Gpt Group · ASX:GPT
Gpt — Hamburg Trust — Investor Presentation (October 2007)
33 slides from Gpt's investor presentation, Oct 18, 2007
Slide 1: Hamburg Trust, October 18, 2007
Hamburg, October 18, 2007 A hamburgTRUST
Slide 2: Agenda
Agenda 1. Closed-end funds at a glance 2. Hamburg Trust at a glance 3. Funds 4. Outlook and business strategy 2
Slide 3: Why is Germany interesting for providers of wealth management?
Closed-end funds at a glance Why is Germany interesting for providers of wealth management? • Country with the largest population in Europe (83m) • Rise in gross cash assets from EUR 2,875bn in 1996 to EUR 4,529bn in 2006 Rise from 2005 to 2006: EUR 229bn (GDP of Denmark) • Number of wealthy persons
Slide 4: What is a closed-end fund?
Closed-end funds at a glance What is a closed-end fund? • Closed-end funds are a form of indirect investment • They compete with open-end funds and listed real estate companies • In contrast to open-end funds, closed-end funds always invest in a clearly defined asset with a fixed investment volume a
Slide 5: Tax efficiency
Closed-end funds at a glance Tax efficiency • Closed-end funds are usually single asset holding SPVs, based under German jurisdiction on a limited partnership (KG), which provides the investors with the following advantages – If the company holds the asset more than ten years, the capital gains tax
Slide 6: Almost twice as much was invested in closed-end funds as in equity funds
Closed-end funds at a glance • Almost twice as much was invested in closed-end funds as in equity funds * Including real estate, ship, private equity, life insurance and other funds Sources: Loipfinger "Marktanalyse der Beteiligungsmodelle 2007" / BVI 6
Slide 7: Equity raised in € billion (2000-2006)
Closed-end funds at a glance Equity raised in € billion (2000-2006) 90 80 70 60 Closed-end funds (equity) 50 Equity funds € billion Open-end funds 40 Bond funds 30 20 10 0 2000 2001 2002 2003 2004 2005 2006 -10 Source: BVI – Association of German investment funds 7
Slide 8: Closed-end fund investors prefer real estate
Closed-end funds at a glance • Closed-end fund investors prefer real estate Source: Loipfinger "Marktanalyse der Beteiligungsmodelle 2007" 8
Slide 9: Closed-end funds sold through banks
Closed-end funds at a glance • The bulk of closed-end funds are sold through banks including savings banks • Average subscription amount in 2006: EUR 32,785 Source: Loipfinger "Marktanalyse der Beteiligungsmodelle 2007" 9
Slide 10: Market Trends
Closed-end funds at a glance • Market Trends – In 2006 closed-end real estate funds collected 24% more equity from investors than in 2005 – Placement of equity in 2007 is forecast at around EUR 11.5bn – Medium and long-term uptrend due to growing number of investors (baby boomers) – More challenging
Slide 11: Major active competitors
Closed-end funds at a glance Major active competitors (EUR mn) Source: Loipfinger "Marktanalyse der Beteiligungsmodelle 2007" 11
Slide 12: Legal and tax structures
Closed-end funds at a glance Legal and tax structures 12
Slide 13: Agenda
Agenda 1. Closed-end funds at a glance 2. Hamburg Trust at a glance 3. Funds 4. Outlook and business strategy 13
Slide 14: Hamburg Trust at a glance: Overview
Hamburg Trust at a glance Overview • Hamburg Trust represents a first-time joint venture of two prestigious real estate and financial companies, founded for the purpose of launching closed-end property funds for German private and institutional investors – Established December 2006 – 22 employees (a
Slide 15: Shareholder structure and management
Hamburg Trust at a glance Shareholder structure Management (20%) (60%) (20%) Consolidated expertise and networked connections in the world’s real estate and capital markets For further information: www.gpt.com.au, www.credit-suisse.com 15
Slide 16: Affiliates of Hamburg Trust
Hamburg Trust at a glance Affiliates of Hamburg Trust Hamburg Trust Treuhand HTT GmbH Hamburg Trust Beteiligungsmanagement HTB GmbH Hamburg Trust Asset Management HTAM GmbH Closed-end property funds for private investors Core property funds Value-added funds Core property funds represent the traditi
Slide 17: Markets and sectors
Hamburg Trust at a glance Markets and sectors Therefore, no Cinemas, among Others 17
Slide 18: Staffing incl. signed service agreements (22 employees)
Hamburg Trust at a glance Staffing incl. signed service agreements (22 employees) Assistant Silke Setzkorn Birgit Behrens Chief Executive Officer Dr. Joachim Seeler Chief Financial Officer Chief Sales Officer Head of Asset Harald Pohl Michael Arndt Management Lutz Wiemer Fund Structuring Acquisition
Slide 19: Agenda
Agenda 1. Closed-end funds at a glance 2. Hamburg Trust at a glance 3. Funds 4. Outlook and business strategy 19
Slide 20: domicilium - Munich
domicilium - Munich • Core property fund – Rented apartments • Investment volume: EUR 50.9 m • Equity: EUR 8.6 m • LTV: 87%* – Debt Provider: Bayern LB (federal state bank of Bavaria) • Investor: US-investor with whom Hamburg Trust has a close relationship * 25% of loan is interest-free as part of t
Slide 21: Future Funds
Future Funds • domicilium 2 – Core property fund – Rented apartments (Florida/Texas) – Debt Provider: Credit Suisse – Forecast term of fund: 10 years – Co-investment with Alliance Holdings • Finest Selection – Value-added property fund – Forecast term of fund: 10 years – Co-investment with Otto fami
Slide 22: The distribution network
The distribution network Successful contacts of long standing with the following potential partners who plan to sell Hamburg Trust products 22
Slide 23: The distribution network: results
The distribution network: results • Promising talks held with all major German banks • All the banks so far approached have expressed strong interest in working together with Hamburg Trust • Successful sales of products in 2007 will help to establish Hamburg Trust as a relevant player in the market
Slide 24: The debt providing network
The debt providing network Successful contacts of debt providing credit institutions Sparkasse KölnBonn WestLB Sydney 24
Slide 25: Agenda
Agenda 1. Hamburg Trust at a glance 2. Closed-end funds at a glance 3. Funds 4. Outlook and business strategy 25
Slide 26: Potential funds for private investors in 2008
Potential funds for private investors in 2008 Target markets Target sectors – Germany – Rental apartments – Czech Republic – Housing apartments – United States of America – Rental apartments/offices – Hungary, Poland, Lithuania – Shopping centres – Australia – Shopping centres/offices 26
Slide 27: Outlook 2008
Outlook 2008 • Quality leadership in closed-end funds • Number of sales partners at the end of 2008: approx. 100 • Buildup of a mezzanine fund product line for institutional investors • Buildup of asset management for third parties 27
Slide 28: Potential funds for institutional investors
Potential funds for institutional investors • Mezzanine Funds – Fund description: Investment in commercial real estate loans: whole loans, bridge loans, Mezz loans, Junior notes, B-Notes, preferred equity – Fund volume: EUR 300 m – Projected IRR before tax: 9% + – Term of fund: approx. 10 years – Ty
Slide 29: Asset Management: One core competency for sustainable success
Asset Management: One core competency for sustainable success Fund Asset Acquisition Fund Design Sales Management Management Sustainable success of investments 29
Slide 30: Extensive involvement of asset management in every phase of the investment
Extensive involvement of asset management in every phase of the investment Acquisition Management Disposition Financial Due Diligence Strategic Management Timing of Exit Structured assessment of Ongoing cash flow and variance Exit recommendations based on location/property Analysis market research,
Slide 31: Firm separation of strategic and operational business
Firm separation of strategic and operational business • Asset management develops concepts and strategies On-going market Value-driven control research; development of asset through Reduction and prevention and recommendation of optimization of of vacancy strategies, e.g. revenues and expenses refur
Slide 32: For further information please contact
For further information please contact: Claudia Kruse-Madsen Head of Communication/Marketing Tel.: +49 (0)40 28 09 52 – 190 claudia.kruse-madsen@hamburgtrust.de www.hamburgtrust.de 32
Slide 33: Disclaimer
Disclaimer The information provided in this presentation has been prepared by Hamburg Trust Grundvermögen und Anlage GmbH (Hamburg Trust). The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relie