the Hungarian National Bank by Horizon Development during the summer for a price of €45.3 million. Later in the year, the bank acquired the 4,000 sq m Ybl Villa in the Castle district. The other major office deals of the second half were the disposal of the 100% let 18,000 sq m Green House by Skanska to Diófa REIM, the purchase of the North Tower of Vision Tower (occupied by a single tenant – KPMG) by Erste REIM, the acquisition of a 15,000 sq m office building in South Buda and the purchase of first generation office building Óbuda Gate by Diófa REIM. On the logistics and industrial market, the second half of the year witnessed the sale of Tulipán Park by SEB to Logicor (Blackstone), as part of a pan-euro logistics portfolio and the acquisition of the single let Auchan warehouse in the Viktória Park (along with a Polish asset) by Prologis from Invesco. The largest industrial transaction of the period was an owner occupier deal by Audi, who bought its BTS 70,000 sq m warehouse/production line in Győr, The total transaction volume of logistics and industrial assets amounted to some €72 million in 2014 and nearly 100% of this was recorded during the second half of the year. Although this volume represents the highest annual volume in the industrial sector since 2007, it’s important to point out that nearly 60% of it was generated by owner occupations. Contrary to the first half of the year, which saw large retail transactions (sale of 50% of Allee and the countrywide network of Park Center stripmalls), the second half witnessed smaller retail deals, therefore, the total transaction volume of this asset class amounted to €168 million in 2014 with only €10 million in H2. COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved 3 CEE Investment Market • 2014 Further notable transactions of the period included the sale of the Millennium Gate site, bought by Euromedic for the development of a private hospital and the sale of the South wing of Klotild Palace, as the municipality of district 5 continued its disposal process and sold the 11,000 sq m, vacant, landmark property to the Turkish Özyer Group, who is planning to transform it into a 5* hotel. Finally, a few regional hotel transactions took place during the year alongside the Intercontinental Budapest, taking the hotel volume close to €120 million for 2014. 2014 was an active year on the Hungarian real estate investment market. The total transaction volume reached some €580 million, which makes 2014 the second strongest year in terms of investment volumes since the 2008.. As usual, the most popular asset class was office, generating 35% of the total volume, followed by retail with 29% and industrial with 13%. The remaining share is accounted for by hotels and properties for redevelopment. Based on the latest transactional evidence, the prime office yield compressed by 20 bps and stands at 7.30%. Prime retail is at 7.25% and prime logistics now stands at 9.25%. We expect a potential 25 bps compression in the latter two asset classes in the upcoming quarters supported by the improving real estate environment and investment activity. According to our opinion, 2015 will see increasing interest for Hungarian assets from international investors and local funds. We also expect the National Bank to continue its real estate investment programme. Based on the deal pipeline, we already foresee that the average ticket size will significantly increase in 2015 and that some landmark assets will be transacted, taking the transaction volume to at least €750-800 million. Promenada Mall from Raiffeisen Evolution for €148 million, making it the largest single asset transaction in Bucharest ever. Globalworth was the most active player on the office market in 2014. The London Stock Exchange listed investment fund purchased BOB and BOC office buildings together with 446 apartments and 25 retail spaces in an adjacent residential project - Upground Towers, for €210 million and Tower Center International, an office tower in the CBD of Bucharest, for €58 million. Moreover, in Q4, the fund announced the acquisition of Green Court Building A, the first office development of Skanska in Romania, of Nusco Tower from the Nusco family and of the Unicredit HQ. The industrial segment is once again starting to attract the interest of investors. The acquisition of Europolis Park from CA Immo for well over ca.€100 million represents the largest industrial transaction ever signed in Romania and a new market entry for P3, a specialist owner, developer and manager of European logistics properties, owned by Ivanhoe Cambridge and TPG. An important new trend has been the sale of large portfolios of NPLs by banks active in Romania. In total, almost €2 billion of gross book value in loans partially collateralized by property was transacted and further transactions are expected in 2015. It is expected that many of the underlying assets will be offered for sale in the near future increasing supply of secondary product. In our view, prime office yields are at 8.00%, prime retail yields at 7.75% and prime logistics yields at 9.75%. Yields have compressed slightly during the year, but no significant further compression is expected until bank margins would drop considerably as the spread in yields between Romania and more core CEE markets is currently partially offset by the spread in bank margins, which is especially affecting leveraged buyers. Focus on Romania Focus on Slovakia The property investment volume in 2014 is estimated at approximately €1.3 billion, the second highest annual figure ever recorded, representing an increase of 285% compared with 2013. This is a clear sign that Romania is back on the map of international investors. The majority of deals were focused on Bucharest. Slovakia's economic performance in 2014 was more balanced when compared to previous years, as domestic demand rose at significant pace. This led to significant economic improvement with estimated GDP growth at 2.4%. Stronger economic growth was however slowed down by limitations of the automotive industry and by EU sanctions levied on Russia. Retail sales, new car registration and consumer sentiment initiated an upward trend for private consumption, which is boosted by lower unemployment levels, growth in nominal wages by 5% and CPI inflation close to 0%. Market volumes were dominated by retail transactions (around 41%) The largest transaction was the purchase of 12 retail properties by Auchan, which it anchors, in several cities across Romania, for a price estimated at around €260 - 280 million. NEPI bought COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved 4 CEE Investment Market • 2014 Slovakia is forecasted to outperform the EU with 2.7% GDP growth in 2015 and 3.4% in 2016. The improving economy has also impacted the real estate market. The investment volume in 2014 exceeded €610 million and was the highest level recorded since 2005. The second half of 2014 recorded seven assets changing hands, however two transactions alone accounted for almost 87% of the total investment volume. The largest deal in 2014 was the sale of Eurovea by Irish developer Ballymore Group to J&T Real Estate. The transaction included the acquisition of a large retail gallery, office blocks and a Sheraton hotel for a purchase price exceeding €365 million. The second largest transaction was the sale of Aupark shopping centre in Kosice, together with the adjacent office building, Aupark Tower, in Slovakia’s second largest city. New Europe Property Investment (NEPI) employed their South African capital in acquiring the scheme or €165 million from HB Reavis The deal also included the sale of a development plot in Kosice city centre . In addition, Prologis acquired a smaller industrial scheme from Heitman, as part of a portfolio transaction, supporting its presence in Senec and Tatra Asset Management purchased Tesco in Skalica from CSOB Property Fund. In general, both smaller domestic investors and international players have increased their appetite for higher yielding value-added secondary products, even in smaller regional cities. Secondary locations have started to attract international capital too. The gap in pricing expectations between vendors and bidders has narrowed, reflecting the willingness of both parties to align with market conditions. Despite the large share of retail and mixed assets in the 2014 investment volumes, industrial assets are still attracting the highest interest from the market when it comes to the number of bidders. In alignment with the market situation in other parts of CEE, and as a result of improving market conditions, yields are expected to compress in Slovakia over the upcoming quarters. Our view on prime yields has changed since H1 with Offices now standing at 7.00%, Shopping Centres at 6.75% and Industrial and Logistics at 8.25%. Focus on SEE Although, the South Eastern European sub region is relatively unexplored, its most active markets, such as Slovenia, Bulgaria and Croatia, have seen more activity, especially in terms of retail and office development, largely thanks to their EU memberships. While Serbia and its capital Belgrade have the least developed market among the aforementioned countries, there has recently been higher interest recorded, especially from foreign investors, pointing out its great potential. This has resulted in a recent joint venture conducted between the City of Belgrade and Eagle Properties (part of the Emaar Properties Group from the UAE) which puts the city in the spotlight with one of the biggest projects in Europe “Belgrade on Water”. The construction works are set to start during the second quarter of 2015, although the preparation works and clearance of the land for commencement of the project’s first phase have already started. During the second half of the year, increased activity in terms of new projects development as well as foreign and local investor’s interest was noted. The highest investment activity was recorded in Serbia, dominated by foreign investors. One of the country’s prime retail assets, Kragujevac Plaza developed by Plaza Centers, was acquired by New Europe Property Investments (NEPI) for a price of €38.6 million. Furthermore, Brussels based company MITISKA REIM has acquired an 85% interest in the newly developed retail park in Sabac, Capitol, developed by the Poseidon Group. In addition, market activity in Bulgaria was influenced by local investors and a Bulgarian Real Estate Fund has acquired building 1A in Business Park Sofia for a price of €4.7 million. The Croatian market however is witnessing a shift in investor interest from the office and retail segment towards the hotel and hospitality segment. The main issues that the respective countries are still facing, is the lack of transparency in comparison to their neighbouring countries, causing insecurity for potential investors. JLL’s Global Real Estate Transparency Index results have shown that these markets have noted positive shifts, which we believe will encourage institutional investors to take advantage of opportunities from such emerging countries. Serbia was among the top improvers in 2014 having started their formal EU accession negotiations, which is pushing through to structural reforms. In the upcoming years, we expect a higher number of transactions of income producing properties across the region. Our views on prime office yields in the region are at 8.75% - 9.00%, with prime retail at 8.25% - 8.75% and prime logistics at 10% - 10.25%. COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved 5 CEE Investment Market • 2014 Key Deals – H2 2014 City, Country Approx. Sale Price (€ million) Plac Unii Warsaw, PL 226 Liebrecht & wooD / BBI Development Invesco Metropolitan Warsaw, PL Confidential Aberdeen (DEGI) Deutsche Asset & Wealth Management (RREEF) Katowice BP, T-Mobile OP, Łopuszańska BP Warsaw, Katowice, PL Łódź, Wrocław, Gdańsk, PL 195 Ghelamco 140 AEW Europe PZU TFI S.A. Aviva Investors Atrium European Real Estate Property Name AEW Industrial Portfolio Vendor Purchaser Starwood Capital Group Focus Mall Bydgoszcz, PL 122 Quattro Business Park Kraków, PL Confidential Buma Starwood Capital Group Pramerica Panattoni Portfolio Błonie, Czeladź, Gliwice, Kraków, PL Confidential Pramerica / Panattoni Blackstone / Logicor Hampton by Hilton Warsaw, PL Confidential S+B Group Union Investment Tesco Warehouse (BTS) Gliwice, PL ca. 48 Invesco Prologis Galeria Piła Piła, PL ca. 45 Rank Progress Immofinanz Immobilien Anlagen Ambassador Office Building Warsaw, PL Confidential Kronos Capital Hines REIT Libra Business Centre (Bld B) Warsaw, PL ca. 36 Mermaid Properties Vienna Insurance Group Żerań Park I Warsaw, PL Confidential Heitman Prologis BPH Office Park Gdańsk, PL Confidential Euro-Styl Javin Group Jasna 26 Warsaw, PL ca. 27 Mermaid Properties Vienna Insurance Group VGP Portfolio Various, CZ 525 Tristan/VGP TPG/P3 Business Park Rudna Rudná, CZ >90 Heitman Prologis Slovanský dům Prague 1, CZ 90 Invesco Private Futurum Hradec Králové Hradec Králové, CZ 87 Heitman / GE / TK Development Meyer Bergman Diamant Building Prague 1, CZ 70 Muller/Erste Bank GLL River Gardens Prague 8, CZ 50 HB REAVIS IAD Panattoni Park Prague Airport Prague, CZ 45 Pramerica / Panattoni Blackstone / Logicor Galerie Nové Butovice Prague 5, CZ >40 ING RE Finance Valad Polygon House Prague 4, CZ 22 CPDP2 MINT COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved 6 CEE Investment Market • 2014 Property Name City, Country Approx. Sale Price (€ million) Vendor Purchaser 12 Units with adjacent commercial galleries Various, RO 260 - 280 Local Immochan Promenada Mall Bucharest, RO 148 Raiffeisen Evolution NEPI Europolis Park Bucharest Bucharest, RO >100 CA Immo P3 Nusco Tower Bucharest, RO 46 Nusco Globalworth Green Court A Bucharest, RO 44 Skanska Globalworth Eiffel Palace Budapest, HU 45.3 Horizon Development National Bank of Hungary Green House Budapest, HU 36 Skanska Diófa REIM Vision Towers North Budapest, HU Confidential Futureal ERSTE REIM Aupark Kosice Kosice, SK 165 HB Reavis NEPI City Business Center III, IV, V Bratislava, SK ca. 64 HB Reavis Senec Distribution Centre Senec, SK 9.1 Heitman Prologis Kragujevac Plaza Kragujevac, SRB ca. 38.5 Plaza Centers NEPI Business Park Sofia 1A Sofia, BG ca. 4.7 Bluehouse Capital Bulgarian Real Estate Fund Tatra Asset Management Source: JLL, January 2015 COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. All Rights Reserved 7 Contacts: Troy Javaher Head of Capital Markets - CEE Jones Lang LaSalle Prague Kevin Turpin Head of Research & Consultancy - CEE Jones Lang LaSalle Prague +420 224 234 809 [email protected] www.jll.com +420 224 234 809 [email protected] www.jll.eu/cee_research Tomasz Trzoslo Head of Capital Markets - Poland Jones Lang LaSalle Warsaw Agata Sekula Head of Retail Capital Markets - CEE Jones Lang LaSalle Warsaw Stuart Jordan Head of Capital Markets - Czech Republic Jones Lang LaSalle Prague +48 22 318 0024 [email protected] www.jll.pl +48 22 318 0026 [email protected] www.jll.pl +420 224 234 809 [email protected] www.jll.cz Benjamin Perez-Ellischewitz Head of Capital Markets - Hungary Jones Lang LaSalle Budapest Miroslav Barnas Managing Director - Slovakia Jones Lang LaSalle Bratislava Andrew Peirson Managing Director - SEE Jones Lang LaSalle Belgrade +36 1 802 6242 [email protected] www.jll.hu +421 259 20 99 12 [email protected] www.jll.sk +381 11 2200 101 [email protected] www.jll.rs CEE Investment Market – 2014 www.jll.eu/cee_research COPYRIGHT © Jones Lang LaSalle IP, INC. 2015. 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