View our corporate presentation
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View our corporate presentation
Aguirre Newman Group Corporate presentation w w w.a g u irre n e w m a n .es 2015 INDEX 01. THE COMPANY Description of the Group Structure Map of Services 02. WHY AGUIRRE NEWMAN? Business Model Key Data 03. AREAS OF ACTIVITY Transactional / Financial Financial / Analytical Analytical / Technical Technical / Managerial Comprehensive services 01. THE COMPANY Description of the Group Structure Map of Services 01 02 03 01 THE COMPANY Madrid London Description of the Group Berlin 27 years experience in real estate consultancy and management. Lisbon More than 390 professionals who are technically highly qualified and specialised. Barcelona Malaga Mexico City Present in European and American markets through our offices in Madrid, Barcelona, Bogotá Malaga, Lisbon, London, Berlin, Mexico City and Bogotá. International member of the GVA Worldwide network with 120 offices in 20 countries. Thanks to the trust of more than 3,000 clients, sustained leadership in the Spanish and Portuguese markets despite competing against multinational consultants. Offices Aguirre Newman GVA Worldwide Member of the Royal Institution of Chartered Surveyors. Structure Comprehensive real estate advice AGUIRRE NEWMAN Group Transactional Financial Analytical Management of real estate vehicles Asset Management Real Estate Consultancy Capital Management Club Deals Fund of funds Technical Managerial AGUIRRE NEWMAN | 4 01 THE COMPANY Map of services Markets Strategic and operational Consultancy advice Transactional Financial Analytical Technical Managerial Comprehensive services Strategic segments Services AGUIRRE NEWMAN | 5 02. WHY AGUIRRE NEWMAN? Business Model Key Data 01 02 03 02 WHY AGUIRRE NEWMAN ? Business Model Independence Excellent market awareness Differentiating methodology and technology High quality standards Experience in the the most sophisticated transactions, both with national and international clients Integration of ad hoc services in each project, provided by professionals specialised in each discipline Direct implication in the business of Company Management Maximum commitment to the interests of our clients Key data Market leaders in Spain. €88m turnover in 2014. Consistent leaders in the office market for the past 10 years. More than 2.4 million sqm and €50m of service charges expenditure 1.4 million sqm established and 110,000 people transferred. under management. Market share of over 20% in 2014 of investment transactions in the Spanish tertiary market. 62 investment transactions during 2014. Participation in the principal large-scale appraisal processes conducted during 2012 - 2013. By means of Altan, the fund of funds of Aguirre Newman, investment of 270 million in 20 countries through the principal advisors around the world. AGUIRRE NEWMAN | 7 03 AREAS OF ACTIVITY TRANSACTIONAL / FINANCIAL Agency Investment Corporate Finance FINANCIAL / ANALYTICAL Consultancy Appraisals and Valuations ANALYTICAL / TECHNICAL Planning Architecture TECHNICAL / MANAGERIAL Property Management Asset Management COMPREHENSIVE SERVICES Shopping Centre Lodging and Leisure 01 02 03 03 AREAS OF ACTIVITY Agency To owners and users we provide advice which is specialized according to sector regarding all aspects of the sale and optimisation of conditions for their real estate assets. COMMERCIALIZATION CONSULTANCY ADVICE TO USERS RENEGOTIATIONS We formulate made-to-measure strategies for each asset and have a proven ability to identify and gain access to demand. Appraisal of the pros and cons for each of the available market options and ability to quantify the financial and operational impact of the decision. Based on a profound knowledge of real estate and sectors and our continual contact with the market, we design and implement bespoke negotiating strategies for our clients. Definition of the sales/lease strategy. Bespoke product marketing plans. Identification of and access to potential demand. Intensive commercial activity. Advice on negotiation and closure. Reporting adapted to client needs. Analysis of present and future needs. Inspection and selection of the best locations. Analysis of the financial impact of each option. Negotiation of the best conditions with the property owner. Review of the operational needs of the client. Analysis of the market and market trends. Definition of objectives. Design and performance of the strategy. Advice on negotiation. ADDED VALUE Leaders in Madrid and Barcelona Office Market in 2013, with a market share above 34% and 20% respectively. Market awareness: average experience of the management team of the agency area exceeds 15 years. Market access: team comprising 45 professionals and direct implication of Executive Management of the Company. Results: average rent reduction exceeding18% for the renegotiation processes in which we have participated. AGUIRRE NEWMAN | 9 03 AREAS OF ACTIVITY Agency NOTABLE TRANSACTIONS 2014 6,250 sqm 5,600 sqm 4,300 sqm 1,400 sqm 35,134 sqm 23,000 sqm Advisory services in the contract renegotiation of WTCAP Building 4, Barcelona Relocation of ITP’s new headquarters in Arroyo de la Vega Letting offices Técnicas Reunidas in Bilma building, in Madrid Letting advisory services in the office in Vía Layetana 33, Barcelona Sale of a logistics warehouse in Meco, Madrid Sale of a logistics warehouse in Miralcampo, Madrid Retail Offices Offices Offices Offices Logistic Logistic 16,500 sqm 9,000 sqm 1,300 sqm 900 sqm 550 sqm 80 sqm Logistics warehouse in Montornes, Barcelona Logistics warehouse in Rubí, Barcelona Letting of Marqués de Larios 4, Málaga Letting of Paseo de Gracia, 29 in Barcelona Letting of Fuencarral 21, Madrid Sale of a retail unit in Serrano 42, Madrid PRIVADO Logistic Logistic Retail Retail Retail Retail AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Investment We are specialists in investment and divestment projects for all types of real estate assets and portfolios through the provision of highly qualified financial, technical and real estate advice. ACQUISITIONS DIVESTMENT Identification, advice on and analysis of investment products, developing the future business plan for each of the assets with a view to confirming the suitability of each investment strategy. Proven methodology in the design, structuring and performance of property and land sales transactions. Search for alternative investment options in accordance with each business model. Financial/real estate analysis. Appraisal and business plan. Due Diligence. Advice on negotiation and closure. Asset/portfolio analysis. Definition of the strategy. Design of the structuring of the sales process. Vendor Due Diligence to eliminate uncertainty. Access to the potential market. Negotiation and closure of the transaction. ADDED VALUE Market share of over 20% in 2014 of investment transactions in the Spanish tertiary market. Market access: portfolio of more than 700 private investors derived from our experience in the sales processes for bank branches. Reputation: point of reference in the Spanish market for national and international 72% Market Share AN Investment Madrid CDN (Offices 2007-2014) More than €2,000 Mn investors, having well-established contacts with more than 200 overseas funds. Team: we provide investment projects with mixed teams comprising financial and technical experts specialised in the market in question. AGUIRRE NEWMAN | 11 03 AREAS OF ACTIVITY Investment NOTABLE TRANSACTIONS 2014 € 265 million € > 24 million € > 31 million € > 81 million € 54 million € 54 million Sale of a retail unit let to C&A in Gran Vía, 48 in Madrid. Proyecto CORONA Consultancy services in the sale of the office building on Plaza de España, Madrid. Sale of an office building in Arturo Soria, 336 in Madrid. Sale of an office building on Paseo de los Olmos 19 (Headquarters of Enagás), in Madrid. Consultancy services in the sale of a portfolio which includes office buildings in Madrid. S&LB of 4 buildings situated in Prime locations in different cities in Spain. CONFIDENTIAL € > 32 million € > 49 million € 117 million € 144 million € > 10 million Consultancy services provided to the seller of the building located in Gran Vía 30, Madrid. Consultancy services in the sale of a logistics park in Alovera, Guadalajara. Consultancy services in the sale process of a portfolio which includes 16 logistics properties involving S&LB. Sale of 2 residential plots of land which have a buildable area of more than 90.000sqm in Madrid. Consultancy services in the sale of a portfolio of land properties in different locations in Spain. Sale of Zocalo Building on Plaza de Europa in L´Hospitalet de Llobregat (Barcelona). Confidential Confidential AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Corporate Finance Advice to real estate companies on the strategic decision-making process for all types of corporate transactions, as well as on the design of the financing structure for real estate projects. STRATEGIC FINANCIAL ADVICE We guarantee the in-depth study of each business unit, the detailed analysis of the portfolio and the possibilities for development in current and potential market situations. Appraisal Strategic plan. Review of transactions and business plans (acquisitions or acquisition of a stake). ADVICE CORPORATE TRANSACTIONS DEBT ADVISORY We offer our clients specialised financial advice throughout the entire process. We provide specialised financial advice both on the restructuring of debt and negotiations with financial institutions. Fund raising: share capital / shareholder increases. Sale and purchase of companies. Mergers. Creation of investment vehicles / club deals / collective investment vehicles. Advice on the sale and purchase of performing and non-performing debt. Debt restructuring Search for financing ADDED VALUE Independence and multidisciplinary focus: combination of financial and real estate awareness. Contacts with the market: extensive experience in the identification and performance of corporate transactions. More than €1bn of debt refinanced. More than €1bn of real estate company equity valued. NOTABLE TRANSACTIONS 2011/2013 Advice to Banco Pastor on the design and structuring of asset sale transactions amounting to €350 million. Real State Company Advice on the restructuring of corporate debt (€300 million) for a real estate company with a banking syndicate comprising 23 institutions. Real State Company Appraisal of a family-based real estate management company (€275 million in equity). Advice to Sareb on the design, financing and structuring of a new securitization vehicle of a portfolio of office buildings. AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY TRANSACTIONAL / FINANCIAL Agency Investment Corporate Finance FINANCIAL / ANALYTICAL Consultancy Appraisals and Valuations ANALYTICAL / TECHNICAL Planning Architecture TECHNICAL / MANAGERIAL Property Management Asset Management COMPREHENSIVE SERVICES Shopping Centre Lodging and Leisure 01 02 03 AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Consultancy We offer tools for decision-making through the analysis of each situation from all possible angles; we are specialised in all phases of the real estate cycle and provide bespoke solutions to our clients. NON-REAL ESTATE COMPANIES FINANCIAL INSTITUTIONS INVESTMENT FUNDS Advice on the optimisation of real estate assets, defining the best product for development. We develop ad hoc strategies for the optimisation of corporate head offices. We design management and/or divestment strategies both for real estate assets and mortgage and corporate debt. We produce optimisation plans for assets and asset/debt swaps. Advice on asset acquisition processes, large portfolios and real estate debt, taking into account each real estate business plan and the level of associated risk. Feasibility study and asset optimisation. Definition of optimum product according to planning, market, technical and financial analysis. Optimisation of real estate portfolios. Business Plan for real estate subsidiaries. Optimisation plan for corporate head offices. Business Plan. Potential asset lifespan. Exit strategy and sales process. Potential value and anticipated returns. principal national and international companies. Analysis of market supply and demand. Asset business plan. Capex and urban development estimate. Project type ADDED VALUE Experience: over 20 years experience in strategic real estate consultancy tasks for the Gap current/potential / liquidation value. Advice on the analysis and Acquisitión of portfolios 29% Real estate strategy and Search for partners 30% Multidisciplinary team: more than 30 professionals specialised in technical planning, market research, financial evaluation and strategic analysis. Sophistication and the ability to adapt to the needs of each project. Feasibility/optimisation Analysis 12% Expert reports 9% Market Survey 20% AGUIRRE NEWMAN | 15 03 AREAS OF ACTIVITY Consultancy NOTABLE TRANSACTIONS 2013 / 2014 Olivia Project Agatha Project Pamela Project Deer Project Sotogrande Project Advisory services for Azora in the acquisition of Oncisa. Preparation of Business Plan involving all the assets of the company. Residential Market Research on Costa Sol Sotogrande. Special focus on luxury residential developments within the framework of the company acquisition. Advisory services for Bank of America Merril Lynch in the acquisition of debt portfolio with collateral for tertiary use, owned by Sareb. Advisory services for De Shaw & Co. in the acquisition of a portfolio of Sareb’s assets, involving subsidized housing. Approximate volume: €100 M. Advisory services for Canyon Capital Advisors in the acquisition of debt with residential collateral, subsidized housing, in the amount of € 250 M and 12 assets. Sabadell Valuation Octopus Project Castellana Project Proyecto Urbanístico Urban Design Project Rush Project Proyecto Rush Confidential Advisory services for Sabadell Bank carrying out market research, town planning analysis and VIABILIDAD valuations. Y OPTIMIZACIÓN Advisory services provided to an international fund in the Octopus Project, involving Eurohypo España´s real estate debt. Approximate volume of € 4,000 M - 120 assets. Project analysis for residential use in the northern part of Madrid, which includes current and future housing supply. Town planning management of a portfolio of 62 plots of land, owned by a Financial Entity: town planning processing, representation and document management system. Advisory services provided to an international fund in the acquisition of a percentage in the equity of Realia Company. AGUIRRE NEWMAN | 16 03 AREAS OF ACTIVITY Appraisals and valuations Our independence, rigour, depth and extensive technical and commercial knowledge of the real estate market have placed us among the benchmark companies in Spain and Portugal. RICS APPRAISALS ECO ORDER 805/2003 VALUATIONS Performance of real estate appraisals in accordance with the standards set down by RICS (Royal Institution of Chartered Surveyors). The appraisal service is provided for any type of property in the markets in which we operate, noteworthy being: Validated by the Bank of Spain as an Appraisals Company, we are authorised to perform real estate valuations pursuant to the stipulations of Article 2 of the Order ECO 805/2003: Appraisal of properties in transactions. Appraisal of real estate portfolios. Expert opinions on market rents. Expert reports. Mortgage guarantee. Risk premium of insurance companies. Collective Investment Company Assets. Pension Fund Assets. ADDED VALUE Experience: more than 20 years activity with clients including the principal national and international financial institutions. Point of reference in the Spanish market for national and international institutions, having participated in the major valuation processes carried out in 2014. Team: comprising members of RICS specialised in appraisals and a group of architects with more than 10 years experience in first-class appraisal companies, working alongside the planning and technical departments of Aguirre Newman. HIGHLIGHTS 2014 Real Estate Companies National/International Funds Financial Institutions Regular RICS valuation of portfolios including different asset types (residential, offices, retail, hotels and land) across Spain. ECO valuation of the whole portfolio of one of the largest national funds. Reports for international funds bidding for the major portfolio deals. RICS and ECO valuations for national and international lenders on commercial property, mainly offices and retail/leisure assets. AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY TRANSACTIONAL / FINANCIAL Agency Investment Corporate Finance FINANCIAL / ANALYTICAL Consultancy Appraisals and Valuations ANALYTICAL / TECHNICAL Planning Architecture TECHNICAL / MANAGERIAL Property Management Asset Management COMPREHENSIVE SERVICES Shopping Centre Lodging and Leisure 01 02 03 AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Planning Through the development of planning and management tools we have achieved the optimisation, enhancement and improvements to the profitability of our client's assets. PLANNING AUDIT MASTER PLAN We determine the real situation of the property and the necessary steps to be taken to reach the final planning milestone, in accordance with current legislation and the procedures set out by the Authorities. We analyse the real estate development possibilities of land, setting out the feasible scenario and the consequences in terms of procedures, management and returns. The purpose is to organise and plan the land development process with estimated Description of the asset timescales. Legal verification of the property structure. Objectively backs up the financial and planning feasibility of a real estate Analysis of the physical condition of the property. Analysis of floor areas. development process. Analysis of the applicable planning regulations. Analysis of legalised items. Pending planning procedures, estimate of timescale and costs. ADDED VALUE The vision to determine the most optimal real estate development programme. Ability to detect oportunities for changes to the plan thanks to a combination of technical-planning and real estate know-how. Aptitude for the identification of possible irregularities in the properties as a result of an in-depth understanding thereof. NOTABLE TRANSACTIONS 2013/2014 Export report on the town planning situation of the plot of land B-32 in Las Tablas. Suggestions for the Town Planning Review in Madrid Town Planning Management of the different assets of financial entities AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Architecture We develop bespoke solutions according to the needs of our clients, being able to act purely as an adviser in terms of space concepts, as project developer and/or as the executor of works up to the final phase of transfer. SPACE CONCEPT SPACE TRANSFORMATION Encompasses the various advisory services provided during the phases prior to project development. We provide services related to project development, licences and performance of works up to the transfer itself. Space consultancy. Occupancy modelling and calculation of floor areas. Concept design. Due Diligence. Sustainable consultancy. Change management consultancy. Interior architecture project. Refurbishment and new layout projects. Engineering project. Management of licenses. Tendering. Project Monitoring and Project Management. Construction. Transfer management. Removals. ADDED VALUE Market Share AN sqm established in Madrid (last 5 years) Experience: pioneers in the incorporation of architectural teams within real estate consultancy, we have gained 20 years experience in this area. 30% Multidisciplinary team comprising consultants specialised in the transformation of workspaces and highly experienced architects and engineers. 1,4 millon square metres carried out. Own, independent procurement network; we do not act as distributors. AGUIRRE NEWMAN | 20 AGUI 03 AREAS OF ACTIVITY Architecture NOTABLE PROJECTS 2014 15,000 sqm 8,000 sqm 3,500 sqm 5,000 sqm 54,000 sqm 12,000 sqm Fit - out works for the offices in Castellana 278 Design project of the offices of Banco Sabadell in Madrid Elaboration and design project as well as works management of the office building in Madrid Turn-key project of Torre Cepsa in Madrid Turn-key project of Torre Cepsa in Madrid Turn-key project in World Trade Centre in Zaragoza 500 sqm 1,800 sqm 1,500 sqm 4,500 sqm 14,000 sqm 54,000 sqm Turn-key project in Torre Cristal, Madrid Turn-key project in Barcelona Turn-key project in Madrid Turn-key project in Madrid Refurbishment works, design and works supervisión of 3 office buildings in Madrid Advisory in the procurement of BREAM certificate in Torre Espacio in Madrid AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY TRANSACTIONAL / FINANCIAL Agency Investment Corporate Finance FINANCIAL / ANALYTICAL Consultancy Appraisals and Valuations ANALYTICAL / TECHNICAL Planning Architecture TECHNICAL / MANAGERIAL Property Management Asset Management COMPREHENSIVE SERVICES Shopping Centre Lodging and Leisure 01 02 03 AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Property Management The proper financial, technical, legal and operational management of assets constitutes the key elements in optimising the value thereof. PROPERTY MANAGEMENT SHOPPING CENTRE MANAGEMENT FACILITY MANAGEMENT TECHNICAL CONSULTANCY Design, performance and supervision of the necessary tasks for the maintenance and comprehensive management of a property. We add value by giving the greatest attention to the property, the operators and the end client. Comprehensive management of company infrastructure and services as the user of the workspace. We provide effective solutions thanks to more than 20 years experience in management. Asset management. Management. Letting and re-letting. Technical management and ECOP Optimisation of the trade-off Financial Legal Technical Operational (Exclusive Building Works Team). ADDED VALUE Leadership: more than 200 properties and 2,4 million sqm under management. Expertise in shopping centres: 17 centres under management and commercially available. between space / people / processes. Cleaning, security, maintenance of installations, refurbishment management, operational services, etc. sqm under management by use (%) Shopping Centres 17% Residential 4% Offices 46% Technical auditing. Due Diligence. Consultancy / energy clasification. Cost optimisation. LEED Certification. Permanency of the portfolio under management (% of properties) Between 1 and 3 years 7% New contracts 9% More than 5 years 49% Methodology: the management of operational expenditure budgets amounting to €50m enables us to analyse each asset and optimise every item, maintaining quality of service, unburdening the proprietor and making the property more competitive with a view to the commercial success thereof. Team: 70 professionals (lawyers, economists, marketing) co-ordinated by an Executive Management team whose experience amounts to more than 60 years. Industrial / Logistics 33% Between 3 and 5 years 35% AGUIRRE NEWMAN | 23 03 AREAS OF ACTIVITY Property Management NOTABLE PROJECTS UNDER MANAGEMENT 2013 - 2014 8,232 sqm SBA 152.138 m 78,000 sqmm SBA SBA 152.138 152.138 m222222 SBA 152.138 m SBA 152.138 m 4,290 sqm 5,000 sqm 8,663 sqm 22,500 sqm Comprehensive management of Edificio Cubik in Madrid Comercialización de 22 Comprehensive management Comercialización de Comercialización de 22 22 Comercialización de 22 Comercialización de Galerías comerciales ofGalerías Torre Picasso in Madrid Galerías comerciales comerciales Galerías Galerías comerciales comerciales Comprehensive management of Malaga Plaza Technical consultancy of 40 hotels Comprehensive management of Arturo Soria 336 building Comprehensive management of Metromar in Sevilla Offices - Madrid Offices - Madrid Offices - Malaga Hotels Offices - Madrid Shopping Centre 50,460 sqm SBA 152,138 sqm SBA 20,600 sqm 500 sqm 57,000 sqm 1,300 sqm Due Diligence Vodafone Marketing of 22 shopping centres Comprehensive management of ABC Serrano in Madrid Josefa Valcarcel 3-5 in Madrid Paseo Castellana 256 Torre Cepsa in Madrid Offices - Madrid Shopping Centre Shopping Centre Facility Management Consultancy Facility Management 2 Paseo Castellana 202 in Madrid Facility Management AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY TRANSACTIONAL / FINANCIAL Agency Investment Corporate Finance FINANCIAL / ANALYTICAL Consultancy Appraisals and Valuations ANALYTICAL / TECHNICAL Planning Architecture TECHNICAL / MANAGERIAL Property Management Asset Management COMPREHENSIVE SERVICES Shopping Centre Lodging and Leisure 01 02 03 AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Shopping Centres Comprehensive Management from a value creation perspective. Unparalleled skills and multidisciplinary teams and procedures to secure and optimize the potential of the assets. LEASING Strategic approach to the assets. Senior teams to analyze the commercial potential and design engaged strategies involving property and shopping centre management teams PROPERTY MANAGEMENT SHOPPING CENTRE MANAGEMENT Study of the status of each tenant, valuation of debt ratios and rates possible effort to anticipate delinquency cases. Retail Care Management Service. Watch over the Shopping Centre’s image and marketing. Increase the influx of visitors to the Shopping Centre. Strengthen internal and external relationships and Optimize the Shopping Centre’s operation and budget control Active management for debt recovery Bonus Control: Provide tools for the study of potential income subsidies Analyze the current tenant mix and competition. Design improved leasing plans Unparalleled negotiation skills. value oriented leasing teams optimization and commercial conceptualization Support to Marketing / Property Management strategies Thoroughly control fixed and variable rents of tenants Increase the influx of visitors to the Shopping and service charges Centre Verify compliance of lease obligations by the tenants Provide the property compliance of lease obligations Keep a file of each tenant, including all documents Watch over the Shopping Centre’s image and and incidents marketing Strengthen internal and external relationships Optimize the Shopping Centre’s operation and budget control ADDED VALUE The largest growth in the retail market in the last 2 years more than 600,000 sqm under servcies (Property Management, SC Management, Leasing) Unparalleled Techical support from internal teams: Multidisciplinay analysis of all situations. New business areas: specialty leasing and retail care property management: Services close to property management company Improve the profile of clients: International funds vs domestic developers AGUIRRE NEWMAN | 26 03 AREAS OF ACTIVITY Shopping Centres NOTABLE TRANSACTIONS 2013 20,600 sqm 42,000 sqm 30,000 sqm 13,000 sqm 132,000 sqm 8,800 sqm Comprehensive management of ABC Serrano Shopping Centre, Madrid Comprehensive management of Ingenio Shopping Centre in Malaga Property Management La Vega- Madrid Comprehensive management of Vialia Shopping Centre in Albacete Comprehensive management of Plaza Imperial Shopping Centre in Zaragoza Comprehensive management of Malaga Plaza Shopping Centre, Malaga 20,635 sqm 35,302 sqm 23,825 sqm 23,503 sqm 130,000 sqm 32,000 sqm Comprehensive management of Deleite Shopping Centre, Aranjuez (Madrid) Comprehensive management of SVOP Alicante Letting Planet Ocio Shopping Centre in Villalba, Madrid Leasing of Luz Shopping Shopping Centre in Jerez, Cadiz. Leasing of Los Alfares Shopping Centre in Talavera de la Reina, Toledo Comprehensive management of Metromar Shopping Centre, Sevilla AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Lodging and Leisure AGUIRRE NEWMAN, provides since 2005, an expert advise on all types of asset types, projects and business segments within the Lodging & Leisure industry, accumulating extensive and relevant successful experience in all service areas. Our differential service proposal is based on the partnership with our clients to provide value added solutions to their needs, with a global and integral focus, based on our deep knowledge and understanding of the market and the industry and a unique multidisciplinary team, leaded by highly specialized professionals in the industry. CONSULTING SERVICES We provide a wide range of technical and strategic advisory services to cover the needs of our clients (investors, owners, operators and financiers): Integral project definition, optimal use analysis INTEGRAL SERVICE PROPOSAL Investment & Deinvestment and development of master plans Integral asset and property management of the investment cycle, as required, as the specialized corporate arm of our clients: Business Consulting Definition, restructuring and implementation of operating models Asset and portfolio appraisals and valuations (MRICS), and feasibility studies ADVISORY SERVICES Specialized support and advise in the investment and divestment process, from identification to execution of the transactions: Integral property due diligence services (town planning, technical and operations) Equity and debt sale and purchase of assets and portfolios Financial structuring and refinancing process ASSET MANAGEMENT Technical Consulting Project Management Asset Management Appraisals & feasibility Investment: Opportunity identification and analysis, development of business plan and full support on transaction execution Management: Corporate management of investment and stakeholders, including supervision and control of business plan implementation, with a single communication line with Principals Divestment: Implementation of divestment strategy and support in the sale process, including analysis of alternative structuring and divestment channels ADDED VALUE SOLUTIONS Extensive experience in all services with a unique specialized team Differential knowledge and understanding of the market and the industry Global and integral service proposal AGUIRRE NEWMAN | 28 03 AREAS OF ACTIVITY Lodging and Leisure NOTABLE PROJECTS 2014 Investment Investment Investment Hotel Operator Selection Hotel Operator Selection Hotel Operator Selection Valuation and Sale & Lease back of Hotel Abba Ramblas, in Barcelona ( € > 5 million) Analysis, valuation and sale of a hotel on the Island of Gran Canaria (€ > 20 million) Valuation and sale of a building allocated for Youth Hostel in Silva, Madrid (€ > 10 million) Refurbishment and search of an operator for the future hotel in Gran Vía (88 rooms), Madrid Hotel operator selection in Getafe (112 rooms), Madrid Analysis and selection of a hotel operator in the centre of Madrid (158 rooms) CONFIDENTIAL Analysis of Portfolios / Debt Acquisition Valuations In 2014. Aguirre Newman provided consultancy services to different international In 2014, Aguirre Newman carried out valuations and feasibility studies of hotel porfolios investors in the valuation of debt portfolios which included hotel properties. Lodging as well as urban and tourist hotels, in Spain and Latinamerica. We analysed and carried and Leisure department took part in portfolios involving main transactions of more than out valuations of more than 40 hotels worth more than € 400 million. €2,000 million (more than 120 hotels have been analysed and valued). AGUIRRE NEWMAN | 03 AREAS OF ACTIVITY Zaphir Asset Management DESCRIPTION OF THE ACTIVITY Zaphir is a Company belonging to the Aguirre Newman Group, specialised in the management of investment vehicles and real estate funds. It started activity in December, 2005 with the creation of its first real estate investment vehicle, Zaphir Retail Properties, focused on High Street premises in Spain and Portugal. Zaphir currently manages an investment volume of €712 million by means of four real estate investment vehicles in Spain, Portugal and Germany , in addition to a Private Equity Real Estate fund of funds. Zaphir employs 29 professionals in its offices in Madrid and Berlin, with extensive experience within the real estate sector and capital markets. INVESTMENT VOLUME 712 474 384 351 130 72 238 Aggregate Investment Volume (€million) 90 Investment Volume by Fund (€million) 33 221 58 72 retail properties berlin properties german offices logistic properties Separate Accounts AGUIRRE NEWMAN | 30 03 AREAS OF ACTIVITY Zaphir Asset Management ZAPHIR ASSET MANAGEMENT ZAPHIR CAPITAL ALTAN CAPITAL Company specialised in the design, constitution and Active search for investment opportunities. Design, creation and development of real estate Altamar and Aguirre Newman each have a 50% management of investment vehicles in sectors specific to the real estate market. Currently has 6 real estate investment vehicles. Estimated investment capacity of €500 million. Major institutions, family offices and private capital feature among its investor base. investment vehicles. The objective is to provide access for a group of investors to certain real estate transactions which represent investment opportunities. Altan Capital manages a Private Equity Real Estate Participation of Zaphir Capital in every project. Management contract between Zaphir Capital Business model based on a combination of the real and the Vehicle. VEHICLES UNDER MANAGEMENT retail properties Sector Geographical focus Capital Invested Retail Streets Spain and Portugal €72 million Residential Berlin german offices logistic properties Offices Germany €33 million Logistics and Industrial Spain and Portugal €90 million Separate Accounts Spain, Germany, Belgium, Chile €238 million fund of funds. estate know-how of Aguirre Newman and the technology of Altamar in the management of funds of funds. DIVERSIFIED GLOBAL PORTFOLIO STRUCTURE TYPE Gepgraphical Diversification Investors 105 Investments €58 million berlin properties stake in the Company, which is registered as a manager with the financial services authority (CNMV).. Management Contract Vehicle Financing Retail 22% Industrial 10% Offices 37% + 1.500 asssets + 20 countries Real Estate Assets Sectorial Diversification Hospitality 17% Residential 14% AGUIRRE NEWMAN | 31 03 AREAS OF ACTIVITY Zaphir Asset Management € 712 MILLON ASSETS UNDER MANAGEMENT 40,000 sqm 11,656 sqm 166,000 sqm 34,000 sqm 2,000,000 sqm Fund Management 36 high street retail units in Spain and Portugal Fund Management 24 logistic warehouses in Spain Asset Management of San Vicente Outlet Park Asset management mandate International Bank High Street Retail Retail Offices Asset Management FAB Structure Confidential Shopping Centre Oficinas Offices Mixed Use 18,100 sqm €220 25,500 25.500 million sqm m2 15,223 sqm 50,800 sqm Fund Management 4 residential buildings in Berlín Global fund of funds management Fund Management 2 office buildings in Berlin Asset management mandate European fund Confidential All sectors AGUIRRE NEWMAN | 32 Madrid | Barcelona | Malaga | Lisbon | Berlin | London | Mexico City | Bogotá