INVESTORS FORUM 2014 Investment Strategy Cases! 1. INDUSTRIAL / REITs Joost Uwents, WDP 2. RETAIL / PRIVATE HOLDINGS Bérenger Drouin, Téychené Invest 3. CARE / INSURANCE COMPANIES Benoît Verwilghen, Ethias! INVESTORS FORUM 2014 JOOST UWENTS CEO WDP T100 figures Value: €1,220m Rank: #8 Features: - 3# SICAFI - Market leader Logistics - #2 Cross Border Logistics prime yields 1) after crisis correction 2) lower risk premium INVESTORS FORUM 2014 100bps 150bps 125bps Industrial / Logistics Rather modest in T100 … INVESTORS FORUM 2014 €3.2 bn €39.8 bn INVESTORS FORUM 2014 … and a flat share over the years INVESTORS FORUM 2014 A matter of niche players? Six specialists in T10 INVESTORS FORUM 2014 WDP Portfolio Asset Mix INVESTORS FORUM 2014 WDP Fundamentals > 95% Average occupancy rate > 8% Portfolio yield < 10% Operating expenses < 4% Funding cost (debt) 55-60% #35 Loan-to-value Headcount (€35m/employee) INVESTORS FORUM 2014 WDP - Portfolio growth Belgium: +45% <> CB: x3,3 2007! 2008! 2009! 2010! 2011! 2012! 2013Q3! Belgium! 428! 455! 508! 504! 547! 589! 622! Cross-border! 145! 214! 259! 271! 333! 490! 489! Total! 573! 669! 766! 775! 880! 1.079! 1.111! 43! 78! 64! 49! 43! Development! 17! 37! INVESTORS FORUM 2014 WDP Geographical footprint INVESTORS FORUM 2014 WDP Capital structure WDP On the road to 2016 INVESTORS FORUM 2014 acquisitions €130 +€600m (+50%) portfolio growth €230m (40%) identified €80 new projects under construction €40 INVESTORS FORUM 2014 WDP Shares & NAV 1999-2013 WDP EPRA INVESTORS FORUM 2014 SICAFI Scorecard WDP! Montea! Cofinimmo! Ascencio! Aedifica! Premium! 69%! 62%! -2%! 19%! 36%! Yield! 8,2%! 8,0%! 6,8%! 7,2%! 6,1%! Float! 72%! 35%! 89%! 35%! 90%! INVESTORS FORUM 2014 BERENGER DROUIN DIRECTEUR TEYCHENE INVEST BELGIQUE T100 figures Value: €77,5m Rank: #112 Features: - New entrant - Private holding - France INVESTORS FORUM 2014 Teychené Invest Belgique Profile record! - Toulouse, France! - Private (family owned)! - 30 years in real estate! - Portfolio: € 1bn (10% Belgium)! - 75% retail! - Buy-and-hold / long term INVESTORS FORUM 2014 Domestic / International Just a few French investors INSTITUTIONAL! • Klépierre! • Foncière des Murs! • Swiss Life France! ! PRIVATE! • SCC (Balkany)! • Teychené Invest! • Fam. Boon! • Fam. Marain Teychené Invest Belgique Portfolio Asset Mix INVESTORS FORUM 2014 Running yield: 8,21% Keyser Center (A’pen) Senneberg (C&A) Kloosterbempden INVESTORS FORUM 2014 Teychené Invest Investment requirements! - Min. 15 MEUR / asset! - Spread cap / funding: 400-500 bps! - LTV: 80-90%! - Long term loans (12-15 years)! - Min. 6,75% cap rate! - Retail INVESTORS FORUM 2014 T100 : interest in retail is growing (but slowly) €10.7 bn Asset preferences Expertise Top 100! INVESTORS FORUM 2014 OFF! RET! IND! RESI! Developers! 21%! 32%! 25%! 22%! Insurers! 74%! 16%! 4%! 6%! Inv. Managers! 74%! 21%! 4%! 1%! Private! 25%! 59%! 11%! 5%! REITs! 45%! 23%! 14%! 18%! INVESTORS FORUM 2014 Investment requirements > 6,75% initial rate INVESTORS FORUM 2014 BENOIT VERWILGHEN VICECHAIRMAN ETHIAS T100 figures Value: €459m (standing portfolio) €510m (incl. projects) Rank: #24 Features: - Insurance company - 17% growth (2013) - 53% care (elderly homes) Expertise Top 100 Insurers #2 largest group INVESTORS FORUM 2014 €9.2 bn €39.8 bn Archives de l’Etat Arthur Building A’pen Up-Site Bxl (HQ Smalls) INVESTORS FORUM 2014 Ethias Investments 2011-2013! 2013 • Loi 15, BXL (offices, with Intégrale & Ogeo) • Testelt, Waterloo, Deurne (elderly homes) 2012 • Orpéa (elderly homes) • Triamant (elderly home) • Arthur Building, A’pen (elderly home) 2011 • UP38, BXL (offices) • Communuatés 100, BXL (offices) • Archives de l’Etat, Namur (offices) • Rijksarchief, Gent (offices) • South Crystal, BXL (offices)! A core investment strategy! • Traditional types of real estate (offices & care homes) INVESTORS FORUM 2014 • Good location in local/regional market • Quality (recent construction, etc.) • Rent roll quality High occupancy WALL (Weighted Average Lease Length) Quality of tenants (historic partners) • No value-added and opportunistic strategy • Stable and long term cash flows INVESTORS FORUM 2014 Ethias Asset mix (incl. projects) INVESTORS FORUM 2014 Real estate allocation is growing! Asset classes: bonds, shares, funds, real estate & infrastructure, cash and loans. Allocation depends on risk appetite and constraints. RE allocation (direct, actual invest.) Current = 2,5% (€459m) Target = 4-5% (€750m)! INVESTORS FORUM 2014 Future trends to watch! 1. Transfer of competences (federal > regional)! 2. Role of the private sector! 3. Cooperation private / public! ! INVESTORS FORUM 2014 Thank you!! Joost Uwents, WDP Bérenger Drouin, Téychené Benoît Verwilghen, Ethias!
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