Briq Properties Real Estate Investment Company · ATHEX:BRIQ
Briq Properties Real Estate Investment — Merger or Acquisition (November 2024)
15 slides from Briq Properties Real Estate Investment's merger presentation, Nov 15, 2024
Slide 1: BriQ and ICI Merger
BriQ and ICI Merger Shareholders’ Meeting November 15, 2024
Slide 2: Transaction Summary
Transaction Summary Phase I: Asset Deal Sale of 17 real ▪ 31.01.2024 - Purchase of 16 real estate properties from ICI estate properties from ICI to BriQ for ▪ 17.06.2024 Purchase of the 17th ICI property € 60,58m ▪ Total acquisition price of € 60,58 m based on ICI values as @ 30.06.2022 ▪ 100% finan
Slide 3: Exchange Ratio and new shares to be issued
Exchange Ratio and new shares to be issued Company BriQ ICI Adjust. NAV @ 30.06.2024 (excl. own shares, rounded) €3,24/μετοχή €3,87/μετοχή Exchange Ratio 1,1944444444 1,0 The exchange ratio is within the range of 2 independent auditors: Range per Share min / max (€) Exchange ratio 1,1169019 1,223066
Slide 4: Merger Benefits
Merger Benefits ≈ € 283 m. ✓ The imminent growth in portfolio will make the company more competitive (Combined GAV) ≈ € 21 m. ✓ Increased annualized revenues (Combined Rent) ≈€ 1 m. ✓ Immediate cost savings supporting earnings growth and dividend progression (cost savings for 2025) 7,6% ✓ High yield
Slide 5: Combined € 283 million diversified portfolio
Combined € 283 million diversified portfolio BriQ ICI BriQ pre-merger (1) pre-merger (1) post-merger (2) Hospitality 12% Hospitality Retail Logistics 20% 25% 51% Retail Office & € 149 m 67% € 118 m Mixed Use € 283 m Logistics 30% 31% Retail Office & 2% Office & Mixed Use Mixed Use 30% Other Other Ot
Slide 6: Largest Investment Properties
Largest Investment Properties Aspropyrgos, Attica Attiki Odos, Exit 3, Mandra, Attica Herakleion, Crete Kifisias Avenue 266, Chalandri Type: Logistics Type: Logistics Type: Office Type: Retail GBA m2 (Gross Building 44.492 GBA m2 (Gross 58.642 GBA m2 (Gross GBA m2 (Gross Area): Building Area): 5.255
Slide 7: Area Diversification
Area Diversification ▪ As at 31.12.2023, 85% of BriQ’s portfolio Thessaloniki 2 Retail value was allocated in Attica region 1 Special Use Building Volos Corfu 1 Hotel 1 Office & Mixed Use ▪ Following the merger, the portfolio 1 Office & Mixed 1 Retail value will be allocated as follows: Use Attica &
Slide 8: Tenants Diversification
Tenants Diversification ▪ In 2023, 61% of annual revenues came from two 11,7% tenants, Quest Group (33%) and Sarmed Logistics (28%) 11,7% 25,7% ▪ Post-merger, 54% of annual revenues will come from 25,7% three tenants, Alpha Bank, 16,5% Quest Group and Sarmed Logistics and no tenant will contribute m
Slide 9: Cost Savings
Cost Savings ▪ Immediate cost savings Operational cost savings of ≈ €1 m per annum, resulting from the elimination of duplicate listing, administrative and other operational expenses ▪ Medium-term anticipated cost savings Potential for further future operation synergies resulting from increased port
Slide 10: Pro forma Balance Sheet Data
Pro forma Balance Sheet Data BriQ ICI BriQ (as 31.12.2023) (as 31.12.2023) post-merger (1) Properties Value (€ million) 148,9 117,7 283,0 Gross Debt (€ million) 37,1 36,1 133,0 LTV 24,9% 27,9% 47,0% Net LTV 23,0% 25,6% 44,7% Average Cost of Debt 5,6% 6,6% 4,5%(2) Combined drawn debt maturity profile
Slide 11: Shareholding Structure
Shareholding Structure ▪ No. of BriQ shares post-merger will be increased to 44.885.774 (vs 35.765.593 today) ▪ BriQ’ s existing shareholders will hold the same number of Free Float shares they held prior to merger 41,3% ▪ BriQ’s existing shareholders will own 79,7% and ICI’s Treasury Stock Retail s
Slide 12: Appendix
Appendix nN... \’ BriQ PROPERTIES
Slide 13: ICI Portfolio
ICI Portfolio No Adress City Size Bands (€m) Sector Principal Tenant Principal User Fair Value 30.06.2024 (€ million) 1 64, 25th August Str. Iraklion, Crete >10m Retail Alpha Bank H&M 13,18 2 18-18a, Akti Moutsopoulou str, Marina Zeas Piraeus <5m Retail Alpha Bank Albatros 2,27 3 21, Ionos Dragoumi
Slide 14: Disclaimer
Disclaimer Important Notice of Confidentiality and Disclaimer of Liability THIS DOCUMENT MAY ONLY BE USED IN CONJUNCTION WITH AND SUBJECT TO THE TERMS OF THIS NOTICE By having access to these materials (the “Materials”) by any means, you agree to the following: The Materials have been prepared by BR
Slide 15: Thank You !
Thank You ! If you wish to receive news and announcements of our Company, please subscribe here or send us an email at ir@briqproperties.gr Website: www.briqproperties.gr 15
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