Morgan Stanley 6 th Annual European Property Conference. John Richards Chief Executive Hammerson plc
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1 Morgan Stanley 6 th Annual European Property Conference John Richards Chief Executive Hammerson plc June 2003 Good afternoon I m very pleased to be here today And thank you to Morgan Stanley for hosting this conference and for inviting Hammerson to participate. I m going to start with a brief introduction to Hammerson. Apologies to those of you who are already familiar with us. 1
2 HAMMERSON Market capitalisation 1.5 billion Focus on European retail assets and offices in central London and Paris High quality 3.9 billion real estate portfolio Phased development programme We are one of Europe s leading property investors and developers. We are just outside the FTSE100, with a market capitalisation of 1.5 billion. We have operations in the UK, France and Germany. We focus on shopping centres, retail warehousing and prime offices. We have a portfolio of 70 properties valued at 3.9 billion. Excluding the retail warehouses, our average lot size is around 70 million. That is something that differentiates us from other companies in the sector and gives us a real competitive advantage. We have a phased development programme. Looking at our portfolio in more detail 2
3 PORTFOLIO At 31 December 2002 Germany 7% France 27% UK 66% Total: 3,908 million Offices 35% London UK Paris France Germany Retail 65% Developments 12% Investment properties 88% Average unexpired lease term 11 years Retail portfolio 14% reversionary The chart on the left shows the geographic split in the portfolio. As you can see roughly two thirds of our business is in the UK, with the balance in France and Germany. We increased our retail portfolio allocation last year by seven percentage points to 65%, reflecting our acquisition of Grantchester (a retail warehouse business) and our purchase of two regional shopping centres - The Shires in Leicester and Parinor in the suburbs of Paris. Grantchester gave us immediate critical mass in the retail warehouse sector. It has a portfolio of nearly 200,000 m² and potential for development schemes to add another 100,000 m² of high quality space. The chart on the right shows the split between investment and developments. The average unexpired lease term is 11 years and the tenant base is very broad, so the portfolio provides a high quality and robust income. The office portfolio is now slightly over-rented, but it continues to provide a very secure income stream. The retail portfolio is 14% reversionary and thus provides the potential for continuing growth over the next few years. Here s a glimpse at some of our key assets 3
4 SHOPPING CENTRES The Oracle, Reading WestQuay, Southampton The Oracle is a 70,000 m² regional shopping centre which opened in 1999 and which we built in conjunction with the Abu Dhabi Investment Authority. WestQuay in Southampton opened the following year. It is a 76,000 m² shopping centre, which we built as a joint venture with Barclays. These schemes won awards from the British Council of Shopping Centres for Best New Shopping Centre in consecutive years. Two of our office buildings now.. 4
5 OFFICES Globe House, London WC2 53 quai d Orsay, Paris 7ème The building on the left is Globe House on the Embankment, which we completed in It is the headquarters of BAT. The building on the right is 53 quai d Orsay in Paris, which was completed last year. We are very proud of both these property developments. They offer first class office space, which has proven attractive to leading international occupiers. Nevertheless, we had added significant value to our business through the development process, and appreciating the potential for short and medium term growth, had no hesitation in marketing both for sale into a buoyant investment market. Both these buildings were sold earlier this year. Notwithstanding the weaker occupational demand for offices, at present, there is still strong investment interest for well let office buildings. We have been taking advantage of this strength to recycle capital something which is central to Hammerson s strategy, and which I will say more about shortly. 5
6 STRATEGY Retail assets > 60% of portfolio Office assets < 40% of portfolio Developments < 20% of portfolio Focus on large lot sizes Clear investment criteria Active recycling of capital to enhance returns Our strategy is to invest in, develop and manage properties in key European markets. We anticipate that retail assets will generally account for 60% or more of the total portfolio. Historically, retail property has provided a very consistent and sound performance, with rents growing at a rate slightly in excess of GDP. We are concentrating on the larger dominant shopping centres and retail warehouse parks, which have, and should, continue to outperform. Clearly one of the reasons for this is the very restrictive planning environment in the markets in which we operate. The office markets are considerably more cyclical. Here our strategy is to make opportunistic site purchases, develop and then recycle our capital. We would not anticipate the office portfolio exceeding 40% of the total portfolio. Notwithstanding the current business environment, we continue to see development within an appropriate risk management framework, as an attractive way to create assets offering growth prospects and with the potential to generate surpluses upon completion and letting. I have already mentioned our focus on large lot sized investments. This strategy means that we have the ability to rebalance the portfolio between different markets and sectors with a relatively small number of transactions. We have very clear investment criteria. For standing retail investments we are looking for a minimum ungeared post tax IRR of 7.5%. Whilst for developments we are looking for a minimum IRR, again ungeared, post tax of 10%. We have a financing strategy that supports our business strategy. We borrow unsecured on the strength of the corporate credit from both the capital markets and the banking market..again with an emphasis on relationships. And we ensure that we always have substantial committed undrawn facilities to ensure good liquidity. But one of the things I always impress upon my colleagues is that one of the best ways of financing our business is from within the existing portfolio. That s why we believe in recycling our capital.. 6
7 CAPITAL RECYCLING million Existing portfolio Acquisitions Grantchester acquisition Developments Disposals Over the past five years, we have raised something like 1.5 billion from property disposals (shown in red). The principal disposals last year were 280 Bishopsgate, our most successful development ever, Freshney Place shopping centre in Grimsby and 54 boulevard Haussmann. Major acquisitions during the year (shown in blue) included the interests in two regional shopping centres that I mentioned previously. Grantchester is shown in purple. Expenditure on the developments is shown in yellow. How has this translated into financial performance over the past five years? 7
8 FIVE YEAR PERFORMANCE Adjusted earnings per share (pence) Diluted net asset value per share (pence) Over the last five years our NAV and earnings per share have both increased at an average annual compound rate of 11%. That s 70% over five years. I believe this demonstrates a very consistent and sound performance. I d like to say a few words now on our development programme. 8
9 CURRENT DEVELOPMENTS Project Ownership interest Size m² Cost at 31/12/02 m Estimated total development cost m Anticipated completion date Bullring, Birmingham 33 1 / 110, (1) 3 % Sept 2003 Néo,14 boulevard Haussmann, Paris 9 One London Wall, London EC2 10 Grosvenor Street, London W1 Moorhouse, London EC2 Bishops Square, London E1 (PRE-LET) 100% 50% 50% 33 1 / 3 % 27,000 19,000 6,000 29, (1) 21 (1) 68 (1) Jul 2003 Jul 2003 Dec 2003 May % 74, Jun 2005 Total Notes (1) - Hammerson s share of total costs shown for joint ventures This is a summary of the programme. It is worth noting that of the 796 million total development costs, over 470 million, or 60%, relates to schemes that are substantially let. The costs shown are Hammerson s share. A few words on some of these schemes now. 9
10 BULLRING, BIRMINGHAM This scheme is being carried out by the Birmingham Alliance in which Hammerson has a one third interest, as well as being development manager. The anticipated total development cost is 176 million. We are nearing completion, with the opening scheduled for 4 September of this year. Currently 79% of the rental income on the main scheme has been secured. And a further 11% is in solicitors hands. We have an excellent tenant line up with many retailers planning flagship stores. Besides the anchors Debenhams and Selfridges, some of the retailers we ve signed include Borders, Karen Millen, Next, Zara, and Dixons. Rentals levels are on target, with prime zone A rents are around 300. I am very confident that this scheme will prove an outstanding success and represent an excellent addition to our investment portfolio. Now our office developments 10
11 CENTRAL LONDON DEVELOPMENTS One London Wall Moorhouse 10 Grosvenor Street Bishops Square Hammerson currently has three speculative office schemes underway in central London, all in joint ventures, where our total commitment is 139 million, representing just 4% of our total assets. One London Wall completes in July this year. 10 Grosvenor completes in December and Moorhouse completes in a year s time. Whilst the immediate outlook for letting the two schemes in the City is tough, we are seeing a noticeable increase in the level of enquiries from prospective occupiers. We have some positive discussions underway at One London Wall, but it s too early to be confident that this will result in an early letting. Our strategy is to meet the market, recognising the competitive landscape which currently prevails. We will not hold out for unrealistic rents. Our strategy for Moorhouse which doesn t complete for a year, is to go for a multi-let building with a very high quality of service delivery for tenants seeking flag-ship accommodation. Even in the present market there is not an abundance of this type of space available, which I believe will result in us letting this building better than the general market outlook might suggest. By contrast, the supply of space in the West End market remains much tighter, and we should still see a small development profit from Grosvenor Street. Finally, Bishops Square, back in the City. Hammerson has a 75% interest in this 70,000 m² scheme, a joint venture with the Corporation of London. We have signed a 25 year lease with Allen and Overy to take the entire building at a rent equivalent to 45/ft². There is a 21 month rent free period and the tenant has a break option at the end of the 22 nd year. We are on site and completion is scheduled for mid Incidentally, this was the largest ever pre-letting in the City. Now, a few words on our office development in Paris... 11
12 NÉO, 14 BOULEVARD HAUSSMANN PARIS 9ème We are creating nearly 27,000 m 2 of offices in this prime location, which is popular with major occupiers such as banks and insurance companies. It is a complicated project within a constrained site. We are on time and on budget. There is some tenant interest but, as in London, occupiers are sitting on their hands. The office market in the Paris CBD is far more like London s West End than the City of London. There is a much greater diversity of occupiers, lower vacancy and much less Grade A space overall. Additionally, in Paris there is no real overhang of leased space being sub-let by occupiers. So, I expect the market to fall less and recover faster. Whilst the current speculative development programme is being completed against a background of uncertainty and cyclical downturn I remain convinced that a well managed development programme provides an opportunity for adding substantial value to the business over the medium term. We have several projects that provide us with a pipeline of exciting future development opportunities. 12
13 FUTURE DEVELOPMENT POTENTIAL Retail-led city centre projects in the UK UK retail parks and warehouses Office and mixed-use schemes in central London Mixed-use schemes in Paris Firstly, retail-led city centre projects. In this category are a combination of existing schemes, such as Brent Cross and the Shires in Leicester, at both of which we are planning major expansions and new schemes such as Broadmead in Bristol and Sheffield city centre. Broadmead is a four way partnership for a major retail led regeneration scheme, where planning consent has already been granted; our proposals for redeveloping the retail core of Sheffield are at an earlier stage of planning. Secondly, UK retail parks and warehouses. I mentioned previously that Grantchester has given us immediate critical mass in the retail warehouse sector, and provides potential to add a further 100,000 m² of space through development. And although, as I also explained earlier, the planning environment is very tough, we are making excellent progress in moving these schemes forward. We announced earlier this week that we have received planning consent for the first of these major developments - a retail warehouse scheme on the outskirts of Merthyr Tydfil in Wales. We have had substantial interest in the scheme from retailers, with heads of terms agreed in respect of approximately 90% of the estimated rental income. We are also encouraged by progress being made on additional schemes, and I shall say more about this with our Interim Results on 27 August. Of course all these retail developments are substantially pre-let before they start. Thirdly, office and mixed-use schemes in central London. Both within our existing portfolio and with the assets acquired from Railtrack we have a very substantial potential development pipeline, which can be brought forward when the climate is right. Finally, we have two mixed-use schemes in Paris. One of these is 9 place Vendome, a proposed 50:50 joint venture with AXA. It s a scheme of around 25,000 m² of offices with 5,000 m² of retail in rue Faubourg St Honore, arguably Paris best retail pitch. I want to emphasise that we have not entered into major commitments for any of these schemes. With the exception of the two expansion programmes I mentioned, our expenditure to date on securing these positions is relatively modest, around 100 million in total. However, for this outlay, we have a very substantial land bank and the potential to advance some very exciting developments when the market conditions are right. Perhaps I could say a few words in conclusion. 13
14 INVESTMENT PROPOSITION Track record of delivering good NAV and EPS growth High quality rental income offering growth Proven development record Capital recycling Strong financial condition Future potential We have a track record of delivering good NAV and EPS growth. Our business is very resilient. We have a high quality portfolio with long leases to good covenants. In the retail portfolio in particular, there is potential for rental growth in the short and medium term. And I am confident that we can secure this additional income. We believe that development remains a good way to create shareholder value in a low growth environment. I illustrated just now that we can keep the opportunities flowing from our pipeline of future development schemes. And we are consistently the joint venture partner of choice for financial institutions embarking on real estate projects. Recycling capital remains important to our approach. We will sell assets where we believe the proceeds could be reinvested to generate higher returns. We have a strong balance sheet, a cost of capital that is amongst the lowest in the industry, and access to bank and bond finance from a wide variety of institutions. And our disclosure is designed to give investors confidence in the overall strength of the business. So, I remain confident that Hammerson will continue to perform well in the future. That brings me to the end of the formal part of the presentation. Now, I d be happy to take your questions. 14
15 Hammerson plc a leading force in European real estate 15
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