Presentation DNB Oslo, September 20, 2018

Transcription

1 Presentation DNB Oslo, September 20, 2018

2 Norwegian Property commercial property Prime long term focus Prime commercial properties in attractive locations Oslo CBD West Oslo Nydalen Focus going forward Let out vacant areas Acquire new properties in CBD and Nydalen Contemplate acquisitions in other parts of Oslo The current organization has focus on value add and infill projects 3

3 The portfolio as of Q Property value by area Run rate by area Run rate split on space 3

4 Overview of the portfolio CBD Nydalen Other Stavanger Skøyen 10 Properties 11 Properties 2 Properties 6 Properties 3 Properties Portfolio: 129 k sqm Run rate: NOK 431m Refurbishment: 11 k sqm Portfolio: 89 k sqm Run rate: NOK 127m Development potential Portfolio: 79 k sqm Run rate: NOK 97m Refurbishment: 13 k sqm Portfolio: 93 k sqm Run rate: NOK 43m Development: Forusbeen jv Portfolio: 42 k sqm Run rate: NOK 99.m Sold: NOK 823m 4

5 4 May 2018 Vacancy based on market rent VACANCY BASED ON MARKET RENT, Q TO Q VACANCY SPLIT ON AREA 8,0 % 7,0 % 6,0 % 6,4 % 5,8 % 7,2 % 7,0 % 5,60% 35,00% 30,00% 25,00% 31,70% 5,0 % 4,0 % 3,0 % 2,0 % 20,00% 15,00% 10,00% 6,60% 7,10% 1,0 % 5,00% 2,70% 0,0 % 2017 Q Q Q Q Q2 0,00% CBD Nydalen Other Stavanger Vacancy calculated as market rent in vacant space, using market rent estimated by Cushman & Wakefield 5

6 CBD portfolio 6

7 Developing Collaborative Venture Hubs - meeting demand for more flexibility at Aker Brygge Since 2013 success with Business Village Offices of different sizes Common reception, meeting facilities and social spaces Contracts; typically 1 3 years Pricing reflecting flexibility and service level Occupancy 88%. Increased with 850 sqm in Q Introducing Pier X at Aker Brygge Collaborative upscale Venture Hub Offices, work spaces and social spaces Targeting investors, tech-companies, advisers and international partners Inspired by international successes like Wework, Level39, RocketSpace and The Vault In total sqm shared office / co-working at Aker Brygge 7

8 Retail Retailer s total revenue on Aker Brygge Q NOK 575 mill. 1H 2018 NOK 925 mill. Growth H1 17 H % 2016 NOK mill NOK mill. Growth full year % Turnover-based rent 2017 ~ 15% of total retail revenues Among the 20 largest Norwegian shopping centres Successful development in the category «Clothes and shoes» 8

9 4 May 2018 Run rate development Aker Brygge RUN RATE AKER BRYGGE, Q Q RUN RATE RETAIL AKER BRYGGE, Q Q Q Q Q Q Q Q Retail Other Office Shopping Food & beverage 9

10 New National Museum at Vestbanehallen Main entrance The new National Museum will become an important and dynamic arena for the general public to meet the visual arts Planned completion is 2020 The total area is m 2 whereas the exhibition is m 2 It is estimated that the new National Museum yearly will have approximately 1 million visitors 10

11 Nydalen Total value 2.1 bn 11

12 Nydalen Exciting future for the area Student housing Schools Shopping / cinema Residential Hotels Infill opportunities Nydalen has expanded it s footprint to include neighbouring areas Proximity to public transport allows for increased density Continued urbanisation with city centre qualities Know-how from Aker Brygge area Illustrations from Nydalen + material by Avantor 12

13 9 February 2018 Gullhaugveien 9-13 Current situation In the future? 13

14 Appendix

15 Strategy Investment strategy Return and financing strategy Focus on office clusters with proximity to traffic junctions in Greater Oslo Mainly office, but potentially retail space in connection to offices High-quality tenants, diversified maturity profile and high degree of inflation adjustment Focus on key value drivers Leasing and marketing Development primarily redevelopment and infill Property management Finance and transactions R&D new business Long term target of dividend payment of per cent of profit after tax before value adjustment Target LTV in range per cent LTV of 44% as of , 41% adjusted for forward sales Target of a predictable cash flow combined with a relatively high degree of interest rate hedging, range of per cent Hedging ratio of 61 % as of

16 13 July 2018 Financing FUNDING SOURCES DEBT MATURITY PROFILE (MNOK) LTV AND ICR (1) Diversified sources of funding 4.9 bn in bonds Issued NOK 2.5 bn last 12 months (1) ICR = EBITDA / Net interest cost, rolling 4 quarters Diversified maturity profile Average remaining time to maturity is 2.9 years LTV 45-55% 44.3% at Approx 41% after sale of Skøyen and Gardermoen assets 16

17 Disclaimer The information included in this Presentation contains certain forward-looking statements that address activities. events or developments that Norwegian Property ASA ( the Company ) expects. projects. believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company. which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which Norwegian Property is or will be operating. counterparty risk. interest rates. access to financing. fluctuations in currency exchange rates. and changes in governmental regulations. For a further description of other relevant risk factors we refer to Norwegian Property s Annual Report for As a result of these and other risk factors. actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader. and Norwegian Property disclaims any and all liability in this respect. 17