international real estate

Transcription

| rotterdam | uk | london | germany | düsseldorf | hungary | budapest | uk | ne
herlands| france | nice sophia antipolis | netherlands | amsterdam | the hague | u
| germany | düsseldorf | luxembourg | usa | houston | uk | london | usa | rotterdam
in t
er n a t ion a l r ea l est a t e
a company in the Stena Group
netherlands | amsterdam | the hague | rotterdam | usa | houston | uk | london | l
est | uk | london | luxembourg | netherlands | amsterdam | the hague | rotterdam
terdam | the hague | rotterdam | usa | houston | uk | london | luxembourg | fran
Stena Realty - Vision on real estate
Stena Realty is Stena Property’s international property company
and part of the privately owned Swedish Stena Group.
Focusing on commercial properties, Stena Realty operates in the
Netherlands, France, the UK, Germany, Hungary, Luxembourg and
the US. The portfolio of the overall Stena property company Stena
Fastigheter, based in Sweden, mainly comprises residential units
complemented with CBD offices in Gothenburg, Stockholm and
Malmö. Stena Fastigheter and Stena Realty manage a total portfolio
of approximately EUR 3,8 billion.
Stena Realty’s aim is to own, manage and develop quality assets,
always proactively looking for sustainable and innovative solutions.
Our vision is to be the best-in-class supplier of real estate in our
various markets. We want to surpass customer expectations, increase
customer satisfaction and build on long-term relationships. It is our
goal to see new opportu
nities in our business environment and
to create confidence and trust among our business partners
through our professional staff. Our team believes in open, responsive
and straightforward communication to stay close to our customers,
suppliers and products. We care, are interested, committed
and dedicated to seize opportunities in new and existing markets.
luxembourg | france | nice sophia antipolis | germany | düsseldorf | hungary |
udapest | netherlands | amsterdam | the hague | rotterdam | usa | houston | uk |
ondon | luxembourg | france | nice sophia antipolis | netherlands | amsterdam |
year in brief
he hague | rotterdam | usa | houston | uk | london | luxembourg | france | nice
capture upswing
Overseas investment needs and the lack of alternative high yielding products led to
increased real estate pricing in various regions, yet global fundamentals remain diverse.
Stena Realty is Stena Property’s international property company of the Swedish Stena Group.
Focusing on commercial properties, it operates in the Netherlands, France, the UK, Germany,
Hungary, Luxembourg and the US. Stena Realty also owns interests in two separate real estate funds. In
Sweden, the portfolio of the Stena property company Stena Fastigheter mainly comprises residential units
R o n a l d Vi s s c he r mre
M an agi n g d i rec tor
complemented with CBD offices in Gothenburg, Stockholm and Malmö.
The growth of business confidence in 2014 came from the availability of capital. Interest was shown in both prime and secondary
real estate as a result of greater liquidity and the need to deploy capital in this asset class. In many of Europe’s main markets, growth
in values has far exceeded any rise in occupier activity. Across the Eurozone, in particular, rental growth is not proven throughout.
Especially core properties are perhaps overpriced in almost all markets. In this respect, influences from equity-rich (sovereign
wealth) funds, pension funds and insurers from overseas helped to drive the price of core assets in “gateway” cities such as
London, Paris, Milan and Berlin. Consequently this had a side effect on pricing of assets in the immediate vicinity of prime real
estate as well on better quality of secondary assets, for the latter due to the considerable yield spread and higher risk-acceptance
with investors.
This has led to the decision by Realty management to acknowledge the potential of this market circumstance and capture the
substantial value upswing. The property 100 Leman Street in London, which was acquired in late 2011 and was almost to become
vacant in 2015, was sold mid-2014. The very profitable sales return was considerably outperforming the expected longer term hold
and refurbish strategy. This success also triggered the discussion on our other London assets, especially on our core-plus building
20 Red Lion Street. At year end a start was made for a potential exit for this building too. We have also looked into new acquisitions
but due to price expectations no new file was executed.
The above stated very positive results were offset against the challenging Dutch market results where predominantly leasing still
proved to be difficult. Not only the number of transactions, also rents remained pressured and incentives steep. Consequently
values of vacancy show negative trends. On the other hand our various investments in our buildings are appreciated and show first
leasing results. Further strategies on modern and alternatives uses have progressed and have been implemented with positive signs
for 2015. Conversion plans have been drafted for The Hague buildings which will most likely lead to implementation next year.
Houston proved to be a market with two faces. The general economics show positive trends with continuing job growth and
consequent office take up in 1H 2014. When global oil prices dropped by 50% in the second half of the year, especially large
corporate energy companies reacted by being careful in taking up new office leases in the final quarter. We anticipated to lease
more in our existing buildings to these corporate groups in our 2014 budget, yet that target was difficult to achieve with the
changing sentiment of the oil sector. Our Phase I development of approx. 17,500 m2 Class-A office space was timely and on budget
delivered to our anchor tenant for a 10 year lease. Construction of our 100% pre-leased Phase II office building at Wood Branch
(also 17,500 m2) to the Sasol Corporation started as planned in Q2 and was fully on schedule at year end for a delivery in April
2015.
France continued to perform very well. The new business center concept created last year is almost fully occupied throughout
the year and generating splendid returns. We have been able to welcome HP as new large tenant in our Marco Polo site where we
also upgraded our restaurant facility to accommodate more people and better service to our clients.
|| luxembourg | france | nice sophia antipolis | germany | düsseldorf | hungary
budapest | netherlands | amsterdam | the hague | rotterdam | usa | houston | uk
|london | luxembourg | france | nice sophia antipolis | netherlands | amsterdam
year in brief
ethe hague | rotterdam | usa | houston | uk | london | luxembourg | france | nic
The construction of our new World Trade Center (6) building faced a minor delay in the beginning as extra hard rocky ground
needed to be removed. This had no negative effect on leasing as we successfully attracted a 100% GE Healthcare subsidiary as
a new anchor tenant for 60% of the development. At year end discussions were ongoing with tenants for the remainder of the
development. Management believes to have captured the development upswing at the right moment where others remained still
in this interesting and special regional market.
Luxembourg remained in a stable good position where we have made investments in our building in close cooperation with
our strong single tenant to improve fire safety and some general upgrades. The relatively small market keeps performing well and
vacancy rates especially in the inner city remains at an internationally low level of around 5%.
Although a strong economic player in the EU, Germany had a weak year as a region. Germany is performing stably albeit not very
profitably. Our assets might require an adjusted strategy going forward due to location and age. In Hungary the Budapest market is
bottoming out with some positive political and economic indicators. We have started to plan for building refurbishments and various
upgrades to the main lobby area and some floors to re-market the building next year as the Budapest market is showing positive
signs of recovery. Management will aim to benefit from this trend.
The overall investments in our existing portfolio amounted EUR 53 million to construct, upgrade and fit out according to the latest
regulations and market wishes - where possible in a sustainable manner. Various parts of our portfolio were refinanced successfully
with various international banks ensuring a healthy financial position of our company for upcoming medium term.
The Realty groups’ net result for 2014 amounted in EUR 16.6 million with a strong cash position for future acquisitions and other
investments.
key figures for five years period
key figures for five years period
5 years key figures stena2014
realty
2013
PROFIT AND LOSS ITEMS:
2012
2011
2010
2014
EUR 1,000
2013
EUR 1,000
2012
EUR 1,000
2011
EUR 1,000
2010
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
EUR 1,000
BUILDINGS
PROFIT
AND LOSS
Rental income
per ITEMS:
country:
Rental
income per country:
The Netherlands
14,093
14,405
15,798
17,958
18,993
The Netherlands
France
14,093
8,555
14,405
8,691
15,798
8,364
17,958
7,855
18,993
7,697
France
UK
8,555
4,671
8,691
4,943
8,364
4,602
7,855
1,341
7,697-
UK
USA
4,671
4,245
4,943
3,711
4,602
4,251
1,341
3,204
1,745-
USA
Luxembourg
4,245
1,872
3,711
1,842
4,251
1,834
3,204
1,751
1,745
1,752
Luxembourg
Germany
1,872
447
1,842
459
1,834
391
1,751
629
1,752
547
Germany
Total
rental income
447
33,883
459
34,051
391
35,239
629
32,738
547
30,734
Total
rental
income
Net gain
on sales
33,883
14,336
34,051
1,780
35,239
1,603
32,738-
30,734-
Net
gain
on sales
TOTAL
TURNOVER
14,336
48,219
1,780
35,831
1,603
36,843
32,738-
30,734-
TOTAL
TURNOVER
Result from
indirect investments
48,219
7,150
35,831
19,386
36,843
9,582
32,738
10,208
30,734
10,059
Result from indirect
OPERATING
RESULT investments
BEFORE DEPRECIATION
7,150
43,692
19,386
43,729
9,582
34,639
10,208
31,798
10,059
31,158
OPERATING
NET
PROFIT RESULT
FOR THEBEFORE
YEAR DEPRECIATION
43,692
15,887
43,729
8,137
34,639
7,601
31,798
3,888
31,158
7,146
NET
PROFIT
THE YEAR
CAPITAL
ANDFOR
RESERVES
15,887
234,217
8,137
215,241
7,601
187,974
3,888
175,785
7,146
171,922
CAPITAL PORTFOLIO
AND RESERVES
DIRECT
SIZE IN M2 (1)
234,217
250,000
215,241
242,000
187,974
242,000
175,785
251,000
171,922
242,000
DIRECT PORTFOLIO SIZE IN M2 (1)
250,000
242,000
242,000
251,000
242,000
(1) Including properties managed by Stena Realty.
(1)
(2)
(1)
(3)
53
Capital increase EUR 34.0 million as per 1st July 2008.
Restatement of equity for the year 2009.
Capital
EURmanaged,
34.0 million
per
1st Julyby2008.
Includedincrease
properties
butas
not
owned,
Stena Realty B.V. Group.
541
e MILLION
INVESTMENTS
250,000 m2
55
e MILLION
GROSS REVENUE
Assets 2015
almere
almere
amstelveen, kantorenhuis
address:
Rooseveltweg 11
address:
Rooseveltweg 15
address:
Burg. Haspelslaan 45-83
type:
Office
type:
Office
type:
Office
size:
3,465 m2
64 parking places
m2
size:
2,944
54 parking places
m2
size:
2,871
43 parking places
amsterdam
amsterdam, atlanta building
amsterdam
address:
Keizersgracht 125-127
address:
Stadhouderskade 5-6
address:
Hogehilweg 3
type:
Office
type:
Office
type:
Office
size:
4,392 m2
101 parking places
m2
size:
2,268
10 parking places
m2
size:
6,032
31 parking places
amsterdam
the hague
the hague
address:
address:
address:
Koninginnegracht 10
type:
Office
size:
2,017 m2
17 parking places
Hogehilweg 6
Eisenhowerlaan 156
type:
Office
type:
Office
size:
3,142 m2
size:
2,104 m2
71 parking places
10 parking places
Assets 2015
the hague
the hague
the hague
address:
Koninginnegracht 12
address:
Koninginnegracht 12b-13
address:
Koninginnegracht 14
type:
Office
type:
Office
type:
Office
size:
2,181 m2
15 parking places
m2
size:
2,268
25 parking places
m2
size:
1,828
18 parking places
the hague, koninginneborgh
the hague, parkhaghe
the hague
address:
Koninginnegracht 23-24
address:
Parkstraat 20
address:
Paviljoensgracht 1-3
type:
Office
type:
Office
type:
Office
size:
6,260 m2
53 parking places
m2
size:
2,161
15 parking places
m2
size:
4,000
22 parking places
the hague, statenhof
the hague
hoofddorp
address:
Scheveningseweg 80-82
address:
Zeestraat 98-100
address:
Marsstraat 1-43
type:
Office
type:
Office
type:
Office
size:
6,688 m2
154 parking places
m2
size:
2,162
45 parking places
m2
size:
3,182
34 parking places
Assets 2015
leiden, kantorenhuis
rijswijk
address:
Schipholweg 70-128
address:
Veraartlaan 4
address:
Volmerlaan 20/Polakweg 13
type:
Office
type:
Office
type:
Office
size:
4,204 m2
87 parking places
m2
size:
4,606
53 parking places
rijswijk
m2
size:
2,442
24 parking places
rotterdam
rotterdam
rotterdam
address:
KP vd Mandelelaan 30-38
address:
KP vd Mandelelaan 80-84
address:
KP vd Mandelelaan 120
type:
Office
type:
Office
type:
Office
size:
1,798 m2
45 parking places
m2
size:
2,703

63 parking places
m2
size:
1,272

31 parking places
rotterdam
rotterdam
rotterdam
address:
Kiotoweg 201-211-221
address:
Lichtenauerlaan 2-20
address:
Max Euwelaan 21-29
type:
Office & warehouse
type:
Office
type:
Office
size:
2,708 m2
64 parking places
m2
size:
1,684
& 5,888
63 parking places
m2
m2
size:
2,132
38 parking places
Assets 2015
rotterdam
schiphol-rijk
schiphol-rijk
address:
Westblaak 155-189
address:
Breguetlaan 2
address:
Cessnalaan 2
type:
Office
type:
Office & warehouse
type:
Office & warehouse
size:
1,051 m2 & 3,087 m2
52 parking places
m2
size:
6,162

42 parking places
m2
size:
1,215
& 2,986
47 parking places
m2
utrecht, bloeyendaal ii
utrecht
address:
Archimedeslaan 61
address:
Atoomweg 77
type:
Office
type:
Office & warehouse
m2
size:
4,484
85 parking places
utrecht
size:
utrecht
2,074
m2
& 11,143
m2
utrecht
address:
Burg. Verderlaan 9
type:
Office
size:
2,017 m2
63 parking places
utrecht
address:
Burg. Verderlaan 15
address:
Euclideslaan 101-149
address:
Kon. Wilhelminalaan 3
type:
Office
type:
Office
type:
Office
size:
4,845 m2
97 parking places
m2
size:
4,060
111 parking places
m2
size:
3,078
75 parking places
Assets 2015
ecolucioles,
sophia antipolis
parc haute technology,
sophia antipolis
marco polo,
sophia antipolis
address:
955, Route des Lucioles, Valbonne
address:
Ave. du Dr. Maurice Donat, Mougins
address:
Ave. du Dr. Maurice Donat, Mougins
type:
Office
type:
Office
type:
Office
size:
12,777 m2
554 parking places
m2
size:
5,638
182 parking places
m2
size:
4,794
165 parking places
oreades & triades,
sophia antipolis
wtc, les crêtes,
sophia antipolis
wtc, les deux arcs ,
sophia antipolis
address:
485 Route du Pin Montard, Biot
address:
1300, Route des Crêtes, Valbonne
address:
1800, Route des Crêtes, Valbonne
type:
Office
type:
Office
type:
Office
size:
6,063 m2
271 parking places
m2
size:
7,715
401 parking places
m2
size:
10,826
391 parking places
wtc, les crêtes, building 6
sophia antipolis
luxembourg-city
budapest
address:
1300 Route des Crêtes, Valbonne
address:
Rue J.P. Brasseur 14a
address:
Andrássy út 70
type:
Office
type:
Office
type:
Office
size:
2,931 m2
14 parking places
m2
size:
1,904
82 parking places
m2
size:
4,516
68 parking places
Assets 2015
london, holland house
london, renown house
kiel
address:
1-4 Bury Street, Gherkin Piazza
address:
33-34 Bury Street, Gherkin Piazza
address:
Holstenbrüecke 28
type:
Office
type:
Office
type:
Retail & office
size:
2,644 m2 & 1,986 m2
50 parking places
m2
size:
4,534
/ 48,608 sqft
3 parking places
size:
484
m2
/ 5,246 sqft
düsseldorf
woodbranch i, houston, texas
woodbranch ii, houston, texas
address:
Schiess-strasse 55
address:
12121 Wickchester Lane
address:
12141 Wickchester Lane
type:
Office & warehouse
type:
Office
type:
Office
size:
10,970 m2 / 118,080 sqft
448 parking places
m2
& 1,624
m2
size:
5,504
120 parking places
m2
size:
10,885
/ 117,166 sqft
457 parking places
woodbranch iii, houston, texas
woodbranch plaza iv, houston
address:
Wickchester Lane
address:
Wickchester Lane
type:
Office
type:
Office
size:
17,500 m2 / 178,000 sqft
680 parking places
m2
size:
17,500
/ 178,000 sqft
680 parking places
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STENA REALTY B.V. Burgemeester Haspelslaan 61, 1181 NB Amstelveen, The Netherlands, T +31 (0) 20 426 16 16
STENA BUREAUX SARL WTC, Les Crêtes, Bâtiment V - Entrée L, 1300, Route des Crêtes, 06560 Valbonne, France, T +33 (0) 4 93 95 89 96
STENA FASTIGHETER AB Box 31157, Drakegatan 1, SE-412 50 Göteborg, Sweden, T +46 (0) 75 241 50 00
STENA AB (PUBL) Masthuggskajen, SE–405 19 Göteborg, Sweden, T +46 (0) 31 85 50 00
www.stenarealty.com - www.stenafastigheter.se - www.stenaab.com