Grit Real Estate Income Group Limited · LSE:GR1T
Grit Real Estate Income — Pension Funds & Alternative Investments Africa Conference (Mauritius) 2017
28 slides from Grit Real Estate Income's conference presentation, March 2017
Slide 1: Property Portfolio Update
Property Portfolio Update Pension Funds & Alternative Investments Africa Conference (Mauritius) MARCH 2017
Slide 2: Geographic Spread
Geographic Spread Kenya (2 assets) Population (million) 43.2 Morocco (1 asset) GDP (USDbn, 2015) 60.9 1 Population (million) 33.0 Real GDP growth rate (2016 ave forecast) 6% GDP (USDbn, 2015) 110 GDP / Capita (USD, 2015) 1 331 Real GDP growth rate (2016 ave forecast) 1.8% CPI (2016 ave forecast) 5.4
Slide 3: Diversified Portfolio Overview (Post Pipeline)
Diversified Portfolio Overview (Post Pipeline) Modern diversified portfolio with attractive tenant mix located in African countries with strong fundamentals Portfolio Metrics1 Light Corporate Regional Diversification (GAV) POST PIPELINE Retail Office Industrial Hospitality Accomm. Total Kenya Numb
Slide 4: High Quality Tenant Base
High Quality Tenant Base In line with its focus on counter-party strength, Mara Delta has a blue chip tenant base with a weighted average lease term of 7.7 years Anchor Tenants Tenancy Grading A+ (Global Corporates) 10% 45% A (National or African 45% Continent Corporate) B (Local Tenancy) Weighted
Slide 5: Investment Strategy
Investment Strategy Investment Strategy Leverage on existing knowledge base and experience in Mozambique, Morocco, Zambia, Mauritius and Kenya Grow portfolio based on quality USD based leases and strong counterparties Focus on countries with existing/pending REIT structures Develop and maint
Slide 6: Property Portfolio: Operational Assets
PROPERTY PORTFOLIO: OPERATIONAL ASSETS
Slide 7: Anadarko Building
Anadarko Building Acquisition Date: July 2014 Location: Maputo, Mozambique Sector: Office Property Yield: 9.7% GLA: 7 248m2 Vacancy: 0% WALE: 6.6 years Escalation: 3.5% Current Valuation: US$ 43.2 million LTV: 24.2% Anadarko (4 241m2); Sal & Anchor Tenants: Caldeira Advogados (1 330m2) 7
Slide 8: Vodacom Building
Vodacom Building Acquisition Date: May 2015 Location: Maputo, Mozambique Sector: Office Property Yield: 7.7% GLA: 10 995m2 Vacancy: 0% WALE: 3.9 years Escalation: 5.0% Current Valuation: US$ 47.8 million LTV: 57.2% Anchor Tenant: Vodacom (single-tenanted) 8
Slide 9: KPMG/Hollard Building
KPMG/Hollard Building Acquisition Date: April 2015 Location: Maputo, Mozambique Sector: Office Property Yield: 8.6% GLA: 5 056m2 Vacancy: 0% WALE: 1.7 years Escalation: 4.1% Current Valuation: US$ 18.6 million LTV: 57.2% KPMG (1 544m2); BP (1 097m2); Anchor Tenants: British Council (560m2) 9
Slide 10: Zimpeto Square
Zimpeto Square Acquisition Date: September 2015 Location: Maputo, Mozambique Sector: Retail Property Yield: 10.1% GLA: 4 764m2 Vacancy: 0% WALE: 4.7 years Escalation: 3.6% Current Valuation: US$ 10.9 million LTV: 23.0% Sonae (1 780m2); Anchor Tenants: Edcon (1 170m2); Pep (373m2) 10
Slide 11: Bollore Warehouse
Bollore Warehouse Acquisition Date: May 2016 Location: Pemba, Mozambique Sector: Light Industrial Property Yield: 10.0% GLA: 6 374m2 Vacancy: 0% WALE: 3.3 years Escalation: 0% Current Valuation: US$ 8.6 million LTV: 0% Bollore Logistics (5 352m2); Anchor Tenants: Plexus (1 022m2) 11
Slide 12: Mukuba Mall (50% ownership)
Mukuba Mall (50% ownership) Acquisition Date: December 2015 Location: Kitwe, Zambia Sector: Retail Property Yield: 7.5% Effective GLA: 14 115m2* Vacancy: 0% WALE: 4.9 years Escalation: 6.7% Current Valuation: US$ 34.9 million* LTV: 40.1% Game (5 061m2); Shoprite Anchor Tenants: (4 262m2); Pick ‘n Pa
Slide 13: Kafubu Mall (50% ownership)
Kafubu Mall (50% ownership) Acquisition Date: December 2015 Location: Ndola, Zambia Sector: Retail Property Yield: 8.8% Effective GLA: 6 071m2* Vacancy: 1.6% WALE: 3.9 years Escalation: 7.1% Current Valuation: US$ 9.9 million* LTV: 50.7% Shoprite (4 144m2); Jet (900m2); Anchor Tenants: OK Furniture
Slide 14: Buffalo Mall Naivasha (45.5% ownership)
Buffalo Mall Naivasha (45.5% ownership) Acquisition Date: May 2016 Location: Naivasha, Kenya Sector: Retail Property Yield: 7.7% Effective GLA: 3 010m2* Vacancy: 3.5% WALE: 9.9 years Escalation: 4.0% Current Valuation: US$ 6.8 million* LTV: 29.5% Tuskys (3 861m2); Java Coffee Anchor Tenants: (260m2)
Slide 15: Barclays House
Barclays House Acquisition Date: February 2016 Location: Ebene, Mauritius Sector: Office Property Yield: 7.2% GLA: 7 700m2 Vacancy: 0% WALE: 10.2 years Escalation: 6.6% Current Valuation: US$ 15.0 million LTV: 52.8% Barclays (6 461m2); Anchor Tenants: Clear Ocean (1 208m2) 15
Slide 16: Property Portfolio: Assets Under Development/Re-development
PROPERTY PORTFOLIO: ASSETS UNDER DEVELOPMENT/RE-DEVELOPMENT
Slide 17: Anfa Place Shopping Centre
Anfa Place Shopping Centre Completion Date: November 2018 (acquired July 2014) Location: Casablanca, Morocco Sector: Retail Property Yield: 9.6%* GLA: 30 879m2 Vacancy: 12.0% WALE: 5.6 years Escalation: 3.3% Current Valuation: US$ 97.5 million LTV: 51.4% Al Shaya (3 019m2); Samarcande Anchor Tenants
Slide 18: Anadarko Phase II
Anadarko Phase II Completion Date: October 2017 (acquired July 2014) Location: Maputo, Mozambique Sector: Office Property Yield: 10.6% GLA: 3 234m2 Vacancy: 0% WALE: 10.0 years Escalation: 3.5% Current Valuation: US$ 6.0 million LTV: 0% Anchor Tenant: Occupation on completion 18
Slide 19: Property Portfolio: Transferring Assets
PROPERTY PORTFOLIO: TRANSFERRING ASSETS
Slide 20: Vale Compound
Vale Compound Acquisition Date: March 2017 Location: Tete, Mozambique Sector: Corporate Accommodation Property Yield: 9.8% GLA: 12 966m2 Vacancy: 0% WALE: 5.0 years Escalation: 3.0% Current Valuation: US$ 35.0 million LTV: 26.9% Vale (83 X 3 Bed & 40 X 2 Bed); Anchor Tenants: Barloworld (20 X 2 Bed
Slide 21: Mall de Tete
Mall de Tete Acquisition Date: March 2017 Location: Tete, Mozambique Sector: Retail Property Yield: 9.3% GLA: 11 571m2 Vacancy: 5.0% WALE: 6.1 years Escalation: 3.6% Current Valuation: US$ 24.9 million LTV: 50.1% Shoprite (3 194m2); Choppies Anchor Tenants: (1 504m2); Jet (917m2) 21
Slide 22: Cosmopolitan Mall (50% ownership)
Cosmopolitan Mall (50% ownership) Acquisition Date: March 2017 Location: Lusaka, Zambia Sector: Retail Property Yield: 7.9% Effective GLA: 13 256m2* Vacancy: 2.4% WALE: 5.5 years Escalation: 6.0% Current Valuation: US$ 37.5 million* LTV: 52.0% Game (4 518m2), Shoprite Anchor Tenants: (4 122m2), Edco
Slide 23: Imperial Warehouse
Imperial Warehouse Acquisition Date: March 2017 Location: Nairobi, Kenya Sector: Light Industrial Property Yield: 8.6% GLA: 13 560m2 Vacancy: 0% WALE: 10.0 years Escalation: 3.0% Current Valuation: US$ 20.0 million LTV: 42.8% Imperial Health Sciences Kenya Anchor Tenant: (single-tenanted) 23
Slide 24: Tamassa Resort
Tamassa Resort Acquisition Date: March 2017 Location: Bel Ombre, Mauritius Sector: Hospitality Property Yield: 7.6% GLA/No of. Rooms: 21 117m2 / 214 rooms Vacancy: 0% WALE: 5.0 years Escalation: 0% Current Valuation: US$ 42.3 million LTV: 60.0% Anchor Tenant: Lux* Resorts (single-tenanted) 24
Slide 25: Le Victoria Resort & Spa (44.4% ownership)
Le Victoria Resort & Spa (44.4% ownership) Acquisition Date: March 2017 Location: Pointe Aux Piments, Mauritius Sector: Hospitality Property Yield: 7.5% Effective GLA/No. of Rooms: 15 768m2* / 254 rooms Vacancy: 0% WALE: 15.0 years Escalation: 1% Current Valuation: US$ 30.8 million* LTV: 40.2% Ancho
Slide 26: Le Mauricia Resort & Spa (44.4% ownership)
Le Mauricia Resort & Spa (44.4% ownership) Acquisition Date: March 2017 Location: Trou-aux-Biches, Mauritius Sector: Hospitality Property Yield: 7.5% Effective GLA/No. of Rooms: 9 837m2* / 238 rooms Vacancy: 0% WALE: 15.0 years Escalation: 1% Current Valuation: US$ 23.3 million* LTV: 40.2% Anchor Te
Slide 27: Le Canonnier Resort & Spa (44.4% ownership)
Le Canonnier Resort & Spa (44.4% ownership) Acquisition Date: March 2017 Pointe aux Canonniers, Location: Mauritius Sector: Hospitality Property Yield: 7.5% Effective GLA/No. of Rooms: 10 675m2* / 284 rooms Vacancy: 0% WALE: 15.0 years Escalation: 1% Current Valuation: US$ 24.4 million* LTV: 40.2% A
Slide 28: Disclaimer
Disclaimer For professional advisers or Qualified Institutional Buyers only. This material is not suitable for retail clients. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may