Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — H1 2023 Earnings Presentation
77 slides from Aroundtown Sa's earnings presentation, Aug 30, 2023
Slide 1: H1 2023 Financial Results
H1 2023 FINANCIAL RESULTS | AUG 2023 AROUNDTOWN SA
Slide 2: Table of Contents
Rotterdam TABLE OF CONTENTS HIGHLIGHTS OPERATIONS AND PORTFOLIO FINANCIAL RESULTS GUIDANCE APPENDIX − Portfolio & Capital Markets − ESG − Main Cities Aerial View − Market Data AROUNDTOWN SA 2
Slide 3: Highlights
HIGHLIGHTS | BERLIN AROUNDTOWN SA 3
Slide 4: H1 2023 Financial Highlights
H1 2023 FINANCIAL HIGHLIGHTS OPERATIONAL RESULTS CONSERVATIVE DEBT PROFILE & FINANCIAL DISCIPLINE o NET RENTAL INCOME o RENT LIKE-FOR-LIKE o CASH AND LIQUID ASSETS o LTV High headroom 41% to bond €596m +3.4% €2.5bn / 18% of debt covenants JUN 2023 -3% YOY JUN 2023 JUN 2023 o EPRA LTV o FFO I o FFO I
Slide 5: Continuing to Execute Further on All Strategic Measures
CONTINUING TO EXECUTE FURTHER ON ALL STRATEGIC MEASURES STRATEGIC PILLARS TO SUCCESSFULLY NAVIGATE THE VOLATILE MARKET Maintaining flexibility in the near-term, without the need to go to the capital markets CONTINUE FURTHER WITH DISPOSALS RAISING SECURED DEBT (HIGH UNENCUMBERED ASSETS RATIO) LIABILI
Slide 6: Disposals – Continuous Success in a Challenging Market
DISPOSALS – CONTINUOUS SUCCESS IN A CHALLENGING MARKET ENVIRONMENT DISPOSALS H1 2023 CLOSED* SIGNED DISPOSALS UTILIZING THE CASH PROCEEDS ACCRETIVELY Office 23% Resi 27% o STRENGTHENING THE BALANCE SHEET €720m Hotel 11% o Cash proceeds from disposals are strengthening Logistics/Other 1% the liquidit
Slide 7: Bank Debt Achievements
BANK DEBT ACHIEVEMENTS ACCESS TO CAPITAL IS SUPPORTIVE DURING DIFFICULT MARKET CONDITIONS BANK DEBT SIGNED 2023 YTD AROUNDTOWN GROUP BANKING RELATIONSHIPS o €790 million, of which: €430m drawn during H1 2023 o Avg. Maturity of 7 years, avg. interest rate margin of 1.4% plus Euribor. o AT’s competiti
Slide 8: Active Liability Management Through Buying Back Bonds
ACTIVE LIABILITY MANAGEMENT SUPPORTING DELEVERAGING o ca. €1.3 Billion bonds repurchased in 2023 YTD* at an average 20% discount to par ACTIVE LIABILITY primarily of nearer term notes extending the debt maturity schedule & reducing leverage MANAGEMENT THROUGH o Until the market volatility levels dow
Slide 9: Perpetuals as a Cash Cushion
PERPETUALS AS A CASH CUSHION o Perpetual notes remain to be an important part of the capital structure especially as the ability to use the option not to call them provide a security cushion in volatile times. Perpetual notes continue to be considered as 100% equity for IFRS and bond covenants even
Slide 10: Operations & Portfolio
OPERATIONS & PORTFOLIO | FRANKFURT AROUNDTOWN SA 10
Slide 11: High Diversification, Balanced Across Strong Asset Types and Locations
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 93% OFFICE/RESIDENTIAL/HOTEL, 91% IN GERMANY, THE NL & LONDON, well-balanced with strong diversification among asset types with diverse fundamentals well-diversified across top tier cities with a focus on central locations
Slide 12: Stable Operational Cash Flows
STABLE OPERATIONAL CASH FLOWS ↗ Commercial portfolio had 3.8% LFL rental growth as of COMMERCIAL ↗ MOSTLY CPI-INDEXED OR STEP-UP RENTS Jun 2023. ↗ Rent increase tailwind from indexation and step-up rents. ↗ REGULAR RENT INCREASE IN GERMANY: 20% IN 3 YEARS, ↗ Stable operational tailwinds from high de
Slide 13: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE JUN 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 9,912 3,368 11.9% 465 12.5 2,943 4.7% 4.2 Residential 7,916 3,64
Slide 14: German Office Market Performance
GERMAN OFFICE MARKET PERFORMANCE COSTS AND ECONOMIC UNCERTAINTIES CONTINUE TO IMPACT CORPORATE DECISION-MAKING PROCESSES 1) o Delayed decision-making in regard to moving1): Take-up was down 40% y-o-y due to lack of large-scale lettings. JLL expects 20% decline in take-up for 2023 due to economic hea
Slide 15: German Residential Market Performance
GERMAN RESIDENTIAL MARKET PERFORMANCE SIGNIFICANT UNDERSUPPLY CONTINUED, FURTHER WIDENING THE SUPPLY-DEMAND GAP 1) 2) o Building permits at low levels, significantly below the demand level, resulting in low market vacancy: 245k of new residential apartment supply is expected for 2023, significantly
Slide 16: Hotel Market Recovery in H1 2023
HOTEL MARKET RECOVERY IN H1 2023 Recovery is progressing as occupancy grows Demand drivers continue to recover with higher RevPAR recovery driven by strong ADR y-o-y but Germany, NL & Belgium are lagging, due international, business and MICE bookings. Full but cost inflation impact requires 20% high
Slide 17: Hotel Market Recovery – Ongoing Trends for 2023
HOTEL MARKET RECOVERY – ONGOING TRENDS FOR 2023 ONGOING TRENDS EXPECTED COLLECTION RATE o Uptick in corporate travel expected to continue o 85% – 90% collection rate expected for 2023, significantly o Large trade fairs & conferences already booked and better than 2022 (69%) due to continued recovery
Slide 18: ESG Highlights – Green Building Certificates
ESG HIGHLIGHTS – GREEN BUILDING CERTIFICATES (SEE APPENDIX FOR MORE DETAILS) % OF OFFICES GREEN CERTIFIED 2023 YTD 2020 2021 2022 BEYOND 2% 8% 15% 22% First analysis and Pilot project started successfully Transferring the knowledge from the First German office properties Aiming at gradual planning i
Slide 19: ESG Highlights – Green Installations & Refurbishments
ESG HIGHLIGHTS – GREEN INSTALLATIONS & REFURBISHMENTS (SEE APPENDIX FOR MORE DETAILS) Carbon reduction via installations of Photovoltaics Combined Heat & Power EV Charging Stations energy efficient measures Generates carbon-free energy Generates efficient energy Replaces carbon-intensive energy fuel
Slide 20: Financial Results
FINANCIAL RESULTS | MUNICH AROUNDTOWN SA 20
Slide 21: Profit and Loss
PROFIT AND LOSS 1-6/2023 1-6/2022 in € millions Net rental income, recurring long-term1) (in €m) REVENUE 815.3 789.9 RECURRING LONG-TERM NET RENTAL INCOME 589.4 601.7 602 589 Decreased due to PROPERTY REVALUATIONS AND CAPITAL GAINS (1,746.0) 400.7 disposals, which are channelled into liability Share
Slide 22: Further Yield Increase Partially Offset by Rent Increase
FURTHER YIELD INCREASE PARTIALLY OFFSET BY RENT INCREASE YIELD INCREASE, PARTIALLY OFFSET VALUATIONS REMAIN WELL-BELOW HIGH H1 2023 VALUATION RESULTS BY RENT INCREASE REPLACEMENT COSTS LFL VALUE CHANGE ASSET TYPE o FULLY VALUED THE PORTFOLIO AS AT JUNE 30, 2023 (JUN 2023 VS DEC 2022) ~60% o Valuatio
Slide 23: Adjusted EBITDA
ADJUSTED EBITDA 1-6/2023 1-6/2022 in € millions Subtracted as these results include AT’s share in non-operational Operating (loss) profit (1,368.8) 869.2 Total depreciation and amortization 8.8 9.0 results generated by the equity accounted investees. EBITDA (1,360.0) 878.2 Property revaluations and
Slide 24: FFO I & FFO II
FFO I & FFO II 1-6/2023 1-6/2022 FFO I (in €m) & FFO I per share (in €) in € millions FFO I BEFORE JV CONTRIBUTION 175.2 212.5 Contribution of joint ventures’ FFO I 23.1 18.1 186 175 Extraordinary expenses for uncollected hotel rents (23.0) (45.0) FFO I 175.3 185.6 FFO I PER SHARE 0.16 0.17 H1 2022
Slide 25: EPRA NAV KPIs
EPRA NAV KPI’S EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) Jun 2023 Dec 2022 EPRA NRV (/ps) EPRA NTA(1)(/ps) in € millions unless otherwise indicated EPRA NTA(1) EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 8,585.0 9,585.3 12,289 11,163 10,135 9,149 Deferred tax liabilities 1,748.0
Slide 26: Ample Liquidity Mitigates Dependency on Market Conditions
AMPLE LIQUIDITY MITIGATES THE DEPENDENCY ON MARKET CONDITIONS CURRENT CASH AND SIGNED DISPOSAL PROCEEDS DEBT MATURITY PROFILE – excluding perpetual notes 2,500 Cash, signed Cash and liquid assets ~€2.5bn disposal Straight bond Bank debt (Jun 2023) proceeds and 2,000 vendor loans cover debt maturitie
Slide 27: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT STRESS CASE 1) COVENANT COVENANT (Jun 2023) (value decrease until covenant breach) o Covenants are calculated based on IFRS reported figures, treating the TOTAL NET DEBT / Implies €13.4bn perpetuals as 100% Equity. Thus, TOTAL NET <=60% 35% -38% fur
Slide 28: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD limit of 45% Straight bonds 40% 41% €22.2bn HEALTHY 41% 40% €20.2bn Loans & borrowings BALANCE SHEET Equity 4% 6% 55% 54% Mandatory Convertible Notes 82% 79% of rent of rent Perpetu
Slide 29: Guidance
GUIDANCE | AMSTERDAM AROUNDTOWN SA 29
Slide 30: 2023 Guidance Increased
2023 GUIDANCE INCREASED FY 2023 GUIDANCE FFO I €310 million – €340 million FFO I per share €0.28 – €0.31 POSITIVE DRIVERS NEGATIVE DRIVERS o Impact of disposals o Conservative rent increase o Increase in cost of debt o Improvements in collection rate in the hotel industry o Higher perpetual coupon p
Slide 31: Appendix | Top Tier Locations
APPENDIX | TOP TIER LOCATIONS LONDON HAMBURG COLOGNE LEIPZIG AROUNDTOWN SA 31
Slide 32: 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 Avisco Group/ First equity issuance Vergepoint** (€3.2 per share) 15% *12% are held through TLG Immobilien AG, voting
Slide 33: Investment Properties
INVESTMENT PROPERTIES JUN 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 9,912 3,368 11.9% 465 12.5 2,943 4.7% 4.2 Residential 7,916 3,643 3.7% 360 8.4 2,173 4.6%
Slide 34: Best-in-Class Berlin Portfolio – Jun 2023
BEST-IN-CLASS BERLIN PORTFOLIO – JUN 2023 Located in the best 83% TOP TIER neighborhoods of BERLIN 83% 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 35: Office Portfolio – Well-Located in Top Tier Cities
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS WELL-DIVERSIFIED OFFICE: 41% OF THE PORTFOLIO, with focus on top tier cities o No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.2y WALT LARGEST LANDLORD o
Slide 36: Residential Portfolio
RESIDENTIAL PORTFOLIO GCP IS CONSOLIDATED AND THE HOLDING RATE IS 61% AS OF JUNE 2023 RESIDENTIAL (GCP): (excluding the shares GCP holds in treasury) 32% OF THE PORTFOLIO o Residential asset class is the Group’s second largest asset type after offices, providing the Group with a well-balanced portfo
Slide 37: Hotel Portfolio
HOTEL PORTFOLIO WELL-DIVERSIFIED HOTEL: 20% OF THE PORTFOLIO OVER 150 HOTELS: Mainly in top tier European cities o Across Europe with a focus on locations with large catchment areas 14.2 YEARS WALT o Long fixed contracts with no variable components with over 25 third-party hotel operators AROUNDTOWN
Slide 38: 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 AC by Marriott Berlin Mitte 130 InterCity Hot
Slide 39: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 5% OF THE PORTFOLIO 5.4 YEAR WALT 4.5 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 o Reduced from 7% in March 2020 du
Slide 40: Development / Building Rights
DEVELOPMENT / BUILDING RIGHTS DEVELOPMENTS: 6% OF TOTAL ASSETS. AT’S DEVELOPMENT STRATEGY IN 3 STEPS: 1) IDENTIFYING THE POTENTIAL IN MARKETS 2) CRYSTALLIZING THE GAINS 3) SELECTIVE DEVELOPMENTS OR REPOSITIONING WITH STRONG DEMAND & SCARCITY OF LAND THROUGH SALE OF RIGHTS IN SMALL SCALE AT LOW RISK
Slide 41: 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 42: Attractive Investment in Globalworth
ATTRACTIVE INVESTMENT IN GLOBALWORTH – THE LEADING LISTED OFFICE COMPANY IN POLAND & ROMANIA RIGHT INVESTMENT VEHICLE GLOBALWORTH OFFER PRIME ASSETS & STRONG TENANT BASE IN THE CEE MARKET o Through a JV, AT and CPI hold together 61% of o GWI is a leader in the Polish & Romanian office o GWI is the r
Slide 43: Highest Rated German Commercial Real Estate Company
HIGHEST RATED GERMAN COMMERCIAL REAL ESTATE COMPANY S&P Ratings Matrix 1 2 Financial risk profile 3 4 5 6 FINANCIAL POLICY Minimal Modest Intermediate Significant Aggressi High ve Leverag ed 1 o LTV limit at 45% aaa/ bbb- Excellent aa a+/a a- bbb Business risk profile aa+ /bb+ (Vonovia BBB+)1) 2 (Ar
Slide 44: Perpetual Notes
PERPETUAL NOTES CHARACTERISTICS OF PERPETUAL NOTES OUTSTANDING CURRENT FIRST CALL RESET RATE AMOUNT COUPON DATE 2.0% NO MATURITY: 400M EUR 2.125% 17 Jan 2024 +5Y MID-SWAP o Perpetual notes have no maturity date. 400M GBP 3.00% 4.377% 25 Jun 2024 (Swapped) +5Y MID-SWAP NO COVENANTS & FULL OPTIONALITY
Slide 45: 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 46: Appendix - ESG: Committed to Sustainability
APPENDIX - ESG | Across the portfolio Committed to sustainability AROUNDTOWN SA 46
Slide 47: Commitment to ESG
COMMITTMENT TO ESG E S G CLEARLY SET TARGETS SOCIALLY RESPONSIBLE HIGH LEVEL OF GOVERNANCE Strong commitment to maintain Management oversight from Board Reduce GHG emission high tenant satisfaction of Directors (BoD) Reduce water consumption and Increase employee retention and 71% of BoD is independ
Slide 48: 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
Slide 49: 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 o 13% of the total commercial portfolio is certified (ca. 5
Slide 50: GHG Emission Reduction
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMMISSION REDUCTION ENERGY INVESTMENT SWITCHING TO CLIMATE ENERGY EFFICENT GREEN LEASE CLAUSES PROGRAM NEUTRAL ENERGY FACILITIES Installation of Photovoltaics (PV), Replacing/upgrading fossil fuel Efficient facilitie
Slide 51: Energy Investment Program
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT ENERGY INVESTMENT PROGRAM Investment in energy efficient measures such as installation of Photovoltaics, Combined Heat and Power and EV charging stations. Additionally invested in efficient insulation (roofs, façade, win
Slide 52: Regular / Maintenance Capex Upgrade Energy Efficiency
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT REGULAR / MAINTENANCE CAPEX UPGRADE ENERGY EFFICIENCY Energy-efficient refurbishments: Roof, façade and Heating, Water and waste Window ventilation & Air- management basement LED lighting replacements Con systems insulat
Slide 53: Water and Waste Management
ESG – ENVIRONMENT PART 3: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT o Remote water meters create o Further optimizing waste and awareness, influence tenant operational costs through waste behavior, detect water leaks and management systems (i.e., obtaining unusual water usage and
Slide 54: ESG – Social Part 1: Community Building
ESG – SOCIAL PART 1: COMMUNITY BUILDING AROUNDTOWN FOUNDATION LOCAL PARTNERSHIPS o AT focuses on establishing productive partnerships with local stakeholders to ensure that corporate activities are aligned to the tenants and communities “Artio Nürnberg” sport camp for children o Numerous charities a
Slide 55: Tenant Management
ESG – SOCIAL PART 2: TENANT MANAGEMENT TENANT MANAGEMENT ENGAGEMENT AVAILABILITY POLICY ENFORCEMENT Tailor-made approach, 24/7 tenant support for Introduced green lease clauses in Main tool to monitor and customized leases, residential and commercial new contracts which set enforce tenant satisfacti
Slide 56: 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 TRAINING COLLABORATION RETENTION Employee training programs Dynamic & open corporate Employee retention program to ensure knowledge sharin
Slide 57: Board of Directors
BOARD OF DIRECTORS MARKUS LEININGER- INDEPENDENT DIRECTOR o Board of Directors – 5/7 members are independent/non- FORMER SENIOR BANKER WITH A FOCUS ON FINANCING, PRIVATE EQUITY AND REAL executive ESTATE. SERVED AS HEAD OF OPERATIONS WITH EUROHYPO AG AND RHEINHYP AG (COMMERZBANK) AND A MEMBER OF THE
Slide 58: Board Committees and the Advisory Board
BOARD COMMITTEES AND THE ADVISORY BOARD ALL COMMITTEES ARE IN PLACE WITH INDEPENDENT MEMBERS IN PLACE AUDIT COMMITTEE RISK COMMITTEE NOMINATION COMMITTEE REMUNERATION COMMITTEE ESG COMMITTEE (Maintaining the integrity of the financial (Assessing, monitoring and mitigating any (Identifying suitable c
Slide 59: Management Team
MANAGEMENT TEAM o 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 OPERATING OFFICER) (CHIEF FINANCIAL OFFICER) (CHIEF CAPITAL MARKETS OFFICER) SINCE 2020 IN THE MANAGEMENT OF SINCE
Slide 60: Management Team – Senior Management
MANAGEMENT TEAM – 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 SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. IS S
Slide 61: ESG Awards & Indices
ESG AWARDS & INDICES 2022: STRONG RANKING SUSTAINABILITY CONSECUTIVE WITH AGENCIES INDICES EPRA AWARDS o Maintained strong Sustainalytics rating Included in the Dow Jones Sustainability Index AT received EPRA BPR Gold award for the 6th (Top 6% globally) in the low-risk category Europe and Bloomberg
Slide 62: Founding Member of United Nations Global Compact Germany
A FOUNDING MEMBER OF UNITED NATIONS GLOBAL COMPACT GERMANY AROUNDTOWN SA 62
Slide 63: 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 AROUNDTOWN SA 63
Slide 64: Berlin Alexanderplatz
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 AROUNDTOWN SA 64
Slide 65: Berlin Potsdamer Platz
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 66: Berlin Ku'damm
BERLIN KU’DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER Berlin City Center Mitte Retail Landmark Potsdamer Platz Moxy by Marriot Berlin Mitte Ku’Damm KaDeWe Residential Hotel (GCP) AC by Marriot Berlin Mitte Hotel Ku’Damm KaDeWe Office AT property Berlin City Center Mitte Office Ku’damm /Uhlandstr.
Slide 67: 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 AROUNDTOWN SA 67
Slide 68: Frankfurt: Quality Assets Near 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 69: Munich: Assets in Central Locations
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 Office BSH Group Melia
Slide 70: Amsterdam – Centrally Located High Quality Assets
AMSTERDAM – CENTRALLY LOCATED HIGH QUALITY ASSETS Landmark Amsterdam Zuidoost Amsterdam Zuidoost Office Office Amsterdam Sloterdijk Train Station Amsterdam West Office AT property Complex Office Amsterdam Arena Office Amsterdam Sloterdijk Office Amsterdam Westpoort Office Amsterdam Arena Amsterdam A
Slide 71: Dresden & Leipzig – Centrally Located Top Tier Assets
DRESDEN & LEIPZIG – CENTRALLY LOCATED TOP TIER ASSETS AT HAUPTBAHNHOF Landmark Dresden main central train station AT property Main central train station Office Leipzig main central train station Main central train station Office Main central train station Hotel Main central train station Hotel City
Slide 72: Appendix: Market Data
APPENDIX: MARKET DATA | Top tier locations ROTTERDAM UTRECHT MAINZ DRESDEN AROUNDTOWN SA 72
Slide 73: 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 THE NETHE
Slide 74: German Office Market
GERMAN OFFICE MARKET GERMANY GERMANBIG 7 OFFICE OFFICE MARKETS MARKET 2022/2023 Demand exists but remain subdued. Take-up is expected to be 20% below 2022, with tenants delaying their decisions due to economic uncertainties. Sharp increase in rent driven mainly by inflation-driven-indexation. Higher
Slide 75: Resilient German Residential Market
RESILIENT GERMAN RESIDENTIAL MARKET POSITIVE NET MIGRATION REDUCTION OF HOUSEHOLD SIZE SIGNIFICANT UNDERSUPPLY RESULTS IN HIGH DEMAND RESULTS IN HIGH DEMAND Positive Net Migration in Germany 1) Increase in the share of 1 person households1) Building permits at low levels, significantly below demand
Slide 76: Hotel Market – Stable Growth in Leisure, Business Travel Recovering
HOTEL MARKET - STABLE GROWTH IN LEISURE, BUSINESS TRAVEL RECOVERING BUT STILL NOT BACK TO PRE-PANDEMIC HIGHEST SHARE OF DOMESTIC TRAVEL IN GERMANY, UK, AND NL HELPS PARTIALLY INSULATE HOTEL PERFORMANCE FROM WIDER INTERNATIONAL TRAVEL & BUSINESS TRAVEL FLUCTUATIONS European leisure travel surpassed p
Slide 77: Disclaimer
DISCLAIMER IMPORTANT: This presentation has been provided for information purposes only and is being Accordingly, neither the Group nor any of its directors, officers, employees or advisers circulated on a confidential basis. This presentation shall be used only in accordance nor any other person ma