March Rockcastle Presentation

Transcription

1 March 2017 Rockcastle Presentation

2 Agenda Polish Market Existing Portfolio Update Asset Management Initiatives Development Pipeline Update

3 Polish market update * GDP 6.2% 7.0% 4.2% 2.8% 3.6% 3.6% 5.0% 1.6% 1.4% 3.3% 2.8% 3.1% Av. Salary 4.9% 8.6% 9.5% 5.2% 4.2% 5.2% 3.7% 3.4% 3.6% 3.3% 3.0% 4.3% Retail spendings 11.9% 14.1% 10.3% 2.6% 2.9% 7.2% 2.8% 2.4% 4.2% 3.7% 5.1% 5.5% CPI 1.0% 2.5% 4.2% 3.5% 2.6% 4.3% 3.7% 0.9% 0.0% -0.9% -0.6% 1.3% Unemployment rate *estimated 14.8% 11.2% 9.5% 12.1% 12.4% 12.5% 13.4% 13.4% 11.5% 9.8% 8.3% 7.8% Results presentation December

4 Rockcastle Warsaw Team Structure Finance Asset Management Development Marek Noetzel Retail Director Paweł Lesny Finance Manager Piotr Hajgiel Deputy Finance Manager C raig Boshard Development Director Jarosław Świeboda Senior Project Manager Paulina Kurdziel Retail Asset Manager Justyna Bartosz Retail Asset Manager Wojciech G odlewski Senior Project Manager Maciej Tarnowski Senior Project Manager Marta Słupczewska Financial Reporting Specialist Anna Wyrwa Financial Reporting Specialist Michał Nesteruk Financial Reporting Specialist Joanna Klimaszewska Retail Asset Manager Tomasz Górski Retail Asset Manager Acquisitions Legal Administration Tomasz Ziółkowski In-House Lawyer Dominik Piwek Head of Marketing and PR Łukasz Lorencki Investments Jakub Kutzmann Legal and Investments Małgorzata Grzywaczewska Beata Aleksandruk Office Manager

5 Rockcastle Shopping Centres Team Beata Jarmołkowicz Shopping Centre Director Iwo Knopik Marketing Iwona Malik Shopping Centre Director Aleksandra Mastalerz Regional M arketing Manager Jerzy Marek Shopping Centre Director Aneta G órska Shopping Centre Director Marta Radziwoń Shopping Centre Director Anna Łukasiewicz Marketing Specialist Adriana Binczek-Chłond Shopping Centre Director Ewelina Nowak-Olszowiec Regional M arketing Manager Ola Konieczna Shopping Centre Director Anna Wójcik Marketing Specialist Ewa Sadzińska Shopping Centre Director Olga Wiernicka Marketing Specialist Michał Tur Shopping Centre Director Natalia Tur Marketing Specialist Małgorzata Rupert Shopping Centre Director Monika Janusz Marketing Specialist

6 Existing portfolio update Total GLA approx sqm Total annual rent over 70 mln EUR Total footfall 64 mln visitors Average turnover approx. EUR 2000 / sqm Results presentation December

7 Existing portfolio update Galeria Warmińska Shopping center City Pogoria Karolinka Solaris Platan Galeria Tomaszów Galeria Wołomin Focus Mall Focus Mall Bonarka Forum Liberec Galeria Warmińska Dąbrowa Górnicza Opole Opole Zabrze Tomaszów Mazowiecki Wołomin Zielona Góra Piotrków Trybunalski Kraków Liberec Olsztyn Liberec Focus Mall Zielona Góra Solaris Focus Mall Piotrków Trybunalski Karolinka Platan Pogoria Bonarka Galeria Tomaszów Galeria Wołomin

8 Existingportfolio visit Galeria Warmińska GLA 42,574 sqm Galeria Wołomin GLA 24,180 sqm Solaris GLA 17,700 sqm Karolinka GLA 70,000 sqm Bonarka GLA 92,335 sqm sqm 55% of total GLA 774 mln EUR 66% of total transaction value

9 Existing portfolio performance Platan Bonarka Perfomance figures Diff % 2016 v 2015 Turnover (EUR) 4,65% Footfall 1,04% Turnover (EUR) 8,85% Footfall -2,32% Galeria Warmińska Focus Mall Piotrków Tryb. Perfomance figures Diff % 2016 v 2015 Turnover (EUR) 15,00% Footfall 21,50% Turnover (EUR) 6,10% Footfall 9,70% Solaris Turnover (EUR) 3,31% Focus Mall Zielona Góra Turnover (EUR) 4,92% Footfall -4,39% Footfall 0,40% Karolinka Shopping centre Turnover (PLN) 8,55% Footfall 4,09% Pogoria Turnover (PLN) 3,62% Footfall 3,33% Karolinka RetailPark Turnover (PLN) 10,20% Footfall 6,93% Forum Liberec Turnover (CZK) 5,61% Footfall 3,45% Results presentation December

10 Galeria Warmińska Asset Asset Management Initiatives GLA 42,500 sqm Acquisition cost 150 mln EUR The biggest shopping mall in north-eastern Poland Key tenants: Euro AGD RTV, H&M, Inditex, Intersport, LPP Group, Multikino, Piotr i Paweł, Rossmann, Smyk, TK Maxx Occupancy: 100% Footfall 2016: 8,4 million Results presentation December

11 Galeria Warmińska, Asset Management Initiatives Auchan & Praktiker Galeria Warmińska Results presentation December

12 Galeria Warmińska, Asset Management Initiatives Our latest lease agreements prolongation Kastor Unit 57 sqm. New tenat: Plus GSM Monthly rental income uplift / sqm: Annual income uplift: Aldo Unit 130 sqm New tenant: Lancerto Monthly rental income uplift / sqm: Annual income uplift: Mleczarnia Unit 194 sqm New tenant: Companieros Monthly rental income uplift / sqm: Annual income uplift: 12 EUR EUR 3 EUR EUR 6 EUR EUR Results presentation December

13 Bonarka City Centre, Asset Management Initiatives GLA 92,425 sqm Acquisition cost: 360 mln EUR Dominant regional mall in Krakow (2nd largest city in Poland); Key tenants include: LPP Group, Cinema City (20 screens), H&M, Inditex Group, Leroy Merlin, C&A, Peek & Cloppenburg and TK MAXX

14 Bonarka City Centre, Ground Floor Focus Points 1. MAIN ENTRANCE RECONFIGURATION 4. INEFFICIENT LAYOUT 3. ANCHOR AREA OPTIMALIZATION 2. SIDE ENTRANCE RECONFIGURATION

15 Bonarka BONARKA CITY City CENTRE Centre FIRST First FLOOR Floor Focus Points 5. FOOD COURT EXTENSION AND MODERNIZATION 6. INTERNAL COMMUNICATION IMPROVEMENT

16 Bonarka City Centre Entrance Reconfigurations 1. Main Entrance Reconfiguration 2. Side Entrance Reconfiguration BEFORE Permanent vacancy; Loss of prospective GLA; Limited shop fronts visibility. BEFORE Structural vacancy; Loss of prospective GLA; Poor tenant mix; Limited shop fronts visibility. AFTER Introduction of anchor tenant; Convenience shopping area suitable for public transport users; New GLA of 600 sqm; Consistent tenant mix; Clear shop fronts visibility; Rental income uplift. AFTER Introduction of casual dining offer; New GLA of 850 sqm; Clear shop fronts visibility; Rental income uplift.

17 Bonarka City Centre Anchors and Lay-out optimization 3. Anchor Area Optimalization 4. Inefficient Lay-out BEFORE Small units located at the end of the mall; In fact a dead area due to poor traffic; Lack of anchor tenant; Loss of prospective GLA; Low rental income. BEFORE Inadequate size of anchor units (limiting product range and hence customer attractiveness); Loss of prospective GLA; Limited shop fronts visibility. AFTER Flagship anchor stores with sizes in line with current retailer standards; New GLA of 650 sqm; Clear shop fronts visibility; Rental income uplift. AFTER Introduction of an anchor for the area; End of the mall reinforcement; Customer traffic improvement; New GLA of 900 sqm; Rental income uplift.

18 Bonarka City Centre Food Court Extension and Modernization BEFORE Overwhelming and limiting interior; Old fashioned food display and zoning; Crowded area, inadequate capacity of seating area (only 430 seats); Uncomfortable pedestrian flow; Limited offer, lack of casual dining restaurants; Lack of family zones and facilities for children. AFTER Food court enlargement by 5 restaurants and kid s play; Complete and attractive offer, introduction of casual dining restaurants; Number of seats doubled to 960 seats, tables diversity introduced; Modern and customer friendly design; Functional zones up to current market standards; Family zones including children facilities and kid s play zone; Extension of average dwell time.

19 Bonarka City Centre Internal Circulation Improvement BEFORE Customer flow disrupted due to poor positioning of escalators, too wide voids, too long distances between bridges and unclear lease line; Shop fronts hidden due to irregular shop front lines, pillars and vertical structures in the mall; Loss of prospective GLA to overly generous common areas; Insufficient number of escalators frustrating convenient vertical circulation; Dead areas mainly on the first floor. AFTER Corrected mall shape to be more open, visible and intuitive to customers; Straightened shop fronts line to improve visibility of shop windows; Increased GLA by converting over sized common areas into GLA; Escalators reconfiguration higher number, more accessible.

20 Bonarka City Centre, Asset Management Initiatives BEFORE AFTER

21 Karolinka, Asset Management Initiatives GLA 70,000 sqm Acquisition cost: 145 mln EUR; Key tenants include: Auchan, Reserved, H&M, RTV Euro AGD, House, New Yorker, Pull&Bear, Media Expert, Agata Meble, Smyk, TK Maxx, CCC, Stradivarius, Leroy Merlin, Jysk, Carry, Empik, Decathlon, Cropp, Mohito, Douglas

22 Karolinka, Asset Management Initiatives Our latest lease agreements prolongation Komandor Unit sqm. New tenat: Moje Pieczywo Monthly rental income uplift / sqm: Annual income uplift: Humanic Unit sqm New tenant: Rossmann Monthly rental income uplift / sqm: Annual income uplift: Floribunda Unit sqm New tenant: E-smoking world Monthly rental income uplift / sqm: Annual income uplift: 18 EUR EUR 3.85 EUR EUR 8.38 EUR EUR Results presentation December

23 Developments and pipeline Construction to start: Platan Q Solaris Q Karolinka phase 1 & 2 Q Focus Mall Zielona Góra Q Under construction: Wołomin Retail Park

24 Platan

25 Platan Construction to start: June 2017 GLA 24,000 sqm + extension 16,000 sqm Development costs estimated mln 45 EUR Proposed tenants: H&M, LPP Group, Multikino, New Yorker, Fabryka Formy Focus on anchor tenants and substantial leisure and lifestyle offering

26 Before After

27 Before After

28 Platan Ground floor

29 Platan First floor

30 Solaris

31 Solaris Construction to start: July 2017 GLA 17,740 sqm + extension 9,000 sqm Structured paid car park of 10,700 sqm GLA Development costs estimated mln 35 EUR Proposed tenants: Inditex, LPP Group, McDonald s

32 Solaris Before After

33 Solaris Before After

34 Extension of the Public Square

35 Solaris Level -1

36 Solaris Ground floor

37 Solaris Firstfloor

38 Solaris Second floor

39 Solaris Third floor

40 Karolinka

41 Karolinka Construction to start: phase 1 & 2 Q GLA 70,000 sqm + extension approx. 12,000 sqm Development costs estimated mln 33 EUR Proposed tenants: Cinema, Media Markt, extension of food court

42 Karolinka Ground floor Shopping Centre

43 Karolinka Ground floor Retail Park

44 Focus Mall Zielona Góra

45 Focus Mall Zielona Góra Construction to start: Q GLA 27,000 sqm + extension approx. 15,000 sqm Development costs estimated mln 65 EUR Proposed tenants: extended food grocer, new food court, Inditex, LPP Group, New Look, Decathlon Results presentation December

46 Focus Mall Zielona Góra Before After Results presentation December

47 Focus Mall Zielona Góra Ground floor Extension Results presentation December

48 Focus Mall Zielona Góra Extension First floor Results presentation December

49 Wołomin Retail Park

50 Wołomin Retail Park GLA 6,550 sqm Key tenants: Jysk, Media Expert, Abra Meble, Komfort Opening: September 2017 Development cost mln 7EUR Future Development Opportunity Master plan

51 Wołomin Retail Park Layout diagram P.H.U.06 LA signed under negotiations

52 Thank You