Castellana Properties SOCIMI SA · BME:YCPS
Castellana Properties SOCIMI SA — Investor Presentation (December 2018)
24 slides from Castellana Properties SOCIMI SA's investor presentation, Dec 28, 2018
Slide 1: Hecho relevante
Madrid, 28 de diciembre de 2018 CASTELLANA PROPERTIES SOCIMI, S.A. (la "Sociedad" o “Castellana”), en virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014 sobre abuso de mercado y en el artículo 228 del texto refundido de la Ley de Mercado de Valores, aprobado por el Real Decreto
Slide 2: Castellana Portfolio Overview
Castellana Portfolio Overview Alfonso Brunet www.castellanasocimi.es www.vukile.co.za 1
Slide 3: Operational Highlights
Operational Highlights Growing retail Socimi in Spain Portfolio delivering solid growth in GAV ▪ Like for like growth of c.9% in GAV relative to acquisition price Active asset management is bearing results across the portfolio ▪ AM team actively reducing vacancies across the portfolio (Kinepolis
Slide 4: Key portfolio metrics
Key portfolio metrics A low-risk defensive portfolio as a platform for future growth Value €898.0mn (97% Retail) 1.8% Vacant 19 Properties 93% of retail space let to national tenants GLA 318 622m² 30% of income from top 10 tenants Average asset value €47m WALE of 14.8 years ~ Avera
Slide 5: Update on Spanish economy and political environment
Update on Spanish economy and political environment Spanish economy has stable outlook Indicator Forecast 2018 Forecast 2019 Spain GDP Growth 2.70% 2.30% EU GDP Growth 2.00% 1.90% Household Consumption 2.30% 1.90% CPI 1.70% 1.60% Unemployment 15.30% 13.70% Source: INE, IMF Tourism & Politics No de
Slide 6: Asset Management interventions
Asset Management interventions Additional €1.2m added to Net Operating Income Asset Project GLA signed Additional Annualised % Increase in (m²) NOI (€) base rentals Parque Oeste Alcorcón Split Worten box and introduce new tenant 843 43 278 6.55% Huelva Split C&A box and introduce new tenant 150 15 9
Slide 7: Spanish vacancy profile
Spanish vacancy profile 11 Properties acquired in June 2017 now fully let Vacant Area Mar-18 Vacant Area Sep-18 Portfolio Vacancy 1.8% of Shopping Centres New GLA El Faro (2.4%) Habaneras (4.2%) Los Arcos (5.7%) Vallsur (2.9%) Bahía Sur (1.9%) Shopping Centres Kinépolis Leisure Centre (8.9%) 31.1% R
Slide 8: Redevelopment project
Redevelopment project Kinepolis Leisure Centre Upgrade of interior with improved finishes and increased natural light with new acoustic ceiling installed Customized high-visibility children´s playground almost complete which will attract families and increase dwell time Outdoor terraces opened
Slide 9: Acquisition: Habaneras Shopping Centre
Acquisition Habaneras Shopping Centre Castellana finalised the acquisition of Habaneras Shopping Centre, located in Torrevieja, Alicante, Spain, in May 2018 The centre is a 24,158m² open-air shopping centre comprising of 70 tenants Anchor tenants include Inditex, C&A and AKI Habaneras sits w
Slide 10: Acquisition: El Faro, Badajoz
Acquisition El Faro, Badajoz El Faro Shopping Centre is located in Badajoz, in the east of Spain, less than 5 km from the Portugal border The centre is 66 422m² of which 43 423m² was acquired, comprising 110 tenants Anchor tenants include Inditex, Media Markt, and Primark El Faro is anchored
Slide 11: Acquisition: Bahia Sur, Bahia de Cadiz
Acquisition Bahia Sur, Bahia de Cadiz Bahia Sur Shopping Centre is located in San Fernando, Bahia de Cadiz, adjacent to San Fernando train station, accessible from Madrid (4hrs) The centre is 56 500m² of which 24 760m² was acquired, comprising 117 tenants Anchor tenants include Inditex, H&M &
Slide 12: Acquisition: Los Arcos, Seville
Acquisition Los Arcos, Seville Los Arcos Shopping Centre is located in eastern side of Seville, Andalusia. Seville is the 4th largest city in Spain and a major tourist hub (3.5 million visitors annually) The centre is 43 500m² of which 17 906m² was acquired, comprising 97 tenants. Anchor ten
Slide 13: Acquisition: Vallsur, Valladolid
Acquisition Vallsur, Valladolid Vallsur Shopping Centre is located in the centre of Valladolid. Valladolid is the capital of the Castilla Leon region and is accessible by high speed train from Madrid (1 hour) The centre is 35 769m² in total, of which 35 211m² was acquired Anchor tenants incl
Slide 14: Portfolio Metrics
Portfolio Metrics Pre and post Acquisitions Pro-forma consolidated 31 March 2018 tenant mix by rent Portfolio as at Portfolio as at 3% 2% 1% 1% 31 Mar 2018 30 Sep 2018 5% 19% Gross Asset Value €308m €898m 7% Gross Lettable Area 172 974m² 318 622m² 7% 12% 9% Vacancy 2.9% 1.8% 13% 11% Average Asset Va
Slide 15: Upcoming Operational Plans
Upcoming Operational Plans Driving value through hands-on asset management Asset Management Focus Areas ▪ Retail Parks: Additional unit split projects and enhancing non-GLA income ▪ Granaita: Completion of integration works and relaunch of repositioned integrated retail node in March 2019 ▪ Habane
Slide 16: Appendix B: Spanish Portfolio
Appendix B Spanish Portfolio www.castellanasocimi.es www.vukile.co.za 15
Slide 17: Spanish portfolio footprint
Spanish portfolio footprint Spain portfolio profile Property rank 9 by value 4% Geographic profile % by value 1 10 El Faro Marismas del Polvorín 4 11% 2 11 Bahía Sur Edificio Alcobendas 11 3 Los Arcos 12 Mérida 7 4 Vallsur 13 Villanueva 8% 17 16 23% 10% 14 5 Habaneras Pinatar Park 12 11 1 15 6 Centr
Slide 18: Spanish portfolio overview
Spanish portfolio overview Top 10 assets El Faro Bahía Sur Los Arcos Vallsur Habaneras GAV €161.5m €119.5m €114.3m €96.4m €85.2m Province Badajoz Cadiz Seville Valladolid Alicante Gross Lettable Area 43 423m² 24 760m² 17 906m² 35 211m² 24 158m² Monthly Rental €16.70/m² €24.72/m² €32.28/m² €14.71/m²
Slide 19: Spanish portfolio overview
Spanish portfolio overview Top 10 assets Centro Comercial Parque Oeste de Kinépolis Retail Park Parque Principado Marismas del Polvorín Alameda Alcorcón GAV €59.8m €52.7m €34.1m €32.8m €29.1m Province Granada Madrid Granada Asturias Huelva Gross Lettable Area 27 913m² 13 604m² 18 508m² 16 396m² 20 0
Slide 20: Retail tenant exposure
Retail tenant exposure Well diversified tenant mix Category profile by Rent 31 March 2018 30 September 2018 19% Electronics 7% 12% DIY 4% 13% Sports goods 7% 10% Supermarkets 6% 11% Household equipment 5% 9% Fashion 31% 7% Pet Shop 3% 7% F&B 10% 5% Shoes 3% 1% Leisure 1% 3% Services 9% 2% Toys, gift
Slide 21: Retail lease expiry profile
Retail lease expiry profile 46% of contractual rent expiring in 2028 and beyond (WALE 15 years to expiry and 4.5 years to break) Expiry Profile (% Rent) % of Contractual Rent Cumulative 100% 54% 46% 46% 39% 42% 34% 28% 21% 16% 6% 5% 8% 2% 8% 10% 6% 5% 7% 3% 4% 2019 2020 2021 2022 2023 2024 2025 2026
Slide 22: Retail tenant exposure
Retail tenant exposure Low risk with c.90% national and international tenants Tenant profile - by contractual rent Top 10 tenants by rent Other 4,5% 10% 4,2% 3,6% Top 10 3,1% tenants 2,9% 31% of Retail 2,4% Rent 2,2% 2,2% National 2,0% 90% 1,9% Group Interim results for the six months ending 30 Sept
Slide 23: Spanish total portfolio composition
Spanish total portfolio composition Sectoral Profile - by Value Sectoral Profile - by GLA Top 10 Top 10 Properties By Value By GLA Properties 87% 66% 31% Shopping Centre Retail Park 48% 47% 76% of Total of Total 3% Offices 5% Value GLA Geographic Profile - by Value Geographic Profile - by GLA By Val
Slide 24: Spanish weighted average base rentals - €/m²
Spanish weighted average base rentals - €/m² Improved average base rentals post acquisitions Mar-18 Sep-18 Shopping Centres Los Arcos Bahía Sur 11% 0% 3% 51% Habaneras Weighted average El Faro €19,20/m² 19,65 Vallsur Kinépolis Leisure Centre Retail Parks Parque Oeste de Alcorcón Centro Comercial Ala
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