Delivering successful retail investment. We know how.

Transcription

1 Delivering successful retail investment. We know how.

2 We are committed to further international expansion of our portfolio and interested in all types of retail property worldwide. We already have the most extensive retail holdings within our peer group. Strong specialist expertise and reliable engagement with our partners as trusted professionals underpin our success. Henrike Waldburg Head of Investment Management Retail, Union Investment 2

3 Geographic distribution of retail portfolio Germany Valuation in EUR m: 5,508.6 Properties: 41 Sweden Valuation in EUR m: 37.6 Properties: 1 Netherlands Valuation in EUR m: Properties: 2 Belgium Valuation in EUR m: Properties: 3 Poland Valuation in EUR m: 1,018.1 Properties: 7 USA Valuation in EUR m: 77.1 Properties: 4 France Valuation in EUR m: Properties: 3 Czech Republic Valuation in EUR m: Properties: 1 Austria Valuation in EUR m: Properties: 6 Italy Valuation in EUR m: Properties: 5 Turkey Valuation in EUR m: Properties: 4 Japan Valuation in EUR m: Properties: 2 3

4 Global retail in our sights We are one of Europe s leading investment managers for retail property. Building on this position, further global diversification of our portfolio is a strategic priority. Union Investment is one of the largest real estate investment managers in Europe, with assets under management of EUR 33.2 billion. For decades, retail properties have ranked high on the wish lists of our fund managers. They now account for 31 per cent of our real estate assets and represent a total value of EUR 9.3 billion. A broad range of investments We invest across the entire retail universe, from commercial buildings to retail parks and shopping centres. 79 retail properties in 12 countries reflect this diversity. In 2016, we also acquired retail space in the USA for the first time and intend to continue expanding our exposure to non- European properties. Diverse funds When acquiring properties, we benefit from the broad investment remit of our funds. In addition to investing for three large retail funds, we also act on behalf of institutional clients and have operated our own special fund, UII Shopping Nr. 1, since Exploiting the options In order to fully exploit opportunities around the world, we are happy to consider joint ventures alongside sole investments. In addition, we also invest in promising development projects via forward deals. Our commitment to active portfolio management includes taking advantage of attractive selling opportunities, such as the recent sale of Área Sur in Spain. Our highly specialised team has deep knowledge of the retail sector and works collaboratively with our partners. In addition, our efficient investment process and strong asset management skills make us agile and reliable. Let s talk! Distribution of retail portfolio by type of use Retail parks Commercial buildings Shopping centres Valuation in million EUR Properties Type of use 9, n Shopping centres 8, n Commercial buildings 1, n Retail parks retail properties in 12 countries 4

5 Knowing how retail works Our retail investments are handled by proven experts with a global network of contacts. The team is familiar with the important regional differences and manages all transactions from start to finish. Our team combines long experience of the retail sector with strong real estate and financial market expertise. You benefit from professional analysis that accelerates the entire investment process and guarantees a high degree of transaction reliability. Close network of partners Professional key account management and a track record of successful projects have enabled us to build a close-knit network of partners across Europe and beyond. This includes major portfolio holders, as well as developers, retail property operators and many more. Strategic joint ventures Joint ventures are playing an increasing role in our activities as a way of tapping into new markets or expanding our portfolio in existing markets. Irrespective of the specific structure of the joint venture, we attach great importance to close strategic collaboration that is equal, fair and reliable. ALEXA, Berlin, Germany Clear regional responsibilities within our team ensure a frequent local presence and continuity, providing the basis for strong long-term partnerships. Ongoing development By sharing cross-sector ideas and leveraging the specialist expertise of our team, we ensure the ongoing development of our retail properties. As consumers interests change, we recognise and respond to emerging trends. Our success in this area is demonstrated by numerous awards, such as the brand award 2016 for the LAGO centre in Konstanz (Germany). a network of over 200 partners 5

6 Our investment criteria Over the past few decades, we have built up a profitable retail portfolio. Clear criteria dictate the segment s strategic development direction. General investment criteria Acquisition structure: asset deals and share deals No properties with limited suitability for third-party use due to structural constraints / property age (specialist properties) Acquisition of early-stage development projects also possible; acceptance of letting risk in some cases No leisure properties Specific investment criteria Shopping centres Shopping malls (projects and existing developments) Shopping centres with financially sound tenants and predominantly retail use, rental space usually > 25,000 sqm, in catchment areas of approx. 250,000 people Investments from EUR 30 million Commercial buildings Urban retail properties (e.g. department stores, properties on main shopping streets, commercial / retail buildings, shopping arcades) in premium locations and pedestrian zones in areas with a population of 100,000 plus in Europe (excl. Germany) and worldwide Investments from EUR 15 million Retail parks Very well positioned retail parks with a minimum size of 10,000 sqm Investments from EUR 10 million 6

7 Our retail portfolio Key figures for our retail portfolio 79 retail properties (existing properties) Current valuation: approx. EUR 9.3 bn Number of stores: more than 4,000 Number of restaurants / food outlets: 600 Net sales in 2016 / 17: EUR 4.1 billion (only shopping centres) Total rental space (existing properties): approx. 2.0 million sqm DAS ES!, Esslingen, Germany Förde Park, Flensburg, Germany Limbecker Platz, Essen, Germany Manufaktura, Łódź, Poland Feest en Cultuurpaleis, Ostend, Belgium 7

8 Applied expertise 636 Sixth Avenue, New York City, USA Melody portfolio, Germany and Italy At the beginning of 2017, we acquired the Melody portfolio from Credit Suisse for Unilmmo: Europa. The portfolio comprises three established shopping centres in Germany and Italy. Rathaus-Galerie in Leverkusen offers 38,500 sqm of rental space in the city centre. Mercado in Nuremberg covers 43,500 sqm and is a hybrid centre that includes elements of a retail park, while Le Befane in Rimini with 35,500 sqm of space attracts more than eight million visitors a year. Mercado, Nuremberg, Germany Urban Retail portfolio, USA In autumn 2016, we took an important strategic step by making a first-time purchase of retail space in the US for our portfolio. In a joint venture with TIAA-CREF, a subsidiary of TIAA Global Asset Management, we acquired a 49 per cent share in the Urban Retail portfolio, which comprises four high street properties in excellent shopping locations in New York, San Francisco and Philadelphia with a total area of 10,500 sqm. We are planning additional US retail investments not only in the form of joint ventures. Rathaus-Galerie, Leverkusen, Germany Le Befane, Rimini, Italy 8

9 Palladium, Prague, Czech Republic De Klanderij, Enschede, Netherlands StadtCenter Düren, Düren, Germany De Klanderij is the first shopping centre in the Netherlands to be acquired for our special fund, UII Shopping Nr. 1. Completed in 2004 and located on Van Heekplein, the main square in central Enschede, the property comprises approximately 20,000 sqm of retail space and 54 stores. The construction quality of De Klanderij is also compelling. It is one of the Netherlands most sustainable shopping centres, and in 2014 became the first mall to be awarded a BREEAM NL rating of Very Good. Palladium, Prague, Czech Republic In 2016, we increased our investment in Palladium by acquiring an additional 10 per cent of this successful shopping centre in downtown Prague. We initially secured a majority stake in the property by acquiring a corresponding holding vehicle at the end of 2014 / beginning of The mall offers rental space of approximately 58,500 sqm. Of this total, around 39,000 sqm is devoted to retail and 18,000 sqm to office use. Palladium is the largest shopping complex in central Prague and is located in the historic heart of the city. With its broad mix of tenants, the centre attracts more than 15 million visitors a year. De Klanderij, Enschede, Netherlands StadtCenter Düren, Düren, Germany StadtCenter Düren is an important regional shopping centre with 54 retailers and food outlets across an area of 17,800 sqm. It is visited by around 4.8 million people a year. We acquired the property for our largest open-ended retail real estate fund, Unilmmo: Deutschland. The centre is home to well-known brands such as Saturn, H&M, Deichmann and New Yorker and enjoys a prominent location between the railway station and city centre. 9

10 Your contacts Henrike Waldburg Head of Investment Management Retail Phone: henrike.waldburg@union-investment.de Dirk Hoenig-Ohnsorg Carolin Kammerzell Senior Investment Manager Phone: dirk.hoenig@union-investment.de Junior Investment Manager Phone: carolin.kammerzell@union-investment.de Klaus Mennickheim Senior Investment Manager Phone: klaus.mennickheim@union-investment.de Kseniya Merritt Senior Investment Manager New York office Phone: kseniya.merritt@union-investment.de All information current at 30 June Union Investment Real Estate GmbH Valentinskamp 70 / EMPORIO Hamburg, Germany