Stockland · ASX:SGP
Stockland — Halladale Group — Merger or Acquisition (March 2007)
29 slides from Stockland's merger presentation, March 2007
Slide 1: Halladale Presentation
Halladale Presentation David Lockhart – Chief Executive Ken Lindsay – Property Director March 2007
Slide 2: Company mission statement
2 “the creation of value through active and entrepreneurial management, risk controlled development and co-investment in commercial property assets”
Slide 3: Business Model
3 Business Model £m £m Asset management Directly owned 68 Co-investment 434 502 Development Directly owned 35 Co-investment 50 85 Co-investment fund management CReAM 245 Nelson 30 Rynda 83 358 945
Slide 4: Track Record
4 Track Record • Founded in 1991 • 3i invested in 1997 • Admitted to AIM 2001 at 50p per share • Corporate equity raisings totalling £58m • Project equity fund raisings totalling £250m • Total portfolio under management approaching £1bn • Total development programme end value in excess of £650m • Co
Slide 5: Track Record
5 Track Record Profit before tax (£'000) Dividend per share (pence) 3.80 7,000 4.0 6,289 6,000 3.5 2.90 3.0 5,000 3,922 4,116 2.5 4,000 2.10 2.0 1.75 1.60 3,000 2,609 1.5 2,000 1,691 1.0 0.5 1,000 0.0 0 30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October 30th April 2003 30th
Slide 6: Track Record
6 Track Record Basic Earnings per share (pence) Total Transactions (£m) 12 10.42 10.39 500 455 9.99 10 450 400 347 7.21 8 350 5.82 300 6 232 250 200 155 4 150 120 2 100 50 0 0 30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October 2006 30th April 2003 30th April 2004 30th April
Slide 7: Track Record
7 Track Record Total Portfolio (£m) Co-investment portfolio (£m) 900 800 818 800 712 700 700 632 600 529 600 500 500 450 388 400 400 300 300 205 162 200 145 200 110 100 100 0 0 30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October 30th April 2003 30th April 2004 30th April 200
Slide 8: Co-investment Activities
8 Co-investment Activities Partners include: • Bank of Scotland • Citigroup • Tyburn Lane Private Equity • Anglo Irish Private Equity • Carlyle Group • Kodak Pension Fund Provide: • access to larger projects • growing recurring fee income • spreading of financial risk • effective use of equity • imp
Slide 9: Co-investment Funds
9 Co-investment Funds £m • CReAM 245 • Nelson 30 • Rynda 83 358
Slide 10: Executive Board
10 Executive Board David Lockhart - Chief Executive is a Solicitor and Chartered Accountant with over 25 years experience in commercial property Ken Lindsay - Property Director is a Chartered Surveyor with over 25 years experience in commercial property Mark Harkin - Finance Director is a Chartered
Slide 11: Senior Property Team
11 Senior Property Team Allan David Douglas Lockhart Petrie Harper (Retail (Business Space (Project Director) Director) Manager) Bryan Alistair Ewan Sherriff McGill Black (Development (Business Space (European Director) Director) Asset Manger) Alison Ewan Mike Robertson Cameron Wimble (Fund Manageme
Slide 12: Active Approach
12 Active Approach • Opportunistic, neither sector nor geographic specific • Entrepreneurial and active asset management • Strong risk controlled development programme • Financial model for each project • Rapid profit realisation • Asset backed income streams • Strong national network of surveying c
Slide 13: Recent Activity
13 Recent Activity • March 2007 - Rynda’s en Primeur fund attracts €75m investment from GIC Real Estate • February 2007 - £26m acquisition of shopping centre in Nailsea • January 2007 - £41m acquisition of office and retail in Croydon and Harlow • January 2007 - €17m acquisition of office in Rennes
Slide 14: Key Projects
14 Key Projects On Balance Sheet • Office at Tudor Street, London EC4 • Office at Moorgate, London EC2 • Office/retail at Shaftesbury House, Glasgow • Office at Fountain House, Edinburgh • Retail development at Newport, Isle of Wight • Shopping Centre at Bingley • Shopping Centre at Billingham • Foo
Slide 15: Tudor Street, London EC4
15 Tudor Street, London EC4
Slide 16: Shaftesbury House, Glasgow
16 Shaftesbury House, Glasgow
Slide 17: Cochrane Square, Glasgow
17 Cochrane Square, Glasgow
Slide 18: William Hunters Way, Brentwood
18 William Hunters Way, Brentwood
Slide 19: Key Projects
19 Key Projects In Co-investments • Office at Gracechurch Street, London EC3 • Offices at Hammersmith, London W14 • Office at Aldermary House, London EC4 • Office/retail at Strand, London WC2 • Office/retail at Sunbury-on-Thames • Offices at five locations in London • Offices at Carolyn and Philip H
Slide 20: Gracechurch Street, London EC3
20 Gracechurch Street, London EC3
Slide 21: Hammersmith Grove, W14
Hammersmith Grove, W14 Lu ih a 3 Lip
Slide 22: Queens Square, West Bromwich
22 Queens Square, West Bromwich
Slide 23: Westway Retail Park, Cumbernauld
23 Westway Retail Park, Cumbernauld
Slide 24: UK Property Portfolio Details
24 UK Property Portfolio Details Total UK Portfolio (£m) 862 Number of Properties 63 Number of Tenants 930 Total annual rent roll (£m) 42 Total square footage Retail 2,450,000 Office 1,150,000 Industrial 118,000
Slide 25: Sector Analysis by Value
25 Sector Analysis by Value Industrial In Town Retail Industrial 1% 9% 1% In Town Retail Out of Town 11% Retail Out of Town 6% Retail 8% Shopping Centre 43% Shopping Centre 54% Office 26% Office 41% March 07 April 06
Slide 26: Geographical Analysis by Value
26 Geographical Analysis by Value Yorkshire & Humberside East AngliaEast East Anglia East Yorkshire & 4% 3% Midlands 1% North Humberside 4% Midlands West Midlands 6% 1% 9% West Midlands North 6% North West 8% 10% South West 1% North West 9% South West 1% 7% London London 20% 29% South East 30% South
Slide 27: Key Properties under Management
27 Key Properties under Management Offices 1 Shaftesbury House, Glasgow 2 The Strand, London WC2 3 Becket House, Cheapside, London EC2 4 Moorgate, London EC2 5 Chubb Tower, Sunbury-on-Thames 6 Aldermary House, London EC4 14 7 Tudor Street, London EC4 8 Hammersmith, London W14 9 Fountain House, Edinb
Slide 28: Next Steps
28 Next Steps • Transaction closing 30th April 2007 • Rebranding Stockland Halladale • Business as usual – deliver results • Value created through active asset management and development • Opportunistic approach • Expansion of risk-controlled development programme • Strategic repositioning run in pa
Slide 29: Halladale Group plc contact details
29 Halladale Group plc Prince Frederick House 37 Maddox Street London W1S 2PP Telephone 0845 070 4633 Facsimile 020 7659 9775 39 George Street Edinburgh EH2 2HN Telephone 0845 070 4633 Facsimile 0131 225 8373 93 West George Street Glasgow G2 1PB Telephone 0845 070 4633 Facsimile 0141 204 4655 Email: