Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — FY 2021 Earnings Presentation
93 slides from Aroundtown Sa's earnings presentation, Mar 30, 2022
Slide 1: FY 2021 Financial Results Aroundtown SA
FY 2021 FINANCIAL RESULTS AROUNDTOWN SA | MAR 2022 FY 2021 FINANCIAL RESULTS AROUNDTOWN SA FRANKFURT
Slide 2: Table of Contents
TABLE OF CONTENTS ↗ HIGHLIGHTS ↗ OPERATIONS AND PORTFOLIO ↗ FINANCIAL RESULTS ↗ GUIDANCE ↗ APPENDIX ↗ ESG ↗ DEVELOPMENT PROJECTS ↗ MAIN CITIES AERIAL VIEW HAMBURG ↗ MARKET DATA FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 2
Slide 3: Highlights
HIGHLIGHTS | BERLIN FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 3
Slide 4: Larger & higher quality platform with focus on strongest asset types
LARGER & HIGHER QUALITY PLATFORM WITH A FOCUS ON STRONGEST ASSET TYPES IN TOP TIER LOCATIONS ECONOMIES WELL- TOP TIER STRONGER INCREASED OF SCALE DIVERSIFIED LOCATIONS PLATFORM QUALITY ↗ 3rd largest listed RE company in ↗ Strong diversification across ↗ 85% in Germany and the ↗ GCP is consolidated s
Slide 5: ESG Highlights
ESG HIGHLIGHTS S&P Europe ↗2021: 350 ESG Index FURTHER ESG IMPROVED SUSTAINABILITY CONSECUTIVE PROGRESS RANKING INDICES EPRA AWARDS ↗ Green building certifications: ca. 30% of ↗ Improved the score within the low-risk ↗ Included in S&P EUROPE 350 ESG Index since ↗ AT received EPRA BPR Gold award for
Slide 6: FY 2021 Financial Highlights
FY 2021 FINANCIAL HIGHLIGHTS TOP & BOTTOM LINE FINANCIAL DISCIPLINE CONSERVATIVE DEBT PROFILE ↗ NET RENTAL INCOME ↗ CASH AND LIQUID ASSETS ↗ DEBT REPAYMENTS IN 2021 €1.1 bn €3.2 bn €2.3bn +8% YOY DEC 2021 With 1.8% avg. CoD and 3y maturity. €1.3bn was issued in the same period ↗ RENT LIKE-FOR-LIKE ↗
Slide 7: Strong distribution to shareholders via multiple channels
STRONG DISTRIBUTION TO SHAREHOLDERS VIA MULTIPLE CHANNELS +10% TOTAL SHAREHOLDER VALUE GROWTH IN 2021, DRIVEN BY VALUE CREATION AND CAPITAL RECYCLING €0.22 €0.4 €0.3 €10.2 €10.4 €9.5 Dec 2020 EPRA NTA/ps Disposal and SBB impact Profit and other items Dec 2021 EPRA NTA/ps Dividend for FY 2020 Dec 202
Slide 8: Operations & Portfolio
OPERATIONS & PORTFOLIO | FRANKFURT FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 8
Slide 9: High diversification, balanced across strong asset types
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS WELL-BALANCED PORTFOLIO WITH INCREASED QUALITY DUE TO DISPOSALS ↗ INCREASED DIVERSIFICATION INTO RESIDENTIAL ↗ Due to consolidation of GCP, the portfolio increases to 65k residential units, located mainly in Germany, as wel
Slide 10: Larger platform as a result of net acquisition and GCP consolidation
LARGER PLATFORM AS A RESULT OF NET ACQUISITION AND GCP CONSOLIDATION Portfolio growth achieved since 2019, despite disposals, enabling capital recycling and focus on core properties. Higher quality is reflected in increasing value per sqm of the commercial portfolio. ↗ +9% GROWTH SINCE 2019 EXCLUDIN
Slide 11: Capital Recycling Update 2021
CAPITAL RECYCLING UPDATE 2021* DISPOSALS OF NON-CORE AND MATURE ...ABOVE BOOK VALUE, VALIDATING ... FUNDING SHARE BUYBACKS AT A ASSETS... PORTFOLIO VALUATIONS... DISCOUNT AND DEBT REPAYMENTS Hotel 31% €2.3BN DISPOSALS CLOSED IN FY 2021 ↗ Shareholder value creation through selling assets (€2.8BN INCL
Slide 12: Defensive portfolio with strong tenant structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE Large tenant base of approx. Limited dependency on single Tenant base is highly 3,500 commercial tenants is tenants: Top 10 Tenants: less diversified across wide range further supported by highly than 20% of rental income of industries granular German
Slide 13: Office: 44% of the portfolio
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS ↗ WELL-DIVERSIFIED OFFICE: 44% OF THE PORTFOLIO, WITH FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES ↗ No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.6y W
Slide 14: German and Dutch office markets showed resiliency in 2021
GERMAN & DUTCH OFFICE MARKETS SHOWED RESILIENCY IN 2021 WITH FURTHER RECOVERY 3 MAIN TAKEAWAYS FROM OFFICE MARKET ACTIVITY IN GERMANY AND THE NL DURING 2021 BUSINESS DEMAND & NEW STABLE FUNDAMENTALS. AT’S PORTFOLIO LETTINGS PICKING UP SINCE HIGH DEMAND & LARGE PERFORMED IN LINE WITH THE BEGINNING OF
Slide 15: Residential (GCP): 30% of the portfolio
RESIDENTIAL PORTFOLIO ↗ CONSOLIDATION SINCE Q3 STRENGTHENS THE GROUP’S PLATFORM RESIDENTIAL (GCP): 30% OF THE PORTFOLIO ↗ Residential asset class becomes the Group’s second largest asset type after offices, providing the Group with a well-balanced portfolio breakdown ↗ MOST RESILIENT REAL ESTATE ASS
Slide 16: Hotel: 18% of the portfolio
HOTEL PORTFOLIO ↗ WELL-DISTRIBUTED HOTEL: 18% OF THE PORTFOLIO ↗ Across Europe with a focus on locations with large catchment areas 158 HOTELS: Mainly in top tier European cities ↗ REDUCED SHARE ↗ Reduced from 24% in December 2020 due to disposals and GCP consolidation ↗ 15.3 YEARS WALT ↗ Long fixed
Slide 17: 2021 impacted by lockdown in H1 and Covid restrictions in Q4
2021 IMPACTED BY LOCKDOWN IN H1 AND COVID RELATED RESTRICTIONS & UNCERTAINTIES IN Q4 2021 PERFORMANCE 2022 EXPECTATIONS ↗ FY 2021 collection rate: 48% ↗ In Germany, some restrictions are being lifted in Mar 2022. UK lifted all restrictions. Therefore, 2022 is expected to be better than 2021 with ↗ H
Slide 18: Logistics and retail portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 6% OF THE PORTFOLIO 4.8 YEAR WALT 4.9 YEAR WALT ↗ REDUCED SHARE ↗ REDUCED SHARE ↗ Reduced from 7% in March 2020 due to disposals above book value ↗ Reduced from 9% in March 2020 due to disposals above book value ↗ RESILIENT TO COV
Slide 19: Development/building rights strategy in 3 steps
DEVELOPMENT/ BUILDING RIGHTS DEVELOPMENTS: 5% OF TOTAL ASSETS. AT’S DEVELOPMENT STRATEGY IN 3 STEPS: 1) IDENTIFYING THE POTENTIAL 2) CRYSTALLIZING THE GAINS 3) SELECTIVE DEVELOPMENTS IN IN MARKETS WITH STRONG THROUGH SALE OF RIGHTS SMALL SCALE AT LOW RISK DEMAND & SCARCITY OF LAND ↗ Identifying unde
Slide 20: Sold above book value including development rights
STRONG TRACK RECORD OF DEVELOPMENT RIGHTS DISPOSALS WITH HIGH GAINS BERLIN WARSCHAUER BERLIN REINICKENDORF DRESDEN PRIME CENTER* STRAßE* LOGISTIC CENTER ↗ DISPOSAL OF DEVELOPMENT RIGHTS WITH HIGH GAINS IN 2021 ↗ Underutilized land in historic prime center of ↗ Conversion into mixed-use as well as ↗
Slide 21: Capex during 2021
CAPEX DURING 2021 2021 CAPEX: €433m ↗ CAPEX CATEGORIES Ratio over average investment property: 1.7%1) ↗ Expansion capex: Activities that are targeted at creating additional income drivers or value generation potential which may result in additional lettable space or enhancement of the existing space
Slide 22: Financial Results
FINANCIAL RESULTS | MUNICH FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 22
Slide 23: Profit and Loss
PROFIT AND LOSS 1-12/2021 1-12/2020 Net rental income, recurring long-term1) (in €m) in € millions REVENUE 1,323.2 1,180.3 CAGR 1,063 RECURRING LONG-TERM NET RENTAL INCOME 1,063.2 953.3 +19% +41% 953 GCP 756 +15% PROPERTY REVALUATIONS AND CAPITAL GAINS 809.7 769.4 Share of profit from investment in
Slide 24: Adjusted EBITDA
ADJUSTED EBITDA 1-12/2021 1-12/2020 in € millions ▪ Subtracted as these profits include AT’s share in non-operational profits generated by the Operating profit 1,736.7 1,651.7 Total depreciation and amortization 15.9 4.3 equity accounted investees EBITDA 1,752.6 1,656.0 ▪ Other adjustments also incl
Slide 25: FFO I & FFO II
FFO I & FFO II 1-12/2021 1-12/2020 FFO I (in €m) & FFO I per share (in €) in € millions FFO I BEFORE JV CONTRIBUTION 408.9 371.3 FFO I (bottom graph is per share) FFO I before extraordinary Covid adjustment (bottom graph is per share) Contribution of joint ventures’ FFO I 69.3 106.5 FFO I BEFORE EXT
Slide 26: EPRA NAV KPIs
EPRA NAV KPI’S Dec 2021 Dec 2020 in € millions unless otherwise indicated EPRA NTA EPRA NTA EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 10,533.6 10,424.8 EPRA NRV (/ps) EPRA NTA (/ps) Deferred tax liabilities 1,870.1 1,494.5 Fair value me
Slide 27: Conservative capital structure
CONSERVATIVE CAPITAL STRUCTURE DEBT MATURITY PROFILE* CONSISTENTLY LOW LEVERAGE (LTV) No impact in the mid-term from potential interest Company BOD limit of 45% 2,000 rate changes: Millions 1,800 Liquidity covers the maturities for the next 3.5 years 1,600 and 1,400 97% of the debt interest is fixed
Slide 28: Guidance
GUIDANCE | AMSTERDAM FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 28
Slide 29: 2022 Guidance
2022 GUIDANCE FY 2022 GUIDANCE FY 2021 ACTUAL FFO I €350 million – €375 million €353 million FFO I per share €0.31 – €0.34 €0.30 Dividend per share €0.23 – €0.25 €0.23 ↗ Total FFO I to be supported by debt optimization measures and higher collection rate of the hotels compared to 2021, offset by the
Slide 30: Appendix
APPENDIX | HAMBURG/LH FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 30
Slide 31: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE Frankfurt Stock Exchange Placement (Prime Standard) Incorporation Luxembourg 13.07.2015 Free First equity issuance (€3.2 per share) float Shares held 60% in treasury* Number of shares (basic) 1,537,025,609 30% Number of shares, base for share KPI cal
Slide 32: Investment Properties
INVESTMENT PROPERTIES DEC 2021 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 11,857 3,798 10.5% 480 11.2 3,122 4.0% 4.6 Residential 8,073 3,714 5.2% 347 8.1 2,174 4.3%
Slide 33: Best-in-class Berlin portfolio – Dec 2021
BEST-IN-CLASS BERLIN PORTFOLIO – DEC 2021 LOCATED IN THE BEST 85% NEIGHBORHOODS OF BERLIN Top Tier 85% of the Group portfolio is located in top Strongly benefiting from the unique dynamics tier neighborhoods: & growth of Berlin’s most in demand Charlottenburg, Wilmersdorf, Mitte, neighborhoods, busi
Slide 34: Larger and higher quality portfolio from enhancement activities
LARGER AND HIGHER QUALITY PORTFOLIO AS A RESULT OF PORTFOLIO ENHANCEMENT ACTIVITIES GCP CONSOLIDATION, TLG MERGER AND NON-CORE DISPOSALS IN THE LAST TWO YEARS... 1) INCREASED THE % IN 2) INCREASED THE % OF 3) DECREASED THE % OF TOP TIER CITIES, CORE ASSET TYPES, NON-CORE ASSET TYPES. ↗ GERMAN AND DU
Slide 35: 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 Crowne Plaza Berlin Prime Center Potsdamer Platz 256 Mark Apart Berlin Prime Center Ku’damm 120 Center NH Hotel Dortmund Prime Cen
Slide 36: 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 37: 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 ↗ Strive to achieve A global rating in the long term 1 aaa/ bbb- Excellent aa a+/a a- bbb Business risk pro
Slide 38: Aroundtown bond covenants
AROUNDTOWN BOND COVENANTS ↗ Each of the bond covenants is met with a significant headroom. Internal financial policy is set at stricter levels ↗ ECB eligibility: Bonds issued under the EMTN Programme (Listed in the EU)* ↗ The bonds are unsecured and have the below covenant package: Overview of Coven
Slide 39: Equity analyst research coverage and share performance
EQUITY ANALYST RESEARCH COVERAGE AND SHARE PERFORMANCE Analyst Research Target Price €7.2 average target price 8.70 8.60 8.40 8.00 7.90 7.80 7.70 7.65 7.60 7.50 7.30 7.25 7.20 7.00 6.40 5.00 5.00 5.00 HSBC First Hauck & SRC Oddo M.M. Societe Citigroup Berenberg Kepler Goldman Baader Deutsche JP Morg
Slide 40: Capital market activity
CAPITAL MARKET ACTIVITY Capital market activity per year Capital market activity per issuance type 2015-2021 €4.6bn €4.0bn €4.2bn €4.2bn 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 41: Appendix – ESG
APPENDIX – ESG | Across the portfolio FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 41
Slide 42: 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 43: AT's ESG Target Set Overview
AT’S ESG TARGET SET OVERVIEW FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 43
Slide 44: Green building certifications
ESG – ENVIRONMENT PART 1: ENERGY EFFICIENT BUILDINGS GREEN BUILDING CERTIFICATIONS Building upgrades with the goal to receive certifications (DGNB, LEED, BREEAM). Development/major refurbishments aimed to build for certification eligibility ↗ Ca. 30% of the Dutch portfolio already certified with BRE
Slide 45: Conserving energy measures, reducing carbon footprint
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 46: Water and waste management
ESG – ENVIRONMENT PART 3: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT ↗ A new initiative to further ↗ Remote water meters create optimize waste and awareness, influence tenant operational costs through behavior, detect water leaks waste management systems and unusual water usage (i
Slide 47: 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 48: Holistic tenant management approach
ESG – SOCIAL PART 2: TENANT MANAGEMENT HOLISTIC TENANT MANAGEMENT APPROACH ENGAGEMENT AVAILABILITY POLICY ENFORCEMENT Tailor-made approach, Finalizing new tenant policy Main tool to monitor and customized leases, balancing which sets standardized goals 24/7 tenant support enforce tenant satisfaction
Slide 49: 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 50: 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 51: 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 52: Management Team
MANAGEMENT TEAM MANAGEMENT BODY IS SUPERVISED BY THE BOARD OF DIRECTORS BARAK BAR-HEN – CO-CEO & COO (CO-CHIEF EXECUTIVE EYAL BEN DAVID – CFO (CHIEF FINANCIAL OFFICER) OFFICER AND CHIEF OPERATING OFFICER) SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. SINCE 2020 IN THE MANAGEMENT O
Slide 53: Management Team – Senior Management
MANAGEMENT TEAM – 2 SENIOR MANAGEMENT NIKOLAI WALTER- HEAD OF ASSET & PROPERTY MANAGEMENT ALFRED KANDL - HEAD OF CONSTRUCTION MANAGEMENT 20 YEARS EXPERIENCE IN THE REAL ESTATE INDUSTRY. BEFORE JOINING THE GROUP, WAS A MANAGING DIRECTOR OF MR KANDL HAS 35 YEARS OF EXPERIENCE IN THE REAL ESTATE AND BU
Slide 54: Appendix: Development Projects
APPENDIX: DEVELOPMENT PROJECTS | TOP TIER LOCATIONS BERLIN FRANKFURT BERLIN BERLIN FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 54
Slide 55: Sold development rights – Dresden Prime Center
SOLD DEVELOPMENT/BUILDING RIGHTS – DRESDEN PRIME CENTER PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ Dresden Annenhöfe Project where modern meets historic city center: Creating 25k modern inner-city office space to meet the ↗ The property is located in the heart of Dresden where t
Slide 56: Development rights – Berlin Alexanderplatz office
DEVELOPMENT/BUILDING RIGHTS – BERLIN ALEXANDERPLATZ PRIME CITY CENTER OFFICE PROPERTY DESCRIPTION MARKET DEMAND DEVELOPMENT POTENTIAL ↗ This large office property, covering 24k sqm, is situated in one of Berlin’s prime city centers, the central Alexanderplatz. The property is directly ↗ The asset’s
Slide 57: Development rights – Berlin Tiergarten office
DEVELOPMENT/BUILDING RIGHTS – BERLIN TIERGARTEN OFFICE VALUE POTENTIAL & PROPERTY DESCRIPTION DEVELOPMENT POTENTIAL MARKET DEMAND ↗ Complete demolition and re-development. ↗ The property is situated in Berlin’s western center, walking distance ↗ This building is surrounded by a new built fully rente
Slide 58: Development rights – Berlin Marzahn-Hellersdorf
DEVELOPMENT/BUILDING RIGHTS – BERLIN MARZAHN-HELLERSDORF PROPERTY DESCRIPTION MARKET DEMAND DEVELOPMENT POTENTIAL ↗ Demolition of existing and re-development of new residential properties expected to be finalized by mid 2024. ↗ The property is situated in Berlin’s eastern residential district of ↗ T
Slide 59: Development rights – Berlin Grunewald/Schmargendorf
DEVELOPMENT/BUILDING RIGHTS – BERLIN GRUNEWALD/SCHMARGENDORF PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The 4k sqm property is situated in Berlin’s upscale residential district Grunewald/Schmargendorf, in Charlottenburg-Wilmersdorf. The ↗ Full re-development into assisted living
Slide 60: Development rights – Berlin Prime Center Ku'damm
DEVELOPMENT/BUILDING RIGHTS – BERLIN PRIME CENTER KU’DAMM PROPERTY DESCRIPTION MARKET DEMAND DEVELOPMENT POTENTIAL ↗ This 7k sqm property is located at Kurfürstendamm 69, 10707 Berlin, on ↗ Addition of new floors with condominiums expected to be Adenauerplatz in Berlin’s western prime center, Ku’Dam
Slide 61: Development rights – Berlin Prime Center Ku'damm
DEVELOPMENT/BUILDING RIGHTS – BERLIN PRIME CENTER KU’DAMM PROPERTY DESCRIPTION MARKET POSITION DEVELOPMENT POTENTIAL ↗ This 4k sqm property is located on Adenauerplatz in Berlin’s ↗ Addition of new floors with office space western prime center, Ku’Damm, an area attractive for prime ↗ The area surrou
Slide 62: Development rights – Berlin Alexanderplatz Prime Center
DEVELOPMENT/BUILDING RIGHTS – BERLIN ALEXANDERPLATZ PRIME CENTER PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ This hotel in the heart of Berlin is situated on Alexanderplatz one of ↗ Complete upgrade, redesign and rebranding finalized in March Berlin’s main prime centers and a popular touris
Slide 63: Development rights – Berlin Treptow Spree Hotel
DEVELOPMENT/BUILDING RIGHTS – BERLIN TREPTOW SPREE HOTEL PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ This 3-star hotel is situated in the south of Berlin next to the river Spree, ↗ COMPLETE UPGRADE AND REBRANDING the main river running through Berlin. The hotel has 126 rooms including rooms
Slide 64: Development rights – Berlin Potsdamer Platz
DEVELOPMENT/BUILDING RIGHTS – BERLIN POTSDAMER PLATZ PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The 10k sqm property is situated in the prime center of Berlin, between ↗ Full property repositioning into hotel and serviced apartments Potsdamer Platz and Anhalter Bahnhof. The prop
Slide 65: Development rights – Berlin Rosa-Luxemburg-Platz
DEVELOPMENT/BUILDING RIGHTS – BERLIN PRIME CENTER MITTE ROSA-LUXEMBURG-PLATZ PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ Complete upgrade, redesign and new branding expected to be finalized in 2022 ↗ The hotel is situated in Berlin’s prime central district, Mitte, adjacent Rosa-Luxemburg-Pl
Slide 66: Development rights – Brussels Prime Center
DEVELOPMENT/BUILDING RIGHTS – BRUSSELS PRIME CENTER PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ The Brussels Hotel is situated in the center of Brussels on the main ↗ Repositioning and rebranding into Cardo by Autograph inner-city boulevard. The hotel is located at the main shopping street
Slide 67: Development rights – Frankfurt InterContinental
DEVELOPMENT/BUILDING RIGHTS – FRANKFURT PRIME CENTER INTERCONTINENTAL PROPERTY DESCRIPTION MARKET POSITION DEVELOPMENT POTENTIAL ↗ The large hotel is situated in the center of Frankfurt, right on the bank of ↗ Hotel refurbishment, with floor additions, adding new built the river Main and in close pr
Slide 68: Development rights – Hotel Paris City Center
DEVELOPMENT/BUILDING RIGHTS – HOTEL PARIS CITY CENTER PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ The 4-star hotel is centrally located in the 14th arrondissement ↗ Complete renovation and refurbishment, with a dual brand, of Paris. The surrounding area has a large variety of restaurants, h
Slide 69: Development rights – Hilton Berlin Gendarmenmarkt
DEVELOPMENT/BUILDING RIGHTS – HILTON BERLIN PRIME CENTER GENDARMENMARKT PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The asset’s district “Mitte” is Berlin’s top office district with highest rents in ↗ The 4 star Hilton Hotel is located in the heart of Berlin on the city1). Averag
Slide 70: Development rights – Berlin Mediaspree office development
DEVELOPMENT/BUILDING RIGHTS – BERLIN MEDIASPREE OFFICE DEVELOPMENT PROPERTY DESCRIPTION MARKET DEMAND DEVELOPMENT POTENTIAL ↗ The Mediaspree district is seeing strong and growing demand and ↗ Development of Office Campus has been one of Berlin’s foremost urban renewal projects with ↗ The project com
Slide 71: Development rights – Berlin Treptow-Köpenick Brewery project
DEVELOPMENT/BUILDING RIGHTS – BERLIN TREPTOW-KÖPENICK – THE BREWERY PROJECT PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ This office property is located at Schnellerstraße 137, 12439 Berlin, in ↗ Conversion and development into mixed use urban quarter. Ca the Niederschöneweide qua
Slide 72: Development rights – Frankfurt Main Central Train Station
DEVELOPMENT/BUILDING RIGHTS – FRANKFURT MAIN CENTRAL TRAIN STATION PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The office tower is located at the corner of Bahnhofsviertel, ↗ Refurbishment and creating additional sqm: ↗ The 22-storey office tower covers 20k sqm and is situated Eu
Slide 73: Development rights – Berlin Kreuzberg/Alt-Treptow
DEVELOPMENT/BUILDING RIGHTS – BERLIN KREUZBERG/ALT-TREPTOW PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ Located between Mediaspree and Adlershof Science Park, Alt- ↗ The cinema center holds 7k sqm & is located across the Park Treptow office market has a strong demand Center retail
Slide 74: Appendix: Focus on central locations of top tier cities
APPENDIX: FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES | TOP TIER LOCATIONS DRESDEN BERLIN AMSTERDAM BERLIN FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 74
Slide 75: Berlin Alexanderplatz: prime commercial and tourist center
BERLIN ALEXANDERPLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark AT property FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 75
Slide 76: Berlin Potsdamer Platz: prime commercial and tourist center
BERLIN POTSDAMER PLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark Potsdamer Platz Office Potsdamer Platz Office AT property Crowne Plaza Potsdamer Platz Hotel Checkpoint Charlie Potsdamer Platz Hotel Office Potsdamer Platz Residential (GCP) Checkpoint Charlie Office Potsdamer Platz Checkpoint
Slide 77: Berlin Ku'damm: prime commercial and tourist center
BERLIN KU’DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER Berlin City Center Mitte Berlin City Center Mitte Retail Office 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 M
Slide 78: Frankfurt: quality assets in central locations
FRANKFURT: QUALITY ASSETS IN CENTRAL LOCATIONS Landmark AT property Frankfurt Büro Center (FBC) Frankfurt Stadtmitte InterContinental Frankfurt Frankfurt HBF Frankfurt Office Campus Office Office Hotel Office Office European Central Bank Headquarters Frankfurt Hauptbahnhof Banking District (Central
Slide 79: Frankfurt: quality assets near main 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 80: 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 Schwabing – Munich’s highest Global HQs of Wacker Chemie AG populated district Englischer Garten Munich Siemens Offic
Slide 81: 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 82: Hamburg – well placed across Germany's second-largest city
HAMBURG – WELL PLACED ACROSS GERMANY’S SECOND-LARGEST CITY Landmark Hamburg Business District AT property Office Hamburg Business District Office Hamburg Business District Science Campus Office Altstadt Main Central Train Station HafenCity Hamburg City Center Dev Office FY 2021 FINANCIAL RESULTS ARO
Slide 83: 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 Zwinger Main High Street Office Retail Historic City Center Retail City Center Office Zwinger Palace City Cente
Slide 84: Leipzig – centrally located top tier assets
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 FY 2021 FIN
Slide 85: Appendix: Market Data
APPENDIX: MARKET DATA | TOP TIER LOCATIONS ROTTERDAM DRESDEN COLOGNE LEIPZIG FY 2021 FINANCIAL RESULTS AROUNDTOWN SA 85
Slide 86: Regional market overview
REGIONAL MARKET OVERVIEW Bremen Hamburg ◼ GDP growth1 : 3.3% ◼ GDP growth1 : 2.4% ◼ Migration balance2: 1.1% ◼ Migration balance2: 0.9% ◼ Population density3: 1,734 per km2 ◼ Population density3 : 2,397 per km2 Amsterdam Hannover ◼ GDP growth1 : 3.8% ◼ GDP growth1 (NI): 2.5% ◼ Migration balance2: 6.
Slide 87: Real estate remains attractive with large yield spread
REAL ESTATE REMAINS ATTRACTIVE WITH ITS LARGE YIELD SPREAD & STRONG FUNDAMENTALS Large spread between German Bund yields and ↗ CONTINUOUS STRONG DEMAND SUPPORTED BY LARGE SPREAD German prime Office & Residential yields ↗ Approx. €1 trillion of German government bonds will mature in the next 4 years1
Slide 88: Office market Germany – historically low vacancies and stable rents
OFFICE MARKET GERMANY – HISTORICALLY LOW VACANCIES AND STABLE RENTS GERMAN OFFICE MARKET ENTERED UNDERSUPPLY WITH STRONG PRE-LET RATIOS INCREASED THE COVID-19 LOCKDOWN WITH DEMAND KEEPS THE OFFICE FURTHER THROUGHOUT 2021 RECORD LOW VACANCY RATES MARKET RENTS STABLE IN BIG 7 ↗ Vacancy Rates in German
Slide 89: Office market Germany – supportive values
OFFICE MARKET GERMANY – SUPPORTIVE VALUES CONTINUOUS STRONG DEMAND RECENT MARKET DEALS SHOW THE SUPPORTED BY HISTORICALLY INVESTMENT VOLUMES REMAIN SUSTAINED HIGH DEMAND IN LARGE SPREAD OF PRIME OFFICE HIGH, WELL ABOVE GFC LEVELS GERMAN OFFICE REAL ESTATE YIELDS TO GOVT. BOND YIELDS ↗ Germany Big 7
Slide 90: Dutch office market remains strong despite pandemic disruptions
DUTCH OFFICE MARKET – LOW VACANCIES AND STABLE RENTS DUTCH OFFICE MARKET REMAINS STRONG DESPITE PANDEMIC DISRUPTIONS DEMAND FOR HIGH QUALITY OFFICE SPACE IS HIGH AND VACANCIES REMAIN LOW. RENTS AND VALUES WERE STABLE DURING THE PANDEMIC THANKS TO THE STRONG FUNDAMENTALS ↗ VACANCIES ARE SIGNIFICANTLY
Slide 91: 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 ↗ Positive Net Migration in Germany 1) ↗ Increase in the share of 1 person households1) ↗ Building permits at low levels, significantly below d
Slide 92: Highest share of domestic travel supports fast recovery in Germany
HOTEL MARKET – RECOVERY IS EXPECTED TO BE FAST IN GERMANY, UK AND NL HIGHEST SHARE OF DOMESTIC TRAVEL SUPPORTS FAST RECOVERY IN GERMANY DOMESTIC TRAVEL IS EXPECTED TO RECOVER FASTER THAN INTERNATIONAL TRAVEL. THANKS TO ITS HIGH SHARE OF DOMESTIC TRAVEL, THE LAG IN INTERNATIONAL TRAVEL HAS A REDUCED
Slide 93: Disclaimer
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