Kempen & Co s European Property Seminar New York

Transcription

1 Kempen & Co s European Property Seminar New York New York, 6 & 7 March 2014

2 Kempen & Co >European Property Seminar >6 & 7 March 2014 >New York Introduction We are very pleased to invite you to Kempen & Co s seventh European Property Seminar to be held in New York on Thursday 6 March and the morning of Friday 7 March During these two days, CEOs and/or CFOs from 19 European property companies will be available for both one-on-one meetings and small group meetings with institutional investors. As most of you already know Kempen & co has expanded its research team recently with the addition of Bernd Stahli and Remco Simon, both coming over from BofA/ML. We hope you see this as another sign of our ongoing dedication to the European property sector and our goal to further optimize our product offering. Whilst some prominent investors are stepping back into the European market, we are happy to provide you with the opportunity to "touch base" with management teams of prominent property companies from various European countries. We are confident that the seminar will prove valuable for those seeking to know exactly where the European property companies stand. In addition to the company meetings we would like to offer you the opportunity to meet our analysts in order to be updated on their respective markets of focus. You can indicate your interest in the online registration form and we will schedule a meeting for you. The date of this seminar has been carefully selected with both investor and management interests in mind. Most companies will have published their full year 2013 results by then, and will be able to discuss their strategy. Optional In addition to the company meetings we would like to offer you the opportunity to meet our analysts in order to be updated on their respective markets of focus. You can indicate your interest in the online registration form and we will schedule a meeting for you. Location The Peninsula New York, 700 Fifth Avenue at 55th Street, NY Companies attending, in alphabetical order: Alstria Office REIT (Germany), Befimmo (Belgium), Capital & Counties (UK), Castellum (Sweden), Cofinimmo (Belgium), Inmobiliaria Colonial (Spain), Deutsche Annington Immobilien (Germany), Foncière des Régions (France), Gecina (France), Grand City Properties (Germany), Hammerson (UK), Icade (France), Klépierre (France), Land Securities (UK), LEG Immobilien (Germany), PSP Swiss Property (Switzerland), SEGRO (UK), Sponda (Finland), Wereldhave (the Netherlands).

3 Program 6 & 7 March 2014 Day one > 6 March 08:00 08:30 Welcome coffee and registration in the Hospitality Suite 08:30 12:30 Four one-on-one or small group meetings 12:30 13:30 Lunch for both companies and investors 13:30 17:30 Four one-on-one or small group meetings 19:00 Drinks & Dinner for both companies and investors Day two > 7 March 08:00 08:30 Welcome coffee and registration in the Hospitality Suite 08:30 13:30 Four to five one-on-one or small group meetings In order to reserve one-on-one meetings or small group meetings, please use the online registration form. Further information Kempen & Co in New York Kempen & Co s Property Team in Amsterdam Sales New York Bas van Zelm (bas.vanzelm@kempenusa.com) Sales Amsterdam Vincent Willink (vincent.willink@kempen.com) Dirk Saltzherr (dirk.saltzherr@kempen.com) Laura Gomez Zuleta (laura.gomezzuleta@kempen.com) For logistical and operational matters please contact Daniëlle Olthof on or mail to: danielle.olthof@kempen.com RSVP We welcome your attendance at the seminar. Please use the online confirmation form to indicate your interest in one-on-one meetings, small group meetings, hotel bookings or the dinner on 6 March.

4 Companies attending

5 Company details Alstria office REIT BB: AOX GY / Market cap: 750m Alstria is an internally managed German office REIT. The company has a nearly 2bn portfolio, about half of which is located in Hamburg. Alstria was established in January 2006 by Captiva Capital Partners and was listed in April The company two years ago acquired two more opportunistic portfolio s. Befimmo BB: BEFB BB / Market cap: 1.2bn Befimmo is a Belgian REIT owns a > EUR 2bn portfolio of manly prime office assets in Brussels. It recently simplified its structure with the internalization of the property management activities which previously was outsourced to AG Real Estate. Ageas is the largest shareholder by 15%. Capital & Counties BB: CAPC LN / Market cap: GBP 2.5bn Capital & Counties is an opportunistic development company in London s West End, with a > GBP 2bn portfolio. The largest portfolio concentration is at Covent Garden, where the group owns primarily retail space, with a small amount of offices, and some residential conversion units. Earls Court & Olympia constitute the majority part of the rest of the portfolio. This portfolio contains the Earls Court regeneration scheme, as well as the Olympia exhibition business. Castellum BB: CAST SS / Market cap: SEK 17bn Castellum s portfolio of SEK 38bn comprises 66% offices/retail, 31% logistic properties with the remainder in developments. The portfolio is spread over five regions in Sweden whilst being actively managed by local subsidiaries, hence having hands-on management for each local real-estate market. The company has a 100% free-float. Cofinimmo BB: COFB BB / Market cap: 1.5bn Cofinimmo s is the largest Belgian REIT with a portfolio of 3.3bn comprises offices (47%), nursing homes (35%), pubs and insurance branches (16%) and others (2%). Most of the portfolio is in Belgium (79%), whereas 16% is in France and 5% in the Netherlands. The portfolio is valued at a 7.0% gross yield and has an above market-average occupancy rate of 95.7%. The average maturity of leases is 12.3 years, 38% of the commercial portfolio is leased to public institutions and c.40% of the healthcare portfolio revenues are guaranteed by social security. Inmobiliaria Colonial BB: COL SM / Market cap: 257m Inmobiliaria Colonial is one of the leading players in the Spanish property sector. The Group has a gross portfolio value of more than EUR 5.3bn, incl its French subsidiary SFL (FLY FP, 55% stake) which represents 75% of the overall portfolio value, the remainder of the assets are in Spain. The company has officially started that it is currently exploring the possibilities to partly or completely divest its stake in SFL. Also, the company started its in talk with potential investors, including Grupo Villar Mir, about participating in a potential capital increase. Deutsche Annington Immobilien BB: ANN GY / Market cap: 4.4bn Deutsche Annington is the larger listed German residential owner with total assets over EUR 10bn. The company owns about 179,000 residential units, employs more than 2,500 employees and operates nationwide with the majority of its portfolio being situated in the old German Federal States including Berlin. The company was listed in June 2013 and Terra Firma managed funds are the largest shareholder holding 85%. Foncière des Régions BB: FDR FP / Market cap: 4bn Foncière des Régions has a total portfolio of 10bn on a group share basis and 16bn on a total share basis. On a group share basis the portfolio comprises French offices (44%), Italian offices (23%), service sector assets (9%), residential via FDL (11%) and others (13%). The main shareholder is Mr Del Vecchio s investment vehicle Delfin 29.6%. Free float amounts to 40%. Gecina BB: GFC FP / Market cap: 6bn French Gecina has a portfolio of EUR 11bn block value as at end 1H12, including EUR 1bn buildings under development. The portfolio includes 59% offices, 27% residential, 9% healthcare, 2% logistics, 2% hotels and 1% student housing. The office portfolio is located 42% in the Western Crescent, 28% in Paris centre west and 14% in the inner rim. The main shareholders are Spanish Metrovacesa (27%) and Predica (8%). The stake held by Metrovacesa is currently being marketed. Earlier this year a joint venture between Blackstone and Canadian Ivanhoe Cambridge acquired over EUR 1bn of personal debt covered by Gecina shares held by Mr Rivero and Mr Soler, therefore giving them an equivalent stake of nearly 20% in Gecina shares.

6 Company details Grand City Properties BB: GYC GY / Market cap 770m Grand City Properties is focused on the acquisition and management of around 22,000 residential properties in Germany, especially in large urban high-density areas like NRW and Berlin. The company intends to hold the majority of acquired properties in its own portfolio on a long term basis. Efficient and unique management tools enable the properties to be managed on a sustained and target-orientated basis. In November 2013 the company raised EUR 175m of equity to finance further acquisitions. Hammerson BB: HMSO LN / Market cap: GBP 3.7bn Hammerson is a FTSE 100 company with a portfolio of retail property in the UK and France of around GBP 5.7 billion, including 20 prime shopping centres, 22 convenient retail parks and investments in 9 premium designer outlet villages. Icade BB: ICAD FP / Market cap: 5bn Icade is a listed subsidiary of the French Caisse des Dépôts (CDC). Icade is active in property investment, residential development and services in France. Icade recently merged with Silic which resulted in a > EUR 9bn portfolio with 50% focused on business parks. As part of the merger, a holding vehicle was formed, controlled by CDC (75%) and Groupama (25%). The holding company has a 55% stake in the new combination of Icade and Silic. Klépierre BB: LI FP / Market cap: 6.7bn Klépierre owns a European shopping center portfolio is valued at around EUR 16b and comprises 261 shopping centers in 13 countries of Continental Europe. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia s number one shopping center owner and manager. Klépierre s largest shareholder is US-based Simon Property Group (28.9%) while BNP Paribas owns 22.5%. Land Securities BB: LAND LN / Market cap: GBP 7.5bn Land Securities is a FTSE 100 company and the largest UK REIT on the basis of market cap. The company owns, develops and manages offices, shopping centers and retail parks in the UK worth approximately GBP 12bn with a strong emphasis on London (GBP 6bn+). LEG Immobilien BB: LEG GY / Market cap: 2.3bn LEG Immobilien is a German residential owner with total assets of more EUR 5bn. The company owns than 90,000 apartments solely invested in the state of North Rhine-Westphalia. The company was listed in January 2013 and currently a special jv between Whitehall (Goldman Sachs managed funds) and Perry Capital own 37% of the shares. PSP Swiss Property BB: PSPN SW / Market cap: CHF 3.6bn PSP Swiss Property (PSP) has a CHF 6.4bn commercial portfolio exclusively covering Swiss real estate with a strong focus on office and retail properties. The majority of the assets are located in Zurich (64%) and Geneva (14%). The company s largest shareholder is Alony Hetz (12%). SEGRO BB: SGRO LN / Market cap: GBP 2.4bn SEGRO is a leading owner, asset manager and developer of modern warehousing, light industrial and data centre properties (collectively referred to as 'industrial properties'), with GBP 4.7bn of assets (including our share of joint venture assets) principally concentrated in London's Western Corridor (including the Thames Valley) and in key conurbations in France, Germany and Poland. The company also owns suburban office buildings in the Thames Valley, Brussels and Milan. Sponda BB: SDA1V FH / Market cap: 1bn Sponda s 3.3bn commercial portfolio comprises offices & retail premises (53%), shopping centres (18%), logistical properties (14%), property developments (8%) and Russian assets (7%). The company recently announced a strategic reorientation whereby in due course the Russian and logistics portfolio will be divested while also exiting the fund management business. Wereldhave BB: WHA NA / Market cap: 1.3bn Wereldhave has a 1.8bn diversified portfolio with diverse sector/country combinations. However recently the company has sold its portfolio s in the US and in the UK which brought the LTV to sub 30% levels. Also a cost reduction program has been implemented.

7 Hotel booking The Peninsula New York 700 Fifth Avenue at 55 th Street NY 10019, New York T.: +1 (212) The Peninsula New York s ideal location on Fifth Avenue and 55 th Street, in the heart of New York City s most prestigious shopping, cultural, and business neighborhood, makes it the ideal address for business executives. Should you wish to reserve a room, please indicate this on the reply form or contact: Daniëlle Olthof on or mail to: danielle.olthof@kempen.com. We have a limited number of Superior King Rooms available at a corporate rate of USD 459 (seasonal rate USD 795) per night including free Wifi and exclusive of taxes. Superior King Room Superior Rooms (34 sq m on floors 4 th 20 th ) offer divinely comfortable beds and marble bathrooms to ensure your time for rest or relaxation is highly enjoyable. The courtyard view offers a contrast to the bustling views of Fifth Avenue, and is ideal for guests seeking a quiet and cosy retreat.