PCP has developed its own formula to accurately assess the price limit that permits appropriate profit margin.

Transcription

1 Allee-Center, Leipzig, Germany Prime Commercial Properties (PCP) identifies shopping centres in the UK, Europe, the Americas and Asia with asset management potential and deliver high returns to their investors. The company is run by a number of experienced and dedicated personnel with attention to detail and, in the end, a great many details add up to a significant gain. PCP has developed its own formula to accurately assess the price limit that permits appropriate profit margin. By specialising in a specific sector of the commercial property market, PCP has developed a solid expertise in identifying outstanding opportunities, adding value by a judicious combination of redevelopment, improved tenant mix, increased footfall and rental growth, all contributing to an enviable record of consistent profitability and high returns to its investors. Since its formation in 1987, PCP has become known within the narrow confines of the industry as a reliable, reputable and decent company. The kind of company people like doing business with. Responsibilities Detailed analysis of acquisition targets Optimising purchase price Sourcing required initial investment capital Day to day strategic management of the acquired shopping centre Determining development strategy Overseeing building works involved Monitoring lettings and negotiations Marketing and sale of mature investment Managing the day to day running of our UK portfolio Overseeing the property managers of our non UK portfolio

2 Galleries Shopping Centre, Wigan, UK Robert Gubbay BSc.C.Eng M.I.C.E. Managing Director Having qualified as an Engineer in Manchester, Robert migrated to Rhodesia (Zimbabwe), where he worked for the City of Bulawayo and later for civil engineering contractors, ultimately forming his own successful Civil Engineering company. Anticipating trouble in Rhodesia, Robert returned to the UK in 1963 and worked as a district surveyor in London. In 1966, Robert started his own business in London converting houses into flats. In 1987, Robert founded PCP, specializing in investing in and asset managing shopping centres. Tom Kremer MA (Hons ) Edinburgh University Director (non Exec) Claude Gubbay Director After Edinburgh and post-graduate studies at the Sorbonne and King's College, London, Tom devoted himself to the creation and marketing of educational and entertainment products. Tom had the world rights (outside the communist block) for marketing the Rubik's Cube. Tom founded, and is the chairman of, highly successful companies in the UK, US, Germany and France. Active in the field of property development since 1968, he is the co-founder of PCP. Starting his career in the property industry in 1977, Claude worked as sales negotiator selling flats and houses in London. In 1990, he joined PCP sourcing properties and investigating new and emerging markets. Paul Gubbay Lib (Hons) Director Gabriel Kremer Director (non Exec) Admitted as a solicitor in After practising as a corporate lawyer, Paul moved in 1994 into commercial real estate. Paul specialises in shopping centre acquisitions and disposals, practising as a partner in the niche West End property law firm Teacher Stern and before that with Manches. Paul joined PCP in After establishing a successful tobacco/cattle/maize farming operation in Rhodesia (Zimbabwe) in the early sixties, Gabriel founded a leaf tobacco processing and export company in Angola subsequent to sanctions being imposed on Rhodesia in Having sold the company to a US multinational, Gabriel settled in Switzerland in 1976 where he continued in international leaf tobacco trading prior to devoting his time fully to investments. Gabriel was a director of a Private Equity Fund and a founding shareholder in PCP.

3 Nova-Eventis, Leipzig, Germany Jane Park, BA (Hons) ACA Group Accountant tel +44 (0) ext 206 Simon Gill, BSc (Hons) ACA Financial Accountant tel +44 (0) ext 209 Claire Andrews, BMScSurv BA (Hons) Asset Manager tel +44 (0) ext 204 Andrea Klünsch Asset Manager tel +44 (0) ext 211 Sri Zainuddin, BSc (Hons) ACCA Financial Accountant tel +44 (0) ext 212 Sin-Niew Loh, BSc (Hons) MSc Investment Analyst tel +44 (0) ext 225 Queenie Hong, BA (Hons) ACA Accounts Assistant tel +44 (0) ext 207 Stefan Doerffler, BSc (Hons) MSc Investment Analyst tel +44 (0) ext 217 Ken Walsh Property Accountant tel +44 (0) ext 205

4 City-Center, Cologne-Chorweiler, Germany Billstedt-Center, Hamburg The Billstedt-Center was opened in 1969 and 1977 and had a major refurbishment in The retail area consists of approx. 42,000 sqm on 2 levels and approx. 120 shops. City-Center, Cologne The City-Center is situated in the middle of Cologne-Chorweiler. It was opened in 1976 and had a major refurbishment in The retail area comprises approx. 23,000 sqm on 2 levels and approx.150 shops. Haven Höövt-Center, Bremen The Haven Höövt Center is located in the North of Bremen. The centre opened in April 2003 and has approx. 36,000 sqm of retail area on 2 levels. 360* Rotation 360* Rotation 360* Rotation Allee-Center, Leipzig The centre was opened in It consists of 39,000 sqm of retail space with approximately 120 shops, one department store, various speciality market, restaurant and cafes. It also has an eight screen cinema. 360* Rotation

5 Nova Eventis, Leipzig, Germany Nova Eventis, Leipzig Nova Eventis is situated in the heart of Leipzig and was opened in May 2006; the final phase opened in September Nova Eventis comprises an area of approx. 115,000 sqm with more than 200 shops. 360* Rotation

6 The Cornbow Centre, Halesowen, UK Salford Shopping City, Greater Manchester Salford Shopping City is a purpose-built shopping centre providing approximately 350,000 sq. ft. of retail accommodating 84 shops, 7 stores and 2 kiosks. It is located 1.5 miles from Manchester City Centre on the A6. 360* Rotation

7 The Capitol Centre, Cardiff, UK Buttermarket Centre, Ipswich The centre was built in 1992 and provides approximately 324,000 sq. ft. of space on two levels. There is a car park within the centre which has 430 spaces. Marketgate Shopping Centre, Wigan The Marketgate Centre was built in the early 1970's and was refurbished in 1989 to a high standard. The centre comprises approximately 70,000 sq. ft. over two floors. Galleries Shopping Centre, Wigan Built in 1990, The Galleries comprise approx. 240,000 sq. ft. and is arranged on two levels with a series of covered glazed shopping malls and an open square in the centre. The car park and adjacent market are leased to the council. The Ridings Centre, Wakefield The Ridings Shopping Centre was opened in 1993 linking into the 1960's Kirkgate Way shopping precinct (now known as All Saints Walk). The Capitol Centre, Cardiff The Capitol Shopping Centre opened in 1990 and underwent an extensive redevelopment in 1999/2000, which included refurbishing the malls and providing new entrances onto the main pedestrianised high street. The Meridian Centre, Havant The Meridian Centre was built in 1991 and comprises approx. 111,000 sq. ft. on two floors. The property has two car parks, one within the centre which takes 376 cars and a separate one with 387 spaces. The Rookery Centre, Newmarket The Rookery is a 1970's built shopping

8 centre which was extended and refurbished in the late 1980's. It comprises of 88,000 sq. ft. retail, 12,000 sq. ft.offices and other ancillary uses, a medical centre, a library and some residential units, totalling 115,000 sq. ft. Middleton Shopping Centre, Manchester Middleton Shopping Centre was purposebuilt in the early 1970s close to the town centre and has recently been refurbished. The shopping centre dominates the retailing in town, providing the only covered retail area and the majority of car parking spaces in the town. The Cornbow Centre, Halesowen The Cornbow Shopping Centre was constructed by Dudley Metropolitan Borough Council in 1967 and refurbished in The centre consits of 150,000 sq. ft. over one floor.

9 Billboards in Yokohama Sun Mall, Asahi City, Chiba The centre was completed in 1982 and has undergone refurbishment over the years. The centre accommodates 72 shops over 30,717 sqm on 6 levels. The 4th level is currently being converted into a 6-screen cinema. Estimated completion: May Yoshimura, Yokohama Shi The 6-storey high street centre was completed in The 6-level centre accommodates a total of 3 retailers over square metre of retail space.

10 Case Study BUTTERMARKET The full cycle The Buttermarket Centre, Ipswich Date Purchase Price + Additions December 2001 Bank Loan Sale Price - Gross Proceeds September 2006 Amount 32,543,000 21,480,000 50,500,000 Investors' Funding & Cash Returns 30,000,000 INVESTORS CASH FLOW 25,000,000 Accumulated Funds 20,000,000 15,000,000 10,000,000 5,000, ,720,000 5,920,000 24,827,702 ( 5,000,000) ( 10,000,000) ( 7,200,000) Dec 2001 ( 6,750,000) 1st May 2002 ( 5,650,000) 15th May 2002 ( 5,550,000) Nov 2002 ( 5,410,000) Feb 2003 ( 5,230,000) Sep 2003 ( 5,130,000) Jan 2004 ( 4,930,000) Aug 2004 ( 4,780,000) Nov 2004 Dec 2004 Nov 2005 Sep 2006 IRR: 55.0%

11 Case Study THE CAPITOL The full cycle The Capitol, Cardiff Date Purchase Price + Additions November 2003 Bank Loan Sale Price - Gross Proceeds November 2005 Amount 85,846,000 68,103, ,360,000 Investors' Funding & Cash Returns Accumulated Funds 30,000,000 25,000,000 20,000,000 15,000,000 10,000,000 5,000,000 0 ( 5,000,000) ( 10,000,000) ( 15,000,000) ( 20,000,000) ( 25,000,000) INVESTORS CASH FLOW ( 10,545,645) ( 18,298,427) ( 17,598,427) ( 10,500) 24,816,000 Nov 2003 April 2004 Aug th Nov th Nov 2005 IRR: 55.0%

12 Case Study THE MERIDIAN CENTRE The full cycle The Meridian Centre, Havant Date Purchase Price + Additions March 1994 Bank Loan Sale Price - Gross Proceeds May 2005 Amount 6,926,482 9,600,000 17,525,000 Investors' Funding & Cash Returns 10,000,000 INVESTORS CASH FLOW 8,000,000 Accumulated Funds 6,000,000 4,000,000 2,000,000 0 ( 2,000,000) ( 4,000,000) ( 1,000,000) ( 2,000,000) ( 3,000,000) ( 3,000,000) ( 1,500,000) ( 1,500,000) ( 2,050,000) 550,000 1,150,000 1,270,000 8,862,990 IRR: 18.1%

13 Case Study MIDDLETON The full cycle Middleton Shopping Centre, Manchester Date Purchase Price + Additions March 1998 Bank Loan Sale Price - Gross Proceeds September 2002 Amount 29,076,900 26,000,000 39,530,000 Investors' Funding & Cash Returns 15,000,000 INVESTORS CASH FLOW 10,000,000 Accumulated Funds 5,000,000 0 ( 5,000,000) ( 6,700,000) ( 6,368,643) ( 6,168,643) ( 518,643) 341,357 11,916,357 ( 10,000,000) March 1998 March 1999 March 2000 March 2001 March 2002 Sep 2002 IRR: 28.3%

14 Case Study THE RIDINGS The full cycle The Ridings, Wakefield Date Purchase Price + Additions May 2004 Bank Loan Sale Price - Gross Proceeds November 2005 Amount 90,289,000 70,400, ,265,000 Investors' Funding & Cash Returns Accumulated Funds 20,000,000 15,000,000 10,000,000 5,000,000 0 ( 5,000,000) ( 10,000,000) ( 15,000,000) ( 20,000,000) ( 25,000,000) INVESTORS CASH FLOW ( 20,700,000) ( 20,200,000) ( 10,000) 14,257,000 May 2004 Aug th Nov th Nov 2005 IRR: 42.0%

15 Case Study THE ROOKERY CENTRE The full cycle The Rookery Centre, Newmarket Date Purchase Price + Additions April 2001 Bank Loan Sale Price - Gross Proceeds July 2004 Amount 10,697,400 7,357,125 17,000,000 Investors' Funding & Cash Returns 8,000,000 INVESTORS CASH FLOW Accumulated Funds 6,000,000 4,000,000 2,000,000 0 ( 2,000,000) ( 4,000,000) ( 2,765,000) ( 2,622,000) ( 2,622,000) ( 2,522,000) 6,509,399 April 2001 March 2002 March 2003 March 2004 July 2004 IRR: 46.8%

16 Case Study NOVA EVENTIS The full cycle Nova Eventis, Leipzig Date Purchase Price + Additions November 2006 Bank Loan Sale Price - Gross Proceeds July 2007 Amount 302,843, ,000, ,000,000 Investors' Funding & Cash Returns Accumulated Funds 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 ( 10,000,000) ( 20,000,000) ( 30,000,000) ( 40,000,000) INVESTORS CASH FLOW ( 11,102,082) ( 27,600,551) ( 32,600,551) ( 32,194,789) 42,840,408 43,870,408 44,931,308 May 2006 July 2006 Oct 2006 Dec 2006 July 2007 July 2008 July 2009 IRR: 129%

17 Marketgate Shopping Centre, Wigan, UK Prime Commercial Properties Management Ltd. 7 Praed Street London W2 1NJ England tel: +44 (0) fax: +44 (0) info@pcp-management.com Company number: Registered office: 7 Praed Street, London, W2 1NJ Country of registration: England and Wales Nearest underground: Paddington Station Edgeware Road