Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — Q1 2022 Earnings Presentation
86 slides from Aroundtown Sa's earnings presentation, May 25, 2022
Slide 1: Q1 2022 Financial Results Aroundtown SA
Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA | MAY 2022 Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA BERLIN
Slide 2: Table of Contents
TABLE OF CONTENTS ↗ HIGHLIGHTS ↗ OPERATIONS AND PORTFOLIO ↗ FINANCIAL RESULTS ↗ GUIDANCE ↗ APPENDIX ↗ ESG ↗ DEVELOPMENT PROJECTS ↗ MAIN CITIES AERIAL VIEW FRANKFURT ↗ MARKET DATA Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 2
Slide 3: Highlights
HIGHLIGHTS | BERLIN Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 3
Slide 4: Q1 2022 Financial Highlights
Q1 2022 FINANCIAL HIGHLIGHTS TOP & BOTTOM LINE FINANCIAL DISCIPLINE CONSERVATIVE DEBT PROFILE ↗ NET RENTAL INCOME ↗ CASH AND LIQUID ASSETS ↗ DEBT REPAYMENTS IN 2022 YTD €309m €2.2 bn ~€800m +32% YOY MAR 2022 With 1.2% avg. CoD and <2y avg. maturity ↗ RENT LIKE-FOR-LIKE ↗ UNENCUMBERED INVESTMENT PROP
Slide 5: Capital Recycling Update Q1 2022
CAPITAL RECYCLING UPDATE Q1 2022 DISPOSALS OF NON-CORE AND MATURE ...ABOVE BOOK VALUE, VALIDATING ... FUNDING DEBT REPAYMENTS AND ASSETS... PORTFOLIO VALUATIONS... SHARE BUYBACKS Office 71% €1.1BN DISPOSALS SIGNED UNTIL 2022 YTD* >€130M DISPOSALS CLOSED IN Q1 2022 ↗ Disposals above book value (€1.1b
Slide 6: Operations & Portfolio
OPERATIONS & PORTFOLIO | FRANKFURT Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 6
Slide 7: 92% Office/Residential/Hotel, 92% in Germany, the NL & London
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 92% OFFICE/RESIDENTIAL/HOTEL, 92% IN GERMANY, THE NL & LONDON, WELL-BALANCED WITH STRONG DIVERSIFICATION AMONG WELL-DIVERSIFIED ACROSS TOP TIER CITIES WITH A FOCUS ASSET TYPES WITH DIVERSE FUNDAMENTALS ON CENTRAL LOCATIONS
Slide 8: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE MAR 2022 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 11,854 3,753 10.8% 479 11.4 3,158 4.0% 4.5 Residential 8,135 3,7
Slide 9: Office Portfolio – Well-Located in Top Tier Cities
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS ↗ WELL-DIVERSIFIED OFFICE: 44% OF THE PORTFOLIO, WITH FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES ↗ No dependency on a single location, single tenant, single asset or single industry. Long lease structure with 4.5y W
Slide 10: German & Dutch Office Markets: A Stable Start to 2022
GERMAN & DUTCH OFFICE MARKETS: A STABLE START TO THE YEAR 2022 Current external events (inflation, rising yields, war in Ukraine) so far had no significant impact on the fundamentals of the German and Dutch real estate markets ↗ TAKE-UP RECOVERY MOMENTUM ↗ MARKET VACANCY AT ↗ TRANSACTION MARKET REMA
Slide 11: Residential Portfolio
RESIDENTIAL PORTFOLIO ↗ GCP IS CONSOLIDATED AND THE HOLDING RATE IS 49.5% AS OF MARCH RESIDENTIAL (GCP): 30% OF THE 31, 2022 (53% excluding the shares GCP holds in treasury) PORTFOLIO ↗ Residential asset class is the Group’s second largest asset type after offices, providing the Group with a well-ba
Slide 12: Hotel Portfolio
HOTEL PORTFOLIO ↗ WELL-DIVERSIFIED HOTEL: 18% OF THE PORTFOLIO ↗ Across Europe with a focus on locations with large catchment areas 156 HOTELS: Mainly in top tier European cities ↗ REDUCED SHARE ↗ Reduced to 18% in March 2022 from 24% in Dec 2020 due to disposals & GCP consolidation ↗ 15.1 YEARS WAL
Slide 13: Hotel Recovery Expectations
HOTEL RECOVERY EXPECTATIONS Q1 2022 PERFORMANCE 2022 EXPECTATIONS ↗ In Germany, most restrictions were lifted in the end of Q1 2022. UK lifted all restrictions. ↗ Q1 2022 collection rate: 45% Therefore, 2022 is expected to be better than 2021 with domestic leisure to drive the performance of 2022 hi
Slide 14: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 6% OF THE PORTFOLIO 5.2 YEAR WALT 4.4 YEAR WALT ↗ REDUCED SHARE ↗ REDUCED SHARE ↗ Reduced from 7% in March 2020 due to disposals above book value ↗ Reduced from 9% in March 2020 due to disposals above book value ↗ RESILIENT TO COV
Slide 15: Development/Building Rights Strategy in 3 Steps
DEVELOPMENT/ BUILDING RIGHTS DEVELOPMENTS: 5% OF TOTAL ASSETS. AT’S DEVELOPMENT STRATEGY IN 3 STEPS: 1) IDENTIFYING THE POTENTIAL 2) CRYSTALLIZING THE GAINS 3) SELECTIVE DEVELOPMENTS IN MARKETS WITH STRONG THROUGH SALE OF RIGHTS IN SMALL SCALE AT LOW RISK DEMAND & SCARCITY OF LAND ↗ Identifying unde
Slide 16: Track Record of Development Rights Disposals
STRONG TRACK RECORD OF DEVELOPMENT RIGHTS DISPOSALS WITH HIGH GAINS BERLIN MEDIASPREE DRESDEN PRIME BERLIN WARSCHAUER BERLIN REINICKENDORF OFFICE DEVELOPMENT 1) CENTER 1) STRAßE 1) LOGISTIC CENTER ↗ DISPOSAL OF DEVELOPMENT Rendered image, post development Rendered image, post development RIGHTS WITH
Slide 17: Financial Results
FINANCIAL RESULTS | MUNICH Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 17
Slide 18: Profit and Loss
PROFIT AND LOSS 1-3/2022 1-3/2021 Net rental income, recurring long-term1) (in €m) in € millions REVENUE 393.7 274.9 CAGR +14% 305 RECURRING LONG-TERM NET RENTAL INCOME 304.6 226.1 233 226 GCP PROPERTY REVALUATIONS AND CAPITAL GAINS 80.7 56.8 Share of profit from investment in equity-accounted inves
Slide 19: Adjusted EBITDA
ADJUSTED EBITDA 1-3/2022 1-3/2021 in € millions ▪ Subtracted as these profits include AT’s share in non-operational profits generated by the Operating profit 311.9 238.0 Total depreciation and amortization 5.1 1.5 equity accounted investees EBITDA 317.0 239.5 ▪ Other adjustments also include expense
Slide 20: FFO I & FFO II
FFO I & FFO II 1-3/2022 1-3/2021 FFO I (in €m) & FFO I per share (in €) in € millions FFO I BEFORE JV CONTRIBUTION 110.4 97.5 FFO I (bottom graph is per share) FFO I before extraordinary Covid adjustment (bottom graph is per share) Contribution of joint ventures’ FFO I 8.9 27.1 127 FFO I BEFORE EXTR
Slide 21: EPRA NAV KPIs
EPRA NAV KPI’S Mar 2022 Dec 2021 in € millions unless otherwise indicated EPRA NTA EPRA NTA EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 10,486.2 10,533.6 EPRA NRV (/ps) EPRA NTA (/ps) Deferred tax liabilities 1,908.2 1,870.1 Fair value me
Slide 22: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE DEBT MATURITY PROFILE CONSISTENTLY LOW LEVERAGE (LTV) Company BOD limit of 45% 2,000 No impact in the mid-term from potential yield changes: Millions 1,800 Current cash and liquid assets plus the proceeds from the 1,600 1,400 signed disposals cover maturities for the n
Slide 23: Guidance
GUIDANCE | AMSTERDAM Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 23
Slide 24: 2022 Guidance Confirmed
2022 GUIDANCE CONFIRMED FY 2022 GUIDANCE FFO I €350 million – €375 million FFO I per share €0.31 – €0.34 Dividend per share €0.23 – €0.25 ↗ Total FFO I to be supported by debt optimization measures and higher collection rate of the hotels compared to 2021, offset by the full year impact of 2021 disp
Slide 25: Appendix
APPENDIX | HAMBURG/LH Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 25
Slide 26: Share Information
SHARE INFORMATION THE SHARE SHAREHOLDER STRUCTURE Frankfurt Stock Exchange Placement (Prime Standard) Incorporation Luxembourg 13.07.2015 Free First equity issuance (€3.2 per share) float Shares held 60% in treasury* Number of shares (basic) 1,537,025,609 30% Number of shares, base for share KPI cal
Slide 27: Investment Properties
INVESTMENT PROPERTIES MAR 2022 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 11,854 3,753 10.8% 479 11.4 3,158 4.0% 4.5 Residential 8,135 3,711 5.2% 349 8.1 2,192 4.3%
Slide 28: Best-in-Class Berlin Portfolio – Mar 2022
BEST-IN-CLASS BERLIN PORTFOLIO – MAR 2022 LOCATED IN THE BEST 85% NEIGHBORHOODS OF BERLIN Top Tier 85% of the Group portfolio is located in top Strongly benefiting from the unique dynamics tier neighborhoods: & growth of Berlin’s most in demand Charlottenburg, Wilmersdorf, Mitte, neighborhoods, busi
Slide 29: 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 601 NH Hotel Dortmund Prime Center 190 Mark Apart Berlin Prime Center Ku’damm 120 Center Steigenberger Hotel de Saxe Dresden Prime Cen
Slide 30: Attractive Investment in Globalworth
ATTRACTIVE INVESTMENT IN GLOBALWORTH – THE LEADING LISTED OFFICE COMPANY IN POLAND & ROMANIA PRIME ASSETS & STRONG RIGHT INVESTMENT VEHICLE IN GLOBALWORTH OFFER TENANT BASE THE CEE MARKET ↗ Through a JV, AT and CPI hold together 61% of ↗ GWI is a leader in the Polish & Romanian office ↗ GWI is the r
Slide 31: Highest Rated German Commercial Real Estate Company
HIGHEST RATED GERMAN COMMERCIAL REAL ESTATE COMPANY S&P Ratings Matrix Financial risk profile ↗ FINANCIAL POLICY 1 2 3 4 5 6 Minimal Modest Intermediate Significant Aggressi High ve Leverag ed ↗ Strive to achieve A global rating in the long term 1 aaa/ bbb- Excellent aa a+/a a- bbb Business risk pro
Slide 32: Aroundtown Bond Covenants
AROUNDTOWN BOND COVENANTS ↗ Each of the bond covenants is met with a significant headroom. Internal financial policy is set at stricter levels ↗ ECB eligibility: Bonds issued under the EMTN Programme (Listed in the EU)* ↗ The bonds are unsecured and have the below covenant package: Overview of Coven
Slide 33: Equity Analyst Research Coverage and Share Performance
EQUITY ANALYST RESEARCH COVERAGE AND SHARE PERFORMANCE Analyst Research Target Price €6.9 average target price 33 8.40 8.30 7.90 7.80 7.70 7.65 7.60 7.60 7.50 7.25 7.20 6.90 6.40 6.30 6.00 5.00 5.00 4.50 Hauck & First Oddo M.M. HSBC Citigroup Societe Berenberg SRC Baader Deutsche Kepler UBS Goldman
Slide 34: Capital Market Activity
CAPITAL MARKET ACTIVITY Capital market activity per year Capital market activity per issuance type 2015-2021 €4.6bn €4.2bn €4.2bn €4.0bn Str. Bond €12.3bn €2.6bn €1.9bn Conv. Bond €0.8bn €1.2bn Equity €6.2bn €3.2bn €0.2bn 2015 2016 2017 2018 2019 2020 2021 Equity (incl. Conversions) Perpetual notes
Slide 35: Appendix – ESG
APPENDIX – ESG | Across the portfolio Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 35
Slide 36: Commitment to ESG
COMMITTMENT TO ESG E CLEARLY S SOCIALLY G HIGH LEVEL OF SET TARGETS RESPONSIBLE GOVERNANCE Strong commitment to maintain Management oversight from Board Reduce GHG emission high tenant satisfaction of Directors (BoD) 67% of BoD is independent/ non Reduce water consumption and Increase employee reten
Slide 37: AT's ESG Target Set Overview
AT’S ESG TARGET SET OVERVIEW Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 37
Slide 38: Green Building Certifications
ESG – ENVIRONMENT PART 1: ENERGY EFFICIENT BUILDINGS GREEN BUILDING CERTIFICATIONS Building upgrades with the goal to receive certifications (DGNB, LEED, BREEAM). Development/major refurbishments aimed to build for certification eligibility ↗ Ca. 30% of the Dutch portfolio already certified with BRE
Slide 39: ESG Environment Part 2: Conserving Energy, Reducing Carbon Footprint
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMISSIONS REDUCTION ENERGY INVESTMENT PROGRAM ↗ Energy Investment Program: installation of Photovoltaics (PV), Combined Heat and Power (CHP), Combined Cooling, Heat & Power (CCHP), EV charging stations, smart meters,
Slide 40: ESG Environment Part 3: Water and Waste Management
ESG – ENVIRONMENT PART 3: WATER AND WASTE MANAGEMENT WATER CONSUMPTION WASTE MANAGEMENT ↗ A new initiative to further ↗ Remote water meters create optimize waste and awareness, influence tenant operational costs through behavior, detect water leaks waste management systems and unusual water usage (i
Slide 41: ESG Social Part 1: Community Building
ESG – SOCIAL PART 1: COMMUNITY BUILDING AROUNDTOWN FOUNDATION LOCAL PARTNERSHIPS ↗ AT focuses on establishing productive partnerships with local stakeholders to ensure that corporate activities are aligned to the tenants and communities ↗ Numerous charities across portfolio’s locations, working in c
Slide 42: Holistic Tenant Management Approach
ESG – SOCIAL PART 2: TENANT MANAGEMENT HOLISTIC TENANT MANAGEMENT APPROACH ENGAGEMENT AVAILABILITY POLICY ENFORCEMENT Tailor-made approach, Finalizing new tenant policy Main tool to monitor and customized leases, balancing which sets standardized goals 24/7 tenant support enforce tenant satisfaction
Slide 43: 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 COLLABORATION TRAINING Dynamic & open RETENTION Employee training corporate culture, Employee retention programs to ensure fostering perso
Slide 44: Board of Directors
BOARD OF DIRECTORS BOARD OF DIRECTORS – 4/6 MEMBERS ARE INDEPENDENT/NON-EXECUVITE AND 2/6 ARE FEMALE DIVERSE MIX OF PROFESSIONALS WITH STRONG & LONG EXPERIENCE, FOCUS ON REAL ESTATE INDUSTRY & FINANCING FRANK ROSEEN – EXECUTIVE DIRECTOR MARKUS LEININGER- INDEPENDENT DIRECTOR FORMER SENIOR BANKER WIT
Slide 45: Board Committees and the Advisory Board
BOARD COMMITTEES AND THE ADVISORY BOARD ALL COMMITTEES ARE IN PLACE WITH INDEPENDENT MEMBERS IN PLACE AUDIT RISK NOMINATION REMUNERATION ESG COMMITTEE COMMITTEE COMMITTEE COMMITTEE COMMITTEE (MAINTAINING THE INTEGRITY OF THE (ASSESSING, MONITORING AND MITIGATING (IDENTIFYING SUITABLE CANDIDATES FOR
Slide 46: Management Team
MANAGEMENT TEAM MANAGEMENT BODY IS SUPERVISED BY THE BOARD OF DIRECTORS BARAK BAR-HEN – CO-CEO & COO (CO-CHIEF EXECUTIVE EYAL BEN DAVID – CFO (CHIEF FINANCIAL OFFICER) OFFICER AND CHIEF OPERATING OFFICER) SINCE 2008 IN THE MANAGEMENT OF AROUNDTOWN AND ITS SUBSIDIARIES. SINCE 2020 IN THE MANAGEMENT O
Slide 47: Management Team – Senior Management
MANAGEMENT TEAM – 2 SENIOR MANAGEMENT NIKOLAI WALTER- HEAD OF ASSET & PROPERTY MANAGEMENT ALFRED KANDL - HEAD OF CONSTRUCTION MANAGEMENT 20 YEARS EXPERIENCE IN THE REAL ESTATE INDUSTRY. BEFORE JOINING THE GROUP, WAS A MANAGING DIRECTOR OF MR KANDL HAS 35 YEARS OF EXPERIENCE IN THE REAL ESTATE AND BU
Slide 48: ESG Awards and Indices
ESG AWARDS AND INDICES S&P Europe ↗2021: 350 ESG Index STRONG RANKING SUSTAINABILITY CONSECUTIVE EPRA WITH SUSTAINALYTICS INDICES AWARDS ↗Top 4% globally across all industries ↗Included in S&P EUROPE 350 ESG Index ↗AT received EPRA BPR Gold award for the since May 2021 5th time and EPRA sBPR Gold aw
Slide 49: Appendix: Development Projects
APPENDIX: DEVELOPMENT PROJECTS | TOP TIER LOCATIONS BERLIN FRANKFURT BERLIN BERLIN Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 49
Slide 50: Development Rights – Berlin Tempelhof-Schöneberg Logistics
DEVELOPMENT/BUILDING RIGHTS – BERLIN TEMPELHOF-SCHÖNEBERG LOGISTICS PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ Berlin’s logistics market continues to experience a shortage of logistics space in areas close to the city center along motorways 1). ↗ Identified underutilized land pl
Slide 51: Development Rights – Berlin Tempelhof-Schöneberg Logistics
DEVELOPMENT/BUILDING RIGHTS – BERLIN TEMPELHOF-SCHÖNEBERG LOGISTICS PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The 7k sqm property comprises a newly developed logistics and ↗ Berlin’s logistics market continues to experience a shortage of ↗ Identified underutilized land plot to
Slide 52: Development Rights – Berlin Alexanderplatz Office
DEVELOPMENT/BUILDING RIGHTS – BERLIN ALEXANDERPLATZ PRIME CITY CENTER OFFICE PROPERTY DESCRIPTION MARKET DEMAND DEVELOPMENT POTENTIAL ↗ This large office property, covering 24k sqm, is situated in one of Berlin’s prime city centers, the central Alexanderplatz. The property is directly ↗ The asset’s
Slide 53: Development Rights – Berlin Tiergarten Office
DEVELOPMENT/BUILDING RIGHTS – BERLIN TIERGARTEN OFFICE VALUE POTENTIAL & PROPERTY DESCRIPTION DEVELOPMENT POTENTIAL MARKET DEMAND ↗ Complete demolition and re-development. ↗ The property is situated in Berlin’s western center, walking distance ↗ This building is surrounded by a new built fully rente
Slide 54: Development Rights – Berlin Marzahn-Hellersdorf
DEVELOPMENT/BUILDING RIGHTS – BERLIN MARZAHN-HELLERSDORF PROPERTY DESCRIPTION MARKET DEMAND DEVELOPMENT POTENTIAL ↗ Demolition of existing and re-development of new residential properties expected to be finalized by mid 2024. ↗ The property is situated in Berlin’s eastern residential district of ↗ T
Slide 55: Development Rights – Berlin Grunewald/Schmargendorf
DEVELOPMENT/BUILDING RIGHTS – BERLIN GRUNEWALD/SCHMARGENDORF PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The 4k sqm property is situated in Berlin’s upscale residential district Grunewald/Schmargendorf, in Charlottenburg-Wilmersdorf. The ↗ Full re-development into assisted living
Slide 56: Development Rights – Berlin Prime Center Ku'damm
DEVELOPMENT/BUILDING RIGHTS – BERLIN PRIME CENTER KU’DAMM PROPERTY DESCRIPTION MARKET DEMAND DEVELOPMENT POTENTIAL ↗ This 7k sqm property is located at Kurfürstendamm 69, 10707 Berlin, on ↗ Addition of new floors with condominiums expected to be Adenauerplatz in Berlin’s western prime center, Ku’Dam
Slide 57: Development Rights – Berlin Prime Center Ku'damm
DEVELOPMENT/BUILDING RIGHTS – BERLIN PRIME CENTER KU’DAMM PROPERTY DESCRIPTION MARKET POSITION DEVELOPMENT POTENTIAL ↗ This 4k sqm property is located on Adenauerplatz in Berlin’s ↗ Addition of new floors with office space western prime center, Ku’Damm, an area attractive for prime ↗ The area surrou
Slide 58: Development Rights – Berlin Potsdamer Platz
DEVELOPMENT/BUILDING RIGHTS – BERLIN POTSDAMER PLATZ PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The 10k sqm property is situated in the prime center of Berlin, between ↗ Full property repositioning into hotel and serviced apartments Potsdamer Platz and Anhalter Bahnhof. The prop
Slide 59: Development Rights – Berlin Rosa-Luxemburg-Platz
DEVELOPMENT/BUILDING RIGHTS – BERLIN PRIME CENTER MITTE ROSA-LUXEMBURG-PLATZ PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ Complete upgrade, redesign and new branding expected to be finalized in 2022 ↗ The hotel is situated in Berlin’s prime central district, Mitte, adjacent Rosa-Luxemburg-Pl
Slide 60: Development Rights – Brussels Prime Center
DEVELOPMENT/BUILDING RIGHTS – BRUSSELS PRIME CENTER PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ The Brussels Hotel is situated in the center of Brussels on the main ↗ Repositioning and rebranding into Cardo by Autograph inner-city boulevard. The hotel is located at the main shopping street
Slide 61: Development Rights – Frankfurt InterContinental
DEVELOPMENT/BUILDING RIGHTS – FRANKFURT PRIME CENTER INTERCONTINENTAL PROPERTY DESCRIPTION MARKET POSITION DEVELOPMENT POTENTIAL ↗ The large hotel is situated in the center of Frankfurt, right on the bank of ↗ Hotel refurbishment, with floor additions, adding new built the river Main and in close pr
Slide 62: Development Rights – Hotel Paris City Center
DEVELOPMENT/BUILDING RIGHTS – HOTEL PARIS CITY CENTER PROPERTY DESCRIPTION MARKET POSITION REPOSITIONING ↗ The 4-star hotel is centrally located in the 14th arrondissement ↗ Complete renovation and refurbishment, with a dual brand, of Paris. The surrounding area has a large variety of restaurants, h
Slide 63: Development Rights – Hilton Berlin Gendarmenmarkt
DEVELOPMENT/BUILDING RIGHTS – HILTON BERLIN PRIME CENTER GENDARMENMARKT PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The asset’s district “Mitte” is Berlin’s top office district with highest rents in ↗ The 4 star Hilton Hotel is located in the heart of Berlin on the city1). Averag
Slide 64: Development Rights – Berlin Treptow-Köpenick Brewery Project
DEVELOPMENT/BUILDING RIGHTS – BERLIN TREPTOW-KÖPENICK – THE BREWERY PROJECT PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ This office property is located at Schnellerstraße 137, 12439 Berlin, in ↗ Conversion and development into mixed use urban quarter. Ca the Niederschöneweide qua
Slide 65: Development Rights – Frankfurt Main Central Train Station
DEVELOPMENT/BUILDING RIGHTS – FRANKFURT MAIN CENTRAL TRAIN STATION PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ The office tower is located at the corner of Bahnhofsviertel, ↗ The 22-storey office tower covers 20k sqm and is situated Europaviertel and Banking District, three of th
Slide 66: Development Rights – Berlin Kreuzberg/Alt-Treptow
DEVELOPMENT/BUILDING RIGHTS – BERLIN KREUZBERG/ALT-TREPTOW PROPERTY DESCRIPTION MARKET DEMAND VALUE EXTRACTION POTENTIAL ↗ Located between Mediaspree and Adlershof Science Park, Alt- ↗ The cinema center holds 7k sqm & is located across the Park Treptow office market has a strong demand Center retail
Slide 67: Appendix: Focus on Central Locations of Top Tier Cities
APPENDIX: FOCUS ON CENTRAL LOCATIONS OF TOP TIER CITIES | TOP TIER LOCATIONS DRESDEN BERLIN AMSTERDAM BERLIN Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 67
Slide 68: Berlin Alexanderplatz: Prime Commercial and Tourist Center
BERLIN ALEXANDERPLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark AT property Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 68
Slide 69: Berlin Potsdamer Platz: Prime Commercial and Tourist Center
BERLIN POTSDAMER PLATZ: THE PRIME COMMERCIAL AND TOURIST CENTER Landmark Potsdamer Platz Office Potsdamer Platz Office AT property Crowne Plaza Potsdamer Platz Hotel Potsdamer Platz Office Potsdamer Platz Checkpoint Charlie Mixed-use Residential/Office/Hotel (GCP) Office Potsdamer Platz Checkpoint C
Slide 70: Berlin Ku'damm: Prime Commercial and Tourist Center
BERLIN KU’DAMM: THE PRIME COMMERCIAL AND TOURIST CENTER Berlin City Center Mitte Berlin City Center Mitte Retail Office Potsdamer Platz Landmark Moxy by Marriot Berlin Mitte Ku’Damm KaDeWe Residential Hotel (GCP) AC by Marriot Berlin Mitte Hotel AT property Ku’Damm KaDeWe Office Berlin City Center M
Slide 71: Frankfurt: Quality Assets in Central Locations
FRANKFURT: QUALITY ASSETS IN CENTRAL LOCATIONS Landmark AT property Frankfurt Büro Center (FBC) Frankfurt Stadtmitte InterContinental Frankfurt Frankfurt HBF Frankfurt Office Campus Office Office Hotel Office Office European Central Bank Headquarters Frankfurt Hauptbahnhof Banking District (Central
Slide 72: Frankfurt: Quality Assets 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 73: 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 Schwabing – Munich’s highest Global HQs of Wacker Chemie AG populated district Englischer Garten Munich Siemens Offic
Slide 74: Amsterdam – Centrally Located High Quality Assets
AMSTERDAM – CENTRALLY LOCATED HIGH QUALITY ASSETS Amsterdam Zuidoost Landmark Amsterdam Zuidoost Amsterdam Office Office Sloterdijk Train Station Amsterdam West AT property Office Complex Office Amsterdam Arena Office Amsterdam Sloterdijk Office Amsterdam Westpoort Office Amsterdam Arena Amsterdam A
Slide 75: Hamburg – Well Placed Across Germany's Second-Largest City
HAMBURG – WELL PLACED ACROSS GERMANY’S SECOND-LARGEST CITY Landmark Hamburg Business District AT property Office Hamburg Business District Office Hamburg Business District Science Campus Office Altstadt Main Central Train Station HafenCity Hamburg City Center Dev Office Q1 2022 FINANCIAL RESULTS ARO
Slide 76: Dresden – Prime Assets in Historic City Center
DRESDEN – PRIME ASSETS IN HISTORIC CITY CENTER Dresden main central train Landmark Main central train station station Hotel AT property Main central train station Office City Center Office Zwinger Main High Street Office Retail Historic City Center Retail City Center Office Zwinger Palace City Cente
Slide 77: Leipzig – Centrally Located Top Tier Assets at Hauptbahnhof
LEIPZIG – CENTRALLY LOCATED TOP TIER ASSETS AT HAUPTBAHNHOF Landmark Main central train station Office Leipzig main central AT property train station Main central train station Hotel Main central train station Office City Center Promenade Nikolaikirche Office/Retail University of Leipzig Q1 2022 FIN
Slide 78: Appendix: Market Data
APPENDIX: MARKET DATA | TOP TIER LOCATIONS ROTTERDAM DRESDEN COLOGNE LEIPZIG Q1 2022 FINANCIAL RESULTS AROUNDTOWN SA 78
Slide 79: Regional Market Overview
REGIONAL MARKET OVERVIEW Amsterdam Berlin ◼ GDP growth: 3.5% p.a. (avg 2016-2020) ◼ GDP growth: 4.5% p.a. (avg 2016-2020) ◼ Net migration: 6k p.a. (avg 2016-2020) GERMANY ◼ Net migration: 28k p.a. (avg 2016-2020) ◼ Population density: 5.3k per km2 ◼ Population density: 4.1k per km2 Utrecht Hamburg ◼
Slide 80: Real Estate Remains Attractive with Large Yield Spread
REAL ESTATE REMAINS ATTRACTIVE WITH ITS LARGE YIELD SPREAD & STRONG FUNDAMENTALS Large spread between German Bund yields and ↗ CONTINUOUS STRONG DEMAND SUPPORTED BY LARGE SPREAD German prime Office & Residential yields ↗ Approx. €1 trillion of German government bonds will mature in the next 4 years1
Slide 81: Office Market Germany – Historically Low Vacancies and Stable Rents
OFFICE MARKET GERMANY – HISTORICALLY LOW VACANCIES AND STABLE RENTS GERMAN OFFICE MARKET ENTERED UNDERSUPPLY WITH STRONG PRE-LET RATIOS INCREASED THE COVID-19 LOCKDOWN WITH DEMAND KEEPS THE OFFICE FURTHER THROUGHOUT 2021 RECORD LOW VACANCY RATES MARKET RENTS STABLE IN BIG 7 ↗ Vacancy Rates in German
Slide 82: Office Market Germany – Supportive Values
OFFICE MARKET GERMANY – SUPPORTIVE VALUES CONTINUOUS STRONG DEMAND RECENT MARKET DEALS SHOW THE SUPPORTED BY HISTORICALLY INVESTMENT VOLUMES REMAIN SUSTAINED HIGH DEMAND IN LARGE SPREAD OF PRIME OFFICE HIGH, WELL ABOVE GFC LEVELS GERMAN OFFICE REAL ESTATE YIELDS TO GOVT. BOND YIELDS ↗ Germany Big 7
Slide 83: Dutch Office Market Remains Strong Despite Pandemic Disruptions
DUTCH OFFICE MARKET – LOW VACANCIES AND STABLE RENTS DUTCH OFFICE MARKET REMAINS STRONG DESPITE PANDEMIC DISRUPTIONS DEMAND FOR HIGH QUALITY OFFICE SPACE IS HIGH AND VACANCIES REMAIN LOW. RENTS AND VALUES WERE STABLE DURING THE PANDEMIC THANKS TO THE STRONG FUNDAMENTALS ↗ VACANCIES ARE SIGNIFICANTLY
Slide 84: Resilient German Residential Market
RESILIENT GERMAN RESIDENTIAL MARKET POSITIVE NET MIGRATION RESULTS REDUCTION OF HOUSEHOLD SIZE SIGNIFICANT UNDERSUPPLY 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 d
Slide 85: Highest Share of Domestic Travel Supports Fast Recovery in Germany
HOTEL MARKET – RECOVERY IS EXPECTED TO BE FAST IN GERMANY, UK AND NL HIGHEST SHARE OF DOMESTIC TRAVEL SUPPORTS FAST RECOVERY IN GERMANY DOMESTIC TRAVEL IS EXPECTED TO RECOVER FASTER THAN INTERNATIONAL TRAVEL. THANKS TO ITS HIGH SHARE OF DOMESTIC TRAVEL, THE LAG IN INTERNATIONAL TRAVEL HAS A REDUCED
Slide 86: Disclaimer
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