Acquisition of Parque Principado, Oviedo, Spain. 7 October 2013

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1 Acquisition of Parque Principado, Oviedo, Spain 7 October 2013

2 Acquisition of Parque Principado, Oviedo, Spain Contents Introduction David Fischel, Chief Executive Parque Principado, Oviedo Martin Breeden, Asset Management Director The Spanish opportunity Ian Sandford, Chief Executive, Eurofund Questions Appendices This presentation includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Intu Properties plc to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Any information contained in this press release on the price at which shares or other securities in Intu Properties plc have been bought or sold in the past, or on the yield on such shares or other securities, should not be relied upon as a guide to future performance Page 2

3 Introduction David Fischel

4 Acquisition of Parque Principado, Oviedo, Spain Compelling transaction Acquisition of a Spanish top 10 centre: 162m, 7.2% NIY earnings accretive primary out-of-town centre for the region of Asturias strong tenant line up anchored by Primark, Zara, H&M, Cortefiel 97 per cent occupied asset management opportunities Attractive point in the cycle Partnership with Canada Pension Plan Investment Board Intu equity c 40m, after debt at 50% LTV Establishes management presence in Spanish regional shopping centre market local-based intu asset manager out-sourced property management Undertaking pre development activity on three sites under option Page 4

5 Spain s top shopping centres C&W rating Scheme name (1) Province City, Town A A- B+ Total GLA (2) (sqm) Year opened Units La Cañada Málaga Marbella 120, L'Illa Diagonal Barcelona Barcelona 35, La Maquinista Barcelona Barcelona 76, Parquesur Madrid Leganés 151, La Vaguada Madrid Madrid 85, Diagonal Mar Barcelona Barcelona 87, Gran Plaza 2 Madrid Madrid 57, Madrid Xanadú Madrid Arroyomolinos 152, Parque Principado Asturias Oviedo 119,514 (3) Puerto Venecia Aragon Zaragoza 206, La Gavia Madrid Madrid 89, Gran Vía 2 Barcelona Hospitalet de Llobregat 54, Mataró Parc Barcelona Mataró 62, Nervión Plaza Andalucía Sevilla 22, Plaza Mar 2 Alicante Alicante 43, Plenilunio Madrid Madrid 70, Source: Cushman and Wakefield. 1.Listed in alphabetical order of scheme name within each category 2.Total destination GLA, in some cases multiple ownerships 3.Includes adjoining retail park and Ikea Page 5

6 Why Spain? Potential for quality business of scale The regional shopping centre market in Spain offers opportunities to create a quality business of scale and has the potential to generate superior total returns over the long term Spanish prime shopping centre market fragmented in terms of ownership after a difficult period, the Spanish economy appears to be stabilising contra-cyclical opportunity to acquire large, high quality centres at historically low pricing considerable scope for improvement in shopping centre provision for many major catchments in Spain one of the few major European countries without a committed pipeline of prime shopping centre developments international retailers such as Primark and H&M have expansion plans for the Spanish market existing retailers gravitating towards prime centres in rationalising their store portfolios Relationship with Eurofund Strategy is to expand in Spain without diverting significant financial resources from UK pipeline plan to launch Spain-focused investment vehicle eg. REIT, following recent regulatory improvements Page 6

7 Parque Principado, Oviedo Martin Breeden

8 Parque Principado Primary out-of-town centre for Asturias Key features: Single-level covered retail gallery 156 units Net rental income 11.7m Anchored by Primark, Zara, H&M, Cortefiel, C&A, Mango and Eroski hypermarket Catering and leisure offer represents around 20 per cent of space, including a 12 screen cinema and bowling plus 20 restaurants Low density site with 5,000 car parking spaces Occupancy 97 per cent Average unexpired lease term of 6 years 9 million footfall in 2012 Significant asset management opportunities including adding to the range of catering and leisure and reconfiguring the below mall area and the hypermarket Page 8

9 Parque Principado Strategic location with good regional accessibility across region Key part of a retail complex including major occupiers such as Ikea, Bricomart, Intersport and Conforama 6km north east of Oviedo, serving Aviles and Gijon Well located, on an intersection of two motorways Catchment population of c 900,000 within a 30 minute drive 73% affluent (1) vs 44% Spain Asturias region relatively stable (1) CACI categories 1 & 2, high spenders and comfortable families and couples Page 9

10 Parque Principado Strategic location with good accessibility Page 10

11 Parque Principado Quality tenant line up including 95% national / international retailers Page 11

12 Parque Principado operational performance History of above inflation rent increases ytd Growth in rent roll 5.5% 0.9% 4.3% 0.7% Rent increase like-for-like tenants 3.2% 1.4% 4.1% n/a Of which, inflation 2.8% 1.0% 2.4% n/a Relatively low rate of tenant change like-for-like tenants, those in the centre throughout 2010 to 2012, represent 87% of rental income of 2011 and 2012 Recent lettings performance 12 lettings year to date 2013, including 6 new brands to the centre new rent 20% ahead of previous passing rent, 10% ahead of ERV Page 12

13 Parque Principado operational performance continued Prime resilience relative to national averages Ratio of total occupancy cost to retailer sales (1) : c 11% Average sales / m 2 (1) : c 3,000 Footfall: slight decline in recent years, out-performed overall Spain market (1) Parque Principado main centre excluding cinema only excludes Hypermarket, H&M and Primark Page 13

14 Parque Principado A high quality and resilient asset at attractive yield Transaction yield of 7.2% well above current prime NIY 6.5% and ten year average 5.9% Lease expiry profile weighted average 6 years (3 years to first break option) 45% 40% 35% 40% 32% 30% 25% 20% 15% 10% 5% 0% 10% 1% 1% 12% 4% Source: Cushman & Wakefield > Page 14

15 Parque Principado Well laid out, scope for asset management improvements Page 15

16 The Spanish opportunity Ian Sandford

17 Introducing Eurofund Creating the shopping resort Eurofund s approach: the shopping resort regional retail, entertainment and services hub centred around stunning public spaces creating unparalleled experiences and breadth of offer an experience-based offer that will attract and consolidate the next generation of retail formats not just to shop, but a place where people want to spend their free time, the family s second space Page 17

18 Spain - the opportunity Much of the existing Spanish stock is suffering from rapid obsolescence few pre-eminent schemes limited availability to be transformed The current stage of the economic cycle offers a unique window to acquire large sites at historically low pricing and to obtain new planning consents for regionally pre-eminent schemes. to acquire some of the limited number of schemes that have the potential to be repositioned at favourable pricing The current recession has necessitated a competitive adjustment to the economy with falling labour costs and increased reforms which should stand the economy in good stead for a solid rebound in the medium term Page 18

19 Intu and Eurofund Pre development activity at 3 sites under option Malaga: strategic location on Costa del Sol 3m residents 9m tourists 14b retail expenditure Valencia: significantly above average affluence 5m residents 23m tourists 18b retail expenditure Vigo: Capital of the North West 5m residents (1) 2m tourists 15b consumer goods spend (1) 3 of Spain s 10 key regional markets 1: forecast 2016 Page 19

20 Pre-development pipeline Malaga site master plan

21 Pre-development pipeline Malaga site master plan Page 21

22 Q&A

23 Appendices

24 Parque Principado Mix of quality fashion brands and leisure unique in catchment international names Retail - Total c 60,000 m 2 Leisure & Restaurants - Total c 15,000 m 2 Tenant Use Total GLA (m 2 ) Zara Fashion 1,927 Primark Fashion 3,800 H&M Fashion 2,500 Springfield Fashion 355 Pull & Bear Fashion 296 Massimo Dutti Fashion 572 Stradivarius Fashion 290 Tommy Hilfiger Fashion 202 Blanco Fashion 464 Benetton Fashion 200 Mango Fashion 634 Cortefiel / Women Secret Fashion 1,222 C&A Fashion 2,476 Bershka Fashion 457 Kiddy s Class Fashion 278 Levi s Store Fashion 154 Eroski Hypermarket 13,100 Forum Sporting Goods 4,016 FNAC Record/Books 2,696 Media Markt Video/Computer/ Electrical 4,814 Cinesa Leisure 5,915 Planet Bowling Leisure 2,453 Bill Leisure 891 McDonald s Catering 434 Ginos Pasta & Pizza Catering 393 VIPS Catering 493 Foster s Catering 345 Burger King Catering 396 Page 24

25 Parque Principado Broad-based tenant mix 5% Tenant Mix (Based on Rent) 2% 2% 1% Fashion Accessories/Shoes/Bags/Jewellery Catering 7% 8% 6% 39% Video/Computer/Electrical Leisure Services Hypermarket / Supermarket Sporting Goods 10% 10% 10% Healthcare/Cosmetics Records/Books/Toys/Gifts Home Furnishings Page 25

26 Eurofund background Ian Sandford BSc, MRICS, Chief Executive 1984: Thorbourne PLC, a specialist developer of retail warehousing from 1989 responsible for international development, establishing Spain-focused strategy developed Spain s first retail park in Valencia, another in Granada 1994: Founded Eurofund developed and sold Parc Valles leisure & retail park, Terrassa, Barcelona 58,000m 2 including cinema, fitness centre, restaurants and retail developed strategy for supra-regional shopping centre investment : Puerto Venecia JV established Eurofund, British Land & Orion 206,000m 2, Europe s largest retail destination Eurofund role was as founding investor and developer innovative shopping resort - unrivalled shopping, leisure and dining in exceptional public spaces opened 90% let in October million visitors in first year Page 26

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