Corporate Presentation - Strategic and Financial Update September 2015 www.larespana.com Lar España Real Estate SOCIMI, S.A. (LRE) – June, 2015 1
Corporate presentation - Lar España Real Estate Disclaimer DISCLAIMER. RISKS AND FORWARD-LOOKING STATEMENTS This document has been prepared by Lar España Real Estate SOCIMI, S.A. (the “Company”) for information purposes only and it is not regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. This document is neither a prospectus nor implies a bid or recommendation for investment. This document includes summarised audited and non-audited information. The financial and operational information, as well as the data on the acquisitions which have been carried out, included in the presentation, correspond to the internal recordings and accounting of the Company. Such information may be subject to audit, limited review or any other control by an auditor or an independent third party. Therefore, this information may be modified or amended in the future. The information contained herein has been obtained from sources that the Company considers reliable, but the Company does not represent or warrant that the information is complete or accurate, in particular with respect to data provided by third parties. Neither the Company nor its legal advisors and representatives assure the completeness, impartiality or accuracy of the information or opinions included herein. In addition, they do not assume responsibilities of any kind, whether for misconduct or negligence, with regard to damages or loss that may derive from the use of this document or its contents. The internal analysis has not been subject to independent verification. This document may include forward-looking representations or statements on purposes, expectations or forecasts of the Company or its management up to the date of release of this document. Said forward-looking representations and statements or forecasts are mere value judgments of the Company and do not imply undertakings of future performance. Additionally, they are subject to risks, uncertainties and other factors, which were unknown or not taken into account by the time this document was produced and released and which may cause such actual results, performance or achievements, to be materially different from those expressed or implied by these forward-looking statements. Under no circumstances does the Company undertake to update or release the review of the information included herein or provide additional information. Neither the Company nor any of its legal advisors or representatives assume any kind of responsibility for any possible deviations that the forward-looking estimates, forecasts or projections used herein may suffer. This document does not disclose all risks or other material issues regarding the investment on the shares of the Company. The information included in this presentation is subject to, and should be understood together with, all publicly available information. Any person acquiring shares of the Company shall do so at their own risk and judgment over the merits and suitability of the shares of the Company, after having received professional advice or any other form of advice that may be needed or appropriate, but not merely based on this presentation. By delivering this presentation, the Company is not providing any advisory, purchase or sale recommendation, or any other instrument of negotiation over the shares or any other securities or financial instrument of the Company. This document does not constitute an offer, bid or invitation to acquire or subscribe shares, in accordance with the provisions of article 30.bis of Law 24/1998, of July 28th, on the Securities Market, and/or the Royal Decree 1310/2005, of November 4th and their implementing regulations. Furthermore, this document does not imply any purchase or sale bid or offer for the exchange of securities or a request for the vote or authorisation in any other jurisdiction. The delivery of this document within other jurisdictions may be forbidden. Consequently, recipients of this document or those persons receiving a copy thereof shall become responsible for being aware of, and comply with, such restrictions. By accepting this document you are accepting the foregoing restrictions and warnings. All the foregoing shall be taken into account with regard to those persons or entities which have to take decisions or issue opinions relating to the securities issued by the Company. All such persons or entities are invited to consult all public documents and information on the Company registered with the Spanish Securities Market Commission. Neither the Company nor any of its advisors or representatives assumes any kind of responsibility for any damages or losses derived from any use of this document or its contents. Lar España Real Estate SOCIMI, S.A. (LRE) – June, 2015 Lar España Real Estate SOCIMI, S.A. (LRE) - Date Lar España Real Estate SOCIMI, S.A. (LRE) – September, 2015 2
Agenda 1 Overview of Lar España 2 July 2015 Share Capital Increase 3 Asset Portfolio Appendix Lar España Real Estate SOCIMI, S.A. (LRE) – June, 2015 Lar España Real Estate SOCIMI, S.A. (LRE) - Date Lar España Real Estate SOCIMI, S.A. (LRE) – September, 2015 3
Corporate presentation – Overview of Lar España Lar España at a glance Key figures as at September 2015 Total Passing € 544m € 853m € 52m Market cap 1 acquisitions net rent 2,3 Occupancy rate 94.9% GLA owned 556,163 sqm WAULT 2.5 years EPRA Net Initial 34.3% 6.6% LTV 5 Yield 6 Flagship assets Shopping centres Retail units Offices 1 Share price of € 9.06 as at September 11, 2015; 2 Passing rent calculated as the annualised last passing rent before the acquisition on the purchase of the assets; 3 Future rent contribution of Sagunto Retail development has not been included; 4 The calculation of WAULT, Avg. Rent/Sqm and Avg. Gross Initial Yield do not include the acquisition of Megapark 5 LTV as at 30 th June 2015; LTV= Total Loans & Borrowings & Notes (Net of Cash) / Total GAV; 6 6.6% is the NIY on cost of rental income producing assets. Thus, the € 60m investment for a residential development is not included in its calculation. Lar España Real Estate SOCIMI, S.A. (LRE) – June, 2015 Lar España Real Estate SOCIMI, S.A. (LRE) - Date Lar España Real Estate SOCIMI, S.A. (LRE) – September, 2015 4
Corporate presentation – Overview of Lar España Introduction to Lar España Lar España’s aim is to generate high returns for its shareholders via its business strategy of owning, operating and renting its Real Estate portfolio (through Active Property Management), which is mainly focused on Commercial Property Assets in Spain Strong Corporate Governance Overview Lar España went public in Independent Board of Directors (4 out of 5 First IPO of a Spanish REIT listed on the Spanish March 2014 (IPO gross members are independent) Stock Exchange proceeds of € 400m ) and Highly regarded individuals with experience in Focused on creating both sustainable income and opted for the SOCIMI tax Spain, listed markets, real estate and finance strong capital returns for shareholders regime (REIT regime) € 135m share capital increase in July 2015. It is externally managed by Grupo Lar (family owned, Spanish private Board Structure Shareholder Structure as at September 2015 Real Estate developer, PIMCO; 12,5% Name Investor and Asset Position Franklin Manager with a 40-year Templeton Jose Luis Del Valle Chairman, Independent Institutional; track record of international 15,1% Alec Emmott Director, Independent Other investors; experience) 49,3% Bestinver Roger Cooke Director, Independent Gestion; 4,2% C ompany’s business Pedro Luis Uriarte Director, Independent Ameriprise strategy is to acquire real Financial; 3,8% Miguel Pereda Director, Non-Independent estate assets for rental Juan Gomez-Acebo Secretary (Non-Director) Blackrock Inc.; purposes with high return 3,4% potential consisting Source CNMV Daiwa Securities primarily of commercial Group; 3,3% Management; property (mainly retail and 2,5% Cohen & Steers; PM Capital; 3,0% office) 3,0% Source CNMV Lar España Real Estate SOCIMI, S.A. (LRE) – June, 2015 Lar España Real Estate SOCIMI, S.A. (LRE) - Date Lar España Real Estate SOCIMI, S.A. (LRE) – September, 2015 5
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