The strongest pipeline for future growth Olivier Bossard Chief Development Officer 2014 INVESTOR DAYS

Transcription

1 The strongest pipeline for future growth Olivier Bossard Chief Development Officer 2014 INVESTOR DAYS

2 SHAPING OUR PIPELINE FOR GROWTH FACTS & FIGURES Palma Springs, Palma de Mallorca 2014 INVESTOR DAYS

3 2 PIPELINE PROJECTS ARE A SIGNIFICANT GROWTH DRIVER FOR THE GROUP 5-7% REPS CAGR for next 5 years 1/3 2/3 Pipeline Unibail-Rodamco strategy on standing assets Aeroville, Paris Region Delivery: October 2013

4 3 STRONGEST PAN-EUROPEAN PIPELINE IN THE INDUSTRY Catégorie 1 Titre de l'axe Unibail-Rodamco Westfield (1) Klepierre/Corio (2) Hammerson (2) British Land (2) Mercialys (3) (1) Source: company disclosure as of June 30, 2014, UK & Other projects only, Global pipeline is 9.2 Bn (2) Source: company disclosure as of June 30, 2014 (3) Source: company disclosure as of December 31, 2013

5 7.3 BN DEVELOPMENT PIPELINE: A STRONG FOUNDATION TO BUILD UPON Unibail-Rodamco s development portfolio Committed (4) developments by category Total Investment Cost in Bn 6.9 Bn Secured Exclusivity (2) Bn (1) Secured Exclusivity (2) 1.2 Retail Extension/ Renovation 0.9 Bn Retail Brownfield 1.0 Bn To spend Controlled (3) 3.4 Controlled (3) % 2.0Bn 50% Committed (4) 1.0 Committed (4) 0.9 4% Money spent Office & Others 0.1 Bn December 2013 June 2014, proforma Well balanced development pipeline between brownfield and extension retail projects Delivery of Majunga in July 2014 (1) This amount does not include the projects by companies consolidated under equity method that amount to circa 0.5 Bn (Unibail-Rodamco s share). Mainly mfi development projects, the development of 2 new shopping centres located in Benidorm (Spain) and in Central Europe. Proforma of Carmila disposal, Majunga delivery and inclusion of Mall of Europe (2) Secured exclusivity projects: projects for which Unibail-Rodamco has the exclusivity but where negotiations for building rights or project definition are still underway (3) Controlled projects: projects in an advanced stage of studies, for which Unibail-Rodamco controls the land or building rights, but where not all administrative authorisations have been obtained yet (4) Committed projects: projects currently under construction, for which Unibail-Rodamco owns the land or building rights and has obtained all necessary administrative authorisations and permits (5) In terms of cost to completion of Controlled and Secured exclusivity projects, as % of Total Investment Cost (TIC) of the consolidated development portfolio (6) Figures may not add up due to rounding 4

6 5 A STABLE AND RECURRENT FLOW OF PROFITABLE DEVELOPMENT PROJECTS 2.4 Bn delivered since 2010 Donau Zentrum Vienna L Usine Mode et Maison Paris Region So Ouest Paris Region Centrum Cerny Most Prague Louvre Paris La Part Dieu Lyon Michelet Galilée La Défense Confluence Lyon Nouvel Air Paris Region Fisketorvet, Copenhaguen Alma Rennes Aéroville Paris Region Majunga La Défense Tour Oxygène Lyon Vallsur Valladolid Carré Sénart Shopping Park Paris Region Solna Stockholm Plaza Rotterdam Rotterdam Shopping City Süd Vienna La Maquinista Barcelona Parly 2 Paris Region El Faro Badajoz 80 Wilson Paris Region So Ouest Offices Paris Region Toison d Or Dijon Ancelle Paris Region 2014

7 A DENSE SCHEDULE OF EXCLUSIVE PROJECTS TO BE DELIVERED Euralille Lille Au Park Renovation Bratislava Val Tolosa Toulouse The Spring Leidschendam- Voorburg Benidorm Benidorm Phare Paris Region So Ouest Plaza Paris Region Mall of Scandinavia Stockholm Glòries Extension Renovation Barcelona Wood Wroclaw Carré Sénart Extension Paris Region Bubny Prague S S S S S S S S S S S S S S S S S S S S S S Post Bn To be delivered in next 5 years Taby Centrum Extension Stockholm Forum des Halles Ext/Renovation Paris Polygone Rivera Cagnes-sur-mer Parly 2 Extension Paris Region Palma Springs Palma de Mallorca SCS Extension Vienna Chodov Extension Prague Trinity Paris Region Maquinext Barcelona Oceanic Valencia Triangle Paris 1.4 Bn Post

8 ACTIVELY SOURCING PROJECTS TO REFUEL OUR PIPELINE Additions to the pipeline Forum des Halles So Ouest SCS refurbishment Trinity Others Bubny Maquinext Chodov 2-8 Ancelle Others Carré Sénart Wood Others Euralille Glòries SCS ext Polygone Riviera Palma Spring Others Mall of Europe Others 6.6 Bn 6.9 Bn 7.0 Bn 6.9 Bn 7.3 Bn 5.5 Bn Bn Bn Bn Bn Bn Bn Bn Bn Bn Bn Bn Bn - 0.1Bn Bn Delivered projects Abandoned or sold projects 7

9 WE FOCUS ON THE WEALTHIEST AND LARGEST CITIES THROUGHOUT EUROPE Brussels Mall of Europe Paris Carré Sénart, Forum des Halles, Parly 2, Phare, So Ouest Plaza, Triangle, Trinity Leidsenhage The Spring Stockholm Mall of Scandinavia Tabÿ Centrum Prague Chodov Bubny Wroclaw Wood Vienna Shopping City Süd Valencia Oceania Nice Polygone Riviera Barcelona Glòries Maquinista Palma de Mallorca Palma Springs Cities of interest Cities with projects 8

10 HIGH RETURN EXPECTATIONS WITHOUT COMPROMISE Target Yield on cost 8% Double digit pre tax pre leverage IRR CENTRUM ČERNÝ MOST, PRAGUE REGION ROI: 8.7% Delivery: March

11 TAKING ADVANTAGE OF UNIQUE SITUATIONS Forum des Halles, Paris 2014 INVESTOR DAYS

12 11 FOUR CASE STUDIES TO ILLUSTRATE OUR SKILLSET Leveraging on situations, our assets embed fantastic redevelopment opportunities The Spring Paris Brussels Leidsenhage Wroclaw Wood Leveraging on teams: combining a paneuropean development expertise with a strong local presence Leveraging on territories to create our own opportunities where no others can Trinity Mall Of Europe We are not afraid of urban mixeduse development projects and competition Seizing opportunities Differentiating from competition

13 LEVERAGING ON TERRITORIES TO CREATE OPPORTUNITIES 1 TRINITY, LA DÉFENSE TIC: 307 Mn GLA: 49,000 m 2 Delivery on H

14 LA DÉFENSE AS A PLAYGROUND Les Villages Espace Grande Arche Phare CNIT Trinity 7 Assets 405,800m² GLA Les Quatre Temps Ariane Majunga Michelet Galilée LA DÉFENSE, PARIS REGION 13

15 CREATIVITY AS A KEY DRIVER FOR VALUE CREATION Sequoïa Sgam Residential Constructible landplot Level Level CNIT Areva Esplanade Church Covering a roadway to create new land for Trinity 14

16 15 BUILDING WHERE NO ONE ELSE CAN Today Tomorrow Trinity Cnit Cnit Opportunity sourced from ownership of CNIT land Highway divides area between CNIT and coupole districts Answering to a major urban disruption in la Défense Trinity to connect CNIT and coupole districts

17 REINVENTING THE FUNDAMENTALS OF A HIGH-RISE BUILDING +135 m Auditorium with outside terrace Technical level (G+31) Meeting rooms accessible from floor landing Offices: 6 levels / 3 duplex 1990 m 2 GLA per floorplate Gardens accessible from floor landing Brasserie (open to public) Fast food restaurants Offices: 24 levels 1,600 m 2 GLA per floorplate Seated restaurants Café (open to public) Lobby access to CNIT Lobby access to Coupole district TRINITY, LA DÉFENSE 16

18 A NEW ART OF WORKING TRINITY, LA DÉFENSE 1,200m² of terraces A conference room in the sky 17 18

19 LEVERAGING ON OUR PORTFOLIO: VALUE EMBEDDED IN EXISTING ASSETS 2 THE SPRING, LEIDSENHAGE TIC: 242 Mn GLA:+39,600 m 2 Delivery on H

20 AN EXISTING MALL WITH STRONG FUNDAMENTALS Today 19% ownership at launch of project 8.1 Mn footfall 2.1 Mn catchment area 74,600 m² GLA BUILDING THE 1 ST INTERNATIONAL STANDARD MALL IN THE NETHERLANDS 19

21 20 HAVE THE MEANS TO FULFILL YOUR AMBITIONS Mn invested in acquisitions 19% coownership Unibail-Rodamco 83% coownership

22 COVERING THE SHOPPING CENTRE WITH AN EFFICIENT LAYOUT 21

23 BUILDING THE 1 ST INTERNATIONAL STANDARD MALL IN THE NETHERLANDS THE SPRING, LEIDSENHAGE 22

24 LEVERAGING ON TEAMS: PAN-EUROPEAN EXPERTISE AND STRONG LOCAL PRESENCE 3 WOOD, WROCLAW TIC: 216 Mn GLA:78,900 m 2 Delivery H

25 24 CORPORATE SKILLS SUPPORTING POWERFUL LOCAL TEAMS Corporate Development Teams Finance & Structuring Third party negotiations Risk analysis Concept Studio Retail Design Interior Design Region Development teams Tools & Methods Benchmarks Guidelines & templates Construction Management Cross Border Purchasing Cost estimates & optimization

26 WOOD: AN URBAN PROJECT University surroundings Krzyki residential district Main Train Station 14 Mn passengers Retail 63,514 m 2 GLA Offices 50,000 m 2 13 tram lines Gaining scale in Poland by growing in country s second largest city Build an inner city shopping centre, across the major railway station Real Estate is a local business that requires local knowledge and expertise Berlin 350 Km Prague 280 Km Poznań 170 Km WROCŁAW Vienna 400 Km Warsaw 370 Km Cracow 270 Km 25

27 26 SIMPLE, EFFICIENT AND FULLY INTEGRATED LAYOUT Pedestrian entrance Main Train Station Fashion Zone Pedestrian entrance Bus Station lobby Anchor Anchor Level +1 Offices Anchor Delicatessen Pedestrian entrance Pedestrian entrance Roof Car Parking Ground floor Dining Experience Cinema Level +2

28 AN ICONIC BUILDING AT THE HEART OF WROCŁAW 27

29 MODERN ARCHITECTURE WITH ORGANIC FACADE FEATURES 28

30 PRIME INTERIOR DESIGN 29

31 FIRST DINING PLAZA IN THE CITY TOGETHER WITH LARGEST CINEMA 30

32 LEVERAGING ON PARTNERSHIPS: NEO TENDER 4 We are not afraid of urban mixed-use projects and competition MALL OF EUROPE, BRUSSELS TIC: 550 Mn GLA: 117,900 m 2 Delivery on H SB PRESENTATION 3231

33 FIRST DINING PLAZA IN THE CITY COMBINED WITH LARGEST CINEMA COMPLEX SB MALL PRESENTATION OF EUROPE, BRUSSELS 332

34 33 LEVERAGING ON PARTNERSHIPS: NEO TENDER Public initiative by the City of Brussels Urban requalification of a former industrial area Partnering with local players to provide all-in-one solution 590 residences 2 kindergardens 117,000 m² retail and leisure 1 day centre 3,500 m² offices 1 stadium (existing)

35 RETHINKING URBAN CONNECTIONS TO CREATE A NEW NEIGHBOURHOOD PARTNERSHIP WITH LOCAL FIRMS TO PROVIDE «ALL-IN-ONE» SOLUTION 34

36 UNIBAIL-RODAMCO AWARDED PROJECT IN FIERCE PAN-EUROPEAN COMPETITION MALL OF EUROPE, BRUSSELS 35

37 ON THE MOVE TO SOURCE NEW PROJECTS AND DELIVER PALMA SPRINGS, PALMA DE MALLORCA TIC: 221 Mn GLA: 75,900 m 2 Delivery H