Project Grid

Selected points in sales story (1/2)

Denmark is one of the strongest economies in the world and a safe-haven investment market

Industrial output levels remain high

1

2

180

160

140

120

100

80

11 12 13 14 15 16 17 18 19 20 21 22 23

Note: The 10 countries in the world with AAA credit ratings by the top-three international credit rating agencies.

Note: Seasonally adjusted production index, Danish industry, index 100 = 2015. Source: Statistics Denmark

Space shortage and high construction costs will prolong market rent uplift above inflation

Insourcing of production and storage spell sustained shortage of space despite high construction activity

4

3

600

10%

Record low vacancy rates

CAGR above inflation

8%

550

6%

500

4%

450

2%

400

Colliers| Proposal for advisory services | 14

0%

350

11 12 13 14 15 16 17 18 19 20 21 22 23

17

18

19

20

21

22

23 E24 E25

Aarhus

Triangle Region

Greater Copenhagen

Actual market rent growth

Market rent if inflation-linked

Note: Vacancy rate in selected regions, 2011-2023. Source: Ejendomstorvet.dk

Note: Actual market rent growth vs. growth if linked to inflation. Source: Statistics Denmark, Colliers