Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — Q3 2024 Earnings Presentation
78 slides from Aroundtown Sa's earnings presentation, Nov 27, 2024
Slide 1: 9M 2024 Financial Results
PARIS 9M 2024 FINANCIAL RESULTS NOV 2024 AROUNDTOWN SA
Slide 2: Table of Contents
BRUSSELS TABLE OF CONTENTS HIGHLIGHTS OPERATIONS AND PORTFOLIO FINANCIAL RESULTS BALANCE SHEET & CAPITAL STRUCTURE GUIDANCE APPENDIX − Portfolio & Capital Markets − ESG − Main Cities Aerial View − Market Data AROUNDTOWN SA 2
Slide 3: Highlights | Top Tier Locations
HIGHLIGHTS | TOP TIER LOCATIONS BERLIN MUNICH FRANKFURT BERLIN AROUNDTOWN SA 3
Slide 4: 9M 2024 Financial Highlights
9M 2024 FINANCIAL HIGHLIGHTS OPERATIONAL RESULTS CONSERVATIVE DEBT PROFILE & FINANCIAL DISCIPLINE o NET RENTAL INCOME / RENT LIKE-FOR-LIKE o ADJUSTED EBITDA o CASH AND LIQUID ASSETS o STRONG ACCESS TO CAPITAL €3.3bn / 23% of debt €1.5bn / €4.1bn €883m / 3% €758m Raised incl perpetual note exercises
Slide 5: Strong Momentum and Positive Outlook
STRONG MOMENTUM AND POSITIVE OUTLOOK Strong operational growth in majority of portfolio from residential and hotels Steady in offices, well positioned to accelerate with growing economic activity Momentum of devaluation reduced significantly, reaching trough level with positive outlook Lifting inter
Slide 6: Operations & Portfolio | Top Tier Locations
OPERATIONS & PORTFOLIO | TOP TIER LOCATIONS FRANKFURT MUNICH AROUNDTOWN SA 6 BERLIN COLOGNE
Slide 7: Continuous Disposal Progress
CONTINUOUS DISPOSAL PROGRESS o STRENGTHENING THE o ABILITY TO SELL DURING ca. €630m SIGNED BALANCE SHEET IN ORDER TO DIFFICULT MARKET DURING 2024 YTD DELEVER AND BE PREPARED CONDITIONS €9.5bn was signed for disposal since the around book value FOR GROWTH beginning of 2020 via dozens of transactions,
Slide 8: High Diversification Across Asset Types and Locations
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 94% OFFICE/RESIDENTIAL/HOTEL, 89% 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 9: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE SEP 2024 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 8,434 3,063 12.8% 432 13.0 2,754 5.1% 4.3 Residential 7,645 3,59
Slide 10: Office Portfolio Performance and Market Tailwinds
OFFICE PORTFOLIO OFFICE 39% 2% LFL Rental growth Sep 2024 YOY Driven by indexation and rent reversion PERFORMANCE 58% BREEAM Certified Top 4 cities: 60% Berlin, Frankfurt, Munich and Amsterdam Office take-up growth continues as confidence returns MARKET on the occupier’s side, albeit below long-term
Slide 11: Offices Supported by Normalizing Work Patterns
OFFICES SUPPORTED BY NORMALIZING WORK PATTERNS o Strong return-to-office rates which have almost reached pre pandemic levels o Traditional office work patterns are returning as more companies change attendance regulations o Return-to-office rate (average attendance current vs pre-pandemic) is 89% in
Slide 12: Focus on Innovation in Real Estate: ATworld
FOCUS ON INNOVATION IN REAL ESTATE ATworld is a user experience platform - Offering spaces to work & collaborate to existing and new tenants (and in the future B2C) • That transforms its office and hotel - Anytime, everywhere, across hundreds of locations in Europe, in AT’s offices, portfolio into a
Slide 13: Residential Portfolio Performance and Market Tailwinds
RESIDENTIAL PORTFOLIO RESI 33% 3.7% LFL Rental growth Sep 2024 YOY PERFORMANCE Low vacancy of 3.7% as of Sep 2024 Focus on large metropolitans Across densely populated Declining supply vs increasing demand areas in Germany and London MARKET Completions at low levels while demand is further increasin
Slide 14: Hotel Portfolio Positive Momentum and Outlook
HOTEL PORTFOLIO HOTEL 22% 4% LFL Rental growth Sep 2024 YOY Well-diversified across large European tourism POSITIVE Strong RevPAR growth has now stabilized to a moderate and business destinations MOMENTUM long-term growth 1) AND Over 150 hotels Further growth expected, driven especially by steady Wi
Slide 15: Lifting Internal Growth Potential from Hotel Repositionings
LIFTING INTERNAL GROWTH POTENTIAL FROM SUCCESSFUL HOTEL REPOSITIONINGS Ca. €60m rent upside to be captured over the next years: Complete refurb, repositioning and rebranding into Cardo Roma, Autograph Cardo Roma Hilton Berlin Serviced Apt. Cardo Roma: collection by Marriot. Further potential by refu
Slide 16: Hotel Portfolio: Green Building Certifications
HOTEL PORTFOLIO: GREEN BUILDING CERTIFICATIONS INITIAL PROGRESS WITH HOTEL CERTIFICATIONS Berlin BREEAM ❑ After initially analyzing certification options, AT has begun certifying its first hotels ❑ Knowledge and experience gained from office certifications are transferred into hotel portfolio Berlin
Slide 17: Shaping the Future of Real Estate: ATechX
SHAPING THE FUTURE OF REAL ESTATE ATechX is Aroundtown’s PropTech Accelerator Goal: Together with two of the most prominent - Accelerating the growth of innovative PropTech startups by providing access Proptech VCs globally: to AT's vast portfolio, network, resources and expertise - Making a substan
Slide 18: Financial Results | Top Tier Locations
FINANCIAL RESULTS | TOP TIER LOCATIONS AMSTERDAM COLOGNE FRANKFURT MEUSE (NETHERLANDS, CENTER PARCS) AROUNDTOWN SA 18
Slide 19: Profit and Loss
PROFIT AND LOSS 1-9/2024 1-9/2023 in € millions LFL Net rental income growth NET RENTAL INCOME 882.8 894.5 Operating and other income 274.7 315.2 REVENUE 1,157.5 1,209.7 +0.3% +2.7% Occupancy In-place LFL LFL Sep 2024 Sep 2024 PROPERTY REVALUATIONS AND CAPITAL GAINS (591.0) (1,889.0) Share of result
Slide 20: Adjusted EBITDA, FFO I & FFO II
ADJUSTED EBITDA, FFO I & FFO II 1-9/2024 1-9/2023 in € millions Adjusted EBITDA before JV contribution (in €m) Operating profit / (loss) 97.5 (1,306.4) Total depreciation and amortization 10.8 14.2 +0% 705 708 EBITDA 108.3 (1,292.2) Property revaluations and capital gains 591.0 1,889.0 Share of resu
Slide 21: Key FFO Growth Drivers and Financing Costs Management
KEY FFO GROWTH DRIVERS AND PROACTIVE MANAGEMENT OF FINANCING COSTS WELL-POSITIONED TO EXECUTE LONG-TERM WHILE PROACTIVE MANAGEMENT MITIGATES STRATEGY WITH SEVERAL KEY GROWTH DRIVERS IMPACT FROM SHORT-TERM NEGATIVE PRESSURES Extraction of internal operational growth potential: - Accretive perpetual n
Slide 22: Balance Sheet & Capital Structure | Top Tier Locations
BALANCE SHEET & CAPITAL STRUCTURE | TOP TIER LOCATIONS DAVOS LONDON BERLIN AMSTERDAM AROUNDTOWN SA 22
Slide 23: EPRA NAV KPIs
EPRA NAV KPI’S EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) Sep 2024 Dec 2023 EPRA NRV (/ps) EPRA NTA (/ps) in € millions unless otherwise indicated EPRA NTA 9,921 9,615 EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 7,385.9 7,643.3 8,059 7,808 Deferred tax liabilities 1,534.7 1,564.8
Slide 24: Robust Financing Platform, Further Strengthened in 2024
REFINANCING RISK REMOVED AND QUICK REBOUND OF INVESTOR APPETITE Broad access to diversified funding sources maintained with liquidity from capital markets, secured bank financing and disposals. ROBUST FINANCING ❑ Strengthened capital market access & largest IG-rated issuer: PLATFORM, ❑ €1.15bn in se
Slide 25: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD guidance of 45% 43% 44% Straight bonds €17.9bn €16.9bn HEALTHY 41% 41% €12.0bn €12.0bn BALANCE Loans & borrowings SHEET 7% 8% €2.2bn €2.4bn Equity 52% 51% €15.1bn €14.5bn 74% 72% of
Slide 26: Well Distributed Debt Maturity Profile
WELL DISTRIBUTED DEBT MATURITY PROFILE DEBT MATURITY PROFILE – excluding perpetual notes 2,500 2,000 1,500 Straight bond Bank debt € Millions 1,000 500 0 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 >=2038 Bank debt and Straight Bonds €0.01bn €1.51bn €2.44bn €2.01bn €3.09bn
Slide 27: Guidance | Top Tier Locations
GUIDANCE | TOP TIER LOCATIONS COLOGNE STUTTGART BERLIN LEIPZIG AROUNDTOWN SA 27
Slide 28: 2024 Guidance Confirmed
2024 GUIDANCE CONFIRMED FY 2024 GUIDANCE FFO I €290 million – €320 million FFO I per share €0.27 – €0.29 AROUNDTOWN SA 28
Slide 29: Appendix | Top Tier Locations
APPENDIX | TOP TIER LOCATIONS LONDON HAMBURG BAD SAAROW (BRANDENBURG/BERLIN) ROTTERDAM AROUNDTOWN SA 29
Slide 30: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE Frankfurt Stock Exchange Shares Placement held in (Prime Standard) treasury 1) 29% Free float Incorporation Luxembourg 46% Avisco Group/ Vergepoint 2) 15% 13.07.2015 First equity issuance Stumpf Capital (€3.2 per share) GmbH 3) 10% 1) 12% are held th
Slide 31: Investment Properties
INVESTMENT PROPERTIES SEP 2024 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 8,434 3,063 12.8% 432 13.0 2,754 5.1% 4.3 Residential 7,645 3,591 3.7% 384 9.1 2,129 5.0% N
Slide 32: Best-in-Class Berlin Portfolio
BEST-IN-CLASS BERLIN PORTFOLIO Located in the best 85% TOP TIER neighborhoods of BERLIN 85% 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, business areas
Slide 33: Office Portfolio – Well-Located in Top Tier Cities
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS WELL-DIVERSIFIED OFFICE: 39% 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 4.3y WALT LARGEST LANDLORD o
Slide 34: Residential Portfolio (GCP)
RESIDENTIAL PORTFOLIO GCP IS CONSOLIDATED AND THE CURRENT HOLDING RATE IS 63% RESIDENTIAL (GCP): (excluding the shares GCP holds in treasury) 33% OF THE PORTFOLIO o Residential asset class is the Group’s second largest asset type after offices, providing the Group with a well-balanced portfolio brea
Slide 35: Hotel Portfolio
HOTEL PORTFOLIO WELL-DIVERSIFIED HOTEL: 22% OF THE PORTFOLIO OVER 150 HOTELS: Mainly in top tier European cities o Across Europe with a focus on locations with large catchment areas 14.5 YEARS WALT o Long fixed contracts with no variable components with over 25 third-party hotel operators AROUNDTOWN
Slide 36: 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 623 NH Hotel Dortmund Prime Center 190 Mark Apart Berlin Prime Center Ku’damm 120 Center AC by Marriott Berlin Mitte 130 InterCity Hot
Slide 37: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 4% OF THE PORTFOLIO 5.0 YEAR WALT 4.6 YEAR WALT 4% 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 38: Development & Invest Portfolio
DEVELOPMENT & INVEST PORTFOLIO: 5% OF TOTAL ASSETS Asset type Location Berlin 36% Frankfurt 1 Identify potential 15% Others 28% BERLIN BERLIN Building rights materialized into sellable 2 Crystallize gains permits: through sales: €0.9bn of disposals since 2021 BERLIN BERLIN Mostly major refurbishment
Slide 39: Overview of Selected Development Rights
OVERVIEW OF SELECTED DEVELOPMENT RIGHTS Lettable area Market rent Project name City Address Project type Planned use Status / capacity p.m. Conversion Berlin Kreuzberg Berlin Baerwaldstraße 36-37, 10961 with space addition Residential Pre-permit obtained 3k sqm €22/sqm Uhlandstraße 165,166; Refurbis
Slide 40: 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 o GWI is a leader in the Polish & 61% of GWI’s shares. Romanian office
Slide 41: 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 aaa/ bbb- o LTV guidance below 45% on a sustainable basis Excellent aa a+/a a- bbb Business risk profile aa
Slide 42: Capital Market Activity
CAPITAL MARKET ACTIVITY Capital market activity per year Capital market activity per issuance type 2015-2024 YTD €4.6bn €4.2bn €4.2bn €4.0bn €3.8bn Str. Bond €13.4bn €2.6bn €1.9bn Conv. Bond €0.8bn €1.2bn Equity €6.2bn €5.8bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 2024 YTD Equity (incl. Conversio
Slide 43: Perpetual Notes
PERPETUAL NOTES PRE-EXCHANGES REDUCTION POST-EXCHANGES CHARACTERISTICS OF PERPETUAL NOTES NEXT RESET AMOUNT COUPON*** AMOUNT COUPON*** RESET RATE*** DATE NO MATURITY: 369m EUR 7.078% ➔ 90m EUR 7.078% 20 Jan 2028 4.625% + 5Y MS o Perpetual notes have no maturity date. 200m EUR (GCP) 6.332% ➔ 48m EUR
Slide 44: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT STRESS CASE 1) COVENANT COVENANT (SEP 2024) (value decrease until covenant breach) o Covenants are calculated based on IFRS reported figures, treating the TOTAL NET DEBT / Implies €11.2bn perpetuals as 100% Equity. Thus, TOTAL NET <=60% 37% -34% fur
Slide 45: Appendix - ESG
APPENDIX - ESG | Across the portfolio AROUNDTOWN SA 45
Slide 46: Commitment to ESG
COMMITTMENT TO ESG E S G CLEARLY SET TARGETS SOCIALLY RESPONSIBLE HIGH LEVEL OF GOVERNANCE Reduce GHG emissions by 40% by Strong commitment to maintain 2030 high tenant satisfaction Management oversight from Board of Directors (BoD) Promote sustainable water Increase employee retention and consumpti
Slide 47: 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 48: 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 ➢ 38% of the commercial portfolio is certified ➢ Pilot proj
Slide 49: GHG Emission Reduction
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMMISSION REDUCTION ENERGY-IMPROVING SWITCHING TO CLIMATE ENERGY EFFICENT GREEN LEASE CLAUSES INVESTMENTS NEUTRAL ENERGY FACILITIES Installation of Photovoltaics (PV), Replacing/upgrading fossil fuel Efficient facili
Slide 50: Energy-Improving Investments
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT ENERGY-IMPROVING INVESTMENTS Investment in energy efficient measures such as installation of Photovoltaics (PV), Combined Heat and Power (CHP) and EV charging stations. Additionally invested in efficient insulation (roof
Slide 51: 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 52: Green Installations & Refurbishments
ESG – ENVIRONMENT PART 2: GREEN INSTALLATIONS & REFURBISHMENTS Carbon reduction via installations of Photovoltaics Energy Efficient Heating EV Charging Stations energy efficient measures Generates carbon-free energy i.e. Combined Heat and Power Replaces carbon-intensive energy fuel These measures ca
Slide 53: Water and Waste Management
ESG – ENVIRONMENT PART 3: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT o Further optimizing waste and operational costs through waste management systems (i.e., obtaining o Remote water meters create and sharing waste data with tenants) awareness, influence tenant behavior and help d
Slide 54: 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 QUALITY POLICY ENFORCEMENT Tailor-made approach, High quality support Introduced green lease clauses in Main tool to monitor and customized leases, with Service Centers for new contracts which set enforce tenant satisfaction, balanc
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 ACHIEVEMENTS TRAINING COLLABORATION TOP COMPANY 2024 RETENTION Employee training Dynamic & open corporate AT is awarded by Kununu*, progra
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 LIMOR BERMANN – CSO (CO-CHIEF EXECUTIVE OFFICER & CHIEF OPERATING OFFICER) (CHIEF FINANCIAL OFFICER) (CHIEF CAPITAL MARKETS OFFICER) (CHIEF SUSTAINABI
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 OF SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. I
Slide 61: ESG Awards & Indices
ESG AWARDS & INDICES 2024: STRONG RANKING SUSTAINABILITY CONSECUTIVE WITH AGENCIES INDICES EPRA AWARDS AT received EPRA BPR Gold award for the 8th time and EPRA sBPR Gold award for the 7th time o Maintained strong Sustainalytics rating Included in the MDAX ESG+ index, Dow Jones consecutively, for hi
Slide 62: Founding Member of UN Global Compact Germany
A FOUNDING MEMBER OF THE ASSOCIATION “UNITED NATIONS GLOBAL COMPACT GERMANY e. V.” AROUNDTOWN SA 62
Slide 63: Focus on Central Locations of Top Tier Cities
APPENDIX: FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES | TOP TIER LOCATIONS BERLIN LEIPZIG BERLIN FRANKFURT 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 Office Hilton Gendarmen
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: Near Main 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 – Assets at Hauptbahnhof
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 Hotel Main central train station Office Main central train station Hotel City
Slide 72: Appendix: Market Data
APPENDIX: MARKET DATA | Top tier locations UTRECHT BERLIN MAINZ DRESDEN AROUNDTOWN SA 72
Slide 73: Regional Market Overview
REGIONAL MARKET OVERVIEW Amsterdam Berlin ◼ GDP/capita: €102k (2022) ◼ GDP/capita: €79k (2021) ◼ Net migration: 9k p.a. (avg 2018-2022) ◼ Net migration: 30k p.a. (avg 2018-2022) ◼ Population density: 5.3k per km2 (2022) ◼ Population density: 4.1k per km2 (2021) Utrecht Hamburg ◼ GDP/capita: €65k (20
Slide 74: German Office Market
GERMAN OFFICE MARKET GERMAN OFFICE MARKET 2022/2023 POSITIVE MOMENTUM AND SENTIMENT, ALBEIT STILL BELOW LONG-TERM AVERAGE Office take-up grew 8% yoy in Vacancy rose to 6.6% 2) but Germany Top 5, but still below Prime rents increase 4.7% yoy, Prime yields are stabilizing remains at a healthy level, b
Slide 75: Office: Healthy Fundamentals in German & NL
OFFICE: HEALTHY FUNDAMENTALS IN GERMAN & NL, WELL POSITIONED FOR GROWTH German & Dutch office markets are well-positioned for growth once the economy picks up pace o These markets entered the slowdown with record low market vacancy which increased only moderately, still remaining at healthy levels a
Slide 76: 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 77: Hotel Sector Outlook
HOTEL SECTOR OUTLOOK: POISED TO GAIN FURTHER MOMENTUM EUROPEAN HOTEL SECTOR IS POISED TO GROW FURTHER IN 2024 AND 20251) ❑ Domestic travel continues to be the primary demand force, supported by major events. ❑ International business and leisure travel showcase meaningful growth, with the return of A
Slide 78: 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