Project Westfield

PROJECT WESTFIELD

CPI-linked cash flowwith rent potential driven by core drivers

CORE DRIVERS

Structural shift in favour of renting, driven in part by increasing affordability constraints

Locations with high population growth driving demand (index 100 = 2023)

53%

112

52%

110

51%

108

50%

49%

106

48%

104

47%

102

46%

100

45%

10 11

12 13 14 15 16 17 18 19 20 23

23

26

29

32

35

38 41

44 47

50

Occupied by owner

Occupied by tenant

Denmark

The portfolio

Note: The population growth for the portfolio is an average of the municipalities Høje-Taastrup, Vallensbæk, Greve and Solrød. Source: Statistics Denmark, Colliers

Note: Ownership and rental housing ratios in the period 2010-2023. Data from 2021 and 2022 are temporary unavailable. Source: Statistics Denmark, Colliers

Since 2010, the rate of ownership has dropped from ap proximately 52% to 48% as a result of primarily increas ing affordability constraints as well as an increased sup ply of multi-storey housing, which typically consists of rental housing.

The municipalities of Høje-Taastrup, Vallensbæk, Greve and Solrød are expected to see population growth of approximately 11% by 2050, which is higher than the ex pected national population growth of 6% in the same period. This ensures high demand for the properties in the portfolio, as we have also observed a trend of high demand for dwellings in new urban areas.

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