Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — Q1 2015 Earnings Presentation
42 slides from Helios Re Socimi's earnings presentation, May 14, 2015
Slide 1: 2015 1Q Financial Results
2015 1Q Financial Results 14th May, 2015 www.larespana.com Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2015 1
Slide 2: Lar España delivers on its promises
2015 1Q Financial Results - Lar España Real Estate Lar España delivers on its promises Q1 2015 Net Income of €3.8m on the back of strong business evolution 6.7% of Avg. Net Yield on Cost: c. €31m of expected Net Rents from current portfolio Investments of €526m: 17% ahead of plan, in a value added p
Slide 3: Consolidated P&L (IFRS)
2015 1Q Financial Results - Lar España Real Estate Lar España was listed on 5th march 2014 Consolidated P&L (IFRS) Consolidated Income Statement 1Q 2015 1Q 2014 (1) (2) • Revenues: Includes the rents accrued from January 2015 to March 2015 from 13 rental assets in our portfolio Revenues 6,471 - (eve
Slide 4: Consolidated Balance Sheet: Assets (IFRS)
2015 1Q Financial Results - Lar España Real Estate Consolidated Balance Sheet: Assets (IFRS) Consolidated Balance Sheet • Non-Current Assets: Assets 31/03/2015 31/12/2014 Investment properties: Are classified under non-current assets at a fair value of €358.3m. They comprise five Investment proper
Slide 5: Consolidated Balance Sheet: Equity and Liabilities (IFRS)
2015 1Q Financial Results - Lar España Real Estate Consolidated Balance Sheet: Equity and Liabilities (IFRS) Consolidated Balance Sheet Liabilities and Equity 31/03/2015 31/12/2014 • Equity Share capital 80,060 80,060 Treasury Shares: At March 31, 2015, the Company held 398,829 Share premium 320,0
Slide 6: Financial Indicators as of March 2015
2015 1Q Financial Results - Lar España Real Estate Financial Indicators as of March 31 2015 Financial Indicators March 31 2015 December 31 2014 Working Capital (€’000) 163,582 52,380 Liquidity Ratio 14.8 11.8 Solvency Ratio 1.4 1.1 EPRA Earnings (€’000) 3,727 2,516 EPRA Earnings per share (€) 0.09 0
Slide 7: First Dividend to be paid on May 28th
2015 1Q Financial Results - Lar España Real Estate 2014 Results First Dividend to be paid on May 28th which sets the target of a minimum 5% of dividend yield from 2016 Consolidated Income Statement Highlights 2014 • First Dividend of 0.033€ per share will be paid on May 28th. Revenues 8,606 • Lar Es
Slide 8: Committed to deliver value through active asset management strategy
2015 1Q Financial Results - Lar España Real Estate Summary Committed to deliver value to shareholders through an active asset management strategy of a carefully selected portfolio Grupo Lar: 40 Years of Experience of a unique Real Targeting a minimum 12%1 shareholder return per annum Estate Manager
Slide 9: Lar España has consolidated a stable rent generating and value-added portfolio
2015 1Q Financial Results - Lar España Real Estate Portfolio Lar España has consolidated a stable rent generating and value-added portfolio All figures stated at the acquisition date Gross Lettable Avg. Avg. Initial Avg. Gross Avg. Net Annualized Net Asset Class Units Price W.A.U.L.T Area Rent/sqm O
Slide 10: Portfolio Overview
2015 1Q Financial Results - Lar España Real Estate Location by asset class Porfolio Overview Shopping Centre Office 1 L’Anec Blau (Barcelona) 9 Egeo (Madrid) 2 Portal de la Marina (Alicante) 10 Arturo Soria (Madrid) Albacenter – SC+ Hypermarket Cardenal Marcelo Spinola 3 11 + Retail Units (Albacete)
Slide 11: Retail Portfolio
2015 1Q Financial Results - Lar España Real Estate Retail Portfolio A diversified, high generating retail portfolio actively managed to unlock its value potential Acquisition Rationale Strong Business Evolution • 7.6% Average Gross Initial Yield. +54 Signed • 6.5% of Net Initial Yield & more than €2
Slide 12: Office & Logistics
2015 1Q Financial Results - Lar España Real Estate Office & Logistics Four consolidated Office Buildings in Madrid positioned to benefit from market and active management strategy Acquisition Rationale Asset Profile/ Management Plan Office: 6.5% of Gross Initial Yield / 5.8% of Net Initial Yield D
Slide 13: Investment Plan 17% ahead of expectations & >70% completed
2015 1Q Financial Results - Lar España Real Estate Progress Investment Plan 17% ahead of expectations & >70% completed c. €750m-€790m target w/50% LTV c. €526m of assets acquired in 14 months, 17% above the IPO initial expectations c.€224m-€264m, c.€526m in 30%-33% of the assets already total expect
Slide 14: Balance Sheet
2015 1Q Financial Results - Lar España Real Estate Balance Sheet Flexible Balance sheet structure provides visibility and stability to the valued added-strategy / Cost of Debt < Euribor + 2.6% Complete alignment of Debt Profile with the value-added strategy c.37% LTV(1) and c.€100m(2) of available l
Slide 15: Robust acquisition pipeline to meet portfolio targets
2015 1Q Financial Results - Lar España Real Estate Robust acquisition pipeline to meet portfolio targets c.€148m of assets under exclusivity. €c.750m-€790m It implies c.20% of total c.€750m target is Under 10%- being negotiated under exclusivity, and negotiation 15%/Total should this be materialis
Slide 16: Priorities 2015
2015 1Q Financial Results - Lar España Real Estate Priorities 2015 Retail Asset Management: Capex. Target of +5-7% Increase of Sales and 96% Occupancy rate for the end of 2015. Refurbishment of Las Huertas Shopping Centre during 2015. Aggressive letting plan for 50 new leases. Acquisitions
Slide 17: What to expect from 2015
2015 1Q Financial Results - Lar España Real Estate What to expect from 2015 c.750m-790m in assets acquisition will be completed sooner than expected c.50% LTV over portfolio leverage in line with current competitive conditions Possibility to execute a capital increase* to acquire new attractive asse
Slide 18: Annexes
Annexes Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2015
Slide 19: Annexes-Portfolio Description
Annexes-Porfolio Description Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2015
Slide 20: Shopping Centre: Anecblau, Barcelona
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Shopping Centre Anecblau, Barcelona Asset Characteristics Asset Name: Anecblau Asset Type: Shopping Centre Date of Opening: 2006 Location: Barcelona GLA: 28,863 sqm Acquisition price: EUR 80.0 m Price per sqm: 2,772 €/
Slide 21: Shopping Centre: As Termas, Lugo
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Shopping Centre As Termas, Lugo Asset Characteristics Asset Name: As Termas Asset Type: Shopping Centre Date of Opening: 2005 Location: Lugo GLA: 33,151 sqm Acquisition price: EUR 67.0 m Price per sqm: 2,021 €/sqm No.
Slide 22: Shopping Centre: Portal de la Marina, Alicante
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Shopping Centre Portal de la Marina, Alicante Asset Characteristics Asset Name: P. De la Marina Asset Type: Shopping Centre Date of Opening: 2008 Location: Alicante GLA: 30,007 (*) sqm Acquisition price: EUR 47.6 m Pri
Slide 23: Shopping Centre: Albacenter, Albacete
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Shopping Centre Albacenter, Albacete Asset Characteristics Asset Name: Albacenter Asset Type: Shopping Centre Date of Opening: 1996 Location: Albacete GLA: 27,974 sqm Acquisition price: EUR 39.9 m Price per sqm: 1,426.
Slide 24: Shopping Centre: Txingudi, Guipuzcoa
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Shopping Centre Txingudi, Guipuzcoa Asset Characteristics Asset Name: Txingudi Asset Type: Shopping Centre Date of Opening: 1997 Location: Guipúzcoa GLA: 9,920 sqm Acquisition price: EUR 27.7 m Price per sqm: 2,789 €/s
Slide 25: Shopping Centre: Las Huertas, Palencia
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Shopping Centre Las Huertas, Palencia Asset Characteristics Asset Name: Las Huertas Asset Type: Shopping Center Date of Opening: 1989 Location: Palencia GLA: 6,108 sqm Price of acquisition: EUR 11.7 m Price per s.q.m.:
Slide 26: Retail Unit: Nuevo Alisal, Santander
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Retail Unit Nuevo Alisal, Santander Asset Characteristics Asset Name: Nuevo Alisal Asset Type: Retail Unit Date of Opening: 2010 Location: Santander GLA: 7,648 sqm Acquisition price: EUR 17.0 m Price per sqm: 2,223 €/
Slide 27: Retail Unit: Villaverde, Madrid
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Retail Unit Villaverde, Madrid Asset Characteristics Asset Name: Villaverde Asset Type: Retail Unit Date of Opening: 2002 Location: Madrid GLA: 4,391 sqm Acquisition price: EUR 9.1 m Price per sqm: 2,072 €/sqm No. Tena
Slide 28: Office building: Egeo, Madrid
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Office building Egeo, Madrid Asset Characteristics Asset Name: Egeo Asset Type: Office Building Location: Madrid GLA: 18,254 sqm Acquisition price: EUR 64.9 m Price per sqm.: 3,555 €/sqm No. Tenants: Multi-tenant Locat
Slide 29: Office building: Arturo Soria 336, Madrid
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Office building Arturo Soria 336, Madrid Asset Characteristics Asset Name: Arturo Soria Asset Type: Office Building Location: Madrid GLA: 8,663 sqm Acquisition price: EUR 24.2 m Price per sqm.: 2,793 €/sqm No. Tenants:
Slide 30: Office building: Marcelo Spínola 42, Madrid
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Office building Card. Marcelo Spínola 42, Madrid Asset Characteristics Asset Name: Marcelo Spinola Asset Type: Office Building Location: Madrid GLA: 8,584 sqm Acquisition price: EUR 19.0 m Price per sqm.: 2,213 €/sqm N
Slide 31: Office building: Eloy Gonzalo, Madrid
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Office building Eloy Gonzalo, Madrid Asset Characteristics Asset Name: Eloy Gonzalo Asset Type: Office Building Location: Madrid GLA: 6,231 sqm Acquisition price: EUR 12.8 m Price per sqm.: 2,043 €/sqm No. Tenants: Mul
Slide 32: Logistics Warehouse: Alovera I & II, Guadalajara
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Logistics Warehouse Alovera I & Alovera II , Guadalajara Asset Characteristics Asset Name: Alovera I & Alovera II Asset Type: Logistics W. Date of Opening: 1992-2008 Location: Guadalajara GLA: 119,147 sqm Acquisition p
Slide 33: Residential Portfolio: Juan Bravo and Claudio Coello
2015 1Q Financial Results - Annexes Lar España Real Estate Portfolio descriptions Residential Portfolio Juan Bravo 3 and Claudio Coello Building, Madrid Asset Characteristics Asset Name: Juan Bravo Asset Type: Residential Date of Construction: 2015-2017 Location: Madrid GLA 31,521* sqm Location & Pr
Slide 34: Annexes-Corporate Structure and Manager
Annexes-Corporate Structure and Manager Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2015
Slide 35: Lar España Real Estate SOCIMI S.A.
2015 1Q Financial Results - Annexes Lar España Real Estate Lar España Real Estate SOCIMI S.A. Lar España’s target is to generate high returns for its investors via an active asset management investment strategy which is mainly focused on Commercial Property Assets in Spain. Strong Corporate Governan
Slide 36: A Unique Real Estate Manager
2015 1Q Financial Results - Annexes Lar España Real Estate A Unique Real Estate Manager Grupo Lar is a seasoned, family owner, Spanish private Real Estate developer, Investor and Asset Manager with a 40-year track record of international experience, Joint Ventures with Tier 1 Investors and long term
Slide 37: Strong Management Team
Corporate presentation - Lar España Real Estate Strong Management Team Miguel Pereda Real Estate Manager Managing Director at Grupo Lar Luis Pereda Board Member of LRE Executive Chairman • Co-CEO of Grupo Lar since 2007. • CEO of Grupo Lar Grosvenor for six years. • Over 25 years of experience in re
Slide 38: Full Alignment of interests
2015 1Q Financial Results - Annexes Lar España Real Estate Full Alignment of interests 1 2 3 Total Exclusivity Structure and Incentives Management Commitment The Manager is committed to All Critical activities are carried Grupo Lar owns a 2.5% stake in total exclusivity for out in-house: Lar E
Slide 39: Affiliates structure chart
Affiliates structure chart Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2015
Slide 40: Company Structure as of March 31 2015
2015 1Q Financial Results - Annexes Lar España Real Estate Annexes - Company Structure as of March 31 2015 100% LW Alovera I (August Legend 100% Lar España Inversión 100% 2014) SC SC AnecBlau Logística, S. A. Alovera II (October Shopping Centre (July 2014) 2014) SC SC 100% Albacenter OF Office Albac
Slide 41: Disclaimer
Disclaimer • The information included in this presentation has been drafted by Grupo Lar Inversiones Inmobiliarias, S.A. (“Grupo Lar”) for informational use only, to assist investors in deciding whether they wish to proceed with a further investigation of the company named Lar España Real Estate SOC
Slide 42: Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2015
Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2015 42
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