Investor Presentation • Nov 12, 2020
Investor Presentation
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De conformidad con lo establecido en el artículo 228 del texto refundido de la Ley del Mercado de Valores (la "Ley del Mercado de Valores") aprobado por el Real Decreto Legislativo 4/2015, de 23 de octubre, Inmobiliaria Colonial, SOCIMI, S.A. ("Colonial" o la "Sociedad") comunica el siguiente
Como continuación a la comunicación de información relevante publicada con fecha 11 de noviembre de 2020 con número de registro 5665, Colonial remite documentación de soporte a la presentación a analistas e inversores relativa a los resultados correspondientes al tercer trimestre de 2020, que se celebrará hoy jueves día 12 de noviembre de 2020 a las 18:30 horas (CET) a través de un webcast.
Los datos de conexión a la conferencia se detallan a continuación:
Desde España: +34911140101 + Pin Code 55041233# Desde Francia: +33185654601 + Pin Code: 55041233# Desde Holanda: +31207095119 + Pin Code 55041233# Desde el Reino Unido: +442071943759 + Pin Code 55041233# Desde USA: +1 6467224916 + Pin Code 55041233#
La presentación online será visible a través del siguiente link:
https://onlinexperiences.com/Launch/QReg/ShowUUID=F883E1E1-27C1-4D6D-9AD1-6236D468C7B8
Adicionalmente, la presentación de resultados estará disponible en la página web de la Sociedad.
En Madrid, a 12 de noviembre de 2020.
Third Quarter Results 2020
November 2020
By attending this presentation and receiving this document, you are agreeing to be bound by the following limitations. Any failure to comply with these restrictions may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal liabilities.
This document is strictly confidential and is being furnished to you solely for your information. It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose.
The information contained in this presentation ("Presentation") has been prepared by Inmobiliaria Colonial, SOCIMI S.A. (the "Company") and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. None of the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.
This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the Company and the Company's publicly available information. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects.
This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information.
This Presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information's portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. . Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total.
Certain statements in this Presentation are forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The market and industry data and forecasts included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation.
NEITHER THIS DOCUMENT NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES.
Pere Viñolas Chief Executive Officer
Carmina Ganyet Corporate Managing Director
Carlos Krohmer Chief Corporate Development Officer
Solid results with resilient Q3
Gross Rental Income of €260m, +0.4% like-for-like
Net Rental Income +3% like-for-like
Net Rental Income Offices. +4% like for like
Recurring earnings of €112m, +8% YoY
Recurring EPS of €22.10cts. per share, +8% YoY
Office Collection Rates of 98% (100% in Paris)
Occupancy of 96% (97% in Madrid)
Letting activity ongoing with good terms
Positive Release Spreads and Rental Growth
Project Pipeline with 34% pre-lets
€2bn of new debt issuances (€1bn bonds) & Liability Management
Disposal of > €240m Non-Core assets in Q2 & Q3
Disposal prices confirming June 2020 appraisals
Estimate of further disposals of around €300m
Solid fundamentals driving profitability
Recurring EPS growth of +8%
NRI like for Like growth of +3%
Offices NRI like for like of +4%
| 09/20 | YoY Var | Unparalleled Prime Positioning |
|---|---|---|
| €112m | +8% | |
| 22.10 €Cts/share | +8% | CBD 76%4 |
| €260m | +0.4% | |
| €254m | +2% | |
| +5% | ||
| +7% | ||
| (0.3%) | ||
| 09/20 | YoY Var | |
| €245m | +3% | |
| €241m | +4% | |
| +12% | ||
| +10% | ||
| (0.6%) | ||
| 09/20 | YoY Var |
Campus Méndez Álvaro Velázquez Padilla Miguel Ángel, 23
Solid fundamentals driving operational performance
Healthy Vacancy levels with high collection rate
Double digit Release Spread & Ongoing Rental Growth
Strong CBD positioning with high Paris exposure
| Solid Fundamentals | 09/20 |
|---|---|
| EPRA Vacancy | 4% |
| Office Collection Rate Q3 20 | 98% |
| Total Collection Rate Q3 20 | 96% |
| Volume of sq m signed |
68,847 |
| # transactions signed | 49 |
| Double-digit release Spread1 | +25% |
|---|---|
| Barcelona | +51% |
| Madrid | +20% |
| Paris | +14% |
| Sustained rental growth2 | +5% |
|---|---|
| Barcelona | +7% |
| Madrid | (1.6%) |
| Paris | +10% |
Louvre-Saint-Honoré Marceau Biome
Campus Méndez Álvaro Velázquez Padilla Miguel Ángel, 23
(1) Rental prices signed vs previous rents
(2) Rental prices signed vs ERV 12/19
(3) Office portfolio in operation with Leed & Breeam certificates
(4) Figures adjusted by logistic and Q3 sales
| MARCH | APRIL | MAY | JUNE | JULY | SEPTEMBER | OCT / NOV |
|---|---|---|---|---|---|---|
| Implementation of covid-19 protocol within our buildings |
Increased liquidity through the signature of 200€m sustainable loan |
Rating agencies S&P and Moody's confirm credit rating, BBB+ and Baa2 |
Pre-letting of Marceau Goldman Sachs |
Solid Q2 20 Results |
Sale of 2 noncore assets in Barcelona |
€500m Bond Issuance Colonial Launch of €300m Liability Management at Colonial |
| Disposal of 2 non core assets with >20% premium |
More than 3,000 sqm signed, +10% vs ERV +50% release spread |
500€m of bond issuance, increasing liquidity above €2,500m |
Agreements fully reached with clients in Spain |
500€m of bond issuance SFL |
€161m Liability Management at SFL level |
Signing of a new "Credit facility" financing line of €1000m |
| Postponement of capex program €60M (Mendez Alvaro) |
Release of Q1 results, with vacancy rate at 2% |
Stable dividend of 20 €Cts /share approved by AGM |
Logistics Disposal Settlement of Call Option signed in 2019 |
100% Paris Offices
98% Group Offices
96% Group All Products
Agreements almost finalized Only 1 file in France left
Discounts in very limited cases: 3% impact YTD on annual GRI
Early for visibility of impacts of second wave
Scarcity in Prime Product
The International Monetary Fund ("IMF") updated its GDP projections per country on October 16, 2020
Forecasts for most countries (including France) have improved for 2020, but with slightly weaker recovery in 2021
Spain remains with sharp contraction in 2020, but with improved recovery next year
Rental Markets - Scarcity of High Quality Product
Grade A stock in CBD very low in every city
Grade A availability in Barcelona and Paris below 1%
Grade A availability in Barcelona at 8,000 sqm and in Paris and Madrid at 60,00 sqm each
Release of lockdowns in Q3 with immediate impact on economic activity
Q3 CBD take-up with more than 60% increase Quarter on Quarter in Spain
Paris CBD with close to 300.000 sqm of quarterly take-up
Source: JLL, CBRE & Bloomberg
Unparalleled exposure to CBD
(2) Maturity until expiry of the contract
(3) Financial vacancy calculated according to EPRA methodology – Office Portfolio
(4) Rental prices signed vs previous rents
Letting activity remains solid in Covid Period (Q2 20 & Q3 20)
More than 26,000 sqm signed in Q3 2020
Covid19 (Q2 & Q3) quarters with higher letting activity higher than Q1 2020 (PreCovid)
Solid rental levels with healthy maturities
| Q1 2020 – Pre Covid |
Madrid & Barcelona 12,398 |
Paris 1,141 |
Group 13,539 |
|---|---|---|---|
| Q2 2020 – Post Covid Q3 2020 – Post Covid |
14,186 24,574 |
14,523 2,026 |
28,709 26,600 |
Rental Price levels remain solid in 2Q & 3Q 20
Castellana 163
Lopez de Hoyos
Torre BCN
Washington Plaza
Torre BCN
Almagro 9
Lopez de Hoyos
Travesera 11
Castellana 52
(1) Signed rents vs 12/19 ERV (new lettings & renewals) (2) Signed rents vs previous contracts (renewals)
Price levels remain solid in every segment
Releases Spreads double digit
Signed Prices vs ERVs remain with positive momentum
RELEASE SPREAD1 GROWTH ON SIGNED RENTS
(1) Signed rents vs previous contracts (renewals)
(2) Signed rents vs 12/18 ERV (new lettings & renewals)
(3) Signed rents vs 12/19 ERV (new lettings & renewals)
Vacancy at very healthy levels in every segment
Group & Office portfolio vacancy at a healthy 4%
Significant quarter on quarter improvement in Madrid with a vacancy below 3%
Paris at 2.5% excluding 103 Grenelle entry into operation
Vacancy at very healthy levels in every segment
Strong decrease of Madrid vacancy, standing below 3%
Current available space located in secondary areas
Group Vacancy stable between 3-4%
Solid financials underpinned by high quality assets
Gross Rental Income (0.9%) and +0.4% like for like
Office portfolio GRI +4% and +2% like for like
Madrid and Barcelona with outstanding GRI growth
2) Office Portfolio including Retail Prime CBD of Galeries des Champs Elysées and Pedralbes Cente
3) Logistic Portfolio, Axiare Retail Secondary and Hotel Indigo in Paris
4) Acquisitions, projects & refurbishments & indemnities due to client rotation
Like-for-like rental growth price driven
Like-for-like growth largely driven by rental price increases
Barcelona fully price driven
Madrid growth driven by a combination of price and volume
1 Like-for-like variance calculation based on EPRA best practice methodology 2 Office portfolio + Prime retail of Galeries Champs Elysées and Pedralbes Centre
27
NRI offices at +4% like for like
Net Rental Income, +3% like for like
Net Rental Income Offices +4% like for like
Barcelona and Madrid with double digit NRI like for like growth
1 Like-for-like variance calculation based on EPRA best practice methodology 2 Office portfolio + Prime retail of Galeries Champs Elysées and Dau Pedralbes
Logistics disposal – Execution of Call Option confirmed
Settlement of Call Option signed in 2019
€100m cash proceeds in July
€64m cash proceeds in Q4 2020
In August 2019 Colonial signed the disposal of its logistics portfolio which included a call option for part of them
In July 2020, the call option has been executed:
It includes 7 assets with 159,000 sqm in the first and second ring of Madrid
The assets include more than 150 decks, cross docking warehouses and more than 1,000 parking units
The 7 assets have Bream or Lead energy efficiency certificates
€100m cash proceeds in July 2020
€64m cash proceeds in Q4 2020
Disposal of 2 secondary assets in Barcelona
2 assets amounting a total of 18,150 sqm with environmental certifications
Real Estate value creation 1.7x on acquisition price
Colonial's industrial asset management strategy:
Plaza Europa 40 42:
Opportunistic investment in December 2014
Mono tenant asset with high reversion potential
Contract renewed during 2019 with high double digit reversion
Located in a residential area not attracting CBD clients
Asset repositioning with selective capex
Rental contracts updated during the last 3 years capturing the reversion of the rents for the sub-market
Profitable growth with enhanced quality
High recurring EPS growth, +8% YoY
NRI growth the main profit driver
Non-Core Disposals enhancing the quality of returns
Profitable growth with enhanced quality
Recurring Earnings of +8% YoY
Recurring EBITDA, +2%
Stable dividend based on solid cash flow generation
| +0.4% LFL | |||
|---|---|---|---|
| + | |||
| + | |||
| Recurring Earnings - €m |
112 | 104 | +8% |
| Nosh (mm) | 508 | 508 | - |
| EPS recurring - Cts€/share |
22.10 | 20.49 | +8% |
DIVIDEND PER SHARE
Ongoing access to debt markets and liquidity
Confirmed BBB+ Rating by S&P facilitating good access to debt markees
€1.000m successful bond issuances in France and Spain
€1,000m new revolving credit facility
| Bond issuance in France | Bond issuance in Spain | New Credit Facility |
|---|---|---|
| Successful issuance in bond market | Successful issuance in bond market | Improvement of the financial flexibility |
| ✓ | ✓ | ✓ |
| €500m | €500m | New Sustainable €1,000m credit facility |
| ✓ | ✓ | ✓ |
| 1.5% fixed coupon | 1.35% fixed coupon | Structured in 2 tranches: |
| ✓ | ✓ | ✓ |
| 7 years maturity | 8 years maturity | €500m due in 2025 |
| ✓ | ✓ | ✓ |
| 4x oversubscription | Strong support, 3x oversubscription | €500m with flexible maturity until 2027 |
✓ 60% allocation in France
Long-term financing profile with extended debt maturities
€2.4Bn of liquidity covering debt maturities until 2024
A solid financial structure with competitive financing costs
| 31/12/2019 | 30/09/2020 | |
|---|---|---|
| Net Debt |
€4,609m | €4,576m |
| LTV | 36.1% | 36.5% |
| Ebitda1 Net Debt / |
13.1x |
| Drawn Facilities |
€125m |
|---|---|
| Unutilized Facilities |
€1,915m |
| Total Facilities |
€2,040m |
| Cash | €447m |
| Liquidity | €2,362m |
| Debt Maturity Group |
5.2 years |
|---|---|
| Non-Mortgage debt |
95% |
| Cost of Debt Group |
1.71% |
Net Debt adjusted for the projects under development multiplied by LTV (as these projects are not yet income contributing but already (partially) financed
Ebitda based on latest reported EPRA Topped-up Net annualized rent
Non Financial Highlights - ESG Strong Commitment to ESG & Decarbonization 06
COLONIAL ALIGNED WITH PARIS AGREEMENT
Objective of carbon neutral portfolio in 2050
Objective of a 75% carbon reduction until 20301
CARBON EMISSIONS – PORTFOLIO LIKE FOR LIKE
2015 – 2019 (KgCo2e/sqm)
| 2018 – 2019 |
|
|---|---|
| (KgCo2e/sqm) |
Office portfolio in operation
New sustainable credit line amounting €1bn
The sustainable nature of the loan acknowledges the positive impact
of Colonial's ESG strategy
Substitutes previous loans and extends maturities to 2025 and 2027
The new line of credit is sustainable as its margin is linked to the rating obtained by the GRESB agency
This loan is in addition to the sustainable loan that Colonial
formalized in 2019 for €151m
Practically all of Colonial's banking financing is classified with a
sustainable rating
Long term sustainable cash flow through prime positioning
✓ A super Core CBD Portfolio
✓ AAA Clients with strong solvency
✓ Flagship Projects in the CBD
✓ Excellence on ESG & Decarbonization
✓ Ongoing Flight to quality
Colonial as largest office owner in the City Centre of Madrid, Barcelona and Paris
Strong market share in CBD
Prime positioning enhances resilience
CBD portfolio focused on large assets with efficient floor plates
Diversified multitenant exposure
CBD exposure with maximum energy efficiency standards
A A Super Core CBD Portfolio with solid valuationn levels 1
Prime Yields at very attractive spreads compared to reference rates
Colonial portfolio at prudent valuation levels
Prime product with defensive metrics
(1) Market consultants in Spain report gross yields and in France they report net yields (2) Portfolio in operation (3) According to JLL
Investor interest for Core CBD assets remains strong
No supply of CBD product in the investment market
Colonial's assets with prudent appraisal values
| Transaction - Average |
212 | 11.474 | |
|---|---|---|---|
| D | Príncipe de Vergara 108 |
50 | 7.000 |
| C | Velázquez 34 (incl. retail) |
120 | 15.926 |
| B | Santo Fernando El 20 |
42 | 11.058 |
| A | (incl. Retail) Axis |
100 | 25.000 |
| Price (2) |
Cap . Value (3) |
| Colonial Average (6/20 appraisal) | 6,671 | Colonial Average (6/20 appraisal) | 5,545 | ||
|---|---|---|---|---|---|
| Transaction - Average |
212 | 11.474 | Transaction - Average | n.a. | n.a. |
| Príncipe de Vergara 108 |
50 | 7.000 | Berlin/Numancia D |
Confidential | n.a. |
| Velázquez (incl. retail) 34 |
120 | 15.926 | 177 Almogavers C |
50 | 5.882 |
| Fernando El Santo 20 |
42 | 11.058 | Sancho de Ávila 65 B |
56 | 6.747 |
| Axis (incl. Retail) |
100 | 25.000 | Sancho de Ávila (Project) A |
100 | 5.747 |
| Price (2) |
Cap . Value (3) |
Price | Cap. Value | ||
| 53.704 28.571 28.077 22.782 |
|---|
| 20.183 |
| 16.872 |
| Cap Value |
Strong solvent tenant base with rated and listed companies along with other multinationals
Portfolio attracting international clients
Defensive client sector diversification
Reversion as solid cash flow "buffer"
Contract Portfolio under-rented
Ongoing delivery of high release spreads YTD
74% of project pipeline concentrated in 4 big projects1
Adequate progress of pre-lettings
Super core locations in Paris and Madrid
Biome Urban Campus Méndez Álvaro
3 big projects located in Paris and 1 in Madrid
Ongoing pre-letting momentum for CBD assets
Significant Pre-let level with AAA tenants
Top Product in unique locations
Unique location, at 150 meter from Place de l'Étoile.
Six-storey property features an interior courtyard and terraces offering outstanding views of the Arc de Triomphe.
Best environmental standards with highest technical performances.
Q2-20: More than 6,000 pre-let with Goldman Sachs for its Paris HQ
Q3-20: Additional 1,200 sqm signed on the groundfloor
Just one floor left to get 100% pre-let
Significant Pre-let level with AAA tenants (34% of total pipeline)
Yield on cost confirmed and enhanced
Tactical management of calendar
| GRI – | Path to reversion | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| 87% Pre-let |
|||||||||
| 100% Pre-let |
55 54 57 |
436 449 |
|||||||
| 86% Pre-let |
|||||||||
| 29 28 |
382 381 392 |
||||||||
| 353 364 |
|||||||||
| Group GRI Group GRI |
Secured | Proforma I | Rest of | Full project | |||||
| 100% Pre-let |
12/19 6/201 |
project Pipeline |
pipeline | reversion | |||||
| 1 Topped-up GRI as of 6/20 excluding logistis & Castellana 163 |
ESG at the Core of Colonial's Strategy
Strong Commitment to ESG & Decarbonization
More than €1.2bn of green financing
2050 Carbon Neutral
(70%) Decrease in carbon emission since 20151
1st wood office building in Spain
93% of portfolio Leead/ Breeam certificates
4 th year EPRA sBPR Gold Award in a row
Accelerating momentum on 2020 scorings expected
Flight to quality through active asset management 5
Ongoing flight to quality through disciplined capital allocation
Disposal of more than €240m of non-core assest in Q2 & Q3
Further asset rotation ongoing
Gross Rental Income of €260m, +0.4% like-for-like
Net Rental Income +3% like-for-like
Net Rental Income Offices. +4% like for like
Recurring earnings of €112m, +8% YoY
Recurring EPS of €22.10cts. per share, +8% YoY
Office Collection Rates of 98% (100% in Paris)
Occupancy of 96% (97% in Madrid)
Letting activity ongoing with good terms
Positive Release Spreads and Rental Growth
Project Pipeline with 34% pre-lets
€2bn of new debt issuances (€1bn bonds) & Liability Management
Disposal of > €240m Non-Core assets in Q2 & Q3
Disposal prices confirming June 2020 appraisals
Estimate of further disposals of around €300m
Don´t miss our next events
Dec 9: Capital Markets Day
| Collected | 92% | ANNUALIZED |
|---|---|---|
| P/L IMPACT OF | ||
| Under Negotiation | 1% | DISCOUNTS |
| Deferrals | 2% | |
| Discounts | 5% | 3% on GRI |
Agreements almost finalized Spain with agreements on all files
Deferrals in exchange of longer-term maturities
Secured future GRI of €40m YTD through longer maturities
56
Colonial awarded for the 4th year in a row by MSCI as best performing portfolio in Spain
Colonial outperformed the Benchmark in 2019 and over last 3 and 5 years
Spanish index benchmark made of 51 portfolios and 490 assets worth €19Bn
Colonial has been awarded as Best Performing
Colonial outperformed the Benchmark in 2019
and over last 3 and 5 years
Spanish index benchmark made of 51 portfolios and
490 assets worth €19Bn
2020
2019
3Q 2020 starting with high activity across all markets, specially in Paris
High volume transacted not only in CBD
| 7 rue Blanche (3Q 2020) |
CBD Prime | €75m | 3,716 sqm | <2.50% Yield | |||
|---|---|---|---|---|---|---|---|
| 6/12 Faubourg Saint Honoré (3Q 2020) |
CBD Prime | €290m | 5,400 sqm | 2.90% Yield | |||
| Cityights Complex (3Q 2020) |
Boulogne Billancourt |
€500m | 48,500 sqm | €10,300/sqm | |||
| S RI A P |
Shift building (3Q 2020) |
Issy les Moulineaux |
€600m | 43,000 sqm | 3.50% Yield | ||
| Schroder REIT (3Q 2020) |
Boulogne Billancourt |
€104m | n.a. sqm |
n.a | |||
| 7 Teheran (3Q 2020) |
CBD Prime | €200m | 7,000 sqm | 2.90% Yield | |||
| 7 Magdebourg (3Q 2020) |
CBD | €73m | 2,600 sqm | 2.75% Yield | |||
| Source: public information, press and consultants |
Office investment markets across Europe are starting to gain pace.
3Q 2020 starting with high activity across all markets, specially in Paris
High volume transacted not only in CBD
| Alcala 544/546 - Project (3Q 2020) |
Madrid Secondary | n.a. | 30,000 sqm | Acquired by Amundi |
|
|---|---|---|---|---|---|
| D RI D A M |
Velázquez 34 (incl. retail areas) (3Q 2020) |
CBD Prime | €120m | 7,535 sqm | €15,928/sqm |
| A N O L E C R A B |
Manoteras - Project (3Q 2020) |
Madrid Secondary | €40m | 12,000 sqm | €3,00/sqm |
| 177 Almogavers (3Q 2020) |
22@ | €50m | 8,500 sqm | €5,880/sqm | |
| Berlin/Numancia (3Q 2020) |
Barcelona-BD | confidential | 12,800 sqm | 1.7x Value creation |
|
| Plaza Europa 40 (3Q 2020) |
Plaza Europa | confidential | 4,800 sqm | 1.7x Value creation |
|
| Cristobal de Moura (3Q 2020) |
22@ | na | 30,770 sqm | Hines leading the Project |
Flight to quality through active asset management
Solid intrinsic growth profile of CBD portfolio
Colonial well-positioned to capture reversion
Significant future value creation through CBD Project pipeline
1 Topped-up passing GRI
2 Logistics portfolio, Castellan 163, Berlin Numancia & Plaza Europa sell
3 Renovation program & GLI under repositioning
4 Breakdown based on GAV 6/20
An unparalleled high-quality collateral diversified in three cities
A solid financial structure with competitive financing costs
A strong credit profile
More than €12bn of high quality assets
Rating Standard & Poor's BBB+ Stable Outlook
Rating Moody's
Baa2 Stable Outlook
| Capital Structure | 31/12/2019 | 30/09/2020 |
|---|---|---|
| Net Debt | €4,609m | €4,576m |
| Group LTV | 36.1% | 36.6% |
| Liquidity | €2,082m | €2,362m |
| Maturity Spain Maturity Group |
5.6 years 4.9 years |
4.8 years 4.7 years |
| Cost of Debt Group | 1.63% | 1.71% |
A SOLID FINANCIAL STRUCTURE
Delivery of two new hybrid office buildings within Colonial's portfolio during 1H
Enhancement of user experience through the combination of flexible product and new contents
Prime locations and customer centric contents allows for talent attraction
Prime location in the CBD of Madrid
3,600 sqm of flexible space within a Colonial building
New Hybrid product: combination of traditional and flexible offices in
the financial area of Madrid
Prime location in the 22@ of Barcelona
3,850 sqm of flexible space in front of the sea
New Hybrid product in the Barceloneta, a highly sought after
neighbourhood for international companies and digital start-ups
traditional flex
1,9 21 29 Group Signed & No Executed BO Remaining risks 2020 Risk Paris Madrid & Barcelona 15.9% Annualised GRI % on annualized Group GRI 2021 Impact 3.2% Selected Main Files Louvre-Saint-Honoré Poeta Joan Maragall, 53 EGEO Sagasta, 31-33 Paseo Recoletos, 37-41 Sant Cugat Édouard VII Santa Engracia Av. Diagonal, 609-615 Campo de las Naciones CBD CBD CBD CBD Periphery CBD CBD CBD Multitenant Monotenant Multitenant Monotenant Multitenant Multitenant Multitenant Multitenant Multitenant
© Colonial
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