- Mitiska REIM

Mitiska Real Estate Investment Management
Corporate presentation
Mitiska REIM is a focused and experienced real estate investment
manager
Presentation of Mitiska REIM
1 HISTORY - Launched in 2012 by Mitiska as a real estate investment management company with a view to expand in
joint venture and partnerships Mitiska’s real estate activities. Mitiska REIM can now build on 20+ years of successful
operational retail and retail real estate experience across Europe
2 STRATEGY - Specialist focus on retail parks in Europe according to value-add and development strategies
3 TEAM - Highly experienced & entrepreneurial team comprising 8 partners and 5 other real estate professionals dedicated
to acquisition, financing and structuring, development and active asset management
4 PARTNERSHIP - Operating under a 2-tier partnership model: investments outside of Belgium are essentially undertaken in
joint-venture with experienced and co-investing local partners and are made in close consultation with the retailers
positioning Mitiska REIM as a true strategic partner for tenants
2
Mitiska REIM has exited ,
completed
12 and secured 5
retail park properties
representing an asset base1)
of c.
EUR 194 m
5 PORTFOLIO - Managing two real estate funds (FRI 1 & FRI 2) with a total investment capacity of EUR 500 m, targeting
the European retail park sector
1) d.d. 31/12/2015 assuming 100% ownership and including exits
2
1
History
The set-up of Mitiska REIM was a natural continuation of Mitiska's
investment activities in the prior 20+ years
Retail and related real estate investment track record – Highlights
Investment track record
RETAIL
RETAIL PROPERTY
IPO Retail Estates
c. 61,000 m²
c. EUR 39 m
1990
Sale real estate Carpetland
c. 27,000 m²
c. EUR 27 m
1999
1998
Start-up of Mitiska NV
IPO Mitiska NV
Sale real estate Cap Nord
c. 22,000 m²
c. EUR 23 m
2006
2002
(Re)development of 4 retail
properties
Start-up of Mitiska REIM NV
Sourcing of FRI 1 portfolio
2009
2007
Sale real estate Brantano
c. 25,000 m²
c. EUR 35 m
2013
2009-2013
2016
Delisting Mitiska NV
3
2
Strategy
Mitiska REIM has a successful strategy of investing in retail parks in
Europe via partnerships
A unique investment focus and sector specialization
Mitiska REIM investment strategy – Summary
Property type
RETAIL PARKS
> The asset type defining Mitiska REIM's experience, track-record & history
> Increasingly 1st choice among retailers (low occupancy costs) and consumers (convenience)
> Stable asset class thanks to extensive land positions, limited asset management needs and low occupancy
costs
> Solid resistance to e-commerce owing to convenient locations and focus on daily needs
> Target property yields in the range of 7.5 – 10% and increasingly liquid market
Transaction type
VALUE-ADD & DEVELOPMENT
> Value-add: Acquisition of income producing properties with upside potential such as under-rent situations,
extension potential, discount to market pricing, yield compression potential, etc. Added value through
refurbishment, re-development, extension and active asset management
> Development: Acquisition of development land. Added value through securing required planning permits and
consents, constructing high quality buildings and infrastructure and signing lease agreements that generate rental
income
Geography
EUROPE
> Mitiska REIM invests in a geographically diversified portfolio in Europe, with a balanced split of value between
Western Europe and Central and Eastern Europe
> Opportunities beyond the current core markets may be considered in the future, subject to management and
partnership availability
Structure
PARTNERSHIP DRIVEN
> Investments outside Belgium are, in principle, only undertaken in partnership with an experienced and coinvesting local partner
> Mitiska REIM positions itself as well as a partner for retailers offering a platform for network extensions
supported by Mitiska’s rich heritage as a leading retail investor
> Thanks to these partnerships Mitiska REIM can combine hands-on, specialist real estate expertise and a
disciplined investment approach with local market intelligence
4
3
Team
Mitiska REIM's management team has over 100 years combined real
estate experience coupled with entrepreneurial skills
Mitiska REIM’s management team credentials – Partners
Luc Geuten (Executive Chairman) – Since 2007
Sylvie Carpentier (IR & Fundraising) – Since 2015
>
Founder of Mitiska and Mitiska REIM, McKinsey&Co
>
Mitiska, Exxon, Coca Cola
>
Dutch, French, English and Italian
>
Dutch, French, English and German
>
MBA, Harvard University; Civil Engineering (Chemistry), University of Leuven (KUL)
>
Financial Management, Vlerick Management School; Business Engineering, University of Leuven
(KUL)
Axel Despriet (CEO) – Since 2007
Jan Du Bois (Investment director) – Since 2007
>
Founder of Mitiska REIM, Mitiska, GLL Real Estate Partners, Catella Property Group
>
Mitiska REIM, Mitiska, Cushman & Wakefield, Cargill
>
Dutch, French, English and German
>
Dutch, French and English
>
General Management, Vlerick Management School; Civil Engineering (Architecture),
University of Leuven (KUL)
>
HR management, UAMS; Applied Economics, FUNDP & KU Leuven
Sigrid Hermans (CFO) – Since 2007
Alexandre Levinski (Investment director) – Since 2014
>
Mitiska REIM, Mitiska, Coopers & Lybrand (certified auditor)
>
Mitiska REIM, Buelens. Allen & Overy
>
Dutch, English and French
>
French, English, Russian, German and Dutch
>
Tax, EHSAL; Applied economics, RUCA
>
Law, ULB
Bernard Raevens (COO) – Since 2010
David Tejml (Investment director) – Since 2014
>
Mitiska, Fortis Private Equity, Roland Berger, Arthur D. Little, Lehman Brothers
>
Mitiska REIM, Saller Group
>
French, Dutch, English and Italian
>
Czech, German and English
>
MBA, SDA Bocconi; Civil Engineering (Mining), FPMs
>
Civil Engineering, CVUT
5
4
Partnership
A strong partner for local specialist retail park developers and
managers in foreign markets
Country partnership principles
LOCAL PARTNERS
> For projects outside Belgium, Mitiska
REIM generally invests in conjunction with
local partners
> Local partners are remunerated at market
level fees for specific tasks and
incentivized with a performance fee
depending on performance on the specific
investment at hand
> Partnership agreements contain sufficient
liquidity arrangements providing appropriate
exit possibilities
The partnership approach has proven its
success and it is one of the main drivers of
the current pipeline of attractive investment
opportunities
Added value for local partner
> Deal origination
> Sophisticated investment skills
> Investment scale and discipline
> Transaction execution skills
> Negotiating of financing terms
> Co-investment opportunity
Added value for Mitiska REIM
> Access to land
> Access to administrative support
> Construction management
> Source of deal origination
> Permits & lease management
> Co-investment
> Asset management
→ Mitiska REIM positions itself as
active, value-add and specialized
financial investor for local partners
with investment pipelines in the retail
park sector exceeding their own
financial means
→ Mitiska REIM carefully selects the
timing of involvement in a specific
investment
→ Local partners undergo a stringent
selection procedure and should
demonstrate an excellent local
development track record, as well as
the ability and willingness to co-invest
→ These criteria are aimed at
strengthening Mitiska REIM's local
project management and development expertise, and ensuring aligned
interests between Mitiska REIM and
the local partner
6
4
Partnership
Four well-reputed partners for investments in France, Poland,
Romania and Serbia
Overview of partners
Partner
CEO
Clemens Petschnikar
Darren Powell-Haines
Oliver Hurley
Fabrice Dumartin
Start of partnership
2011
2013
2013
2014
Joint investments
8
3
2
1
Profile
Part of the international
InterCora Group, one of the
largest fully privately
owned commercial RE
development companies in
the CEE region, with a
track record of more than
250 retail schemes and
currently owning around 1
million sqm of retail space
Provides a full range of
services: due diligence &
market study, acquisition of
land, management services
during the investment
process, design,
construction and
commercialisation, as well
as operational
management of the
properties in portfolio
Established in 2001 as the
property development and
management company of
its founder family office,
Poseidon Property has
offices in the UK, Croatia,
Serbia and Bosnia &
Herzegovina. Its current
portfolio has a book value
of c. EUR 1.1 billion
Seasoned player active in
the development,
investment in and
management of retail
parks in France, where
over the last 10+ years it
has participated in the
development of c.20 retail
parks representing more
than 200,000 sqm
7
4
Partnership
A strong partner for tenants, leveraging 20+ years of retail and
related real estate experience
Retail expertise
Mitiska REIM leverages Mitiska's 20+ years experience
and track record in operational retail and related real
estate in the European retail park sector…
… to position itself as a true partner for its wellbalanced and growing tenant base of leading
national and international retailers
WE
CEE
1) Including tenants in Parc Commercial Les Dauphins (exited in 2015) and Dansaert Retail Park (exited in 2016)
8
5
Portfolio
A portfolio of 19 retail parks in Belgium, France, Poland, Czech
Republic and Serbia
Overview of Mitiska REIM portfolio
KEY FIGURES
HIGHLIGHTS
FRI 1 [31/12/2015; 2 exited, 12 completed & 5 secured projects]
Asset base1)
Retail GLA
NOI/asset base
EUR 194 m
c. 156,000 m²
9.3%
Asset base2)
Retail GLA
NOI/asset base
EUR 300 m
c. 300,000 m²
7.5 - 10%
FRI 2 [target]
1) d.d. 31/12/2015 assuming 100% ownership and including exits
2) Target and assuming 100% ownership
9
5
Portfolio
Parc Commercial Les Dauphins has been the first development
project to exit from Mitiska REIM's portfolio
Case study – Parc Commercial Les Dauphins (Belgium)
LOCATION
Rue Père Damien 4
7700 Mouscron
Belgium
INVESTMENT TYPE
Development in partnership of a new retail park
GROSS AREA
23,000 m² retail park
35 apartments
620 parking spaces
INVESTMENT RATIONALE
Co-development of a retail park at an attractive yield-to-cost ratio (c.10%)
VALUE-ADD STRATEGY
✓
✓
✓
✓
✓
Finishing leasing of project once permits where obtained
Optimizing final layout and tenant mix
Obtaining attractive bank financing
Co-managing full development process
Managing exit process
TENANTS
Delhaize, Pizza Hut, Le Petit Monde, Krëfel, Proximus, Club,
Bel & Bo, Camaëu, Damart, H&M, Hunkemöller, JBC, Jules,
Lola & Liza, Orchestra, ZEB, Action, Hans Anders, Hema,
Maisons du monde, Planet Parfum, Yves Rocher, Veritas,
Avance, Brantano, Escapade, La Grande Récré, Maxi Zoo
TIMING
Open since 2013
WEBSITE
http://www.parclesdauphins.be
10
5
Portfolio
The Dansaert Retail Park is a fine example of a successful mixed
development project in Belgium
Case study – Dansaert Retail Park (Belgium)
LOCATION
Robert Dansaertlaan 7
1702 Groot-Bijgaarden
Belgium
INVESTMENT TYPE
Development of a new retail park
GROSS AREA
8,307 m² retail park
11,000 m² semi-industrial units
225 parking spaces
INVESTMENT RATIONALE
Development of a retail park at an attractive yield-to-cost ratio (c.18%)
VALUE-ADD STRATEGY
✓
✓
✓
✓
✓
✓
Securing project land (via a five year, non-paying option) and rezoning it
Obtaining full permitting consent
Optimizing layout and tenant mix
Obtaining attractive bank financing
Managing full development process
Managing exit process
TENANTS
McDonald's, Ava, Hunkemöller, ZEB, Torfs, JBC, E5-Mode,
Bio Planet, Pizza Hut, Jims
TIMING
Open since 2015
WEBSITE
http://www.dansaertpark.be
11
5
Portfolio
Mitiska REIM acquired a stake in the InterCora portfolio in Romania
developed and managed by its partner Alpha PG
Case study – InterCora portfolio (Romania)
LOCATIONS
8 cities in Romania:
Bucharest, Ploiesti, Sibiu, Arad,
Medias, Resita, Slobozia, Buzau
INVESTMENT TYPE
Value-add investment in a portfolio of existing retail parks with
upside potential
GROSS AREA
32,422 m² retail
875 m² office space
INVESTMENT RATIONALE
Investment during economic uncertain times at attractive conditions into a portfolio of very welllocated and strongly performing retail parks offering unlocked value-add potential through
specialized and active asset management
VALUE-ADD STRATEGY
✓
✓
✓
✓
Institutional lease and real estate management
Leverage effect (c.500 bps delta between property yield and capped bank finance cost)
GLA expansion
Rent increase
TENANTS
Deichmann, Takko, DM, Domo, KFC, Maxi Pet, Lem's, C&A,
Pepco, Lidl, Flanco, Altex, Comision Trade, Proges, Jysk
TIMING
Open since 2005 (1), 2007 (1), 2009 (3), 2010 (1), 2011 (1),
2012 (1)
WEBSITE
www.apg.com.ro/en/portfoliu-lucrari
www.mitiska-reim.com/portfolio
12
5
Portfolio
Mitiska REIM acquired together with its country partner Peppercorn
Properties an attractive and well performing retail park in Wroclaw
Case study – Retail park Mlyn (Poland)
LOCATION
ul. Krzywoustego 120
50-014 Wroclaw
Poland
INVESTMENT TYPE
Value-add investment in a well performing retail park with
upside potential
GROSS AREA
10.612 m² retail
250 parking spaces
INVESTMENT RATIONALE
Investment at attractive conditions into a very well-located and strongly performing retail park
offering unlocked value-add potential through specialized and active asset management
VALUE-ADD STRATEGY
✓
✓
✓
✓
Institutional lease and real estate management
Leverage effect (c. 500 bps delta between property yield and capped bank financing costs)
GLA expansion
Rent increase
TENANTS
TK Maxx, Sportsdirect.com, Smyk, Deichmann, Piotr&Pawel,
Super-Pharm, Media Expert, Komfort and Kakadu
TIMING
Open since 2008
WEBSITE
http://www.mitiska-reim.com
13
5
Portfolio
The Prague Horni Mecholupy Retail Park is a development project
showing a strong commercial potential
Case study – Prague Horni Mecholupy Retail Park (Czech Republic)
LOCATION
Hornomecholupska st.
109 00 Praha Horni Mecholupy
Czech Republic
INVESTMENT TYPE
Development of a new retail park
GROSS AREA
7.150 m² retail
140 parking spaces
INVESTMENT RATIONALE
Development of a Kaufland anchored retail park in Prague at an attractive yield-to-cost ratio
(c.10%)
PROJECTED TENANTS
Pepco, KIK, Deichmann, DM Drogerie, All toys, Pet center,
Takko, Gate, Jysk, OKAY elektro, Sportisimo and more
TIMING
VALUE-ADD STRATEGY
Opening early 2017
✓
✓
✓
✓
WEBSITE
Securing and rezoning the project land
Obtaining full permitting consent
Optimizing layout and tenant mix
Managing full development process
http://www.mitiska-reim.com
14
CONTACT
Luc Geuten – Executive Chairman
[email protected]
Axel Despriet – CEO
[email protected]
Jan Du Bois – Investment Director
[email protected]
Alexandre Levinski – Investment Director
[email protected]
David Tejml – Investment Director
[email protected]
Sylvie Geuten-Carpentier – Investor Relations &
Fundraising
[email protected]
Sigrid Hermans – CFO
[email protected]
+32 2 583 19 64
www.mitiska-reim.com