Ca Immobilien Anlagen Ag · VIE:CAI

Ca Immobilien Anlagen — H1 2021 Earnings Presentation

70 slides from Ca Immobilien Anlagen's earnings presentation, August 2021

  1. Slide 1: Company Presentation August 2021

    We create and manage places where people love to work. COMPANY PRESENTATION August 2021 All figures (€) as at 30 June 2021, unless otherwise stated

  2. Slide 2: Business Model & Investment Highlights

    BUSINESS MODEL & INVESTMENT HIGHLIGHTS

  3. Slide 3: Key Investment Highlights (Overview)

    BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (Overview) CA Immo is a leading manager, investor and developer 4 KEY of high-quality office properties with Germany as anchor market. REASONS We maintain a strong competitive position in our markets drive

  4. Slide 4: Key Investment Highlights (I)

    BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (I) Core city footprint 1 Outstanding Asset Quality  Class A office portfolio diversified across attractive European gateway cities with Germany as anchor market, which are economically linked and share p

  5. Slide 5: Key Investment Highlights (II)

    BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (II) Development volume & potential in Germany 2 Organic Growth Potential  Valuable landbank in anchor market Germany: Since the acquisition of the federal subsidiary Vivico Real Estate in 2008, CA Immo h

  6. Slide 6: Key Investment Highlights (III)

    BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (III) 3 High Cash Flow Resilience Tenant Industry Mix (annualized rent) 1%  High balance of properties generating recurring cash flow: CA Immo’s business model aims to ensure long-term recurring earnings

  7. Slide 7: Key Investment Highlights (IV)

    BM / Strategy Results Financing Property ESG Appendix Business Model Key Investment Highlights (IV) 4 Strong Financial Performance  20% 5-YEAR TOTAL SHAREHOLDER  Value creation throughout the cycle: CA Immo's ability to invest, develop, lease and reposition properties along a deep value chain and

  8. Slide 8: Strategy

    STRATEGY

  9. Slide 9: Core Pillars of Business Model

    BM / Strategy Results Financing Property ESG Appendix Strategy Core Pillars of Business Model Entire value chain Urban cities Pure play office Resilient portfolio Solid balance sheet Acquire  Investment Management  Tier 1: Berlin, Munich,  A-class office to hold   85% investment  45–50% equity

  10. Slide 10: Portfolio Strategy through the Property Cycle

    BM / Strategy Results Financing Property ESG Appendix Strategy Portfolio Strategy through the Property Cycle  Monetise future profit where no further  Excellent locations in established and value creation exists. emerging submarkets.  Divest when future rate of return is  Old, inefficient, tired

  11. Slide 11: H1 2021 Results

    H1 2021 RESULTS

  12. Slide 12: H1 2021 Key Achievements and Events

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Key Achievements and Events Stable operations and successful continuation of capital rotation  In the first half of 2021, CA Immo successfully continued its strategic capital rotation programme (exit of non-core markets Zagreb, Bratislav

  13. Slide 13: Solid First Half of Business Year 2021

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results Overview yoy Solid First Half of Business Year 2021 RENTAL INCOME +1.5%  Top line growth in H1 2021 with rental income up 1.5% yoy to €119.9 m.  Net rental income decreased to €101.6 m (-4% yoy) mainly because of a one-off effec

  14. Slide 14: Strong Operational Result and EBITDA Growth

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results Strong Operational Result and EBITDA Growth Major Earnings Drivers Profit and Loss (€m) H1 ‘21 H1 ‘20 +/(-) Q2 ‘21 Q2 ‘20 +/(-) 1 1 Rental income 119.9 118.1 1.5% 56.3 55.7 1.1%  Higher rental income related to Net rental income

  15. Slide 15: Solid Top-Line Growth due to Acquisitions and Development Completions

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results Solid Top-Line Growth due to Acquisitions and Development Completions Key Drivers H1 2021 Rental Income Bridge (€m)  Rental income increase driven by portfolio growth through development completions and acquisitions of recent qua

  16. Slide 16: FFO I at €68.5 m stable despite Capital Rotation Programme

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results FFO I at €68.5 m stable despite Capital Rotation Programme Funds from Operations (€m) Major Drivers H1 ‘21 H1 ‘20 +/(-) Q2 ‘21 Q2 ‘20 +/(-) 1 1 Net rental income 101.6 102.2 (0.5%) 51.1 52.6 (2.8%)  Stable rental income. Income l

  17. Slide 17: FFO I Bridge

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results FFO I at €68.5 m stable despite Capital Rotation Programme H1 2021 FFO I Bridge (€m) 2 3 1 4 5 68.5 Key Drivers 1 Positive contribution by acquisitions of investment properties in 2020: Am Karlsbad 11 (Berlin), Pohlstraße 20 (Berl

  18. Slide 18: Balance Sheet as at June 30, 2021

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results Balance Sheet as at June 30, 2021 Balance Sheet (€m) H1 ‘21 Q4 ‘20 +/(-) Comments Investment properties 4,777.9 4,723.1 1.2% 1  Reclassification of ZigZag property in Mainz to 1 Properties under development 943.2 791.1 19.2% inve

  19. Slide 19: Balance Sheet Metrics as at June 30, 2021

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results Balance Sheet Metrics as at June 30, 2021 Balance Sheet (€m) H1 ‘21 Q4 ‘20 +/(-) Total assets 7,063.2 6,820.3 3.6% Property assets 5,870.2 5,596.2 1.4% Cash and cash equivalents 973.8 934.9 13.2% Shareholders‘ equity 3,481.4 3,128

  20. Slide 20: EPRA Net Asset Value (NRV, NTA, NDV)

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results EPRA Net Asset Value (NRV, NTA, NDV) H1 ‘21 Q4 ‘20 (€m) EPRA NRV EPRA NTA EPRA NDV EPRA NRV EPRA NTA EPRA NDV IFRS Equity attributable to shareholders 3,481.3 3,481.3 3,481.3 3,128.2 3,128.2 3,128.2 i) Hybrid instruments (Converti

  21. Slide 21: EPRA Net Asset Value Bridge

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results EPRA Net Asset Value (NDV, NTA, NRV) H1 2021 EPRA NDV/NTA/NRV Bridge (€ per share) 4 2.67 44.70 45.00 3 0.02 0.39 0.48 41.54 0.08 0.23 5.39 40.00 2 1 1.05 0.28 35.15 35.00 34.59 (0.02) (0.48) 30.00 Diluted Reval- Goodwill Fixed EP

  22. Slide 22: Key Metrics

    BM / Strategy Results Financing Property ESG Appendix H1 2021 Results Key Metrics Key Metrics (€m) H1 ‘21 H1 ‘20 +/(-) Rental income 119.9 118.1 1.5% Net rental income 101.6 105.9 (4.0%) EBITDA 114.9 90.3 27.3% EBIT 310.8 60.7 411.6% Earnings before tax (EBT) 249.1 69.8 257.1% Consolidated net incom

  23. Slide 23: Financing

    BENCHMARKS. URBAN — _a ma" \ | | ee (US ee oe == es ws

  24. Slide 24: Well-Balanced Maturity Profile and Diversified Debt Structure

    BM / Strategy Results Financing Property ESG Appendix Financing Well-Balanced Maturity Profile and Diversified Debt Structure Debt Structure 1 Debt Maturity Profile (€ m) 800  Well-staggered maturity profile with low amounts due over the coming years. 700 Repayed in July 2021 99% of the convertible

  25. Slide 25: Stable Debt Maturities and Record Low Financing Costs

    BM / Strategy Results Financing Property ESG Appendix Financing Stable Debt Maturities and Record Low Financing Costs Key Financing Metrics 1 Average Debt Maturity (years) 1  In the second quarter 2021, convertible bonds with 7.0 a nominal value of €197.8 m were converted, 6.0 5.8 driving among oth

  26. Slide 26: Robust Financial Profile with Strong Equity Base

    BM / Strategy Results Financing Property ESG Appendix Financing Robust Financial Profile with Strong Equity Base Leverage Interest coverage 55% 6.0x 50% 49.3% 5.0x 45.3% 3.8x 45% 4.0x 3.7x 40% 3.0x 35% 2.0x 30% 1.0x 28.6% 25% 0.0x 2016 2017 2018 2019 2020 Q2 2021 2016 2017 2018 2019 2020 Q2 2021 Equ

  27. Slide 27: Portfolio

    : _ PORTFOLIO SURBAN” Jf '; BENCH MARIS:

  28. Slide 28: Property Portfolio Key Metrics

    BM / Strategy Results Financing Property ESG Appendix Property Portfolio Key Metrics Property Portfolio Q2 ’21 Q4 ‘20 +/(-) Gross Asset Value (GAV) €m 5,870.2 5,596.2 4.9% thereof Investment Properties 1 €m 4,789.9 4,736.0 1.1% thereof Active Development Projects €m 787.5 791.1 (0.5%) thereof Land R

  29. Slide 29: Property Portfolio Overview

    BM / Strategy Results Financing Property ESG Appendix Property Portfolio Overview Property Portfolio (GAV) by Region by City by Structure 2% 9% Berlin Investment 4% 7% 13% properties Munich 26% 8% Vienna Germany 3% Land 2 Frankfurt reserves Total GAV: CEE 10% Total GAV: Total GAV: 35% Budapest €5.9

  30. Slide 30: Investment Portfolio KPI Overview (I)

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio KPI Overview (I) Investment Portfolio Development over Time (€m) 6,000 4,736.0 4,789.9 5,000 4,307.9 3,760.4 4,000 3,161.2 2,930.3 3,000 2,000 1,000 0 2016 2017 2018 2019 2020 Q2 2021 Investment Portfolio (€m) Q2 ‘21 1 Q2 ‘20

  31. Slide 31: Investment Portfolio KPI Overview (II)

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio KPI Overview (II) GLA over Time (ksqm) Occupancy over Time (%) 1,500 1,458 100.0% 1,443 1,450 98.0% 1,404 96.1% 1,400 1,374 96.0% 95.2% 94.8% 1,356 94.4% 1,350 1,316 94.0% 92.3% 1,300 92.0% 90.7% 1,250 90.0% 1,200 88.0% 1,150

  32. Slide 32: Investment Portfolio KPI Overview (III)

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio KPI Overview (III) Annualized Rent over Time (€m) Gross Initial Yield over Time (%) 250.0 7.0% 238.2 6.0% 6.1% 5.8% 6.0% 5.4% 226.4 225.2 5.1% 225.0 4.9% 214.2 5.0% 203.1 4.0% 200.0 €195.50 3.0% 2.0% 175.0 1.0% 150.0 0.0% 201

  33. Slide 33: WAULT

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio WAULT Well-Staggered Lease Maturity Profile Weighted Average Unexpired Lease Term (years)  Strong tenant retention rate across the portfolio. 14 12.6  CA Immo’s organic growth strategy and the 12 corresponding high share of

  34. Slide 34: Like-for-Like Performance

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Like-for-Like Performance Market Fair Value (€m) Rental Income (P&L, €m) Yield (%) 1 Occupancy (%) 2 Q2 ‘21 Q2 ‘20 +/(-) H1 ‘21 H1 ‘20 +/(-) Q2 ‘21 Q2 ‘20 +/(-) Q2 ‘21 Q2 ‘20 +/(-) Austria 500.3 504.9 (0.9%) 13.3 11.2 3 18.2%

  35. Slide 35: Leasing H1 2021

    BM / Strategy Results Financing Property ESG Appendix Property Portfolio Leasing H1 2021 Market Pre-leasing New Leasing Renewal (sqm) Total Leasing Annualized GRI Average Office + / (-) to ERV (sqm) (sqm) (sqm) (€m) Rent psqm (%) Austria - 4,479 11,634 16,114 2.1 8.0 12.5% Czechia 1,327 7,315 2,812

  36. Slide 36: Closed Disposals 2021 YTD

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Closed Disposals 2021 YTD Property Share Country City Property Sector GLA GRI at Sale Proceeds Premium / (%) Status (sqm) (€m) (€m) Discount to BV (%) 1 Q1 2021 Land plot Duesseldorf 100% DE Duesseldorf Land Residential 179 -

  37. Slide 37: Selected Planned Disposals 2021

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Selected Planned Disposals 2021 Canada Square, Budapest Wolfganggasse 58-60, Vienna Meininger Hotel Rembrandstrasse, Vienna Country Hungary Country Austria Country Austria Status Investment Status Investment Status Investment

  38. Slide 38: Development

    BENCHMARKS. URBAN k- = Lu = o. G i) Lu > iu Q

  39. Slide 39: Case Study Ratoldstrasse (I)

    BM / Strategy Results Financing Property ESG Appendix Development Case Study Ratoldstrasse (I) Project Overview Ratoldstrasse, Munich Zoning activities  CA Immo has secured residential building right for Ratoldstrasse, a  89,000 sqm site located at the northern edge of Munich whereof  82,000 sqm

  40. Slide 40: Case Study Ratoldstrasse (II)

    BM / Strategy Results Financing Property ESG Appendix Development Case Study Ratoldstrasse (II) Zoning Timeline & Latest Steps Set-up & Key Purchase of last Notification of urban data resolution 1st public display private property development contract / by the Munich according to within zoning appro

  41. Slide 41: Mississippi House & Missouri Park, Prague

    BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Mississippi House & Missouri Park, Prague (Completion in 2021) Key Metrics Total investment volume €63.9 m Outstanding investment €12.2 m Rental area 20,873 sqm Expected yield on cost 6.5% Scheduled complet

  42. Slide 42: ONE, Frankfurt

    BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction ONE, Frankfurt (Completion in 2022) Key Metrics Total investment volume €430.3 m Outstanding investment €163.5 m Rental area 68,573 sqm Expected yield on cost 5.3% Scheduled completion Q1 2022 Pre-let ratio

  43. Slide 43: Grasblau, Berlin

    BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Grasblau, Berlin (Completion in 2022) Key Metrics Total investment volume €67.4 m Outstanding investment €36.6 m Rental area 13,350 sqm Expected yield on cost 8.4% Scheduled completion Q4 2022 Pre-let ratio

  44. Slide 44: Hochhaus am Europaplatz, Berlin

    BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Hochhaus am Europaplatz, Berlin (Completion in 2024) Key Metrics Total investment volume €141.5 m Outstanding investment €64.9 m Rental area 22,948 sqm Expected yield on cost 6.3% Scheduled completion Q1 20

  45. Slide 45: Upbeat, Berlin

    BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Upbeat, Berlin (Completion in 2026) Key Metrics Total investment volume €284.5 m Outstanding investment €247.2 m Rental area 34,911 sqm Expected yield on cost 5.3% Scheduled completion Q1 2026 Pre-let ratio

  46. Slide 46: Development Projects Under Construction: Project Overview

    BM / Strategy Results Financing Property ESG Appendix Development Projects Under Construction Project Overview Investment Portfolio CAI Share Investment Outstanding Planned Expected Main Usage Economic Scheduled Volume Investment Rentable Gross Yield Pre-let Completion (€m) 1 (€m) Area (sqm) on Cost

  47. Slide 47: Environmental, Social & Corporate Governance

    ENVIRONMENTAL, SOCIAL & CORPORATE GOVERNANCE

  48. Slide 48: Organizational Structure and Reporting

    BM / Strategy Results Financing Property ESG Appendix Sustainability Organizational Structure and Reporting Organizational Integration and Management Strategy, Monitoring,  Key incorporation in the corporate strategy. Controlling Executive Board  Targeted definition and management of strategic sus

  49. Slide 49: Agenda for Sustainable Business Operations (I)

    BM / Strategy Results Financing Property ESG Appendix Sustainability Agenda for Sustainable Business Operations (I) Agenda for Sustainable Business Operations Climate & Energy Sustainable Procurement & Supply Chain SDG goals SDG goals Targets & Principles: Targets & Principles:  Reduction of averag

  50. Slide 50: Agenda for Sustainable Business Operations (II)

    BM / Strategy Results Financing Property ESG Appendix Sustainability Agenda for Sustainable Business Operations (II) Agenda for Sustainable Business Operations Sustainable Urban District Development Business Ethics, Corporate Governance & Compliance SDG goals SDG goals Targets & Principles: Targets

  51. Slide 51: Initiatives for Climate and Environmental Protection

    BM / Strategy Results Financing Property ESG Appendix Sustainability Initiatives for Climate and Environmental Protection Sustainability Certification Office Investment Portfolio according to Certification Standard  As of June 3, 2021, 71% of the total building stock (office: 74%) was certified DGN

  52. Slide 52: Health & Safety, Social Standards, Working Conditions

    BM / Strategy Results Financing Property ESG Appendix Sustainability Health & Safety, Social Standards, Working Conditions Health & Safety - Covid 19 Protective Measures Covid 19 Employee Action Plan (excerpt).  Early (early March 2020) installation of an international Health &  Extended home offi

  53. Slide 53: Appendix

    APPENDIX APPENDIX

  54. Slide 54: Weighted Average Cost of Debt and Maturities

    BM / Strategy Results Financing Property ESG Appendix Financing Weighted Average Cost of Debt and Maturities 1  CoD/Maturities (€m) Outstanding Swaps Avg. Debt Avg. Swap Avg Cost of Avg. Cost of Debt (Nominal (Nominal Maturity Maturity Debt excl. Debt incl. Value) Value) (years) (years) Derivatives

  55. Slide 55: Core Market Metrics

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Core Market Metrics Properties 16 Properties 9 Total area 219,200 sqm Total area 171,800 sqm Gross initial yield 3.4% Gross initial yield 6.1% Gross rental income €39.4 m Gross rental income €35.8 m Occupancy (economic) 97.7%

  56. Slide 56: Reversionary Potential

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Reversionary Potential Case Study Reversionary Potential Europacity Berlin  A significant portion of CAI’s activity in Berlin is focused in the prime Europacity submarket, where significant development and leasing activity h

  57. Slide 57: Tenant Structure

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Tenant Structure Tenant Base Tenant Industry Mix (annualized rent) Top 200 Tenants (annualized rent)  High degree of blue chip tenants with investment grade 1% rating. Business & 9% Professional Services Technology IG-rated

  58. Slide 58: Blue Chip Tenant Structure (I)

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Blue Chip Tenant Structure With a Service and Technology Focus (I) Top 40 tenants (annualized rent) Tenant Industry City % PWC Professional Services Munich 3.3% InterCity Consumer Services & Leisure Berlin, Frankfurt 2.8% Fro

  59. Slide 59: Blue Chip Tenant Structure (II)

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Blue Chip Tenant Structure With a Service and Technology Focus (II) Top 40 tenants (annualized rent) Tenant Industry City % Bitdefender Computers / Hi-Tech Bucharest 0.9% BT Roc Business Services Budapest 0.8% Benefit Systems

  60. Slide 60: Largest Assets (I)

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Largest Assets (I) Skygarden, Munich Kontorhaus, Munich Millennium Towers, Budapest My.O, Munich JFK House, Berlin Value € 298 m Value € 243 m Value € 201 m Value € 183 m Value € 149 m Occupancy 100% Occupancy 98% Occupancy 7

  61. Slide 61: Largest Assets (II)

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Largest Assets (II) Spreebogen Heidestraße 58, Berlin Ambigon, Munich Postepu 14, Warsaw Königliche Direktion, Berlin Value € 103 m Value € 99 m Value € 98 m Value € 97 m Value € 94 m Occupancy 100% Occupancy 100% Occupancy 9

  62. Slide 62: Capital Rotation

    BM / Strategy Results Financing Property ESG Appendix Investment Portfolio Capital Rotation Latest Acquisitions Am Karlsbad 11, Berlin Postepu 14, Warsaw Pohlstrasse 20, Berlin Country Germany Country Poland Country Germany Status Investment Status Investment Status Investment Sector Office Sector O

  63. Slide 63: Prime Locations in All Core Markets

    BM / Strategy Results Financing Property ESG Appendix Property Portfolio Prime Locations in All Core Markets Property Portfolio Split by City (book value) Berlin Munich 4% 7% 8% 26% 10% Total GAV €5.8 bn 9% 18% 9% 9% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key Facts Fra

  64. Slide 64: Prime Locations in All Core Markets

    BM / Strategy Results Financing Property ESG Appendix Property Portfolio Prime Locations in All Core Markets Property Portfolio Split by City (book value) Warsaw Bucharest 4% 7% 8% 26% 10% Total GAV €5.8 bn 9% 18% 9% 9% Berlin Munich Vienna Frankfurt Budapest Warsaw Prague Bucharest Other Key Facts

  65. Slide 65: Outstanding market position in Germany

    BM / Strategy Results Financing Property ESG Appendix Development Outstanding market position in Germany Key facts Cube, Berlin Tower 185, Frankfurt  CA Immo owns prime land reserves in sought-after locations primarily in Berlin, Frankfurt and Munich.  Successful delivery of large-scale projects (

  66. Slide 66: Commercial Value Chain

    BM / Strategy Results Financing Property ESG Appendix Development Commercial Value Chain Zoning Planning & Under Construction Completion Millennium plot, Frankfurt Upbeat, Berlin Hochhaus am Europaplatz, Berlin MY.B, Berlin Investment property Under construction Former development Land reserve  Hig

  67. Slide 67: Residential Value Chain

    BM / Strategy Results Financing Property ESG Appendix Development Residential Value Chain Zoning/Planning Under Construction/Completion Eggartensiedlung, Munich Ratoldstraße, Munich NEO Residential, Munich  50:50 joint venture with local developer  In 2016 the urban landscape competition  Part of

  68. Slide 68: CA Immo Share and Shareholder Structure

    BM / Strategy Results Financing Property ESG Appendix Capital Markets CA Immo Share and Shareholder Structure Share-related Key Figures Largest Shareholders (by Voting Rights) 1 Largest shareholders (by Voting Rights) 1 30.06.2021 31.12.2020 # of shares 106,425,185 98,808,336 5% Treasury shares 5,78

  69. Slide 69: Analyst Coverage & Conference Attendance

    BM / Strategy Results Financing Property ESG Appendix Capital Markets Analyst Coverage & Conference Attendance Equity Analyst Coverage Analyst Date Target Price (€) Recommendation  Median and average target price of analyst Deutsche Bank 02.07.2021 €42.00 Buy recommendations above current share HSB

  70. Slide 70: Contact Details

    Capital Markets/Investor Relations Contact Details Christoph Thurnberger Julian Wöhrle Head of Capital Markets Capital Markets Co-Head of Corporate Development Committee Tel.: +43 (1) 532 59 07 504 Tel.: +43 (1) 532 59 07 654 E-Mail: christoph.thurnberger@caimmo.com E-Mail: julian.woehrle@caimmo.com

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