Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — H1 2024 Earnings Presentation
76 slides from Aroundtown Sa's earnings presentation, Aug 28, 2024
Slide 1: H1 2024 Financial Results
BRUSSELS H1 2024 FINANCIAL RESULTS AUG 2024 AROUNDTOWN SA
Slide 2: Table of Contents
BERLIN 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
HIGHLIGHTS | TOP TIER LOCATIONS BERLIN MUNICH FRANKFURT BERLIN AROUNDTOWN SA 3
Slide 4: H1 2024 Financial Highlights
H1 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 NEW FINANCING €2.7bn / 19% of debt €1,150m €240m €588m / 2.9% €502m unsecured secured JUN 2024 SIGNED IN 2024 YTD -1
Slide 5: Robust Financing Platform, Further Strengthened in 2024
DIVERSIFIED FUNDING SOURCES FURTHER STRENGTHENING FINANCING PLATFORM 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
Slide 6: Continuous Disposal Progress
CONTINUOUS DISPOSAL PROGRESS DISPOSALS H1 2024 CLOSED STRENGTHENING THE BALANCE SHEET VENDOR LOANS SUPPORT TRANSACTIONS Resi 43% Office o ca. €475m SIGNED DURING 2024 YTD 21% around book value o Vendor loans support transactions in current market conditions: Dev & o Closing deals which are not subje
Slide 7: Positive Operational Momentum Supports Positive Outlook
POSITIVE OPERATIONAL MOMENTUM SUPPORTS POSITIVE OUTLOOK POSITIVE MOMENTUM IN THE MARKET IS SUPPORTING STABILIZATION RESI 33% Consistent strong operations driven by systemic supply-demand imbalance portfolio value share HOTEL 22% Hotel market positive momentum ongoing portfolio value share OFFICE Off
Slide 8: Operations & Portfolio
OPERATIONS & PORTFOLIO | TOP TIER LOCATIONS FRANKFURT MUNICH AROUNDTOWN SA 8 BERLIN COLOGNE
Slide 9: High Diversification, Balanced Across Strong Asset Types in Strong 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 10: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE JUNE 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 8,547 3,123 12.9% 444 13.1 2,737 5.2% 4.2 Residential 7,551 3,5
Slide 11: Office Portfolio: Performance and Market Tailwinds
OFFICE PORTFOLIO OFFICE 39% 2.4% LFL Rental growth June 2024 YOY PERFORMANCE Driven by indexation and rent reversion Top 4 cities: 60% Berlin, Frankfurt, Munich and Amsterdam German office markets still below long-term avg due MARKET to slow pick-up of economic activity despite the Largest landlord
Slide 12: Healthy German & Dutch Office Fundamentals
HEALTHY GERMAN & DUTCH OFFICE FUNDAMENTALS WELL-POSITIONED FOR GROWTH WHEN ECONOMY ACCELERATES 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 remain
Slide 13: Residential Portfolio: Performance and Market Tailwinds
RESIDENTIAL PORTFOLIO RESI 33% 3.8% LFL Rental growth June 2024 YOY PERFORMANCE Low vacancy of 3.7% as of June 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 increas
Slide 14: Hotel Portfolio: Positive Momentum and Outlook
HOTEL PORTFOLIO HOTEL 22% 2.6% LFL Rental growth June 2024 YOY Hotel re-openings in 2024 supporting rent growth Well-diversified across large European tourism POSITIVE and business destinations MOMENTUM ROME BRUSSELS PARIS AND Over 150 hotels With long-term fixed leases OUTLOOK Strong Q2 & Q3, suppo
Slide 15: Making the Portfolio Greener Through Ongoing Maintenance & Capex
MAKING THE PORTFOLIO GREENER THROUGH REGULAR ONGOING MAINTENANCE & CAPEX ESG measures are ingrained in AT’s holistic asset management approach. ✓ Operational improvements as well as, ➢ Regular ongoing maintenance and capex target: ✓ Enhancement of sustainability measures. Ongoing maintenance & capex
Slide 16: Track Record of Extracting Building Rights: Kassel Logistics
TRACK RECORD OF EXTRACTING BUILDING RIGHTS & CRYSTALLIZING GAINS IN THE PORTFOLIO KASSEL LOGISTICS / INDUSTRIAL CENTER Track record of extracting value by re-developing underutilized areas BEFORE AFTER Re-development of 2017 underutilized plot and & buildings, creating 2 halls 2018 with 26k sqm. Ful
Slide 17: Financial Results
FINANCIAL RESULTS | TOP TIER LOCATIONS AMSTERDAM COLOGNE FRANKFURT MEUSE (NETHERLANDS, CENTER PARCS) AROUNDTOWN SA 17
Slide 18: Profit and Loss
PROFIT AND LOSS 1-6/2024 1-6/2023 in € millions LFL Net rental income growth NET RENTAL INCOME 587.6 596.0 Operating and other income 183.2 219.3 REVENUE 770.8 815.3 -0.2% +3.1% Occupancy In-place LFL LFL June 2024 June 2024 PROPERTY REVALUATIONS AND CAPITAL GAINS / (LOSSES) (593.2) (1,746.0) Share
Slide 19: Slight Yield Increase, Showing Signs of Slowdown
SLIGHT YIELD INCREASE, SHOWING SIGNS OF SLOWDOWN, PARTIALLY OFFSET BY RENT INCREASE LFL VALUE CHANGE LFL VALUE CHANGE ASSET TYPE POSITIVE CATALYSTS GOING FORWARD JUN 24 vs DEC 23 DEC 23 vs DEC 22 ➢ Value decrease has slowed down, TOTAL -2.4% -11% supported by positive momentum & sentiment in the tra
Slide 20: Adjusted EBITDA, FFO I & FFO II
ADJUSTED EBITDA, FFO I & FFO II 1-6/2024 1-6/2023 in € millions Adjusted EBITDA before JV contribution (in €m) Operating loss (170.9) (1,368.8) Total depreciation and amortization 7.8 8.8 +1% 468 471 EBITDA (163.1) (1,360.0) Property revaluations and capital gains / (losses) 593.2 1,746.0 Share of l
Slide 21: Key FFO Growth Drivers
KEY FFO GROWTH DRIVERS 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 notes exchange and tender: - Reversionary ren
Slide 22: Balance Sheet & Capital Structure
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 €) Jun 2024 Dec 2023 EPRA NRV (/ps) EPRA NTA (/ps) in € millions unless otherwise indicated EPRA NTA 9,921 9,473 EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 7,291.1 7,643.3 8,059 7,663 Deferred tax liabilities 1,539.7 1,564.8
Slide 24: Ample Liquidity Mitigates Dependency on Market Conditions
AMPLE LIQUIDITY MITIGATES THE DEPENDENCY ON MARKET CONDITIONS DEBT MATURITY PROFILE – excluding perpetual notes 2,500 Pro forma Cash, signed disposal 2,000 proceeds and vendor Bank debt loans cover debt maturities until Straight bond year-end 2026 1,500 New Bond issuances post Q2 € Millions Bond buy
Slide 25: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD guidance of 45% 45% €17.9bn 43% Straight bonds €16.9bn HEALTHY 41% 41% BALANCE Loans & borrowings SHEET 7% 8% Equity 52% 51% 74% 72% of rent of rent Perpetual notes Dec 2023 Jun 202
Slide 26: Guidance
GUIDANCE | TOP TIER LOCATIONS COLOGNE STUTTGART BERLIN LEIPZIG AROUNDTOWN SA 26
Slide 27: 2024 Guidance Increased
2024 GUIDANCE INCREASED FY 2024 GUIDANCE FFO I €290 million – €320 million FFO I per share €0.27 – €0.29 AROUNDTOWN SA 27
Slide 28: Appendix
APPENDIX | TOP TIER LOCATIONS LONDON HAMBURG BAD SAAROW (BRANDENBURG/BERLIN) ROTTERDAM AROUNDTOWN SA 28
Slide 29: 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 30: Investment Properties
INVESTMENT PROPERTIES JUNE 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 8,547 3,123 12.9% 444 13.1 2,737 5.2% 4.2 Residential 7,551 3,586 3.7% 376 8.9 2,106 5.0%
Slide 31: 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 32: Office Portfolio: 39% of the Portfolio
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 4.2y WALT LARGEST LANDLORD o
Slide 33: Residential (GCP): 33% of the Portfolio
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 34: Hotel: 22% of the 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 14.3 YEARS WALT o Long fixed contracts with no variable components with over 25 third-party hotel operators AROUNDTOWN
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 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 36: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 4% OF THE PORTFOLIO 5.1 YEAR WALT 4.3 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 37: Development & Invest Portfolio: 5% of Total Assets
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 38: Overview of Selected Development Rights
OVERVIEW OF SELECTED DEVELOPMENT RIGHTS Project name City Address Project type Planned use Status Sqm Market rent Conversion Berlin Kreuzberg Berlin Baerwaldstraße 36-37, 10961 with space addition Residential Pre-permit obtained 3k sqm €22/sqm Uhlandstraße 165,166; Refurbishment with space Berlin Pr
Slide 39: 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 40: 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 41: 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 €3.7bn Str. Bond €13.4bn €2.6bn €1.9bn Conv. Bond €0.8bn €1.2bn Equity €6.2bn €5.7bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 2024 YTD Equity (incl. Conversio
Slide 42: Perpetual Notes
PERPETUAL NOTES PRE-EXCHANGE REDUCTION POST-EXCHANGE CHARACTERISTICS OF PERPETUAL NOTES NEXT RESET AMOUNT COUPON** AMOUNT COUPON** RESET RATE** DATE NO MATURITY: 369m EUR 7.078% ➔ 107m EUR 7.078% 20 Jan 2028 4.625% + 5Y MS o Perpetual notes have no maturity date. 200m EUR (GCP) 6.332% ➔ 48m EUR (GCP
Slide 43: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT STRESS CASE 1) COVENANT COVENANT (JUN 2024) (value decrease until covenant breach) o Covenants are calculated based on IFRS reported figures, treating the TOTAL NET DEBT / Implies €10.8bn perpetuals as 100% Equity. Thus, TOTAL NET <=60% 38% -33% fur
Slide 44: Appendix - ESG
APPENDIX - ESG | Across the portfolio AROUNDTOWN SA 44
Slide 45: 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 Management oversight from Board 2030 high tenant satisfaction of Directors (BoD) Promote sustainable water Increase employee retention and 71% of Bo
Slide 46: 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 47: 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 o 31% of the total commercial portfolio is certified UTRECH
Slide 48: 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 49: 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 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 60: ESG Awards & Indices
ESG AWARDS & INDICES 2023: STRONG RANKING SUSTAINABILITY CONSECUTIVE WITH AGENCIES INDICES EPRA AWARDS o Maintained strong Sustainalytics rating Included in the MDAX ESG+ index, Dow Jones AT received EPRA BPR Gold award for the 7th (Top 6% globally) and rated low ESG risk Sustainability Index Europe
Slide 61: Founding Member of UN Global Compact Germany
A FOUNDING MEMBER OF THE ASSOCIATION “UNITED NATIONS GLOBAL COMPACT GERMANY e. V.” AROUNDTOWN SA 61
Slide 62: 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 62
Slide 63: 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 63
Slide 64: 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 65: 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 66: 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 66
Slide 67: 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 68: 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 69: 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 70: 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 71: Appendix: Market Data
APPENDIX: MARKET DATA | Top tier locations UTRECHT BERLIN MAINZ DRESDEN AROUNDTOWN SA 71
Slide 72: 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 73: 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% 2) but Germany Top 5, but still below Prime rents increase 4% yoy, Prime yields are stabilizing remains at a healthy level, below
Slide 74: 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 75: Hotel Market – Propelling Hotel Demand Through Major Events in 2024
HOTEL MARKET – PROPELLING HOTEL DEMAND THROUGH MAJOR EVENTS IN 2024 European hotel and tourism sector is poised to gain further momentum in 2024, driven by growth in leisure travel supported by major events (i.e. UEFA Euro 2024, major music tours), as well as growth in corporate and group travel 1)
Slide 76: 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