Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — Q1 2023 Earnings Presentation
72 slides from Aroundtown Sa's earnings presentation, May 30, 2023
Slide 1: Q1 2023 Financial Results | May 2023
Q1 2023 FINANCIAL RESULTS | MAY 2023 Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA
Slide 2: Table of Contents
TABLE OF CONTENTS ↗ HIGHLIGHTS ↗ OPERATIONS AND PORTFOLIO ↗ FINANCIAL RESULTS ↗ GUIDANCE ↗ APPENDIX ↗ PORTFOLIO & CAPITAL MARKETS ↗ ESG ↗ MAIN CITIES AERIAL VIEW BERLIN ↗ MARKET DATA Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 2
Slide 3: Highlights
HIGHLIGHTS | BERLIN Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 3
Slide 4: Q1 2023 Financial Highlights
Q1 2023 FINANCIAL HIGHLIGHTS OPERATIONAL RESULTS CONSERVATIVE DEBT PROFILE & FINANC. DISCIPLINE ↗ NET RENTAL INCOME ↗ RENT LIKE-FOR-LIKE ↗ CREDIT RATING BY S&P ↗ CASH AND LIQUID ASSETS €3bn / 20% of debt €297m +3.5% BBB+/STABLE MAR 2023 -4% YOY MAR 2023 RE-AFFIRMED IN DEC 2022 ↗ LTV High headroom ↗
Slide 5: Strategic Pillars to Successfully Navigate the Volatile Market
WELL ON TRACK ALSO IN 2023 WITH ALL THE MEASURES STRATEGIC PILLARS TO SUCCESSFULLY NAVIGATE THE VOLATILE MARKET MAINTAINING FLEXIBILITY IN NEAR-TERM, WITHOUT THE NEED TO GO TO THE CAPITAL MARKETS 1 CONTINUE FURTHER WITH DISPOSALS 2 RAISING SECURED DEBT (HIGH UNENCUMBERED ASSETS RATIO) 3 LIABIL
Slide 6: Disposals – Continuous Success in a Challenging Market Environment
1) DISPOSALS – CONTINUOUS SUCCESS IN A CHALLENGING MARKET ENVIRONMENT UTILIZING THE CASH PROCEEDS DISPOSALS Q1 2023 CLOSED* SIGNED DISPOSALS ACCRETIVELY Office 30% Resi 32% ↗ STRENGTHENING THE BALANCE SHEET €460m Cash proceeds from disposals are strengthening the liquidity position and reducing leve
Slide 7: Bank Debt Achievements
2) BANK DEBT ACHIEVEMENTS ↗ ACCESS TO CAPITAL IS SUPPORTIVE DURING DIFFICULT MARKET CONDITIONS ↗ ca. €450 million bank debt was raised in 2023 YTD AROUNDTOWN GROUP BANKING RELATIONSHIPS ↗ Including 2022, ca. €930m was raised ↗ Avg. Maturity of 7 years, avg. interest rate margin of 1.3% plus Euribor.
Slide 8: Ample Liquidity Mitigates Dependency on Market Conditions
3A) AMPLE LIQUIDITY MITIGATES THE DEPENDENCY ON MARKET CONDITIONS CURRENT CASH AND SIGNED DISPOSAL PROCEEDS DEBT MATURITY PROFILE – excluding perpetual notes ↗ Cash and liquid assets ~€3bn 2,500 (Mar 2023) Cash, signed Straight bond Bank debt disposal 2,000 proceeds and vendor loans Not considering
Slide 9: Reducing Leverage
3B) REDUCING LEVERAGE NET DEBT REDUCTION (LTV) ACTIVE LIABILITY MANAGEMENT TO BUYBACK BONDS -€1.2bn ↗ ca. €710m of the 2024, 2025 & 2026 notes were repurchased in 2023 YTD at 17% discount to par, net debt reduction via 40% reducing net debt. Debt repurchases post Q1, signed and not closed disposals
Slide 10: Perpetuals as a Cash Cushion
4) PERPETUALS AS A CASH CUSHION ↗ The Board of Directors decided not to use the voluntary option to call the perpetual notes with a call date in Jan 2023. ↗ The decision was made since new issuance rates were significantly above the reset rates of the notes and the high uncertainty in the capital ma
Slide 11: High Debt Covenant Headroom
5) HIGH DEBT COVENANT HEADROOM EMTN CURRENT STRESS CASE 1) COVENANT PROGRAMME ↗ Covenants are calculated based on (Mar 2023) (value decrease until covenant breach) COVENANT IFRS reported figures, treating the perpetuals as 100% Equity. Thus, TOTAL NET Implies €14.6bn perpetuals are not part of -39%
Slide 12: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD limit of 45% Straight bonds HEALTHY 40% 40% 41% 41% €22.2bn €21.8bn BALANCE Loans & borrowings SHEET 4% 5% Equity 55% 54% Mandatory Convertible Notes 82% 81% of rent of rent Perpetu
Slide 13: Stable Operational Cash Flows
6) STABLE OPERATIONAL CASH FLOWS ↗ Commercial portfolio excl. hotels had 5.7% LFL rental growth as of Mar 2023. COMMERCIAL ↗ MOSTLY CPI-INDEXED OR STEP-UP RENTS ↗ Rent increase tailwind from indexation and step- up rents. ↗ REGULAR RENT INCREASE IN GERMANY: 20% IN 3 YEARS, 15% IN TENSE MARKETS ↗ Sta
Slide 14: ESG Highlights
ESG HIGHLIGHTS ENVIRONMENT SOCIAL GOVERNANCE, AWARDS & INDICES Working towards higher share of green building Further commitment to well-being of Improvement in processes and policies & certifications & reducing emissions and waste communities and high-quality tenant service consecutive awards and i
Slide 15: Operations & Portfolio
OPERATIONS & PORTFOLIO | FRANKFURT Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 15
Slide 16: Well-Balanced Portfolio with Strong Diversification
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 93% OFFICE/RESIDENTIAL/HOTEL, 92% IN GERMANY, THE NL & LONDON, WELL-BALANCED WITH STRONG DIVERSIFICATION AMONG WELL-DIVERSIFIED ACROSS TOP TIER CITIES WITH A FOCUS ASSET TYPES WITH DIVERSE FUNDAMENTALS ON CENTRAL LOCATIONS
Slide 17: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE MAR 2023 Investment Lettable area Annualized EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years) Portfolio by asset type property (€m) (k sqm) net rent (€m) Office 10,683 3,435 11.5% 468 12.3 3,110 4.4% 4.2 Residential 8,298 3,6
Slide 18: Office Portfolio – Well-Located in Top Tier Cities
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS ↗ WELL-DIVERSIFIED OFFICE: 42% OF THE PORTFOLIO, WITH FOCUS ON TOP TIER CITIES ↗ No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.2y WALT ↗ LARGEST LANDLOR
Slide 19: German Office Market Performance
GERMAN OFFICE MARKET PERFORMANCE ↗ COSTS AND ECONOMIC UNCERTANTIES CONTINE TO IMPACT CORPORATE DECISION-MAKING PROCESSES 1) ↗ Subdued start to 2023 while potential demand remains robust 1): Underlying fundamentals remain healthy. Take-up was down 32% y-o-y due to lack of large-scale lettings. JLL ex
Slide 20: Residential Portfolio
RESIDENTIAL PORTFOLIO ↗ GCP IS CONSOLIDATED AND THE HOLDING RATE IS 61% AS OF MAR ‘23 RESIDENTIAL (GCP): 32% OF THE (excluding the shares GCP holds in treasury) PORTFOLIO ↗ Residential asset class is the Group’s second largest asset type after offices, providing the Group with a well-balanced portfo
Slide 21: Hotel Portfolio
HOTEL PORTFOLIO ↗ WELL-DIVERSIFIED HOTEL: 19% OF THE PORTFOLIO OVER 150 HOTELS: Mainly in top tier European cities ↗ Across Europe with a focus on locations with large catchment areas ↗ 14.4 YEARS WALT ↗ Long fixed contracts with no variable components with over 25 third-party hotel operators Q1 202
Slide 22: Hotel Market Recovery in Q1 2023
HOTEL MARKET RECOVERY IN Q1 2023 Recovery is progressing as occupancy grows Demand drivers continue to recover with RevPAR recovery driven by strong ADR y-o-y but Germany, NL & Belgium are lagging, higher international, business and MICE but cost inflation impact requires 20% higher due to slower re
Slide 23: Hotel Market Recovery – Upcoming Trends for 2023
HOTEL MARKET RECOVERY – UPCOMING TRENDS FOR 2023 UPCOMING TRENDS EXPECTED COLLECTION RATE ↗ Expected uptick in corporate travel ↗ 85% – 90% collection rate expected for 2023, ↗ Large trade fairs & conferences already booked significantly better than 2022 (69%) due to for 2023 continued recovery. ↗ M
Slide 24: Development / Building Rights
DEVELOPMENT / BUILDING RIGHTS DEVELOPMENTS: 6% OF TOTAL ASSETS. AT’S DEVELOPMENT STRATEGY IN 3 STEPS: 1) IDENTIFYING THE POTENTIAL 3) SELECTIVE DEVELOPMENTS 2) CRYSTALLIZING THE GAINS IN MARKETS WITH STRONG OR REPOSITIONING IN SMALL THROUGH SALE OF RIGHTS DEMAND & SCARCITY OF LAND SCALE AT LOW RISK
Slide 25: Financial Results
FINANCIAL RESULTS | MUNICH Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 25
Slide 26: Profit and Loss
PROFIT AND LOSS 1-3/2023 1-3/2022 in € millions Net rental income, recurring long-term1) (in €m) REVENUE 402.6 393.7 RECURRING LONG-TERM NET RENTAL INCOME 292.9 304.6 305 293 Decreased due to PROPERTY REVALUATIONS AND CAPITAL GAINS (133.4) 80.7 disposals, which are channelled into liability Share of
Slide 27: Adjusted EBITDA
ADJUSTED EBITDA 1-3/2023 1-3/2022 in € millions ▪ Subtracted as these profits include AT’s share in non-operational Operating profit 86.4 311.9 Total depreciation and amortization 4.0 5.1 profits generated by the equity accounted investees EBITDA 90.4 317.0 Property revaluations and capital gains 13
Slide 28: FFO I & FFO II
FFO I & FFO II 1-3/2023 1-3/2022 FFO I (in €m) & FFO I per share (in €) in € millions FFO I BEFORE JV CONTRIBUTION 88.0 110.4 Contribution of joint ventures’ FFO I 11.6 8.9 89 85 Extraordinary expenses for uncollected hotel rents (15.0) (30.0) FFO I 84.6 89.3 FFO I PER SHARE 0.077 0.080 Q1 2022 Q1 2
Slide 29: EPRA NAV KPIs
EPRA NAV KPI’S Mar 2023 Dec 2022 EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) EPRA NRV (/ps) EPRA NTA(1)(/ps) in € millions unless otherwise indicated EPRA NTA(1) EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 9,567.0 9,585.3 12,289 12,278 10,135 10,186 Deferred tax liabilities 1,906.9
Slide 30: Guidance
GUIDANCE | AMSTERDAM Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 30
Slide 31: 2023 Guidance Confirmed
2023 GUIDANCE CONFIRMED FY 2023 GUIDANCE FFO I €300 million – €330 million FFO I per share €0.27 – €0.30 POSITIVE DRIVERS NEGATIVE DRIVERS ↗ Impact of disposals ↗ Conservative rent increase ↗ Increase in cost of debt ↗ Improvements in collection rate in the hotel industry ↗ Higher perpetual coupon p
Slide 32: Appendix
APPENDIX | TOP TIER LOCATIONS LONDON HAMBURG COLOGNE LEIPZIG Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 32
Slide 33: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE Frankfurt Stock Exchange Placement (Prime Standard) Shares held in treasury* Free float 29% 56% Incorporation Luxembourg 13.07.2015 First equity issuance Avisco Group/ (€3.2 per share) Vergepoint** *12% are held through TLG Immobilien 15% AG, voting
Slide 34: Investment Properties
INVESTMENT PROPERTIES MAR 2023 Investment Lettable area Annualized EPRA Vacancy In-place rent/sqm (€) Value/sqm (€) Rental Yield WALT (years) Portfolio by Asset Type* property (€m) (k sqm) net rent (€m) Office 10,683 3,435 11.5% 468 12.3 3,110 4.4% 4.2 Residential 8,298 3,683 4.0% 357 8.3 2,253 4.3%
Slide 35: Best-in-Class Berlin Portfolio – Mar 2023
BEST-IN-CLASS BERLIN PORTFOLIO – MAR 2023 LOCATED IN THE BEST 84% NEIGHBORHOODS OF BERLIN Top Tier 84% of the Group portfolio is located in top Strongly benefiting from the unique tier neighborhoods: dynamics & growth of Berlin’s most in Charlottenburg, Wilmersdorf, Mitte, demand neighborhoods, busi
Slide 36: Strategic Top Tier Hotels in Strong Locations
STRATEGIC TOP TIER HOTELS IN STRONG LOCATIONS WITH FASTER RECOVERY POTENTIAL Hotel Rooms Brand Hotel Rooms Brand Hotel Rooms Brand Hilton Berlin Gendarmenmarkt Prime 601 NH Hotel Dortmund Prime Center 190 Mark Apart Berlin Prime Center Ku’damm 120 Center Steigenberger Hotel de Saxe Dresden Prime Cen
Slide 37: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 5% OF THE PORTFOLIO 5.2 YEAR WALT 4.6 YEAR WALT ↗ 5% of portfolio is retail, of which: ↗ Over 1/4 is part of other asset types (ground floor retail, service areas, etc.) ↗ REDUCED SHARE ↗ REDUCED SHARE ↗ Reduced from 7% in March 2
Slide 38: Overview of Selected Development Rights
OVERVIEW OF SELECTED DEVELOPMENT RIGHTS Project name City Address Project type Planned use Status Sqm Market rent Conversion Berlin Kreuzberg Berlin Baerwaldstraße 36-37, 10961 with space addition Residential Pre-permit obtained 3k sqm €22/sqm Uhlandstraße 165,166; Refurbishment with space Berlin Pr
Slide 39: Attractive Investment in Globalworth
ATTRACTIVE INVESTMENT IN GLOBALWORTH – THE LEADING LISTED OFFICE COMPANY IN POLAND & ROMANIA PRIME ASSETS & STRONG RIGHT INVESTMENT VEHICLE IN GLOBALWORTH OFFER TENANT BASE THE CEE MARKET ↗ Through a JV, AT and CPI hold together 61% of ↗ GWI is a leader in the Polish & Romanian office ↗ GWI is the r
Slide 40: Highest Rated German Commercial Real Estate Company
HIGHEST RATED GERMAN COMMERCIAL REAL ESTATE COMPANY S&P Ratings Matrix Financial risk profile ↗ FINANCIAL POLICY 1 2 3 4 5 6 Minimal Modest Intermediate Significant Aggressi High ve Leverag ed ↗ LTV limit at 45% 1 aaa/ bbb- Excellent aa a+/a a- bbb Business risk profile aa+ /bb+ (Vonovia BBB+)1) 2 (
Slide 41: Perpetual Notes
PERPETUAL NOTES OUTSTANDING CURRENT FIRST CALL CHARACTERISTICS OF PERPETUAL NOTES AMOUNT COUPON RESET RATE DATE 2.345% 3.546% 641.5M USD 21 Jul 2023 (Swapped) +5Y MID-SWAP ↗NO MATURITY: 2.0% 400M EUR 2.125% 17 Jan 2024 ↗ Perpetual notes have no maturity date. +5Y MID-SWAP 3.00% 4.377% 400M GBP 25 Ju
Slide 42: Capital Market Activity
CAPITAL MARKET ACTIVITY Capital market activity per year Capital market activity per issuance type 2015-2021 €4.6bn €4.2bn €4.2bn €4.0bn Str. Bond €12.3bn €2.6bn €1.9bn Conv. Bond €0.8bn €1.2bn Equity €6.2bn €3.2bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 Equity (incl. Conversions) Perpetual notes
Slide 43: Appendix – ESG
APPENDIX – ESG | Across the portfolio Committed to sustainability Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 43
Slide 44: Commitment to ESG
COMMITTMENT TO ESG E CLEARLY S SOCIALLY G HIGH LEVEL OF SET TARGETS RESPONSIBLE GOVERNANCE Strong commitment to maintain Management oversight from Board Reduce GHG emission high tenant satisfaction of Directors (BoD) 67% of BoD is independent/ non Reduce water consumption and Increase employee reten
Slide 45: AT's Long-Term ESG Targets
AT’S LONG-TERM ESG TARGETS UN Sustainable Development ESG TOPICS Goals (see here) Sub-topics Long-term targets •Achieve a 40% reduction in CO2 intensity by 2030 against the 2019 baseline, measured in CO2-equivalent emissions intensity, CO2e/m2 Climate Change Mitigation •Achieve a 20% reduction in en
Slide 46: Green Building Certifications
ESG – ENVIRONMENT PART 1: ENERGY EFFICIENT BUILDINGS GREEN BUILDING CERTIFICATIONS Building upgrades with the goal to receive certifications (BREEAM, DGNB, LEED). Development/major refurbishments aimed to build for certification eligibility ↗ 10% of the total commercial portolio is certified (ca. 5%
Slide 47: ESG – Environment Part 2: Conserving Energy Measures
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMISSIONS REDUCTION ENERGY INVESTMENT PROGRAM ↗ Energy Investment Program: installation of Photovoltaics (PV), Combined Heat and Power (CHP), Combined Cooling, Heat & Power (CCHP), EV charging stations, smart meters,
Slide 48: ESG – Environment Part 3: Water and Waste Management
ESG – ENVIRONMENT PART 3: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT ↗ Further optimizing waste and ↗ Remote water meters create operational costs through awareness, influence tenant waste management systems behavior, detect water leaks (i.e., obtaining and sharing and unusual wat
Slide 49: ESG – Social Part 1: Community Building
ESG – SOCIAL PART 1: COMMUNITY BUILDING AROUNDTOWN FOUNDATION LOCAL PARTNERSHIPS ↗ AT focuses on establishing productive partnerships with local stakeholders to ensure that corporate activities are aligned to the tenants and communities ↗ Numerous charities across portfolio’s locations, working in c
Slide 50: Holistic Tenant Management Approach
ESG – SOCIAL PART 2: TENANT MANAGEMENT HOLISTIC TENANT MANAGEMENT APPROACH ENGAGEMENT AVAILABILITY POLICY ENFORCEMENT Introduced green lease Tailor-made approach, 24/7 tenant support for clauses in new contracts Main tool to monitor and customized leases, balancing residential and commercial which s
Slide 51: Goal to Become Top Employer in Commercial Real Estate
GOAL TO BECOME TOP EMPLOYER IN COMMERCIAL REAL ESTATE TO ATTRACT BEST NEW TALENT Goal to become top employer in commercial real estate to attract best new talent COLLABORATION TRAINING Dynamic & open RETENTION Employee training corporate culture, Employee retention programs to ensure fostering perso
Slide 52: Board of Directors
BOARD OF DIRECTORS BOARD OF DIRECTORS – 4/6 MEMBERS ARE INDEPENDENT/NON-EXECUVITE AND 2/6 ARE FEMALE DIVERSE MIX OF PROFESSIONALS WITH STRONG & LONG EXPERIENCE, FOCUS ON REAL ESTATE INDUSTRY & FINANCING FRANK ROSEEN – EXECUTIVE DIRECTOR MARKUS LEININGER- INDEPENDENT DIRECTOR FORMER SENIOR BANKER WIT
Slide 53: Board Committees and the Advisory Board
BOARD COMMITTEES AND THE ADVISORY BOARD ALL COMMITTEES ARE IN PLACE WITH INDEPENDENT MEMBERS IN PLACE AUDIT RISK NOMINATION REMUNERATION ESG COMMITTEE COMMITTEE COMMITTEE COMMITTEE COMMITTEE (MAINTAINING THE INTEGRITY OF THE (ASSESSING, MONITORING AND MITIGATING (IDENTIFYING SUITABLE CANDIDATES FOR
Slide 54: Management Team
MANAGEMENT TEAM MANAGEMENT BODY IS SUPERVISED BY THE BOARD OF DIRECTORS BARAK BAR-HEN – CO-CEO & COO EYAL BEN DAVID – CFO OSCHRIE MASSATSCHI – CCMO (CO-CHIEF EXECUTIVE OFFICER & CHIEF (CHIEF FINANCIAL OFFICER) (CHIEF CAPITAL MARKETS OFFICER) OPERATING OFFICER) SINCE 2013 IN THE MANAGEMENT OF SINCE 2
Slide 55: Management Team – Senior Management
MANAGEMENT TEAM – 2 SENIOR MANAGEMENT NIKOLAI WALTER- HEAD OF ASSET & PROPERTY MANAGEMENT CHRISTIAN HUPFER - CHIEF COMPLIANCE OFFICER 20 YEARS EXPERIENCE IN THE REAL ESTATE INDUSTRY. BEFORE JOINING THE GROUP, WAS A MANAGING DIRECTOR OF SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES.
Slide 56: ESG Awards & Indices
ESG AWARDS & INDICES ↗2022: STRONG RANKING SUSTAINABILITY CONSECUTIVE EPRA WITH AGENCIES INDICES AWARDS ↗Maintained strong Sustanalytics rating ↗Included in the Dow Jones Sustainability ↗AT received EPRA BPR Gold award for the (Top 6th globally) in the low-risk category Index and Bloomberg Gender Eq
Slide 57: Appendix: Focus on Central Locations of Top Tier Cities
APPENDIX: FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES | TOP TIER LOCATIONS DUSSELDORF BERLIN AMSTERDAM BERLIN Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 57
Slide 58: Berlin Alexanderplatz: The Prime Commercial and Tourist Center
BERLIN ALEXANDERPLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark AT property BERLIN ALEXANDERPLATZ AT has over 140,000 SQM lettable space in the prime commercial and tourist center Alexanderplatz Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 58
Slide 59: Berlin Potsdamer Platz: The Prime Commercial and Tourist Center
BERLIN POTSDAMER PLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark Potsdamer Platz Office AT property Potsdamer Platz Checkpoint Charlie Mixed-use Residential/Office/Hotel (GCP) Office Potsdamer Platz Checkpoint Charlie Office Office Gendarmenmarkt Office Gendarmenmarkt Gendarmenmarkt Office R
Slide 60: Berlin Ku'damm: The Prime Commercial and Tourist Center
BERLIN KU’DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER Berlin City Center Mitte Retail Potsdamer Platz Landmark Moxy by Marriot Berlin Mitte Ku’Damm KaDeWe Residential Hotel (GCP) AC by Marriot Berlin Mitte Hotel AT property Ku’Damm KaDeWe Office Berlin City Center Mitte Office Ku’damm /Uhlandstr.
Slide 61: Frankfurt: Quality Assets in Central Locations
FRANKFURT: QUALITY ASSETS IN CENTRAL LOCATIONS Landmark AT property FRANKFURT HBF & CBD Approx. 200,000 sqm lettable space in Frankfurt prime centers, main central train station and banking district Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 61
Slide 62: Frankfurt: Quality Assets Near Main Central Train Station and Messe
FRANKFURT: QUALITY ASSETS NEAR MAIN CENTRAL TRAIN STATION AND MESSE Frankfurt Stadtmitte Office Landmark Frankfurt Büro Center (FBC) Office Frankfurt Messe Frankfurt Messe Frankfurt Messe AT property Office Office Office Intercontinental Frankfurt Hotel Frankfurt Banking District Frankfurt HBF Offic
Slide 63: Munich: Assets in Central Locations, Near Exhibition Center
MUNICH: ASSETS IN CENTRAL LOCATIONS, NEAR EXHIBITION CENTER & COMMERCIAL HUBS Landmark Global HQs of Allianz Global Corporate & German HQs of Generali Specialty Insurance AT property Global HQs of Wacker Chemie AG Munich Messe Munich Siemens Office Campus Office Global HQs of BSH Office Group Melia
Slide 64: Amsterdam – Centrally Located High Quality Assets
AMSTERDAM – CENTRALLY LOCATED HIGH QUALITY ASSETS Amsterdam Zuidoost Landmark Amsterdam Zuidoost Amsterdam Office Office Sloterdijk Train Station Amsterdam West AT property Office Complex Office Amsterdam Arena Office Amsterdam Sloterdijk Office Amsterdam Westpoort Office Amsterdam Arena Amsterdam A
Slide 65: Dresden – Prime Assets in Historic City Center
DRESDEN – PRIME ASSETS IN HISTORIC CITY CENTER Dresden main central train Landmark Main central train station station Hotel AT property Main central train station Office City Center Office Main High Street Retail City Center Office Zwinger Palace City Center Office Steigenberger Hotel Hotel Frauenki
Slide 66: Leipzig – Centrally Located Top Tier Assets at Hauptbahnhof
LEIPZIG – CENTRALLY LOCATED TOP TIER ASSETS AT HAUPTBAHNHOF Landmark Main central train station Office Leipzig main central AT property train station Main central train station Hotel Main central train station Office City Center Promenade Nikolaikirche Office/Retail University of Leipzig Q1 2023 FIN
Slide 67: Appendix: Market Data
APPENDIX: MARKET DATA | TOP TIER LOCATIONS ROTTERDAM UTRECHT MAINZ DRESDEN Q1 2023 FINANCIAL RESULTS AROUNDTOWN SA 67
Slide 68: Regional Market Overview
REGIONAL MARKET OVERVIEW Amsterdam Berlin ◼ GDP growth: 3.5% p.a. (avg 2016-2020) ◼ GDP growth: 4.5% p.a. (avg 2016-2020) ◼ Net migration: 6k p.a. (avg 2016-2020) GERMANY ◼ Net migration: 28k p.a. (avg 2016-2020) ◼ Population density: 5.3k per km2 ◼ Population density: 4.1k per km2 Utrecht Hamburg ◼
Slide 69: German Office Market
GERMAN OFFICE MARKET GERMANY BIG 7 OFFICE MARKETS GERMAN OFFICE MARKET 2022/2023 Demand exists but the picture remains mixed. Take-up is expected to be 10% below 2022 and 10-year-avg, with tenants delaying their decisions due to economic uncertainties. Sharp increase in rent driven mainly by inflati
Slide 70: Resilient German Residential Market
RESILIENT GERMAN RESIDENTIAL MARKET POSITIVE NET MIGRATION RESULTS REDUCTION OF HOUSEHOLD SIZE SIGNIFICANT UNDERSUPPLY IN HIGH DEMAND RESULTS IN HIGH DEMAND ↗ Building permits at low levels, significantly below demand levels, ↗ Positive Net Migration in Germany 1) ↗ Increase in the share of 1 person
Slide 71: Hotel Market – Leisure Back to Pre-Pandemic, Business Travel Recovering
HOTEL MARKET – LEISURE BACK TO PRE-PANDEMIC, BUSINESS TRAVEL IS RECOVERING BUT REMAINS SUBDUED HIGHEST SHARE OF DOMESTIC TRAVEL IN GERMANY, UK, AND NL HELPS PARTIALLY INSULATE HOTEL PERFORMANCE FROM WIDER INTERNATIONAL TRAVEL & BUSINESS TRAVEL FLUCTUATIONS ↗ Europe leisure travel back to pre-pandemi
Slide 72: Disclaimer
DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being circulated on a confidential basis. This presentation shall be used only in accordance with applicable law, e.g. regarding national and international insider dealing rules, and must not be distribute