Aroundtown Sa · XETR:AT1
Aroundtown Sa — Aroundtown Sa Ord — FY 2023 Earnings Presentation
77 slides from Aroundtown Sa's earnings presentation, Mar 25, 2024
Slide 1: FY 2023 Financial Results
ROME FY 2023 FINANCIAL RESULTS MAR 2024 AROUNDTOWN SA
Slide 2: Table of Contents
Tuscany 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: FY 2023 Financial Highlights
FY 2023 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 €3bn / 21% of debt €1bn €1,193m / 3.2% €1,003m DEC 2023 SIGNED DURING 2023 -2% YOY (NET RENTAL
Slide 5: Proactive Balance Sheet Management to Reduce Leverage
PROACTIVE BALANCE SHEET MANAGEMENT TO REDUCE LEVERAGE NET DEBT REDUCTION DISPOSALS & BOND BUYBACKS COUNTERBALANCING VALUATIONS -€0.9BN During 2023 >€1.2BN DISPOSALS OFFSETTING CLOSED DURING 2023 Although values declined by 11%, LTV increased by 3% during 2023 €1.3BN BOND BUYBACK 35% HEADROOM -€1.5BN
Slide 6: Disposals – Continuous Success in a Challenging Market
DISPOSALS – CONTINUOUS SUCCESS IN A CHALLENGING MARKET ENVIRONMENT DISPOSALS FY 2023 CLOSED STRENGTHENING THE BALANCE SHEET VENDOR LOANS SUPPORT TRANSACTIONS Office 35% Resi 16% o >€1.2BN CLOSED DURING 2023 o Vendor loans support transactions in current 3% below book value. >€0.5 billion was signed
Slide 7: Strong Rent Growth
STRONG RENT GROWTH LFL RENTAL GROWTH 3.2% In 2023 40% 33% 21% by value by value by value OFFICE RESIDENTIAL HOTEL 3.3% LFL RENTAL GROWTH 3.4% LFL RENTAL GROWTH 2.5% LFL RENTAL GROWTH Mostly CPI-indexed or step-up rents Solid performance with historically low vacancy Well progressing recovery AROUNDT
Slide 8: ESG Progress
ESG PROGRESS ENVIRONMENT SOCIAL GOVERNANCE, AWARDS & INDICES o Green Certifications o Donations to over 90 Projects o (Re-)Inclusion Into Indices o 36% (vs 15%) Supporting meaningful charity projects MDAX & MDAX ESG+ Office portfolio (vs Dec 22) with local partners Bloomberg Gender Equality Index o
Slide 9: Operations & Portfolio
OPERATIONS & PORTFOLIO | TOP TIER LOCATIONS FRANKFURT MUNICH AROUNDTOWN SA 9 BERLIN COLOGNE
Slide 10: High Diversification, Balanced Across Strong Asset Types
HIGH DIVERSIFICATION, BALANCED ACROSS STRONG ASSET TYPES IN STRONG LOCATIONS 94% OFFICE/RESIDENTIAL/HOTEL, 90% 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 11: Defensive Portfolio with Strong Tenant Structure
DEFENSIVE PORTFOLIO WITH STRONG TENANT STRUCTURE DEC 2023 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 8,961 3,221 12.8% 451 12.9 2,782 5.0% 4.2 Residential 7,715 3,65
Slide 12: Office Portfolio Performance and Market Tailwinds
OFFICE PORTFOLIO OFFICE 40% 3.3% LFL Rental growth in 2023 PERFORMANCE Indexations offset the vacancy increase of 1.6% mostly CPI-indexed or step-up rents, capturing inflation Top 4 cities: 61% Berlin, Frankfurt, Munich and Amsterdam Tenants exercise caution MARKET Delaying letting space extension a
Slide 13: German & Dutch Office Markets Better Positioned Than US & UK
GERMAN & DUTCH OFFICE MARKETS ARE BETTER POSITIONED THAN US & UK WITH LARGE DISCREPANCIES o Record low vacancy: German and Dutch office markets have entered this period of economic uncertainty with record-low vacancies while US & UK offices were oversupplied. This positioned Germany and the Netherla
Slide 14: Residential Portfolio Performance and Market Tailwinds
RESIDENTIAL PORTFOLIO RESI 33% 3.4% LFL Rental growth in 2023 PERFORMANCE Historically low vacancy of 3.6% as of Dec 23, down from 4.0% in Dec 22 and 5.2% in Dec 21 Focus on large metropolitans Declining supply vs increasing demand Across densely populated MARKET Completions at low levels while dema
Slide 15: Hotel Portfolio and Market Performance
HOTEL PORTFOLIO HOTEL 2.5% LFL Rental growth COLLECTION RATE 21% in 2023 Back to pre- pandemic 87% PORTFOLIO & 69% 60% 48% MARKET Steady growth in demand Hotel dynamics recovered further in 2020 2021 2022 2023 2024E PERFORMANCE Europe with increasing demand, driving RevPar growth (+18% YOY, +16% vs
Slide 16: Development & Invest Portfolio: 6% of Total Assets
DEVELOPMENT & INVEST PORTFOLIO: 6% OF TOTAL ASSETS Asset type Location Berlin Paris 34% 12% 1 Identify potential Frankfurt 13% Others 22% BERLIN BERLIN Building rights materialized into sellable 2 Crystallize gains permits: through sales: €0.2bn sales closed during 2023 €0.7bn since 2021 BERLIN BERL
Slide 17: Capex During 2023
CAPEX DURING 2023 Activities that generate additional income EXPANSION CAPEX drivers and value 36% (48% in 2022) Mainly major refurbishments, also incl. €335m selective conversions & new-built BRUSSELS HOTEL REFURB: RE-OPENED AND FULLY-LET 1.2% ratio over avg investment property FY 2023 TENANT Negot
Slide 18: Financial Results
FINANCIAL RESULTS | TOP TIER LOCATIONS AMSTERDAM COLOGNE FRANKFURT MEUSE (NETHERLANDS, CENTER PARCS) AROUNDTOWN SA 18
Slide 19: Further Yield Increase Partially Offset by Rent Increase
FURTHER YIELD INCREASE PARTIALLY OFFSET BY RENT INCREASE LFL VALUE CHANGE YIELD INCREASE, SLIGHTLY VALUES RESETTING & ASSET TYPE DEC 23 vs DEC 22 OFFSET BY RENT INCREASE POSITIVE CATALYSTS GOING FORWARD TOTAL -11% Yield increase as a ➢ Avg yield increased from 4.5% to 5.0%. result of higher interest
Slide 20: Profit and Loss
PROFIT AND LOSS 1-12/2023 1-12/2022 in € millions Net rental income, recurring long-term1) (in €m) REVENUE 1,602.8 1,609.9 RECURRING LONG-TERM NET RENTAL INCOME 1,179.7 1,204.1 1,204 1,180 Decreased due to disposals, which are channelled PROPERTY REVALUATIONS AND CAPITAL (LOSSES) / GAINS (3,217.5) (
Slide 21: Adjusted EBITDA, FFO I & FFO II
ADJUSTED EBITDA, FFO I & FFO II 1-12/2023 1-12/2022 in € millions Adjusted EBITDA before JV contribution (in €m) Operating (loss) / profit (2,467.6) 361.1 Total depreciation and amortization 17.9 21.1 +0.2% 944 946 EBITDA (2,449.7) 382.2 Property revaluations and capital (losses) / gains 3,217.5 497
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 €) Dec 2023 Dec 2022 EPRA NRV (/ps) EPRA NTA (/ps) in € millions unless otherwise indicated EPRA NTA 12,289 EQUITY ATTRIBUTABLE TO THE OWNERS OF THE COMPANY 7,643.3 9,585.3 10,135 9,921 8,059 Deferred tax liabilities 1,564.8 1,882.
Slide 24: Bank Debt Achievements
BANK DEBT ACHIEVEMENTS ACCESS TO CAPITAL IS SUPPORTIVE DURING DIFFICULT MARKET CONDITIONS BANK DEBT SIGNED IN 2023 AROUNDTOWN GROUP BANKING RELATIONSHIPS o €1 billion was signed in 2023, of which €0.9 billion was drawn in 2023 o Avg. Maturity of >7 years, avg. interest rate margin of 1.4% plus Eurib
Slide 25: 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 ~€3.0bn disposal Straight bond Bank debt (Dec 2023) proceeds and 2,000 vendor loans cover debt maturitie
Slide 26: High Debt Covenant Headroom
HIGH DEBT COVENANT HEADROOM EMTN PROGRAMME CURRENT STRESS CASE 1) COVENANT COVENANT (Dec 2023) (value decrease until covenant breach) o Covenants are calculated based on IFRS reported figures, treating the TOTAL NET DEBT / Implies €11.8bn perpetuals as 100% Equity. Thus, TOTAL NET <=60% 37% -35% fur
Slide 27: Conservative Capital Structure
CONSERVATIVE CAPITAL STRUCTURE LOW LEVERAGE (LTV) FINANCING SOURCES MIX UNENCUMBERED INVESTMENT PROPERTIES Company BOD guidance of 45% Straight bonds 43% 40% €22.2bn HEALTHY 41% 41% Loans & borrowings €17.9bn BALANCE SHEET Equity 4% 7% 55% 52% Mandatory Convertible Notes 82% 74% of rent of rent Perp
Slide 28: Perpetual Notes
PERPETUAL NOTES PERPETUAL NOTES WHICH WERE NOT CALLED CHARACTERISTICS OF PERPETUAL NOTES (which can be called at each interest payment date) OUTSTANDING CURRENT RESET RATE NEXT RESET (if not called by The Board of Directors of Aroundtown and GCP decided not to use the voluntary option to call the pe
Slide 29: Guidance
GUIDANCE | TOP TIER LOCATIONS COLOGNE STUTTGART BERLIN LEIPZIG AROUNDTOWN SA 29
Slide 30: 2024 Guidance
2024 GUIDANCE FY 2024 GUIDANCE FFO I €280 million – €310 million FFO I per share €0.26 – €0.28 POSITIVE DRIVERS NEGATIVE DRIVERS o Hotels are expected to be back to pre-pandemic level. Thus, no further extraordinary provisions for hotel is expected o Impact of disposals o Conservative rent increase
Slide 31: Appendix
APPENDIX | TOP TIER LOCATIONS LONDON HAMBURG BAD SAAROW (BRANDENBURG/BERLIN) ROTTERDAM AROUNDTOWN SA 31
Slide 32: 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 33: Investment Properties
INVESTMENT PROPERTIES DEC 2023 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 8,961 3,221 12.8% 451 12.9 2,782 5.0% 4.2 Residential 7,715 3,653 3.6% 370 8.6 2,112 4.8% N
Slide 34: Best-in-Class Berlin Portfolio – Dec 2023
BEST-IN-CLASS BERLIN PORTFOLIO – DEC 2023 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, busi
Slide 35: 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 36: 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 37: 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 14.5 YEARS WALT o Long fixed contracts with no variable components with over 25 third-party hotel operators AROUNDTOWN
Slide 38: 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 AC by Marriott Berlin Mitte 130 InterCity Hot
Slide 39: 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 40: 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 41: 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 42: 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 43: 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 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 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 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: % of Offices Green Certified
ESG HIGHLIGHTS – GREEN BUILDING CERTIFICATES % OF OFFICES GREEN CERTIFIED 2023 YTD 2020 2021 2022 BEYOND 2% 8% 15% 36% First analysis and Pilot project started successfully Transferring the knowledge from the First German offices have been certified. Aiming at gradual planning in the Netherlands pil
Slide 48: 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 21% of the total commercial portfolio is certified (ca. 9
Slide 49: GHG Emission Reduction
ESG – ENVIRONMENT PART 2: CONSERVING ENERGY MEASURES, REDUCING CARBON FOOTPRINT GHG EMMISSION REDUCTION ENERGY INVESTMENT SWITCHING TO CLIMATE ENERGY EFFICENT GREEN LEASE CLAUSES PROGRAM NEUTRAL ENERGY FACILITIES Installation of Photovoltaics (PV), Replacing/upgrading fossil fuel Efficient facilitie
Slide 50: 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 51: 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 52: 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 53: 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 54: 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 55: 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 56: 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 57: 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 58: 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 59: 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 (CO-CHIEF EXECUTIVE OFFICER & CHIEF OPERATING OFFICER) (CHIEF FINANCIAL OFFICER) (CHIEF CAPITAL MARKETS OFFICER) SINCE 2020 IN THE MANAGEMENT OF SINCE
Slide 60: 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 61: 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 62: Founding Member of UN Global Compact Germany
A FOUNDING MEMBER OF UNITED NATIONS GLOBAL COMPACT GERMANY AROUNDTOWN SA 62
Slide 63: 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 63
Slide 64: 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 64
Slide 65: 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 66: 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 67: 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 67
Slide 68: 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 69: 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 70: 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 71: 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 72: Appendix: Market Data
APPENDIX: MARKET DATA | Top tier locations UTRECHT BERLIN MAINZ DRESDEN AROUNDTOWN SA 72
Slide 73: 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 74: German Office Market
GERMAN OFFICE MARKET GERMANY GERMANBIG 7 OFFICE OFFICE MARKETS MARKET 2022/2023 Demand exists but remains subdued, with tenants exercising caution due to economic uncertainties. Sharp increase in rent driven mainly by inflation-driven-indexation. Higher interest rates outpaced rental growth & contin
Slide 75: 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 76: Hotel Market - Stable Growth in Leisure
HOTEL MARKET - STABLE GROWTH IN LEISURE, BUSINESS TRAVEL TO BE BACK TO PRE-PANDEMIC LEVELS IN 2024 European leisure travel surpassed pre-pandemic levels Business travel expected to be back to pre-pandemic with stable growth. levels in 2024. Source: European Travel Commission, European Tourism Key Fi
Slide 77: 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