Consultatio SA · BCBA:CTIO
Consultatio SA — Q3 2020 Earnings Presentation
55 slides from Consultatio SA's earnings presentation, 2020
Slide 1: Consultatio Real Estate
Comsultatio REAL ESTATE
Slide 2: Company Presentation 3Q´2020
Consultatio Company Presentation 3Q´2020
Slide 3: Disclaimer
Disclaimer The following documents contain the general description and background of Consultatio S.A. and its subsidiaries (collectively designated hereafter as “Consultatio” or the “Company”) as of the date hereof. This is an information Company, and it is not the basis for and shall not be deemed,
Slide 4: A leading high-end residential and commercial real estate developer
A leading high-end residential and commercial real estate developer Attractive & diversified business segments Successful track-record with unique prospects Over 28 years as a developer with a proven track-record of creating value and managing risk. Attractive long-term fundamentals and undersupply
Slide 5: Flexible business model and ability to presell products underpin our financing structure
Flexible business model and ability to presell products underpin our financing structure We operate in three business segments Master-planned communities Residential buildings Development and revaluation of land for mixed use Development of high-end and luxury residential purposes. Sale of land lots
Slide 6: Consultatio initiating its third expansion phase
Consultatio initiating its third expansion phase 1991-2006 2007-2016 2017-2018 Launch and early expansion Local IPO and aggressive expansion Expansion focused through opportunistic acquisitions through development across geographies in Argentina 1991 2001 2007 2010 2017 Acquisition of Catalinas Plaz
Slide 7: Developed more than 235k sqm and more than 1,800 hectares of land
Developed more than 235k sqm and more than 1,800 hectares of land Master-planned communities XX% Construction Progress 65% 34% 80% 100% 100% 0% Nordelta Puertos Las Garzas Catalinas Plaza Catalinas Catalinas Nordelta, AR Escobar, AR Rocha, UY & Alem Plaza Norte Río Buenos Aires, AR Buenos Aires, AR
Slide 8: Consultatio today: defensive mode prepared for quick reaction
Consultatio today: defensive mode prepared for quick reaction We built a solid pipeline since 2017 land acquisitions with very low downside risk Our value proposition Unique landbank Clients are our We have no financial Strong AR$ acquired in 2017… best source of funding… debt of any kind… depreciat
Slide 9: Industry Update
Industry Update
Slide 10: The housing sector
The housing sector With a more stable macroeconomic context, attractive fundamentals are set for broad sector opportunity Historic Underinvestment In The Residential Real Estate Sector & Low Penetration Of Mortgage Credit In The Economy Housing deficit (million houses) Mortgage Lending/GDP (%) Quali
Slide 11: An undersupplied market relative to other Latam countries
An undersupplied market relative to other Latam countries, with limited new space entering the market Demand for corporate space has absorbed incoming inventory in the AAA segment Net absorption ('000 sqm) New inventory ('000 sqm) 135 122 81 90 70 68 72 65 59 60 60 45 48 47 49 40 25 19 5 4 2011 2012
Slide 12: Master-planned communities
Comfort Comfortand andsafety safetyfor forfamily familymembers memberscombined combinedwith withflexible flexibledevelopment developmentplanning planningand anda aconservative conservativefinancing financingmodel mode Master-planned communities
Slide 13: Master-planned communities
Master-planned communities Nordelta & Puertos, Buenos Aires, Argentina 13 Consultatio Company Presentation 3Q′ 2020
Slide 14: Pioneers of the Master-planned communities in Argentina
Pioneers of the Master-planned communities in Argentina Since the launch of Nordelta in 1999, Consultatio became the undisputed leader in this segment Location Significant saleable area remains Nordelta Puertos Las Garzas Nordelta Escobar Rocha Northern BA Northern BA Uruguay Puertos Land acquisitio
Slide 15: A business model based on a simple premise: land revaluation
A business model based on a simple premise: land revaluation We start with raw, undervalued land, attract residents and generate demand for the last “precious” land plots Valuable asset base generates substantial cash flow 2 4 1 3 5 Nordelta and Puertos When project starts to New homeowners Nordelta
Slide 16: Comfort and safety for family members combined with an adaptable product
Comfort and safety for family members combined with an adaptable product and a conservative financing model Key innovative concepts The Master-planned Scale Proximity / Access Ultimate operator Self-funded Flexible community concept “City Mayor” Projects model Combines all facilities Scale provided
Slide 17: Nordelta today
Nordelta today Tigre, Argentina 17 Consultatio Company Presentation 3Q′ 2020
Slide 18: Nordelta today
Nordelta today Over 20 years, we transformed a raw landscape into a community with 30,000 residents and 10,000 daily visitors 2001 2020 F J O 1,700 24 11,320 40,000 US$ 565 M ipsum Lorem US$ 1.500B hectares neighborhoods residential and inhabitants investments by invested by third commercial units N
Slide 19: A 1,700-hectare piece of land with more than 40,000 inhabitants
A 1,700-hectare piece of land with more than 40,000 inhabitants… Based on demand, we can add attractive waterfront to maximize returns Low density Developed 22% Under development 9,000 inhab. 1,430 plots (estimated) 78% 31,000 inhab. 5,016 plots High density 51% 32,000 inhab. 900,000 sqm (estimated)
Slide 20: Characterized by a unique range of services
…characterized by a unique range of services Scale allows Nordelta to include a wide variety of services unseen in peers’ projects Health Care Hotel The Bridge Otamendi and Las Lomas Windham 5-star hotel. El Muelle, social events private healthcare and gatherings facing developments. the Central lak
Slide 21: Puertos
Puertos Escobar, Argentina 21 Consultatio Company Presentation 3Q′ 2020
Slide 22: Puertos
Puertos Following our experience with Nordelta, we launched Puertos in 2010 2010 2020 1,400 8 2,175 2 US$ 264M 800 hectares neighborhoods lots sold schools investments students by CTIO 22 Consultatio Company Presentation 3Q′ 2020
Slide 23: Launched in 2010, Puertos is our second master-planned community
Launched in 2010, Puertos is our second master-planned community With a total area of 1,400 hectares, Puertos is almost the size of Nordelta Low density Developed 64% Under development 24,681 inhab. 4,114 plots (estimated) 36% 13,764 inhab. 2,294 plots High density 99% 26,476 inhab. 529,514 sqm (est
Slide 24: A unique set of services
A unique set of services Like Nordelta, Puertos meets the minimum scale to include a city-like range of services The Beach Outdoor life Commercial Area “La Playa”, social events Eco Walking Community. Shops, services. and gatherings facing Bicycles. the Central lake. Cycle lanes. Education Natural R
Slide 25: Historically strong and value generating sales performance
Historically strong and value generating sales performance Our master-planned communities have historically met a solid demand that allowed them to be self-funded Nordelta Total project As of today Remaining / % Contracted sales (US$ million) Price per sqm (US$/sqm) 79,5 Contracted sales US$ 2.2B US
Slide 26: Las Garzas
Las Garzas Rocha, Uruguay 26 Consultatio Company Presentation 3Q′ 2020
Slide 27: Las Garzas
Las Garzas Exclusive gated residential resort near Punta del Este, Uruguay Location Project description Located in a touristic area, 15 minutes away from José Ignacio in a unique location. Uruguay Las Garzas 240 hectares masterplan designed to preserve the tranquility of the region and its natural b
Slide 28: Exclusive amenities to enjoy nature
Exclusive amenities to enjoy nature Designed for families seeking relaxation and tranquility Beach Deck Sports Pool Waterfront deck Beach club Adult pool with jacuzzi Massage room Children swimming pool with sauna and playground Gym Tennis courts Restaurant Beach services Adventure Living room and F
Slide 29: Residential buildings
Residencial buildings
Slide 30: Initial launches in Buenos Aires
Initial launches in Buenos Aires Three iconic residential buildings consolidate the Consultatio brand Location Projects Quartier Grand Torre Ocampo Bourg Oro BUENOS AIRES Delivery 2001 2004 2005 Sellable area (sqm) 12,912 7,430 14,509 Potential sales value US$ 28M US$ 22M US$ 36M Torre Oro Units 104
Slide 31: Our experience in the US: Oceana was born
Our experience in the US: Oceana was born Two luxury residential towers in the US developed where scarcity was assured Location Projects Oceana Oceana Key Biscayne Bal Harbour Delivery 2014 2016 Oceana Bal Harbour Contracted sales / Total PSV US$ 629M US$ 1,033M/1.225M Units sold / Total units 154 /
Slide 32: Oceana Key Biscayne
Oceana Key Biscayne Florida, United States 32 Consultatio Company Presentation 3Q′ 2020
Slide 33: Oceana Bal Harbour
Oceana Bal Harbour Florida, United States 33 Consultatio Company Presentation 3Q′ 2020
Slide 34: New residential in Argentina
New residential in Argentina In 2017, we purchased three lots for US$ 75 million to develop new residential projects in Buenos Aires Location Projects Oceana Oceana Huergo 475 Puerto Madero Nordelta BUENOS AIRES Río de la Plata Delivery 2021 Not launched Not launched Central Business District Contra
Slide 35: Oceana Puerto Madero
Oceana Puerto Madero After securing 43% of sellable area for US$ 88 million, we started construction works in 3Q’18 Project description Oceana Puerto Madero has 27,785 sqm of saleable residential area and 2,258 sqm of sellable retail space. Status: 50% of residential area sold. We started constructi
Slide 36: Oceana Puerto Madero
Oceana Puerto Madero Buenos Aires, Argentina 36 Consultatio Company Presentation 3Q′ 2020
Slide 37: Oceana Nordelta
Oceana Nordelta A unique location inside our master-planned community project surrounded by water and near Nordelta’s city center Project description In 3Q’17, we acquired a 23,080 sqm land plot in Nordelta for US$ 11 million (of which we paid 50%). We have a 50% stake on the project and the rest be
Slide 38: Oceana Nordelta
Oceana Nordelta Tigre, Argentina 38 Consultatio Company Presentation 3Q′ 2020
Slide 39: Huergo 475
Huergo 475 The project is part of the new green corridor that connects Puerto Madero with the city center Project description In 4Q’17, we acquired a 3,920 sqm land plot in Macrocentro for US$ 20 million in a public auction, held by the Argentinean National Administration. We have a 70% stake on the
Slide 40: Huergo 475
Huergo 475 Buenos Aires, Argentina Huergo Central Puerto 475 Business District Madero Paseo del Bajo 40 Consultatio Company Presentation 3Q′ 2020
Slide 41: Office Towers
Office Towers
Slide 42: Highly desirable locations with top tier tenants
Highly desirable locations with top tier tenants Project description Portfolio metrics Catalinas & Catalinas Catalinas Total Alem Plaza Norte Río commercial area in the City of Buenos Aires. Immersed in Buenos Aires Central Business district and close to Retiro Delivery 1995 - 1999 2016 2023 - Trans
Slide 43: Catalinas Norte Tower
Catalinas Norte Tower Buenos Aires, Argentina 43 Consultatio Company Presentation 3Q′ 2020
Slide 44: New Catalinas Business District
New Catalinas Business District Paseo del Bajo and Catalinas Norte II will consolidate Catalinas Business District 44 Consultatio Company Presentation 3Q′ 2020
Slide 45: Catalinas Río
Catalinas Río Consultatio recently acquired 3 adjacent lots in the Catalinas submarket for US$ 140 million Project description In 4Q’17, we acquired three adjacent lots located in Catalinas district, each with an area of 3,200 sqm for a total US$ 140.3 million (already paid). The project has a poten
Slide 46: Catalinas Río
Catalinas Río Buenos Aires, Argentina 46 Consultatio Company Presentation 3Q′ 2020
Slide 47: Company Structure
Company Structure
Slide 48: Top-tier management supported by experienced directors
Top-tier management supported by experienced directors Senior Management team with a proven track-record and average experience of over 7 years in the company Senior Management Board of Directors Eduardo Costantini. Founder, CEO and Chairman Eduardo Costantini. Founder, CEO and Chairman Founder, Cha
Slide 49: Project structure
Project structure We have control over all our projects currently under development, except for Nordelta where we share equal voting rights with our partners Master-planned Residential US Residential communities buildings buildings towers 49.9% 80% 55.1% 100% Nordelta Oceana Puerto Madero Oceana Key
Slide 50: Corporate structure
Corporate structure A clean structure controlled by its founder 71% 24.9% 4% Eduardo Costantini ANSES Free float 100% 49.9% 45% 55.1% 55.1% Consultatio Nordelta Las Garzas Consultatio Consultatio Argentina S.A.U. S.A. S.A. Real State LLC Brokerage Inc. 80% 100% 55.1% UTE Puerto Consultatio Consultat
Slide 51: A pure real estate developer that is passionate about design
A pure real estate developer that is passionate about design Fully integrated from conception to delivery Headquarters Master-planned Residential Tigre communities buildings towers Miami Inhouse Inhouse Inhouse Business development Tigre + Catalinas Catalinas Catalinas Inhouse Inhouse Inhouse Concep
Slide 52: Appendix
Appendix
Slide 53: Nordelta, a development story
Nordelta, a development story A 20-year story of growth, showing our long-term view and determination. Nordelta went through two economic crashes and three years of local exchange rate controls. 1998-2002 2002-2008 2009-2016 1917-2018 Strong investments in infrastructure. Commercial agreements Condo
Slide 54: Besides presales, equity investors have been our primary source of funding
Besides presales, equity investors have been our primary source of funding Oceana Key Biscayne Oceana Bal Harbour Financial Structure Financial Structure US$ 375.1M a) Equity: US$ 132.5M (35% of total investment) US$ 695.6M a) Equity: US$ 173.6M (25% of total investment) total investment total inves
Slide 55: Creating value
Creating value In projects, in business, in heritage, but also on relationships and lifestyles. We create new paradigms. We are moved by the idea of adding. Adding knowledge, track-record and a vision of the future allows us to step-up from the role of consultants and become creators of new ways.