British Land Company PLC · LSE:BLND
British Land — Merger or Acquisition (July 2013)
14 slides from British Land's merger presentation, Jul 5, 2013
Slide 1: Paddington Central
PADDINGTON CENTRAL 5 JULY 2013 www.britishland.com
Slide 2: Disclaimer
Disclaimer This presentation may contain certain “forward-looking” statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or
Slide 3: Highlights
Highlights • Acquisition of major West-End, office-led estate • Strong Property Fundamentals – attractive mix of modern well-let buildings and development sites – significant upside from asset management – estate will benefit from improving transport infrastructure • 100 % in line with strategy – in
Slide 4: Delivering Future Growth – Focus on London and the South East
Delivering Future Growth – Focus on London and the South East Paddington Aldgate Central Ealing Broadway Clarges Surrey Quays & Paddington Central Harmsworth Recent acquisitions Quays BL assets/concentration Eden Walk Continue to move West Transport inter-changes London residential Up and coming are
Slide 5: Paddington Location
Paddington Location 1 3 2 1. Paddington Central 2. Paddington Station 3. Paddington Basin 5
Slide 6: Paddington Central – Estate
Paddington Central – Estate Key: BL ownership Non BL ownership Multi-let offices Multi-let offices 268,000 sq ft 143,000 sq ft 200 residential units Development sites sold on long leases; (355,000 sq ft) + retail at ground floor Crossrail box below (80,000 sq ft) FOUR KINGDOM STREET New Hammersmith
Slide 7: Paddington Central – Existing Properties
Paddington Central – Existing Properties 3 SHELDON SQUARE SHELDON SQUARE RETAIL 2 KINGDOM STREET 3 KINGDOM STREET 7
Slide 8: Paddington Central – Key Occupiers
Paddington Central – Key Occupiers • Top 8 tenants represent c.80% of the income Area Contracted Unexpired Occupier Building sq ft rent pa £m lease term Astra Zeneca 2 Kingdom Street 76,778 3.4 12 yrs Nokia 2 Kingdom Street 60,791 3.4 9 yrs Rio Tinto 2 Kingdom Street 26,177 1.5 13 yrs Statoil 2 King
Slide 9: Paddington Central – Crossrail
Paddington Central – Crossrail • Paddington will be one of only three Crossrail stations in London’s West End and will provide direct access to City and Docklands • New access point to Crossrail will be opposite the entrance to Paddington Central, off Bishop’s Bridge Road • As part of these works, r
Slide 10: Paddington Central – Development Sites
Paddington Central – Development Sites 4 KINGDOM STREET “CROSSRAIL BOX” 5 KINGDOM STREET • 145,200 sq ft of offices (as • Situated below existing Crossrail deck • 210,000 sq ft of offices (as consented) consented) at ground level • 14 floors • 9 floors • 80,000 sq ft • Plan to redesign scheme and ad
Slide 11: Financial Impact
Financial Impact • Investment of equity placing proceeds accretive to earnings in current financial year • Pro forma LTV at 43% (from 46% pre placing) Impact FY 14 Annualised Net rent £16m £21m Underlying profit1 £9m £12m EPS1 0.9p 1.2p Overall Placing EPS Accretion 0.4p 0.7p 1: Assumes 2% financing
Slide 12: Appendices
#r, British Land Appendices
Slide 13: Asset Overview
Asset Overview Investment Properties - £400m Contracted rent pa WALL Property Sq ft Occupants £m yrs 2 Kingdom St 268,000 AstraZeneca, Nokia, Statoil 10.9 11.2 1 3 Kingdom St 111,000 Novotel 2.2 18.0 3 Sheldon Sq 143,000 Kingfisher, Prudential, Cerner 7.3 7.8 Sheldon Sq Retail 88,000 Nuffield Health
Slide 14: Equity Placing – Acquisition Spend
Equity Placing – Acquisition Spend • Pro forma LTV at 43% - compares to 46% pre-placing Acquisition spend 2014 Annualised £m EPS EPS Ealing Broadway shopping centre 143 0.8p 0.8p Surrey Quays JV buy-out 48 0.2p 0.2p Other acquisitions 75 0.1p 0.1p Impact as at 1 April 2013 266 1.1p 1.1p Acquisitions
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