Corporate Presentation September 2018
Disclaimer This document has been prepared by Testa Residencial SOCIMI, S.A. (the “Company”) and comprises slides for a presentation to the market of the Company. For the purposes of this disclaimer, “Presentation” means this document, its contents or any part of it. This Presen tation may not be copied, distributed, reproduced or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient to any other person, for any purpose other than the above. The information contained in this Presentation does not purport to be comprehensive or to include all information that may be required to fully analyze the issues referred to therein. Accordingly, no representation or warranty, express or implied, is made as to the truth, accuracy or completeness of the information in this Presentation. Neither the Company, nor any of its subsidiaries, nor any of their respective directors, officers or employees, accepts any responsibility or liability whatsoever for any loss howsoever arising from any use of this Presentation or otherwise arising in connection therewith. The information and opinions contained in this Presentation are provided as at the date of the Presentation and are subject to verification, correction, completion and change without notice. In giving this Presentation, no obligation to amend, correct or update this Presentation or to provide the recipient with access to any additional information that may arise in connection with it is undertaken. The information contained in this Presentation has not been produced in accordance with regulation intended to promote investment report independence, does not contain objective explanations, has not been subject to independent verification, and does not express any opinions regarding the possible existence of specific prohibitions which prevent the negotiation of the financial instruments referred to herein, before their disclosure. This Presentation may, if applicable, include forward- looking statements relating to, among others, the Company’s financial posi tion, operating results, strategy, plans, targets or goals. Forward-looking statements are subject to risks, uncertainties and factors beyond the Company ’s control that may result in actual results materially differing from prospective results or the results implied in the forward-looking statements. No undue reliance should be placed in such forward-looking statements. This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. This Presentation is for informational purposes only. Any purchase of or subscription for securities of the Company should be based solely on each investor’s own analysis of all p ublic information, the assessment of risk involved and its own determination of the suitability of any such investment. No reliance should be placed and no decision should be based on this Presentation. 1
Testa at a Glance Leading Multi-family Housing REIT in Spain Portfolio Highlights Key Financial Highlights Features of the Portfolio Platform c.93% of GAV 2,6 Largest Internally c.€85.0m GRI 2,4 10,615 Freehold 8 Managed Multi-Family Apartments 1 (€7.63/sqm/month ) 1,5 Housing Platform in Spain 80% Apartments in c.€2.6bn GAV 2,6 1002k sqm Majority-Owned Buildings 1,9 +18 years (€2,636/sqm) 1,6 GLA 2 84% of GRI of Average Management Free-rent 2,4,10 Team Experience in the 24% LTV 6,7 91% Real Estate Industry 84% of the Apartments 1 (Target <35%) Occupancy Apartments 1,3 <20 years old c.60% of GAV 2,6 c.13% l-f-l rent increase 1,11 c.80 90sqm Avg. Apt. Size 1 in Madrid Region Employees Source: Company Information Global note: Figures as of June 30, 2018. Figures are provided on a 100%-ownership basis with respect to Coto, in which the Company owns a 99.65% interest. References to our apartments include (i) properties in respect of which the Company has surface rights for a defined period of time; (ii) 58 townhouses located in Aranjuez (Madrid); and (iii) except as otherwise indicated, parking spaces and storage rooms rented together with apartments. ¹ Only includes residential units. ² Includes both residential and commercial units. 3 Rented GLA as of June 30, 2018 divided by GLA as of June 30, 2018, in each case including the floor area of rented apartments and their respective quota of halls, stairs and hallways but no other common areas. 4 Annualized gross rents calculated as passing gross rents per company’s lease agreements as of June 30, 2018, multiplied by 12. 5 Calculated as passing gross residential rents (€/sqm/month) as of June 30, 2018, based on the company’s lease agreements over the rented residential GLA as of June 30, 2018, in each case including the floor area of rented apartments and their respective quota of halls, stairs and hallways but no other common areas. 6 Based on Savills valuation report as of June 30, 2018. 7 LTV defined as Net financial debt divided by total GAV. 8 Company owns the unit outright, in perpetuity, as opposed to holding only a surface right for a limited period of time. 9 Buildings where Testa owns 50% or more of the properties. 10 Not subject to (i ) social housing regime; or (ii) contracts under old rent regime (“ renta antigua ”). 11 Increase of residential rent in € between June 30, 2017 and June 30, 2018, excluding assets acquired or sold 2
Testa’s History at a Glance Solid Track Record in the Spanish Market 5 Company and Asset Contribution by Acciona Real Estate (Sep-2017) ✓ 1.1k apartments (c.€400m GAV) contributed in 3 exchange for 21% stake in Testa Residencial Integration of MVC Rented becoming the company’s third largest Residential into Testa Residencial (Sep-2016) shareholder ✓ Santander and BBVA become key shareholders 9.0k apt. ✓ Merlin integrates the multifamily rented residential portfolio of Metrovacesa (3.2k apt./ €690m GAV) into Testa Residencial (€340m GAV) Jun-2018 4.7k apt. Shareholder Structure 1 Sep-2017 Foundation (2000-2012) ✓ Merger of several existing traditional RE groups 17% Mar-2017 creating Testa Inmuebles en Renta 37% ✓ Years later spun-off its rented residential 20% Sep-2016 business in Testa Residencial 25% Jun-2015 2012 2000 2 4 6 Acquisition of Testa Inmuebles en Asset Contribution by Recent Acquisitions (Sep-2017 – Jun-2018) Renta by Merlin Properties (2015) Santander and BBVA (Mar-2017) ✓ Merlin’s acquisition of 100% Sacyr’s ✓ 3.3k rented apartments contributed ✓ Testa Residencial acquires 203 apartments from worth €665m to Testa Residencial stake in Testa Inmuebles en Renta in Building Center (Caixabank) in 4Q 2018 2015 (including the commercial property ✓ Testa acquires a portfolio of 1,450 apartments business and Testa Residencial) from Caixabank in May and June 2018. 1.5k apt. 8.0k apt. 10.6k apt. Source: Company Information 3
Recommend
More recommend
