Wereldhave N.v. · EURONEXT:WHA
Wereldhave — Investor Day (November 2023)
99 slides from Wereldhave's investor day presentation, Nov 2, 2023
Slide 1: Capital Markets Day 2023
Slide 2: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 3: Welcome
Slide 4: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 5: i ‘es i ww WH DAO DOD
hl i ‘es i ww WH DAO DOD Seuw Seer ee Lag x
Slide 6: LifeCentral Strategy launched in 2020: Transform assets, Strengthen balance sheet and Expand
LifeCentral Strategy launched in 2020: Transform assets, Strengthen balance sheet and Expand Mission: help consumers fulfill everyday life needs any tts noode LifeCentral: much broader focus than retail o 0 6 Wereldhave
Slide 7: LifeCentral strategy
LifeCentral strategy Significant outperformance of Full Service Centers Total Property Return’) Retail Sales Footfall % delta 2023 YTD vs. 2019 YTD FY 2022 + H1 2023 % delta 2023 Q3 vs. 2022 Q3 21% 10% 13% IRR Hurdle B --======----~~ 9% -5% Full Service — Other Assets Full Service — Other Assets Ful
Slide 8: New, effective organizational structure
New, effective organizational structure Organization Pe Sm oo I Wereldhave MT I Wereldhave BE MT Effective and efficient I Wecanave OT i Team Key improvements ? + Wereldhave Holding, NL and BE restructured + Business unit structure in Wereldhave NL removed + More efficient finance organization struc
Slide 9: Finance
Finance We have an “Investment Grade credit profile” again Despite a reset of values LTV still down by 3% Solid debt coverage ratio Cumulative Capital Growth NL__—Net Loan to Value (LTV)” Debt vs. peers?) 2019 - 2022 Debt, % of value Debt/EBITDA 13.1K 46.7% 22x 43.6% ax 41.0% 42.4% Tl 44.8% -18.4% -
Slide 10: US Private Placement market open again
US Private Placement market open again Outstanding USPP In € millions. ¢ USPP has been a resilient source of funding for Wereldhave * Good match between Wereldhave’s long-term funding needs pets, and North American life insurers’ appetite for long dated fixed rate investments 81 =p 753 753 * Wereldh
Slide 11: Financing Structure
Financ ng Structure Interest bearing debt * € toon €922m . Average cost of debt & Undrawn committed € 266m €150m Fixed vs floating debt 82% vs 18% 76% vs 24% Net LTV Gross LTV “Encumbered Debt maturity" * Notional value of interest bearing debt “ Debt maturity incl. undrawn facilities is 3.4 years a
Slide 12: Shareholders
Shareholders Confidence restored Total short positions” down to 2.91% In % of ISC 42. 1) Only short positions larger dan 0.5% incorporated due to reporting legislation. Source: Shortsell.n! 2) Shareholder ID August 2023 3) Source: Wereldhave Press Release Dedicated Real Estate Investors?) All AGM 20
Slide 13: Growth
Growth The Benelux challenge Benelux market characteristics are challenging + Pre-dominantly passive owners (pension, insurance) who rotate assets slowly + Low yields in Belgium, challenge to reach IRR hurdle * Private investors have entered institutional market and pushed up prices (e.g. Almere, Ei
Slide 14: Scale
Scale More important + Fixed cost increasing + Reporting (i.e. CSRD) * ESG * Digital transformation * Customer Experience + Financial landscape changing * Consolidation amongst banks * European PP market not coming off foot + Public debt market less developed in Benelux + Asset managers consolidatin
Slide 15: Update LifeCentral Phase will come in 2024
Update LifeCentral Phase 2 will come in 2024 Wereldhave
Slide 16: We aim to further close the NTA gap
We aim to further close the NTA gap Yet, we outperform most of our peers P/NTA 2019 2020 2021 2022 2023 16 Source: Bloomberg, Annual reports Wereldhave Peers: Carmilla, Citycon, Deutsche Euroshop, Eurocommercial, Klepierre, Mercialys, URW, Vastned
Slide 17: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 18: LifeCentral Strategy Capital Markets Day 2023
Slide 19: 2020 – 2023 2019 – 2020 2013 – 2019 2012 – 2012 2023 2023
2020 – 2023 2019 – 2020 2013 – 2019 2012 – 2012 2023 2023 2012 2011 2010 19
Slide 20: LifeCentral Strategy launched in 2020: Transform assets, Strengthen balance sheet and Expand
LifeCentral Strategy launched in 2020: Transform assets, Strengthen balance sheet and Expand Mission: help consumers fulfill everyday life needs any tts noode 20 LifeCentral: much broader focus than retail 0 ea AS J, y i) Wereldhave
Slide 21: 1) Source: Euromonitor 2) Source: Statista Market Insights
1) Source: Euromonitor 2) Source: Statista Market Insights
Slide 22: Wereldhave's outperformance versus our predicted trough
Wereldhave’s outperformance versus our predicted trough EPS driven by strong rental performance and cost savings Partially driven by higher than expected Tenants with a Red Flag in 2020 vs. current Expected Rent Levels vs. Actual Rent Levels 2020 vs. 2023; % of SQM; not-transformed assets only 2020
Slide 23: By year-end 2023 we will have successfully transformed assets into Full Service Centers
By year-end 2023 we will have successfully transformed 9 assets into Full Service Centers, all above our IRR threshold Raised IRR threshold to 7% based Improved transformation plans of assets in the original “hold-bucket” FSC Deliveries until 2023 on increased interest _ Presikhaaf v Execute LifeCen
Slide 24: To design these FSCs we follow an asset-by-asset approach
To design these FSCs we follow an asset-by-asset approach including a Red Flag analysis, Blueprint and business case Strategic Imp Asset-by-asset approach to design FSCs Determine Wereldhave Asset-by-asset assessment Blueprint & business foundation & red flag analysis z= core: anchor tenants 8 vet e
Slide 25: Data driven red flag analysis and Blueprints
Data driven red flag analysis and Blueprints + An important step in the Blueprint development process is a data driven assessment of the viability of each tenant * Tenants are assessed based on their sales data and payment behavior: * OCR above threshold = Flagged * Sales delta vs previous year smal
Slide 26: The completed Full Service Centers are outperforming the rest of the portfolio
The completed Full Service Centers are outperforming the rest of the portfolio Footfall Total Property Return” Retail Sales % delta 2023 YTD vs. 2019 YTD FY 2022 + H1 2023 % delta 2023 Q3 vs. 2022 Q3 21% 10% 13% IRR Hurdle > ---=====------ 9% -5% Full Service Other Assets Full Service Other Assets F
Slide 27: Yield compression versus the market
Yield compression versus the market 27 Continued evidence for FSC yield compression Yield compression since start of FSC Transformation bps Vier Meren (88) Cityplaza Eggert Kronenburg Presikhaat Sterrenburg NL Market Yield Shopping Belle-lle Ring Kortrijk BE Market Yield?” During launch of LifeCentr
Slide 28: Increasing shares of mixed-use and daily life retail make our tenant mix more resilient
Increasing shares of mixed-use and daily life retail make our tenant mix more resilient Mixed-use development 2019 — 2023 Q3 % of SQM 20.0% 13.2% 13.6% 9.4% 10.0% Tt B B 2019 2020 2021 2022 2023 Q3 Blueprints Daily life tenants development 2019 — 2023 Q3. 9 % of MGR 71.0% 65.0% 62.0% 60.0% 53.0% 51.
Slide 29: Rent levels post transformation to mixed-use did not decrease
Rent levels post transformation to mixed-use did not decrease as underperforming and low paying tenants were replaced... Basic-Fit replaced not paying and bankrupt tenant Sportsworld went bankrupt and did not pay rent for a long time. Sportsworld itself replaced the bankrupt V&D Basic-Fit, combined
Slide 30: ... the mixed-use has filled vacant and previously sub-optimally used space...
... the mixed-use has filled vacant and previously sub- optimally used space... Healthcare cluster filled vacant and hard to let units Basic-Fit filled vacant and unlettable unit Wereldhave
Slide 31: ... and the rent paid by the mixed-use tenants is higher than we expected
... and the rent paid by the mixed-use tenants is higher than we expected Actual rent levels vs. expected rent levels in 2019 €/m? 247 F&B Fitness Healthcare Hl 2019 estimates i Current a Wereldhave
Slide 32: Conclusions
Conclusions Physical retail has performed better than expected since launch of LifeCentral, both in the market and in the Wereldhave assets, which has driven Wereldhave’s outperformance together with cost savings By year-end 2023 we will have successfully transformed 9 assets into Full Service Cente
Slide 33: Questions?
Slide 34: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 35: ESG & Sustainability
Slide 36: 2019-2023 2015-2019 2022 2015 2013
2019-2023 2015-2019 2022 2015 2013
Slide 37: What is coming our way? General developments & trends
What is coming our way? General developments & trends Broad landscape of ESG benchmarks and frameworks EU Taxonomy & CSRD Moons! os European Commission Rating a multitude of ESG Wereldhave will need to topics with different comply from 2025 onwards methodologies 37 Larger focus on scope 3 emissions
Slide 38: What is coming our way? Real estate developments & trends
What is coming our way? Real estate developments & trends hl am. . . EOLy = F a Increase our total area (m2) in Building in a circular way Our centers contribute Main parameter for EU solar panels, while balancing touches upon 50% of towards the urban heat Taxonomy eligibility the net Wereldhave's i
Slide 39: A Better Tomorrow 2030
.y A Better Tomorrow 2030 bs Progress recognized by external benchmarks oe CLIMATE 39 Better Footprint - reducing our impact on the environment and bringing our business in line with the 2015 Paris Climate Agreement ¢ Energy & Carbon ° Materials * Value Chain impact Better Nature - making sure we ad
Slide 40: Better footprint
Better footprint Our impact on climate change Downstream leased aceate 30,456 tonnes CO.e¢, SCOPE 3 What does that mean? 58,208 tonnes C0,eq Capital goods 12.059 tonnes CO,<9. SCOPE 1 4,519 tonnes C0,eq 40 Wereldhave
Slide 41: CAPEX
CAPEX 2018 - 2023 14.3 2024 - 2025 4.7 (est.)
Slide 42: ESG projects 2023
ESG projects 2023 Business case Solar strategy * 16,384 solar panels 4.6 MWp installed power 1% of total energy consumption Changing market conditions Partnerships with tenants, IRR 7% (regardless of subsidy) EV charging * Charging stations at all our BE centers and almost all NL centers * Outside/i
Slide 43: Questions?
Slide 44: Coffee break
offee break Aititive 5 mins “ Kh > | psi
Slide 45: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 46: 2016 – 2023 2014 – 2016 2011 – 2014 2008 – 2011 2007 –
2016 – 2023 2014 – 2016 2011 – 2014 2008 – 2011 2007 – 2008 2022 2020 2019 2017 2013 46
Slide 47: Leasing market and commercial update
Leasing market and commercial update 47 Leasing market update Commercial team structure Cross-border collaboration lat) +Data-driven operations 0000 Wereldhave
Slide 48: Leasing market update
e Leasing market update MGR Uplift Wereldhave BE Our markets at a glance aod 5.9% Belgium: very strong demand from tenants, driven by: 46% 10% * Less oversupply of retail in the market 0.5% 0.4% * Better retailer credit quality * Limited ecommerce penetration * Owner of dominant, high-quality, asset
Slide 49: Commercial team structure
| Commercial team structure Our Strategy Nurturing business partnerships for our Full Service Centers; leveraging existing relations while developing new (mixed-use) partners Structure update: one strategy, one team! From separate country leasing teams (silos) to centralized approach. Now organized
Slide 50: From asset to key-account leasing
From asset to key-account leasing Optimizing our leasing organization in Belgium Transformed commercial team from asset-dedicated leasing managers to key-account management Lessons learned in NL (since 2015) implemented in Belgium Top 25 retailers represented 47%" of total rental income in Belgium R
Slide 51: Benefits of Category Management
Benefits of Category Management Optimizing our leasing organization in the Netherlands Transformed commercial team from generalist leasing managers to specialist category managers Increase speed of transformations Optimize for specialist knowledge and experience (new categories) Create business oppo
Slide 52: Hawaiian Poké Bowl Partner case
Slide 53: Cross-border partnerships: Hawaiian Poké Bowl
0 Cross-border pa rtnerships 4st Wereldhave deal in 2020, now 4 locations From 0 to 785 m? GLA Hawaiian Poké Bowl Strong presence in Belgium Market entry in the Netherlands 3 Wereldhave centers, 41 Wereldhave center (Tilburg) 2 new locations in research phase sa Wereldhave
Slide 54: a -_ ~—_
a -_ ~—_ Wereldhave
Slide 55: Cross-border partnerships: Basic-Fit
0 Cross-border pa rtnerships 4st Wereldhave deal in 2019, now 7 locations Basic-Fit From 0 to 9,472 m? GLA BASIC-FIT a——_ C é Strong and growing presence Expansion to Belgium Expansion to France in the Netherlands 1 Wereldhave center 1 Wereldhave center 5 Wereldhave centers, 2 in research phase 2 in
Slide 56: Wereldhave _
Wereldhave _ \ =
Slide 57: Cross-border partnerships
0 Cross-border partnerships Leverage our partnerships and network across countries Example: Douglas (key account in NL) announces further expansion into Belgium. 2 BE locations in negotiation. FIRST DOUGLAS STORE IN BELGIUM OPENING NEAR ANTWERP Rollout of omnichannel model to the Belgian market Firs
Slide 58: Data-driven operations
LFL turnover delta of tenant Per month (2023 YTD vs. 2022 YTD) Data-driven operations 50% 13% 14% 15% Our commercial operations are more data-driven, directly improving commercial negotiations and asset management Jan Feb Mar Apr May Jun Jul Aug’ Sep * In rental negotiations during Covid-19: seized
Slide 59: Conclusions
Conclusions Leasing market update Solid demand in Belgium, Netherlands room for growth Commercial team structure Improved commercial team structure in Belgium and the Netherlands, aligned with LifeCentral strategy Cross-border collaboration Strengthened cross-border collaboration enables faster roll
Slide 60: Questions?
Slide 61: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 62: 2023 2022 - 2023 2018 - 2021 2015 - 2018 2013 - 2015 2023
2023 2022 - 2023 2018 - 2021 2015 - 2018 2013 - 2015 2023 2013 2011 62
Slide 63: Operations update
Operations update Market update Operations team structure Cross-border expertise & processes harmonization 0000 Hospitality approach & learnings from outsourcing «3 P Wereldhave
Slide 64: Footfall Belgium and Netherlands is outperforming
e Footfall Belgium and Netherlands is outperforming both 2019 and 2022 Change in visitors versus 2019 YTD and 2022 YTD (%) 9% 8% 4% i ; vs 2019 vs 2022 Hl Belgium Ml Netherlands 4 Wereldhave
Slide 65: Operations team structure
6 Operations team structure Our Strategy Spread best & market practice knowledge around our portfolio simultaneously and in the most efficient way to foster footfall and sales for our tenants Structure update: one strategy, one team! From separate operational teams per country (silos) to centralized
Slide 66: Cross-border expertise & processes harmonization
0 Cross-border expertise & processes harmonization © Development expertise © Daily exploration © Energy Performance Contract ESG initiatives — - Marketing & Specialty leasing National tenders ¢ a é v 11 locations (all FSC/shopping) 11 locations (5 FSC/shopping) 2 locations (all shopping) 329,000 m?
Slide 67: Hospitality approach
Hospitality approach Hotel sector as a reference For recruitment, for training, for works, for SLA's, etc. Always on the watch -— listen to our customers Implement a monitoring tool for our social medias regarding our assets & tenants Doing more with less Reducing service charges to allow more room
Slide 68: Questions?
Slide 69: Lunch
Slide 70: Agenda
Agenda 1 Welcome Management update Matthijs Storm & Dennis de Vreede LifeCentral Strategy update Joost van der Zee ESG & Sustainability Mart van Kuijk Coffee break 15 min. Leasing market and commercial update Pieter Polman Operations update Jean-Philippe Pinteaux Lunch Full Service Center tours Cape
Slide 71: Travel by bus to Capelle aan den IJssel
Slide 72: Wereldhave
Wereldhave
Slide 73: 2017 - 2023 2014 - 2017 2009 - 2014 2008 - 2009
2017 - 2023 2014 - 2017 2009 - 2014 2008 - 2009 73
Slide 74: sics
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Slide 75: De Koperwiek, Capelle a/d IJssel: Catchment area
De Koperwiek, Capelle a/d lJssel Catchment area den lJssel Total catchment area / y 828,300 inhabitants Primary pe 148,400 inhabitants rae a Secondary b A 679,900 inhabitants \ » Ouderkerk aan den lJssel Rotterdam i { 1 Krimpen aan. den ssel “i XS ba | Lekkerke ry ; . & eS A 9 de Koperwiek — Primary
Slide 76: De Koperwiek key facts
Size (m2) 31,012 Occupancy1) (% of Rent) 98.4 Average rent per m2 (€) 264 Everyday life retail (% of Total Rent) 79 Mixed-use (% of Total m2) 15 Partners (tenants) 100 Free Parking Spaces 835 Gross Initial Yield (%) 7.8 Annual footfall (m visitors) 6 NPS 21
Slide 77: De Koperwiek, Capelle a/d IJssel: Starting point
De Koperwiek, Capelle a/d lJssel Starting point De Koperwiek Acquisition * Acquired as two (distinct) assets in 2010 and 2014, which were directly connected Strengths * Perfect location for neighborhood shopping center * Solid working relationship with Municipality * Good accessibility (car, bike an
Slide 78: De Koperwiek, Capelle a/d IJssel: Redevelopment
De Koperwiek, Capelle a/d lJssel Redevelopment Highlights Development history: 2-stage (re)development 78 2015-2019: Development in order to strengthen heart of the center New parking garage (280pp) Adding several new anchor tenants (e.g. C&A, La Place) As of 2019: Start transformation to FSC Upgrad
Slide 79: FSC Transformation blueprint
FSC Transformation blueprint Highlights A Full Service Center with a broad convenience offering, combined with an extensive F&B offering and a gym Full Service Center transformation: * Interior refurbishment, incl. public seating & greenery * Wayfinding * Increase of daily: every.deli & Jumbo extens
Slide 80: the point
the point Our central service heart concept, combining a variety of much-requested services all in one place. Het serdeshart van De Kopenviek Services including: ° Package handling ° ATM * Tailor * Book 'Max mobiel ° Copy & Print ° Gift wrapping * Load public transport card Facts: * 240,000 visits (
Slide 81: What's next...
What’s next... Opening eat&meet square, indoor and outdoor (approx. 1,650m? F&B) in collaboration with Municipality, who is in charge of the upgrade of ‘Stadsplein' Opening 2024 om Su «0 pono M i a wat LFi@gme ee ee Bk = i a a | i Tie 5 oi [ol Tf —_—- a a 81
Slide 82: What's next...
What’s next... Feasibility study for realization of new apartment building, incl. AH extension as well as an upgrade of the final untouched part of the center. High-rise study under investigation by Municipality (Q2-2024). ] a JOH 82 = z ao wom matt Wereldhave
Slide 83: GRI increase driven by strong performance of both mixed-use and traditional retail tenants
GRI increase driven by strong performance of both mixed-use and traditional retail tenants Low effect due to use of _— GRI The phased transformation, vacant/hard-to-let units €k lead to strong performance of traditional retail tenant already 900 priortofulldeliveryasFSC [i - ———— 2,625 m? extension
Slide 84: Pre-Transformation situation vs FSC De Koperwiek
Pre-Transformation situation FSC De Koperwiek GRI (€ m) 6.3 GRI (€ m) 7.9 Discount rate 6.2% Discount rate 6.0% Long-term rental growth1) 0.0% Long-term rental growth1) 1.0% CAPEX (€ m) 4 CAPEX (€ m) 33 Unlevered IRR 6.6% Unlevered IRR 7.6%
Slide 85: ESG progress
ESG progress * 30% CO, reduction achieved by 2024/2025 * (Re)development phase 2 made a tremendous improvement in CO, reduction * Aim to install PV panels in 2024 to further reduce CO Paris Proof Roadmap Koperwiek 1200000 Energy efficiency, insulation, PV Install water pumps and heat recovery, PV Pl
Slide 86: Full Service Center tours Capelle aan den IJssel & Dordrecht
Slide 87: De Koperwiek, Capelle aan den IJssel Q&A and Center tour
Slide 88: 2017 - 2023 2016 - 2017 2011 - 2016 2006 - 2011
2017 - 2023 2016 - 2017 2011 - 2016 2006 - 2011 88
Slide 89: sics
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Slide 90: Sterrenburg, Dordrecht: Catchment area
Sterrenburg, Dordrecht Catchment area Total catchment area 406,400 inhabitants Primary 126,200 inhabitants Secondary 280,200 inhabitants 90 dam \ Oud-Alblas ~N\ SS Pa pehcrech AN) \ a N\ piaderkane widasce Va, —S- : — =i ce \\ SliedrechE™—~ ) — 7 ud-Beijerland aN y) ey, Westmaas nie 9 Full Service C
Slide 91: Sterrenburg key facts
Size (m2) 17,648 Occupancy1) (% of Rent) 99.7 Average rent per m2 (€) 238 Everyday life retail (% of Total Rent) 92 Mixed-use (% of Total m2) 19 Partners (tenants) 50 Free Parking Spaces 500 Gross Initial Yield (%) 7.6 Annual footfall ( m visitors) 4.1 NPS 19
Slide 92: Move and increase to 500 m2 decrease
Move and increase to 500 m2 decrease • Will be temporarily filled 50 m2 50 m2 50 m2 decrease decrease increase with Kruidvat • • • • Wants to increase with at least 100 Potential tenant change Wants to increase to 200 m2 • m2 • Move to Jumbo and increase to 1750 m2 Will become 450 m2 • Wants to decr
Slide 93: FSC Transformation blueprint
FSC Transformation blueprint Highlights A convenience-focused Full Service Center that perfectly fits its catchment area Full Service Center transformation: * Extension traditional Jumbo (2,200 m?) : to Jumbo Foodmarket (4,500 m?) every set - opened 2022, performing above budget ac 7 veces * New mix
Slide 94: Strong performance and further improvement expected
Strong performance and further improvement expected Total Return Yield NPS Mixed-use % %, Net % of floor space 10.6% 5.8% 5.6% 19 19% 6.0% 10% 8 Target H1 2023) Pre H1 2023 Pre Q3 2023 Pre Q3 2023 transformation transformation transformation GRI Annualized Footfall Occupancy €m m, YTD Q3 % 4.0 34 98
Slide 95: GRI increase driven by extension and strong performance of physical retail post transformation to FSC
Slide 96: Pre-Transformation situation vs FSC Sterrenburg
Pre-Transformation situation FSC Sterrenburg GRI (€ m) 2.8 GRI (€ m) 4.0 Discount rate 5.6% Discount rate 5.4% Long-term rental growth1) 0.0% Long-term rental growth1) 1.0% CAPEX (€ m) 4 CAPEX (€ m) 27 Unlevered IRR 6.4% Unlevered IRR 7.6%
Slide 97: Carbon emissions
• • • 97 Carbon emissions 0 1000000 1200000 1400000 200000 400000 600000 800000 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Sterrenburg (algemeen + huurders) 2030 2031 2032 2033 2034 2035 2036 30% by 2030 2037 2038 2039 2040 2041 2042 2043 Parisproof 2045 2044 2045
Slide 98: Sterrenburg, Dordrecht Q&A and Center tour
Slide 99: Wereldhave