Edmond de Rothschild Real Estate SICAV - Swiss Class A · SIX:ERRES
Edmond de Rothschild Real Estate SICAV - Swiss Class A — Edmond de Rothschild Real Estate SICAV — Investor Presentation (March 2012)
25 slides from Edmond de Rothschild Real Estate SICAV - Swiss Class A's investor presentation, March 2012
Slide 1: Edmond de Rothschild Real Estate SICAV
Edmond de Rothschild Real Estate SICAV March 2012 www.edr-realestatesicav.ch
Slide 2: History
History » November 2010: Authorization given by FINMA to Edmond de Rothschild Real Estate SICAV (ERRES) » December 2010: SICAV structure set up » March 2011: Launch of the 1st sub-fund, ERRES-Swiss, with CHF 300m in AUM » February 2012: Authorization given by FINMA for a new sub-fund » March 2012: C
Slide 3: Organisation
O ga sat o Organisation
Slide 4: Structure (1)
Structure (1) Banque Privée CACEIS Edmond de (Switzerland) Rothschild Management Investment Manager Company Edmond de Rothschild Real Estate SICAV Banque Board of Directors Cantonale KPMG Auditor Vaudoise Custodian Bank BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. l INVESTMENT FUND DEPARTMENT 4
Slide 5: Structure (2)
Structure (2) Edmond de Rothschild Real Estate SICAV Entrepreneur Swiss Helvetia sub-fund sub-fund sub-fund BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. l INVESTMENT FUND DEPARTMENT 5
Slide 6: Swiss sub-fund
Swiss Sw ss sub sub-fund u d
Slide 7: Market price since launch
Market price since launch 125 120 115 110 105 100 95 03.11 04.11 05.11 06.11 07.11 08.11 09.11 10.11 11.11 12.11 01.12 02.12 EdR Real Estate SICAV Swiss SXI Real Estate Funds Price Index » ERRES – Swiss premium (08.03.2012): 14.8% » Index average premium (31.01.2012): 21.9% » Index weighted average
Slide 8: Trading volume
Trading volume 14% 12.8% 12% 10% n % du nb de parts 7.8% 8% 6% 3.9% 4.1% en 4% 3.3% 2.6% 2.5% 2.8% 2.6% 1.9% 2.2% 1.7% 2% 0% 2 12 11 1 1 1 11 11 1 1 1 11 .1 r.1 .1 .1 .1 t.1 .1 . v. s. il. c. vr nv ût pt in ai av oc no ju ar dé fé ju ao se m ja m » ERRES – Swiss Monthly average volume (12 months): 4
Slide 9: Summary of tax advantages
Summary of tax advantages » Fiscal value at 31.12.2011: CHF 13.91/share » Real estate returns and assets are tax exempt for shareholders if these are held directly by the SICAV. » Only returns from cash or investment vehicles will be subject to taxation for the shareholders. This information is prov
Slide 10: Current situation (at 29.02.2012)
Current situation (at 29.02.2012) » Net asset value: CHF 300m » Gross real estate asset value: CHF 370m » Target leverage: 30% (max. 50%) » Number of properties: 22 » Total rental surface: 97,682 m2 (including building projects) » Reversionary rental income: CHF 22m » Share price: (08.03.2012): CHF
Slide 11: Allocations
Allocations Répartition Répartition géographique géographique (en(en% % des desloyers loyers bruts)bruts) RépartitionRépartition sectorielle (en % des sectorielle (en%loyers bruts) des loyers bruts) Neuchâtel Valais Parkings Parkings Neuchatel Valais Autres 3% 1% Autres 3% 3% 1% 4% 3% 4% Résidentiel
Slide 12: Swiss real estate market situation (1)
Swiss real estate market situation (1) » Stable market dominated by local and institutional investors » Strong demand for high-quality real estate assets due to lack of performance from other asset classes and market environment » Most investors concentrate on the residential sector for which there
Slide 13: Swiss real estate market situation (Geneva)
Swiss real estate market situation (Geneva) OFFICE REAL ESTATE MARKET RESIDENTIAL REAL ESTATE MARKET Rents in CHF/m2 /year STABLE Rents in CHF/m2 /year HIGH Capitalisation rates 4.25% - 5.25% Capitalisation rates 4.00% - 5.00% Stock Available Restricted Stock Available Very low Number of assets (in
Slide 14: Swiss real estate market situation (Zurich)
Swiss real estate market situation (Zurich) OFFICE REAL ESTATE MARKET RESIDENTIAL REAL ESTATE MARKET Rents in CHF/m2 /year STABLE Rents in CHF/m2 /year HIGH Capitalisation rates 3.5% - 5.25% Capitalisation rates 4.00% - 5.00% Stock Available Restricted Stock Available Low Number of assets (in Office
Slide 15: Stable commercial strategy - Epalinges (VD) – Biopole III
Stable commercial strategy - EPALINGES (VD) – Biopole III Offices and laboratories » Value: 32 Mn CHF » Allocation: 9% » Rental surface: 4’894 m2 » Net yield: 4.9 % » No vacancy Comments » 20 year lease indexed to CPI » Minergie Label® » Direct access to the subway BANQUE PRIVEE EDMOND DE ROTHSCHILD
Slide 16: Stable residential strategy Dietikon (ZH)
Stable residential strategy Dietikon (ZH) – Kreuzstrasse/Überlandstrasse/Gjuchstrasse Residential: 70 flats + 33 parking places » Value: 22 Mn CHF » Allocation: 6% » Rental surface: 4’208 m2 » Net yield: 4.3 % » No vacancy Comments » General good condition » Close to public transports » Dietikon Rai
Slide 17: “Added value” Strategy - Fribourg (FR) - Agora
“Added value” Strategy - FRIBOURG (FR) - Agora Offices / Residential / Shops » Value: 68 M. CHF * » Allocation: 17% » Rental surface: 15’071 m2 » Gross yield: 5.6%* » Net yield: 5.1%* Comments: » Direct access to SBB Railway station » Minergie Label® » Last commercial leases being negotiated » Marke
Slide 18: How the capital increase will be used
How the capital increase will be used » Acquisition of reserved assets: CHF 45m » Renovations and transformation of the existing portfolio: CHF 18m » Assets under exclusive negotiations: CHF 40m BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. l INVESTMENT FUND DEPARTMENT 18
Slide 19: Capital increase
Capital increase » 1,000,000 new shares: three existing shares entitle holder to one new one » Listing of preferential rights: From 12 March to 22 March 2012 » Trading in new shares: 2 April » Issue price: CHF104.34 / part (Projected NAV at 31.03.12 + 1.5% Issue commission) » Subscription period: Fr
Slide 20: Capital increase
Capital increase » During their first day of listing, subscription rights are detached from the shares and made available to the shareholders, who can then decide to exercise them or trade them on the stock exchange - Listing codes of the rights : 14879066 (Code ISIN CH0148790667) » Example de prefe
Slide 21: Helvetia sub-fund
Helvetia e vet a sub-fund sub u d
Slide 22: Why a new sub-fund?
Why a new sub-fund? » ERRES is an umbrella SICAV » New strategy based on portfolio acquisition » Guarantees coherence between the different sub-funds » Protects current investors by preventing a large dilution » Diversifies the shareholder base BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. l INVESTMENT FU
Slide 23: Portfolio construction
Portfolio construction Target » Portfolio acquisition » Restructuring of corporate portfolios leading 70% to added value opportunities » Multi-product developments 20% (max. 30% of the assets) » Majority stakes in investment vehicles 10% BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. l INVESTMENT FUND DEPA
Slide 24: Preliminary calendar
Preliminary calendar » Subscription period from 16 April to 25 April 2012 » Trading in new shares 2nd of May » Listing scheduled for launch 8th of May BANQUE PRIVEE EDMOND DE ROTHSCHILD S.A. l INVESTMENT FUND DEPARTMENT 24
Slide 25: Disclaimer
Disclaimer Edmond de Rothschild Real Estate SICAV (the "SICAV"), Geneva is an externally managed société d’investissement à capital variable incorporated in Switzerland in the "real estate" category, as defined in the Swiss Collective Investment Schemes Act (CISA). The SICAV has delegated administra
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