GPT GROUP — Investor Presentation 2016

Sep 20, 2016

GPT RETAIL DEVELOPMENT

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SEPTEMBER 2016
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AGENDA

Introduction Mark Fookes 2 GPT Retail Development Anthony McNulty 4 Retail Development Leasing Damien O’Connor 9 Casuarina Square Anthony McNulty 15 Charlestown Square Anthony McNulty 19 Melbourne Central Lachlan Cameron 23 Rouse Hill Town Centre Ken Knox/Penny Lloyd 31 Highpoint Shopping Centre Ken Knox/Lachlan Cameron 38 Sunshine Plaza Scott Meehan 44 Retail Portfolio Vanessa Orth 51 Q&A and Closing Comments

1 GPT GROUP RETAIL DEVELOPMENT

FORECAST PIPELINE

• Total potential value for GPT Balance Sheet and Funds of $2.1b

• Potential to increase AUM through organic growth by 26%

Value Potential ($m)

	Pipeline Value Current AUM Jun 2016 Potential Increase in AUM
	GPT Retail 1,493 4,304 35%
	Retail Fund 598 3,849 16%
	Total 2,091 8,153 26%
	Reposition $1,371m Create $600m Maintain $120m

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HIGHPOINT SHOPPING CENTRE CHARLESTOWN SQUARE ROUSE HILL TOWN CENTRE MELBOURNE CENTRAL SYDNEY OLYMPIC PARK

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GPT RETAIL DEVELOPMENT

RETAIL TEAM AND APPROACH

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GPT GROUP RETAIL DEVELOPMENT

TEAM STRUCTURE

• ANTHONY MCNULTY HEAD OF RETAIL & MIXED USE DEVELOPMENT

• PENNY LLOYD PHILLIP BARROW

• KEN KNOX LACHLAN CAMERON DAMIEN O’CONNOR DEVELOPMENT DIRECTOR – HEAD OF DEVELOPMENT

• DEVELOPMENT DIRECTOR DEVELOPMENT DIRECTOR HEAD OF RETAIL LEASING RESIDENTIAL FINANCE

• • 30 years plus experience • 25 years plus experience • 13 years experience • 25 years plus experience • 25 years plus experience • Australia/Europe/Asia • Australia, USA, Asia and • Private and Listed Development • USA, Australia and • Australian Market • Key Projects Europe • Key Projects New Zealand • Diverse Background – Rouse Hill • Key Projects – Parkgrove, Botany • Key Projects • Financial, Asset Management, – Melbourne Central – Sydney Olympic Village Development experience

• – Highpoint – Uniting Care, – Melbourne Central – Casuarina Square North Sydney – San Francisco Piers 30-32 • Key Projects – Erina Fair – Parkmore – Discovery Point – Parkmore – Sunshine Plaza – Chirnside – Putney Hill – Melbourne Central – Charlestown Square – Woden Plaza – Pentridge, Coburg – Warwick Grove – Erina Fair – Penrith Plaza • Development – Highpoint – Charlestown Square – Casuarina ELP

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DEVELOPMENT APPROACH

VALUE & RISK MANAGEMENT

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VALUE Long Term
Sustainable
Returns
Monitor Asset
PROJECT DRIVE
CONCEPT CONVERSION
DELIVERY PERFORMANCE
RISK
MANAGEMENT
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RETAIL DEVELOPMENT
BUSINESS CASEVALUE PROPOSITIONDEVELOPMENT BLOCK PLANPRELIMINARY INVESTMENT PROPOSALFINAL INVESTMENT PROPOSALCONDITIONS PRECEDENTDEVELOPMENT LEASINGCONSTRUCTIONOPERATIONS ASSET MANAGEMENT PROPERTY MANAGEMENTLEASING
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DEVELOPMENT APPROACH

GOVERNANCE

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BOARD(S)
AUDIT & RISK
INVESTMENT
MANAGEMENT
COMMITTEE
COMMITTEE
PROJECT CONTROL GROUP
TENANCY
DEVELOPMENT EXECUTIVE
SELECTION
REVIEW PANEL REVIEW GROUP
COMMITTEE
PROJECT
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MARKET TRENDS

URBANISATION AND TECHNOLOGY

• People are valuing their time and seeking to live in connected walkable communities

• Technology is continuing to change the landscape

• Tenants are increasingly selective about store locations

• Evolution in Australia’s mature retail market

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Disrupted Mature
retail model market
Tightly held Customer
investment power shift
class in play
TRENDS FOR RETAIL
Alternate
Time is Connected revenue
highly valued communities sources
emerging
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GPT RETAIL DEVELOPMENT
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GPT GROUP

RETAIL DEVELOPMENT

RETAIL LEASING OVERVIEW

LEASING

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Operational Development Externally
Leasing Leasing Managed Assets
• Retail Planning
• Commerce
9 x Retail Assets
• Pre-leasing 5 x Retail Assets
600-700 Deals p.a
• Development
delivery
14 x Retail Leasing Executives Planning & Review
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RETAIL SERVICES TEAM

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INTEGRATED TEAM
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RETAIL LEASING

ADAPTING OUR PRODUCT IN A DYNAMIC RETAIL ENVIRONMENT

Areas of focus and growth

• Demand from international retailers continues

• Capturing the growth in leisure based apparel

• Evolving our food to add breadth – increased demand for premium and slow dining

• Entertainment focus

• Evolving the mix beyond traditional retail with service based offers

• Personal ‘pampering’ services

• Health & Wellbeing moving in to the mainstream

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RETAIL LEASING

ADAPTING OUR PRODUCT IN A DYNAMIC RETAIL ENVIRONMENT

Some categories have experienced contraction

• Pharmacy consolidation

• Apparel consolidation

• Banking services

Transition in

• Fresh Food undergoing transformation

GPT’s key focus

• Optimisation of product mix through proactive recognition and replacement of poor performers to drive specialty productivity

• Increased diversity of experience

• De-weighting of marginal commodity groups

• Domination of trade area market share

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RETAIL LEASING

DEVELOPMENT AND OPERATIONAL Retail plan looks at both the place and product on offer

Strategic Plans

• Leasing plan defines the remixes to drive optimal productivity with a 5 year focus

• Precinct Planning defining

• The end user

• The characteristics and aesthetics of the mall

• The retail mix

• Retail Hierarchy planning positioning tool to ensure asset dominance and market share growth

Evidence Based Planning

• Quantium Spending Behaviour

• SkyFii

• Asset active databases

• New technology testing

• Precinct performance strategy – right tenant, right location

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RETAIL LEASING

DEVELOPMENT AND OPERATIONAL Working with retailers to drive productivity

Segmented Customer Base

• Defined and segmented tenant base to drive focussed outcomes

• Relationship based, long term leasing focused on key customer drivers

Informed by the following GPT specific tools

• Salesforce – real time leasing dashboards

• Profitability Estimator tool

• Critical Retailer Barometer

• Customer Engagement Matrix

• Top 20 customer mapping

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GPT RETAIL DEVELOPMENT

CASUARINA SQUARE

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BEFORE
AFTER
CASUARINA SQUARE RETAIL DEVELOPMENTGPT GROUP
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CASUARINA SQUARE

CREATION OF A NEW ENTERTAINMENT & LEISURE PRECINCT

• Opened July 2016

• New kids play area and family dining

• Improve dominance in lifestyle and entertainment

• Record opening results for majority of tenants

• Seven new food retailers to the Darwin market

• The Groove Train

• Grill’d

• PappaRich

• Max Brenner

• Mad Mex

• Nutrition Station Café

• Sushi Bay

• Capital investment $34 million

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CASUARINA SQUARE ENTERTAINMENT AND LEISURE PRECINCT

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CASUARINA SQUARE RETAIL DEVELOPMENTGPT GROUP GPT GROUP
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CASUARINA SQUARE RETAIL DEVELOPMENTGPT GROUP GPT GROUP
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GPT RETAIL DEVELOPMENT

CHARLESTOWN SQUARE 19 GPT GROUP RETAIL DEVELOPMENT

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CHARLESTOWN SQUARE

INTERNATIONAL MINI MAJOR REMIX

• Opened July 2016

• Create International Mini Major point of difference

• Improved mix and quality of retailers to anchor asset

• Strong leasing results delivering positive leasing spreads

• H&M, Cotton-On and Mecca trading strongly

• 60,000 visitations on opening day

• Capital investment $44 million

LEVEL 1

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LEVEL 2

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CHARLESTOWN SQUARE

CHARLESTOWN SQUARE

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GPT RETAIL DEVELOPMENT
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MELBOURNE CENTRAL 23 GPT GROUP RETAIL DEVELOPMENT

MELBOURNE CENTRAL

• Drivers for change

• Asset upgrade to drive performance – included works to improve poor configuration

• Daimaru leaving Australia – catalyst for major change

• Response

• Major repositioning

• Customer psychographic

• “Urban” vs “suburban”

• Collaboration with others to create the Melbourne Retail Core

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Innovators Early Early Majority Late Majority Laggards
Adopters
Area under the
curve represents
number of
customers
“The Chasm”
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TECHNOLOGY ADOPTION LIFECYCLE

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BEFORE AFTER

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MELBOURNE CENTRAL

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FLOOR PLAN PRE-REDEVELOPMENT

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GPT’S RESPONSE – POST DEVELOPMENT

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MELBOURNE CENTRAL

KEY DEVELOPMENT/ PROJECT METRICS 2002–2005

• Valuation Prior $210 million

• Development Expenditure $263 million

Valuation Today

• Achieved Valuation $577 million

$1.136 billion

• Valuation Uplift $104 million

• Margin on Cost 40%

• 2007 Property Council of Australia’s Innovation and Excellence Awards – MapInfo Dimasi Property Investment Award

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MELBOURNE CENTRAL

DINING HALL AND CORNER REMIX 2010-2011

• Leverage trading performance and brand strength

• Higher and better use – Freedom store to Dining Hall

• Convert old food court – additional retail

• Enhance circulation and connections

• Refresh prior to Emporium

• Capital investment: $27.5 million

• Valuation Uplift: $14.5 million

• Margin on Cost: 53%

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MELBOURNE CENTRAL

ASSET ENHANCEMENT ACTIVITY

• $50 million capital investment

• Key precincts

• Arcade

• The Great Room

• Level 3 Leisure & Entertainment

• Menzies Alley

• Menzies Place

• Lower Ground Eatery

• L2 Dining Hall

• Laneway

• Lower Ground Arcade (Complete)

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Arcade The Great Room Level 3 L&E
Menzies Alley Menzies Place
LG Eatery L2 Dining Hall
Laneway LG Arcade
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MELBOURNE CENTRAL

ROOFTOP EXPANSION

• $70 million rooftop expansion

• Additional three levels

• Retail

• Leisure and Entertainment

• Library or other amenity

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GPT RETAIL DEVELOPMENT

ROUSE HILL TOWN CENTRE 31 GPT GROUP RETAIL DEVELOPMENT

ROUSE HILL TOWN CENTRE BACKGROUND

Town Centre opportunity

• Designated Growth Corridor

• Competitive NSW Government Tender

• GPT secured opportunity to develop Town Centre 2003

• Initial retail centre opened in 2008

Masterplan

• Regional Town Centre

• Future rail and transport interchange

• Schools (High and Primary)

• Residential neighbourhoods

• Significant open space

• Future expansion land

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Rouse Hill Joint Venture
GPT Rouse Hill Town Centre 32
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SYDNEY METRO NORTHWEST – CONSTRUCTION PROGRESS RETAIL DEVELOPMENTGPT GROUP
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ROUSE HILL TOWN CENTRE

CREATING A TOWN CENTRE

Retail Principles

• Retail anchors - Coles, Woolworths, Big W, Target and Reading

• Over 220 specialties

• Quality car parking

• Point of difference public spaces

Town Centre Principles

• Council library and community centre

• Bus interchange

• Residential

• Active streets

Outcome

• PCA Rider Levett Bucknall Innovation and Excellence Awards Overall Winner (2009)

• Global Urban Land Institute Award for Excellence (2010)

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ROUSE HILL TOWN CENTRE

ASSET OVERVIEW AND CATCHMENT PROFILE

Positioning

• GLA 69,700 sqm

• Coles, WoW, Big W, Target, Reading

• Over 220 specialties

• Carparking Spaces – 2,767

Sales Performance & Leasing

• Centre MAT $423 million

• Spec Sales $8,264psm

• Occupancy Cost 14.6%

Market Overview

• Strong Population Growth +2.1% p.a

• greater than 524,000 people by 2026

• Household Income

• greater than $110,000

• 10% above state average

• Market share of approximately 7%

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Investment in infrastructure

• $8.3 billion Sydney Metro Northwest

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ROUSE HILL TOWN CENTRE

SECURING EXPANSION LAND

• Entitlement total:

• Retail – 130,000sqm

• Commercial – 50,000sqm

• Residential – 375 dwellings

• Acquired 2015 including planning approval

• Enables Stage 2 retail expansion

• Future Mixed-Use

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Whole asset
New land 35
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ROUSE HILL TOWN CENTRE

DEVELOPMENT SCOPE

• Expanded Retail Offer

• Additional 29,000sqm

• New generation Department Store

• International and expanded local Mini Majors

• Best of “breed” fashion

• Additional 80 speciality shops

• Enhanced Day Out

• Entertainment and public space

• Program and Spend

• Estimated commencement 2017

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• Estimated completion 2019

• $300 million capital investment

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ROUSE HILL TOWN CENTRE

RESIDENTIAL AND MIXED-USE

• Shift in residential market towards greater density in outer suburban areas

• Purchasers happy to trade-off larger private space for access to transport, amenity and lifestyle

• GPT identified this trend early in setting vision for the RHTC

• Opening of Sydney Metro Northwest will allow RHTC to support greater capacity for residential, commercial and community uses over time

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GPT RETAIL DEVELOPMENT

HIGHPOINT SHOPPING CENTRE

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HIGHPOINT SHOPPING CENTRE

DAVID JONES EXPANSION 2011-2013

Fashion and Fresh Food

• Dominant Fashion Offer

• David Jones “first to West”

• Zara, Top Shop, Australian Designer Fashion

• Apple and Samsung

• Convenience Fresh Food

• Full line Woolworths and Fresh Food precinct

• Enhance Centre Infrastructure

• Carparks

• Ring Road

• External arrival: public space and landscaping

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HIGHPOINT SHOPPING CENTRE

DAVID JONES EXPANSION 2011-2013

The Result

• Valuation Prior $1.260 billion

Valuation Today

• Development Expenditure $300 million

• Achieved Valuation $1.825 billion

$2.179 billion

• Valuation Uplift $265 million

• Margin on Cost 88%

• Property Council of Australia Innovation & Excellence Awards 2014 Best Shopping Centre Development category

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HIGHPOINT SHOPPING CENTRE

ENTERTAINMENT & LEISURE

Entertainment and Dining Remix

• Consolidate entertainment and dining offer in West

• Strike Bowling

• Best in class casual dining

• New centre court – meeting place

• Approved capital investment $18.9 million

• The Result

• Delivered on time, additional income and under budget

• Attracted new customer profile to Highpoint

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HIGHPOINT SHOPPING CENTRE

FUTURE RETAIL EXPANSION

• East Side Retail – 30,000sqm retail

• Enhance Highpoint’s position as the dominant retail asset in the West to include:

• second supermarket – Coles

• fresh food

• international mini-majors

• fashion

• leisure and entertainment

• Expected commencement 2018

• indicative completion 2020

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42 GPT GROUP RETAIL DEVELOPMENT

HIGHPOINT SHOPPING CENTRE

“TOWN CENTRE” POTENTIAL

• Major Town Square

• Mixed Use potential

• Hotel

• Residential

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• Health

• University

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GPT RETAIL DEVELOPMENT

SUNSHINE PLAZA

44 GPT GROUP RETAIL DEVELOPMENT

SUNSHINE PLAZA

ASSET OVERVIEW AND CATCHMENT PROFILE

Positioning

• Regional: GLA 73,400 sqm

• Myer, Target, Kmart, Coles, Woolworths, Birch Carroll & Coyle

• 249 specialties

• Carparking spaces – 3,546

Sales Performance & Leasing

• Centre MAT $532 million

• Spec Sales $11,768psm

• Occupancy Cost 18.5%

Asset Valuation

• $792 million (100% interest) 5.75% cap rate

Market Overview

• Strong population growth +1.8% p.a ( 452,000 people by 2026 )

• Employment growth + 2.3% p.a for Sunshine Coast region

• Retail expenditure growth + 5.1% p.a

• Tourist market – $1.05 billion in 2021 ( growth +3.7% p.a )

Investment in infrastructure

• $1.8 billion in healthcare – new university and private hospitals

• $980 million Moreton Bay rail link

• $350 million expansion of Sunshine Coast Airport

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SUNSHINE PLAZA

DEVELOPMENT

Retail Plan

• Additional 34,400 sqm, with 13,300 sqm of specialty GLA

• Pre-committed:

• David Jones – 8,000 sqm

• Big W – 6,500 sqm

• International Mini Major – 3,000 sqm

• Myer – refurbished store and new lease until 2031

• Two mini majors (3,629 sqm);

• Additional 105 specialty shops

Addressing Convenience

• Additional 1,428 parking spaces with a new car park management system

Investment in Existing Asset

• Key precincts – Riverwalk (restaurant and cinemas), Level 1 Myer interface

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SUNSHINE PLAZA SITE PLAN INCLUDING EXISTING ASSET

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SUNSHINE PLAZA DEVELOPMENT DESIGN
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SUNSHINE PLAZA DEVELOPMENT DESIGN

GPT GROUP RETAIL DEVELOPMENT

SUNSHINE PLAZA

ENHANCING FUTURE ASSET VALUE

Securing positioning and dominance

Investment Returns

• Capital investment – $400m (at 100% interest)

• Stabilised yield greater than 6%

• Forecast project 10 year IRR greater than 9%

• Capturing sales leakage – positioning the asset as a “super regional” centre

• Expected completion date 2H 2018

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GPT GROUP

RETAIL DEVELOPMENT

GPT RETAIL PORTFOLIO STRATEGY

To be a market leader in Australia , maximising market A diverse portfolio of high share & driving returns . EXPOSURE quality retail assets in ASPIRATION This will be achieved by TO growth markets across providing enhanced shopper Australia. experiences . Market Leading Consistent Enhanced MEASURED CONSISTENTLY TOTAL PORTFOLIO PORTFOLIO RETURNS INCOME SALES BY DELIVERING: GROWTH PRODUCTIVITY GROWTH

STRATEGIC PILLARS Portfolio Returns Operational Excellence Development Delivery HIGH QUALITY ASSETS IN CREATING ENHANCED VALUE CREATION THROUGH GROWTH MARKETS EXPERIENCES & DESTINATIONS DEVELOPMENTS

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GPT GROUP
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GPT GROUP

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DISCLAIMER

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information described in this paper to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, while every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information – such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation.

All values are expressed in Australian currency unless otherwise indicated.

GPT GROUP RETAIL DEVELOPMENT