Tag Immobilien Ag · XETR:TEG
Tag Immobilien — Investor Day (June 2018)
92 slides from Tag Immobilien's investor day presentation, Jun 12, 2018
Slide 1: TAG Capital Markets Day
11 TAG Capital Markets Day Bankentag am 5. Juni 2018 in Dresden Brandenburg an der Havel,12 June 2018 TAG TAG Immobilien ImmobilienAG AG || CMD April 2018 1 2018 || 1
Slide 2: TAG CMD 2018 Team
TAG CMD 2018 TEAM 22 Claudia Hoyer Martin Thiel Dr. Harboe Vaagt Marcus Nudow Dominique Mann COO CFO CLO LIM Berlin Head of IR/PR Prof. Dr. Tobias Just International Real Estate Business School, University of Regensburg TAG Immobilien AG | CMD 2018 | 2
Slide 3: TAG CMD 2018 Agenda I
TAG CMD 2018 Agenda I 33 Presentations Martin Thiel (CFO) Opening remarks and overview of TAG’s Brandenburg portfolio Claudia Hoyer (COO) Berlin region: acquisition and capex strategy exemplified by 10:00 TAG’s Brandenburg portfolio – 12:30 Marcus Nudow (Head of Real Estate Management, Berlin)
Slide 4: TAG CMD 2018 Agenda II
TAG CMD 2018 Agenda II 44 Property Tour District Hohenstücken (943 units) o Rosa- Luxemburg- Allee (799 units) 12:30 District Görden (1,125 units) – o Gördenallee (303 units) 15:30 o Haydnstraße (754 units) o Beethovenstraße (18 units & TAG office ) District Nord (319 units) o Bergstraße (49 u
Slide 5: Recent Press Release
RECENT PRESS RELEASE TAG Immobilien AG | CMD 2018 | 5
Slide 6: TAG Recent Press Release
TAG RECENT PRESS RELEASE 66 Volume: EUR 125m Maturity: 5 years until 19 Jun-2023 Coupon: 1.250% p.a. Issue price: 99.395% Private Placement Status: senior, unsecured of corporate bonds 2018/2023 Volume: EUR 125m 2018/2025 Maturity: 7 years until 19 Jun-2025 Coupon: 1.750% p.a. of I
Slide 7: Presentations
PRESENTATIONS TAG Immobilien AG | CMD 2018 | 7
Slide 8: Opening remarks and overview of TAG's Brandenburg portfolio
Opening remarks and overview of TAG‘s Brandenburg portfolio TAG Immobilien AG | CMD 2018 | 8
Slide 9: TAG portfolio in total as of Mar-2018
TAG portfolio in total as of 31 Mar-2018 99 Portfolio as of 31 Mar-2018 31 Dec-2017 Units 82,784 83,140 Rentable area in sqm 5,031,307 5,054,778 Real estate volume in EURm 4,274.1 4,275.4 Annualised current net rent in EURm 301.9 303.3 (total portfolio) Current net rent in 5.32 5.31 EUR/sqm / month
Slide 10: TAG portfolio details by region
TAG portfolio details by region 10 10 Region Units Rentable IFRS BV In- Vacancy Vacancy Current Re- L-f-l rental L-f-l rental Mainte- Capex # area EURm place Mar- Dec- net letting growth growth nance EUR/sqm sqm Mar- yield 2018 2017 rent rent Y-o-Y Y-o-Y incl. EUR/sqm Q1 2018 2018 EUR/ EUR/ vacancy
Slide 11: TAG Berlin region - overview
TAG Berlin region - overview 11 11 xxxxx Strausberg Elstal Brandenburg Potsdam Bestensee 31 Mar-2018 Units Berlin region 8,743 Acquisitions Berlin region 2017 1,490 TAG operates 6 tenant offices in the Berlin region Units Berlin region total 10,233 Vacancy 5.9% 28 asset and property manager, 49
Slide 12: TAG Berlin region – Top locations
TAG Berlin region – Top 5 locations 12 12 Cities Resi- Rentable IFRS BV In- Vacancy Current Re- L-f-l rental L-f-l rental dential area EURm place Mar- net letting growth growth Units sqm yield 2018 rent rent y-o-y y-o-y incl. % % EUR/ EUR/ % vacancy Mar- sqm sqm reduction Brandenburg 2018 % Q1 2018
Slide 13: TAG Brandenburg a.d.H. – overview
TAG Brandenburg a.d.H. – overview 13 13 Brandenburg an der Havel, a distinctly urban town with various restaurants, cafés and its own theatre Top employers in Brandenburg an der Havel are globally active companies in the automotive and manufacturing industry Brandenburg (ZF Getriebegewerke BRB,
Slide 14: TAG Berlin region – development since 2015
TAG Berlin region – development since 2015 14 14 Vacancy reduction Rental growth in% +1.5 +1.4 +1.6 6.8% -1.6 6.6% 6.3% 6.0% 5.9% 5.2% 5,1% 4.9% 2.6 2.4 3.8 3.6 3.5 2.8 4.0 3.6 Jan. Dec. Jan. Dec. Jan. Dec. Jan. Q1 2018 2015 2016 2017 Q1 2018 2015 2016 2017 Q1 2018 2015 2016 2017 2018 Basis l-f-l in
Slide 15: Q&A
Q&A TAG Immobilien AG | CMD 2018 | 15
Slide 16: Berlin region: acquisition and capex strategy
Berlin region: acquisition and capex strategy exemplified by TAG‘s Brandenburg portfolio TAG Immobilien AG | CMD 2018 | 16
Slide 17: TAG acquisition principles
TAG acquisition principles 17 17 NAV/s & FFO/s accretive purchases only Rigorous pricing discipline Purchase yields should not be significantly below average portfolio gross yields (currently at 7.0%) Focus on portfolios in existing TAG locations/ regions Low marginal costs for asset and p
Slide 18: TAG acquisition process
TAG acquisition process 18 18 Offer documentation & database More competition > 800 offers with a volume of over EUR 10.0bn Not just in A locations but more and more in B and C locations approx. 140,000 residential units, c. 3,000 commercial units Focus on dispersed and smaller portfolios
Slide 19: TAG Brandenburg portfolio – acquisitions
TAG Brandenburg portfolio – acquisitions 19 19 Acquisition Acquisition Acquisition Disposal Net total Other “Havel” “Bavaria” “Havel” at acquisition 2015 Nov-2015 Feb-2017 Feb-2017 date Units (residential 216 1,776 1,441 535 2,898 &commercial) Current net rent 5.09 4.30 4.77 3.61 4.74 EUR/sqm/month
Slide 20: TAG Brandenburg portfolio – business plan Bavaria
TAG Brandenburg portfolio – business plan 20 20 “Bavaria” Year 1 Year 5 Delta p.a. Units 1,441 1,441 ___ sqm 73,208 73,208 ___ Rental growth basis l-f-l p.a. 1.0% 1.0% 1.0% Vacancy 16.0% 6.0% - 2.0% Investment per sqm 12.09 EUR 12.36 EUR 0.4% Impairment losses on rent receivables 2.0% 1.8% ___ 1) Ot
Slide 21: TAG Brandenburg portfolio – development
TAG Brandenburg portfolio – development 21 21 Total Total at date of property May-2018 management takeover Units 2,898 2,898 (residential and commercial) Current net rent EUR/sqm 4.74 5.12 Current net rent p.a. in EUR Mio. 7.2 8.1 Reletting rent in EUR/sqm ___ 5.00 - 7.62 Vacancy 18.0% 15.0% Vacancy
Slide 22: TAG capex strategy
TAG capex strategy Local market development Customer requirements Competitive envt. Regional particularities Condition of the property Selection of properties Modernization and utilisation concept Construction Committee incl. return calculation Construction Committee Detailed concept and tendering I
Slide 23: TAG capex strategy
TAG capex strategy Modernisation during Modernisation of vacant Large modernisation reletting/ maintenance flats measures Painting staircase Bath instruments Letter boxes Total return 40%-50% Total return 8%-13% In the event of a portfolio takeover: immediate measures for fire protection, tenant saf
Slide 24: Q&A
Q&A TAG Immobilien AG | CMD 2018 | 24
Slide 25: Integration of newly acquired properties into TAG's portfolio
Integration of newly acquired properties into TAG’s portfolio Brandenburg an der Havel TAG Immobilien AG | CMD 2018 | 25
Slide 26: General process of portfolio handover
General process of portfolio handover Purchase/ notarisation Introduce standardized procedures and processes Tenant data in TAG ERP system Intensive coordination with seller Uniform tenant correspondence Flow SAP ELO Fact Regional staff recruitment Welcome the tenants Opening tenant office TAG
Slide 27: First operational steps
First operational steps Portfolio analysis Rental concept Maintenance condition/ backlock Tenant structure Services Receivable management TAG Immobilien AG | CMD 2018 | 27
Slide 28: Impression from an eviction apartment
Impression from an eviction apartment TAG Immobilien AG | CMD 2018 | 28
Slide 29: Further steps in developing the portfolio
Further steps in developing the portfolio Establish/ expand network at the location Marketing/ PR measures: “ball special” Establish a dedicated team Review and adjustment of rents & rent increases TAG Immobilien AG | CMD 2018 | 29
Slide 30: Portfolio development
Portfolio development Portfolio Brandenburg other “Havel” “Bavaria” Date of property 2015 Dec-2015 Jun-2017 management takeover 1) Residential units at date of property management 183 938 1,440 takeover new construction Quality un-/ partly-/ refurbished partly refurbished 1994 – 1996 1) Vacancy at d
Slide 31: Portfolio refurbishment in the Görden district
Portfolio refurbishment in the Görden district 303 residential units along Gördenallee More than 200 units vacant Most heated by oven, in-wall, gas heaters All units were small 1- & 2-room apartments No balconies / terraces TAG Immobilien AG | CMD 2018 | 31
Slide 32: Portfolio refurbishment in the Görden district
Portfolio refurbishment in the Görden district Creation of a show building at Gördenallee 168 in summer 2018 with four different floor plans: Size Target rent/sqm/month 1-room apartment with large dine-in kitchen ca. 34 m2 8.00 € 2-room apartment with balcony ca. 49 m² 7.50 € 2-room apartment with b
Slide 33: Phases of the refurbishment in the Görden district
Phases of the refurbishment in the Görden district market survey to gauge what types of housing people want modern floor plans balconies or terraces dine-in kitchens with windows refurbished daylight baths Implementation of the 1st construction phase Gördenallee 164-174/ Beethovenstr. 2-6:
Slide 34: Portfolio refurbishment in the Görden district
Portfolio refurbishment in the Görden district Strengthen the "old Görden" quarter Attractive cashflow returns Day-care, schools & public facilities in the immediate vicinity Excellent connection to public transport Close to water: Gördensee, Silokanal Return on investment of c. 10–13 % At
Slide 35: TAG Growing Cashflows
TAG GROWING CASHFLOWS
Slide 36: Service business and future projects @ TAG
Service business and future projects @ TAG TAG Immobilien AG | CMD 2018 | 36
Slide 37: TAG our management concept
TAG our management concept 37 37 Marketing LIM Strategic Property property management Craftsmen management service Acquisitions Portfolio FM Shared services Service Centre Rent increases Deposits Judicial rent collection TAG Immobilien AG | 2018 TAG Immobilien AG | CMD 2018 | 37
Slide 38: TAG services business
TAG services business 38 38 Facility management (100% owned subsidiary) Caretaker services, cleaning services and gardening In place since 2012 Main target: improve quality in comparison to external services 2016 2017 2018E Revenues (EURm) 6.5 9.2 9.5 c. 46,000 units covered in 2017 No. of e
Slide 39: TAG services business
TAG services business 39 39 Energy services (100% owned subsidiary) Heating services for tenants (TAG as owner and operator of heating facilities) In place since 2016 Main target: create additional income for TAG and reduce energy costs/ service charges for tenants in EUR/m 2016 2017 2018E R
Slide 40: TAG services business
TAG services business 40 40 Condominium management (100% owned subsidiary) Condominium management (“WEG-Verwaltung”) for homeowners’ associations Includes management for third parties as well as management of units owned by TAG 4 main locations (Berlin, Erfurt, Gera and Hamburg) within the T
Slide 41: TAG our digitalisation strategy
TAG our digitalisation strategy 41 TAG Immobilien AG | CMD 2018 | 41
Slide 42: TAG optimising operations
TAG optimising operations 42 The opportunities of digitalisation lie in the optimisation of business processes Craftsmen Ticket Billing Digital tenant/ system workflow property files Service Ordering Signature providers process process Mass Corporate orders billing workflow Tenants & Security deposi
Slide 43: TAG optimising operations
TAG optimising operations 43 Sample process: damage report TENANT TAG CRAFTSMAN Mobile acceptance of flat Job is entered into the Tenant app ERP System Ticket system Link to Order is approved Order is transmitted craftsman Accepts job Info Info Makes an Reports on appointment service Approval of ser
Slide 44: TAG optimising operations
TAG optimising operations Data is the gold of the digital age Lower Reduced CONSEQUENCES administrative defaults on Higher costs High receivables Low cost tenant fluctuation efficiency satisfaction Better Optimised Additional negotiating receivables products Offer basis Moderni- mgmt. Optimised COUR
Slide 45: TAG new customer approach
TAG new customer approach 45 TAG Immobilien AG | CMD 2018 | 45
Slide 46: TAG new services / smart building
TAG new services / smart building 46 Part of the opportunity of digitalisation lies in developing new lines of business TAG Immobilien AG | CMD 2018 | 46
Slide 47: TAG new services / smart building
TAG new services / smart building 47 Future-proof Package-receiving stations Cost-efficient Smart home Package-receiving station pilot Individual Smart Home modular system with potential partners is planned for TAG tenants is being tested for 2018 in Chemnitz und Salzgitter Neighbourhood management
Slide 48: TAG e-mobility project
TAG e-mobility project 48 Study on e-charging service in the housing industry in 2017/2018 Number of users Technical service User benefits (charging requirements) (charging technology) (service offer) • >5 users in a residential area • Easy installation and use • Charging facilities available in the
Slide 49: TAG smart home – modular system business model
TAG smart home – modular system business model 49 49 Basic package (example) Premium package (example) radiator controls Basic package + window contacts light controls central office electronic door lock door contacts Gross initial yield > 20% motion detectors tablet roller blind
Slide 50: TAG project smart home / AAL
TAG projekt smart home / AAL SECURITY AMBIENT ASSISTED AMBIENT ASSISTED SECURITY SECURITY LIVING LIVING AMBIENT ASSISTED LIVING TV & TV & TV & INTERNET INTERNET INTERNET SMART HOME SMART HOME SMART HOME SERVICE SERVICE PROVIDER SERVICE HEATING PROVIDER HEATING PROVIDER HEATING TAG Immobilien AG | CM
Slide 51: TAG developing our own future
TAG developing our own future 51 TAG Immobilien AG | CMD 2018 | 51
Slide 52: We won't wait to be overrun by digitalisation
52 We won't wait to be overrun by digitalisation... …but will seize the digital opportunities with courage, embracing change and transformation, and exploring new paths with flexibility and curiosity. TAG Immobilien AG | CMD 2018 | 52
Slide 53: Q&A
Q&A TAG Immobilien AG | CMD 2018 | 53
Slide 54: Berlin region: even better than the capital?
BERLIN REGION: EVEN BETTER THAN THE CAPITAL? Prof. Dr. Tobias Just FRICS
Slide 55: Germany's macro story
IRE|BS Immobilienakademie International Real Estate Business School Un rsitat Regensburg
Slide 56: The good and the bad news about a long upswing
THE GOOD AND THE BAD NEWS ABOUT A LONG UPSWING Longest upswing since 25 years Business climate of the German industry, diffusion index (difference of plus and minus) 80 60 40 20 0 -20 -40 -60 -80 01/1991 01/1994 01/1997 01/2000 01/2003 01/2006 01/2009 01/2012 01/2015 01/2018 Beurteilung der Lage Erw
Slide 57: At the same time construction activity remained muted
AT THE SAME TIME CONSTRUCTIN ACTIVITY REMAINED MUTED Number of households faster than housing stock Additional households and net completions in '000 700 Between 2012 and 2015 almost half 600 a million housing units were in urgent need. And this disregards 500 regional discrepancies/mismatches. 400
Slide 58: Risks might be rising – but the party keeps swinging
RISKS MIGHT BE RISING – BUT THE PARTY KEEPS SWINGING Residential outperforming Upswing on residential property commercial real estate markets goes on German real estate climate, survey results; Values>100 indicate growth Backed by strong economic growth, 180 office markets pick up 160 140 Reta
Slide 59: The strange economic setting
THE STRANGE ECONOMIC SETTING Economic growth Low interest rates + + Inward migration Moderate construction activity + + Prof. Dr. Tobias Just IREBS International Real Estate Business School 59
Slide 60: II. Berlin: finally a real capital
II. BERLIN: FINALLY A REAL CAPITAL
Slide 61: Where do they go: immigration rate 2014
WHERE DO THEY GO IMMIGRATION RATE 2014 Frankfurt Berlin Baden-Baden Baden-Baden .! Red areas (hot spots) = high immigration; blue (cold spots) = low immigration Source: Own depcition (based on Kernel density estimation) Prof. Dr. Tobias Just IREBS International Real Estate Business School 61
Slide 62: Start-up environment in Berlin
START-UP ENVIRONMENT IN BERLIN Prof. Dr. Tobias Just IREBS International Real Estate Business School 62
Slide 63: Net income in Berlin
NET INCOME IN BERLIN Share of population with respective 01 Mitte 02 Friedrichshain- 03 Pankow Kreuzberg income < 1100 Euro 43,9% 37,1% 26,4% < 1100 Euro 1100 - 1700 Euro 21,9% 26,9% 31,1% 1100 – 1700 Euro >= 1700 Euro 34,2% 36,0% 42,5% >= 1700 Euro 04 Charlottenburg- 05 Spandau 06 Steglitz- 03 Wilm
Slide 64: Relatively cheap or relatively expensive?
RELATIVELY CHEAP OR RELATIVELY EXPENSIVE? Berlin is catching up to other metropolises Prices in relation to income (2018) Potsdam at 60% of Berlin Source: Numbeo (2018) Prof. Dr. Tobias Just IREBS International Real Estate Business School 64
Slide 65: Berlin's periphery does not show bubble risk
BERLIN‘S PERIPHERY DOES NOT SHOW „BUBBLE RISK“ UBS Bubble Indikator Center and periphery Index values > 1,5 signal highest Comparison of four indicators Risk (Bubble-Risk) Berlin Potsdam Magdeburg Toronto Price/ Stockholm 10,51 6,82 5,75 income München Mortgage/ 61,49% 40,8% 34,42% income Vancouver
Slide 66: Yields: under pressure – as everything these days
YIELDS: UNDER PRESSURE – AS EVERYTHING THESE DAYS Modest yield compression in Berlin-Brandenburg x-axis: residential rental yield 2017 y-axis: yield compression since last peak in %-points 0,5 0 -0,5 -1 -1,5 -2 -2,5 -3 2 2,5 3 3,5 4 4,5 5 5,5 Source: bulwiengesa Prof. Dr. Tobias Just IREBS Internati
Slide 67: German cities are not very dense?
GERMAN CITIES ARE NOT VERY DENSE? Space available in Berlin German cities are not very densely Population density, in persons/km² populated Mumbai There are some innter city quarters Paris Macau with more than 10.000 inh./km² in Athen Shenzhen Berlin, Hamburg or Munich, however, Barcelona this a
Slide 68: III. More than just the core city
III. MORE THAN JUST THE CORE CITY
Slide 69: Let us take a closer look at migration patterns
LET US TAKE A CLOSER LOOK AT MIGRATION PATTERNS Berlin Hamburg Explanation: The blue areas depict migration to the city. If this is outside the dark ring, there is net migration from the respective Bundesland to the city. Inside the ring, net migration is outside the city! Source: own calculations P
Slide 70: And even closer
AND EVEN CLOSER Net migration per 1000 inhabitants (2011-2015) Source: Metropolregion Berlin-Brandenburg Prof. Dr. Tobias Just IREBS International Real Estate Business School 70
Slide 71: Berlin is targeted by young people and foreigners
BERLIN IS TARGETED BY YOUNG PEOPLE AND FOREIGNERS Berlin Cologne Munich Dresden Leipzig Source: Destatis, own calculations Prof. Dr. Tobias Just IREBS International Real Estate Business School 71
Slide 72: Attractions attract young people
ATTRACTIONS ATTRACT YOUNG PEOPLE Purchasing power x-axis: Purchasing power 2016 y-axis: average growth rate 2009, % 3,5 3 2,5 2 1,5 1 0,5 0 15000 20000 25000 30000 Source: Gfk Schäfer, Philipp und Just, Tobias (2018). Does urban tourism attractiveness affect young adult migration in Germany? In: Jou
Slide 73: Labour market booms outside Berlin
LABOUR MARKET BOOMS OUTSIDE BERLIN (AT LEAST IN SOME POCKETS) Labour market participation rate, 2016 Source: Stat. Office Berlin-Brandenburg Prof. Dr. Tobias Just IREBS International Real Estate Business School 73
Slide 74: Berlin's income levels
WHERE HOUSEHOLD INCOME TOPS BERLIN‘S INCOME LEVELS Household net income in EUR (2015) Source: Stat. Office Berlin-Brandenburg Prof. Dr. Tobias Just IREBS International Real Estate Business School 74
Slide 75: Overall comparison
OVERALL COMPARISON Sources: Stat. Amt Berlin-Brandenburg, numbeo, Prof. Dr. Tobias Just IREBS International Real Estate Business School 75
Slide 76: One region with several centers
ONE REGION WITH SEVERAL CENTERS Metropolis Major center Medium center Medium center with shared functions Source: Metropolregion Berlin-Brandenburg Prof. Dr. Tobias Just IREBS International Real Estate Business School 76
Slide 77: IV. Concluding remarks
IRE|BS Immobilienakademie International Real Estate Business School Un rsitat Regensburg
Slide 78: Berlin – liveable and improving
BERLIN – LIVEABLE AND IMPROVING 2010 2014 2018 1 Vienna Vienna Vienna 2 Zurich Zurich Zurich 3 Geneva Auckland Auckland 4 Vancouver Munich Munich 5 Auckland Vancouver Vancouver 6 Dusseldorf Dusseldorf Dusseldorf 7 Frankfurt Frankfurt Frankfurt 8 Munich Geneva Geneva 9 Bern Copenhagen Copenhagen 10 S
Slide 79: Implications for real estate markets
IMPLICATIONS FOR REAL ESTATE MARKETS Overall German macro environment still strong Income and job growth continues This is still a very untypical setting Construction and migration will likely balance Berlin has become real capital of Germany Migration patterns mirror economic and cultural a
Slide 80: References
REFERENCES 2. Edition to be published soon Published 2017 Prof. Dr. Tobias Just IREBS International Real Estate Business School 80
Slide 81: Q&A
Q&A TAG Immobilien AG | CMD 2018 | 81
Slide 82: Capital Markets Day 2018 Property Tour
Capital Markets Day 2018 PROPERTY TOUR Brandenburg an der Havel TAG Immobilien AG | CMD 2018 | 82
Slide 83: TAG portfolio Brandenburg – locations
TAG portfolio Brandenburg – locations 83 83 VISIT I Hohenstücken VISIT II-IV Görden VISIT V Nord I TAG V II-IV TAG Immobilien AG | CMD 2018 | 83
Slide 84: Tour I: Hohenstücken Bavaria
Tour I: Hohenstücken „Bavaria“ TAG Immobilien AG | CMD 2018 | 84
Slide 85: TAG portfolio Brandenburg – Hohenstücken
VISIT I TAG portfolio Brandenburg – Hohenstücken 85 85 City quartier: Hohenstücken (“Bavaria”) Example: Rosa-Luxemburg-Allee 98 Type: Prefab buildings Year of construction: 1983 (partly refurbished) Apartment size: 1 - 4 rooms Rental structure: long time tenants, subsidized rentees Capex 3
Slide 86: Tour II: Görden Havel
Tour II: Görden „Havel“ TAG Immobilien AG | CMD 2018 | 86
Slide 87: TAG portfolio Brandenburg – Görden
VISIT II TAG portfolio Brandenburg – Görden 87 87 City quartier: Görden (“Havel”) Example: Gördenallee 168 – redevelopment portfolio Type: Settlement buildings Year of construction: 1937 Apartment size: 1 - 2 rooms Rental structure: mostly vacancy Units Gördenallee 303 redevelopment portfoli
Slide 88: TAG portfolio Brandenburg – Görden
VISIT III TAG portfolio Brandenburg – Görden 88 88 City quartier: Görden (“Havel”) Example: Haydnstraße 1 Type: Settlement buildings Year of construction: 1937 (refurbished 2000) Apartment size: 1 - 4 rooms Rental structure: long time tenants, elderly people, family, singles Capex 3 room a
Slide 89: TAG portfolio Brandenburg – Görden
VISIT IV TAG portfolio Brandenburg – Görden 89 89 City quartier: Görden (“Havel”) Example: Beethovenstraße 18 - “SMART HOME” Type: Settlement buildings Year of construction: 1937 (refurbished 2013) Apartment size: 1 - 3 rooms Rental structure: long time tenants, higher income earners Capex
Slide 90: Tour III: Nord
Tour III: Nord TAG Immobilien AG | CMD 2018 | 90
Slide 91: TAG portfolio Brandenburg – Nord
VISIT V TAG portfolio Brandenburg – Nord 91 91 City quartier: Nord (Other) Example: Bergstraße 8d Type: Settlement buildings Year of construction: 1994 Apartment size: 2 - 3 rooms Rental structure: long time tenants, higher income earners Capex example: c.5 TEUR Units residential 49 Units
Slide 92: TAG Contact
TAG Contact Martin Thiel Dominique Mann TAG Immobilien AG CFO Head of Investor & Public Relations Steckelhörn 5 Phone: +49 40 380 32-222 Phone: +49 40 380 32-305 20457 Hamburg Fax: +49 40 380 32-388 Fax: +49 40 380 32-388 Phone: +49 40 380 32-0 martin.thiel@tag-ag.com ir@tag-ag.com Fax: +49 40 380 3