2 - Unibail

The strongest pipeline for future growth
Olivier Bossard – Chief Development Officer
2014 INVESTOR DAYS
SHAPING OUR PIPELINE FOR GROWTH
FACTS & FIGURES
Palma Springs, Palma de Mallorca
2014 INVESTOR DAYS
PIPELINE PROJECTS ARE A SIGNIFICANT GROWTH DRIVER FOR THE GROUP
5-7% REPS CAGR for next 5 years
1/3
Pipeline
2/3
Unibail-Rodamco strategy
on standing assets
Aeroville, Paris Region
Delivery: October 2013
2
STRONGEST PAN-EUROPEAN PIPELINE IN THE INDUSTRY
€7.3
€4.6
€3.8
€2.3
€2.3
€0.4
Unibail-Rodamco
(1)
(2)
(3)
Westfield(1)
Klepierre/Corio(2)Catégorie
1 Hammerson(2)
Titre de l'axe
British Land(2)
Mercialys(3)
Source: company disclosure as of June 30, 2014, UK & Other projects only, Global pipeline is €9.2 Bn
Source: company disclosure as of June 30, 2014
Source: company disclosure as of December 31, 2013
3
€7.3 BN DEVELOPMENT PIPELINE: A STRONG FOUNDATION TO BUILD UPON
Unibail-Rodamco’s development portfolio
Total
Investment
Cost in € Bn
To spend
€6.9 Bn
Secured
Exclusivity(2)
1.0
Secured
Exclusivity(2)
1.2
Controlled(3)
Committed(4)
Committed(4)
1.0
Money
spent
€7.3 Bn(1)
Controlled(3)
3.4
Committed(4) developments by category
3.7
Retail Extension/
Renovation
€0.9 Bn
Retail Brownfield
€1.0 Bn
46%
€2.0Bn
50%
4%
0.9
1.5
1.5
December 2013
June 2014, proforma
Office & Others
€0.1 Bn
Well balanced development pipeline between brownfield and extension retail projects
Delivery of Majunga in July 2014
(1)
(2)
(3)
(4)
(5)
(6)
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
Secured exclusivity projects: projects for which Unibail-Rodamco has the exclusivity but where negotiations for building rights or project definition are still underway
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
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
In terms of cost to completion of “Controlled” and “Secured exclusivity” projects, as % of Total Investment Cost (TIC) of the consolidated development portfolio
Figures may not add up due to rounding
4
A STABLE AND RECURRENT FLOW OF PROFITABLE DEVELOPMENT PROJECTS
€2.4 Bn
delivered
since 2010
Donau Zentrum
Vienna
La Part Dieu
Lyon
L’Usine Mode et
Maison
Paris Region
Michelet Galilée
La Défense
Confluence
Lyon
Tour Oxygène
Lyon
La Maquinista
Barcelona
So Ouest
Paris Region
34-36 Louvre
Paris
Nouvel Air
Paris Region
Vallsur
Valladolid
Parly 2
Paris Region
Centrum
Cerny Most
Prague
Carré Sénart
Shopping Park
Paris Region
El Faro
Badajoz
Fisketorvet,
Copenhaguen
Solna
Stockholm
80 Wilson
Paris Region
Alma
Rennes
Majunga
La Défense
Aéroville
Paris Region
Plaza Rotterdam
Rotterdam
Shopping
City Süd
Vienna
So Ouest Offices
Paris Region
Toison d’Or
Dijon
2-8 Ancelle
Paris Region
2010
2011
2012
2013
2014
5
A DENSE SCHEDULE OF EXCLUSIVE PROJECTS TO BE DELIVERED
Euralille
Lille
Mall
of Scandinavia
Paris Region
S2 2015
S1 2015
S2 2016
S2 2016
Forum des
Halles
Ext/Renovation
€5.9 Bn
To be delivered
in next 5 years
Taby Centrum
Extension
Paris
S2 2016
S1 2017
S1 2017
Parly 2 Extension
Polygone Rivera
Palma Springs
Bubny
Prague
Paris Region
S2 2017
S2 2017
S2 2017
S2 2017
S2 2017
S1 2018
S1 2018
Trinity
Vienna
Palma de Mallorca
Paris Region
Carré Sénart
Extension
SCS Extension
Paris Region
Cagnes-sur-mer
Stockholm
Wood
Wroclaw
S2 2016
Phare
Benidorm
Barcelona
S2 2015
S2 2015
Benidorm
LeidschendamVoorburg
Glòries
Extension
Renovation
Stockholm
S1 2015
The Spring
Toulouse
Bratislava
So Ouest Plaza
S1 2015
Val Tolosa
Au Park
Renovation
Prague
S2 2019
S1 2019
Oceanic
Paris Region
Chodov
Extension
S1 2019
Valencia
Post 2019
Triangle
Paris
Maquinext
Barcelona
€1.4 Bn
Post 2019
2015
2016
2017
2018
2019
6
ACTIVELY SOURCING PROJECTS TO REFUEL OUR PIPELINE
Forum des Halles
So Ouest
SCS refurbishment
Trinity
Others
Additions to
the pipeline
Bubny
Maquinext
Chodov
2-8 Ancelle
Others
-€0.1 Bn
-€0.5 Bn
-€0.4 Bn
-€0.3 Bn
2009
+€0.9 Bn
Euralille
Glòries
SCS ext
Polygone Riviera
Palma Spring
Others
€7.0 Bn
€6.9 Bn
€6.6 Bn
€5.5 Bn
Carré Sénart
Wood
Others
-€0.8 Bn
+€1.0 Bn
Mall of Europe
Others
€7.3 Bn
€6.9 Bn
-€1.1 Bn
-€0.4 Bn
+€1.2 Bn
+€0.8 Bn
-€0.1Bn
+€1.7 Bn
-€0.1 Bn
2010
2011
Delivered projects
2012
2013
Abandoned or sold projects
2014
7
WE FOCUS ON THE WEALTHIEST AND LARGEST CITIES THROUGHOUT EUROPE
Leidsenhage
The Spring
Brussels
Mall of Europe
Paris
Carré Sénart, Forum des Halles,
Parly 2, Phare, So Ouest Plaza,
Triangle, Trinity
Stockholm
Mall of Scandinavia
Tabÿ Centrum
Wroclaw
Wood
Prague
Chodov
Bubny
Vienna
Shopping City Süd
Nice
Polygone Riviera
Barcelona
Glòries
Maquinista
Valencia
Oceania
Palma de Mallorca
Palma Springs
Cities of interest
Cities with projects
8
HIGH RETURN EXPECTATIONS WITHOUT COMPROMISE
Target Yield
on cost 8%
CENTRUM ČERNÝ MOST, PRAGUE REGION
Double digit pre tax
pre leverage IRR
ROI: 8.7%
10
Delivery: March 2013
9
TAKING ADVANTAGE OF UNIQUE SITUATIONS
Forum des Halles, Paris
2014 INVESTOR DAYS
FOUR CASE STUDIES TO ILLUSTRATE OUR SKILLSET
Leveraging
on situations,
our assets embed
fantastic
redevelopment
opportunities
Leidsenhage
The Spring
Brussels
Wroclaw
Paris
Leveraging
on territories
to create our own
opportunities
where no others
can
Trinity
Wood
Mall Of Europe
Leveraging on teams:
combining a paneuropean development
expertise with a strong
local presence
We are not afraid
of urban mixeduse development
projects…
and competition
Seizing opportunities
Differentiating from competition
11
LEVERAGING ON TERRITORIES TO CREATE OPPORTUNITIES
1
TRINITY, LA DÉFENSE
TIC: €307 Mn
GLA: 49,000
m2
13
Delivery on H2-2017
12
LA DÉFENSE AS A PLAYGROUND
Espace Grande Arche
Phare
CNIT
Les Villages
7 Assets
405,800m²
Trinity
GLA
Ariane
Les Quatre Temps
Majunga
LA DÉFENSE, PARIS REGION
Michelet Galilée
13
CREATIVITY AS A KEY DRIVER FOR VALUE CREATION
Constructible landplot
Residential
Sequoïa
Level 62.10
Level 57.30
Sgam
57.30
CNIT
62.10
Esplanade
Areva
Church
“Covering a roadway to create new land for Trinity”
14
BUILDING WHERE NO ONE ELSE CAN
Tomorrow
Today
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
15
REINVENTING THE FUNDAMENTALS OF A HIGH-RISE BUILDING
+135 m
Auditorium with outside terrace
Meeting rooms accessible from floor landing
Technical level (G+31)
Offices: 6 levels / 3 duplex
1990 m2 GLA per floorplate
Gardens accessible from floor landing
Brasserie (open to public)
Fast food restaurants
Offices: 24 levels
1,600 m2 GLA per floorplate
Seated restaurants
Café (open to public)
Lobby access to Coupole district
Lobby access to CNIT
TRINITY, LA DÉFENSE
16
A NEW ART OF WORKING
TRINITY, LA DÉFENSE
1,200m² of terraces
A conference room in the sky
18
17
LEVERAGING ON OUR PORTFOLIO: VALUE EMBEDDED IN EXISTING ASSETS
2
THE SPRING, LEIDSENHAGE
TIC: €242 Mn
GLA:+39,600 m2
Delivery on H2-2017
18
AN EXISTING MALL WITH STRONG FUNDAMENTALS
Today
19% ownership
at launch of project
8.1 Mn footfall
2.1 Mn
catchment area
“BUILDING THE 1ST INTERNATIONAL STANDARD MALL IN THE NETHERLANDS”
74,600 m² GLA
19
HAVE THE MEANS TO FULFILL YOUR AMBITIONS
2011
2014
€128 Mn
invested in
acquisitions
19% coownership
Unibail-Rodamco
83% coownership
20
COVERING THE SHOPPING CENTRE WITH AN EFFICIENT LAYOUT
21
BUILDING THE 1ST INTERNATIONAL STANDARD MALL IN THE NETHERLANDS
THE SPRING, LEIDSENHAGE
22
LEVERAGING ON TEAMS: PAN-EUROPEAN EXPERTISE AND STRONG LOCAL PRESENCE
3
WOOD, WROCLAW
TIC: €216 Mn
GLA:78,900 m2
Delivery H2-2017
23
CORPORATE SKILLS SUPPORTING POWERFUL LOCAL TEAMS
Corporate Development Teams
Finance
& Structuring
Concept Studio
Third party negotiations
Retail Design
Interior Design
Risk analysis
Region
Development
teams
Tools
& Methods
Benchmarks
Guidelines & templates
Construction
Management
Cross Border Purchasing
Cost estimates
& optimization
24
WOOD: AN URBAN PROJECT
University surroundings
Main Train Station
14 Mn passengers
Krzyki residential district
Retail 63,514 m2 GLA
Offices 50,000 m2
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
Poznań
170 Km
WROCŁAW
Warsaw
370 Km
Cracow
270 Km
Prague
280 Km
Vienna
400 Km
25
SIMPLE, EFFICIENT AND FULLY INTEGRATED LAYOUT
Fashion Zone
Pedestrian entrance
Main Train Station
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
26
AN ICONIC BUILDING AT THE HEART OF WROCŁAW
27
MODERN ARCHITECTURE WITH ORGANIC FACADE FEATURES
28
PRIME INTERIOR DESIGN
29
FIRST DINING PLAZA IN THE CITY TOGETHER WITH LARGEST CINEMA
30
LEVERAGING ON PARTNERSHIPS: NEO TENDER
4
We are not afraid of urban mixed-use projects and competition
OF EUROPE,
SB MALL
PRESENTATION
BRUSSELS
TIC: €550 Mn
GLA: 117,900 m2
Delivery on H1-2021
3231
FIRST DINING PLAZA IN THE CITY COMBINED WITH LARGEST CINEMA COMPLEX
OF EUROPE,
SB MALL
PRESENTATION
BRUSSELS
3332
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
1
residences
day centre
2
3,500 m²
117,000 m²
1 stadium
kindergardens
retail and leisure
offices
(existing)
33
RETHINKING URBAN CONNECTIONS TO CREATE A NEW NEIGHBOURHOOD
PARTNERSHIP WITH LOCAL FIRMS TO PROVIDE « ALL-IN-ONE » SOLUTION
34
UNIBAIL-RODAMCO AWARDED PROJECT IN FIERCE PAN-EUROPEAN COMPETITION
MALL OF EUROPE, BRUSSELS
35
ON THE MOVE TO SOURCE NEW PROJECTS AND DELIVER
PALMA SPRINGS, PALMA DE MALLORCA
TIC: €221 Mn
GLA: 75,900 m2
Delivery H2-2016
36