Investor Presentation CA Immo following the Acquisition of Europolis September 2010 1
CA Immo Group at a Glance Group Structure Portfolio Overview – Regional Break Down 5.100 Retail Shareholders ~50% Inst. Shareholders ~40% Bank Austria ~10% � Share of CEE/SEE + 1.500 3.623 to double from 680 680 CEE 20% to 42 % 97% following Takeover Offer Germany � Germany ~42 % 2.204 2.204 CEE / SEE / CIS � Austria ~16 % Germany Austria CEE/SEE/CIS 740 Austria 740 VIVICO Currently incl. Europolis � Clear focus on commercial properties, mainly Following Europolis acquisition offices and Merger with CA Immo International � Substantial development assets in Germany (Vivico) � Listed on Vienna Stock Exchange since 1990 Austria CEE / SEE / CIS Germany � Market Cap: € 860 m � NAV / Share: € 17.9 vs Share Price of € 9.8 VIVICO => one of the highest discounts in the sector 2
Strategic Positioning of the CA Immo Group Focus on Central Europe CA Immo: A leading Central European real estate company with a strong income producing portfolio and unique organic growth opportunities from developments Core Secondary Opportunistic Region Regions Approach 3
Portfolio 4
€ 2.5 bn Income Producing Portfolio Backbone of CA Immo Group As of 30 June, 2010 Austria Germany CEE/SEE Total 716 1,230 602 2,548 Total income producing Standing Investments 705 1,119 601 2,425 Own Use Properties 11 3 - 14 Trading Portfolio 1) - 108 1 109 156 2) Annualized Rental Inc. 40 69 47 Gross Yield Standing Inv. 5.7% 5.5% 8.5% 6.1% 14% 3) Vacancy 14% 5% 11% Assets under Development 24 974 78 1,076 Held via 1) Incl. assets held for sale CA Immo International 2) Excluding € 8.4 m of rental revenues from interim uses from assets under Development 3) Excluding Sava City, Duna Centre and Capital Square which are just opened recently and are not yet stabilized the vacancy is 7% 5
Long Term Rent Expiry Profile Provides Stable Cash Flow Basis Rent Expiry Profile (Group-level) as of June 30, 2010 In % of total rent 6 Note: Expiry profile includes rents from development properties, hence difference to annualized rent on previous page Status 30.6.2010 6
Developments 7
Visible Organic Growth from Developments Unique to the Listed Sector in Germany € 974 m Assets under Development in Germany � Tower 185 (Frankfurt) � ~ € 340 m outstanding construction costs � Nord 1 (Frankfurt) � Fully funded € 399 m Under � Skygarden (Munich) � High level of pre-leases (50-60%) Construction � Focus on Frankfurt and Munich � Ambigon (Munich) � Total (Berlin) � Key completions end of 2010/2011 � Nord 4 (Hotel Frankfurt) � Specifications (size, usage, etc) finalized � Frankfurt: Skyline Plaza, Hyatt Hotel € 59 m Advanced � Erlenmatt (Shopping Basle) � Key partners and/or tenants secured Preparations � RheinForum (Cologne) � Start of construction in 2010 or 2011 � Berlin € 121 m € 213 m Zoned � Ongoing value adding activities: � Frankfurt € 75 m Development Land - Finalization of project specifications � Munich € 17 m - Optimization of regulatory framework (zoning, permits, etc.) � Includes substantial portion of residential projects (e.g. � Munich € 94 m Düsseldorf) � Frankfurt € 83 m � Start of construction 2012 and beyond � Berlin € 73 m € 303 m Landbank � Sale of plots also in pre-construction phase � Düsseldorf € 31 m (in Zoning) � Valuation reflects longer period required for the market � Basle € 20 m to absorb the resulting floor areas � Other € 2 m 8
Frankfurt Europa-Viertel Plot size: 18 ha Total Gross Floor Area: ~ 690.000 m² Tower 185 Pre Lease PWC: � 60,000 sqm � Contract with Hyatt for Hotel North 1: Pre Lease BNP Paribas � Forward-Sale to Union Partnership with ECE � for Shopping Mall � Mövenpick Hotel: Sold Residential Construction: JV/ Forward Sale � � Contract with Hotel Operator Plot sold to Strabag � 9
Progress at Tower 185 Status September 2010 10
Munich Arnulfpark Velum MK 3 (sold) (JV with Ellwanger & Geiger) Preparations ongoing Atmos (sold) Skygarden (under construction) 11
Sale of 22.000 m² Plot at Erlenmatt in May 2010 Overview Erlenmatt � Closing expected in Q3/Q4 2010 � Salesprice exceeds bookvalue as of 31/12/2009 � Plot equivalent to ~ 1/3 of total Erlenmatt Land Reserve 12
Düsseldorf Belsenpark 13
Berlin Europacity First Project („Tour Total“) Started 14
Acquisition of Europolis 15
Europolis Acquisition will Significantly Enhance the Profitability of the CA Immo Group Transaction based on Compelling Rationales � >90 % of Europolis assets are income producing 1 Portfolio rebalanced � Ratio of income producing assets will increase towards income from 70 % close to 80 % producing assets � CA Immo’s cash balance is put to work � Europolis standing assets offer attractive gross 2 Significant Earnings and Cash initial yield of >7 % with significant upside Flow Accretion � Low cost of debt of Europolis (~ 2.75 %) Europolis is an � Payment of 50 % of the purchase price deferred for 5 excellent fit with 3 Attractive Deal years at 3M Euribor + 1.0 % Structure enhances CA Immo and a � € 75 mn subordinated debt granted by the seller stays Return on Invested key step to Equity in the company for 5 years at 3M Euribor + 0.9 % improve � Long-term fundamentals in CEE remain attractive profitability 4 Right point in the � On a risk/return perspective currently better value than cycle to invest in CEE Austria or Germany � Europolis is also headquartered in Vienna, which 5 Fast integration significantly facilitates integration and visible cost � Synergies from merging local platforms and back reductions office functions � Currently Europolis is a bank and supervised as such Excellent Reputation 6 and Corporate by the relevant Austrian authorities Governance � Long lasting partnerships with EBRD, AXA and Union 16
Portfolio Focused on „Core CEE“ Countries € 1.5 bn Real Estate Assets Key Portfolio Metrics (as of Dec 31 2009) Regional Split Split by Asset Types 73% in Total Property Value: € 1,504 mn Core-CEE Therof assets under development: € 114 mn UA 1% HR Vacancy Rate: ~ 18 % 4% CZ Logistics RO 25% SK 26% Annualized Rental Income: ~ € 100 mn 21% 1% Gross Initial Yield: ~ 7.2 % Retail HU Office 8% 15% 65% PL Total Lettable Area: 1,054,000 m² 33% 17 Note: Russian Assets will remain with the seller
Strong Partnerships with EBRD, AXA and Union E1 E2 E3 C1 P1 I1 EBRD (E1, E2, E3) Portfolio � Partner since 2001 � Initially focus on developments Union (C1) Czech CSEE, Romania, Region CSEE Republic, Poland CSEE � Acquired stake in C1 portfolio in Ukraine Serbia Hungary 2005 (transferred from E1 Europolis Europolis Europolis Europolis Europolis Europolis portfolio) 65% 65-75% 65% 51% 51% 100% Investor � Long term hold strategy EBRD EBRD EBRD Union Inv. AXA IM – AXA (P1) 35% 25-35% 35% 49% 49% � Acquired stake in September 2006 Year of 2001 2004 2005 2003 2006 1997 Opening Management Agreements Standing � Partnerships are based on Investment 484 242 0 276 275 177 449 242 17 276 275 132 (€m) Investment- and Management Develop- Agreements 27 65 29 0 0 25 63 65 1 0 0 0 ments (€m) � Europolis receives an annual management fee for its services Sum (€ m)* 511 512 306 307 29 18 276 276 275 275 202 132 18 *) Includes only assets in fully consolidated subsidiaries 18
Well Diversified Blue Chip Tenant Base Top Tenants – Group Maturity of Lease Terms – Group Rental Rental Parking 30% Group Income p.a. Area Lots Tenant Name Sector in €k % sqm % # 23% Pekao S.A Financial Services 6,931 7% 39,110 4% 480 20% Ahold CZ Food Retail 4,154 4% 33,179 3% 0 20% NSN Technology 3,434 3% 24,028 2% 372 17% 16% 16% Deloitte Financial Services 2,332 2% 11,332 1% 126 Carrefour Food Retail 2,183 2% 44,890 4% 20 IBM Technology 2,144 2% 12,509 1% 186 Csemege A Logistics 2,127 2% 30,260 3% 84 10% Orange Telecommunication 1,872 2% 7,517 1% 56 Delamode Logistics 1,245 1% 22,615 2% 28 5% British American Shared 3% Financial Services 1,110 1% 5,449 1% 85 Services Europe S.R.L. Wüstenrot Financial Services 1,090 1% 5,989 1% 51 0% OTZ Logistics 1,088 1% 19,469 2% 40 Total of Top 12 Tenants 29,710 29% 256,347 24% 1,528 <1 y 1-2y 2-3y 3-4y 4-7y 7-10y >10 19
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