Eurocommercial Properties Nv · EURONEXT:ECMPA

Eurocommercial Properties Nv — Investor Presentation (April 2016)

31 slides from Eurocommercial Properties Nv's investor presentation, Apr 20, 2016

  1. Slide 1: Milan Property Tour

    Milan Property Tour April 20, 2016

  2. Slide 2: Eurocommercial: listed in Amsterdam since 1991

    Eurocommercial: listed in Amsterdam since 1991 Eurocommercial Milan Property Tour April, 2016 2 France Italy Sweden Total €1,238m 14 €1,383m 12 €706m 9 €3.3bn 35 Property value No of properties Property value No of properties Property value No of properties Property value No of properties 37% 42% 21

  3. Slide 3: 25 years of European property investment

    25 years of European property investment Eurocommercial Milan Property Tour April, 2016 3 €40.49 €1.98 7.8% p.a.** Adjusted NAV* per depositary receipt Dividend per depositary receipt Total return € 45.00 € 2.50 € 40.00 € 2.00 € 35.00 € 30.00 € 1.50 € 25.00 € 20.00 € 1.00 € 15.00 € 10.00 € 0.50 € 5.

  4. Slide 4: Attractive demographics in Northern Italy

    Attractive demographics in Northern Italy Eurocommercial Milan Property Tour April, 2016 4 Low household debt as % of net disposable income* High car ownership (units per 1,000 inhabitants)** 300 621 274 600 539 250 497 472 476 465 464 500 200 173 400 156 150 127 300 105 94 90 100 200 50 100 0 0 Gro

  5. Slide 5: Low average retail density across Eurocommercial catchments

    Low average retail density across Eurocommercial Eurocommercial Milan Property Tour 5 catchments April, 2016 876 571 469 France Sweden Italy *Densities: All shopping centres >5,000 GLA, retail parks >5,000 GLA and one or more boxes and other galleries/department stores >5,000 sales area

  6. Slide 6: Italian valuation yields attractive

    Italian valuation yields attractive Eurocommercial Milan Property Tour April, 2016 6 5.8% 6.0% 5.2% 5.0% 4.6% 4.0% 3.0% 2.0% 1.0% 0.0% France Sweden Italy Eurocommercial net initial yields as at 31 December 2015

  7. Slide 7: Shopping centres acquired since 1994

    12 shopping centres acquired since 1994 Eurocommercial Milan Property Tour April, 2016 7 Acquisition Purchase Purchase Current Current price yield net valuation net initial yield €m €m Curno, Bergamo 1994 26.8 9.8% 110.9 5.7% Carosello, Carugate, Milan 1997 72.4 9.3% 319.9 5.4% La Favorita, Mantova

  8. Slide 8: Strong turnover growth across the portfolio

    Strong turnover growth across the portfolio Eurocommercial Milan Property Tour April, 2016 8 11.0% 9.7% 9.0% 7.0% 6.5% 6.3% 6.6% 6.2% 5.6% 5.0% 4.9% 4.3% 4.3% 3.6% 3.0% 2.8% 1.5% 1.0% -0.2% -1.0% Like for like turnover growth for the 12 months to December 2015

  9. Slide 9: Eurocommercial Italia

    Eurocommercial Italia Eurocommercial Milan Property Tour April, 2016 9 Roberto Fraticelli Carlo Romagnoli Valeria Di Nisio Sergio Olgiati Marco Garibaldi Head of Italy Head of Asset Group Leasing Administration Director Development Coordinator Management Director Fabrizio Aquilina Fabrizio Da Rin St

  10. Slide 10: Significant in-house expertise

    Significant in-house expertise Eurocommercial Milan Property Tour April, 2016 10 1994 2016 1 shopping centre 12 shopping centres 0 employees 38 employees Centre management: outsourced Centre management: Eurocommercial Leasing: outsourced Leasing: Eurocommercial Accounting / rent collection: outsourc

  11. Slide 11: Leading portfolio of prime shopping centres

    Leading portfolio of prime shopping centres Eurocommercial Milan Property Tour April, 2016 11 2015 turnovers significantly outperformed CNCC national index* Three of the top 12 most visited Italian shopping centres** +5.6% +2.8% Eurocommercial: CNCC: Name Province GLA (m2) Annual visits 1 I Gigli Fl

  12. Slide 12: Sustainable level of OCRs has contributed to consistently low vacancies

    Sustainable level of OCRs has contributed to Eurocommercial Milan Property Tour 12 consistently low vacancies April, 2016 Vacancy OCR 4.0% 8.5% 3.5% 8.0% 3.0% 2.5% 7.5% 2.0% 7.0% 1.5% 1.0% 6.5% 0.5% 0.0% 6.0% Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 June-12 Dec-12 Jun-13 Dec-13 June-14 Dec-1

  13. Slide 13: Creating the best customer experience

    Creating the best customer experience Eurocommercial Milan Property Tour April, 2016 13 Loyalty Environmentally cards aware Innovative marketing Free high-speed WIFI Attractive amenities Family friendly Exciting Children’s Food offer play areas

  14. Slide 14: E-commerce not significantly impacting retail sales in Italy

    E-commerce not significantly impacting retail sales in Italy Eurocommercial Milan Property Tour April, 2016 14 Online retail sales as % of total sales* Online retail spending 2005-2020 (€ million) €100,000 €80,000 13.9% €60,000 €40,000 7.8% 2.5% €20,000 5.0% €0 France Italy Sweden UK 2005 2007 2009

  15. Slide 15: €673 million of Italian loans concluded so far in calendar years 2015 and 2016

    €673 million of Italian loans concluded so far in Eurocommercial Milan Property Tour 15 calendar years 2015 and 2016 April, 2016 2015 Total Italian portfolio €156 million 4.3 years Loans refinanced: Average term: €183 million New loans completed: 2016* Nationality of lending banks to Italian portfol

  16. Slide 16: 2015 was a busy year for the Italian team…

    2015 was a busy year for the Italian team… Eurocommercial Milan Property Tour April, 2016 16 • Completion of two major acquisitions: Fiordaliso, Milan and • New retailers joined the portfolio: Victoria’s Secret, Vans, Collestrada, Perugia America Graffiti, Liu Jo and O bag • Both properties have hig

  17. Slide 17: …and the years ahead will be equally busy

    …and the years ahead will be equally busy Eurocommercial Milan Property Tour April, 2016 17 • Completion of acquisition of hypermarket and gallery space at • New children’s areas to open at Il Castello and Centro Leonardo I Gigli on 28 April 2016, bringing ownership to 100% • Progression of extensio

  18. Slide 18: Fiordaliso: first Italian joint venture completed in October 2015

    Fiordaliso: first Italian joint venture completed in Eurocommercial Milan Property Tour 18 October 2015 April, 2016 • Well established shopping centre, opened in 1992, with exceptional position on the Milan ring-road and main tram line from the city centre • Anchored by Iper – one of the best hyperm

  19. Slide 19: Fiordaliso: planned improvements

    Fiordaliso: planned improvements Eurocommercial Milan Property Tour April, 2016 19

  20. Slide 20: Fiordaliso: extension opportunities

    Fiordaliso: extension opportunities Eurocommercial Milan Property Tour April, 2016 20

  21. Slide 21: Collestrada: acquisition completed in December 2015

    Collestrada: acquisition completed in December 2015 Eurocommercial Milan Property Tour April, 2016 21 • Well-positioned on main road to the east of Perugia • Acquired both gallery and hypermarket, resulting in full control of the centre • High turnover per square metre and gallery OCR of 6.2% • Euro

  22. Slide 22: Collestrada: extension potential

    Collestrada: extension potential Eurocommercial Milan Property Tour April, 2016 22

  23. Slide 23: Carosello: outstanding position on Milan ring-road

    Carosello: outstanding position on Milan ring-road Eurocommercial Milan Property Tour April, 2016 23 Decathlon IKEA Carosello Leroy Merlin

  24. Slide 24: Carosello: major improvements since acquisition in 1997

    Carosello: major improvements since acquisition in 1997 Eurocommercial Milan Property Tour April, 2016 24

  25. Slide 25: Carosello: transformational Carrefour refurbishment

    Carosello: transformational Carrefour refurbishment Eurocommercial Milan Property Tour April, 2016 25 BEFORE AFTER

  26. Slide 26: Italian performance fundamentals reflect potential for further rental growth

    Italian performance fundamentals reflect potential for Eurocommercial Milan Property Tour 26 further rental growth April, 2016 Visitor numbers steadily increasing… …retail sales turnover recovering strongly… ...relettings and renewals starting to rebound Centres open every Sunday 5.6% 6.0% 20.0% 61.

  27. Slide 27: Active tenant rotation

    Active tenant rotation Eurocommercial Milan Property Tour April, 2016 27 107 leases renewed or relet in calendar 2015 CAROSELLO CREMONA PO Lombardini Piadina & Pesce La Piadineria B Basic Beauty Claire’s FOOD & RESTAURANT FOOD & RESTAURANT HEALTH & BEAUTY FASHION ACCESSORIES +24% +240% +7% +540% Ren

  28. Slide 28: Retail trends in our Italian centres

    Retail trends in our Italian centres Eurocommercial Milan Property Tour April, 2016 28 Top 10 tenants by total turnover Top performing tenants by turnover/m2 Brand Turnover (€m) Sector # of units Brand Turnover /m2(€m) Sector Media World 170.7 Tele/electrical 7 Pandora 45,500 Gifts/jewellery Apple 1

  29. Slide 29: What’s next: Primark opening at I Gigli

    What’s next: Primark opening at I Gigli Eurocommercial Milan Property Tour April, 2016 29

  30. Slide 30: What’s next: Primark opening at I Gigli

    What’s next: Primark opening at I Gigli Eurocommercial Milan Property Tour April, 2016 30

  31. Slide 31: Milan property tour

    Milan property tour Eurocommercial Milan Property Tour April, 2016 31 • Italy is an attractive investment market • Strong demographics and low retail densities • First class portfolio of 12 shopping centres • Highly skilled team of people • Performance fundamentals improving • Significant pipeline p

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