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Expanding in Dutch retail Investor presentation, 16 Februari 2010

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Expanding in Dutch retail Investor presentation, 16 Februari 2010 Agenda Transaction highlights Wereldhave strategy Funding Overview Dutch retail portfolio ... – PowerPoint PPT presentation

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Title: Expanding in Dutch retail Investor presentation, 16 Februari 2010


1
Expanding in Dutch retailInvestor presentation,
16 Februari 2010
2
Agenda
  • Transaction highlights
  • Wereldhave strategy
  • Funding
  • Overview Dutch retail portfolio

2
3
Highlights
  • Wereldhave acquires five well established
    shopping centres in the Netherlands for an amount
    of 249.5m including transaction costs,
    expanding the portfolio by 9
  • Acquisition of fifth shopping centre (Overvecht
    in Utrecht) for 28m contingent upon right of
    first refusal anchor tenant
  • Acquisition fits well in strategy increasing
    focus on retail and growing portfolio-size per
    country
  • Transaction fully funded by existing credit lines
  • Net initial yield on acquisition of 6.1
    including transaction costs (6.2 excluding
    Overvecht).
  • Cash flow accretive at least 0.16 increase in
    Direct Investment Result per share (or 3.3
    annualized using cost of debt of convertible
    bond issued in Sept 2009)

3
4
Wereldhave strategy
  • Increasing focus on shopping centres ?
  • In-house active management ? (3 out of 4/5
    centres)
  • Focus on quality ?
  • Dominant centres, core retail locations ?
  • Contributing to direct result ?
  • Focus in the Netherlands on retail ?
  • Sizeable portfolio per country ? (from 375m to
    610m in NL)
  • (from 250m to 485m NL retail)
  • Expansion and focus in UK, Spain
  • and France

4
5
Funding
  • Using existing credit facilities
  • LTV rises to around 38, well within 35-45 range
  • Transaction in FBI (Dutch REIT) ? tax efficient
  • Remaining credit facilities gt 100m

5
6
Outlook Dutch retail economy
2009 2009 2010 2010 2011 2011
NL Euro zone NL Euro zone NL Euro zone
GDP -4.3 -4.0 0.7 0.9 2.0 1.7
Consumer spending -2.6 -1.0 0.1 0.0 1.7 1.1
Unemployment 3.7 9.4 5.2 10.6 5.5 10.8
CPI 0.9 0.2 0.3 0.9 0.7 0.7
Source OECD, Nov 2009
  • ? Above-average growth in consumer spending
    expected
  • ? Lowest unemployment rate in EU

6
7
Outlook Dutch retail markets
  • Dutch retail market below-average risk profile
    in European perspective
  • Rental income from retail relatively resilient
  • No turnover based rent less volatility on
    up- and downside
  • Rent reviews smoothening impact due to legal
    framework
  • Supply new developments subdued due to long
    planning process and physical restrictions
  • Increasing divergence in performance of core- and
    secondary locations expected to continue
    Wereldhave only present on core locations with
    well established centers

7
8
Primary shopping centres in Holland
  • Around 53 shopping centres larger than 20.000 m2
    GLA
  • Strong concentration around the larger cities /
    Randstad XL
  • After the acquisition Wereldhave owns gt13 in
    this segment of primary shopping centres

Eggert
Winkelhof
Kronenburg
De Koperwiek
Etten-Leur
Woensel XL
De Roselaar
8
9
Purmerend Eggert
  • Function Part of city centre retail structure
  • Opening 1979
  • Refurbishment 1992
  • GLA Total 20,555 m2
  • Whave 19,456 m2 retail
  • 277 m2 other
  • Catchment area Primary 78,450 persons
  • Secundary 82,100 persons
  • Gross rent 5.0m
  • Parking 390 p.p. (owned)
  • Remarks - Growing catchment area
  • - Solid market position
  • - Strong tenant mix with further potential

9
10
Capelle a/d IJssel De Koperwiek
  • Function Citys dominant shopping centre
  • Owners Wereldhave and Van der Vorm Vastgoed
  • Opening 1965 (Van der Vorm)
  • Extension 1995
  • GLA Total 22,000 m2
  • W have 9,021 m2 retail
  • 78 m2 other
  • 61 app.
  • Catchment area Primary 63,350 persons
  • Secundary 28,000 persons
  • Gross rent 2.8m
  • Parking 925 p.p. (owned by city)
  • Remarks - Above average spending power
  • - Extension possibilities

10
11
Eindhoven Woensel XL
  • Function Large district centre
  • Owners Wereldhave, Redevco,
  • IEF, private investors
  • Opening 1967
  • Refurb extension 2004-2006
  • GLA Total 41,000 m2
  • Whave 9,858 m2 retail
  • 484 m2 office
  • Catchment area Primary 100,800 persons
  • Secundary 133,000 persons
  • Gross rent 3.7m
  • Parking 1000 p.p. (not owned)
  • Remarks - Growing catchment area
  • - Solid market position
  • - Expand ownership

11
12
Roosendaal De Roselaar
  • Function Part of city centre retail structure
  • Opening 1968
  • Refurbishment 1996
  • GLA Total 28,000 m2
  • W have 12,407 m2 retail
  • 167 m2 other
  • Catchment area Primary 77,700 persons
  • Secundary 50,000 persons
  • Gross rent 3.5m
  • Parking 415 p.p. (not owned)
  • Remarks - Expand ownership
  • - Solid market position
  • - Stable catchment area
  • - Strong tenant mix with further potential

12
13
Utrecht Shopping centre Overvecht
  • Function Medium sized district shopping centre
  • Owners Wereldhave, Redevco, Fortis, Rabo, IEF,
  • ING, and others
  • Opening 1969
  • Refurbishment 1996
  • GLA Total 26,600 m2
  • Whave 8,702 m2 retail
  • 1,409 m2 other
  • Catchment area Primary 31,830 persons
  • Secundary 75,300 persons
  • Gross rent 1.9m
  • Parking 1000 p.p. (not owned)
  • Remarks - Extension possibilities
  • - Solid market position
  • NB Right of first refusal for anchor tenant
    Ahold vastgoed

13
14
Good quality rental income
  • Focus on retail
  • retail 16.2m 95.3
  • parking 0.4m 2.35
  • residential 0.4m 2.35
  • TOTAL 17.0m 100
  • Solid tenants
  • (inter)national top tenants 9.1m 54
  • Normal- to good tenants 6.9m 41
  • Smaller and more risky tenants 1.0m 5
  • TOTAL 17.0m 100
  • 10 largest tenants generate 39 of rental income

14
15
Top-10 tenants
Contracts Contracts Rent
1 Ahold 9 1.54 9.1
2 Maxeda 5 1.20 7.1
3 Blokker 9 0.90 5.3
4 Macintosh 9 0.63 3.7
5 Hennes Mauritz 1 0.43 2.6
6 Coltex 6 0.42 2.5
7 Hema 2 0.40 2.3
8 Cool Cat 2 0.39 2.3
9 Van Haren 3 0.38 2.2
10 Q-Park 1 0.38 2.2
Sub-total 6.67m 39.2
Total 17.0m 100
15
16
Overview Dutch retail portfolio
City Shopping centre units (total) units Whave Total GLA GLA Wereldhave Rental income
Purmerend Eggert 75 74 20,555 m2 19,733 m2 5.0m
Capelle De Koperwiek 96 32 22,000 m2 9,099 m2 2.8m
Eindhoven Woensel XL 160 32 41,000 m2 10,342 m2 3.7m
Roosendaal De Roselaar 64 54 28,000 m2 12,574 m2 3.5m
Utrecht Overvecht 110 16 26,600 m2 10,111 m2 1.9m
TOTAL 505 208 138,155 m2 61,859 m2 17.0m
Arnhem Kronenburg 106 101 34,500 m2 31,752 m2 7.5m
Etten-Leur Winkelhart 77 70 25,500 m2 22,146 m2 3.5m
Leiderdorp Winkelhof 73 73 17,857 m2 17,857 m2 3.9m
TOTAL 763 452 216.012 m2 133,614 m2 31.9m
16
17
Investor relations Charles Bloema tel
31(0)703469325 investor.relations_at_wereldhave.com

www.wereldhave.com
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