Gecina Sa · EURONEXT:GFC
Gecina Sa — Investor Day (June 2010)
154 slides from Gecina Sa's investor day presentation, Jun 30, 2010
Slide 1: Investor Day
Investor Day June 30, 2010 Christophe Clamageran CEO, Gecina André Lajou VP Commercial Real Estate, Gecina Vincent Moulard VP Diversification Real Estate, Gecina Yves Dieulesaint VP Strategic Resources, Gecina Marie-Laure de Sousa, VP Paris-South sector, Jones Lang Lasalle Antonio Duarte, Chairman o
Slide 2: Agenda
Investor Day Agenda Property tour at Boulogne Billancourt – ZAC Seguin-Rives-de Seine Visit of 4 assets : Khapa, L’Angle, Anthos, Horizons Workshop session A :Horizons project in Boulogne Example of the development of a benchmark prime project in Paris' inner suburbs Lunch at the Ritz Hotel Gecina’s
Slide 3: Property tour at Boulogne Billancourt
Investor Day June 30, 2010 Property tour at Boulogne Billancourt ZAC Ile Seguin-Rives-de-Seine Workshop session A : Horizons’ project M-L de Sousa, VP, Jones Lang Lassalle O. Haye, VP Architecture & Construction, Gecina
Slide 4: Contents
Property tour Contents 1. The Made for People project Marie-Laure de Sousa, Jones Lang LaSalle 2. Gecina’s 4 assets on the Ile Seguin-Rives de Seine area 4
Slide 5: A value creating environment
Property tour Discovering… A value creating environment 5
Slide 6: District of Boulogne Billancourt
Property tour District of Boulogne Billancourt 6
Slide 7: District of Boulogne Billancourt
Property tour District of Boulogne Billancourt France’s 36th largest city in terms of inhabitants Number 1 city in the Paris Region after Paris itself in terms of business District spread over 617 hectares 112,050 inhabitants 81,000 jobs across the district, with 78,000 in the private sect
Slide 8: Dynamic economic development
Property tour Dynamic economic development Genuine predominance of service activities City of advertising, audiovisual and telecommunications, Boulogne-Billancourt benefits from the strong presence of service sector businesses While the City is home to many large businesses and corporate headq
Slide 9: Dynamic economic development
Property tour Dynamic economic development 9
Slide 10: Dynamic economic development
Property tour Dynamic economic development 12,000 businesses 80,000 salaried employees 30% of the 20 largest corporate headquarters in the Hauts de Seine Region in terms of the number of staff 276 retail units per km2 vs. 101 for the Paris Region 8% vacancy rate on office stock vs. 10% for
Slide 11: Excellent accessibility
Property tour Excellent accessibility Two metro lines Lines 9 and 10 14 bus lines Future dedicated transport corridor Quais de Seine road access A86 highway 11
Slide 12: Ile Seguin – Rives de Seine key figures
Property tour Ile Seguin – Rives de Seine key figures One of the largest building projects in the Paris Region Redevelopment and harmonization of the sites freed up by Renault Organization around 3 separate geographical sectors: Le Trapèze = 31.5 hectares Quartier du Pont de Sèvres = 10 hectar
Slide 13: Ile Seguin – Rives de Seine 2010
Property tour Ile Seguin – Rives de Seine 2010 13
Slide 14: Breakdown of buildings
Property tour Breakdown of buildings Trapèze Trapèze Ouest Ouest Trapèze Trapèze Est Est Offices Housing Public areas Projects underway 14
Slide 15: Very high quality environment
Property tour Very high quality environment 15
Slide 16: But not only…
Property tour But not only… Hotel capacities within the building’s immediate vicinity Paris 15th Boulogne Pullman Paris Novotel Paris Novotel Paris Tour Novotel Paris Gare Novotel Paris Ibis Paris Rive Gauche Vaugirard Eiffel Montparnasse Porte de Saint Cloud Boulogne Billancourt Issy les Moulineaux
Slide 17: 7-hectare park
Property tour 7-hectare park 17
Slide 18: Stock in 2010
Property tour Stock in 2010 18
Slide 19: Redevelopment of Seine riverbanks
Property tour Redevelopment of Seine riverbanks 19
Slide 20: Ile Seguin – park
Property tour Ile Seguin – park 20
Slide 21: Ile Seguin – park
Property tour Ile Seguin – park 21
Slide 22: Contents
Property tour Contents 1. The Made for People project 2. Gecina’s 4 assets on the Ile Seguin-Rives de Seine area Olivier Haye, Gecina Agnès Bouquet, Gecina Cécile Chausy, Gecina 22
Slide 23: KHAPA
Property tour KHAPA Foster + Partners and ateliers 234 Building for communication and openness to the world Net floor area of 20,800 sq.m* respecting the environment Entrance hall Delivered on July 1, 2008 * Net floor area from which the actual surface areas of ancillary buildings and premises must
Slide 24: KHAPA
Property tour KHAPA Atrium Two buildings connected up by footbridges and platforms over a covered road Two dining areas and one cafeteria in the covered road Dedicated delivery area for the offices Areas and headcount Leasable area*: 19,612 sq.m With 19,190 sq.m of offices and 422 sq.m of retail spa
Slide 25: KHAPA
Property tour KHAPA Amount of investment: €157 million Tenant: CLIENT BUSINESS START DATE AREA (sq.m) IPSEN Laboratory Jul 1, 2008 19,212 sq.m 25
Slide 26: HORIZONS
Property tour HORIZONS Ateliers Jean Nouvel The “non-tower” Net floor area with 36,600 sq.m of offices respecting nature View from Meudon Delivery planned for mid-2011 26
Slide 27: HORIZONS
Property tour HORIZONS Lobby Areas and headcount Leasable area: 36,465 sq.m With 33,180 sq.m of offices, 1,025 sq.m of retail space and 2,261 sq.m of services 610 parking spaces 2,500 workstations 18 floors + ground floor Technical elements High environmental quality (HQE) and very high energy effic
Slide 28: HORIZONS
Property tour HORIZONS Space for nature 7,147 sq.m top section 12,663 sq.m mid section 18,794 sq.m bottom section 28
Slide 29: L'ANGLE
Property tour L’ANGLE Jean-Paul Viguier: A totally transparent space Net floor area of 12,000 sq.m respecting the environment Entrance hall Delivered on May 1, 2008 29
Slide 30: L'ANGLE
Property tour L’ANGLE Platforms Areas and headcount Leasable office space: 11,082 sq.m Retail space: 345 sq.m Total office headcount: 723 people Parking: 232 spaces on 4 levels Technical elements High environmental quality (HQE) building Platform depth: 18 m facade Clear height: 2.70 m on the floors
Slide 31: L'ANGLE
Property tour L’ANGLE Restaurant area Amount of investment: €84 million Tenant: CLIENT BUSINESS START DATE AREA (sq.m) L’EQUIPE Press group Jan 1, 2009 11,082 sq.m 31
Slide 32: ANTHOS
Property tour ANTHOS Elizabeth Naud and Luc Poux A human-size building Net floor area of 10,050 sq.m High environmental quality (HQE) certified Very high energy efficiency (THPE) certification underway View from inside the block Delivered on March 11, 2010 32
Slide 33: ANTHOS
Property tour ANTHOS Areas and headcount Leasable area: 9,257 sq.m of offices with mezzanine on 8th floor and planted terraces 930 sq.m of retail outlets 208 underground parking spaces on 4 levels 620 workstations 7 floors + ground floor / mezzanine Restaurant seating 400 Cafeteria 33
Slide 34: ANTHOS
Property tour ANTHOS Amount of investment: €76 million Tenant: CLIENT BUSINESS START DATE AREA (sq.m) CARREFOUR Mass retail Dec 1, 2010 9,257 sq.m 34
Slide 35: HORIZONS
Property tour HORIZONS Dedicated floor for well-being Two company restaurants (1,500 settings / day) and communication Two cafeterias Auditorium Fitness room Lounge area 35
Slide 36: HORIZONS
Property tour HORIZONS Planned investment: €300 million Tenant from 8th to 19th floors: CLIENT BUSINESS START DATE AREA (sq.m) ROCHE Laboratory Sep 1, 2011 15,567 sq.m 36
Slide 37: Presentation of Gecina's strategy
Investor Day June 30, 2010 Presentation of Gecina’s strategy C. Clamageran, CEO
Slide 38: Keys of success (i) An outstanding portfolio
Gecina’s strategy Keys of success (i) An outstanding portfolio A major French real estate group with a total €10.5 bn Leadership positions in offices, residential and healthcare real estate in France generating €650 mn rentals and €350 mn cash flow in 2009 A well-balanced portfolio of which 62
Slide 39: Keys of success (ii) Financial turnaround
Gecina’s strategy Keys of success (ii) Financial turnaround Significant rating improvement Standard & Poors’ long term rating (BB- outlook negative) was changed to BB+ / Positive outlook on March 3, 2010 Moody’s awarded long term rating Baa3 / Stable outlook on March 3, 2010 Strengthening of financi
Slide 40: Business realignment
Gecina’s strategy Business realignment Concentration on office, residential STRATEGIC GUIDELINE and healthcare real estate focus on the French market Progressive divestment in 3 core businesses from logistics and hotels where Gecina benefits from leading positions Orderly withdrawal from Spain 40
Slide 41: Offices
Gecina’s strategy Offices Gecina key strengths Strategy = Growth Optimum location Raise portfolio by € 3 bn 90% of value concentrated in the Paris and Western Crescent area to about € 9 bn in 2014 Market size (2009) : 51 mn sq.m 1.8 mn sq.m take up + €2 bn through acquisition of income producing a
Slide 42: Residential
Gecina’s strategy Residential Gecina key strengths Strategy = Optimization A unique expertise With 90% of its portfolio in Paris and Paris Boost traditional residential portfolio region, Gecina is the leading private lessor, Disposal of lower range assets : accounting for 8% of the area’s resident
Slide 43: Healthcare
Gecina’s strategy Healthcare Gecina key strengths Strategy = Growth Strong market fundamentals Raise portfolio to about € 1 bn in 2014 Promising long term demographic trends ~ 50% through acquisitions of assets outsourced by healthcare operators France is the largest private hospital sector in Eur
Slide 44: Non core businesses
Gecina’s strategy Non core businesses Logistics’ fundamentals Strategy = Divestment within 2/3 years A high yield but cyclical business Offers no cyclical de-correlation with offices Priority = letting the vacant spaces Strongly impacted by macro economic environment No further development unless
Slide 45: Focus on France
Gecina’s strategy Focus on France Why focusing on the French market? Offices, residential and healthcare are local businesses that need local expertise => no synergy to be found by growing international Paris/Paris region is one of the largest office market worldwide where Gecina concentrates 90
Slide 46: Financial policy going forward
Gecina’s strategy Financial policy going forward Key objective : improve financial flexibility Diversifying sources of financing : get to about 50% from banks - 50% from capital markets => a straight bonds issue is considered when there is a window of opportunity on the market enlarge the circle
Slide 47: Greater Paris: outlook and realities
Investor Day June 30, 2010 Greater Paris : outlook and realities A. Duarte, Grand Paris Association
Slide 48: Greater Paris: what impact on the appeal of Paris?
Gecina Investor's Day June 30, 2010 Greater Paris: what impact on the appeal of Paris? by Antonio Duarte Architect and City Planner Chairman of Association Grand Paris Associate director of Marco Polo 48
Slide 49: Contents
Contents 1. Paris, a polycentric metropolis? 2. London, the European rival 3. Bertrand Delanoe’s venture 4. Nicolas Sarkozy imagines a “Greater Paris” 5. Christian Blanc’s Greater Metro 6. Paris Region’s SDRIF development program 7. Impact of Greater Paris 49
Slide 50: 1. Paris, a polycentric metropolis?
1. Paris, a polycentric metropolis? City of Paris 2.1 million inhabitants over an area of 105 km2 7 billion euro budget Made up of 20 arrondissements, with Mayors for each one Paris Region 11.7 million inhabitants over an area of 12,012 km2 7 billion euro budget Made up of 8 Departments and 1,284 di
Slide 51: Metropolitan Paris urban area
Metropolitan Paris urban area 51
Slide 52: 2. London, the European rival
2. London, the European rival South East Region 17,550,000 inhabitants over an area of 27,200 km2 It is organized into 13 Counties, including Greater London Greater London 6,800,000 inhabitants over an area of 1,580 km2 Greater London Authority 15 billion euro budget Boris Johnson, Mayor of London M
Slide 53: Greater London
Greater London 53
Slide 54: 3. Bertrand Delanoe's venture
3. Bertrand Delanoe’s venture 2001 Election of Bertrand Delanoe as Mayor of Paris Pierre Mansat, deputy in charge of relations with regional authorities 2006 “Metropolitan Conference” with Mayors from the suburbs 2009 “Paris Metropole” joint association with 87 mayors + 8 Departments + Paris Region
Slide 55: Map of Paris Métropole joint association: 2010
Map of “Paris Métropole” joint association: 2010 55
Slide 56: 4. Nicolas Sarkozy imagines a Greater Paris
4. Nicolas Sarkozy imagines a “Greater Paris” 2007 Speech by Roissy on the need for a Greater Paris 2008 Report by Senator Philippe Dallier (UMP) on Greater Paris Creation of the committee for regional reform, chaired by Edouard Balladur 2009 Inauguration of the “Grand Pari(s)” exhibition in Chaillo
Slide 57: 10 teams of architects in the Grand Pari(s) competition
10 teams of architects in the “Grand Pari(s)” competition Sir Richard Rogers (UK), Rogers Stirk Harbour & Partners /LSE / Arup team Yves Lion, Descartes Group team Djamel Klouche, AUC team Christian de Portzamparc, Atelier Christian de Portzamparc team Antoine Grumbach, Antoine Grumbach et associés
Slide 58: Aerial metro project by Christian de Portzemparc
Aerial metro project by Christian de Portzemparc 58
Slide 59: Metro network project by Jean Nouvel
Metro network project by Jean Nouvel 59
Slide 60: Covering of Paris railways by Richard Rogers
Covering of Paris railways by Richard Rogers 60
Slide 61: Method for densifying suburb districts
Method for densifying suburb districts 61
Slide 62: Project to densify suburb districts
Project to densify suburb districts 62
Slide 63: Project of towers on the banks of Seine by Roland Castro
Projet of towers on the banks of Seine by Roland Castro 63
Slide 64: Project of towers on the edge of Parc de La Courneuve
Project of towers on the edge of Parc de La Courneuve by Roland Castro 64
Slide 65: Requalification of national roads as urban boulevards
Requalification of national roads as urban boulevards by Groupe Descartes 65
Slide 66: Densification of national roads as urban boulevards
Densification of national roads as urban boulevards by Groupe Descartes 66
Slide 67: Planting on Parisian roofs by Richard Rogers
Planting on Parisian roofs by Richard Rogers 67
Slide 68: 5. Christian Blanc's Greater Metro
5. Christian Blanc’s “Greater Metro” 2008 Secretary of state for the Capital Region’s economic development: Christian Blanc 2008 Report by Senator Philippe Dallier (UMP) on Greater Paris Creation of the committee for regional reform, chaired by Edouard Balladur 2009 Inauguration of the “Grand Pari(s
Slide 69: Grand Huit + Arc Express Metro projects: April 2009
“Grand Huit” + “Arc Express” Metro projects: April 2009 69
Slide 70: C. Blanc's Greater Paris project: 2010
C. Blanc’s Greater Paris project: 2010 70
Slide 71: Grand Huit + Arc Express metro projects: May 2010
“Grand Huit” + “Arc Express” metro projects: May 2010 71
Slide 72: Project for future station in Val de Marne
Project for future station in Val de Marne 72
Slide 73: 6. Paris region's SDRIF development program
6. Paris region’s “SDRIF” development program SDRIF development program adopted in 2007, after 3 years of consultation 2010 : currently being validated by the State Council, after being blocked at institutional level during the adoption of the Greater Paris bill Strategic development document
Slide 74: SDRIF and the Greater Paris project
“SDRIF” and the Greater Paris project SDRIF development programm adopted in 2007, will be revised in 2011 to include the Greater Paris project 74
Slide 75: 7. Impact of Greater Paris
7. Impact of Greater Paris Political impacts Urban impacts Real estate impacts Economic impacts 75
Slide 76: Workshop session B: Healthcare real estate in France
Investor Day June 30, 2010 Workshop session B : Gecina, a structuring player for the Healthcare real estate sector in France V. Moulard, VP Diversification Real Estate
Slide 77: Contents
Workshop session B Contents 1. Healthcare in France 2. Gecimed business profile 3. Recent developments and medium term strategy 77
Slide 78: Healthcare types of assets
Healthcare in France Healthcare types of assets Hospitals Nursing homes (Medico-social) (Sanitaire) MSO SCR PSY NH Medicine – Surgery – Obstetrics Subacute care & Psychiatry Nursing Homes (« EHPAD ») Acute care Rehabilitation Retirement homes Long term care facilities Average length of stay 5 days A
Slide 79: Setting of prices
Healthcare in France Setting of prices Nursing homes : mainly private funding 70% Accomodation fees => private funding 20% Care fees => paid by the National Health Insurance 10 % Dependency fees => mostly paid by the General Council and the rest by the resident Clinics & hospitals : mainly public fu
Slide 80: Strong fundamentals
Healthcare in France Strong fundamentals Demographics : promising long-term trends French elederly healthcare capacity needs Number of seniors > 85 yrs : 2008-2015 estimated growth = +66% (in 000' beds) from 1,2 mn to 2 mn 600 Growing needs in care and nursing homes 500 Shorter stays in surger
Slide 81: MSO Market
Healthcare in France MSO Market Private French MSO market MSO beds ownership 66,000 beds Total of 250,000 beds 700 hospitals Large players expected to consolidate the sector 9% 1 major group (>10,000 beds) : Générale de Santé 5 mid-sized groups (between 1,000 and 5,000 beds) 400 individual
Slide 82: NH Market
Healthcare in France NH Market Private commercial sector is seeing the strongest growth Nursing Homes beds ownership Large players expected to consolidate the sector Total of 530,000 beds 4 Major groups > 5,000 beds 15 mid-sized groups between 500 and 4,000 beds 25% 800 individual owners (incl
Slide 83: Contents
Workshop session B Contents 1. Healthcare in France 2. Gecimed business profile 3. Recent developments and medium term strategy 83
Slide 84: Overview
Gecimed business profile Overview Main French investors’ Gecimed’ geographic presence healthcare portfolios at YE 09 Well balanced portfolio : € 664 mn hospitals (MSO, CR, PSY) and nursing homes € 657 mn Mainly MSO hospitals € 362 mn Mainly
Slide 85: Keys of success
Gecimed business profile Keys of success Pure player in the healthcare real estate sector Close business relations with tenants Fully dedicated healthcare REIT in France (SIIC Status) Sale & leaseback, Construction, Acquisition High quality portfolio Creating value Fully leased portfolio valued at
Slide 86: Intensive acquisition programme
Gecimed business profile Intensive acquisition programme Acquisition of Hestia Portfolio (28 GDS clinics ) € 536 mn Acquisition of Mazères (NH Medica) € 4.9 mn Acquisition of Durtol Acquisition of Plancoët (PSY Orpéa) (CSR Orpéa) € 10.9 mn Construction of Castera € 10.6 mn (NH Medica) € 8.7 mn Const
Slide 87: Leases
Gecimed business profile Leases Long term leases >9 years (fixed length) Close business relations with tenants Tenants in charge of all maintenance expenses Most of rents indexed against the ICC (Cost of Construction Index) Renewal for a minimum of 9 years (lessor commitment) The renewed
Slide 88: Rents & yields
Gecimed business profile Rents & yields Gecimed rents (€ mn) +15% (e) +4% +16% +9% 43.6 50.0 (e) 41.9 36.0 33.1 Gecimed yields (operating facilities) 2006 2007 2008 2009 2010 (e) 7,02% 7,03% 6,57% 6,04% 5,82% 5,74% 5,75% 31/12/06 30/06/07 31/12/07 30/06/08 31/12/08 30/06/09 31/12/09 88
Slide 89: Contents
Workshop session B Contents 1. Healthcare in France 2. Gecimed business profile 3. Recent developments and medium term strategy 89
Slide 90: Delivery of Le Havre in June 2010
Recent developments Delivery of Le Havre in June 2010 Private Hospital : 34 000 m² - 356 beds Result of the combination of 2 clinics Gecimed both investor and project manager Tenant : Générale de Santé Architect : Valode & Pistre Facilities : 19 operating rooms, acute care, oncology, dialysis, 24-ho
Slide 91: Delivery of Gien in July 2010
Recent developments Delivery of Gien in July 2010 Clinic Sainte Jeanne d’Arc (Gien, 45) Cooperation with the public hospital : both facilities are on the same location, with common surgery rooms. Gecina is both investor and project manager Capacity : 12,400 m² - 121 beds Delivery mi-2010 Tenant : Gé
Slide 92: Gecimed medium-term strategy
Medium term strategy Gecimed medium-term strategy Growing Gecimed’s portfolio up to € 1 bn within the next 3 years Acquiring operating properties Building new properties Pursuing our capex strategy Developping partnerships with new operators Increasing the percentage of nursing homes Openi
Slide 93: Gecimed' shareholding structure
Appendices Gecimed’ shareholding structure Dec. 2008 Dec. 2009 Float 12% MASCF 3% SCOR 10% Gecina > 38% Gecina : > 98.5% RBS 18% GE 19% Last significant changes : Gecina acquired part of the 19% stake of GE in Dec 2008 > regulatory public takeover A mandatory tender offer was launched at a price
Slide 94: Public / private
Appendices Indexing Ageing population MSO Yields Acute care Regulation Main players Revenue drivers Leases Rents Partnership Demographics Nursing homes Tariffs Public / private 94
Slide 95: Investments
Appendices Investments REITs investments in French healthcare real estate (€ mn) 900 A nationwide market hit by the financial crisis 814 but expected to grow through : 800 consolidation of healthcare operators to bring costs down 700 expected trend for outsourcing real estate 591 600 500 Healthc
Slide 96: Gecimed main tenants (1)
Appendices Gecimed main tenants (1) 96 Source : Natixis
Slide 97: Gecimed main tenants (2)
Appendices Gecimed main tenants (2) Source : Natixis 97
Slide 98: Glossary
Appendices Glossary ARS (Agence Régionale de Santé) : regional healthcare agency EHPAD (Etablissement d’Hébergement pour Personnes Agées Dépendantes) : Nursing Home MSO : Medicine, Surgery, Obstetrics NH : Nursing Home PSY : Psychiatry SCR : Subacute Care & Rehab T2A : “Tarification à
Slide 99: Workshop session C: Leadership on offices in France
Investor Day June 30, 2010 Workshop session C : Gecina, a strategy for leadership on offices in France A. Lajou, VP Commercial Real Estate J. Craveia, Property Management Director Y. Dieulesaint, VP Strategic Resources A. Guerber, Technical Maganement Director
Slide 100: Contents
Workshop session C Contents 1. Market analysis 2. Gecina, a prime strategy 3. Sustainable development and office real estate 100
Slide 101: Paris, leading market in Europe
Market analysis Paris, leading market in Europe Macroeconomic data 2009 Paris Region Great London Area 12,012 km² 1,572 km² Population 12 million (19% total France) 7.7 million GDP €553 bn (29% total France) €340 bn (20% UK) Sources: JLL, MBE Unemployment rate in Q4 2009 8.40% < France 9.60% 9.3% >
Slide 102: Paris Region office market
Market analysis Paris Region office market Region Area (Mn sq.m) Total Paris Region 53.1 Of which Central Western Paris 8.6 Paris Rest of Paris 7.9 16.5 La Défense 3.3 Western Crescent 8.3 Inner suburbs 5.6 Source: CBRE 102
Slide 103: Take-up: first signs of a recovery
Market analysis Take-up: first signs of a recovery Take-up at May 31, 2010: 806,650 sq.m, up +10% over 12 months Take-up in thousand sq.m Average annual take-up between 3,500 2004 and 2009: 2,346,125 sq.m 3,000 2,859 2,755 2,500 790 2,391 2,232 722 1,974 481 2,000 1,862 703 603 577 638 4th quarter 7
Slide 104: Characteristics of demand
Market analysis Characteristics of demand Breakdown of take-up 2004 - Q1 2010 Market driven by large properties 40% 36% 42% 38% 44% 39% 35% Properties over 5,000 sq.m represent 35% of leases signed 29% 34% 31% 32% 25% 29% 35% > 5,000 sq.m 1,000 – 5,000 sq.m 30% 30% 27% 30% 31% 32% 29% < 1,000 sq.m 2
Slide 105: Growing shortage of new and redeveloped products > 10,000 sq.m
Market analysis Growing shortage of new and redeveloped products > 10,000 sq.m Virtually no future deliveries of properties > 10,000 sq.m looking beyond the stock available at end 2010 Regional breakdown of supply > 10,000 sq.m in Paris Region Thousand sq.m After 2011: no deliveries based on proje
Slide 106: Outlook for 2010-2014
Market analysis Outlook for 2010-2014 Between 1.8 and 2.8 million sq.m/year taken up on average over the next five years Paris Region take-up forecasts (sq.m) Source: Jones Lang LaSalle 9% 8.5% 8.5% 8.0% 8% 7.5% Return to a more balanced market from 7.0% 7% 2012, with a gradual reduction in the 6% v
Slide 107: Contents
Workshop session C Contents 1. Market analysis 2. Gecina, a prime strategy 3. Sustainable development and office real estate 107
Slide 108: Asserting leadership
Gecina, a prime strategy Asserting leadership Gecina's strategy is founded on: High-quality portfolio Large modern assets, comfortably compliant with international standards Management focused on the customer relationship Selective development policy Projects in line with the market 108
Slide 109: Portfolio quality: customer viewpoint
Gecina, a prime strategy Portfolio quality: customer viewpoint As requested by Gecina, the institute IPSOS carried out a survey in December 2009 with 25 “key account” customers leasing office properties EADS: “Occupancy of premises must be Ipsen: “We have a design by a leading architect and made as
Slide 110: Large modern assets
Gecina, a prime strategy Large modern assets Average area +13% Buildings > 10,000 sq.m represent 2005-2009 7,350 sq.m 51% of the value in 2009, compared with 46% in 2005 6,500 sq.m Average area of the portfolio in operation increased by +13% between 2005 and 2009 2005 2009 Breakdown by age at end 20
Slide 111: Portfolio comfortably in line with international standards (1)
Gecina, a prime strategy Portfolio comfortably in line with international standards (1) In 2009, Gecina called on CBRE to carry out a qualitative assessment of part of its portfolio. Based on the CIBE rating(*), which assesses the quality of a building based on a series of technical criteria excludi
Slide 112: Portfolio comfortably in line with international standards (2)
Gecina, a prime strategy Portfolio comfortably in line with international standards (2) Breakdown of rating in value €407 Mn €2,009 Mn AA €348 Mn 11% 10% A 55% C 24% 30 buildings out of 56 rated AA or A, B representing 79% of the appraised €850 Mn portfolio value Breakdown of rating in number of a
Slide 113: Customer relationship at the heart of management
Gecina, a prime strategy Customer relationship at the heart of management According to the IPSOS survey, the quality of the customer relationship is seen to be very satisfactory, with the Group scoring 7.5/10 “Leading player on the market, major investor in France, benefiting from its position as a
Slide 114: Selective development
Gecina, a prime strategy Selective development Under development La Garenne Colombes 16,000 sq.m 2012 Multi-tenant 42,691 sq.m DEFENSE OUEST PORTES DE LA DEFENSE 2001 Colombes Colombes BARCLAYS 4,900 sq.m Multi-tenant July 2010 58,186 sq.m 2007 PYRAMIDION SHERING PLOUG La Défense ORIGAMI 9,362 sq.m
Slide 115: Projects in line with the market
Gecina, a prime strategy Projects in line with the market Anthos Seguin Rives-de-Seine joint development zone (ZAC) in Boulogne Billancourt (92) High environment quality (HQE) – Very high energy efficiency (THPE) label 2005 Architect: Elizabeth Naud & Luc Poux Gross leasable area: 10,500 sq.m Delive
Slide 116: Projects in line with the market
Gecina, a prime strategy Projects in line with the market Mercure I 31/37 quai de Grenelle Paris 15th High environment quality (HQE) – Very high energy efficiency (THPE) label 2005 Architect - facades: 2AD Architect – interior design: Siena Ingénierie Work launched: January 2010 Gross leasable area:
Slide 117: Projects in line with the market
Gecina, a prime strategy Projects in line with the market 64 rue de Lisbonne Paris 8th High environment quality (HQE) – Very high energy efficiency (THPE) label 2005 Architect: Antony Béchu Work launched: 1st quarter 2010 Gross leasable area: 7,824 sq.m Delivery: 1st quarter 2012 96-104 avenue Charl
Slide 118: Projects in line with the market
Gecina, a prime strategy Projects in line with the market Velum boulevard Vivier-Merle 69003 Lyon High environmental quality (HQE) – Low consumption building (BBC) label Architect: Franck Hammoutène Gross leasable area: 10,952 sq.m Work launched: 4th quarter 2010 Delivery: 4th quarter 2012 La Garenn
Slide 119: Contents
Workshop session C Contents 1. Market analysis 2. Gecina, a prime strategy 3. Sustainable development and office real estate 119
Slide 120: 1. We have a very strong conviction
1. We have a very strong conviction Environmental issues will be “monetized” Our industry is very exposed Major room for improvement Priority focus on “energy moderation” Measuring performance 120
Slide 121: Energy consumption per sector
Energy consumption per sector 6363Mtep Mtep, i.e.representing 43% of the total 43% ofconsumption total consumption 121
Slide 122: CO2 emissions per sector
CO2 emissions per sector Residential 21.1% commercial 21.1% 122
Slide 123: Increasingly strict regulatory framework
Increasingly strict regulatory framework Grenelle 1: Programming law of August 3, 2009 New: consumption of 50 kWh/sq.m/year from 2011 for commercial and public and 2013 for residential, then positive energy in 2020 Existing properties: target of -38% reduction in energy consumption Grenelle 2: “Na
Slide 124: Changing customer practices
Changing customer practices First signs The market segment for corporate headquarters is already taking these environmental performance criteria into consideration 124
Slide 125: Sector's players are organizing themselves
Sector’s players are organizing themselves High environmental quality (HQE) and soon low consumption building (BBC) are becoming standard practice for developers Some buyers are now only acquiring “green” buildings Others are selling their “wrecks”, particularly in other French regions The s
Slide 126: Valuations, growing number of non-financial ratings
Valuations, growing number of non-financial ratings Banque SARASIN research (September 2009) 126
Slide 127: Investors are going to focus on the best-performing players
Investors are going to focus on the best-performing players 2008 “building eco-performance” scale 127
Slide 128: Sustainable companies outperforming the market
“Sustainable” companies outperforming the market 128
Slide 129: 2. Decisive issues for Gecina
2. Decisive issues for Gecina Obsolescence and valuation of assets Regulations and demand for greater transparency concerning safety aspects and the environment Economic indicators and need for specialized ratings Growing demand among prospects and customers for sustainable development crite
Slide 130: How to maximize green value in this context?
How to maximize “green value” in this context? Defining our vision of the market’s transformation in order to anticipate and adapt Taking the strong inertia into consideration to modify its portfolio Financial leeway Specific features of the various market segments Preparing the company for th
Slide 131: Gecina's targets for action
Gecina’s targets for action Internal expectations Strategy Awareness and dialogue with clients Water consumption Strong Energy / Carbon Employee Sustainable construction engagement Waste Building HR - Professional Building health / Average accessibility for development safety disabled people Respons
Slide 132: For a winning partnership
3. Key opportunities Internal expectations Strategy Awareness and dialogue with our clients Strong Sustainable Energy / construction Carbon Average For a winning Low partnership Low Average Strong External expectations (market and rivals) 132
Slide 133: French environment roundtable energy objectives
French environment roundtable (Grenelle de l’Environnement) energy objectives New buildings: technological break 133
Slide 134: Certifying investments and exceeding standards
Certifying investments and exceeding standards 134
Slide 135: Exceeds standards
Exceeds standards Boulogne HQE THPE 135
Slide 136: Exceeds standards
Exceeds standards Le Vélum, Lyon 3ème BBC 136
Slide 137: Exceeds standards
Exceeds standards Neuilly 104 CDG BBC & BBC rénovation 137
Slide 138: Exceeds standards
Exceeds standards La Garenne Colombes BBC + certification LEED® Gold 138
Slide 139: Existing buildings: energy refurbishment
French environment roundtable energy objectives Existing buildings: energy refurbishment 150kwhep/sq.m/year - 38% 139
Slide 140: A priority issue: existing portfolio's energy performance
A priority issue Existing portfolio’s energy performance: In June 2008, Gecina set up a joint working group made up of business experts, representatives from the Group’s business lines and an external consultant. 140
Slide 141: Energy mapping of assets to measure issues
Energy mapping of assets to measure issues General strategic indicators Number Reference Final Primary CO2 of assets area Energy Energy emissions sq.m MWh FE/year MWh PE/year Tons of CO2 COMMERCIAL 132 /132 972,104 242,293 522,838 29,126 RESIDENTIAL 130 /130 883,222 168,225 187,304 38,003 LOGISTICS
Slide 142: Energy mapping of assets to measure issues
Energy mapping of assets to measure issues General tactical indicators Number Reference Final Primary CO2 of assets area Energy Energy emissions sq.m kWhFE/sq.m.year kWhPE/sq.m.year kgCO2/sq.m.year COMMERCIAL 132 /132 972,104 249.2 537.8 30.0 RESIDENTIAL 130 /130 883,222 190.5 212.1 43.0 LOGISTICS 3
Slide 143: Energy mapping of assets to measure issues
Energy mapping of assets to measure issues COMMERCIAL PROPERTY 126 assets (used exclusively for offices) Energy consumption levels Greenhouse gas emissions for total energy consumption: for total energy consumption: Energy-efficient building Assets Low greenhouse gas emissions Assets 0 0.0% 0 0.0% 1
Slide 144: Energy mapping of assets to measure issues
Energy mapping of assets to measure issues 144
Slide 145: Office division sustainable development
Office division sustainable development Environmental performance Building's intrinsic quality Operations Use 145
Slide 146: Office division sustainable development
Office division sustainable development Frame of reference Internal benchmarking IPD HQE certification for operations Energy 13 to 35 kWhFE/occupant/year 1 to 4 kg CO²/occupant/year Water 11 m3/occupant/year Waste 170 kg/occupant/year 146
Slide 147: Office division sustainable development
Office division sustainable development Internal research Internal benchmarking Operations Investment (facilities) Carbon footprint analysis (Bilan Carbon) Investment (building - facilities) 147
Slide 148: Office division sustainable development
Office division sustainable development Energy consumption per sq.m for buildings in 2007 and 2008 kWhFE/(sq.m.year) 800 700 600 500 400 300 200 100 0 Buildings Buildings 2008 ratio excl. uses (kWhFE/sq.m.year) 2007 ratio excl. Uses (kWhFE/sq.m.year) 148
Slide 149: Office division sustainable development
Office division sustainable development High environmental quality (HQE) certification for operations Process underway for buildings not HQE certified for their construction Défense Ouest Portes de la Défense Crystalys Valmy 149
Slide 150: Office division sustainable development
Office division sustainable development Customer relationship Building's intrinsic quality Operations Green lease Origami Anthos Horizons Use 150
Slide 151: Appendices
Investor Day June 30, 2010 Appendices
Slide 152: Speaker's biography (1)
Investor Day Speaker’s biography (1) Christophe Clamageran, Chief Executive Officer, Gecina Christophe Clamageran, a 46-year old ESLSCA graduate, began his career with the Auguste Thouard Group before moving to DTZ. He then spent 11 years within the BNP Paribas Group, where his positions included Ch
Slide 153: Speaker's biography (2)
Investor Day Speaker’s biography (2) Yves Dieulesaint, VP Strategic Resources, Gecina Yves Dieulesaint, 55, (ESTP and IAE Paris), drilling engineer at CEA (1978-1980), was technical director, then CEO of C.E.R.R.U. from 1980 to 1986, at which time he joined GAN as an assistant Director. Appointed De
Slide 154: Disclaimer
Investor Day Disclaimer This document has been prepared by Gecina (the « Company ») solely for use at the Investor Day on June 30, 2010. This document is not to be reproduced nor distributed, in whole or in part, by any person other than Gecina. The cCompany takes no responsibility for the use of