United Kingdom Logistics MarketView CBRE Global Research and Consulting

H1 2013

CHANGE COMPARED TO H2 2012 TAKE-UP TOTAL AVAILABILITY -19% -6%

NEW AVAILABILITY -1%

SECONDHAND AVAILABILITY -8%

PRIME RENTS

CAPITAL TRANSACTIONS

SPECULATIVE DEVELOPMENT RETURNS AS TAKE-UP VOLUMES RESTRICTED BY LOW LEVELS OF SUPPLY Demand

Quick Stats Take-up and Supply



Take-up during the first quarter of 2013 was significantly down on recent years. However, since Easter there has been a resumption of activity, despite supply shortages



A total of 7.05 million sq ft was taken during the first half of 2013.



Larger deals are inevitably taking longer to conclude, as Design and Build solutions are now the only option available. As a result, D&B deals continued to account for a high proportion of occupier activity, comprising 71% of takeup on new buildings



Prime rents in the majority of markets have remained stable, however in some locations there is upward pressure on prime units, with premiums for D&B.

millions sq ft Region

Take-up H1 2013

Supply End H1 2013

South East

0.93

3.94

South West

0.74

2.72

E Midlands

0.84

3.15

W Midlands

1.12

3.63

North West

2.80

3.90

Yorks / N East

0.43

4.54

Scotland

0.20

1.14

Supply 

Supply levels continue to decline with a total of 23.9 million sq ft of logistics space is available and ready to occupy across the UK at the end of June. This is down 7% since over the end of 2012, and is 52% lower than at the supply peak in 2009.

Investment 

A total of £1.03bn of investment purchases of logistics properties were completed during the first half of 2013, with a marked surge in interest since April.



Demand from investors has shifted to medium-term income, having previously been high polarised to long-dated, annuity style buys or short-dated opportunities. A lack of prime product, but a desire to outperform IPD and take advantages of the sectors stronger income return have been some of the reasons behind the competitive market that has developed in recent months.

Chart 1: UK Logistics Take-up by Quality All

New

Secondhand

1

million sq ft

25 20

Long term annual average

15 10 5 0

Source: CBRE ©2013, CBRE Ltd.

H1 2013

UK OCCUPIER MARKET OVERVIEW

United Kingdom Logistics | MarketView

The start of 2013 saw much lower levels of take-up across the UK Logistics market, despite requirements for warehouse space holding up. The first quarter in particular saw fewer deals sign, a reflection of the severe shortages of ready to occupy units in the UK’s core logistics markets. Nevertheless, since Easter, we have seen activity levels pick up once again, with 7.05 million sq ft of logistics take-up, in units of 100,000 sq ft and above. As in 2012, pre-let design and build (D&B) transactions have been the dominant subgroup within the sector during the first half of 2013. Such deals have accounted for 71% of all new space acquired by occupiers and 44% across all quality types, in line with 2012. The high proportion of D&B deals also helps explains the slower start to this year, as these transactions take significantly longer to conclude than negotiations on existing buildings. Whilst retailers have once again formed the largest share from any group of occupiers, with acquisitions by John Lewis, Aldi, B&M Bargains and Clipper Logistics (on behalf of SuperGroup), there has also been activity from a wider range of occupiers. Two deals by companies supplying the construction sector (Travis Perkins and Wolseley) have resulted in the construction sector accounting for 14% of take-up. Whilst taking smaller units on average, businesses in the postal and parcel delivery sector have also been active so for this year, with take-up from Hermes, Parcelforce, Royal Mail and DPD/Geopost so far this year.

Chart 2: Take-up by Region, H1 2013 6%

South East South West East Midlands West Midlands

40%

12%

North West Yorks/North East Scotland

16%

Source: CBRE

Chart 3: Take-up by Sector, H1 2013 17%

3PL / Distribution

31%

Other manufacturing

5%

Construction Motor industry

14%

Food industry Postal Services Retail - Food

10%

5% 5%

13%

Retail - Other

Source: CBRE

Chart 4: Availability by Quality All

million sq ft

With existing supply become exceptionally scarce in some core markets, we are beginning to see some evidence of upward pressure on rents. This is by no means widespread as it appears to be isolated to those locations experiencing the highest levels of demand, for example around London.

13% 10%

Looking ahead, the increasingly positive results of business surveys provides encouraging signs that some strength may be returning to the UK economy. In addition a number of third party logistics providers are reporting increased activity in their own markets. In addition, in recent months, there have been improvements in recent months in both the number registrations of commercial and freight vehicles have as well as retail sales. Availability levels of existing space have further declined during the first half of 2013 to 23.9 million sq ft, down 7% since the end of 2012, and 52% below the 2009 supply peak. All quality types have been declining during the year to date, with secondhand space eroding at a slight faster pace of 9%.

3%

New

Secondhand

50 45 40 35 30 25 20 15 10 5 0

2 Source:CBRE

©2013, CBRE Ltd.

H1 2013

SOUTH EAST

New

6

Secondhand

million sq ft

5 4 3 2 1 0 2006 2007 2008 2009 2010 2011 2012

H1 2013 Source: CBRE

Chart 6: Quarterly South East Availability New

million sq ft

12

The highlight of the year so far has been the commitment from the John Lewis Partnership in its operations at Milton Keynes. John Lewis moved its distribution centre from Stevenage to Milton Keynes in 2009, opening a new 750,000 sq ft unit at Magna Park. Recent growth within the business and future expansion plans have necessitated an expansion of operations at Magna Park. Terms have now been agreed on a new 675,000 sq ft facility to be developed on a design and build basis.

United Kingdom Logistics | MarketView

The lack of ready-to-occupy supply across the South East of England, continues to suppress overall volumes of take-up for logistics units over 100,000 sq ft. As a result, those occupiers in need of short-term space, or that need to quickly agree terms on a building, are now having to make compromises on their final choice, be that the location or the building specification.

Chart 5: South East Take-up by Quality

Occupier demand in the South East has principally been generated from retailers. Tesco has continued to expand it’s network of dot.com ‘dark stores’ within London and the Home Counties. It has announced plans for it’s seventh facility in Didcot, Oxfordshire of120,000 sq ft, although the scheme remains subject to planning permission.

Secondhand

9 6 3 0 2008

2009

2010

2011

2012

2013 Source: CBRE

Key South East Deals, H1 2013 Occupier

Address

Town

Size (sq ft)

John Lewis Partnership

Magna Park

Milton Keynes

675,000

Charles Tyrwhitt

Paragon MK

Milton Keynes

139,000

Royal Mail

Gemini Business Park

Beckton

111,000

Supply levels have fallen further during the half year, down by 21% since the end of 2012. This decline has, in part, been due to further absorption of available secondhand space across the region. However, further space has been withdrawn from the market, as large occupiers reconsidering their decision to offload surplus space. The decision by Ikea to take-back 444,000 sq ft of warehouse space in Peterborough, for its own occupation follows on from Tesco decision last year to reoccupy it’s 633,500 sq ft unit in Milton Keynes. These decisions have had a significant contribution to the diminishing stock of ready to occupy buildings across the South East. The lack of supply around the region, particularly in markets around the M25, is beginning to exert some upward pressure on prime headline rents. However, it is likely that incentives will be driven down before headline rents rise by any significant degree.

Key South East Availability, H1 2013

3

Address

Town

Size (sq ft)

DC380, Edinburgh Way

Harlow

380,000

Isis Reach

Belvedere

321,000

DC1 MK, Clarke Road

Milton Keynes

210,000

©2013, CBRE Ltd.

3

United Kingdom Logistics | MarketView

The market in the South West has performed considerably well during the past 18 months. In 2012 there was over 3 million sq ft of space acquired for occupation, including a significant number of large design and buildings, including Home Bargains in at Imperium in Amesbury and Asda at Avonmouth.

Chart 7: South West Take-up by Quality New

3.5

Secondhand

3.0 2.5

million sq ft

H1 2013

SOUTH WEST

2.0

Whilst there has been no D&B transactions concluded in the first half of 2013, the momentum from last year has now spilled over into this year with 742,000 sq ft of take-up during the first half. The largest deal so far this year was in Swindon, where Howard Tenens took 237,000 sq ft as part of their expansion of operations in Wiltshire. In and around Bristol, Culina Logistics took space in one of the few Grade A buildings available in the South West market, acquiring 212,000 sq ft of Crossflow 550 on Cabot Park. Whilst outside the scope of this report, the market for smaller units of between 50 and 70,000 sq ft has been notably active in 2013, with deals involving Gist, Stapleton Tyres and Fulton Boilers in the Bristol area.

1.5 1.0 0.5 0.0 2006 2007 2008 2009 2010 2011 2012

Source: CBRE

Chart 8: Quarterly South West Availability New

5

Secondhand

4 million sq ft

As with other regions, the supply position in the South West is now at a tipping point with very little choice for occupiers in their search for a ready-to-occupy unit. Crossflow 550 now remains the largest amount on new build space available under a single roof, although the deal to Culina now means this unit has been split to leave 338,220 sq ft remaining. Despite the amount of available space in new buildings declining since the end of 2012, there have been some releases of secondhand units that have pushed overall availability up to 2.72 million sq ft. Secondhand space accounts for 83% of this total.

H1 2013

3 2 1 0 2008

2009

2010

2011

2012

2013 Source: CBRE

With the exception of Crossflow, there are very few good quality units that remain available, with only one other new build property than can accommodate a requirement of over 100,000 sq ft. This could there present difficulties for occupiers, particularly those with short-term requirements. However, there are a number of sites across the region, particularly in the Bristol area, that could deliver new space on a built to suit basis. Looking to the longer-term, up to 100 acres of commercially developable land could become available following the closure of the airfield at Filton. This has the potential to provide good competition to the market for logistics space, with excellent access to the M5 at junctions 16 and 17.

4

Returning to prospects in the near there are a number of requirements currently in the market, totalling up to 1.5 million sq ft, for logistics units in the South West that could result in deals during the second half of the year. These include large requirements The Range, Speedyhire and WHSmith.

Key South West Deals, H1 2013 Occupier

Address

Town

Size (sq ft)

Howard Tenens

Europa Business Park

Swindon

237,000

Culina Logistics

Crossflow 550, Cabot Park

Avonmouth

212,000

Arla Foods

DC115, Cabot Park

Avonmouth

116,000

Key South West Availability, H1 2013 Address

Town

Size (sq ft)

Brabazon, West Way

Bristol

406,000

Cribbs Causeway Distribution

Bristol

385,000

Chelston Business Park

Wellington

178,000

©2013, CBRE Ltd.

H1 2013

MIDLANDS

New

million sq ft

12

Secondhand

9 6 3 0 2006 2007 2008 2009 2010 2011 2012

H1 2013 Source: CBRE

Chart 8: Quarterly Midlands Availability New

15

Secondhand

The Hermes deal in Tamworth was for short-term space, just five years. The lack of good quality, ready to occupy warehouse space in core Midlands location is set to present significant challenges for those occupiers seeking units on a short term basis where design and build solutions are not suitable.

million sq ft

12 9 6 3 0 2008

2009

2010

2011

2012

2013 Source: CBRE

Key Midlands Deals, H1 2013 Occupier

Address

Town

Size (sq ft)

Hermes Parcels

Tamworth 594

Tamworth

347,000

Clipper Logistics

The Duke

Burton

302,000

Dachser Transport

Brackmills Point

Northampton

225,000

Wolseley

Berkeley Business Park

Worcester

200,000

Key Midlands Availability, H1 2013

5

Address

Town

Size (sq ft)

LPP Corby

Corby

528,000

G.Park Blue Planet

Stoke-on-Trent

383,000

Arrow, G.Park

Worksop

330,000

Tamworth 594

Tamworth

247,000

©2013, CBRE Ltd.

The majority of good, modern, existing units are now attracting strong interest from occupiers, in many cases from multiple parties. Due to restricted supply elsewhere in the country some occupiers having been required to extend their search from neighbouring regions where building choice is even more constrained. This situation is illustrated by Hermes Parcels who were considering a unit in Peterborough, until it was withdrawn. They have finally signed for 350,000 sq ft at Tamworth 594, the former Focus DIY warehouse. This followed a search across many buildings across the Midlands.

United Kingdom Logistics | MarketView

The start of 2013 was relatively quiet across the Midlands market as the squeeze on supply suppressed the pace at which deals could be completed. Nevertheless, during this time enquiry levels held up and since April transactions have been taking place. Across the half year, take-up has totalled 1.95m sq ft, which prospects for the second half to show further improvement.

Chart 7: Midlands Take-up by Quality

These market dynamics have resulted in developers to begin to seriously consider going ahead with speculative development. The first to commit to such a move is IM Properties, who will speculatively build two units of 165,600 sq ft and 168,900 sq ft respectively at Birch Coppice, close to junction 10 of the M42. Work will commence in July with completion in early 2014, and IM have already let one of these buildings to an undisclosed occupier and there is interest in the second. Whilst supply remains restricted and delivery of new space remains limited, the focus continues to be on the design and build market. Nevertheless there are a limited number of sites in the Midlands that can be truly described as deliverable, that is cleared sites with planning permission and infrastructure already prepared. We are aware of discussions involving a number of occupiers, including Kuhne & Nagel Drinksflow and UK Mail, involving shovelready sites. As and when these deals are concluded, so future availability within the sector will be further restricted. 5

D&Bs were largely absent during much of 2012, but a number have been signed in 2013 with the Omega North site in Warrington now effectively full followed deals with Travis Perkins (700,000 sq ft) and Hermes Parcels (150,000 sq ft). In addition there was confirmation of a new unit of 500,000 sq ft for B&M Bargains at Liverpool International Business Park as well as a pre-let of 441,000 sq ft for Aldi at Logistics North, Cutacre near Bolton. Beyond the prime end of the market, the demand for secondhand units in the North West has been sustained. Smaller requirements, including those from locally based businesses, are having to make a compromise on quality, in the absence of any good quality, ready-to-occupy units. The North West has a number of potential sites that could come forward for development. This includes further land at Cutacre, land owned by Legal & General close to Wigan and up to 1.4 million sq ft within the Enterprise Zone at Airport City, alongside Manchester Airport. However, the key issue for many of sites is their deliverability. Only a small number have detailed planning in place to allow a pre-let development to begin quickly, so choice is more limited and a period for judicial review may still need to be accounted for in the forward plan of any occupier. Despite some speculative development elsewhere in the country, we do not expect any starts in the North West unless an occupier is already committed. Only Lancashire Business Park in Leyland has units under construction at present, but these are to replace warehousing previously destroyed in a fire. The majority of larger requirements are well aware of the current supply situation, and have subsequently been planning well in advance to allow for a D&B unit that closely matches their needs.

6

The lack of ready-to-occupy units in the North West means we have seen upward pressure on prime rents. A clear premium is now being paid on design & build transactions, demonstrated by deals done at Omega North in Warrington. Here rental levels have been well above the £5 per sq ft threshold (at £5.15 and £5.25 per sq ft). Indeed for a new units, with good levels of accessibility close to Manchester or the interchanges between the M62 and M60/M6, rents in excess of £5 per sq ft are most likely.

North West Take-up by Quality New

5

Secondhand

4 million sq ft

United Kingdom Logistics | MarketView

At the start of 2013, the North West was one of the most space constrained markets, particularly for Grade A units. As a result the first half of the year has been dominated by design and build activity, in some instances are large amounts of space, that have pushed take-up to 2.8 million sq ft. Already at the half year point space has been acquired in new units (including pre-lets) than any other recent full year.

3 2 1 0 2006 2007 2008 2009 2010 2011 2012

H1 2013 Source: CBRE

Quarterly North West Availability New

Secondhand

12 million sq ft

H1 2013

NORTH WEST

9 6 3 0 2008

2009

2010

2011

2012

2013 Source: CBRE

Key North West Deals, H1 2013 Occupier

Address

Town

Size (sq ft)

Travis Perkins

Omega North

Warrington

700,000

B&M Bargains

Liverpool International B. Park

Liverpool

500,000

Aldi

Logistics North, Cutacre

Bolton

441,000

Howard Tenens

One175

Winsford

175,000

Hermes Parcels

Omega North

Warrington

150,000

Key North West Availability, H1 2013 Address

Town

Size (sq ft)

XL, Statham Lane

Skelmersdale

520,000

Saturn, Knowsley Business Park

Knowsley

426,000

MW300, Stakehill Industrial Estate

Middleton

305,000

©2013, CBRE Ltd.

H1 2013

YORKSHIRE & NORTH EAST

New

6

Secondhand

million sq ft

5 4 3 2

Some of these are larger requirements of up to 500,000 sq ft, which will provide a substantial boost to take-up in the second half of the year if deals are signed.

1 0 2006

2007

2008

2009

2010

2011

2012

2013

Source: CBRE

Quarterly Yorkshire/N East Availability New

10

Secondhand

million sq ft

8 6 4 2 0 2008

2009

2010

2011

2012

2013 Source: CBRE

Key Yorkshire/NE Deals, H1 2013 Occupier

Address

Town

Size (sq ft)

British Engines

Simonside East Industrial Estate

S Tyneside

159,000

Parcelforce

Unit 1, Magna 34

Rotherham

152,000

One Stop Stores

Prologis Park, Wakefield Europort

Wakefield

121,000

Key Yorkshire/NE Availability, H1 2012

7

Address

Town

Size (sq ft)

SIRFT (2 buildings)

Sheffield

629,000

550 Sherburn Distribution Park

Leeds

550,000

LPP Sheffield, Shepcote Lane

Sheffield

413,000

©2013, CBRE Ltd.

However, the majority of recent enquiries have been in a mid-size range of 100-200,000 sq ft, and like other regions options are become increasingly limited for ready to occupy units of this size. These requirements typically involve local businesses rather than national retail groups and are triggered by lease events and relocations to enable business expansion and improved efficiencies. To a great extent, though, current availability is at odds with where recent demand has been. The availability of units between 100,000 and 250,000 sq ft is relatively scarce, limited to just five buildings new build units. And although outside the scope of this report, there is even more limited choice for sub-100,000 sq ft units, particularly around major urban centres such as Sheffield and Leeds.

United Kingdom Logistics | MarketView

Following a strong year for Yorkshire and the North East in 2012, take-up began the year on a much quieter note. As a result take-up for the half year stands at just 432,000 sq ft across just three deals. Nevertheless, during the latter half of May and into June, enquiries levels have improved, which should translate into improved take-up in the second half of 2013.

Yorkshire/N East Take-up by Quality

Availability of units over 100,000 sq ft currently stands at 4.54 million sq ft, and has edged down a little since the end of 2012. Supply continues to be dominated by larger units in South and West Yorkshire including SIRFT in Sheffield, Sherburn Distribution Park near Leeds and LPP Sheffield. These three developments alone account for over one-third of overall supply across Yorkshire and the North East. However, there has been a resurgence recently in the manufacturing across the region and the logistics sector has the potential to benefit from spin-off occupation as the wider supply chain becomes established. Recent examples of this include the expansion of the Nissan production plant in Sunderland and the Advanced Manufacturing Park in Sheffield which has culminated in a development by Rolls Royce totalling over 300,000 sq ft. The new train production plant at Newton Aycliff, Co Durham, by Hitachi will also offer a major boost to the region and is expected to generate further occupier demand from the wider supply chain. 7

United Kingdom Logistics | MarketView

The investment market for logistic warehouses has substantially improved during the first half of 2013, with a significant increase in purchasing volumes. Activity levels were held back in 2012, so the shift in the market over recent months marks an important turnaround. Already volumes are ahead of the full year 2012 total, with £1.03bn transacted over the last six months. In recent years demand has been polarised with opportunistic investors targeting short term income with deliverable asset management opportunities and conversely UK Institutions have been targeting longer let or annuity grade investments. In Q2 2013 we have seen increased interest from a host of purchasers for mid-term income (8-12 year unexpired terms) investments. Best in class assets, by virtue of specification and location are highly contested by a number of UK institutions and overseas Investors. The features of these transactions remains firmly rooted by the sound market fundamentals that have guided purchasing decisions for longer or shorter dated stock i.e. prime logistics locations, such as Greater London, M1 Corridor or Golden Triangle; modern, well specified buildings let to robust covenants. Any exposure to capital expenditure and income void on reversion continues to place outward pressure on yields for more secondary dated stock. The absence of stock coupled with an improved debt market and redistribution of money away from Gilts and equities has led to a seismic shift in requirements for logistics given the defensive qualities associated with these assets. Outperformance of the IPD benchmark is of particular focus. Further, the economic outlook has strengthened during the course of the year thereby providing further support to occupational demand and compounding the current supply/demand imbalance that we have experienced since 2011. A number of these mid-dated deals are shown overleaf, but further deals have signed during July including the Smyths Toys unit in Stoke and Big Blue in Birmingham. This geographical preference is evident in analysis of transactions in H1. Two regions, the South East and East Midlands, have together accounted for more than half of purchases by value during the first six months of the year. Similarly, the mix of purchases in the first half is dominated by two groups: Overseas Investors account for a 37% share and UK Institutions 28%. Purchases from this group have been boosted by the acquisition of a portfolio of eleven LondonMetric properties. Project Piccolo was acquired by a joint venture between ProLogis and Norges Bank in June 2013. This portfolio sold for £247.5m.

8

With the resurgence in money entering the sector in 2013, at mid-year, we have begun to see inward movement in prime yields. As a result yields have moved in by around 25 basis point this year for prime logistics investment, to stand at 6.25% NIY at the start of July. However, we have also seen yield compression of a comparable magnitude within the wider industrial sector, with yields of 6.5% NIY for regional prime industrial estates and 8.25% NIY for good secondary assets.

Chart 13: Logistics Investment Volumes 2,500 2,000 £ millions

H1 2013

UK INVESTMENT MARKET OVERVIEW

1,500 1,000 500 0

Source: CBRE / Property Data

Chart 14: Investment by Region, H1 2013 8%

1%

1% South East

10%

30%

South West East Midlands West Midlands North West

15%

Yorks/North East 8%

Wales Scotland

27%

Source: CBRE/ Property Data Note: excludes portfolio sales where assets are located across multiple regions

Chart 15: Investment by Purchaser, H1 2013 3% 4% 20%

Occupiers 37%

Overseas investors Private individuals UK Institutions UK Prop Cos

28%

Other 8% Source: CBRE/ Property Data

©2013, CBRE Ltd.

UK Gilts

Typical Industrial Property NIY*

5 years

1.44%

8.00%

10 years

2.45%

7.50%

20 years

3.25%

6.25%

Prime Distribution Prime Industrial Estate (Rest UK) Secondary Industrial

Prime Industrial Estate (London) Good Secondary

14% 12%

* Typical modern distribution warehouse, less than 10 years old, well specificed and located in a South East, South West or Midlands locations, in close proximity to major infrastructure and let to a low risk investment grade covenant. Source: CBRE/ Macrobond

10% 8% 6% 4%

Table 10: Key Investment Transactions, H1 2013 Tenant

Address

Term

Purchaser

Price Paid (millions)

Yield

The Range

Nimbus Park, Thorne, Doncaster

20 yrs

Tritax

£36.61

7.75%

Primark

Huntingdon Road, Thapston

19.5 yrs

LondonMetric

£60.50

6.20%

Bakkavor Foods

Forward Drive, Harrow

37.6 yrs

Aberdeen Asset Management

£14.70

6.22%

SITA UK

Rigby Lane, Hayes, London

25 yrs

LaSalle Investment Management

£4.67

5.95%

DSG Retail

Western Approach Distribution Park, Bristol

17 yrs

M&G Real Estate

£23.00

7.14%

Comet

Eurohub, Longcroft Road, Corby

10.5 yrs

Tesco Pension Fund

£10.50

9.75%

Argos

Marsh Leys Distribution Park, Bedford

9.5 yrs

LondonMetric

£52.175

6.9%

Argos

Acton Gate, Stafford

14.0 yrs

Middle Eastern investor

£36.61

7.75%

L’Oréal

Lakeview Drive, Sherwood Park, Annesley

8.85 yrs

90 North

£8.95

7.95%

CHEP UK

Central Park, Western Approach, Bristol

9.60 yrs

Private purchaser

£8.00

7.50%

Fujitsu Services

Daten Avenue, Warrington

5.0 yrs

Tungsten Properties

£6.42

9.30%

Walkers Snack Foods

Leacroft Road, Birchwood, Warrington

4.5 yrs

Blackstone

£11.15

8.75%

Hobbs

26 Oliver Business Park, Park Royal, NW10

5.0 yrs

CBRE Global Investors

£8.20

6.86%

TDG UK

Merlin 310, Trafford Park

5.0 yrs

Henderson Global Investors

£19.7

7.10%

United Kingdom Logistics | MarketView

Term

Chart 16: Logistics and Industrial Yields

H1 2013

Table 9: Latest Pricing: Gilts vs Property

LONG DATED INCOME

MID DATED INCOME

SHORT DATED INCOME

9

9

©2013, CBRE Ltd.

H1 2013

UK INDUSTRIAL & LOGISTICS CONTACTS

United Kingdom Logistics | MarketView

Industrial & Logistics Agency Team

Industrial & Logistics Capital Markets Team

London & South East Paul Farrow t: +44 (0)20 7182 2565 e: [email protected]

Midlands Richard Meering t: +44 (0)121 627 5236 e: [email protected]

London & South East Richard Moffitt t: +44 (0)20 7182 2433 e: richard [email protected]

Midlands Edward Gamble t: +44 (0)121 627 5515 e: [email protected]

Richard Lord t: +44 (0)20 7182 2490 e: [email protected]

Stuart Mair t: +44 (0)121 627 5237 e: [email protected]

Simon Milner t: +44 (0)20 7182 2434 e: [email protected]

Nick Woodward t: +44 (0)121 627 5561 e: [email protected]

James Attfield t: +44 (0)20 7182 2484 e: [email protected]

Melissa Wace-Rogers t: +44 (0)121 627 5517 e: [email protected]

Roddy MacKay t: +44 (0)20 7182 2181 e: [email protected]

Sam Smith t: +44 (0)20 7182 2548 e: [email protected]

South Nick Tutton t: +44 (0)23 8020 6313 e: [email protected]

Alex Hoodless t: +44 (0)20 7182 2482 e: [email protected]

Yorkshire & North East Roger Haworth t: +44 (0)114 270 9162 e: [email protected]

Ruth Tytherley t: +44 (0)20 7182 2154 e: [email protected] North West Mike Walker t: +44 (0)161 233 5607 e: [email protected] Paul Cook t: +44 (0)161 233 5619 e: [email protected] Scotland David Rolwegan t: +44 (0)141 204 7733 e: [email protected]

South West James Morgan t: +44 (0)117 943 5776 e: [email protected] Yorkshire & North East Toby Vernon t: +44 (0)114 270 9161 e: [email protected] Roger Haworth t: +44 (0)114 270 9162 e: [email protected] Dave Cato t: +44 (0)113 394 8821 e: [email protected]

Matthew McGrail t: +44 (0)20 7182 2435 e: [email protected] Edward Spooner t: +44 (0)20 7182 2887 e: [email protected] George Wilson t: +44 (0)20 7182 2487 e: [email protected]

Alex Whiting t: +44 (0)113 394 8810 e: [email protected] North West Rob Woods t: +44 (0)161 233 5668 e: [email protected] South West Andy Sayner t: +44 (0)117 943 5762 e: [email protected] Scotland Miller Mathieson t: +44 (0)131 243 4168 e: [email protected]

10

www.cbre.co.uk

©2013, CBRE Ltd.

H1 2013

CONTACTS

United Kingdom Logistics | MarketView

For more information about this Local MarketView, please contact: Research Andrew Marston Director UK Research CBRE Henrietta House Henrietta Place London t: +44 (0)20 7182 3907 e: [email protected]

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Global Research and Consulting This report was prepared by the CBRE UK Research Team which forms part of CBRE Global Research and Consulting – a network of preeminent researchers and consultants who collaborate to provide real estate market research, econometric forecasting and consulting solutions to real estate investors and occupiers around the globe. Disclaimer 11

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