Growthpoint Properties Limited · JSE:GRT
Growthpoint Properties — Lango Real Estate — Investor Presentation (November 2024)
27 slides from Growthpoint Properties's investor presentation, November 2024
Slide 1: Introduction to Lango
Introduction to Lango November 2024 www.langorealestate.com
Slide 2: Lango Real Estate Ltd (Lango)
Lango Real Estate Ltd (Lango) Participating in the growth of key ‘gateway’ cities across the African continent Introduction Opportunity ¬ Lango is a leading pan-African real estate investment company, aiming to generate Lango has agreed terms for a significant transaction for sustainable investor re
Slide 3: Lango overview
Lango overview An investment opportunity aiming to deliver long-term investor value, with a lasting socio-economic impact Lango Assets Under Management (AUM) c.$851.8 million¹ Impact Investment strategy Portfolio characteristics ¬ A leader in sustainability in African real estate Aiming to generate
Slide 4: Investment mandate
Investment mandate ¬ Investment focus on strategic African ‘gateway’ cities and key sector-specific nodes ¬ Characteristics of investment destinations: ¬ Economically attractive ¬ Strong growth prospects and demographics ¬ Politically democratic Key*: ¬ Effective legal systems Current investments: ¬
Slide 5: Lango Consolidated Net Asset Value
Lango Consolidated Net Asset Value NAV growth and INREV NAV per share NAV in USD'm (incl distributions) 600.0 500.0 400.0 300.0 200.0 100.0 0.0 Jun-19 Sep-19 Dec-19 Mar-20 Mar-21 Mar-22 Dec-22 Dec-23 Sep-24 Distributed NAV 0.0 0.0 0.0 0.0 1.6 9.4 12.6 12.6 12.6 NAV 38.5 100.2 244.1 300.0 320.1 307.8
Slide 6: Current Asset portfolio
Current Asset portfolio 4 countries, 15 assets, diversified between prime office, retail and logistics assets Assets Under Management Properties (AUM) acquired Diversification: Country % 8.7% Oct 24 $851.8m 4x retail Portfolio yield Ghana 45% Jun 23 Zambia 18% $612.9m 4x office 2x retail Nigeria Ang
Slide 7: Portfolio tenancy dominated by Global and Multinationals
Portfolio tenancy dominated by Global and Multinationals Dollar denominated income from high quality tenants 39% 87% Global and multinational tenants % Rental 48% Income by Tenant type 2.9 yrs Average lease expiry 13% 98.8% National Local Global & Multinational Dollar denominated Source: Lango Real
Slide 8: Lango investors
Lango investors First Close 6 investors Currently 23 investors Investor by Category Investor by Location 4% 9% 26% 39% 39% 26% 4% 9% 4% 22% 17% Corporate Pension Fund Institutional Investor HNWI Sovereign Wealth South Africa Namibia Guernsey USA Canada Other Source: Lango Real Estate Limited, Percen
Slide 9: A path to investor liquidity
A path to investor liquidity ¬ Steady liquidity cashflow stream ¬ Lango to declare 6 monthly dividends (est. 6-9% p.a.) ¬ Listing contractually agreed within 3 years ¬ Lango is pursuing a listing on the LSE with a target date of Q2 2026 ¬ Capital raised at time of listing would target securing addit
Slide 10: Strategic growth
Strategic growth CLango
Slide 11: Pursuing strategic and accretive growth
Pursuing strategic and accretive growth Several growth transactions are underway which will result in the largest pan-African real estate player ¬ Recently concluded an acquisition of the Hyprop & Attacq real estate assets in Africa Structure and ¬ $200m transaction completed on highly accretive ter
Slide 12: Transaction Rationale
Transaction Rationale Acquisition consolidates class-leading pan-African real estate portfolios, creating a highly scaled and diversified platform No. assets No. countries ✓¬ Creates the largest portfolio of institutional quality pan- African real estate assets outside of South Africa 31 9 AUM GLA ✓
Slide 13: An expansive pan-African footprint
An expansive pan-African footprint Balanced portfolio with deliberate focus on high growth markets across West, East and Southern Africa creating a superior combined entity GRAND Phase I COMBINED Phase II TOTAL Total Att. $761m $173m $934m $621m $1,555m GAV Country 4 4 6 6 9 Footprint No. of 14 5 19
Slide 14: Highly diversified portfolio
Highly diversified portfolio Targeted acquisitions further diversifies portfolio across geographies and sectors Lango Lango + Phase I Lango + Phase I + II $761m $934m $1,555m Att. GAV Att. GAV Att. GAV Angola 1% Kenya 5% Angola 1% Other 11% Att. GAV by Geography Zambia 14% Mozambique 6% Zambia 8% Ni
Slide 15: Scaled platform well positioned for IPO
Scaled platform well positioned for IPO Lango is pursuing a listing on the LSE/JSE with a target date of Q2 2026 Gross Asset Value ($m) 9,679 + Phase II + Phase I 4,690 2,911 2,220 2,151 1,916 1,880 1234 987 852 848 382 379 Growthpoint Redefine Fortress Vukile Hyprop Resilient + Phase1 ORION Phase P
Slide 16: Capital requirements
Capital requirements Anticipated new equity fundraising period expected in Q1 2025 for $300m Current Capital Base (NAV) $538 million (as at Sep 24*) Notes Lango equity subscribed for by Phase 1 vendors as transaction Phase 1 transaction majority of equity paid in Lango consideration shares, with the
Slide 17: Impact Strategy
Impact Strategy CLango
Slide 18: Impact Strategy
Impact Strategy Overview of Lango Impact Strategy We believe a key to underpin to the success of the IPO is to ensure that Lango casts the widest net possible to attract new capital, and leveraging Lango’s leading sustainability role is set to strategically target impact-related capital Key to this
Slide 19: Lango's sustainability credentials
Lango’s sustainability credentials ENVIRONMENTAL GOVERNANCE SOCIAL Targeting Listing on + 4 1 % Female gender split: Certified green star rating London Stock Exchange for 100% of real estate 3 5 % of w o m e n employees in leadership positions portfolio UK Corporate Governance Code 2024 Female Board
Slide 20: Corporate roadmap
Corporate roadmap CLango
Slide 21: Lango roadmap – key events
Lango roadmap – key events Lango has embarked on a roadmap to achieving several landmark events Key strategic initiatives include the following: ¬ Re-domicile: Lango is considering a re-domicile to optimise Lango’s position regarding potential limitations related to distributions, improved optics an
Slide 22: Lango corporate roadmap
Lango corporate roadmap Ongoing capital raise initiatives listing Q2 2026 Complete listing readiness review Capital & asset pipeline Agree & formalise governance Debt restructuring, optimisation Establish corporate (incl. HR) structure structure Q1 2023 Q3-Q4 2023 Q4 2024 – Q1 2025 Nov 22 Q3 2023 Q4
Slide 23: Summary
Summary ¬ Lango is strategically planning to capitalise on its position as a leader in the African real estate market through the raising and subsequent deployment of further capital at a potentially very opportune time ¬ Lango is furthermore in the process of rolling out a Roadmap to IPO. This incl
Slide 24: Appendix
Appendix CLango
Slide 25: About the presenter
About the presenter Thomas Reilly Managing Director Thomas is an accomplished Investment professional with more than 25 years’ experience across a range of asset classes including direct commercial real estate investment in both the listed real estate and private equity markets, commercial real esta
Slide 26: Important information
Important information This communication is for institutional investors and their professional financial advisors only. It is not to be Investment in Lango is subject to the relevant offering documents. No representation is made that any of the distributed to the public or within a country where suc
Slide 27: Important information (continued)
Important information (continued) Investment Process Indices Any description or information regarding investment process or strategies is provided for illustrative purposes Indices are shown for illustrative purposes only, are unmanaged and do not take into account market conditions only, may not be
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