Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — Investor Presentation (January 2016)
56 slides from Helios Re Socimi's investor presentation, January 2016
Slide 1: Corporate Presentation January 2016
Corporate Presentation January 2016 www.larespana.com Lar España Real Estate SOCIMI, S.A. (LRE) – January, 2016
Slide 2: Disclaimer
Disclaimer • This document has been prepared by Lar España Real Estate SOCIMI, S.A. (the “Company”) for information purposes only and it is not a regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. This document ne
Slide 3: Agenda
Corporate Presentation - Lar España Real Estate Agenda 1 Description & Financials 2 Accretive deals and growth ahead 3 Active Management Strategy 3 Annexes Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. (LRE) –– January, S.A. (LRE) January, 2016 2016 3
Slide 4: Accelerating business performance and portfolio growth
Strategic Update - Lar España Real Estate Financial Highlights Accelerating business performance and portfolio growth Strong asset contribution during first 9M of 2015 Solid signs of asset value generation and confirmation of consumption improvement +2%1 Growth in Footfall; +6%1 in average sales per
Slide 5: Lar España at a glance
Description & Financials - Lar España Real Estate Lar España at a glance Key figures as at December 2015 Market cap1 €568m GAV2 €877m LTV3 37% EPRA Occupancy4 EPRA Net Initial EPRA NAV (Sep 92.8% 6.3% €549m rate (Sep 2015) Yield4 (Sep 2015) 2015) WAULT5 Annual Net Rent 2.2 years €52m GLA Owned 556,1
Slide 6: Overview of Lar España's portfolio (9M'15)
Description & Financials - Lar España Real Estate 9M 2015 Portfolio Breakdown and EPRA KPI’s Overview of Lar España’s portfolio (9M’15) Residential Logistic 4% 16.4% GLA Logistics 29% Rental income breakdown by Retail Offices Retail 58% by asset class 62.4% asset class 21.2% Offices 9% EPRA Net Init
Slide 7: Committed to delivering value through active asset management
Description & Financials - Lar España Real Estate Summary Committed to delivering value to shareholders through an active asset management strategy of a carefully selected portfolio Maintaing IPO target of a minimum 12%1 shareholder return per Grupo Lar: 40 years of experience from a unique Real ann
Slide 8: Clearly defined investment strategy – target assets with low risk and high upside
Description & Financials - Lar España Real Estate Clearly defined investment strategy – target assets with low risk and high expected upside potential • Established and clear strategy driving property allocation • Focus on value creation through asset management capabilities, beyond macro cycle • St
Slide 9: Agenda
Agenda 1 Description & Financials 2 Accretive deals and growth ahead 3 Active Management Strategy 3 Annexes Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. (LRE) –– January, S.A. (LRE) January, 2016 2016 9
Slide 10: €135m Capital increase enabled accretive deals after mid 2015
Accretive deals and growth ahead - Lar España Real Estate July 2015 Capital Increase €135m Capital increase enabled LRE accretive deals after mid 2015 The capital increase transaction was met with strong support from existing shareholders base. Initial take-up of the rights offering was 99.48% and t
Slide 11: Acquisition of Megapark for €170m
Accretive deals and growth ahead - Lar España Real Estate Acquisition of Megapark, Bilbao The acquisition of Megapark for €170m makes Lar España’s portfolio one of the most attractive real estate platforms in Spain Unique asset by location, size and tenant line up, located in one of the wealthiest r
Slide 12: Visible and sizable pipeline with over 80% off-market transactions
Accretive deals and growth ahead - Lar España Real Estate Portfolio overview following share capital increase Visible and sizable pipeline with over 80% envisaged off-market transactions 31 December 2015 Pipeline under negotiation + estimated 2,500 2,500 Pipeline2 under Capex: negotiation breakdown
Slide 13: Debt overview
Accretive deals and growth ahead - Lar España Real Estate Debt overview Good capacity to take additional debt from current LTV 37%1 - taking advantage of the favourable finance conditions Back-loaded amortization of the debt and diversification of Prudent Financial Management: 75% exposure to fixed
Slide 14: Agenda
Agenda 1 Description & Financials 2 Accretive deals and growth ahead 3 Active Management Strategy 3 Annexes Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. (LRE) –– January, S.A. (LRE) January, 2016 2016 14
Slide 15: Clear business model to create value through active property management
Active Management Strategy - Lar España Real Estate Clear business model to create value through active property management Main differentiating factors Asset Management levers • Increasing NOI: Taking advantage of the increase in consumption, reduction in vacancy, increase in turnover rents and mal
Slide 16: Portfolio Overview
Active Management Strategy - Lar España Real Estate Shopping Centre Office Porfolio Overview 1 L’Anec Blau (Barcelona) 13 Egeo (Madrid) Location by asset class 2 Portal de la Marina (Alicante) 14 Arturo Soria (Madrid) 3 Albacenter (Albacete) Cardenal Marcelo Spinola 15 (Madrid) 4 Txingudi (Guipúzcoa
Slide 17: KPI: Initial Figures – Shopping Centres
Active Management Strategy - Lar España Real Estate KPI: Initial Figures Detailed Portfolio Overview Shopping Centres Albacenter + Hypermarket Txingudi Las Huertas El Rosal Acquisition date 30/07/2014 19/12/2014 Acquisition date 24/03/2014 Acquisition date 24/03/2014 Acquisition date 07/07/2015 Loca
Slide 18: KPI: Initial Figures – Shopping Centres
Active Management Strategy - Lar España Real Estate KPI: Initial Figures Detailed Portfolio Overview Shopping Centres L’Anec Blau As Termas P. De la Marina + Hypermarket Acquisition date 31/07/2014 Acquisition date 15/04/2015 Acquisition date 30/10/2014 09/06/2015 Location: Barcelona Location: Lugo
Slide 19: KPI: Initial Figures – Retail Complex
Active Management Strategy - Lar España Real Estate KPI: Initial Figures Detailed Portfolio Overview Retail Complex Development project Megapark Cruce de Caminos Retail Complex & Factory Outlet Centre: Acquisition Date: 10/08/2015 Location: Sagunto Retail Complex Location: Bilbao GLA: 43,091 sqm GLA
Slide 20: KPI: Initial Figures – Retail Units
Active Management Strategy - Lar España Real Estate KPI: Initial Figures Detailed Portfolio Overview Retail Units Nuevo Alisal Villaverde Galaria Acquisition Date 17/12/2014 Acquisition Date 29/07/2014 Acquisition Date 23/07/2015 Location: Santander Location: Madrid Location: Pamplona GLA: 7,648 sqm
Slide 21: KPI: Initial Figures – Office
Active Management Strategy - Lar España Real Estate KPI: Initial Figures Detailed Portfolio Overview Office Egeo Arturo Soria Marcelo Spinola Eloy Gonzalo Joan Miró Acquisition date 16/12/2014 Acquisition date 29/07/2014 Acquisition date 31/07/2014 Acquisition date 23/12/2014 Acquisition date 11/06/
Slide 22: KPI: Initial Figures – Residential and Logistics
Active Management Strategy - Lar España Real Estate KPI: Initial Figures Detailed Portfolio Overview Residential Logistics Lagasca99 Alovera I, II, III & IV Almussafes Acquisition date 30/01/2015 Acquisition date 07/08/2014 – 26/05/2015 Acquisition date 26/05/2015 Property Type: Residential Property
Slide 23: Active management in place to enhance shopping experience
Active Management Strategy - Lar España Real Estate Retail Active management in place to enhance shopping experience Top anchored tenant mix with a balanced offer of attractive retailers, leisure activity and food & drink 960 mall operators and 81 pop-up stores 28.2 million visits during the first 9
Slide 24: Strong performance grounded on intense letting activity
Active Management Strategy - Lar España Real Estate Retail Strong performance grounded on intense letting activity and boosting shopping experience Strong business evolution 9M 2015 Diversified retail portfolio 8,516 Total sqm, of 7 9 1 5 +64 which 1,193 12 8 Retail Complex signed GLA are new contra
Slide 25: Positive results achieved by active property management
Active Management Strategy - Lar España Real Estate Offices and Logistics Positive results achieved by active property management Active Management Strategy in Office Properties and Logistics Warehouses Offices: 1 Joan Miró ~ €8m of annual Net Rent Generation 2 1 2 Almussafes EGEO BUILDING ART
Slide 26: Residential progresses on schedule
Active Management Strategy - Lar España Real Estate Residential progresses on schedule and confirms high interest of potential buyers Done Demand Test, Waiting List, selective off market reservations Fine tuned preliminary design with potential customers’ feedback 1. US Embassy VIP sales offic
Slide 27: Acquisition of 100% of Portal de La Marina Shopping Center
Active Management Strategy - Lar España Real Estate Lar España expects to complete 100% acquisition of Portal de La Marina Shopping Center from Grupo Lar Deal Price at similar valuation levels than first tranche Deal Rationale acquisition Excellent performance of the asset: footfall increased by 6%
Slide 28: Conclusions
Conclusions - Lar España Real Estate Conclusions Accelerating business performance and portfolio growth Strong performance of the assets Solid signs of asset value generation thanks to active management strategy in place and confirmation of consumption improvement Consolidating rent generation thank
Slide 29: Agenda
Agenda 1 Description & Financials 2 Accretive deals and growth ahead 3 Active Management Strategy 3 Annexes Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. (LRE) –– January, S.A. (LRE) January, 2016 2016 29
Slide 30: Strong Management Team & Investment Manager Platform
Corporate Governance – Lar España Real Estate Strong Management Team & Invesment Manager Platform Miguel Pereda Real Estate Manager Managing Director at Grupo Lar Luis Pereda Co-CEO of Grupo Lar and Board Member of LRE Executive Chairman of Grupo Lar REAL ESTATE TEAM / INVESTMENT MANAGER PLATFORM LA
Slide 31: A Unique Real Estate Manager
Corporate Governance – Lar España Real Estate A Unique Real Estate Manager Our investment manager, is a seasoned, Spanish private Real Estate developer, Investor and Asset Manager with a 40-year track record of international experience, Joint Ventures with Tier 1 Investors and long-term relationship
Slide 32: Alignment of interests
Corporate Governance – Lar España Real Estate Alignment of interests 1 2 3 Exclusivity Structure and Incentives Management Commitment The Manager is committed to exclusivity Critical activities are carried out in-house: Grupo Lar owns a 2.5% stake in Lar for commercial property investment CF
Slide 33: Positive financial performance, but still expecting ramp-up phase
9M 2015 Financial Results - Lar España Real Estate Consolidated P&L (IFRS) and Consolidated Balance Sheet (IFRS) 9M 2015 Positive financial performance, but still expecting ramp-up phase Consolidated Income Statement (Thousands of Euros) Consolidated Balance Sheet (Thousands of Euros) 9M 2015 9M 201
Slide 34: +10% of EPRA Annualized Net Rent compared to June 30
9M 2015 Financial Results - Lar España Real Estate Financial Indicators as of September 30th, 2015 + 10% of EPRA Annualized Net Rent compared to June 30 GAV1 Relative growth figures by segment up to June 2015 8% 6.10% 6% EPRA Annualized Net Rent of c.€40m as of 3.50% September 30th, +10% more than J
Slide 35: Diversified and stable rental income portfolio
Portfolio Overview - Lar España Real Estate Portfolio overview as of December 31st Lar España consolidates a diversified and stable rental income portfolio Weighted Avg. W.A.U.L.T as Initial Avg. Avg. Initial Annual Net Rent Asset Class Units Price Gross Lettable Area EPRA Net at Sep 2015 Rent/sqm O
Slide 36: Retail Complex: Megapark, Bilbao
Portfolio Overview - Lar España Real Estate Portfolio descriptions Retail Complex Megapark, Bilbao Asset Characteristics Asset Name: Megapark Asset Type: Retail complex Opening Date: 2004 Location: Bilbao 63,907 sqm GLA: RP1: 44,532 sqm FOC2: 19,395 sqm Acquisition price: €170 m Price per sqm: €2,66
Slide 37: Shopping Centre: El Rosal, León
Portfolio Overview - Lar España Real Estate Portfolio descriptions Shopping Centre El Rosal, León Asset Characteristics Asset Name: El Rosal Asset Type: Shopping Centre Opening Date: 2007 Location: León GLA: 51,142 Acquisition price: €87.5 m Price per sqm: €1,711/sqm Location & Profile Investment Ra
Slide 38: Shopping Centre: Anecblau, Barcelona
Portfolio Overview - Lar España Real Estate Portfolio descriptions Shopping Centre Anecblau, Barcelona Asset Characteristics Asset Name: Anecblau Asset Type: Shopping Centre Opening Date: 2006 Location: Barcelona GLA: 28,863 sqm Acquisition price: €80.0 m Price per sqm: €2,772/sqm No. Tenants: Multi
Slide 39: Shopping Centre: As Termas, Lugo
Portfolio Overview - Lar España Real Estate Portfolio descriptions Shopping Centre As Termas, Lugo Asset Characteristics Asset Name: As Termas Asset Type: Shopping Centre Opening Date: 2005 Location: Lugo GLA: 33,151 sqm Acquisition price: €67.0 m Price per sqm: €2,021/sqm No. Tenants: Multi-tenant
Slide 40: Shopping Centre: Portal de la Marina, Alicante
Portfolio Overview - Lar España Real Estate Portfolio descriptions Shopping Centre+Hipermarket Portal de la Marina, Alicante Asset Characteristics Asset Name: P. De la Marina Asset Type: Shopping Centre Opening Date: 2008 Location: Alicante GLA: 39,9311 sqm Acquisition price: €47.6 m Price per sqm:
Slide 41: Shopping Centre: Albacenter, Albacete
Portfolio Overview - Lar España Real Estate Portfolio descriptions Shopping Centre Albacenter, Albacete Asset Characteristics Asset Name: Albacenter Asset Type: Shopping Centre Opening Date: 1996 Location: Albacete GLA: 27,974 sqm Acquisition price: €39.9 m Price per sqm: €1,426.3/sqm No. Tenants: M
Slide 42: Shopping Centre: Txingudi, Guipuzcoa
Portfolio Overview - Lar España Real Estate Portfolio descriptions Shopping Centre Txingudi, Guipuzcoa Asset Characteristics Asset Name: Txingudi Asset Type: Shopping Centre Opening Date: 1997 Location: Guipúzcoa GLA: 9,920 sqm Acquisition price: €27.7 m Price per sqm: €2,789/sqm Location & Profile
Slide 43: Shopping Centre: Las Huertas, Palencia
Portfolio Overview - Lar España Real Estate Portfolio descriptions Shopping Centre Las Huertas, Palencia Asset Characteristics Asset Name: Las Huertas Asset Type: Shopping Centre Opening Date: 1989 Location: Palencia GLA: 6,108 sqm Price of acquisition: EUR 11.7 m Price per s.q.m.: €1,916/sqm No. Te
Slide 44: Retail Warehouse: Nuevo Alisal, Santander
Portfolio Overview - Lar España Real Estate Portfolio descriptions Retail Warehouse Nuevo Alisal, Santander Asset Characteristics Asset Name: Nuevo Alisal Asset Type: Retail Warehouse Opening Date: 2010 Location: Santander GLA: 7,648 sqm Acquisition price: €17.0 m Price per sqm: €2,223/sqm No. Tenan
Slide 45: Retail Complex: Cruce de Caminos, Sagunto
Portfolio Overview - Lar España Real Estate Portfolio descriptions Retail Complex Cruce de Caminos, Sagunto Asset Characteristics Cruce de Caminos Retail Asset Name: Park & Gallery Asset Type: Retail Complex Opening Date: 2016 (E) Location: Sagunto 43,091 sqm Retail Park: 25,820 sqm GLA: Hyper: 10,0
Slide 46: Retail Complex: Villaverde, Madrid
Portfolio Overview - Lar España Real Estate Portfolio descriptions Retail Complex Villaverde, Madrid Asset Characteristics Asset Name: Villaverde Asset Type: Retail Warehouse Date of Opening: 2002 Location: Madrid GLA: 4,391 sqm Acquisition price: €9.1 m Price per sqm: 2,072 €/sqm No. Tenants: Singl
Slide 47: Retail Warehouses: Galaria, Pamplona
Portfolio Overview - Lar España Real Estate Portfolio descriptions Retail Warehouses Galaria, Pamplona Asset Characteristics Asset Name: PC Galaria Asset Type: Retail Units Location: Pamplona GLA: 4,108 Acquisition price: €8.4 m Price per sqm: €2,045/sqm No. Tenants: 3 Location & Profile Investment
Slide 48: Office Building: Egeo, Madrid
Portfolio Overview - Lar España Real Estate Portfolio descriptions Office Building Egeo, Madrid Asset Characteristics Asset Name: Egeo Asset Type: Office Building Location: Madrid GLA: 18,254 sqm Acquisition price: €64.9 m Price per sqm.: €3,555/sqm No. Tenants: Multi-tenant Location & Profile Inves
Slide 49: Office Building: Arturo Soria 336, Madrid
Portfolio Overview - Lar España Real Estate Portfolio descriptions Office Building Arturo Soria 336, Madrid Asset Characteristics Asset Name: Arturo Soria Asset Type: Office Building Location: Madrid GLA: 8,663 sqm Acquisition price: €24.2 m Price per sqm.: €2,793/sqm No. Tenants: Multi-tenant Locat
Slide 50: Office Building: Joan Miró, Barcelona
Portfolio Overview - Lar España Real Estate Portfolio descriptions Office Building Joan Miró, Barcelona Asset Characteristics Asset Name: Joan Miró Asset Type: Office Building Location: Barcelona GLA: 8.610 sqm Acquisition price: €19.7 m Price per sqm: €2,285/sqm No. Tenants: 4 Location & Profile In
Slide 51: Office Building: Marcelo Spínola 42, Madrid
Portfolio Overview - Lar España Real Estate Portfolio descriptions Office Building Card. Marcelo Spínola 42, Madrid Asset Characteristics Asset Name: Marcelo Spinola Asset Type: Office Building Location: Madrid GLA: 8,584 sqm Acquisition price: €19.0 m Price per sqm.: €2,213/sqm No. Tenants: Multi-t
Slide 52: Office Building: Eloy Gonzalo, Madrid
Portfolio Overview - Lar España Real Estate Portfolio descriptions Office Building Eloy Gonzalo, Madrid Asset Characteristics Asset Name: Eloy Gonzalo Asset Type: Office Building Location: Madrid GLA: 6,231 sqm Acquisition price: €12.8 m Price per sqm.: €2,043/sqm No. Tenants: Multi-tenant Location
Slide 53: Logistics Warehouse: Alovera I & II, Guadalajara
Portfolio Overview - Lar España Real Estate Portfolio descriptions Logistics Warehouse Alovera I & Alovera II , Guadalajara Asset Characteristics Asset Name: Alovera I & Alovera II Asset Type: Logistics W. Date of Opening: 1992-2008 Location: Guadalajara GLA: 119,147 sqm Acquisition price: €44.85 Mn
Slide 54: Logistics Warehouse: Alovera C2, C5C6 & Almussafes
Portfolio Overview - Lar España Real Estate Portfolio descriptions Logistics Warehouse Alovera C2 & Alovera C5C6, Guadalajara & Almussafes, Valencia Asset Characteristics Asset Name: 3 warehouses Logistics Asset Type: Warehouse Date of Opening: 2007 & 2008 &2005 Guadalajara & Location: Valencia GLA:
Slide 55: Residential Portfolio: Lagasca99, Madrid
Portfolio Overview - Lar España Real Estate Portfolio descriptions Residential Portfolio Lagasca99 Madrid Asset Characteristics Asset Name: Lagasca99 Asset Type: Residential Date of Construction: 2016-2018 Location: Madrid GLA 26,203 sqm Location & Profile Investment Rationale Acquisition price: EUR
Slide 56: Lar España Real Estate SOCIMI, S.A. (LRE) – January, 2016
Lar España Real Estate SOCIMI, S.A. (LRE) – January, 2016
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