CAPITAL MARKETS DAY THE NETHERLANDS 4 October 2017 1
WERELDHAVE THE NETHERLANDS MANAGEMENT TEAM PIETER POLMAN MICHIEL BIERMANS DORIS SLEGTENHORST JEROEN VERWOLF KIM DE MUNNIK HANS VERMEEREN RAYMOND TOET Managing Director Business unit Business unit Business unit Business unit Head Head of Finance Wereldhave Nederland Manager Manager Manager Manager of Development & Control 2016 – Current 7 years of 8 years of 10 years of 15 years of 20 years of 17 years of Wereldhave | industry experience industry experience industry experience industry experience industry experience industry experience Managing Director 2014 – 2016 Wereldhave | Head of Leasing 2 2011 – 2014 Wereldhave | Leasing Manager 2008 – 2011 DTZ Zadelhoff | Consultant Retail Services 2007 – 2008 Unibail-Rodamco 2
QUICK RECOVERY FROM BANKRUPTCIES IMPROVED RETAIL CLIMATE ENABLES FURTHER OCCUPANCY GROWTH YEAR 2011 2012 2013 2014 2015 2016 H1-17 OCCUPANCY 96.0% 96.5% 97.1% 97.0% 98.0% 97.9% 95.8% 1/1 (0.2%) (3.2%) (3.5%) (2.0%) (2.8%) (4.0%) (0.3%) BANKRUPTIES +0.7% +3.8% +3.4% +3.0% +2.7% +3.1% +0,7% LEASING OCCUPANCY 96.2%² 96.5% 97.1% 97.0% 98.0% 97.9% 97.0% 1 /95.8% 3 31/12 OCCUPANCY STEADILY IMPROVES TOWARDS THE 98% GOAL FOLLOWING THE 2015 ACQUISITION AT 91.4% Notes 1 Based on the Wereldhave portfolio in the Netherlands excluding the assets acquired in 2015 3 2 Occupancy per 30 June 2017
THE NETHERLANDS PORTFOLIO GEOGRAPHICAL SPREAD KEY FACTS EN FIGURES # of shopping centres 16 Total GLA 548,800 m2 Consolidated owned GLA 409,000 m2 Average size 27,000 m2 # Visitors per year 78m Net rental income (H1 2017) €40.4m 4 LFL NRI growth (H1 2017) 0.8% Occupancy rate 96.2% Net market value €1,479m Wereldhave target area EPRA Net initial yield (30 Jun 2017) 5.2% Wereldhave assets
SHOPPING CENTERS MARKET LEADING POSITION ENABLES OPERATIONAL SYNERGIES CITY PLAZA - NIEUWEGEIN IN DE BOGAARD, RIJSWIJK EMICLAER, AMERSFOORT KOPERWIEK, CAPELLE A/D IJSSEL GLA: 53,600 m 2 , Visitors: 6.8m GLA: 19,300m 2 , Visitors: 4.2m GLA: 19,400¹ m 2 , Visitors: 2.6m GLA: 24,500 m2, Visitors: 5.6m VIER MEREN, HOOFDDORP WINKELHOF, LEIDERDORP STERRENBURG, DORDRECHT KONINGSHOEK, MAASSLUIS GLA: 13,200 m 2 , Visitors: 3.6m GLA: 20,000¹ m 2 , Visitors: 3.9m GLA: 32,700¹ m 2 , Visitors: 7.7m GLA: 17,800 m 2 , Visitors: 4m 5 IN DEVELOPMENT MIDDENWAARD, HEERHUGOWAARD EGGERT, PURMEREND WOENSEL XL, EINDHOVEN PIETER VREEDEPLEIN & GLA: 35,100¹ m 2 , Visitors: 5.6m GLA: 20,000 m 2 , Visitors: 3.6m GLA: 10,300¹ m 2 , Visitors: 1.9m EMMAPASSAGE TILBURG GLA: 46,000 m 2 , Visitors: 8.8m KRONENBURG, ARNHEM WINKELCENTRUM ETTEN-LEUR ROSELAAR, ROOSENDAAL PRESIKHAAF, ARNHEM GLA: 37,900 m 2 , Visitors: 5.8m GLA: 22,800¹ m 2 , Visitors: 3.2m GLA: 18,000¹ m 2 , Visitors: 5.4m GLA: 35,500 m 2 , Visitors: 4.3m 5 ¹ Owned by Wereldhave
DEVELOPMENT COMMITTED DEVELOPMENT PIPELINE PRESIKHAAF | ARNHEM DE KOPERWIEK | Refurbishment: 35.500 m2 CAPELLE AAN DE IJSEL Refurbishment: 16.000 m2 Total investment: €19m Extension: 5.600 m2 Pre-let: 69% Total investment: €28m Ready in 2019 Pre-let: 61% Ready in 2019 6 TILBURG CITY CENTRE PHASE 1| KONINGSHOEK | MAASSLUIS Refurbishment: 20.000 1 m2 TILBURG Refurbishment: 14.145 m2 Extension: 5.000 m2 Total investment: €21m Total investment: €26m Pre-let: 96% Pre-let: 82% Ready in 2017 Ready in 2018 ¹ Including third party ownership
RETAIL MARKET NL SALES OF TENANTS RISE AGAIN Retail growth p.a.* ▪ Robust economic expansion results in wages and price increases 4.4% 3.9% ▪ Indexation moving to +0.8% on average (2016: +0.3%) 3.3% MARKET ▪ Increasing demand across several sectors, selective on quality 1.8% SITUATION 1.2% ▪ Strong reduction in retailer bankruptcies (6% to 0.6%) 0.6% ▪ Retailers rationalising store base still ongoing Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 # of ▪ Continuous increase of # of turnover contracts enables WH turnover contracts 7 to benefit from sales growth +123 TURNOVER ▪ In addition to footfall figures, (monthly) sales reporting by tenants 185 145 CONTRACTS enables the measurement of the success of e.g. : 62 o Introduction of new retail concepts / shops 24 o Shopping centre management (e.g. opening hours) 2012 2015 2016 2017 * Source CBS 7
RETAIL MARKET NL WERELDHAVE FOCUSES ON MID SIZED CONVENIENCE SHOPPING CENTRES HIGH STREET MID SIZED SHOPPING MALL SHOPPING MALL SMALL 8 Leidsestraat Amsterdam Rokade Utrecht Cityplaza Nieuwegein 8
ORGANISATION 4 BUSINESS UNITS WITH EACH 4 SHOPPING CENTRES OLD STRUCTURE NEW STRUCTURE Managing Managing Director Director SUPPORT HR LEGAL FINANCE DEV. & MAIN LEGAL MARKETING INNOVATION Business unit Business unit Business unit Business unit manager manager manager manager FINANCE DEV. & MAIN Asset Mgr 2x Asset Mgr 2x Asset Mgr 2x Asset Mgr 2x Leasing Mgr 2x Leasing Mgr 2x Leasing Mgr 2x Leasing Mgr 2x OPERATIONS LEASING Prop. Acc. Prop. Acc. Prop. Acc. Prop. Acc. 9 18X Marketing Mgr Marketing Mgr SHOPPING CENTRES Legal Counsel Legal Counsel Secretary Secretary BU Controller BU Controller 9
LEASING KEY ACCOUNT APPROACH TOP 10 KEY ACCOUNTS 2017 BLOKKER DEAL OVERVIEW SC m² 6,25 NL 5x 5x 5x 7x 15,940m² 2,120 5.64 CityPlaza Koperwiek 1,590 2,84 4,300 Presikhaaf 2,6 Emiclaer 450 2,46 Kronenburg 1,180 2,24 Annual rent €m Tilburg 1,610 10 2,07 1,550 Sterrenburg 2 Vier Meren 1,8 Koningshoek 775 1,65 Etten Leur 955 1,410 WoenselXL Total value of € 29,5m 33,5% of total annual rent 12x adjusted contract 9x relocation 1x new contract 1x termination Note: As of 20-Aug-2017 10
IMPLEMENTATION OF WERELDHAVE CONCEPTS FRESH STREET KIDS PLAY AREA F&B COURT TOILET 11 11
FRESH STREET NEXT TO THE SUPERMARKET INCREASE OF ERV 2012 +20.1% 2012 2017 Fresh Fashion Other INCREASE OF DWELL TIME @ FRESH STREET 2017 12 14.2 min 2012 2015 2017 Fresh Fashion Other (services)
KIDS PLAY AREA COMBINED WITH F&B E.G. IN DE ROSELAAR THE KIDS PLAY AREA HAS BECOME A POPULAR PLACE 600 40 500 30 400 300 20 200 10 100 0 - j/16 a/16 s/16 o/16 n/16 d/16 j/17 f/17 m/17a/17m/17 j/17 Total visitors Playground WHICH RESULTED IN A +12% INCREASE OF TENANT TURNOVER 13 €4,378 +12.1% Kids play area realized in 2015 €4,143 €3,906 2015 2016 2017 LTM Source: Company info & PFM
F&B COURT DIFFERENT F&B CONCEPTS ON A CENTRALLY LOCATED SQUARE INCREASE OF TURNOVER Sales per m2 +6.1% 14 2014 2015 2016 2017 FC New F&B tenants and facilities full implemented F&B court realized in 2013 14
IMPLEMENTATION OF WH CONCEPTS FRESH STREET KIDS PLAY AREA 31% 35% 45% 50% 19% 20% F&B COURT TOILETS 15 25% 31% 56% 56% 19% 13% Present In development Not present 15
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