DEMIRE Evolution: Optimised for a New Stage of Growth Legacy
Growth
Consolidation & Refinancing
2013
2014 to 2015
2016 to 2017
➢ Shift to buy-and-hold strategy focused on commercial properties in Germany ➢ Sale of non-Germany properties and portfolio acquisitions ➢ GAV increase of 39x in 2 years (almost 3x in 2015), through asset and portfolio acquisitions
➢ Number of assets halved between Dec-15 and June-17, following the disposal of non-core assets ➢ Stable portfolio value of ca. €1bn ➢ 260 bps decrease in vacancy(5) (FY 15 - H1 17) and 2.5x increase in NRI (2015A-16A)
➢ Develop-and-sell strategy ➢ Investment portfolio across 9 countries, focused on office and residential ➢ Active in Eastern Europe and the Black Sea Region (legacy portfolio)
MecklenburgWest Pomerania
SchleswigHolstein Hamburg Bermen Lower Saxony
Halle/Peißen Breslau
Hesse
Acquisitions (3) (1) (2) (3) (4)
31/12/2012
FY15 FY 16 17
H1
€24 31/12/2013 ➢ Munich portfolio: first investment in commercial real estate (€20m)(4)
NAV per share (€)(6)
Gross Rental Income (€m)
50
€19
Saxony Hesse
Saarland
0
BadenWurttemberg
Bavaria
6 4 2 0
FY14
Brandenburg
Saxony Thuringia
RhinelandPalatinate Saarland
Tblisi
10
Berlin
SaxonyAnhalt
Thuringia
BadenWurttemberg
0
North RhineWestphalia
Brandenburg
Vacancy (%) (5)
Bucharest
MecklenburgWest Pomerania
Hamburg Bermen Lower Saxony
RhinelandPalatinate
Kiev
FY14
SchleswigHolstein
Berlin
SaxonyAnhalt
North RhineWestphalia
Moscow Parchim Leipzig Frankfurt Worms
91 properties(2)
181 properties(1)
16 projects in 18 locations
FY15 FY 16 17
H1
31/12/2014 ➢ »Alpine portfolio (€25m) ➢ »Condor portfolio (€260m) ➢ »Alpha portfolio (€67m)
➢ »77.7% in Fair Value REIT (€290m) ➢ »Germavest T6 portfolio (€190m)
(5) (6)
10 0
€1,006 31/12/2015
As of 31st December 2015 As of 30th June 2017, including properties sold (signed but not closed); H1 2017 figures are preliminary Numbers in brackets reflect GAV of properties as of 31/12/2016 Acquisition value
20
FY14
€928
€333
➢
Bavaria
FY15 FY 16 17
31/12/2016
H1
€999 30/06/2017
Kurfürsten Galerie Kassel (€58m)
Excluding properties sold (signed but not closed); calculation as defined by EPRA BPR standards 1 Diluted figures