Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — Non-Deal Roadshow (July 2021)
61 slides from Vukile Property Fund's roadshow presentation, July 2021
Slide 1: Debt Capital Markets Non-Deal Roadshow
DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 (Some photographs used in this presentation may have been taken prior to the COVID-19 pandemic and resultant health and safety requirements)
Slide 2: Contact Details
CONTACT DETAILS AVAILABLE FOR QUESTIONS Vukile Property Fund Designation Email Tel. Number Cell number Laurence Rapp Chief Executive Officer Laurence.Rapp@vukile.co.za +27 (0)11 288 1002 +27 (0)83 266 3011 Laurence Cohen Chief Financial Officer Cohen.Laurence@vukile.co.za +27 (0)11 288 1014 +27 (0)8
Slide 3: Agenda
AGENDA 1 INTRODUCTION - SOUTHERN AFRICA AND SPAIN Laurence Rapp 2 TREASURY MANAGEMENT Laurence Cohen 3 CORPORATE STRATEGY Laurence Rapp 4 DMTN PROGRAMME Maurice Shapiro 5 Q&A APPENDICES 3
Slide 4: Introduction
1 INTRODUCTION Laurence Rapp 4
Slide 5: Profile
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 PROFILE WHO WE ARE > High-quality, low-risk, Retail REIT operating in Southern Africa and Spain > Significant geographic diversification with 51% of assets located in Spain > Strong operational focus with a core competence in active
Slide 6: Group Overview – Property Assets of R33.6bn
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 GROUP OVERVIEW – PROPERTY ASSETS OF R33.6bn WELL DIVERSIFIED EXPOSURE ACROSS MACRO ECONOMIC DRIVERS SPAIN SOUTHERN AFRICA R17.1bn R16.5bn 51% of assets 49% of assets Direct portfolio R17bn Direct portfolio R15.7bn Fairvest R538m Arro
Slide 7: The Year in Review – Delivered on All Key Objectives
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 THE YEAR IN REVIEW – DELIVERED ON ALL KEY OBJECTIVES AT THE BEGINNING OF THE PANDEMIC, COINCIDING WITH THE START OF FY2021, THE FOLLOWING KEY FOCUS AREAS WERE IDENTIFIED ˃ Ensure that we remain a going concern with a focus on long-te
Slide 8: Highlights – Emerging from the Pandemic with a Strong Operating Platform
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 HIGHLIGHTS - EMERGING FROM THE PANDEMIC WITH A STRONG OPERATING PLATFORM AND A ROBUST FINANCIAL POSITION SUSTAINED PERFORMANCE IN SOUTHERN AFRICA WITH IMPROVEMENTS IN KEY OPERATING METRICS > Footfall trending towards pre-COVID levels
Slide 9: Retail Portfolio Composition
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 RETAIL PORTFOLIO COMPOSITION 76% OF PORTFOLIO IN DEFENSIVE NON-URBAN ENVIRONMENT Rural Township Urban Value Centre Commuter Value R4.2bn R4.1bn R3.6bn R1.7bn R1.1bn 3 1 1 7 4% 1% 1% Number of properties 16 12 10 4 3 7% 4 3 2 GLA 259
Slide 10: Direct Southern African Retail Portfolio
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 DIRECT SOUTHERN AFRICAN RETAIL PORTFOLIO KEY RETAIL PORTFOLIO METRICS Portfolio Value Total number GLA Operational PV installed KEY FACTS of assets Capex forecast 16 plants R14.7bn 45 892 777m2 R64m 12.3MW Average asset value Value d
Slide 11: Tenant Affordability
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 TENANT AFFORDABILITY CONSISTENTLY SOUND PORTFOLIO METRICS RETAIL VACANCY PROFILE BY GLA RETAIL AVERAGE BASE RENTALS R/M² (EXCL. RECOVERIES) 3.8% 3.9% 3.5% 141.43 146.40 3.2% 130.44 134.78 3.0% 2.9% 122.88 114.61 2016 2017 2018 2019 2
Slide 12: Valuations: Retail Portfolio
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 VALUATIONS: RETAIL PORTFOLIO 45 PROPERTIES VALUED AT R14.7bn INCREASING BY 1.4% WITH AN UNDEMANDING VALUE DENSITY OF R16 467/m² 874 (345) (112) (260) 14,499 46 14,702 6.0% (2.6%) (0.8%) (1.7%) 0.2% R’m Value Organic growth Effect of
Slide 13: COVID-19 in Spain
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 COVID-19 IN SPAIN SPAIN IS EXITING THE PANDEMIC WITH MASS VACCINATION CUTTING DAILY DEATHS DRASTICALLY PREDICTED TO REACH GROUP IMMUNITY BY END OF AUGUST 2021 WITH AT LEAST 70% OF THE POPULATION VACCINATED State of Alarm Announcement
Slide 14: Impact on Spanish Economy
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 IMPACT ON SPANISH ECONOMY SHARP CONTRACTION WITH REBOUND EXPECTED IN 2021 > While Spain’s GDP fell by -10.8% in 2020, the expected rebound in 2021 will take GDP growth to +5.5% in 2021 and +7.0% in 2022 ECONOMY > The ECB will acceler
Slide 15: Our Portfolio
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 OUR PORTFOLIO WELL DIVERSIFIED ACROSS SPAIN 9 4% 1 El Faro 10 Marismas de Polvorín 5 9% 2 Bahía Sur 11 Alcobendas Building 11 3 Los Arcos 12 La Heredad 8 7% 17 4 Granaita 13 La Serena 16 20% 5 Vallsur 14 Pinatar Park 12 9% 6 Habanera
Slide 16: Direct Spanish Portfolio
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 DIRECT SPANISH PORTFOLIO KEY PORTFOLIO METRICS Portfolio Value Total number GLA Retail KEY FACTS €987m (-0.7%) (1) of assets by value (-1.6%) (2) 18 367 015m² 96.7% (3) Average asset Average Average exit Total number VALUATIONS value
Slide 17: Leasing Activity
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 LEASING ACTIVITY COMMERCIAL PERFORMANCE FY2021 MAIN BUSINESS KPI´S DURING FY2021 PORTFOLIO ALMOST FULLY LET 116 €7.2m 31 MARCH 2021 98.29% LEASES SIGNED NEW RENT SIGNED 31 MARCH 2020 98.30% 49 67 €1.9m €5.3m RENEWALS NEW CONTRACTS RE
Slide 18: GRI Bridge and Breakdown
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 GRI BRIDGE AND BREAKDOWN TEMPORARY COVID-19 AGREEMENTS REACHED TO SUPPORT OUR TENANTS POTENTIAL PORTFOLIO GRI ANNUALISED OF OVER €66m SHOPPING CENTRES €45m 68.2% SHOPPING CENTRES 0.3% LfL RETAIL PARKS €19m 28.8% RETAIL PARKS 1.3% GRO
Slide 19: Valuations
1. INTRODUCTION / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 VALUATIONS INDEPENDENT FAIR VALUATIONS IMPACTED BY 3.4% OVER PAST 12 MONTHS REMAIN RESILIENT FAIR VALUE BY ASSET CLASS (€m) STABILISED NOI (1) AND REVERSIONARY YIELD (2) 6.96% 6.80% 6.84% 1 028 1 003 994 6.60% 987 67.0 66.6 67.0 66.6
Slide 20: Treasury Management
2 TREASURY MANAGEMENT Laurence Cohen 20
Slide 21: Debt and Balance Sheet Strategy
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 DEBT AND BALANCE SHEET STRATEGY SIGNIFICANT PROGRESS IN IMPROVING BALANCE SHEET AND RISK METRICS > Debt reduced by R3.1bn during the year, primarily due to sale of Atlantic leaf (R1.1bn), asset sales (R231m) and ZAR recovery a
Slide 22: Debt and Balance Sheet Strategy (Cont.)
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 DEBT AND BALANCE SHEET STRATEGY (CONT.) SIGNIFICANT PROGRESS IN IMPROVING BALANCE SHEET AND RISK METRICS > €91m and £14m (R2.1bn equivalent) of foreign denominated debt repaid or converted into ZAR debt > A further €138m (R2.4
Slide 23: Loan-to-Value and Interest Cover Ratios
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 LOAN-TO-VALUE AND INTEREST COVER RATIOS COMFORTABLE HEADROOM ACROSS ALL METRICS > Strong cash flow compared with net interest cost > Group interest cover ratio of 3.3 times (which includes the impact of once-off COVID-19 relie
Slide 24: Group Loan-to-Value Bridge
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 GROUP LOAN-TO-VALUE BRIDGE DEBT REPAYMENTS HAVE CONTRIBUTED TO A 3.3% REDUCTION IN LTV Impact of cash retention 26% increase Payment of Debt reduction in Fairvest 27% increase R461m in Fairvest primarily as share price; FY2020
Slide 25: Composition of Group Balance Sheet
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 COMPOSITION OF GROUP BALANCE SHEET MATCHING DEBT WITH PROPERTY ASSETS - BY GEOGRAPHY AND CURRENCY VUKILE COMPANY CASTELLANA Total Company assets (R24.0bn) to debt EUR assets (R17.7bn) to debt (R6.7bn) Ratio 3.6x (R8.7bn) Ratio
Slide 26: Analysis of Group Loan Expiry Profile
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 ANALYSIS OF GROUP LOAN EXPIRY PROFILE LOW RISK EXPIRY PROFILE > R2.1bn of GBP and EUR debt was repaid or converted into ZAR facilities, with a further R2.4bn of EUR debt repaid or converted into ZAR facilities after year-end >
Slide 27: Debt Expiring in FY2022
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 DEBT EXPIRING IN FY2022 LOW RISK EXPIRY PROFILE 76% OF DEBT EXPIRING IN FY2022 HAS ALREADY BEEN REPAID OR EXTENDED (44% AFTER YEAR-END ) Amount Drawn Maturity Date Comments ‘000s Corporate bond VKE12 03 May 2021 R150 000 Repai
Slide 28: Undrawn Facilities
2. TREASURY MANAGEMENT / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 UNDRAWN FACILITIES UNDRAWN BANK FACILITIES INCREASED TO R3.5bn AFTER YEAR-END (FROM R1.1bn AT 31 MARCH 2020) Facility amount Amount drawn Undrawn Rm Rm Rm ABSA multicurrency revolving credit facility (ZAR portion) 672 0 672 AB
Slide 29: Corporate Strategy
3 CORPORATE STRATEGY Laurence Rapp 29
Slide 30: Key Drivers Influencing Our Business Model
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 KEY DRIVERS INFLUENCING OUR BUSINESS MODEL Changing nature of retail Focus on Access total to return funding ESG 30
Slide 31: Changing Nature of Retail
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 CHANGING NATURE OF RETAIL > Not since the Industrial Revolution has shopping been in such upheaval > Data-driven shopping transformation is unstoppable. > It will change the nature of stores, so that physical and digital shoppi
Slide 32: Customers Create Value
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 CUSTOMERS CREATE VALUE Greater customer knowledge and insight Ability to better serve our customer’s needs by providing enhanced offering and optimal tenant mix More customer visits, longer dwell times and greater spend Better
Slide 33: Building the Capabilities to Become a 'Next Generation Real Estate Company'
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 BUILDING THE CAPABILITIES TO BECOME A ‘NEXT GENERATION REAL ESTATE COMPANY’ > Engaged with leading market expert > Investment in Geolocation data company Fetch to consult in the field of digital RETAIL AND starting to gain trac
Slide 34: Data Driven Asset Management
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 DATA DRIVEN ASSET MANAGEMENT COMBINATION OF IN AND OUT-OF-MALL INSIGHTS LEADS TO BETTER KNOWLEDGE OF CONSUMERS IN MALL DIGITAL DATA OUT-OF-MALL DIGITAL DATA Primary catchment Area and geo-mapped Hourly in mall footfall retailer
Slide 35: Funding
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 FUNDING ACCESS TO CAPITAL REMAINS THE LIFEBLOOD OF REITS; THE RISK REMAINS OF REITS BECOMING ‘CLOSED END FUNDS’ ˃ With continued large discounts to NAV persisting, equity capital markets remain unattractive as a source of fundi
Slide 36: Approach to Dividend Payments
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 APPROACH TO DIVIDEND PAYMENTS FLEXIBILITY IN CASH RETENTION RATIO WHILST STILL RETAINING SA REIT STATUS ˃ In terms of JSE rules, an SA REIT must distribute at least 75% of distributable profits, subject to the solvency and liqu
Slide 37: Total Return Focus
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 TOTAL RETURN FOCUS Prior market focus was exclusively on yield and hence strategies were geared towards maximising growth in dividends ˃ Easy access to equity capital in almost limitless amounts ˃ 100% pay-out ratios ˃ Scale an
Slide 38: Adopting More Local Funding: Greater Rand Hedge
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 ADOPTING MORE LOCAL FUNDING WITH A HIGH PERCENTAGE OF ASSETS HELD OFFSHORE PROVIDES A GREATER RAND HEDGE FOR INVESTORS FROM TO At 31 March 2021, as the ZAR spot rate weakens to the EUR, Proforma after year-end (including CCIRS
Slide 39: Positioning Vukile's ESG Strategy & Communications
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 POSITIONING VUKILE’S ESG STRATEGY & COMMUNICATIONS CURRENT FY2022 POST FY2022 > Appointed external advisors on ESG in > Developing specific ESG strategic focus areas > Implement against our 5-year ESG action plan South Africa a
Slide 40: Energy and Water Management
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 ENERGY AND WATER MANAGEMENT ACHIEVEMENTS Impact on cost-to-income ratio > Electricity contributes 42% to total expenses > 7.5% of the portfolio’s electricity is generated by renewable resources, curbing our largest expense item
Slide 41: Strategic Focus Areas
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 STRATEGIC FOCUS AREAS > Continued drive to embed a singular culture within Vukile and Castellana OUR > Ongoing investment in health and wellness programmes for the team covering both physical and mental wellbeing PEOPLE > Peopl
Slide 42: Prospects
3. CORPORATE STRATEGY / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 PROSPECTS WELL POSITIONED FOR LONG TERM SUSTAINABILITY ˃ The Vukile business remains in very good shape operationally, financially and strategically and is well positioned for long term sustainability ˃ The macro-economic benef
Slide 43: DMTN Programme
4 DMTN PROGRAMME Maurice Shapiro 43
Slide 44: Overview of DMTN Secured Property Portfolio
4. DMTN PROGRAMME / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 OVERVIEW OF DMTN SECURED PROPERTY PORTFOLIO Direct No. of GLA Average property properties property value R676m (A) 2 39 124m² R338m Retail rent from Contractual rental Income from top WALE national tenants escalation 10 tenants of
Slide 45: Overview of Unencumbered Assets
4. DMTN PROGRAMME / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 OVERVIEW OF UNENCUMBERED ASSETS Total Unencumbered Unencumbered Number GLA unencumbered direct listed of assets property shares properties R6 606m (A) R3 795m R2 811m 26 305 749m² Average property Retail rent from Contractual renta
Slide 46: Corporate Bond Issuances
4. DMTN PROGRAMME / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 CORPORATE BOND ISSUANCES COMPOSITION OF SECURED AND UNSECURED DEBT Corporate Bonds Security Amount Reference Rate Margin Maturity Date Initial Term VKE10 Secured R194m 3M JIBAR 1.80% 08 July 2022 5.2 years VKE11 Unsecured R175m 3M
Slide 47: Evaluating Refinancing of VKE13
4. DMTN PROGRAMME / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 EVALUATING REFINANCING OF VKE13 PRUDENT LIQUIDITY MANAGEMENT ˃ VKE13 (R535 million Senior Unsecured Note) is maturing on 27 August 2021 ˃ Sufficient undrawn Revolving Credit Facilities to repay VKE13 ˃ Previously repaid VKE12 (R150
Slide 48: ESG Funding Solutions
4. DMTN PROGRAMME / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 ESG FUNDING SOLUTIONS BEGINNING THE CONVERSATION - A COMMITMENT TO ESG QUESTIONS ˃ Structure: Use of proceed versus Sustainability Linked ˃ Measurements: Key Performance Indicators (KPI) versus ESG Rating score ˃ Single or Multiple
Slide 49: Questions & Answers
QUESTIONS & ANSWERS VUKILE PROPERTY FUND REAL ESTATE. REAL GROWTH. 49
Slide 50: Appendix A: Southern African Portfolio
APPENDIX A SOUTHERN AFRICAN PORTFOLIO 50
Slide 51: High Quality Retail Assets
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 HIGH QUALITY RETAIL ASSETS TOP 15 ASSETS EAST RAND PINE PHOENIX MALUTI KOLONNADE MALL CREST PLAZA CRESCENT RETAIL PARK GAV R1 188m R1 153m R 851m R 785m R 606m Region Gauteng KwaZulu-Natal KwaZulu-Natal Free State Gauteng Gross Lettable A
Slide 52: High Quality Retail Assets
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 HIGH QUALITY RETAIL ASSETS TOP 15 ASSETS (CONT.) DOBSONVILLE GUGULETHU MDANTSANE MEADOWDALE NONESI MALL MALL SQUARE CITY MALL GAV R 592m R 558m R 539m R 537m R 458m Region Gauteng Western Cape Eastern Cape Eastern Cape Gauteng Gross Letta
Slide 53: High Quality Retail Assets
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 HIGH QUALITY RETAIL ASSETS TOP 15 ASSETS (CONT.) THAVHANI DAVEYTON MORULENG BLOEMFONTEIN OSHAKATI SHOPPING SHOPPING MALL MALL PLAZA CENTRE CENTRE GAV R 444m R 433m R 427m R 410m R 408m Region Limpopo Gauteng North West Free State Namibia
Slide 54: Retail Tenant Exposure
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 RETAIL TENANT EXPOSURE DIRECT SOUTHERN AFRICAN RETAIL PORTFOLIO TENANT PROFILE - BY CONTRACTUAL RENT TOP 10 TENANTS - BY CONTRACTUAL RENT Largest brand exposure 8.0 Other 2.6 2.5 19% 6.9 2.0 0.9 6.4 5.5 0.4 6.1 Top 10 4.7 0.6 tenants 4.5
Slide 55: Retail Tenant Exposure
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 RETAIL TENANT EXPOSURE WELL DIVERSIFIED BLUE CHIP TENANT MIX 32% OF RENT FROM ESSENTIAL SERVICES 57% OF RENT FROM TOP 20 TENANTS Pepkor - 8% Foschini - 7% Essential Pick n Pay - 6% Grocery/ Supermarket - 18% services 32% Shoprite - 6% Ban
Slide 56: Valuation Methodology
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 VALUATION METHODOLOGY SOUTHERN AFRICAN PROPERTY PORTFOLIO Valuations are based on multiple assumptions which involve some subjectivity. The key is consistency in applying the SCIENCE VS. ART same methodology over time. We’ve applied consi
Slide 57: Appendix B: Spanish Portfolio
APPENDIX B SPANISH PORTFOLIO 57
Slide 58: Spanish Portfolio Overview
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 SPANISH PORTFOLIO OVERVIEW TOP 10 ASSETS EL FARO BAHÍA SUR LOS ARCOS GRANAITA (1) VALLSUR GAV €159.4m €140.8m €135.9m €105.7m €87.2m Province Badajoz Cádiz Seville Granada Valladolid Catchment Area (Inhabitants) 517 491 674 250 1 499 884
Slide 59: Spanish Portfolio Overview
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 SPANISH PORTFOLIO OVERVIEW TOP 10 ASSETS PUERTA PARQUE PARQUE MARISMAS DEL HABANERAS OESTE (1) EUROPA PRINCIPADO POLVORÍN GAV €83.8m €65.0m €49.0m €34.6m €26.7m Province Alicante Cádiz Madrid Oviedo Huelva Catchment Area (Inhabitants) 531
Slide 60: Retail Tenant Exposure
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 RETAIL TENANT EXPOSURE 94% INTERNATIONAL AND NATIONAL TENANT PROFILE PROVIDING PROTECTION AGAINST THE EFFECTS OF THE PANDEMIC TOP 10 TENANT GROUPS BY RENT TENANT GROUP PROFILE - BY CONTRACTUAL RENT INDITEX 11.5% ZARA 3.8% BERSHKA 1.7% STR
Slide 61: Tenant Mix
APPENDICES / DEBT CAPITAL MARKETS NON-DEAL ROADSHOW JULY 2021 TENANT MIX HIGHLY DIVERSIFIED RETAIL MIX LEADING TO SUSTAINABLE, HIGH QUALITY AND LOW RISK INCOME STREAMS ASSETS GLA WALE (1) OCCUPANCY 16 350 271m² 13.6 years 98.2% CATEGORY PROFILE BY RENT TOP 10 TENANTS BY RENT 31 MARCH 2021 31 MARCH 2