Frasers Property Ltd. · SGX:TQ5
Frasers Property — Q1 FY2018 Earnings Presentation
75 slides from Frasers Property's earnings presentation, Feb 8, 2018
Slide 1: Financial Results Presentation for the First Quarter ended 31 December 2017
Frasers Property Limited Financial Results Presentation for the First Quarter ended 31 December 2017 8 February 2018 Northpoint City, Singapore
Slide 2: Important notice
Important notice Statements in this presentation constitute “forward-looking statements”, including forward-looking financial information. Such forward-looking statements and financial information involve known and unknown risks, uncertainties and other factors which may cause the actual results, pe
Slide 3: Contents
Contents Key highlights Operational updates – Singapore – Australia – Hospitality – Europe & rest of Asia Results & Financials Appendices 3
Slide 4: Key highlights
Key highlights Farnborough Business Park, UK
Slide 5: Key highlights
Key highlights Underpinned by recurring income sources Recurring income rose 8% in 1Q FY18, supporting earnings amid lower Achieved development income due to timing of overseas project completions healthy 1Q FY18 results S$740 Million S$69 Million S$77 Million Revenue APBFE1 Attributable Profit Main
Slide 6: Key highlights
Key highlights Acquired Four Business Parks in the United Kingdom (the “UK”) as well as one business park in the UK acquired via 50:50 joint venture with Frasers Commercial Trust Deepened Six Cross-Dock Facilities in Germany presence – to be completed between Feb 18 and Mar 19 in Europe and Th
Slide 7: Recurring income base provides resilience and stability
Recurring income base provides resilience and stability >70% of the Group’s total property assets are recurring income assets >70% of the Group’s operating PBIT 1Q FY18 is from recurring income sources Recurring vs Non-Recurring Operating PBIT 1 Total Property Assets2: S$24.5 Billion 100% Indust
Slide 8: Increasing geographic diversification
Increasing geographic diversification >50% of the Group’s total assets are outside of Total Assets by Geographical Segment: S$28.1 Billion Singapore Others2, S$2.9 B, >60% of the Group’s PBIT1 is generated from 10% overseas markets Singapore, S$12.3 B, Focus on two to three core markets to bui
Slide 9: Operational update: Singapore
Operational update Singapore Seaside Residences, Singapore
Slide 10: Singapore Residential
Singapore Residential Acquired Jiak Kim Street Site Won the tender for Jiak Kim Street site sold under the Won tender Government Land Sales programme in December for Jiak Kim Street 2017 site – Potential yield of more than 550 residential units Solid pre-sales rate for existing launches with S$0
Slide 11: Singapore Retail
Singapore Retail Opening of Northpoint City South Wing to Boost Recurring Income Northpoint City South Wing commenced trading in December 2017 with lease commitments for more Portfolio Metrics2 1Q FY18 1Q FY17 Change than 90% of the entire Northpoint City (Retail) – Largest retail mall in the Nort
Slide 12: Singapore Commercial
Singapore Commercial Achieved Pre-Lease Commitments for Over 70% of Frasers Tower Development and leasing of Frasers Tower progressing well Portfolio Metrics2 1Q FY18 1Q FY17 Change – Strong pre-commitments with tenants including blue-chips such as Microsoft, Total Oil, Sumitomo Average Occupancy3
Slide 13: REIT - Frasers Centrepoint Trust
Singapore REIT - Frasers Centrepoint Trust (“FCT”) Steady Performance and Higher DPU1 1Q18 DPU up 3.8% year-on-year (“y-o-y”) to 3.00¢ Financial Highlights 1Q FY182 1Q FY172 Change Revenue growth driven mainly by Northpoint City North Wing as well as from higher revenue Gross Revenue S$47.9 m S$
Slide 14: REIT - Frasers Commercial Trust
Singapore REIT - Frasers Commercial Trust (“FCOT”) 1Q FY18 DPU Stable Q-o-Q 1Q FY18 distribution income was stable vs 4QFY17 Financial Highlights 1Q FY18 1Q FY17 Change and decreased 2.4% vs 1QFY17, mainly due to the lower occupancy rates at Alexandra Technopark, Gross Revenue S$35.3 m S$39.7 m 11
Slide 15: Singapore PBIT Breakdown
Singapore PBIT Breakdown Lower PBIT largely due to timing of profit recognition from development projects and ongoing AEI works Segment 1Q FY18 1Q FY17 Change Residential S$21.5 m S$25.9 m 17.0% Retail & Commercial (Non-REIT) S$16.1 m S$14.4 m 11.8% REITs S$50.5 m S$54.6 m 7.5% Fee Income & Others S
Slide 16: Singapore Operating Environment
Singapore Operating Environment Early stage of recovery in the Residential and Office Markets Higher than Expected GDP Growth and 2 Quarters of Residential Price Recovery >30% increase in Sales Volumes over 2016 Lower Unemployment Rate No. of Private Residential Property Units Sold by Developers (ex
Slide 17: Operational update: Australia
Operational update Australia Botany (Tailor’s Walk), NSW, Australia
Slide 18: Australia Residential
Australia Residential High Level of Secured Earnings Underpins 7201 units Outlook for FY18 Performance Settled in 1Q FY18 Planned release of over 2,5001 units in FY18 Around 2,2801 units planned – Mainly in NSW and VIC for completion over the remainder of FY18 – 2701 units released for sale in 1Q
Slide 19: Australia Commercial & Industrial and Retail Development
Australia Commercial & Industrial and Retail Development Strong Workload with Quality Tenants and Third Party Sales Delivered five facilities totalling 137,000 sq m 5 – Two projects with a gross development value (“GDV”) Facilities Delivered of S$67 million, sold1 to Frasers Logistics & Industrial
Slide 20: Australia Investment
Australia Investment Active Leasing Activity in 1Q FY18 Industrial Portfolio Metrics2 1Q FY18 1Q FY17 Change 96.7% portfolio occupancy3 Average Occupancy3 98.8% 97.1% 1.7 pp Strong tenant profile Average Rental Reversion -9.8% -2.1% 7.7 pp – 54% multinational companies Weighted Average Lease Exp
Slide 21: Australia REIT - Frasers Logistics & Industrial Trust
Australia REIT - Frasers Logistics & Industrial Trust Higher 1Q DPU1,2 Financial Highlights 1Q FY18 1Q FY17 Change Executed three lease renewals with a total gross lettable area of 66,737 sq m; average reversion of - S$43.9 m4 S$41.9 m5 5.1% for 1Q FY18 Revenue 6.9% (A$42.4 m) (A$39.7 m) Portfol
Slide 22: Australia PBIT Breakdown
Australia PBIT Breakdown • Higher development profit recognition from residential projects • Stable contributions from recurring income sources Segment 1Q FY18 1Q FY17 Change Residential Development S$26.7 m (S$5.2 m) N/M Investment Properties / Commercial & Industrial Development S$13.6 m S$21.2 m
Slide 23: Australia Operating Environment
Australia Operating Environment GDP growth in line with RBA expectations Sydney and Melbourne house price growth Sydney and Melbourne unit price growth and low unemployment rate slowing slowing LHS RHS Source: ABS, 7 December 2017 Source: CoreLogic RP Data 3 Month Rolling Simple Median Price Source:
Slide 24: Operational update: Hospitality
Operational update Hospitality Capri by Fraser, Berlin, Germany
Slide 25: Hospitality Management Business
Hospitality Management Business Continued growth with new sign-ups 1 New Opening New Opening – Fraser Suites Shenzhen, China, in December in 1Q FY18 2017 New Management Contracts – Deepened presence in two existing markets: Istanbul, Turkey >16,000 Dubai, United Arab Emirates Serviced Apartm
Slide 26: Hospitality Investment
Hospitality Investment North Asia Asia Pacific excluding North Asia Europe Portfolio 1Q 1Q Portfolio 1Q 1Q Portfolio 1Q 1Q Change Change Change Data1 FY18 FY17 Data1 FY18 FY17 Data1 FY18 FY17 AOR2 94% 85% 9 pp AOR2 85% 85% - AOR2 84% 82% 1 pp ADR3 S$169 S$165 2% ADR3 S$220 S$228 4% ADR3 S$208 S$201
Slide 27: Hospitality REIT - Frasers Hospitality Trust
Hospitality REIT - Frasers Hospitality Trust Steady 1Q Distributable Income Financial Highlights 1Q FY18 1Q FY17 Change Better performance across all country portfolios, except the United Kingdom portfolio, led GR and Gross Revenue (“GR”) S$41.5 m S$39.6 m 4.8% NPI to improve 4.8% and 3.1% year-on
Slide 28: Hospitality PBIT Breakdown
Hospitality PBIT Breakdown Stable operating performance Segment 1Q FY18 1Q FY17 Change Non-REIT S$14.3 m S$15.9 m 10.1% REIT S$22.0 m S$29.0m 24.1% Fee Income S$0.4m S$3.9 m 89.7% TOTAL S$36.7 m S$48.8 m 24.8% Non-REIT affected by lower contribution from properties in the UK due to weakness in the
Slide 29: Operational update: Europe & rest of Asia
Operational update Europe & rest of Asia Baitang One, Suzhou, China
Slide 30: Europe & rest of Asia: Germany and the Netherlands
Europe & rest of Asia Germany and the Netherlands Continued to Grow Portfolio of High Quality Logistics and Industrial Assets Buying out remaining 0.55% minority stake in Geneba Overall Portfolio Metrics 1Q FY18 1Q FY17 Change Made further progress on several AEIs1 in FY17: Average Occupancy 99.
Slide 31: Europe & rest of Asia: United Kingdom
Europe & rest of Asia United Kingdom S$1.8b4 of property assets across residential, commercial and business parks Business Parks Business Parks Portfolio Metrics As of Dec 2017 Acquired four business parks for S$1,204m (£686m)2 in Net Lettable Area Approx. 5.43m sq ft November 2017, with three loc
Slide 32: Europe & rest of Asia: China
Europe & rest of Asia China Steady residential sales despite headwinds 29 Units3 102 units sold in 1Q FY18 Completed and Targeting to complete Phase 3B of the Baitang Settled in One residential development in Suzhou and 1Q FY18 Phase 4F of the Gemdale Megacity1 residential development in Songjia
Slide 33: Europe & rest of Asia: Thailand Multi-Segment
Europe & rest of Asia Thailand Multi-Segment One Bangkok Golden Land Construction expected to commence in FY18 Project Value S$291.1m1 Golden Land (THB 7.1b) Sep-Dec 2017 18.5% y-o-y increase in revenue to S$383.4m1 (THB9.4b2) and 16.8% y-o-y increase in profit to Launched S$44.5m1 (THB1b2) 6 Ne
Slide 34: Europe & rest of Asia: Thailand Industrial
Europe & rest of Asia Thailand Industrial TICON Preparing TREIT for Growth through Scale 23% y-o-y increase in revenue to S$63.6m2 Successful merger of TREIT and TICON’s 3 property (THB1.6b1) funds transformed TREIT into the largest REIT in Increased leasable area from 2.5 m to 2.7 m sqm of Th
Slide 35: Europe & rest of Asia: Vietnam
Europe & rest of Asia Vietnam Rapidly Growing Economy with Stable Inflation Strong Growth Potential Launched a residential-cum-commercial project in Thao Dien, Ho Chi Minh City in Jan 2018 Maintained 100% occupancy at Me Linh Point Tower as at 31 Dec 17 35
Slide 36: Europe & rest of Asia PBIT Breakdown
Europe & rest of Asia PBIT Breakdown • Lower development profit due to timing of project completions • Maiden contribution from Geneba Properties in Europe and four business parks in the UK Segment 1Q FY18 1Q FY17 Change Europe S$29.4 m S$5.0 m N/M China (S$1.8 m) S$126.2 m N/M Thailand and Vietnam
Slide 37: Results and financials
Results and financials Riverlight, Hamilton, Queensland, Australia
Slide 38: Key Financial Highlights
Key Financial Highlights APBFE amounted to S$69 Million in 1Q FY18 Lower development profit due to timing of overseas project completions Stable contributions from recurring income sources New recurring income sources from Europe and the UK 1Q FY18 1Q FY17 Change Revenue S$740.0 m S$971.7 m 23
Slide 39: PBIT by Business Segments
PBIT by Business Segments Business 1Q FY18 1Q FY17 Change Remarks Segment • Absence of contributions from fully completed and sold joint Singapore S$93.1 m S$105.9 m 12.1% venture development projects in 1Q FY17 • Fairly stable contributions from recurring income sources • Share of profits from join
Slide 40: Capital Management
Capital Management Gearing increased due mainly to the acquisition of four business parks in the UK As at 31 Dec 17 As at 30 Sep 17 Change Total Equity 1 S$13,011.1 m S$13,049.2 m 0.3% Cash and Bank Deposits 2 S$1,742.0 m S$2,409.5 m 27.7% Net Debt S$10,972.3 m S$9,218.4 m 19.0% Net Debt / Total Equ
Slide 41: Debt Maturity Profile
Debt Maturity Profile Frasers Property is well-equipped to manage its debt maturity Clear visibility over future cash flows Continuing efforts to extend debt maturities S$ million 3,000 2,824 2,571 2,443 2,500 2,321 2,213 2,000 1,821 1,736 1,602 1,500 1,323 1,319 1,117 1,130 1,000 500 0 <1 Year
Slide 42: Key Financial Ratios
Key Financial Ratios Timing of completions and profit recognition of development properties causes distortion of financial ratios based on quarterly results. Financial ratios based on full-year results a better reflection of performance 1Q FY18 results were affected by the absence of revenue rec
Slide 43: Appendix I
Appendix I Camberwell on the Green, London, UK
Slide 44: Overview of Frasers Property
Overview of Frasers Property Multi-national real estate organisation with multi-segment expertise Residential, retail, commercial & business park, industrial & logistics, and hospitality Proven track record with international recognition in large-scale and complex mixed-use developments Partic
Slide 45: Singapore Residential
Singapore Residential Among the Top Residential Property Developers in Singapore Strong Over 19,000 homes built Pre-Sales Three projects currently under development – Parc Life EC – North Park Residences – Seaside Residences Won the Jiak Kim Street site sold under the Government Land Sale prog
Slide 46: Singapore Retail and Commercial
Singapore Retail and Commercial One of the largest retail mall owners and / or operators in Singapore, with established REIT platforms that facilitate efficient capital recycling 111 Retail Malls with ~2.2 Million sq ft of Net Lettable Area (“NLA”) across Singapore 10 Office and Business Space P
Slide 47: Singapore REIT - Frasers Centrepoint Trust
Singapore REIT - Frasers Centrepoint Trust 41.9%1 stake in a stable retail REIT with six properties 1Q FY18 Portfolio Country Properties Portfolio Value1 Net Property Income Causeway Point Northpoint City (North Wing) (including Yishun 10 retail podium) Changi City Point Singapore S$2,672.9 m S$34.5
Slide 48: Singapore REIT - Frasers Commercial Trust
Singapore REIT - Frasers Commercial Trust 26.8%1 stake in an office and business space/parks REIT with six properties 1Q FY18 Portfolio Country Properties Portfolio Value1 Net Property Income 2 office assets – China Square Central, 55 Market Street Singapore S$1,216.3 m (59%) S$12.5 m (50%) 1 busine
Slide 49: Australia Frasers Property Australia
Australia Frasers Property Australia One of Australia’s leading diversified property groups Development Pipeline Gross Development Value • 16,400 pipeline residential development units1 • Strong commercial & industrial and retail Residential 1 S$8.9 b development pipeline Commercial & Industrial 2 S
Slide 50: Australia REIT - Frasers Logistics & Industrial Trust
Australia REIT - Frasers Logistics & Industrial Trust 20.3%1 stake in logistics and industrial trust with 61 quality assets 1Q FY18 Country Properties Portfolio Value1 Adjusted Net Property Income2 Victoria – 30 logistics and industrial assets New South Wales – 15 logistics and industrial assets S$2
Slide 51: Hospitality Frasers Hospitality
Hospitality Frasers Hospitality Well established hospitality brands with quality assets in prime locations International footprint cannot be easily replicated International Footprint Scalable operations in more than 80 cities in over 20 countries Breakdown of Total Units by Geography NB: Figures
Slide 52: Hospitality REIT - Frasers Hospitality Trust
Hospitality REIT - Frasers Hospitality Trust 23.3% stake in global hotel and serviced residence trust; 15 quality assets1 1Q FY18 Portfolio Country Properties Portfolio Value 1,2 Net Property Income 2 Australia 3 hotels , 1 serviced residence S$823.8 m (A$794.9 m) (34%) S$12.6 m (40%) Singapore 1 ho
Slide 53: Europe & rest of Asia: Germany and the Netherlands
Europe & rest of Asia Germany and the Netherlands Properties in key industrial and logistics markets in Germany and the Netherlands S$1.0 billion1 portfolio focused on strong tenants in key industries in Germany and the Netherlands 14 logistics and 10 light industrial properties Mission critical
Slide 54: Europe & rest of Asia: United Kingdom
Europe & rest of Asia United Kingdom Winnersh Chineham Watchmoor Hillington Farnborough Business Parks Triangle Park Park Park Business Park Four business parks in Thames Valley1 and one in Glasgow Platform of 5.4m sq ft let to over 460 tenants with a portfolio value of S$1.5 billion3 Location R
Slide 55: Europe & rest of Asia: China, Thailand, and Vietnam
Europe & rest of Asia China, Thailand, and Vietnam China Thailand Vietnam 9,800 Homes 39.9% Stake Built to Date Rapidly Growing in Golden Land 3 Projects Property Market Under Development Development 70.0% Stake 41.0% Stake S$0.3 Billion in Q2 Thao Dien in TICON Commercial & Unrecognised Industrial
Slide 56: Frasers Property Group Strategy
Frasers Property Group Strategy Achieve sustainable earnings growth through significant Sustainable development pipeline, investment Earnings properties, Growth and fee income + Sustainable Grow portfolio Growth and in a balanced manner across geographies and property segments Balanced Portfolio = L
Slide 57: Scaled Platforms in Singapore and Australia
Scaled Platforms in Singapore and Australia Singapore Asset Breakdown by Australia Asset Breakdown by Business Segment as at 31 Dec 17 Business Segment as at 31 Dec 17 (S$ Million) (S$ Million) 419.9 485.9 1,325.8 1,526.4 1,031.5 2,322.3 Total Assets: 12,255.3 Total Assets: 8,265.6 135.1 8,983.2 4,2
Slide 58: Earnings Visibility from Development Pipeline
Earnings Visibility from Development Pipeline Pre-Sold Revenue Amounting to S$3.3 billion Across Singapore, China and Australia Provides earnings visibility over the next two to three years S$ billion Unrecognised Revenue from Key Markets 4.0 3.4 3.3 3.5 3.1 3.1 0.3 0.3 3.0 0.4 0.5 2.5 2.2 0.1 2
Slide 59: Optimising Capital Productivity
Optimising Capital Productivity REIT Platforms and Active Asset Management Help Optimise Capital Productivity S$ million 1,800 1,600 1,400 1,200 1,000 FLT: 800 Changi City Point: 1,700 1 153 600 400 FHT: Sofitel Sydney: 655 223 200 357 Collins St: Industrial Assets: 224 240 3 0 4 FY14 FY15 FY16 2 FY
Slide 60: Appendix II
Appendix II Wolli Creek (Discovery Point), NSW, Australia
Slide 61: Notes on Profit Recognition: Singapore
Notes on Profit Recognition1 Singapore Estimated Target Effective Total No. % of % Total Project Completion Share (%) of Units Units Sold Completion Saleable Area Date （m sq ft) Soleil @ Sinaran 100.0 417 100.0 100.0 0.5 Completed Q Bay Residences 33.3 632 99.8 100.0 0.6 Completed North Park Residen
Slide 62: Notes on Profit Recognition: Australia (Residential)
Notes on Profit Recognition Australia (Residential) Estimated % of Target Effective Total No. Total Project 1 Units Completion Share (%) of Units 2 Saleable Area Sold Date （m sq ft) Cockburn Central (Cockburn Living, Kingston Stage 4) - H/MD, WA 100 60 95.0 0.1 Completed Cockburn Central (Cockburn L
Slide 63: Notes on Profit Recognition: Australia (Residential)
Notes on Profit Recognition Australia (Residential) % of Estimated Total Target Effective Total No. Project 1 Units Saleable Area Completion Share (%) of Units 2 Sold （m sq ft) Date Ryde (Putney Hill Stage 2, Canopy) - H/MD, NSW 100 131 99.2 0.1 Completed Kangaroo Point (Yungaba, Linc) - HD, QLD 100
Slide 64: Notes on Profit Recognition: Australia (Residential)
Notes on Profit Recognition Australia (Residential) % of Estimated Target Effective Total No. Project 1 Units Total Saleable Completion Share (%) of Units 2 Sold Area （m sq ft) Date Parkville (Parkside Parkville, Prosper) - HD, VIC 50 172 94.8 0.1 4Q FY18 North Coogee (Port Coogee JV1) - L3, WA 50 3
Slide 65: Notes on Profit Recognition: Australia (Residential)
Notes on Profit Recognition Australia (Residential) % of Estimated Target Effective Total No. Project 1 Units Total Saleable Completion Share (%) of Units 2 Sold Area （m sq ft) Date Point Cook (Life, Point Cook) - L3, VIC 50 545 69.2 n/a 4Q FY19 Carlton (Encompass) - H/MD, VIC 65 114 6.1 0.1 3Q FY20
Slide 66: Notes on Profit Recognition: Australia (C&I)
Notes on Profit Recognition Australia (C&I) Total % Target Effective Type Site Area Revenue Completion Share (%) (m sq ft) to Go Date Horsley Park (Vivin), NSW PDA1 0.3 100 3Q FY18 Eastern Creek (Rhino & Spec), NSW 100 0.3 100 3Q FY18 Development Keysborough (Silvan / Rubies / GH Cabinets), VIC 100
Slide 67: Notes on Profit Recognition: China
Notes on Profit Recognition1 China Saleable Target Effective Total No. % of Project Area Completion Share (%) of Units2 Units Sold （m sq ft) Date Baitang One (Phase 1B), Suzhou 100 542 100.0 0.7 Completed Baitang One (Phase 2A), Suzhou 100 538 99.8 0.8 Completed Baitang One (Phase 2B), Suzhou 100 36
Slide 68: Notes on Profit Recognition: UK
Notes on Profit Recognition1 UK Saleable Target Effective Total No. % of Project Area Completion Share (%) of Units2 Units Sold （m sq ft) Date Five Riverside Quarter 100 149 88% 0.1 Completed Seven Riverside Quarter 100 87 63% 0.1 Completed Camberwell Green 100 101 62% 0.1 Completed 1. Profit is rec
Slide 69: Land Bank Singapore
Land Bank Singapore Effective Share Estimated Total Saleable area Site (%) No. of Units 1 (m sq ft) Jiak Kim Street 100 500 - 600 0.5 – 0.6 1. Subject to planning approval 69
Slide 70: Land Bank Australia
Land Bank Australia Estimated Total Effective Estimated Total Type Site 1 Saleable Area Share (%) No. of Units 2,3 (m sq ft) Macquarie Park - HD, NSW PDA4 2,271 2 Edmondson Park - H/MD, NSW 100 1,810 2 Wyndham Vale - L, VIC 100 1,191 n/a Deebing Heights - L, QLD 100 966 n/a Burwood East (Burwood Bri
Slide 71: Land Bank Australia
Land Bank Australia Estimated Total Effective Type Site Type Saleable Area Share (%) (m sq ft) Braeside, VIC 100 Industrial 2.2 Yatala, QLD 100 Industrial 1.7 Truganina, VIC 100 Industrial 1.4 Keysborough, VIC 100 Industrial 0.9 Frasers Berrinba, QLD 100 Industrial 0.8 Property Australia Eastern Cre
Slide 72: Land Bank Australia
Land Bank Australia Estimated Total Effective Type Site Type Saleable Area Share (%) (m sq ft) Horsley Park (WSPT), NSW PDA 1 Retail 1.6 Frasers Wyndham Vale, VIC 100 Retail 0.4 Property Australia Burwood East (Burwood Brickworks), VIC 100 Retail 0.3 Retail Edmondson Park, NSW 100 Retail 0.3 1. PDA:
Slide 73: Land Bank China
Land Bank China Estimated Total Effective Estimated Total Site Saleable Area Share (%) No. of Units2 (m sq ft) Baitang One (Phase 3C2), Suzhou 100 377 0.5 Chengdu Logistics Hub (Phase 2A), Chengdu 80 179 1.0 Gemdale Megacity (Phase 4–6), Songjiang, Shanghai 45 1,656 1 2.1 1. Excluding launched units
Slide 74: Land Bank UK
Land Bank UK Effective Share Estimated Total Saleable area Site (%) No. of Units 1 (m sq ft) Nine Riverside Quarter 100 172 0.2 1. Includes affordable units 74
Slide 75: Winnersh Triangle, Reading, UK
Winnersh Triangle, Reading, UK