Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — Investor Presentation (May 2017)
83 slides from Helios Re Socimi's investor presentation, May 2017
Slide 1: Corporate Presentation
Corporate www.larespana.com Presentation May 2017
Slide 2: Index
Index 01 02 03 04 05 06 Company Portfolio Retail Non-Retail Financial Closing Description Strategy Strategy Results Remarks
Slide 3: Company Description
3 01 Company Description The Company: Lar España The Manager: Grupo Lar As Termas Shopping Centre, Lugo
Slide 4: Snapshot
4 Snapshot Shareholder Structure First IPO of a Spanish REIT listed on the Spanish Stock Exchange PIMCO; 20,0% Focused on creating both sustainable income and strong capital returns for shareholders Brandes Investment Lar España is managed by Grupo Lar, private Real Estate Asset Partners; 5,0%
Slide 5: €1.4 Bn of assets in 31 acquisitions since IPO
5 Major milestones since 2014 30. RP Parque Abadía 31. RU 22 Retail Units 22. SC El Rosal 23. RU Galaria 28. RP Vistahermosa 24. RC Sagunto Development 4. OF Marcelo Spinola 25. RC Megapark 5. SC Albacenter 6. SC Anecblau 7. LW Alovera 15. RE Lagasca99 1. SC Txingudi 8. RU Villaverde 2. SC Las Huert
Slide 6: Retail platform + non-retail assets
6 Retail platform + non-retail assets MALL Offices Logistics Residential Retail Offices in consolidated Focus on logistic Development of first homes Top retail player locations of Madrid and properties on a selective in niche markets without Barcelona with good basis with low rents, low zoning risk,
Slide 7: Main Figures
7 Main Figures GAV (€Mn) EPRA Annualized Net Rent (€Mn) Residential Logistics Logistics 8% 6% Offices Offices 6% 12% Retail Dev €1,3861 ̴€702 Retail 4% 86% Retail 73% EPRA Topped-up NIY as of 31 December 2016 Occupancy Rate as of 31 December 2016 7.2% 100.0% 5.9% 93.7% 87.2% 2 93.5%3 5.8%3 TOTAL TOT
Slide 8: Strengths
8 Strengths Unique exposure to real estate retail Resilient prime dominant shopping assets and the Spanish consumer centers in attractive catchment areas recovery Upside potential from acquisitions done Recurrent cash flow generation from a at attractive capital values with 6.6% Net Initial Yield on
Slide 9: Lar España Strategy
9 Lar España Strategy Special focus on under managed First IPO of a Spanish REIT assets listed on the Spanish Stock Exchanges Real Estate Manager with objective of MANAGEMENT implementing an Active Management Strategy in order to deliver “Alpha” >100 Real Estate Company’s business strategy is to acq
Slide 10: Retail Assets
10 Retail Assets Focus on shopping centres and retail parks Key assets in their catchment areas Locations Locations selected based on: Prime assets in their area of influence Level of competition Close to 500,000 sqm GLA Current GDP per capita and future growth outlook Impact of tourism as
Slide 11: Non-Retail Assets
11 Non-Retail Assets Opportunistic approach to other assets Core locations Focus on value added assets Luxury residential for sale Management as a key element to make acquisitions and Offices in Madrid and Barcelona generate differential value, taking advantage of Grupo Lar’s Logistics in main
Slide 12: Corporate Governance as a priority
12 Corporate Governance as a priority Lar España has prioritized best-in-class corporate governance Pledge to guarantee that the Company’s governance structures are adequately integrated and functioning as intended Objectives of the Action Plan Ensuring strong governance Transparency in management C
Slide 13: Governance Structure
13 Governance Structure Independent and experienced Board: Critical Activities internalized 4 independent directors (4 out of 5) José Luis del Valle Roger Cooke Pedro Luis Uriarte Sergio Criado Jon Armentia Susana Guerrero Chairman and Independent Independent CFO Corporate Legal Independent Director
Slide 14: Company Description
14 01 Company Description The Company: Lar España The Manager: Grupo Lar Anecblau Shopping Center ,Barcelona
Slide 15: Grupo Lar Snapshot
15 Grupo Lar Snapshot A Real Estate Reference in Spain 1 Stable Ownership & Governance Family owned Company with more than 40-year of track record 2 Strong Management Team +270 employees in 7 Countries 3 Geographical Diversification Long history of Real Estate of Residential, Shopping Centres and 4
Slide 16: Experience in all asset classes
16 Experience in all asset classes Long track record of experience investing, developing and managing shopping centres, offices, logistics and residential buildings Retail Offices Logistics Residential 39 shopping centres invested, 9 office buildings 10 Industrial 10,000 residential developed or man
Slide 17: Successful international experience
17 Successful international experience Retail co-investments – Joint Ventures with Tier 1 Investors Whitehall MSREF
Slide 18: Commitment and exclusivity
18 Commitment and exclusivity Grupo Lar now owns a 3.5% stake in Lar España, subject to a lock-up period Manager Contract Summary 1 Grupo Lar is contracted to exclusively provide Management services to LRE. Initial five-year contract 2 The Manager is committed to exclusivity for commercial property
Slide 19: Portfolio
02 Portfolio Vistahermosa Retail Park, Alicante
Slide 20: Portfolio distribution
20 Portfolio distribution Location by asset class 2 Retail Units 1 Retail Unit 10 Retail Units 2 Retail Units 16 RETAIL 74% GAV 22 RETAIL UNITS 3% GAV 7 Retail Units 5 OFFICES 12% GAV 5 LOGISTICS 6% GAV 1 RESIDENTIAL 5% GAV
Slide 21: Retail portfolio largest assets: 59% GAV
21 Retail portfolio largest assets: 59% GAV Megapark Gran Vía Vigo Palmas Altas P. Marina El Rosal Anecblau As Termas P. Abadía LAR España largest assets represent 77% of its retail GAV Dominant in its catchment area % of High Quality Tenants1 98% 100% n.a. 95% 89% 98%
Slide 22: Retail portfolio mid assets: 18% GAV
22 Retail portfolio mid assets: 18% GAV Vistahermosa Albacenter Txingudi Sagunto Las Huertas Other Retail Units LAR España mid assets represent 23% of its retail GAV Dominant in its catchment area % of High Quality Tenants1 100% 85% 80% 90% 70% 100% Value Added Occupancy
Slide 23: Non Retail Assets Portfolio: LRE 25% GAV
23 Non Retail Assets Portfolio: LRE 25% GAV Non-Retail Assets Offices Logistics Residential Number of Assets 5 5 1 GLA (sqm) 50,634 161,841 9,453 Occupancy rate2 (%) 87.2%1 100% n.a. GAV (€ Mn) 171.0 76.5 65.8 GAV (€/sqm) 3,377 473 6,961 Passing Rent (€ Mn) 4.6 5.6 n.a. EPRA NIY (%) 2.9%1 7.0% n.a.
Slide 24: Valuation
24 Valuation Valuation Bridge Since Acquisition Portfolio Value evolution and LfL Change € Mn € Mn Portfolio Value LfL Value Change 12.30% 111 1.386 126 1,275 6.10% 259 48 851 2014 2015 2016 Value Change by Asset Class Since Acquisition LfL 2016 vs 2015 Total 15.8% 12.3% Retail 13.5% Acquisition & A
Slide 25: Significant potential upside in rents from reversion and developments
25 Significant potential upside in rents from reversion potential and developments project – For illustrative purposes – Estimated Future Investments c.110 Existing Developments 14 96 Existing Income Generating Assets c.13 4 2 78 New 4 acquisitions 9 made in 2017 not 63 considered Annualised Reversi
Slide 26: Retail Strategy
03 Retail Strategy Portal de la Marina Shopping Centre, Alicante
Slide 27: Well defined investment strategy
27 Well defined investment strategy Asset Type Shopping centres and retail parks Asset Prime dominant assets in their catchment areas Quality and Large properties for their catchment (30,000 – 100,000 sqm) Location Located in high density population areas Segment Value added: Creating shopping exper
Slide 28: Outperforming the market
28 Outperforming the market Lar España is outperforming the market Top 5 tenants represent >30% retail rents Lar España % RETAIL RENTS Nº UNITS Retail Sales +8.8% Lar España 9% 52 Footfall +5.7% 7% 5 Spain Retail AECC2 Index1 +3.6% 7% 2 +2.9% Footfall Index Spain +0.9% 4% 4 4% 6 1 INE. Spanish Retai
Slide 29: Good prospects of the Spanish Economy
29 Good prospects of the Spanish Economy Spanish economy has been surprising on the upside during the last years Positive Outlook in GDP Growth % YoY Change Spain Eurozone It is expected to continue outperforming the Eurozone Confidence of consumers keeps growing in line with income and stable
Slide 30: The value of a retail platform
30 The value of a retail platform 470,000 sqm, 850 shops, c.52 Mn visitors, 13 cities Top 10 players own 167 shopping centres which represent c.25% of the total Spanish market Retail Leaders in Spain #1 Controlling Stake Total Assets GLA per Asset #2 Investment Volumes Owned GLA Estimate No. Assets
Slide 31: Retail Approach
31 Retail Approach #3 Retail Player in Spain Benefits of staying away from Madrid and Barcelona 1. Dominance ensures long term value and resilience to any future downturns Lar España targets to exploit revenue synergies of its growing retail portfolio i. Lower competition: dominant assets often have
Slide 32: Retail Portfolio Key Metrics
32 Retail Portfolio Key Metrics GLA 2 assets TDC1 Number of units €198 Mn under 465,000 sqm Operating 850 + 250 (Dev) development 120,000 sqm Development Market Value2 €1009 Mn (Operating Centres) Occupancy Footfall Sales growth 93.7% c.53 Mn +8.8% vs National index 2.9% 1. TDC – Total Development C
Slide 33: Lar España Digital
33 Lar España Digital Market trends forecasted that individuals will shop increasingly by a combination of online and offline, 1st year Expectations versus a significant reduction of only online or only offline shopping ↑ 5% Customers Retailers Lar España New buying channel Better Customer Servi
Slide 34: New sources of value – Retail Developments
34 New sources of value – Retail Developments Sagunto Palmas Altas c.60% c.25% GLA signed and pre-signed Pre-agreement €4 Mn €14 Mn Expected annual rental Expected annual rental income income 44,252 sqm 100,000 sqm GLA Retail and family leisure space
Slide 35: Non-Retail Strategy
04 Non-Retail Strategy Egeo Office Building, Madrid
Slide 36: Opportunistic approach to non retail assets
36 Opportunistic approach to non retail assets Core locations Focus on value add assets Focus on liquid markets Off market acquisitions Luxury residential in Madrid Management as a key element to generate Offices in Madrid and Barcelona value, leveraging on Grupo Lar’s platform Logistics
Slide 37: Offices
37 Offices Strategy GAV Breakdown of Office assets Consolidated locations in Madrid and Barcelona M. Spínola J. Miró 14% 20% 12% o/GAV Good Connections/ Public Transports Recurrent activity with selective rotation 87.2% Egeo Arturo Soria E. Gonzalo Occupancy 43% 16% 9% Ratio1 10 Top-tenants by reven
Slide 38: Logistics
38 Logistics Strategy GAV Breakdown of Logistics assets Focus on logistic properties on a selective Alovera II Alovera IV basis with low rents, low capital values and 49% 11% 6% high yields o/GAV Location Alovera I Alovera III Almussafes 100% 23% 5% 12% Occupancy Valencia Ratio1 5-Top tenants by rev
Slide 39: New sources of value: Residential
39 New sources of value: Residential 2018 Estimated delivery date Construction works on schedule The building has reached the 10th floor and the structure will be completed in April 50% +21% revaluation sold vs 2015 High interest from national and Strong revaluation due to international investors sc
Slide 40: Financial Results – FY 2016
05 Financial Results – FY 2016 Lagasca 99 Residential Development, Madrid
Slide 41: FY2016 Highlights
41 FY2016 Highlights 1,275 +42% vs Mn GAV 1 FY 2015 €117 +130% vs €830.4 EPRA NAV EBT2 FY 2015 €9.20 EPRA NAV Mn per share (€ ‘000s) €60.2 Rental +69% vs EPRA 5.5% EPRA Income FY 2015 5.8% “topped-up” NIY Mn Net Initial Yield €0.33 dividend4 93.5% €62.9 EPRA €30Mn Dividend3 2016 per share Occupancy
Slide 42: Major corporate milestones during 2016
42 Major corporate milestones during 2016 Palmas Altas €141 Mn Investor Day Acquisition Capital Increase +5.4% +15.8% asset revaluation Completion of Portal de Dividend +9.3% asset revaluation Lar España’s Digital asset revaluation since acquisition la Marina acquisition Payment since acquisition Pr
Slide 43: Major operative milestones during 2016
43 Major operative milestones during 2016 595.4 424.0 130 226.4 94 89.5 53.1 65 Total Sales 39.1 € Mn 28,639 32 21.7 Nº 20,051 Operations 18% 9.6 13,709 Footfall 16% Mn visitors 5,003 GLA Rotated 14% Sqm 10% Rotation Rate Since Acq 1Q 16 1H 16 9M 16 FY 16
Slide 44: FY2016 Operational and Financial Results
44 FY2016 Operational and Financial Results €60.2 Mn Revenues +69% vs 2015 €117.0 Mn EBT1 +129.8 vs 2015 01 Solid 2016 Results and Balance Sheet €25.9 Mn Adjusted EPRA Earnings +38.6% vs 2015 €830.4 Mn EPRA NAV +43.7% vs 2015 33% net LTV; €422 Mn Net Debt 2.2% cost of debt NOI Increase vs 2015 in Re
Slide 45: Retail Operating Performance
45 Retail Operating Performance #2 in GLA/average per shopping centre 01 #1 in ownership per shopping centre in Spain #3 in GLA in retail Spanish market Megapark (+7%, TOR:+85%), Albacenter (+16%; TOR: +311%), As Termas 02 +4.7% in NOI Increase vs 2015 (+13%, TOR: +84%) 03 -14% Discounts vs. 2015 Ro
Slide 46: Offices and logistics Operating Performance
46 Offices and logistics Operating Performance Progressive vacancy reduction in office portfolio Ongoing negotiations in Arturo Soria to increase building occupancy to 01 94.01% Offices and Logistics portfolio 98% after several floors refurbishment occupancy Maintaining 100% occupancy in logistics p
Slide 47: Debt Profile
47 Debt Profile Long Term debt maturity and competitive Key Figures of the financing 1 cost of debt Cost of debt 140 Average maturity 38% 2.2% 81% 2,80% 2,6% 6.9 8,00 5.8 6.6 5.9 2,60% 6,00 Net Loan to Average Cost of 2,40% Value (LTV2) Debt3 Hedge/ Fixed 2,5% 4 2.2% 2,2% 4,00 2,20% 2,00% 2,00 H1 20
Slide 48: Disciplined and prudent debt evolution
48 Disciplined and prudent debt evolution Portfolio and Debt evolution since IPO € Mn 1600 GAV1: €1,386 Mn 1400 1200 1000 800 600 400 €558 Mn Debt 38% net 200 Evolution LTV2 0 Q12014 Q22014 Q32014 Q42014 Q12015 Q22015 Q32015 Q42015 Q12016 Q22016 Q32016 Q42016 March17 Operating Assets Development Rev
Slide 49: FY2016 P&L
49 FY2016 P&L Consolidated Income Statement (€ Millions) Chg (%) FY 2016 FY 2015 FY16/FY15 Recurring Non-Recurring Total Recurring Non-Recurring Total Rental Income 60.2 - 60.2 35.7 - 35.7 Other income 1.8 - 1.8 1.0 - 1.0 Property Operating Expenses (10.0) - (10.0) (5.5) - (5.5) Base Fee (6.4) - (6.
Slide 50: Closing Remarks
06 Closing Remarks Marcelo Spínola Office Building, Madrid
Slide 51: Dividend: €30 Mn
51 Dividends Dividend: €30 Mn1 3rd dividend in 3 years 4.7% Dividend Yield2 €0.331 ps1 – May 26th, 20173 Dividend above 40 €0,331 ps1 0,4 guidance 30 €30.0 Mn1 0,3 €0,201 ps 20 0,2 Highest 10 €0,033 ps 0,1 dividend €12.0 Mn yield in €1.3 Mn 0 0 Spanish RE 2014 2015 2016 1 Dividend to be approved in
Slide 52: Closing Remarks Investment Opportunity
52 Closing Remarks Attractive €30 Mn dividend supported by a Strong set of Results with an €117 Mn EBT Attractive portfolio of €1,386 Mn1, out of which €1,256,5 Mn are rents generating assets that produce c.€70 Mn underpinned by the acquisitions of two excellent assets in Q1 2017 Upside potent
Slide 53: Appendix - Assets
Appendix - Assets Anec Blau Shopping Centre, Barcelona
Slide 54: Megapark, Bilbao
54 RETAIL COMPLEX Megapark, Bilbao Location Acquisition Price Bilbao EUR 170.0 Mn GLA Market Value (Dec 2016) 63,576 Sqm EUR 190.0 Mn Purchase Date EPRA NIY 19 October 2015 5.2% WAULT Occupancy Rate1 2.7 years 94.0% 1. Based in EPRA standards
Slide 55: Gran Vía de Vigo, Pontevedra
55 SHOPPING CENTRE Gran Vía de Vigo, Pontevedra Location Acquisition Price Vigo, Pontevedra EUR 141.0 Mn GLA Market Value (Dec 2016) 41,462 Sqm EUR 144.5 Mn Purchase Date EPRA NIY 15 September 2016 5.9% WAULT Occupancy Rate1 3.1 95.5% 1. Based in EPRA standards
Slide 56: El Rosal, León
56 SHOPPING CENTRE El Rosal, León Location Acquisition Price Ponferrada, León EUR 87.5 Mn GLA Market Value (Dec 2016) 51,022 Sqm EUR 99.8 Mn Purchase Date EPRA NIY 7 July 2015 5.9% WAULT Occupancy Rate1 2.7 years 93.8% 1. Based in EPRA standards
Slide 57: Portal de la Marina, Alicante
57 SHOPPING CENTRE Portal de la Marina, Alicante Location Acquisition Price Ondara, Alicante EUR 89.2 Mn GLA Market Value (Dec 2016) 40,066 Sqm EUR 107.1 Mn Purchase Date EPRA NIY 30 Oct ’14/ 9 Jun ’15/ 30 Mar ‘16 6.4% WAULT Occupancy Rate1 2.4 years 93.4% 1. Weighted average price of acquisitions 1
Slide 58: Anec Blau, Barcelona
58 SHOPPING CENTRE Anec Blau, Barcelona Location Acquisition Price Barcelona EUR 80.0 Mn GLA Market Value (Dec 2016) 28,598 Sqm EUR 93.3 Mn Purchase Date EPRA NIY 31 July 2014 5.4% WAULT Occupancy Rate1 3.0 years 93.0% 1. Based in EPRA standards
Slide 59: As Termas, Lugo
59 SHOPPING CENTRE As Termas, Lugo Location Acquisition Price Lugo EUR 68.8 Mn GLA Market Value (Dec 2016) 35,127 Sqm EUR 80.0 Mn Purchase Date EPRA NIY 15 Apr ‘15/ 28 Jul ‘15 6.4% WAULT Occupancy Rate1 2.8 years 95.1% 1. Based in EPRA standards
Slide 60: Parque Abadía, Toledo
60 RETAIL PARK Parque Abadía, Toledo Location Acquisition Price Toledo EUR 63.1 Mn GLA Market Value (Acq price) 37,114 Sqm EUR 63.1 Mn Purchase Date NIY 27 March 2017 6.0% WAULT Occupancy Rate - 100% 1. Based in EPRA standards
Slide 61: 22 Retail Units
61 22 RETAIL UNITS North of Spain + Balearic Islands Location Acquisition Price North of Spain + Balearic Is. EUR 47.6 Mn GLA Market Value (Acq price) 28,822 Sqm EUR 47.6 Mn Purchase Date NIY 27 March 2017 7.6% WAULT Occupancy Rate - 100% 1. Based in EPRA standards
Slide 62: Vistahermosa, Alicante
62 RETAIL PARK Vistahermosa, Alicante Location Acquisition Price Alicante EUR 42.5 Mn GLA Market Value (Dec 2016) 33,550 Sqm EUR 45.6 Mn Purchase Date EPRA NIY 16 June 2016 5.8% WAULT Occupancy Rate1 6.3 years 88.7% 1. Based in EPRA standards
Slide 63: Palmas Altas, Seville
63 SHOPPING CENTRE Palmas Altas, Seville Location Acquisition Price Seville EUR 40.5 Mn Retail and family leisure space Market Value (Dec 2016) 100,000 Sqm EUR 46.0 Mn Purchase Date Expected NIY 1 March 2016 > 8% Expected Opening Date Expected development costs Q1 2019 EUR 109.0 Mn
Slide 64: Albacenter, Albacete
64 SHOPPING CENTRE Albacenter, Albacete Location Acquisition Price Albacete EUR 39.9 Mn GLA Market Value (Dec 2016) 27,890 Sqm EUR 49.8 Mn Purchase Date EPRA NIY 30 Jul ’14/ 19 Dec ‘14 5.4% WAULT Occupancy Rate1 2.7 years 88.4% 1. Based in EPRA standards
Slide 65: Txingudi, Guipúzcoa
65 SHOPPING CENTRE Txingudi, Guipúzcoa Location Acquisition Price Irún, Guipúzcoa EUR 27.7 Mn GLA Market Value (Dec 2016) 10,127 Sqm EUR 35.5 Mn Purchase Date EPRA NIY 24 March 2014 6.1% WAULT Occupancy Rate1 2.7 years 97.5% 1. Txingudi Occupancy pro-forma is 97.5%. . Txingudi actual occupancy rate
Slide 66: Sagunto, Valencia
66 RETAIL PARK Sagunto, Valencia Location Acquisition Price Sagunto, Valencia EUR 14.0 Mn GLA Market Value (Dec 2016) 44.252 Sqm EUR 17.3 Mn Purchase Date Expected NIY 3 August 2014 > 9% Expected Opening Date Expected development costs Q1 2018 EUR 26.0 Mn
Slide 67: Las Huertas, Palencia
67 SHOPPING CENTRE Las Huertas, Palencia Location Acquisition Price Palencia EUR 11.7 Mn GLA Market Value (Dec 2016) 6,267 Sqm EUR 13.3 Mn Purchase Date EPRA NIY 24 March 2014 6.2% WAULT Occupancy Rate1 2.3 years 84.9% 1. Based in EPRA standards
Slide 68: Nuevo Alisal, Santander
68 RETAIL PARK Nuevo Alisal, Santander Location Acquisition Price Santander EUR 17.0 Mn GLA Market Value (Dec 2016) 7,649 Sqm EUR 18.3 Mn Purchase Date EPRA NIY 17 December 2014 6.2% WAULT Occupancy Rate1 3.1 years 100.0% 1. Based in EPRA standards
Slide 69: Villaverde, Madrid
69 RETAIL PARK Villaverde, Madrid Location Acquisition Price Madrid EUR 9.1 Mn GLA Market Value (Dec 2016) 4,391 Sqm EUR 10.8 Mn Purchase Date EPRA NIY 29 July 2014 6.2% WAULT Occupancy Rate1 5.8 years 100.0% 1. Based in EPRA standards
Slide 70: Galaria, Pamplona
70 RETAIL PARK Galaria, Pamplona Location Acquisition Price Pamplona EUR 8.4 Mn GLA Market Value (Dec 2016) 4,108 Sqm EUR 10.4 Mn Purchase Date EPRA NIY 23 July 2015 6.3% WAULT Occupancy Rate1 4.9 years 100.0% 1. Based in EPRA standards
Slide 71: Egeo, Madrid
71 OFFICES Egeo, Madrid Location Acquisition Price Madrid EUR 64.9 Mn GLA Market Value (Dec 2016) 18,254 Sqm EUR 73.9 Mn Purchase Date EPRA NIY 16 December 2014 1.6% WAULT Occupancy Rate1 4.4 years 89.0% 1. Based in EPRA standards
Slide 72: Marcelo Spínola, Madrid
72 OFFICES Marcelo Spínola, Madrid Location Acquisition Price Madrid EUR 19.0 Mn GLA Market Value (Dec 2016) 8,875 Sqm EUR 33.5 Mn Purchase Date Redevelopment Capex 31 July 2014 EUR 9.6 Mn Expected Yield Total cost per Sqm. > 7.5% EUR 3,222/Sqm
Slide 73: Arturo Soria, Madrid
73 OFFICES Arturo Soria, Madrid Location Acquisition Price Madrid EUR 24.2 Mn GLA Market Value (Dec 2016) 8,663 Sqm EUR 27.2 Mn Purchase Date EPRA NIY 29 July 2014 4.8% WAULT Occupancy Rate1 2.3 years 78.8% 1. Based in EPRA standards
Slide 74: Joan Miró, Barcelona
74 OFFICES Joan Miró, Barcelona Location Acquisition Price Barcelona EUR 19.7 Mn GLA Market Value (Dec 2016) 8,611 Sqm EUR 21.4 Mn Purchase Date EPRA NIY 11 June 2015 5.3% WAULT Occupancy Rate1 1.1 years 97.3% 1. Based in EPRA standards
Slide 75: Eloy Gonzalo, Madrid
75 OFFICES Eloy Gonzalo, Madrid Location Acquisition Price Madrid EUR 12.7 Mn GLA Market Value (Dec 2016) 6,231 Sqm EUR 15.0 Mn Purchase Date EPRA NIY 23 December 2014 2.7% WAULT Occupancy Rate1 1.9 years 82.9% 1. Based in EPRA standards
Slide 76: Alovera II, Guadalajara
76 LOGISTICS Alovera II, Guadalajara Location Acquisition Price Guadalajara EUR 32.1 Mn GLA Market Value (Dec 2016) 83,952 Sqm EUR 37.5 Mn Purchase Date EPRA NIY 13 October 2014 7.0% WAULT Occupancy Rate1 0.7 years 100.0% 1. Based in EPRA standards
Slide 77: Alovera I, Guadalajara
77 LOGISTICS Alovera I, Guadalajara Location Acquisition Price Guadalajara EUR 12.7 Mn GLA Market Value (Dec 2016) 35,196 Sqm EUR 17.4 Mn Purchase Date EPRA NIY 7 October 2014 6.0% WAULT Occupancy Rate1 1.8 years 100.0% 1. Based in EPRA standards
Slide 78: Almussafes, Valencia
78 LOGISTICS Almussafes, Valencia Location Acquisition Price Valencia EUR 8.4 Mn GLA Market Value (Dec 2016) 19,211 Sqm EUR 9.5 Mn Purchase Date EPRA NIY 26 May 2015 7.3% WAULT Occupancy Rate1 2.9 years 100.0% 1. Based in EPRA standards
Slide 79: Alovera IV (C5-C6), Guadalajara
79 LOGISTICS Alovera IV (C5-C6), Guadalajara Location Acquisition Price Guadalajara EUR 7.2 Mn GLA Market Value (Dec 2016) 14,891 Sqm EUR 8.5 Mn Purchase Date EPRA NIY 26 May 2015 8.3% WAULT Occupancy Rate1 2.2 years 100.0% 1. Based in EPRA standards
Slide 80: Alovera III, Guadalajara
80 LOGISTICS Alovera III, Guadalajara Location Acquisition Price Guadalajara EUR 3.0 Mn GLA Market Value (Dec 2016) 8,591 Sqm EUR 3.6 Mn Purchase Date EPRA NIY 26 May 2015 6.7% WAULT Occupancy Rate1 1.0 years 100.0% 1. Based in EPRA standards
Slide 81: Lagasca 99, Madrid
81 RESIDENTIAL Lagasca 99, Madrid Location Acquisition Price1 Madrid EUR 50.1 Mn GLA Market Value (Dec 2016) 26,203 Sqm EUR 65.8 Mn Purchase Date Construction Period 30 January 2015 2016 - 2018 1. Corresponds to the 50% of the JV with PIMCO
Slide 82: Disclaimer
82 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 n
Slide 83: Contact us
Contact us Corporate www.larespana.com Presentation Lar España Real Estate SOCIMI
Lar España Real Estate SOCIMI — Investor Presentation (May 2017) on 6ix