# Letting information as of March 31, 2020
| Country | Finland | UK | Hungary | Poland | Portugal | Japan | South Korea | Australia | USA | Other foreign | Total |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Rental properties (number) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |
| Rental properties (market value in EUR million) | 231.6 | 381.2 | 97.4 | 240.3 | 234.2 | 318.3 | 277.1 | 192.7 | 824.7 | 916.1 | 3,713.5 |
| Types of use according to annual rental income fully let1 |
| Offices & practices | 51.7% | 67.9% | 85.6% | 47.3% | 0.7% | 69.2% | 39.1% | 67.2% | 61.3% | 35.0% | 50.8% |
| Trade/Gastronomy | 9.3% | 5.7% | 1.8% | 46.6% | 76.3% | 4.0% | 3.9% | 16.6% | 22.6% | 54.3% | 29.0% |
| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.2% | 0.0% | 5.1% | 1.7% |
| Warehouse/Logistics | 28.4% | 0.0% | 1.5% | 1.0% | 15.9% | 22.4% | 56.8% | 0.2% | 0.0% | 0.6% | 8.4% |
| Residential | 0.0% | 25.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 10.3% | 0.0% | 4.9% |
| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 3.8% | 0.0% | 0.0% | 0.0% | 4.4% | 0.8% | 1.5% |
| Parking spaces | 10.6% | 0.4% | 10.7% | 4.8% | 2.5% | 4.2% | 0.0% | 5.8% | 1.3% | 3.8% | 3.4% |
| Other | 0.0% | 0.1% | 0.4% | 0.3% | 0.8% | 0.2% | 0.2% | 0.0% | 0.1% | 0.4% | 0.3% |
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Vacancy (as of reporting date) |
| Offices & practices | 0.3% | 1.1% | 6.9% | 3.6% | 0.0% | 0.6% | 2.8% | 5.5% | 0.7% | 2.2% | 2.0% |
| Trade/Gastronomy | 0.6% | 0.5% | 0.6% | 2.6% | 1.9% | 0.0% | 0.2% | 0.0% | 1.1% | 1.7% | 1.1% |
| Hotel | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Warehouse/Logistics | 0.0% | 0.0% | 0.3% | 0.3% | 0.1% | 0.0% | 3.5% | 0.0% | 0.0% | 0.1% | 0.3% |
| Residential | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Leisure | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Parking spaces | 0.0% | 0.0% | 2.1% | 0.9% | 0.0% | 0.5% | 0.0% | 0.4% | 1.1% | 0.3% | 0.6% |
| Other | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Occupancy rate | 99.1% | 98.3% | 90.1% | 92.6% | 98.0% | 98.9% | 93.5% | 94.1% | 97.1% | 95.7% | 96.0% |
| Expiring tenancy agreements2 |
| until Dec. 31, 2020 | 0.0% | 56.0% | 28.0% | 10.1% | 12.0% | 22.5% | 25.4% | 22.8% | 11.8% | 6.0% | 16.8% |
| 2021 | 10.7% | 0.5% | 23.3% | 23.6% | 10.1% | 32.5% | 14.5% | 20.9% | 4.2% | 20.0% | 13.8% |
| 2022 | 0.0% | 3.5% | 8.7% | 11.4% | 28.0% | 33.4% | 45.7% | 17.8% | 20.8% | 10.5% | 17.8% |
| 2023 | 15.3% | 1.0% | 17.9% | 15.6% | 10.6% | 7.6% | 9.7% | 21.1% | 5.5% | 11.6% | 9.8% |
| 2024 | 0.0% | 6.4% | 5.4% | 28.1% | 3.0% | 0.0% | 0.6% | 2.0% | 25.8% | 7.4% | 11.4% |
| 2025 | 34.6% | 1.7% | 7.2% | 6.5% | 10.3% | 0.0% | 0.4% | 2.9% | 6.8% | 20.3% | 9.9% |
| 2026 | 0.0% | 0.0% | 9.3% | 1.9% | 2.1% | 0.0% | 0.0% | 1.3% | 12.8% | 10.3% | 6.2% |
| 2027 | 35.3% | 5.0% | 0.0% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | 4.1% | 3.8% | 4.3% |
| 2028 | 0.0% | 0.0% | 0.0% | 0.3% | 5.1% | 1.5% | 0.0% | 0.0% | 1.5% | 1.2% | 1.1% |
| 2029 | 0.0% | 2.6% | 0.0% | 0.8% | 0.5% | 2.5% | 0.0% | 0.0% | 2.1% | 2.4% | 1.5% |
| from 2030 | 4.1% | 23.3% | 0.2% | 0.5% | 18.3% | 0.0% | 3.7% | 11.2% | 4.6% | 6.5% | 7.4% |
| Total | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |

1 Including contractual rent, rent-free periods and measured vacancy.
2 On exercising special termination right.
| Tenant structure (basis: contractual rent) – by sector |
| --- |
| Consumer goods and retail | 29.8% |
| Technology and software | 14.6% |
| Banks and financial services | 6.1% |
| Hotel/Gastronomy | 5.6% |
| Residential | 5.2% |
| Automotive and transportation | 4.7% |
| Corporate/Legal/Tax consulting | 4.5% |
| Utilities and telecommunications | 3.9% |
| Media | 2.4% |
| Housing industry | 1.4% |
| Public-sector institutions | 1.1% |
| Chemical/Pharmaceutical industry | 0.6% |
| Insurance companies | 0.4% |
| Construction | 0.0% |
| Other sectors | 19.8% |
| Total | 100.0% |


## Occupancy situation
Office leases in Asia have a term of two to three years; the expe- rience of past years has shown however that the probability of renewal is high. Probability of renewal and the occupancy rate which is high on average in the long term are not illustrated in the two charts.
In respect of tenancy agreements with special termination rights, the earliest possible ending of the rental agreement is assumed. Presenting the data without taking into account spe- cial termination rights illustrates how expiring tenancy agree- ments work in favor of the contractually secured rental income of the fund.
| Expiring tenancy agreements (with special termination right) |
| --- |
|  | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |
| Asia | 4.8% | 4.6% | 6.7% | 2.5% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |
| USA | 3.0% | 1.1% | 5.3% | 1.4% | 6.5% | 1.7% | 3.2% | 1.0% | 0.4% | 0.5% | 1.2% |
| Europe | 9.1% | 8.3% | 5.8% | 5.8% | 4.7% | 8.0% | 2.7% | 3.3% | 0.7% | 0.9% | 5.3% |
| Total | 16.9% | 13.9% | 17.8% | 9.7% | 11.4% | 9.9% | 6.0% | 4.3% | 1.1% | 1.6% | 7.4% |

Expiring tenancy agreements
Without exercising special termination right
| Expiring tenancy agreements (without special termination right) |
| --- |
|  | until Dec. 31, 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | from 2030 |
| Asia | 4.2% | 4.6% | 7.0% | 2.8% | 0.2% | 0.2% | 0.1% | 0.0% | 0.1% | 0.2% | 1.0% |
| USA | 3.0% | 1.1% | 5.3% | 1.0% | 6.3% | 2.0% | 2.0% | 1.2% | 1.8% | 0.5% | 1.2% |
| Europe | 7.8% | 5.9% | 5.2% | 5.6% | 4.7% | 5.9% | 3.6% | 4.9% | 1.1% | 1.1% | 8.6% |
| Total | 15.0% | 11.5% | 17.4% | 9.4% | 11.2% | 8.1% | 5.7% | 6.2% | 3.0% | 1.8% | 10.7% |

Translation (ENDE, 2020-03-31):
# Vermietungsinformationen zum 31. März 2020
| Land | Finnland | GB | Ungarn | Polen | Portugal | Japan | Südkorea | Australien | USA | Sonstiges Ausland | Gesamt |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Mietobjekte (Anzahl) | 2 | 11 | 3 | 6 | 3 | 4 | 4 | 4 | 9 | 9 | 55 |
| Mietobjekte (Verkehrswerte in Mio. EUR) | 231,6 | 381,2 | 97,4 | 240,3 | 234,2 | 318,3 | 277,1 | 192,7 | 824,7 | 916,1 | 3.713,5 |
| Nutzungsarten nach Jahressollmietertrag1) |
| Büro & Praxis | 51,7% | 67,9% | 85,6% | 47,3% | 0,7% | 69,2% | 39,1% | 67,2% | 61,3% | 35,0% | 50,8% |
| Handel/Gastronomie | 9,3% | 5,7% | 1,8% | 46,6% | 76,3% | 4,0% | 3,9% | 16,6% | 22,6% | 54,3% | 29,0% |
| Hotel | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 10,2% | 0,0% | 5,1% | 1,7% |
| Lager/Logistik | 28,4% | 0,0% | 1,5% | 1,0% | 15,9% | 22,4% | 56,8% | 0,2% | 0,0% | 0,6% | 8,4% |
| Wohnen | 0,0% | 25,9% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 10,3% | 0,0% | 4,9% |
| Freizeit | 0,0% | 0,0% | 0,0% | 0,0% | 3,8% | 0,0% | 0,0% | 0,0% | 4,4% | 0,8% | 1,5% |
| Stellplätze | 10,6% | 0,4% | 10,7% | 4,8% | 2,5% | 4,2% | 0,0% | 5,8% | 1,3% | 3,8% | 3,4% |
| Andere | 0,0% | 0,1% | 0,4% | 0,3% | 0,8% | 0,2% | 0,2% | 0,0% | 0,1% | 0,4% | 0,3% |
| Gesamt | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% |
| Leerstand (stichtagsbezogen) |
| Büro & Praxis | 0,3% | 1,1% | 6,9% | 3,6% | 0,0% | 0,6% | 2,8% | 5,5% | 0,7% | 2,2% | 2,0% |
| Handel/Gastronomie | 0,6% | 0,5% | 0,6% | 2,6% | 1,9% | 0,0% | 0,2% | 0,0% | 1,1% | 1,7% | 1,1% |
| Hotel | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |
| Lager/Logistik | 0,0% | 0,0% | 0,3% | 0,3% | 0,1% | 0,0% | 3,5% | 0,0% | 0,0% | 0,1% | 0,3% |
| Wohnen | 0,0% | 0,1% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |
| Freizeit | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |
| Stellplätze | 0,0% | 0,0% | 2,1% | 0,9% | 0,0% | 0,5% | 0,0% | 0,4% | 1,1% | 0,3% | 0,6% |
| Andere | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% | 0,0% |
| Vermietungsquote | 99,1% | 98,3% | 90,1% | 92,6% | 98,0% | 98,9% | 93,5% | 94,1% | 97,1% | 95,7% | 96,0% |
| Auslaufende Mietverträge2) |
| bis 31.12.2020 | 0,0% | 56,0% | 28,0% | 10,1% | 12,0% | 22,5% | 25,4% | 22,8% | 11,8% | 6,0% | 16,8% |
| 2021 | 10,7% | 0,5% | 23,3% | 23,6% | 10,1% | 32,5% | 14,5% | 20,9% | 4,2% | 20,0% | 13,8% |
| 2022 | 0,0% | 3,5% | 8,7% | 11,4% | 28,0% | 33,4% | 45,7% | 17,8% | 20,8% | 10,5% | 17,8% |
| 2023 | 15,3% | 1,0% | 17,9% | 15,6% | 10,6% | 7,6% | 9,7% | 21,1% | 5,5% | 11,6% | 9,8% |
| 2024 | 0,0% | 6,4% | 5,4% | 28,1% | 3,0% | 0,0% | 0,6% | 2,0% | 25,8% | 7,4% | 11,4% |
| 2025 | 34,6% | 1,7% | 7,2% | 6,5% | 10,3% | 0,0% | 0,4% | 2,9% | 6,8% | 20,3% | 9,9% |
| 2026 | 0,0% | 0,0% | 9,3% | 1,9% | 2,1% | 0,0% | 0,0% | 1,3% | 12,8% | 10,3% | 6,2% |
| 2027 | 35,3% | 5,0% | 0,0% | 1,2% | 0,0% | 0,0% | 0,0% | 0,0% | 4,1% | 3,8% | 4,3% |
| 2028 | 0,0% | 0,0% | 0,0% | 0,3% | 5,1% | 1,5% | 0,0% | 0,0% | 1,5% | 1,2% | 1,1% |
| 2029 | 0,0% | 2,6% | 0,0% | 0,8% | 0,5% | 2,5% | 0,0% | 0,0% | 2,1% | 2,4% | 1,5% |
| ab 2030 | 4,1% | 23,3% | 0,2% | 0,5% | 18,3% | 0,0% | 3,7% | 11,2% | 4,6% | 6,5% | 7,4% |
| Gesamt | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% | 100,0% |

- Inklusive Vertragsmiete, mietfreier Zeiten und bewertetem Leerstand.
- Bei Ausübung des Sonderkündigungsrechts.

| Mieterstruktur (Basis: Vertragsmiete) – nach Branchen |
| --- |
| Konsumgüter & Einzelhandel | 29,8% |
| Technologie und Software | 14,6% |
| Bank und Finanzdienstleistung | 6,1% |
| Hotel/Gastronomie | 5,6% |
| Wohnen | 5,2% |
| Automobil & Transport | 4,7% |
| Unternehmens-/ Rechts-, Steuerberatung | 4,5% |
| Versorger und Telekommunikation | 3,9% |
| Medien | 2,4% |
| Wohnungswirtschaft | 1,4% |
| Öffentliche Institutionen | 1,1% |
| Chemie/Pharmazeutische Industrie | 0,6% |
| Versicherungsgewerbe | 0,4% |
| Bau | 0,0% |
| Sonstige Branchen | 19,8% |
| Summe | 100,0% |


## Vermietungssituation
Büromietverträge in Asien haben eine Laufzeit von zwei bis
drei Jahren, die Erfahrungen in den letzten Jahren haben jedoch gezeigt, dass eine hohe Verlängerungswahrscheinlichkeit be- steht. In beiden Grafiken werden die Verlängerungswahrschein- lichkeit und die langfristig durchschnittlich hohe Vermietungs- quote nicht abgebildet.
Bei Mietverträgen mit Sonderkündigungsrechten wird von der frühestmöglichen Beendigung des Mietverhältnisses ausgegan- gen. Die Darstellung ohne Berücksichtigung von Sonderkündi- gungsrechten verdeutlicht, wie sich die Mietvertragsausläufe zugunsten der vertraglich gesicherten Mieteinnahmen des Fonds nach hinten verschieben.
| Auslaufende Mietverträge (mit Sonderkündigungsrecht) |
| --- |
|  | bis 31.12.2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | ab 2030 |
| Asien | 4,8% | 4,6% | 6,7% | 2,5% | 0,2% | 0,2% | 0,1% | 0,0% | 0,1% | 0,2% | 1,0% |
| USA | 3,0% | 1,1% | 5,3% | 1,4% | 6,5% | 1,7% | 3,2% | 1,0% | 0,4% | 0,5% | 1,2% |
| Europa | 9,1% | 8,3% | 5,8% | 5,8% | 4,7% | 8,0% | 2,7% | 3,3% | 0,7% | 0,9% | 5,3% |
| Gesamt | 16,9% | 13,9% | 17,8% | 9,7% | 11,4% | 9,9% | 6,0% | 4,3% | 1,1% | 1,6% | 7,4% |

Auslaufende Mietverträge
ohne Ausübung des Sonderkündigungsrechts
| Auslaufende Mietverträge (ohne Sonderkündigungsrecht) |
| --- |
|  | bis 31.12.2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | ab 2030 |
| Asien | 4,2% | 4,6% | 7,0% | 2,8% | 0,2% | 0,2% | 0,1% | 0,0% | 0,1% | 0,2% | 1,0% |
| USA | 3,0% | 1,1% | 5,3% | 1,0% | 6,3% | 2,0% | 2,0% | 1,2% | 1,8% | 0,5% | 1,2% |
| Europa | 7,8% | 5,9% | 5,2% | 5,6% | 4,7% | 5,9% | 3,6% | 4,9% | 1,1% | 1,1% | 8,6% |
| Gesamt | 15,0% | 11,5% | 17,4% | 9,4% | 11,2% | 8,1% | 5,7% | 6,2% | 3,0% | 1,8% | 10,7% |