September 2014

September 2014
Standing investments:
• 95 assets; the portfolio consists of stand-alone supermarkets, local convenience centres, retail parks and two large
shopping centres
• Total GLA of 355,600 m²
• Market value of €411.1m, representing 16.6% of the Group’s standing investments
• EPRA Net Equivalent Yield of CZ portfolio 7.90%
• EPRA occupancy of CZ portfolio 96.8%
• Gross Rental Income of CZ portfolio €17.6m (annual GRI of €37.6m as of 31/12/2013)
• Operating margin of CZ porfolio 91.0%
The Czech Republic:
• A+/Stable Rating (Aug 2014, Fitch)
Strong professional team:
• Atrium’s team in CZ consists of more than 40 professionals under the leadership of Oldrich Spurek, CEO of CZ/SK.
• Key senior employees in the team gained their experience during previous careers at renowned companies such as
TK Development, DTZ, and Cushman & Wakefield.
• The management of the entire portfolio is undertaken in-house.
All the company data included in this presentation as reported in the 6M 2014 results to 30 June 2014 unless explicitly stated otherwise.
2
´
Locations of Atrium Assets across the Czech Republic
Atrium Flora
GLA: 39,860 m2
3
Futurum Brno
GLA: 18,761 m2
Improved Operating Margin
Opex margin
92%
91%
91%
2012
2013
90%
87%
88%
86%
84%
84%
82%
81%
80%
78%
76%
74%
2009
2010
2011
How we achieved higher OPEX margin:
• Regular tendering of service providers on a portfolio basis with the aim of reducing costs
• Energy saving plans were implemented to optimise cost efficiency (reducing utilities costs, ventilation,
heating and air conditioning costs by optimising schedules)
• Providing electricity to tenants via local distribution networks
4
Czech Republic - AERE Assets, top 20 cities
City
Based on GLA:
• 30.9% of GLA is located in the Czech capital Prague,
which has over 1.2m inhabitants
• 48% of GLA is located in large cities with a population
over 200,000 (Prague, Brno and Ostrava)
• 4% of GLA is located in medium-sized cities with a
population between 100,000 and 200,000
Based on value:
• 51.9% of market value is located in Prague
• 71% of market value is located in large cities of over
200,000 inhabitants (Prague, Brno and Ostrava)
Prague
Brno
Ostrava
Pardubice
Zlín
Frýdek-Místek
Staré Město
Třebíč
Tábor
Mladá Boleslav
Plzeň
Nový Jičín
Jihlava
Hradec Králové
Vestec u Prahy
Liberec
Pelhřimov
Znojmo
Karlovy Vary
Poděbrady
Sum of Rental
Unit Size
106,998
37,561
21,585
17,004
14,104
13,267
12,407
12,111
10,740
10,194
9,060
7,464
6,241
5,620
5,080
4,700
3,785
3,771
3,418
3,016
%
Population*
30.9%
10.9%
6.2%
4.9%
4.1%
3.8%
3.6%
3.5%
3.1%
2.9%
2.6%
2.2%
1.8%
1.6%
1.5%
1.4%
1.1%
1.1%
1.0%
0.9%
1,257,158
371,371
303,609
90,401
75,469
58,200
6,821
37,836
35,334
43,939
168,808
24,134
51,154
94,318
2,137
101,865
16,656
34,476
51,115
13,986
* Source: the Czech Central Statistical Office, data as of 2011 census
5
Tenant Mix based on Rental income
10%
Tenant Mix based on GLA
11%
Hyper or Supermarket 41%
2%
6%
41%
1%
4%
Entertainment 4%
49%
Entertainment 6%
Services 3%
Services 4%
10%
Home 6%
Home 9%
Restaurants 3%
Restaurants 5%
15%
Specialty Goods 7%
Fashion Apparel 15%
Specialty Goods 4%
4%
Fashion Apparel 10%
3%
Health and Beauty 6%
7%
Health and Beauty 4%
9%
Food 2%
5%
6%
4%
4%
Hyper or Supermarket 49%
3%
Non Retail 10%
Food 1%
6%
Non Retail 11%
Lease Expiry based on Annualised Base Rent*
45%
41%
•
food and grocery chains, which are less sensitive to
35%
macroeconomic changes
30%
•
25%
occupied 49% of GLA during H1 2014
15%
10%
5%
The largest tenant category in the portfolio are Hyper/
Supermarkets which generated 41% of rental income and
19%
20%
8%
9%
2015
2016
11%
•
8%
4%
0%
2014
2017
2018
2019
* Break clauses are not taken into account for this purpose
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The tenant mix of Atrium’s Czech portfolio is anchored by
40%
>2019
The majority of leases expire beyond the year 2019
# of
leases
1
Ahold
50
11.994
36.4%
2
Exxon Mobil
Corporation
1
1.297
3.9%
3
REWE Group
9
0.854
2.6%
4
DM drogerie markt
4
0.389
1.2%
5
Cinema City
2
0.368
1.1%
6
Pk Solvent
14
0.322
1.0%
7
Xerox Corporation
1
0.232
0.7%
8
Schwarz Group
2
0.230
0.7%
9
ERSTE Group
2
0.226
0.7%
10
Fann
1
0.203
0.6%
86
16
48.9%
Total
* based on Dec 2013 figures
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Annualised
As a %
Base Rent
of total
in €m*)
Tenant Name
Type of Tenant
Tenant Info
In the Czech Republic Ahold manages the biggest chain of supermarkets with food plus basic
Supermarket chain
non-food assortment. Total store count exceeds 300 units. In July 2014 Ahold bought the
operator
Czech business of the Interspar Austrian chain.
Oil and Gas
The world´s largest oil & gas company, refiner and marketer of petroleum products.
company
Supermarket chain REWE Group is one of the leading trading and travel & tourism companies in Europe. In the
operator
Czech Republic REWE operates the chains of Billa and Penny supermarkets.
Drugstore chain
DM drogerie markt is one of the leading European drugstore operators.
operator
Cinema operator
Drugstore chain
operator
Document
management
corporation
Supermarket chain
operator
Bank & Financial
Group
Cinema City International is the largest operator of multiplex cinemas in CEE and Israel.
Pk Solvent operates the Drogerie TETA drugstore chain in the Czech Republic and Slovakia.
The world´s leading company for business process and document management.
A German discount and supermarket chain, which operates more than 7,200 stores
worldwide including more than 200 stores in the Czech Republic.
Erste Group is one of the largest financial services providers in CEE in terms of clients and
total assets. Erste focuses on retail and SME banking.
Perfumes & Beauty
The biggest Czech chain of perfume stores and beauty centres; also operates in Slovakia.
operator
•
Atrium Flora is located in Prague, the capital and largest city in the country.
•
Atrium Flora is a mixed-use property with a total GLA of 39,860 m²
(including retail GLA 20,736 m², and office GLA 17,812 m²), constructed in 2003.
•
There are 743 parking spaces provided on four underground levels. 426 parking
spaces are available to visitors, the other 317 spaces are for office occupiers.
•
The shopping centre is a 4-floor fashion centre with a total GLA of 20,217 m² with a
mid- to up-market tenant mix and it is anchored by an Albert supermarket (1,843 m²
GLA) and a cinema (3,372 m² total GLA).
•
Built on a sloping site, the centre has access points on each level (main street
access to level 3 from Vinohradska St. and access to levels 1 and 2 from Jicinska
Str.). There is also direct access from the metro station.
•
The office premises comprise three separate towers with a total GLA of 17,661 m².
•
Each office tower features a fully equipped lobby with a reception area.
•
The offices are served by a total of 8 passenger lifts. The premises have standard
ceiling height of 2.7-3.0m with a typical floor plan of 1,906 m² which can be divided
into multiple units of min 200 m².
8
Location
•
Atrium Flora is located in the Vinohrady district in Prague, at the intersection of
two main streets (Vinohradska and Jicinska), around 2 km east of the historical
city centre.
•
Vinohrady is a residential area of Prague, which covers portions of Prague 2, 3,
and 10. The area is considered an upscale residential neighborhood due to its
historical atmosphere and proximity to the city centre; desirable among young
professionals, international residents, and other more affluent residents.
Accessibility
•
Atrium Flora is easily accessible by public and private transport.
•
Trams number 5, 10, 11 and 16 along with bus lines 136, 175 stop directly in
front of the property.
•
Also metro line A has a metro stop right at the location of the shopping centre.
The metro station is integrated into the centre.
•
The shopping centre has an underground parking of 743 parking spaces with
access from Jicinska Street.
9
Palác Flóra
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