Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — Q1 2024 Earnings Presentation
73 slides from Aroundtown Sa's earnings presentation, May 29, 2024
Slide 1: Q1 2024 Financial Results
BERLIN Q1 2024 FINANCIAL RESULTS MAY 2024 AROUNDTOWN SA
Slide 2: Table of Contents
Rome 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 AROUNDTOWN SA 3 BERLIN
Slide 4: Q1 2024 Financial Highlights
Q1 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 SECURED FINANCING €2.9bn / 21% of debt €240m €293m / 2.8% €247m MAR 2024 SIGNED IN 2024 YTD -1% YOY (NET RENTAL
Slide 5: Continuous Disposal Progress
CONTINUOUS DISPOSAL PROGRESS DISPOSALS Q1 2024 CLOSED STRENGTHENING THE BALANCE SHEET VENDOR LOANS SUPPORT TRANSACTIONS Office 59% o ca. €200m SIGNED DURING 2024 YTD o Vendor loans support transactions in current at book value market conditions: Resi 13% o Closing deals which are not subject to obta
Slide 6: Long-Term Accretive Perpetual Exchange and Tender Offer
SUCCESSFUL & ACCRETIVE PERPETUAL EXCHANGE AND TENDER OFFER IN APRIL/MAY 2024 ❑ ca. €35m p.a. coupon reduction after 2024 compared to reset rates LONG-TERM ❑ FFO neutral for 2024 ACCRETIVE ❑ Supporting credit metrics under S&P’s methodology ❑ The Group is the largest issuer among IG-rated European re
Slide 7: ESG Progress
ESG PROGRESS ENVIRONMENT SOCIAL GOVERNANCE o Ongoing green certifications o Donations to 40 Projects o Sustainability Reporting Published Sustainability In-Focus report on the o 37% of offices are BREEAM Contributing to communities via website, providing additional insights into AT’s certified Suppo
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 MARCH 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 8,942 3,201 13.0% 450 13.0 2,794 5.0% 4.2 Residential 7,806 3,
Slide 11: Office Portfolio Performance and Market Tailwinds
OFFICE PORTFOLIO OFFICE 40% 2.9% LFL Rental growth Mar 2024 YOY PERFORMANCE The combined impact of indexation and rent reversion outpaced the negative occupancy impact Top 4 cities: 61% Berlin, Frankfurt, Munich and Amsterdam German economy is still lagging long-term avg. levels, MARKET despite slig
Slide 12: Residential Portfolio Performance and Market Tailwinds
RESIDENTIAL PORTFOLIO RESI 33% 3.4% LFL Rental growth Mar 2024 YOY PERFORMANCE Low vacancy of 3.7% as of Mar 24, down from 4.0% in Mar 23 Focus on large metropolitans Across densely populated Declining supply vs increasing demand areas in Germany and London MARKET Completions at low levels while dem
Slide 13: Hotel Portfolio and Tailwinds
HOTEL PORTFOLIO HOTEL 21% 2.3% LFL Rental growth Mar 2024 YOY Re-opening of hotels PORTFOLIO Well-diversified ROME BRUSSELS PARIS across large European tourism and business destinations Soft-opened in Mar Re-opening is expected Re-opened in May 2024 2024. Full re-opening in summer 2024 expected in J
Slide 14: Extracting Building Rights from Underutilized Retail Assets
TRACK RECORD OF EXTRACTING BUILDING RIGHTS & CRYSTALLIZING GAINS IN THE PORTFOLIO EXTRACTING BUILDING RIGHTS FROM UNDERUTILIZED RETAIL ASSETS Low rise retail in neighborhoods with high demand ➔ New mixed-use high rise, serving the diverse demand in the area Re-applying the knowledge BERLIN WARSCHAUE
Slide 15: Financial Results
FINANCIAL RESULTS | TOP TIER LOCATIONS AMSTERDAM COLOGNE FRANKFURT MEUSE (NETHERLANDS, CENTER PARCS) AROUNDTOWN SA 15
Slide 16: Profit and Loss
PROFIT AND LOSS 1-3/2024 1-3/2023 in € millions LFL Net rental income growth REVENUE 386.0 402.6 RECURRING LONG-TERM NET RENTAL INCOME 291.4 292.9 -0.5% +3.3% Occupancy In-place LFL LFL PROPERTY REVALUATIONS AND CAPITAL GAINS / (LOSSES) 2.4 (133.4) Mar 2024 Mar 2024 Share of profit from investment i
Slide 17: Adjusted EBITDA, FFO I & FFO II
ADJUSTED EBITDA, FFO I & FFO II 1-3/2024 1-3/2023 in € millions Adjusted EBITDA before JV contribution (in €m) Operating profit 238.8 86.4 Total depreciation and amortization 3.1 4.0 +1% EBITDA 241.9 90.4 231 234 Property revaluations and capital gains / (losses) (2.4) 133.4 Share of profit from inv
Slide 18: Balance Sheet & Capital Structure
BALANCE SHEET & CAPITAL STRUCTURE | TOP TIER LOCATIONS DAVOS LONDON BERLIN AMSTERDAM AROUNDTOWN SA 18
Slide 19: EPRA NAV KPIs
EPRA NAV KPI’S EPRA NAV KPI’s (in €m) & EPRA NAV per share KPI’s (in €) Mar 2024 Dec 2023 EPRA NRV (/ps) EPRA NTA (/ps) in € millions unless otherwise indicated EPRA NTA 9,921 9,999 EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 7,702.6 7,643.3 8,059 8,135 Deferred tax liabilities 1,573.6 1,564.8
Slide 20: Ample Liquidity Mitigates Dependency on Market Conditions
AMPLE LIQUIDITY MITIGATES THE DEPENDENCY ON MARKET CONDITIONS CURRENT CASH AND SIGNED DISPOSAL PROCEEDS DEBT MATURITY PROFILE – excluding perpetual notes 2,500 Cash, signed Cash and liquid assets ~€2.9bn disposal Straight bond Bank debt (Mar 2024) proceeds and 2,000 vendor loans cover debt maturitie
Slide 21: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT STRESS CASE 1) COVENANT COVENANT (Mar 2024) (value decrease until covenant breach) o Covenants are calculated based on IFRS reported figures, treating the TOTAL NET DEBT / Implies €11.9bn perpetuals as 100% Equity. Thus, TOTAL NET <=60% 37% -35% fur
Slide 22: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD guidance of 45% 43% 43% Straight bonds €17.9bn €18.0bn HEALTHY 41% 41% Loans & borrowings BALANCE SHEET Equity 7% 7% 52% 52% Mandatory Convertible Notes 74% 74% of rent of rent Perp
Slide 23: Guidance
GUIDANCE | TOP TIER LOCATIONS COLOGNE STUTTGART BERLIN LEIPZIG AROUNDTOWN SA 23
Slide 24: 2024 Guidance Confirmed
2024 GUIDANCE CONFIRMED FY 2024 GUIDANCE FFO I €280 million – €310 million FFO I per share €0.26 – €0.28 POSITIVE DRIVERS NEGATIVE DRIVERS o Impact of disposals o Conservative rent increase o Full period impact of higher cost of debt o Cost efficiency measures o Higher perpetual coupon payments due
Slide 25: Appendix
APPENDIX | TOP TIER LOCATIONS LONDON HAMBURG BAD SAAROW (BRANDENBURG/BERLIN) ROTTERDAM AROUNDTOWN SA 25
Slide 26: 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 27: Investment Properties
INVESTMENT PROPERTIES MARCH 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 8,942 3,201 13.0% 450 13.0 2,794 5.0% 4.2 Residential 7,806 3,660 3.7% 377 8.8 2,133 4.8%
Slide 28: 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 29: Office: 40% of the Portfolio
OFFICE PORTFOLIO – WELL-LOCATED IN TOP TIER CITIES OF GERMANY AND THE NETHERLANDS WELL-DIVERSIFIED OFFICE: 40% 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 30: 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 31: Hotel: 21% of the Portfolio
HOTEL PORTFOLIO WELL-DIVERSIFIED HOTEL: 21% 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 32: 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 33: Logistics and Retail Portfolio
LOGISTICS AND RETAIL PORTFOLIO LOGISTICS: 2% OF THE PORTFOLIO RETAIL: 4% OF THE PORTFOLIO 5.0 YEAR WALT 4.5 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 34: Development & Invest Portfolio: 6% of Total Assets
DEVELOPMENT & INVEST PORTFOLIO: 6% OF TOTAL ASSETS Asset type Location Berlin Paris 33% 13% 1 Identify potential Frankfurt 13% Others 22% BERLIN BERLIN Building rights materialized into sellable 2 Crystallize gains permits: through sales: €0.8bn of disposals since 2021 BERLIN BERLIN Mostly major ref
Slide 35: 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 36: 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 37: 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 o LTV guidance below 45% on a sustainable basis aaa/ bbb- Excellent aa a+/a a- bbb Business risk profile aa
Slide 38: 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 Str. Bond €12.3bn €2.6bn €2.5bn €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 39: 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 40: Appendix - ESG
APPENDIX - ESG | Across the portfolio AROUNDTOWN SA 40
Slide 41: Commitment to ESG
COMMITTMENT TO ESG E S G CLEARLY SET TARGETS SOCIALLY RESPONSIBLE HIGH LEVEL OF GOVERNANCE Strong commitment to maintain Management oversight from Board Reduce GHG emissions high tenant satisfaction of Directors (BoD) Promote sustainable water Increase employee retention and 71% of BoD is independen
Slide 42: 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 43: % of Offices Green Certified
ESG – ENVIRONMENT PART 1: GREEN BUILDING CERTIFICATES % OF OFFICES GREEN CERTIFIED 2020 2021 2022 2023 2024 YTD BEYOND 2% 8% 15% 36% 37% First German offices have Pilot project started Transferring the knowledge been certified. Ongoing certifications in Aiming at gradual First analysis and planning
Slide 44: 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 22% of the total commercial portfolio is certified UTRECH
Slide 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: Tenant Management
ESG – SOCIAL PART 2: TENANT MANAGEMENT TENANT MANAGEMENT ENGAGEMENT AVAILABILITY POLICY ENFORCEMENT Tailor-made approach, 24/7 tenant support for Introduced green lease clauses in Main tool to monitor and customized leases, residential and commercial new contracts which set enforce tenant satisfacti
Slide 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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) in the low-risk category Sustainability Index Euro
Slide 58: A Founding Member of United Nations Global Compact Germany
A FOUNDING MEMBER OF UNITED NATIONS GLOBAL COMPACT GERMANY AROUNDTOWN SA 58
Slide 59: 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 59
Slide 60: 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 60
Slide 61: 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 62: 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 63: 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 63
Slide 64: 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 65: 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 66: 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 67: Dresden & Leipzig – Top Tier 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 Office Main central train station Hotel City Center Promenade Nikolaikirche Of
Slide 68: Appendix: Market Data
APPENDIX: MARKET DATA | Top tier locations UTRECHT BERLIN MAINZ DRESDEN AROUNDTOWN SA 68
Slide 69: 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 70: German Office Market
GERMAN OFFICE MARKET GERMANBIG GERMANY OFFICE MARKET 7 OFFICE 2022/2023 MARKETS Positive momentum and sentiment across Big 7, albeit still below long-term average Office take-up grew 2% yoy but Prime rents increase 7% yoy to a Vacancy rose to 6.0% 1) but Prime yields are stabilizing still below long
Slide 71: 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 72: 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, Paris Olympics, major music tours), as well as growth in corporate and
Slide 73: 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