Xior Student Housing N.V. · EURONEXT:XIOR
Xior Student Housing — Merger or Acquisition (May 2022)
25 slides from Xior Student Housing's merger presentation, May 30, 2022
Slide 1: Acquisition of Basecamp
Xior Student Housing Acquisition of Basecamp
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by the management of XIOR STUDENT HOUSING NV (the "Company") and the Company assumes responsibility for the information contained in this presentation. It does not constitute or form part of, and should not be construed as, an offer, solicitation or inv
Slide 3: Acquisition of Basecamp
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Slide 4: From a small family business to a true professional market player
From a small family business to a true professional market player Founders enter the (BE) student housing scene with first asset 31 Dec 2015 (FV: €194.8m) 31 Mar 20221 (FV: €2.01bn) 2007 3% 16% December 2015 16% 2015 87.8 MEUR IPO 2,035 units 30% 194.8 MEUR portfolio 8 cities 48 assets 2 countries M
Slide 5: Creating the leading student housing platform in continental Europe
Creating the leading student housing platform in continental Europe Expansion rationale Geographical presence • Xior will acquire1 a unique 939 MEUR portfolio2 comprised of 11 prime PBSA assets with 5,341 units developed and operated by Basecamp • A major step forward in Xior’s international expansi
Slide 6: Geographical reach
High-quality and complementary combined portfolio, with larger scale and geographic diversification As of March 2022 + Portugal Poland Sweden Sweden 8% 1% 13% Germany Denmark 3% Belgium Belgium Spain 24% 12% 27% 21% Geographical reach 16% Poland 4% Split by value1 Germany 6% including pipeline Polan
Slide 7: Number 1 student housing platform in continental Europe
Number 1 student housing platform in continental Europe Leading continental European student housing platform with strong growth in top-tier university 1 city locations High-quality and complementary combined portfolio, with larger scale and geographic 2 diversification 3 Leverage to combine platfor
Slide 8: Market overview
Market overview 8
Slide 9: Leading continental Europe student housing platform
Leading continental Europe student housing platform… Serving a vast student accommodation market.. Geo. presence Pipeline Listed players Private players 74.9 +5.3 #000’s of beds¹ 41.7 32.0 26.5 21.2 21.1 20.8 19.0 17.1 15.1 14.2 12.1 10.7 9.6 9.3 5.5 5.3 5.3 4.4 4.0 2 3 2 4 2 Source: Bonard Student
Slide 10: …with strong growth in university city locations
…with strong growth in university city locations …that is largely under supplied and better positioned to growth compared to the UK Continental Europe has some of the world’s best and oldest universities, with very few charging tuition fees to EU students According to Savills, a rapid growth in st
Slide 11: Market key characteristics
Market key characteristics Number of ~491,000 ~817,000 ~1,630,000 ~375,000 ~1,204,000 ~2,891,000 ~363,000 ~703,000 students o.w. international 9% 10% 8% 13% 7% 11% 11% 6% students Supply rate PBSA 27% 26% 6% 6% 10% 11% 22% 20% 390 82 public 14 public 8 public 38 public universities > 350 officially
Slide 12: Basecamp
Basecamp 12
Slide 13: Basecamp in a nutshell
Basecamp in a nutshell Basecamp Geographical overview • Founded in 2014 by Armon and Amnon Bar-Tur, Justin Operational Hamer and Dr. Andreas Junius, Basecamp focuses on Pipeline student housing in Germany, Denmark and Poland and is extending its presence to Sweden • Basecamp’s objective is to create
Slide 14: The German, Polish and Nordics student housing market
The German, Polish and Nordics student housing market Largest student cities x # students in 000’ / Basecamp is present / in development Uppsala Potsdam Gdansk Gothenburg 36.3 27.5 74.2 37.8 Hamburg Stockholm 84.7 Berlin 100.0 Poznań Aalborg 188.0 Warsaw 115.2 33.2 Aachen 225.2 Lyngby 60.3 Wrocław L
Slide 15: Portfolio overview – Germany & Poland
Portfolio overview – Germany & Poland 1 Potsdam 5 operational assets + 1 project 4 Łódź I #units/ beds 263/ 263 DE PL #units/ beds 487/ 624 Est. investment Est. investment value (€m) 220.7 109.0 Est. investment 28.3 30.8 value (€m) value (€m) Opening date Oct 2017 Opening date Nov 2017 2 Leipzig 5 Ł
Slide 16: Portfolio overview – The Nordics
Portfolio overview – The Nordics 1 Lyngby Student 3 operational assets + 2 projects 3 Aarhus #units/ beds 639/ 639 DK SE #units/ beds 663/ 663 Est. investment Est. investment value (€m) 455.2 113.7 Est. investment 150.4 149.9 value (€m) value (€m) Opening date Aug 2020 Opening date Jul 2023 1 Lyngby
Slide 17: Basecamp brand and ESG
Basecamp brand and ESG What does the Basecamp brand stand for? ESG is a high priority within the Basecamp brand 1 Owns and operates PBSA in cities with high-ranked universities • Basecamp’s key purpose is Social, aiming to: • Build properties that facilitate creation of communities 2 Operates in-hou
Slide 18: Transaction characteristics
Transaction characteristics 18
Slide 19: Financially attractive transaction that continues to extend earnings growth
Financially attractive transaction that continues to extend earnings growth Pro forma key metrics Pro forma earnings per share (€) 15% Transaction Pro-forma Dec 2021 perimeter 2022 15% 10% 2.38 2.20 2.07 2.00 Fair value €2.0bn €0.9bn c.€3bn 1.80 Gross valuation 5.51% 5.21% 5.42% yield (%) Debt ratio
Slide 20: Transaction structure
Transaction structure 30 August 2022 31 Mar 2023 1 Sept 2023 Leipzig Potsdam Łódź I Łódź II Katowice I 385 units 263 units 487 units 631 units 733 units Lyngby South Lyngby Aachen Aarhus Malmö Students Campus Residential BlueGate Operations & 639 units 350 units 663 units 583 units 147 units¹ Develo
Slide 21: Transaction overview
Transaction overview • Total valuation of 939 MEUR1 • 899 MEUR for 11 assets Value • 40 MEUR for Basecamp Group • The transaction will create value for all shareholders of the new pro forma group with the additional territories • The transaction will be earnings accretive as from the first year • Pr
Slide 22: Shareholder engagement
Shareholder engagement Xior is strongly convinced that a double basket for capital increases without pre-emptive right will be value-enhancing for current shareholders 1. B-REIT obligations 2. Rights issues 3. Accretive M&A Debt ratio • Growing Belgian REIT Being allowed to raise 20% capital (10% th
Slide 23: Q&A
Q&A 23
Slide 24: Presenting team
Presenting team CHRISTIAN TEUNISSEN FREDERIK SNAUWAERT ARMON BAR-TUR Chief Executive Officer Chief Financial Officer Future Chief Growth Officer From 1997 until 2008 mainly active in the Previously active as a senior auditor at PwC in (Currently Executive Chairman of Basecamp) insurance industry at
Slide 25: Xior Student Housing NV
Xior Student Housing NV +32 3 257 04 89 Mechelsesteenweg 34, box 108 2018 Antwerp Belgium www.xior.eu ir@xior.be Follow the #xiorfamily 25
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