Colonial Sfl Socimi Sa · BME:COL
Colonial Sfl Socimi Sa — Inmobiliaria Colonial SOCIMI — FY2020 Earnings Presentation
79 slides from Colonial Sfl Socimi Sa's earnings presentation, February 2021
Slide 1: Annual Results 2020
Annual Results 2020 February 2021 2020 4/20
Slide 2: Disclaimer
Disclaimer By attending this presentation and receiving this document, you are agreeing to be bound by the following limitations. Any failure to comply with these restrictions may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal liabilities.
Slide 3: Agenda
Agenda 01 Highlights 02_ Covid-19 Impacts 03 Market Update 04 Operational performance 05 Financial performance 06 Non Financial Highlights - ESG 07 Strong Resilience through Core CBD 08 Conclusion 3
Slide 4: Presenting management team
Presenting management team PRESENTING MANAGEMENT TEAM Pere Viñolas Carmina Ganyet Carlos Krohmer Chief Executive Officer Corporate Managing Director Chief Corporate Development Officer 4
Slide 5: Solid results in a pandemic year
01 Highlights Solid results in a pandemic year
Slide 6: Solid Results in a Pandemic Year
01 Highlights Solid Results in a Pandemic Year RESILIENT FINANCIAL RESULTS > NTA (Epra NAV) of €11.27 per share, stable incl. dividend paid > Recurring EPS of €27.1cts (1%), close to previous year levels Recurring EPS excl. impact of disposals of €28.8cts. +5% > Disposals of more than 600 €m with +1
Slide 7: Resilient Results in a Pandemic Year
01 Highlights Resilient Results in a Pandemic Year SOLID FUNDAMENTALS THROUGH PRIME POSITIONING > Office Collection Rates of 99% (100% in Paris) > Occupancy of 95% (97% in Madrid) > Solid Letting activity ongoing with good terms > Positive Release Spreads and Rental Growth > Project Pipeline pre-let
Slide 8: Financial Results remain stable in 2020 – Defensive prime positioning
01 Highlights Financial Results remain stable in 2020 – Defensive prime positioning > Recurring EPS of 27.06€Cts/ share, (1%) YoY in line with Pre-Covid > SolidCapital Value Growth (GAV), thereof +4% like-for-like in Paris > Non-core disposals of more than €600m with +11% premium on pre-Covid GAV To
Slide 9: Solid fundamentals driving top line
01 Highlights Solid fundamentals driving top line > Solid NRI Like for Like growth of +2% > Double digit Release Spread & Superior Rental Growth > Strong CBD positioning with high Paris exposure Solid Fundamentals 2020 Unparalleled Prime Positioning EPRA Vacancy 4.8% CBD Breeam Paris 77% & Leed Volu
Slide 10: Limited Covid-19 impact YTD
02 Covid-19 Impacts Limited Covid-19 impact YTD
Slide 11: COVID response
02 Covid-19 Impacts COVID 19 response Proactive management in key areas of the company MARCH APRIL MAY JUNE JULY SEPTEMBER OCT / NOV DEC / JAN Increased Rating agencies €500m Bond Implementation Issuance Sales of assets liquidity through S&P and Pre-letting of Sale of 2 of covid-19 Solid Q2 20 Colon
Slide 12: COVID – Strong Q4 Collection rates
02 Covid-19 Impacts COVID 19 – Strong Q4 Collection rates > 99% Group Offices in Q4 > 100% Paris & Barcelona Offices in Q4 > 97% Group Offices in Q2-Q4 COLLECTION RATES DURING COVID-19 Q2-Q4 2020 Q4 2020 Group Group Paris Barcelona Madrid Offices 97% 99% 100% >100% 96% All uses 87% 95% >100% >100% 1
Slide 13: COVID – Agreements & discounts
02 Covid-19 Impacts COVID 19 – Agreements & discounts > 100% of negotiations 1st and 2nd wave in Spain and France finalized > Discounts in very limited cases: 4.5% impact on annual Topped-Up GRI > 2020 P/L Impact of Client agreements of €6m STATUS OF CLIENT CONVERSATION NEGOTIATION RESULTS YTD High
Slide 14: Scarcity in Prime Product
03 Market Scarcity in Prime Product
Slide 15: Rental Markets - Scarcity of High-Quality Product
03 Market Rental Markets - Scarcity of High-Quality Product > The IMF updated its GDP projections per country on January, 2021 > Spain and France with the highest GDP growth for 2021/22 among OCDE countries > 2021 as good entry point for playing the recovery cycle in Spain and France GLOBAL GDP IMF
Slide 16: Rental Markets - Scarcity of High Quality Product in CBD
03 Market Rental Markets - Scarcity of High Quality Product in CBD > Grade A stock in CBD remains very low in every city > Grade A availability in Paris below 1% > Grade A availability in Barcelona at 13,000 sqm and in Paris and Madrid at 65,000 sqm each Stock CBD as of Q4 2020 Vacancy CBD as of Q4
Slide 17: Rental Markets
03 Market Rental Markets > New virus waves impacting in Q4 economic activity > Second Half 2020 take-up improving quarter on quarter > Paris CBD with close to 409.000 sqm of quarterly take-up Letting activity recovering in Q3 Stable Prime Rents RENTAL TRANSACTIONS €/sqm/month Diagonal 609 Diagonal 6
Slide 18: Investment Markets – prime remains resilient
03 Market Investment Markets – prime remains resilient PRIME YIELDS (1) SPREAD VS 10Y BOND HIGHLIGHTS > 22@ attracting investments focused on grade A assets BARCELONA > International investors acquiring turned- key projects > Prime yield at 3.60%, with very healthy spread of 355bp vs reference rate
Slide 19: Unparalleled exposure to CBD
04 Operational performance Unparalleled exposure to CBD
Slide 20: Letting activity remains solid in 2020
04 Operational performance Letting activity remains solid in 2020 LETTING VOLUME SQM KPS 2020 Pre Covid Post Covid RELEASE SPREAD4 GOWTH ERV5 MATURITY (years)2 EPRA VACANCY3 Q1 20 Q2 20 Q3 20 Q4 20 BARCELONA 4,124 +45% +6% 5 7,024 13,720 4,043 4.6% years MADRID 5,374 466 20,450 18,303 +15% +2% 6 3.1
Slide 21: Rental Price levels remain solid
04 Operational performance Rental Price levels remain solid > Price levels remain solid in every segment during Covid > Releases Spreads remain at double digit > Signed Prices above ERVs during the whole year SOLID INCREASE IN RENTAL PRICES RELEASE SPREAD1 GROWTH ON SIGNED RENTS2 3 Pre Covid Post Co
Slide 22: Rental Price levels remain solid during Covid
04 Operational performance Rental Price levels remain solid during Covid GROWTH ON SIGNED RENTS1 RELEASE SPREAD2 Santa Engracia Marceau Via Augusta Diagonal 609-615 +38% +58% +22% +++ Sant Cugat Torre BCN Washington Plaza Lopez de Hoyos +18% +13% +14% +58% Castellana 163 Washington Plaza Santa Engra
Slide 23: Resilient projects attracting Top tenants
04 Operational performance Resilient projects attracting Top tenants > Marceau Project fully pre-let in pandemic year > Attractive rental terms, exceeding target > Strong Pricing confirms resilience of Prime 83 Marceau - Paris Prime CBD RESILIENT PRODUCT ATTRACTING TOP TENANTS Paris – Prime CBD Lett
Slide 24: Resilient projects attracting Top tenants
04 Operational performance Resilient projects attracting Top tenants > Castellana 163 project completed ahead of initial timing > New contracts signed with 100% release spread versus initial contracts > Capital Value creation of 1.8x times on Total Cost (Acquisition Price + Capex) The Project Commer
Slide 25: Vacancy at very healthy levels in every segment
04 Operational performance Vacancy at very healthy levels in every segment > Group & Office portfolio vacancy at a healthy 4.8% > Significant quarter on quarter improvement in Madrid with a vacancy of 3% > Paris at 3% excluding 103 Grenelle entry into operation EPRA VACANCY BARCELONA1 Total 3% 4% 4%
Slide 26: Vacancy at very healthy levels in every segment
04 Operational performance Vacancy at very healthy levels in every segment > Strong decrease of Madrid vacancy, standing 3% > Entry in operation of high-quality product increasing reversion > Available space in secondary locations inherited from Axiare EPRA VACANCY MADRID OFFICES PORTFOLIO1 (609bp)
Slide 27: Solid financials underpinned by high quality assets
05 Financial performance Solid financials underpinned by high quality assets
Slide 28: Top line stable with like for like growth in offices
05 Financial performance Top line stable with like for like growth in offices > Gross Rental Income (1.1%) like for like > Office portfolio GRI +1.1% like for like > Madrid and Barcelona with outstanding GRI growth GROSS RENTAL INCOME - €M Projects, EPRA TOTAL Acquisitions & Disposals Offices2 like-
Slide 29: Like-for-like rental growth price driven
05 Financial performance Like-for-like rental growth price driven > Like-for-like growth largely driven by rental price increases > Barcelona fully price driven & Madrid driven by a combination of price and volume > Paris with slight correction due of Business Centers & Retail GROSS RENTAL INCOME -
Slide 30: NRI offices at +3% like for like
05 Financial performance NRI offices at +3% like for like > Net Rental Income Offices +3% like for like > Barcelona and Madrid with significant NRI like for like growth > Paris (0.7%) NRI like for like due to impact of Business Centers & Retail LIKE-FOR-LIKE VARIANCE1 – NRI LFL IN NET RENTAL INCOME
Slide 31: 2020 Full Year Disposal Program delivered
05 Financial performance 2020 Full Year Disposal Program delivered > More than €617m disposals in 2020 with premium on GAV > Disposals represent 5% of AUM > Offloading noncore, secondary & mature product Value Creation Potential for Colonial Shareholders Offloading Non-Core & Mature product €m Sq m
Slide 32: 2020 Full Year Disposal Program delivered
05 Financial performance 2020 Full Year Disposal Program delivered > More than €617m disposals in 20201 with premium on GAV > Disposals represent 5% of AUM > Offloading noncore, secondary & mature product Non-Core Secondary Offices Mature Offices Logistics Disposals Phase II Av. Bruselas 38 112 Wagr
Slide 33: Stable evolution in Asset Values
05 Financial performance Stable evolution in Asset Values > Gross Asset Value of €12,020m (€12,631m including transfer costs) > +1.2% like for like YoY growth (+1.3% 2H 2020) > Paris outstanding with +4% like for like YoY (+3% 2H2020) GAV 2020 GROWTH – YoY GAV VARIANCE +1.2% 1H 2020 2H 2020 FY 2020
Slide 34: Stable evolution in Asset Values
05 Financial performance Stable evolution in Asset Values > 1.2% like for like Capital Value Growth in 2020, +4.2% in Paris > Positioning in Paris CBD offsetting slight decline in Spain > Strong Alpha component of +2.2% (Project Delivery) GAV 2020 GROWTH – YoY LIKE FOR LIKE VARIANCE YoY +1.2% FY 202
Slide 35: Solid profitability with enhanced quality
05 Financial performance Solid profitability with enhanced quality > Stable recurring EPS at high previous year levels > Non-Core Disposals enhancing the quality of returns > EPS excluding the impact of disposals +5% YoY STRONG EPS GROWTH RECURRING EARNINGS – VARIANCE ANALYSIS Offloading Secondary A
Slide 36: Solid profitability with enhanced quality
05 Financial performance Solid profitability with enhanced quality > Stable recurring EPS at high previous year levels > Recurring EBITDA of €138m, stable YoY despite disposals > Stable dividend payments based on solid cash flow generation PROFIT & LOSS ACCOUNT RESILIENT CASH FLOW DIVIDEND €m (1%) L
Slide 37: Capital recycling with flight to quality
05 Financial performance Capital recycling with flight to quality > Strengthened balance sheet - LTV post disposals below 35% > Significant Net debt reduction thanks to cash generation through disposals > Highest Corporate Rating in Spanish Real Estate DISPOSASL AT DOUBLE DIGIT PREMIUM TO GAV PRE CO
Slide 38: Ongoing access to debt markets and liquidity
05 Financial performance Ongoing access to debt markets and liquidity > Confirmed BBB+ Rating by S&P facilitating good access to debt markets > €1.000m successful bond issuances in France and Spain > €1,000m new revolving credit facility Bond issuance in France Bond issuance in Spain New Credit Faci
Slide 39: A solid capital structure
05 Financial performance A solid capital structure > Long-term financing profile with extended debt maturities > €2.4Bn of liquidity covering debt maturities until 2024 > A solid financial structure with competitive financing costs Extension of Debt Maturities A Solid Financial Structure 31/12/2019
Slide 40: Solid Total Shareholder Return
05 Financial performance Solid Total Shareholder Return > Resilient NTA through prime positioning & solid cash flow generation > EPRA Net Tangible Assets (NAV) of 11.27 €/share > EPRA Net Tangible Assets (NAV) including dividend paid stands at 11.47€/share EPRA NET TANGIBLE ASSETS (EPRA NAV) TOTAL S
Slide 41: Strong Commitment on ESG & Decarbonization
06 Non-Financial Highlights - ESG Strong Commitment on ESG & Decarbonization
Slide 42: Strong Commitment to ESG & Decarbonization
06 Non Financial Highlights - ESG Strong Commitment to ESG & Decarbonization COLONIAL ALIGNED WITH PARIS AGREEMENT > Objective of carbon neutral portfolio in 2050 > Objective of a 75% carbon reduction until 20301 CARBON EMISSIONS – PORTFOLIO LIKE FOR LIKE 2015 – 2019 2018 – 2019 (KgCo2e/sqm) (KgCo2e
Slide 43: Environment: Excellence on ESG & Decarbonization
06 Non Financial Highlights - ESG Environment: Excellence on ESG & Decarbonization CONTINUOS IMPROVEMENT OF HIGH END SUISTAINABILTY STANDARDS GREEN FINANCING Portfolio with Leed/Breeam1 – value Portfolio with Leed / Breeam1 2020 New sustainable credit line amounting €1bn > The sustainable nature of
Slide 44: CDP Score at A- confirming decarbonization leadership
06 Non Financial Highlights - ESG Environment: Excellence on ESG & Decarbonization CDP Score at A- confirming decarbonization leadership > Scoring of A- : well above Europe regional average and Financial services sector > Strong YoY momentum: increase up to A- coming from C 44
Slide 45: Colonial GRESB Rating at the High End of the Sector
06 Non Financial Highlights - ESG Environment: Excellence on ESG & Decarbonization Colonial GRESB Rating at the High End of the Sector > Scoring of 90 out of 100 - GRESB 5 Star Rating well above average & peers > Strong momentum: +48% in 2 years & +17% YoY (+13 pts) GRESB SUSTAINABILITY RATING 2020
Slide 46: Colonial Vigeo 2020 Rating at the High End of the Sector
06 Non Financial Highlights - ESG Environment: Excellence on ESG & Decarbonization Colonial Vigeo 2020 Rating at the High End of the Sector > Colonial obtains an A1 rating - Top 5% of all 4835 companies rated by Vigeo (9th of 86 within the Financial Services) > Outperforming the sector average on ev
Slide 47: Colonial 2020 Sustainalytics Rating at the High End of the Sector
06 Non Financial Highlights - ESG Environment: Excellence on ESG & Decarbonization Colonial 2020 Sustainalytics Rating at the High End of the Sector > Colonial among top international peers > Colonial with strong management of ESG issues SUSTAINALYTICS RATING 2020 RESULTS Key Aspects highlighted on
Slide 48: Colonial MSCI 2020 rating at A
06 Non Financial Highlights - ESG Environment: Excellence on ESG & Decarbonization Colonial MSCI 2020 rating at A > Colonial continues among the highest ratings internationally among REITs > Special high rating in Corporate Governance MSCI 2020 Rating for Colonial Key Aspects highlighted on MSCI Ass
Slide 49: First office building built entirely of wood in Spain
06 Non Financial Highlights - ESG First office building built entirely of wood in Spain - located in 22@ in Barcelona WittyWood - Barcelona 22@ > First office building built entirely of wood in Spain > Located in 22@, Barcelona’s burgeoning technological district, home to over 8,800 firms > Plot is
Slide 50: Long term sustainable cash flow through prime positioning
07 Strong Resilience through Core CBD Long term sustainable cash flow through prime positioning
Slide 51: Resilience through prime positioning
07 Strong resilience through Core CBD RESILIENCE THROUGH PRIME POSITIONING 1✓ Efficiency - Prime Product in the CBD 2✓ Environment - Excellence on ESG & Decarbonization 3✓ Experience - Attracting AAA clients with strong solvency 4✓ Flagship Projects in the CBD 5✓ Ongoing Flight to Quality 51
Slide 52: Efficiency: Prime Product in the CBD
07 Strong resilience through Core CBD 1A Efficiency: Prime Product in the CBD > Colonial as largest office owner in the City Centre of Madrid, Barcelona and Paris > Strong market share in CBD > Prime positioning enhances resilience BARCELONA MADRID PARIS Colonial Portfolio - max rent signed Colonial
Slide 53: Efficiency: Prime Product in the CBD with solid valuation levels
07 Strong resilience through Core CBD 1A Efficiency: Prime Product in the CBD with solid valuationn levels > Increased polarization between Prime CBD and Secondary values > Investor interest for Core CBD assets remains very strong > Colonial’s assets with prudent appraisal values Madrid City Center
Slide 54: ESG at the Core of Colonial's Strategy
07 Strong resilience through Core CBD 2 Environment: Excellence on ESG & Decarbonization ESG at the Core of Colonial’s Strategy > Strong Commitment to ESG & Decarbonization > Significant acceleration on ESG Scorings STRONG COMMITMENT TO ESG & DECARBONIZATION … … SIGNIFICANT ACCLERATION ON ESG SCORIN
Slide 55: Attracting AAA clients with strong solvency
07 Strong resilience through Core CBD 3 Attracting AAA clients with strong solvency > Attracting AAA clients with strong solvency through the Best Product & Best Location > Clients with high loyalty to Colonial assets > Defensive contract portfolio - only 9.3% of contracts expire in 2021 BEST LOCATI
Slide 56: AAA Clients with strong solvency: reversion
07 Strong resilience through Core CBD 3 AAA Clients with strong solvency > Reversion as solid cash flow “buffer” > Contract Portfolio under-rented > Ongoing delivery of high release spreads YTD > Renovation programs as rental growth accelerator ENHANCED THROUGH REVERSION AS SOLID “BUFFER” REVERSION
Slide 57: Resilient projects attracting Top tenants
07 Strong resilience through Core CBD 4 Resilient projects attracting Top tenants > 2 out of 3 French projects are 100% pre-let > 4 out of 10 projects are delivered and/ or pre-let > Strong value creation through achievement of projects milestones Spain Project pipeline France Project pipeline Caste
Slide 58: A defensive project pipeline
07 Strong resilience through Core CBD 4 A defensive project pipeline > Significant Pre-let level with AAA tenants > Yield on cost confirmed and enhanced > Tactical management of calendar GRI2 – Path to reversion Passing Secured Secured Renovation Rest of Reversion Static GRI 12/20 Project GRI 12/20
Slide 59: Flight to quality through active asset management
07 Strong resilience through Core CBD 5 Flight to quality through active asset management > Ongoing flight to quality through disciplined capital allocation > Acquisitions of more than €2.9bn of assets reloading the Prime Exposure > Disposals of more than €1.8bn of mature and/ or non-core product ON
Slide 60: Solid returns through Prime Factory and Capital Recycling
07 Strong resilience through Core CBD Solid returns through Prime Factory and Capital Recycling > Alpha (Prime Factory asset transformation) has proved to be a significant driver in value creation > Capital Markets recognize superior Capital Value Creation thanks to Alpha > Significant Capital Value
Slide 61: Flight to quality through active asset management
07 Strong resilience through Core CBD Flight to quality through active asset management > Solid internal growth profile of CBD portfolio > Colonial well-positioned to capture reversion > Significant future value creation through CBD Project pipeline Current Uplift Potential Passing GRI 1 – (€m) PRIM
Slide 62: Conclusion
08 Conclusion
Slide 63: Solid performance through Prime Positioning
08 Conclusion Solid performance through Prime Positioning SOLID FULL YEAR RESULTS > NTA (Epra NAV) of €11.27 per share, stable incl. dividend paid > A prime CBD portfolio with defensive value ✓ Total Group GAV +1.2% like-for-like YoY ✓ Paris GAV +4% like-for-like YoY > Solid recurring results with s
Slide 64: Q&A
Q&A
Slide 65: Total Shareholder Return since June 2014
APPENDICES Total Shareholder Return since June 2014 65
Slide 66: MSCI European Property Investment Award
APPENDICES MSCI European Property Investment Award > Colonial awarded for the 4th year in a row by MSCI as best performing portfolio in Spain > Colonial outperformed the Benchmark in 2019 and over last 3 and 5 years > Spanish index benchmark made of 51 portfolios and 490 assets worth €19Bn MSCI Euro
Slide 67: Prime Product in the CBD with solid valuation levels
APPENDICES Efficiency: Prime Product in the CBD with solid valuationn levels > Colonial portfolio with additional potential for yield compression > Prime market yields & scarcity value as driver > Prime Yields at very attractive spreads compared to reference rates VALUATION YIELDS (1) BARCELONA MADR
Slide 68: Investment markets for prime product remain active - Paris
APPENDICES Investment markets for prime product remain active > 2H 2020 starting with high activity across all markets, specially in Paris > High volume transacted not only in CBD 7 rue Blanche CBD Prime €75m 3,716 sqm <2.50% Yield (3Q 2020) 6 Faubourg Saint Honoré CBD Prime €290m 5,400 sqm 2.90% Yi
Slide 69: Investment markets for prime product remain active - Spain
APPENDICES Investment markets for prime product remain active > 2H 2020 with high activity across all markets, specially in Paris > High volume transacted not only in CBD Alcala 544/546 - Project Madrid Secondary n.a. 30,000 sqm Acquired by (3Q 2020) Amundi Velázquez 34 CBD Prime €120m 7,535 sqm €15
Slide 70: Rental Price levels remain solid
APPENDICES Rental Price levels remain solid > Price levels remain solid in every segment after Covid > Releases Spreads remain at double digit > Signed Prices above ERVs during the whole year SOLID INCREASE IN RENTAL PRICES RELEASE SPREAD1 GROWTH ON SIGNED RENTS2 Pre Covid Post Covid Pre Covid Post
Slide 71: 2021 Maturities management on track
APPENDICES 2021 Maturities management on track 2021 MATURITIES % on annualized Group GRI Selected Main Files CBD CBD Campo de las Naciones 13.6% 29 1 7 Multitenant Monotenant Multitenant Paris Louvre-Saint-Honoré Poeta Joan Maragall, 53 EGEO 21 CBD Periphery 3.7% CBD Madrid & Barcelona 1,9 Multitena
Slide 72: Disposals of more than €400m in Q4 exceeding CMD guidance
APPENDICES Disposals of more than €400m in Q4 20 exceeding CMD guidance > €413m of disposals of mature offices and Non-Core > Attractive pricing: +13% premium on GAV1 > Value Creation for Colonial Shareholders Value Creation Potential for Colonial Shareholders Offloading Non-Core & Mature product Di
Slide 73: Disposals of more than €400m in Q4 exceeding CMD guidance
APPENDICES Disposals of more than €400m in Q4 20 exceeding CMD guidance > €413m of disposals of mature offices and Non-Core > Attractive pricing: +13% premium on GAV1 > Value Creation for Colonial Shareholders Spain Spain – Offloading Non-Core & Secondary France – Crystalizing Value on stabilized Ma
Slide 74: Madrid Secondary – Avenida de Bruselas
APPENDICES Madrid Secondary – Avenida de Bruselas 38 > Asset located in a secondary area in the north of Madrid > Sub-market with structural double-digit vacancy > Disposal of asset after real estate repositioning Avd. de Bruselas 38. Madrid - Arroyo de la Vega Strong Pricing > Optimized price throu
Slide 75: Paris – Av Percier
APPENDICES Paris – 9 Av Percier > Cashing in Value in medium sized building with poor strategic fit in Paris portfolio of major Business Centers > Asset disposed for €143m with premium on GAV > High value creation trough renovation of the asset 9 Av Percier. Paris CBD Price €143m Strong Pricing Pric
Slide 76: Paris – Wagram
APPENDICES Paris – 112 Wagram > Cashing in Value in medium sized building with poor strategic fit in Paris portfolio of major Business Centers > Asset disposed for €120.5m with premium on GAV > Paris Investment market with yield compression on Core CBD 112 Wagram. Paris CBD Price €120m Strong Pricin
Slide 77: Other Spain - Les Gavarres
APPENDICES Other Spain - Les Gavarres > Non-core Asset (Retail) inherited from Axiare > C-location in Tarragona (Spain) > Contract renegotiated in 2H18 Les Gavarres. Tarragona – Others Spain Pricing > Solid pricing for asset with complicated outlook Real Estate Rationale 1. Non-core Asset (Retail) i
Slide 78: Other Spain – Logistics Portfolio final settlement
APPENDICES Other Spain – Logistics Portfolio final settlement > Process closed successfully with Prologis > €64m of final settlement signed in December 2020 > Enhanced focus on Prime Offices Logistics – Others Spain Pricing > €64m of cash proceeds confirming Pre-Covid conditions > Total proceeds fro
Slide 79: www.inmocolonial.com
www.inmocolonial.com © Colonial
Inmobiliaria Colonial SOCIMI — FY2020 Earnings Presentation on 6ix