Vitura Sa · EURONEXT:VTR
Vitura Sa — Investor Presentation (September 2021)
17 slides from Vitura Sa's investor presentation, September 2021
Slide 1: Office Kennedy
PRIVATE AND CONFIDENTIAL Office Kennedy Paris, France September 2021
Slide 2: Property Photos
PRIVATE AND CONFIDENTIAL Property Photos Office Kennedy (the “Property”) is a c.10k square meter office building located in the 16 th arrondissement, a submarket in Central Paris. The Property is well positioned on the banks of the Seine, south of the Central Business District. Passy Kennedy 22.7k s
Slide 3: Property Aerial
PRIVATE AND CONFIDENTIAL Property Aerial The Property is situated in a prominent position on the bank of the river Seine in the heart of the 16 th arrondissement with iconic views of the Seine. This freehold site represents a rare opportunity to acquire the property adjacent to Passy Kennedy. Tour M
Slide 4: Executive Summary
PRIVATE AND CONFIDENTIAL Executive Summary VITURA signed Office Kennedy’s purchase agreement, a c. 10k square meter office building located in the heart of the 16 th arrondissement of Paris. The asset is situated immediately adjacent to Passy Kennedy which was acquired by VITURA in December 2018. ▪
Slide 5: Basis & Yield Comparison
PRIVATE AND CONFIDENTIAL Basis & Yield Comparison Office Kennedy underwriting assumptions have compared favourably to recent market comparable transactions. Basis Comparison (€ Per Square Meter) Yield Comparison (%) €25,400 5.5% 3.3% €12,600 €9,800 0.2% Office Kennedy Comparable Prime Central 10-yea
Slide 6: Market Overview
PRIVATE AND CONFIDENTIAL Market Overview
Slide 7: Extended CBD Vacancy
PRIVATE AND CONFIDENTIAL Extended CBD Vacancy Vacancy rate in Paris’ extended CBD increased by 300bps from 2.0% to 5.0% bringing it back close to the 10-year average. Vacancy (%) 8.0% 7.2% +330bps 6.5% 6.2% 6.0% 6.0% 5.6% 5.4% 5.4% 5.4% 5.3% 5.0% +370bps 4.7% 4.8% 10-year Average: 4.6% 4.4% 4.4% 4.2
Slide 8: Extended CBD Prime & Average Rents
PRIVATE AND CONFIDENTIAL Extended CBD Prime & Average Rents Limited future supply of grade A office space and aging standing stock in the Paris CBD resulted prime rents to grow 10% since 2018. Extended CBD Rents (€ Per Square Meter) Dotcom Bubble GFC European Debt Crisis Covid Pandemic 3% 930 900 90
Slide 9: Greater Paris Net New Supply
PRIVATE AND CONFIDENTIAL Greater Paris Net New Supply Greater Paris (Intramuros & First Ring) net new supply is projected to be significantly below the long term average of 1.2% of total stock (c. 440k square meters) vs. annual average take-up of 1.9 million square meters. Greater Paris Net New Supp
Slide 10: Capital Market Dynamics
PRIVATE AND CONFIDENTIAL Capital Market Dynamics Prime yields reached new record lows at 2.90% in Paris CBD driven by flight to quality to Core assets let to Grade A tenants in the best locations. Prime Yields (%) Greater Paris Commercial Real Estate Investment Volumes (€ billion) 40 6.5% 5.5% 30.9
Slide 11: Leasing Comps
PRIVATE AND CONFIDENTIAL Leasing Comps Recent comparable leasing transactions in the extended CBD have averaged at c. €744 PSM with limited new supply. Office Kennedy - Paris 16 - Leasing Comparables # Transaction Submarket Date Area Owner Tenant Rent 1 185 CDG Neuilly Mar-21 6,700 BNP REIM Chanel €
Slide 12: Leasing Comps
PRIVATE AND CONFIDENTIAL Leasing Comps 1 2 3 6 4 5 Office Kennedy 11
Slide 13: Investment Comps
PRIVATE AND CONFIDENTIAL Investment Comps Recent comparable investment transactions in the extended CBD have averaged at c. €12,600 PSM at c. 3.8% NIY. # Property City Area Buyer Seller Date Price PSM Yield Tenant To be repositioned 1 Euroalsace Paris 10 16,900 Union Investment Commerzreal Mar-18 €1
Slide 14: Investment Comps – Map
PRIVATE AND CONFIDENTIAL Investment Comps – Map 12 3 5 1 2 11 Office Kennedy 10 6 7 8 9 4 13
Slide 15: Investment Comps – Paris CBD
PRIVATE AND CONFIDENTIAL Investment Comps – Paris CBD Recent transactions in the CBD have averaged at c. €25,400 PSM at c. 2.8% NIY. # Property City Area Buyer Seller Date Price PSM Yield Tenant Prime CBD 1 9 Avenue Percier Paris 8 6,259 Deka Immobilien SFL Feb-21 154.3 24,600 2.7% 93% let on a 3.4y
Slide 16: Core CBD Investment Comps – Map
PRIVATE AND CONFIDENTIAL Core CBD Investment Comps – Map 2 3 1 6 12 5 11 8 13 7 10 9 4 Office Kennedy 15
Slide 17: Important Notice
PRIVATE AND CONFIDENTIAL Important Notice Receipt and/or reading of this document implies your agreement with the restrictions outlined below This document has been prepared exclusively by Vitura. The universal registration document of Vitura has been filed with the Autorité des marchés financiers (