Carindale Property Trust · ASX:CDP
Carindale Property Trust — Westfield Group — Investor Presentation (May 2004)
66 slides from Carindale Property Trust's investor presentation, May 5, 2004
Slide 1: Westfield Group UK Business Presentation
Westfield Group UK Business Presentation 5 May 2004 1
Slide 2: Impression of the redeveloped Eagle Centre, Derby
Impression of the redeveloped Eagle Centre, Derby 2
Slide 3: Table of Contents
Table of Contents Westfield UK Portfolio 4 Westfield in the UK 5 UK Organisational Structure 6 Growth Opportunities 7 The UK Retail Environment 8-10 The UK Retail Industry 11-15 UK Economy and Retail Sales 16-17 Shopping Centre Portfolio • The Eagle Centre, Derby 19-26 • Broadmarsh,
Slide 4: Westfield UK Portfolio
Westfield UK Portfolio Name Location Ownership Lettable Book Interest Area Value (£m) (sqm) (100%) Broadmarsh Nottingham 75% 44,900 98.7 Centre Royal Victoria Tunbridge 50% 30,487 102.0 Place Wells The Friary Guildford 50% 14,111 123.6 Belfast The Eagle Derby 50% 50,700 163.6 Centre Bury CastleCourt
Slide 5: Westfield in the UK
Westfield in the UK Entered the UK market in 2000 Net Operating Incomes have, in each year, met or exceeded the expectations at acquisition 4 Outline Planning Consents for major redevelopments achieved Occupancy levels in excess of 99% (versus 95.3% at time of acquisition) 5
Slide 6: UK Organisational Structure
UK Organisational Structure Michael Gutman Chief Operating Officer Mike Perkins Chief Financial Officer Design Shopping Construction Development Leasing Centre David Leonard Management Head of Design Phil Chamberlain John Burton David Slade Project Director Development Director James Lindsay Julian
Slide 7: Growth Opportunities
Growth Opportunities Expand the existing centres in the UK Acquire new centres / portfolios in the UK Expand into continental Europe 7
Slide 8: The UK Retail Environment
The UK Retail Environment The UK is a substantial Retail Market. Population in 2003 was estimated at nearly 60 million generating a retail market in excess of £210 billion The total retail floorspace offer in the UK is around two-thirds the provision in Australia and 40% of the US Town centres
Slide 9: Floor Space Per Person (GLA m2)
Floor Space Per Person (GLA m2) 4.00 3.00 meters per person 2.00 1.00 - US UK NZ Aust All Centres 1.86 0.33 0.16 0.58 Total Retail 3.31 1.29 1.96 2.00 SOURCE: Jebb Holland Dimasi (2000) 9
Slide 10: Shopping Centre Market
Shopping Centre Market There are less than 850 managed/planned shopping centres in the UK similar to the number in the much smaller Australian market. The total amount of retail and shopping centre floorspace in the UK has been restricted by: Inherent difficulties involved in retail developmen
Slide 11: The UK Retail Industry
The UK Retail Industry The retail industry is highly concentrated into major national chains with the top 10 retail groups accounting for close to 40% of national market Supermarkets are by far the largest retailers in the UK representing five of the top six companies and dominate the food marke
Slide 12: The Top Retail Groups (by sales)
The Top 10 Retail Groups (by sales) Retailer Category Number of Sales £M Stores (02/03) Tesco Grocery 1,981 21,615 Sainsburys Grocery 498 14,258 ASDA (Wal-Mart) Grocery 255 10,641 Morrison/Safeway Grocery n.a. n.a. Marks and Spencer Mixed Goods 339 7,066 Kingfisher DIY/Electrical 573 5,067 Somerfiel
Slide 13: Department Stores
Department Stores 13 department store groups in the UK although only four are genuine national operators Marks and Spencer is the largest operator, although many stores are in small and sub-regional markets John Lewis (more affluent customer) is the market leader in genuine department stores
Slide 14: Supermarkets
Supermarkets The food retailing market in the UK is concentrated with 4 main groups Tesco Asda (Wal-Mart/USA) Sainsburys Morrisons/Safeway (now combined) These groups are continuing to expand rapidly with growth being generated by a move into a number of non-food markets Tesco is the l
Slide 15: Specialty Stores (Clothing & Footwear retailers)
Specialty Stores (Clothing & Footwear retailers) The Clothing sector remains very competitive with specialty shops and department stores facing increased competition from supermarket operators The clothing and footwear sectors have enjoyed good growth in recent times ‘Next’ continues to outper
Slide 16: UK Economy and Retail Sales
UK Economy and Retail Sales The last decade in the UK has essentially been an era of low inflation and good economic growth Consumer demand helped lift the economy out of recession in the mid 1990s and has continued to drive the economy over the last decade Unemployment in the UK at just under
Slide 17: Retail Sales Growth by Sector (%)
Retail Sales Growth by Sector (%) 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% % Growth 3.0% 2.0% 1.0% 0.0% -1.0% -2.0% -3.0% -4.0% 87 88 89 90 91 92 93 94 95 96 97 98 99 '00 '01 '02 '03 Retail Non-food Food Source : JHD Advisors; ONS National Accounts; 17
Slide 18: Shopping Centre Portfolio
Shopping Centre Portfolio 18
Slide 19: The Eagle Centre Derby
Westfield The Eagle Centre Derby 19
Slide 20: CATHEDRAL - ——S Ss
CATHEDRAL - ——S Ss _ QUARTER “RIVERSIOS” "=e- pe nha S COCK PHT.
Slide 21: Derby Catchment Area
Derby Catchment Area Population Main Main Main Main Catchment Main Catchment Catchment Sheffield Tertiary Tertiary Catchment Catchment TertiaryCatchment Tertiary Tertiary Catchment Catchment Main 280,000 Catchment Buxton Total 645,000 Chesterfield Catchment M1 Mansfield Matlock Growth p.a. 0.2% Alfr
Slide 22: Eagle Centre Development
Eagle Centre Development Current Expanded Floorspace (sq.m) 50,700 m2 97,400 m2 Department Stores 0 2 Majors/Mini Majors 15 26 Speciality Stores 78 161 Kiosks 4 30 Food Court Kiosks 0 13 Car Spaces 1,900 3,700 Total Development Costs > £200 million 22
Slide 23: Eagle Centre, Level 1
Eagle Centre, Level 1 23
Slide 24: Eagle Centre, Level 2
ag “iq 7 ar. ‘ of \ are aren, | Me bese Rd el = BD a) HE ee Oe a) yo Th | pat bE | 4 } i343 ¥ rT : } Hl ry ») LSE Le he , «fe # + ving ' toe ‘ —7-rr Wy pias : i 4 bar iB as | air ' | + ) q ? t © @ D | Gotha pi 7 > Al
Slide 25: 25
25
Slide 26: 26
26
Slide 27: Broadmarsh Nottingham
Westfield Broadmarsh Nottingham 27
Slide 28: a eek
z > a eek MARKET SGWARE 3 * & 4 ‘ ; ee ASH eee = ror te ar oa a “/EACEMARKET ‘apes aver a. Se ed iar a TRAIN STATION
Slide 29: Nottingham Catchment Area
Nottingham Catchment Area Population Main Catchment Sheffield Tertiary Catchment Main Catchment 544,000 Chesterfield Lincoln Total Catchment 1,150,000 Mansfield Growth p.a. 0.2% Alfreton 20km Newark-on-Trent Ashbourne Eastwood Arnold Retail Spending Ilkeston 2002 £4.1b Nottingham Derby Grantham Long
Slide 30: Top Retail Destinations in the UK
Top Retail Destinations in the UK Experian CBRE Ranking Shopping 2003 Population West End, London 1 1 Glasgow 2 2 Leeds 3 3 Nottingham 4 8 Manchester 5 5 Cardiff 6 6 Southampton 7 20 Reading 8 21 30
Slide 31: The Derby-Nottingham Relationship
The Derby-Nottingham Relationship Sheffield Limited overlap in Chesterfield Lincoln catchments Mansfield Only 5% of Nottingham customers live in Derby’s Heanor catchment Stoke-on-Trent Ilkeston Nottingham Derby Grantham 7% of Derby customers live in Nottingham’s catchment Castle Donnington Bur
Slide 32: Broadmarsh Centre Development
Broadmarsh Centre Development Current Expanded Department Stores 10,800 m2 33,500 m2 Majors/Mini Majors 22,200 m2 46,300 m2 Speciality Stores 11,900 m2 39,500 m2 Other/Leisure 850 m2 Total Development 44,900 m2 120,200 m2 Car Spaces 1,700 3,000 Total Development Costs > £400 million 32
Slide 33: Broadmarsh, Level 1
Broadmarsh, Broadmarsh,Level Level1 1 33
Slide 34: Broadmarsh, Level 2
Broadmarsh, Broadmarsh,Level Level2 2 34
Slide 35: Broadmarsh, Level 3
Broadmarsh, Broadmarsh,Level Level33 35
Slide 36: Westfield
Westfield
Slide 37: 37
37
Slide 38: The Friary Guildford
Westfield The Friary Guildford 38
Slide 39: The Friary, Guildford
The Friary, Guildford 39
Slide 40: Guildford Catchment Area
Guildford Catchment Area Population Main 231,000 Catchment Total 638,000 Catchment Growth p.a. 0.3% Retail Spending 2002 £2.8b Spend per head v UK (ex. +30% London) Unemployment 2.0% Source : JHD Advisors 40
Slide 41: The Friary Development
The Friary Development Current Expanded Majors 2,800m2 12,300 m2 Mini Majors 3,000 m2 13,700 m2 Speciality Stores 8,100 m2 16,800 m2 Offices/other 8,400 m2 8,700 m2 Total Development 22,300 m2 51,500 m2 Total Development Costs ¾£140 million (excluding residential) 41
Slide 42: The Friary, Basement
The TheFriary, Friary,Basement Broadmarsh, Friary Level 1 Basement 42
Slide 43: The Friary, Level 1 Retail
The TheFriary, Friary,Level Broadmarsh, 1 Level Level Retail 1 1 43
Slide 44: The Friary, Level 2 Retail
The TheFriary, Friary,Level 2 Level 2 Retail 44
Slide 45: The Friary, Mezzanine
The TheFriary, Friary,Mezzanine Broadmarsh, Level 1 Mezzanine 45
Slide 46: The Friary, Lower Residential
Broadmarsh, Level 1Residential The Friary, Lower 46
Slide 47: Broadmarsh, Level 1
- ~ - he Sqyemie”. sat Af ood Hack o4
Slide 48: The Friary Level
Broadmarsh, The Friary Level 1 48
Slide 49: Royal Victoria Place Tunbridge Wells
Royal Victoria Place Tunbridge Wells 49
Slide 50: Royal Victoria Place, Tunbridge Wells
Royal Victoria Place, Tunbridge Wells 50
Slide 51: Royal Victoria Place
Royal Victoria Place Total Lettable Area (sqm) 30,487 Major Stores Marks & Spencer*, Fenwicks, Bhs*, WH Smith, Boots Number of Specialties 100 Car Spaces 1,250 Book Value (£ m) 102.0 * Not owned 51
Slide 52: Tunbridge Wells Catchment Area
Tunbridge Wells Catchment Area Population Main 176,600 Catchment Total 349,400 Catchment Growth p.a. 0.4% Retail Spending 2002 £1.3b Spend per head v UK (ex. +12% London) Unemployment 3.8% Source : JHD Advisors 52
Slide 53: 53
53
Slide 54: Mill Gate Centre Bury
Westfield Mill Gate Centre Bury 54
Slide 55: The Mill Gate, Bury
The Mill Gate, Bury 55
Slide 56: Mill Gate
Mill Gate Total Lettable Area (sqm) 30,171 Major Stores Marks & Spencer*, Boots, Bhs, Littlewoods Number of Specialties 136 Car Spaces 580 Book Value (£ m) 88.1 * Not owned 56
Slide 57: Bury Catchment Area
Bury Catchment Area Population Accrington Blackburn Main 180,000 Catchment Rawtenstall Total 324,000 Darwen Catchment 10 km Growth p.a. 0.1% Ramsbottom Rochdale Retail Heywood Spending 2002 £1.1b Bolton Breightmet Bury Little Lever Radcliffe Whitefield Farnworth Middleton Oldham Spend per Heaton hea
Slide 58: Brunel Centre Swindon
Westfield Brunel Centre Swindon 58
Slide 59: Brunel Centre, Swindon
Brunel Centre, Swindon 59
Slide 60: Swindon Catchment Area
Swindon Catchment Area Population Main Catchment Cheltenham Main 184,000 Tertiary Catchment Gloucester Catchment Witney Total 412,000 Stroud Oxford Catchment Cirencester 20 km Abingdon Growth p.a. 1.0% Highworth Wantage Swindon Retail Cribbs Causeway Spending 2002 £1.8b M4 Bristol Chippenham Reading
Slide 61: Brunel Centre Development
Brunel Centre Development Current Expanded Department Stores 11,269m2 21,300m2 Majors/Mini Majors 20,839m2 31,000m2 Specialty Stores 11,084m2 20,000m2 Other/Leisure 4,917m2 10,000m2 Total Development 48,109m2 82,300m2 Car Spaces 1,500 2,900 Total Development Costs £180 million approx 61
Slide 62: CastleCourt Belfast
Westfield CastleCourt Belfast 62
Slide 63: CastleCourt, Belfast
CastleCourt, Belfast 63
Slide 64: CastleCourt
CastleCourt Total Lettable Area (sqm) 31,353 Major Stores Debenhams, Virgin, TK Maxx Number of Specialties 67 Car Spaces 1,600 Book Value (£ m) 175.8 64
Slide 65: Belfast Catchment Area
Belfast Catchment Area Population Main 387,000 Catchment Total 742,000 Catchment Growth p.a. 0.2% Retail Spending 2002 £2.4b Spend per head v UK (ex. -3% London) Unemployment 5.5% Source : JHD Advisors 65
Slide 66: 66
66