Investor Presentation June 2022 - CPIPG
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Investor Presentation June 2022
photo: © GSG Berlin
Group overview Active
asset
manager
Property portfolio by segment (as at 31 March 2022)
Local
Office €2,493 m €18.1 bn expertise
14%
Retail
property and teams
€894 m
5%
portfolio
Residential
€1,420 m Portfolio
Hotels & Resorts 8% value
€18.1 billion 49% Diversified
portfolio
Complementary Assets
office
€4,398 m
€8,913 m
24%
49%
Berlin, Prague Market-leading
and Warsaw platforms
Property portfolio by geography (as at 31 March 2022) 80% Investment
Czech Republic
of properties in grade credit
€489 m
3%
Central Europe ratings
Germany €5,090 m
€2,414 m 28%
13%
Poland Stable,
€1,105 m
supportive major
Italy
6% Portfolio
value
shareholder
Hungary €1,149 m
€18.1 billion
6%
Austria
€1,250 m
7%
Dedication to
€4,003 m
Other CEE
€2,618 m
22% ESG
Other WE 14%
Data disclosed in this presentation might include differences due to rounding.
Data includes the value of the fully consolidated stake in IMMOFINANZ, pro-rata stake in Globalworth (30.3%) and pro-rata stake in S IMMO (42.6%) according to the geographic
and segment split percentages of IMMOFINANZ’s (as at 31 March 2022), Globalworth’s (as at 31 March 2022) and S IMMO’s portfolio (as at 31 December 2021).
CPI Property Group | Investor Presentation | June 2022 2
Key TOTAL ASSETS PROPERTY PORTFOLIO NET LTV
figures (as of Q1 2022)
€20.9 bn
+45% versus end of 2021
€18.1 bn
+38% versus end of 2021
41.8%
+6.1 p.p. versus end of 2021
NET RENTAL INCOME CONSOLIDATED ADJUSTED EBITDA FUNDS FROM OPERATIONS (FFO)
€110 m
+24% versus Q1 2021
€119 m
+31% versus Q1 2021
€84 m+38% versus Q1 2021
OCCUPANCY LIKE-FOR-LIKE RENTAL GROWTH WAULT
93.7% 6.4% 3.6 years
More than
€2.4 bn
-0.1 p.p. versus end of 2021 versus 3.1% in 2021 -0.2 years versus end of 2021
of liquidity (Excludes the impact of IMMOFINANZ)
Total assets
UNENCUMBERED ASSETS NET ICR EPRA NRV (NAV)
+45%
since the end
of 2021
62.2%
-8.2% versus end of 2021
4.1×
-0.5× versus 2021
€7.7 bn
+10% versus end of 2021
EPRA NRV
+10% CREDIT RATINGS
Baa2 BBB A-
since the end
of 2021
by Moody’s by Standard & Poor’s by Japan Credit Rating Agency
Gebauer Höfe, Berlin, Germany
CPI Property Group | Investor Presentation | June 2022 3
photo: © GSG Berlin
A landlord of significant scale, diversification and quality
Growth of the Group's property portfolio (€ million) Gross and net rental income (€ million)
Office Hotels & Resorts Gross rental income Net rental income %% YoY
NRI change
YoY change
€18.1 bn 402
Retail Complementary Assets
+13%
2,493 356 363
Residential 338
7 +7%
201
+12%
n 319
i +15%
ng 294
rati
+6%
894 302
l
itia
+8%
in 1,420 272
e the €13.1 bn
c
sin 2,031 4,398
0%
+17
€10.3 bn
823
€9.1 bn 1,121
128
1,214 110
+37%
749 +24%
€7.6 bn 1,111 2,697 8,913 93
889 88
€6.7 bn 851
880 2,220
763
785 725 2,181 6,354
727 649 €8.9 bn
522 2,129 5,336
1,942
4,206 49%
Office
2018 2019 2020 2021 Q1 2021 Q1 2022
3,172 Segment
2,745
Consolidated adjusted EBITDA (€ million)
Net Business Income Consolidated adjusted EBITDA % YoY change
2017 2018 2019 2020 2021 Q1 2022
385
+12% 368 *
345 344 338 * +9%
Occupancy rate (%) +8% 0%
+16%
320 292
Office Retail Residential* X% Total Group
+8%
94.5% 94.3% 93.7% 93.8% 93.7% 270
95.7% 96.8% 96.7% 97.0% 97.7%
94.1% 95.4%
93.2% 92.9% 95.5% 90.9%
89.1%
90.7% 92.4% 91.9%
117 119 *
+28% +31%
92 90 *
2018 2019 2020 2021 Q1 2022 2018 2019 2020 2021 Q1 2021 Q1 2022
* Occupancy based on rented units. * Includes pro-rata EBITDA of equity accounted investees and other financial assets.
CPI Property Group | Investor Presentation | June 2022 4
Business segments
The Group operates in five segments:
Office, Retail, Residential, Hotels &
Resorts and Complementary Assets. Office
In each segment, we have market- • Leading landlord in Berlin, Prague and Warsaw 49%
leading platforms that benefit from
scale, active local asset management • Strategic investments in Globalworth, of portfolio
and a long track record. IMMOFINANZ and S IMMO brought further
scale and quality
24%
Retail
• #1 shopping centre and retail park landlord in the Czech Republic
of portfolio
• High quality VIVO! and STOP SHOP retail offerings by IMMOFINANZ
across CEE
Residential 8%
• #2 residential landlord in the Czech Republic
of portfolio
• Platforms in the UK and Western Europe
5% Hotels & Resorts
• #1 congress & convention hotel owner in the Czech Republic
of portfolio
• #1 resort owner in Hvar, Croatia with 88% market share
Complementary Assets 14%
• Strategic landbank plots, development, logistics and other assets
of portfolio
CPI Property Group | Investor Presentation | June 2022 5
Primary
locations
1:20
Berlin
80% 1:05 1:20 Warsaw
of the Group’s property POLAND
€2,618 m
portfolio is located in
Central Europe
3:30
GERMANY 1:10
€4,003 m
Investments
in Italy, Romania, Prague
the UK and other 1:10
locations CZECH
2:15
REPUBLIC
€5,090 m 0:50 Brno
SLOVAKIA
1:30
€507 m
1:45
Vienna Bratislava
AUSTRIA
2:00
€1,105 m
Budapest
City Flight time (hrs) Drive time (hrs)
HUNGARY
Property portfolio value per segment: €1,149 m
Office Retail Residential Hotels Complementary
Assets
Notes:
Includes pro-rata shares of assets owned by Globalworth and S IMMO.
CPI Property Group | Investor Presentation | June 2022 6
Business update
Bubenská 1, Prague, Czech Republic
CPI Property Group | Investor Presentation | June 2022 7
Acquisition of IMMOFINANZ
CPIPG is exercising control at IMMOFINANZ and started to implement first operational measures
• On 30 May 2022, CPIPG successfully concluded its offer for IMMOFINANZ with an ownership stake of 77% purchased at an average discount to NRV of c. 24%.
• Clear control over the supervisory board with the appointment of Miroslava Greštiaková as Chairwoman of the Supervisory Board and our CEO Martin Němeček as
Vice-Chairman. At the same time, four legacy Supervisory Board members resigned.
• Radka Doehring, a former CPIPG employee, was appointed as a member of the Executive Board. Dietmar Reindl and Stefan Schönauer resigned as Executive Board
members on 8 June 2022, but will remain as advisors to the Executive and Supervisory Board until 31 December 2022.
• Appointment of a new Head of ESG at IMMOFINANZ, Ulrike Gehmacher, to improve and align ESG at IMMOFINANZ to CPIPG’s standards.
• Bondholders have exercised their sales right for a volume of €568.8 million, benefiting CPIPG’s targets to establish CPIPG as the sole issuer of capital market
instruments across the combined Group in the medium term. As expected, all bank lenders entitled to a change of control issued consent declarations.
Key figures Q1 2022
PORTFOLIO VALUE LIKE FOR LIKE RENTAL INCOME OCCUPANCY*
€5,242 m +1.6% versus end of 2021
€64 m
+4.3% versus Q1 2021
94.4% 2021: 95.1%
NET LTV GROSS RETURN CASH & CASH EQUIVALENTS
32.7%
-4.0% versus end of 2021
6.2% 2021: 6.3%
€954 m 2021: €987 m
* Occupancy based on GLA CPI Property Group | Investor Presentation | June 2022 8
CPIPG, IMMOFINANZ and S IMMO: Key figures
CPIPG’s current shareholding in Immofinanz and S IMMO • On 14 April 2022, CPIPG requested the Supervisory and Executive Board of S IMMO
to resolve on the abolishment of the 15% voting cap, an unusual feature in its articles
of association, that we believe has historically impacted its share price negatively.
• Concurrently, CPIPG announced our intention to launch a mandatory takeover
offer for S IMMO, should this voting cap be abolished, due to the current direct
and indirectly controlling ownership of S IMMO.
• On 2 May 2022, CPIPG and S IMMO reached an agreement that CPIPG will
increase the Offer Price to €23.50 (cum dividend) while S IMMO’s Executive and
Shares: 106,579,581 Shares: 11,818,668
c. 76.87% c. 16.1%
Supervisory Board will support the abolishment of the voting cap.
• On 1 June 2022, at the S IMMO Annual General Meeting, shareholders voted in
Shares: 19,499,437
favour abolish the voting cap by an overwhelming 98.44% of capital represented.
c. 26.5%
• All merger clearance approvals received. The obligation to launch a mandatory
takeover offer remains subject to the registration of the changes in the Articles of
Association of S IMMO reflecting the abolishment of the voting cap.
Well-positioned within large European peers (PP in € billion; Office as % of property portfolio)
6% 48% 0% 81% 17% 49% 57% 49% 96% 91% 44%
54.5
24.5*ˆ
20.7 20.0
18.9ˆ+
18.1ˆ 17.7*
13.0 12.4
6.3
2.8ˆ
Notes: Data as of FY 2021 and FX SEK/EUR 0.097 unless noted otherwise: * Group share only, ˆ As of Q1 2022, + FX EUR/SEK 0.09619
Source: Company information, public filings CPI Property Group | Investor Presentation | June 2022 9
Performance update – Q1 2022
Segment Q1 2022 leasing highlights Comments
Berlin office • New rents 46% higher than previous rents
New leases, extensions and
prolongations signed across • Leasing activity and rent reversion unchanged to previous years
21,740 m² of space
(+2.3% vs Q1 2021) • Stable occupancy levels, no rent reductions due to COVID or collection
issues in Berlin and our other cities
Prague office • Average utilisation of workspaces estimated at around 75-80%
New leases, extensions and compared to pre-pandemic levels
prolongations signed across
• Prolongation of key leases with Raiffeisenbank and MetLife
12,741 m² of space
(+13.5% vs Q1 2021) • Wider adaption of hybrid work schemes among tenants without space
reduction
Warsaw office • Increase of headline rents by 19.6% compared to previous rents
New leases, extensions and
• Higher fit-out costs due to rising material and labour costs compensated
prolongations signed across
by longer lease terms for new leases
10,935 m² of space
(-5.1% vs Q1 2021) • Tenants expect more service and well-being solutions, expanding space
per employee
Budapest office • Stable rent levels
New lease signed with elite
• Companies increasingly use a hybrid office/remote working approach
law firm Dentons in addition to
prolongation of several key leases • Clear tendency for an increase of collaboration areas, flexible meeting
spaces and less dense seating arrangments
Note: All data refers to CPIPG standalone. CPI Property Group | Investor Presentation | June 2022 10Performance update – Q1 2022
Segment Comments
Retail • All COVID restrictions have been removed since 14th March
• Shopping centre turnover and footfall up by 224% and 83% YoY respectively, which is 4.1%
Czech Republic above Q1 2019 turnover while footfall remains -24% below pre-COVID levels
& Slovakia • Over 27,600 m² in leases signed with several new leases signed for 5 years
• No significant discounts to tenants provided with total discounts of amounting to only
€157,000 in Q1 2022
• Turnover up by nearly 70% QoQ with average basket size continuing to grow
Poland
• More single customer shopping compared to family shopping pre-COVID, hence lower footfall
• Retail parks turnover and footfall grew by 15-20% YoY, shopping centres footfall still below 2019
Hungary levels
• Few tenant expiries allowed us to raise rents by 15-30% on average at retail parks
Residential • Unbroken demand with average rents increasing while maintaining high levels of occupancy
Hotels • The crisis in Ukraine led to a significant increase in business in Warsaw, Budapest and Bratislava
with some properties at 100% occupancy, mainly from corporate staff relocations contracts for
several months
• March revenues were only 3% lower vs. the same period in 2019
• Change in booking behaviours with around 50% of reservations done one day before arrival
• Lifting of COVID restrictions has a very positive impact on corporate business and MICE events
with several events confirmed and prepaid such as the World Athletics Tour in Ostrava and ISS
World 2022 in Prague
Note: All data refers to CPIPG standalone. CPI Property Group | Investor Presentation | June 2022 11Supportive fundamentals for a stable valuation outlook
Valuations are assessed regularly by independent, reputable appraisers utilising various methodologies
• Empirical evidence shows a high positive correlation between rents and inflation while total returns were positive in
rising inflation periods.
• More than 90% of our lease contracts are subject to indexation.
High proportion
• The most common linkage is to the harmonised index of consumer prices for the European Union (HCIP), specifically the
of leases are European Consumer Price Index (EICP) published by Eurostat. While leases in Czech Koruna (CZK) are indexed to local inflation
linked to inflation rates, with nearly 97% of leases subject to indexation.
• Rent indexation is generally done retrospectively in January of each year, and therefore the effects of rent indexation will begin
to show most intensively from 2023.
• COVID-pandemic brought start of new development projects to a halt given the high uncertainty at that time, which is
Supply and reflected in the limited new spaces currently under construction.
demand dynamics • Construction costs significantly increased across Europe, making new projects economically less viable.
remain robust • CPIPG’s core markets continue to benefit from low vacancy rates for high quality properties with increasing occupier demand
and net take-up.
• During Q1 2022, the overall investment volume in the CEE and SEE regions amounted to €3.2 billion, an increase of 45%
YoY, according to CBRE. Total investment volumes in European commercial real estate remained strong in Q1 2022, reaching
almost €80 billion, the second strongest start of the year recorded.
Strong investment
• Investor demand in real estate remains strong, with approximately €73 billion raised for non-listed real estate funds
market to targeting European real estate strategies in 2021, on par with 2019 levels, according to INREV’s Capital Raising Survey 2022.
support yields
• According to Savills, prime European property yields will remain stable and support valuations across various asset types and
and valuation countries, although yield compressions will be less than initially expected.
• Investor demand will be focused on income-producing assets, expecially in markets where supply lags demand. Recent market
transactions in Warsaw offices, Czech and Slovakian retail and residential markets support yields and valuations.
CPI Property Group | Investor Presentation | June 2022 12Update on financing activities
Successful debt issuance with various investor types following the IMMOFINANZ and S IMMO announcement
€700 million sustainability linked bonds
• Innovative sustainability linked € senior notes issuance with a tenor
of 8 years and an annual coupon of 1.75%
• The sustainability-linked bonds are subject to a step-up margin of
0.25% in the final two years if CPIPG does not achieve a reduction
in the GHG emissions intensity of about 22% by year-end 2027
€183 million Schuldschein
• CPIPG successfully placed promissory notes in a 4-year and 6-year
tranche with European investors in April/May
• Highly attractive terms with 160bps spread over 6m Euribor for the
4-year tranche and 190bps spread for the 6-year tranche
$330 million US private placement
• First-time placement of private senior unsecured notes with US
institutional investors in April
• The notes were placed with first-time investors in CPIPG further
broadening our investor base and coverage
• The tranches are split over 5, 6 and 7 years
• The notes are competitively priced to our outstanding € senior
notes while fully swapped to € hedging all currency risk
Einsteinova Business Center, S IMMO, Bratislava, Slovakia
CPI Property Group | Investor Presentation | June 2022 13
photo: © Matej FabianekPortfolio overview
Zlatý Anděl, Prague, Czech Republic
CPI Property Group | Investor Presentation | June 2022 14Office segment
CPIPG is a leading office landlord in Europe,
Leading • A leading landlord in Berlin
with robust platforms across several core
markets. The portfolio is centred around our market
leading positions in Berlin, Prague and Warsaw. positions • #1 office landlord in Prague
Office net rental income (€ million) • #1 office landlord in Warsaw
62 *
51 90.9%
Occupancy • Strong platforms across Europe
6.0% • Markets with robust dynamics
LfL growth
Q1 2021 Q1 2022
in rents
* Net rental income includes 1 month contribution from IMMOFINANZ only
• High-quality, diversified portfolio
Office property portfolio by city
Berlin Prague Budapest Globalworth
Warsaw Vienna Other S IMMO
€338 m Occupancy rate by city (%)
€593 m 4%
7%
Total 89.4% 91.7% 95.7% 93.2% 92.4% 91.9% 90.9%
€2,830 m
€1,093 m 32% 97.7% 96.9% 96.9% 95.5%
12% Berlin 96.0%
92.2%
93.0% 95.1% 93.5% 94.7% 94.8% 95.1%
95.2%
89.9%
95.5% 91.9% 93.3% 91.4% 91.3% 92.8% 92.5% 93.4%
87.5%
80.5% 86.5% 89.3% 85.2% 92.2%
Budapest 88.9%
€480 m €8,913 million Prague
5%
Vienna
€669 m Warsaw
8%
€1,119 m €1,791 m 2016 2017 2018 2019 2020 2021 Q1 2022
13% 20%
CPI Property Group | Investor Presentation | June 2022 15Berlin office
• A leading commercial real estate platform
46 in Berlin
Berlin office net rental income (€ million) Assets across
Berlin
21 22
• Portfolio uniquely suited to creative and
IT sectors
92.2%
Occupancy • About 1,800 tenants
Q1 2021 Q1 2022
8.2% • Strong market with 2.7% overall vacancy
LfL growth
in rents
GSG tenants by type (according to headline rent)
Professional Services Educational
IT Medical
GSG’s portfolio is comprised of three main clusters:
Manufacturing E-Commerce Rest-West: Several western districts Kreuzberg: A district in Berlin that econoparks: Eastern districts
in Berlin enjoy strong demand from caters to the dynamic technology of Berlin with good inner-city
Financial Services/Banking/Insurance Other tenants in the service, technology and and start-up industries and has connections and more competitively
creative industries experienced substantial growth in priced space, supporting tenant
Energy recent years rotation
9%
3%
4% 29%
6%
6%
9%
18%
Reuchlinstraße 10-11, Rest-West AQUA-Höfe, Kreuzberg econopark Pankstraße
16%
CPI Property Group | Investor Presentation | June 2022 16Significant upside potential in GSG’s rents
• GSG’s average rents remain well below the Berlin market average
• Average rents have consistently increased since 2016
• Average rents increased by 2.6% inQ1 2022 vs Q4 2021
• Savills analysis suggests that average rents for the portfolio could potentially be
€15/m² versus the overall market average rent of around €28/m²
GSG's average rents have continued to increase and still have significant upside
€9.80
€9.55
€8.61
€28/m² €7.69
2021 market average
rent in Berlin
€7.00
€6.52
€9.8/m² €6.14
GSG average rent
Q1 2022 2016 2017 2018 2019 2020 2021 Q1 2022
Note: Data relates to (€/m2/month)
€15/m² Average rent (per m2 by Berlin clusters)
Savills 2021
estimated potential 2016 2017 2018 2019 2020 2021 Q1 2022
GSG average rent
Rest-West 6.30 6.62 6.80 7.43 8.34 9.43 9.78
Kreuzberg 8.00 9.00 10.44 11.98 14.00 15.43 15.77
econoparks 4.44 4.48 4.56 4.78 5.06 5.44 5.52
Total 6.14 6.52 7.00 7.69 8.61 9.55 9.80
Bechstein-Höfe, Berlin, Germany
photos: GSG Berlin © CHL CPI Property Group | Investor Presentation | June 2022 17
photo: © CHLWarsaw office
Modern
€1.8 bn and green
Warsaw office
Warsaw office net rental income
(€ million) portfolio portfolio
17 *
14 #1 office
landlord in
Warsaw
Q1 2021 Q1 2022
* Net rental income includes 1 month contribution from
IMMOFINANZ only
Warsaw tenants by type (according to headline rent)
Financial Services/Banking/Insurance
22%
IT
13%
Professional Services
Public/Municipalities
Medical/Pharmaceutical 10%
Telecom 11%
Consumer Goods
2%
Manufacturing 2%
Legal 3%
11%
Construction/Development 5%
Advertisement/PR/Marketing/Media
6%
9%
Other 6%
Warsaw Spire Tower, Poland
CPI Property Group | Investor Presentation | June 2022 18CPIPG’s office platform in Warsaw
is unmatched
6.5% 8% City Centre
West City Centre
average acquisition valuation growth CBD
yield in 2019–2020 since acquisition
Upper
Jerozolimskie
Corridor
Strong green
>€800 m certifications
acquired
in 2019–2020
Warsaw Office portfolio acquisition timeline
Green Corner A Equator II Equator I
Acquisition Date GLA (m2) Green Certification
Equator IV Nov-2019 21,000 BREEAM Very Good
Eurocentrum Nov-2019 85,000 LEED Platinum
Warsaw Financial Center Dec-2019 50,000 LEED Gold
Green Corner A Jan-2020 15,000 LEED Platinum
Equator II Jan-2020 23,000 BREEAM Very Good
Equator I Mar-2020 19,000 BREEAM Very Good
Moniuszki 1A Mar-2020 10,000 BREEAM Excellent
Oxford Tower Apr-2020 23,000 –
Concept Tower Aug-2020 9,000 LEED Gold
Moniuszki 1A Chałubinskiego 8 Concept Tower
CPI Property Group | Investor Presentation | June 2022 19Prague office
Prague office net rental income
(€ million)
11 *
10
95.5%
Occupancy
#1 office Q1 2021 Q1 2022
landlord in * Net rental income includes 1 month contribution from
Prague IMMOFINANZ only
Prague office tenants by type (according to headline rent)
Telecom Retail/Wholesale 11%
9%
Financial Services/Banking/Insurance IT 11%
Manufacturing Professional Services 7%
Medical/Pharmaceutical Energy
16%
Advertisement/PR/Marketing/Media Educational 7%
Petrochemicals Public/Municipalities
7%
2%
Consumer Goods Other 2%
4% 6%
6% 6%
6%
Tokovo, Prague, Czech Republic
CPI Property Group | Investor Presentation | June 2022 20Retail segment #1
CPIPG is the leading retail landlord in the Czech Republic and has other CEE platforms. The Retail landlord
portfolio in the Czech Republic is mainly focused on dominant regional shopping centres and in the Czech
retail parks. Our assets and tenants are part of people’s daily lives. Republic
Retail property portfolio by country Net rental income (€ million) Diversified,
Czech Republic €30 m resilient
€108 m
Italy €173 m 2%
1%
€1,601 m
43 * portfolio
4% 36%
Poland €329 m
31
7%
Hungary
Slovakia
98%
€372 m Total Occupancy
Romania
8% €4,398 million
Adriatic Stable
€382 m
Austria 9% occupancy
€529 m Q1 2021 Q1 2022
S IMMO 12%
€433 m
98%
* Net rental income includes 1 month contribution from
Globalworth 10% €440 m IMMOFINANZ only
10%
collection rate in
Czech Republic retail assets by type (according to GLA) Q1 2022
Shopping centres 65,562 m²
10%
Retail parks 37,137 m² 295,953 m²
5% 44%
Supermarkets
40,796 m²
6%
Hobbymarkets
Hypermarkets
70,788 m²
Special assets 11%
Retail parks are multi-store assets with no
common areas/common indoor space.
Special assets include small retail assets
(i.e. individual shops). 161,526 m²
24%
VIVO! Shopping Centre, Krosno, Poland
CPI Property Group | Investor Presentation | June 2022 21CPIPG’s defensive retail portfolio was resilient to COVID-19
CZ shopping centre density below WE, high street very limited
Shopping centre GLA (m2 ⁄ 1,000 inhabitants)
CPIPG geographies US*** & Western Europe**
CPIPG % of retail assets in each country*
2,690
3% 3% 2% 9% 2%
464
380 375
281 328
229 227 220 286
261
127
Poland Italy Slovakia Czech Rep. Hungary USA Finland Sweden Netherlands Denmark France UK
Source: Cushman & Wakefield
* Share of CPIPG’s overall portfolio value represented by retail assets in Poland, Czech Republic, Slovakia, and Hungary
** Density figures exclude the impact of high street, where CEE is significantly lower (especially where we own dominant, regional shopping centres)
*** Based on 29k square feet converted to square meters
Difficulty to build competing supply in Czech Republic
World Bank ease of doing business rankings (1 = easiest)
Country Dealing with construction permits Overall rank
96%
Niger 180 132
Venezuela
Czech Republic
175
157
188
41 shopping centres Well-positioned
West Bank and Gaza 148 117
occupancy end of Q1 2022
and uniquely
Slovakia 146 45
100% differentiated
Gabon 141 169
Italy 97 58
retail parks and warehouses retail portfolio
occupancy end of Q1 2022
Switzerland 71 36
Poland 39 40
Germany 30 22
United States 24 6
United Kingdom 23 8
Source: World Bank Report
CPI Property Group | Investor Presentation | June 2022 22Residential segment
Residential property portfolio by country
Czech Republic France S IMMO
= cca 500 units
United Kingdom Italy Globalworth
Liberec
€13 m Ústí nad Labem
1%
€243 m
17%
Prague
€59 m Ostrava
4%
Total
€102 €1,420 million
7%m €749 m
53%
€254 m
18%
Czech portfolio occupancy improvement Czech portfolio increases in gross rental income
(based on rented units) (€ million)
24.7
95.7% 95.6%
22.1 22.4
92.9% 21.3
90.7% 19.8
18.6
89.1%
84.5%
82.4%
6.9
5.9
2016 2017 2018 2019 2020 2021 Q1 2022 2016 2017 2018 2019 2020 2021 Q1 2021 Q1 2022
CPI Property Group | Investor Presentation | June 2022 23Hotels & Resorts segment
CPIPG owns and operates hotels primarily located in the CEE region. Diversified
We benefit from local knowledge, scale, and the ability to control costs tightly. portfolio
operated by
The Group’s hotel business, CPI Hotels, is one of the largest hotel owners in central Europe and operates in CPIPG
several segments:
Congress & Convention Centres: operating under the Clarion, Quality, Comfort, Holiday Inn and Marriott
brands, these hotels are primarily designed for conferences and corporate events.
Promising
Resort Hotels: the Group owns Sunčani Hvar, which is the leading owner and operator of hotels on the
Croatian resort island of Hvar.
2022
recovery
Boutique Hotels & Residences: hotels operating under renowned brands Mamaison Hotels & Residences and forecast
Buddha-Bar Hotel, located in the heart of European capitals. Focused on premium quality accommodation and
service.
Residential Hotels: hotels primarily located in Prague catering for long-stay accommodation, popular with
business travellers and tourists. COVID
restrictions in
Mountain Resorts: the Group is the majority owner of Crans-Montana Aminona SA (“CMA”), which operates Jan/Feb 2022
and maintains the ski lifts, pistes, shops and restaurants in the Swiss ski resort of Crans-Montana.
impacted
Spa Hotels: the six year-old brand, Spa & Kur Hotels offers wellness and spa treatment located in the world- performance
famous spa city Františkovy Lázně, in the Czech Republic.
Net hotel income versus hotel operating expenses (€ million) Hotels & Resorts by type (based on portfolio value)
Hotel revenue Hotel operating expenses Net hotel income Conference & Convention Centres €54 m
€15 m 6%
Resort Hotels 2% €373 m
€52 m 42%
40
6%
Boutique Hotels & Residences
134
€56 m
Residential Hotels 6%
14
94
Mountain Resorts
-3
66 €103 m
53 Spa Hotels 11%
47 -2
44
-3
S IMMO Hotels
15 17
5 8
€241 m
27%
2019 2020 2021 Q1 2021 Q1 2022
CPI Property Group | Investor Presentation | June 2022 24Complementary assets segment
• The Group’s Complementary Assets segment consists primarily
of landbank in the Czech Republic, Berlin and Italy, as well as
selective development projects and smaller portfolios that
complement to CPIPG’s overall strategy.
• The Group’s landbank is a strategic asset that can be held and
potentially developed over the long term. While development
remains a relatively small part of CPIPG’s portfolio, selective and
low-risk development is an attractive way to continue growing
our portfolio of income-generating assets.
• Our approach towards development is conservative, and we
typically develop to hold.
Complementary assets property portfolio
Landbank
€21 m 1%
Development €37 m 1%
€1,721 m Landbank summary in figures
69%
€22 m 1%
Agriculture €42 m 2% Landbank Q1 2022 Landbank 2021
€126 m 5%
PP value Land area PP value Land area
Other (€ million) (m2) (€ million) (m2)
Industry & Logistics Prague 616 1,454,000 608 1,454,000
€2,493 million
Berlin 157 100,000 157 100,000
Globalworth – Industry & Logistics
€525 m
Italy 354 2,809,000 347 2,809,000
S IMMO – Landbank 21%
Other 614 22,036,000 412 20,554,000
Total 1,741 26,399,000 1,524 24,917,000
CPI Property Group | Investor Presentation | June 2022 25Financial policy & debt profile
Aqua Höfe, Lobeckstrasse 30-35, Berlin, Germany
CPI Property Group | Investor Presentation | June 2022 26
photo: © CHLFinancial policy & credit metrics
Net LTV
Absolute commitment to strong
investment-grade ratings Our financial policy was introduced in April 2018
Focused on achieving “high BBB”
ratings in coming years 1 44.9%
41.8%
Rating Max LTV: 45% due to acquisitions 40.7%
Target LTV: 40% or below
commitment We target a Net LTV of 40% or below, 36.7% 36.2%
up to 45% temporarily for strategic acquisitions 35.7%
2
CPIPG intends to maintain an Leverage
ICR of 4× or above
3
2017 2018 2019 2020 2021 Q1 2022
Interest Shareholder distributions targeted at Net ICR
65% of FFO I annually
coverage No intention to institute dividend distributions 7.2×
4
Maintain a high level of Shareholder
unencumbered assets 5.4×
Proactive management of distributions
5
our maturity profile 4.6×
4.2× 4.1×
Funding In November 2020, we signed a new
strategy revolving credit facility of €700 million,
which expires in 2026
6
Access
to liquidity
2018 2019 2020 2021 Q1 2022
CPI Property Group | Investor Presentation | June 2022 27Financial metrics
Split of secured versus unsecured debt Composition of unencumbered asset portfolio (CPIPG standalone)
Secured debt Income generating – CZ
€950 m
Unsecured debt Income generating – DE 11%
34% €2,534 m
Income generating – PL €618 m 28%
7%
Income generating – IT
€463 m
Total 5%
Income generating – HU Total
external debt
€9,177 million €9,042 million
Income generating – Other CEE €840 m
9%
Income generating – Other WE €585 m
6%
66% Landbank & Development – Prague €664 m
7%
Landbank & Development – Other €782 m €1,607 m
9% 18%
High level of unencumbered assets Fixed versus floating rate debt Net debt/EBITDA measurements
70% 70% 70% Floating Fixed 16.0×
65%
62%
12.4× 12.7×
7% 11.3×
295% 20%
10.3×
267%
241% 241%
93%
216%
80%
2018 2019 2020 2021 Q1 2022 2021 Q1 2022 2018 2019 2020 2021 Q1 2022
CPI Property Group | Investor Presentation | June 2022 28Frequent international debt capital markets issuer
Pro-forma debt maturity profile as of 31 March 2022 (€ million) Well-established issuer on the capital markets (CPIPG as Issuer)
Outstanding € %
Coupon Maturity
Issue Date Currency amount equivalent Format swapped
(%) Date
(million) (million) to €
Weighted
5.3 years
May 2022 USD 120 112 FRN May 2027 US Private Placement 100%
average
4.8 years 5.2 years
2020 2021 Q1 2022 May 2022 USD 100 93 FRN May 2028 US Private Placement 100%
debt maturities
(excl. bridge loan) May 2022 USD 110 103 FRN May 2029 US Private Placement 100%
Apr 2022/May
EUR 77 77 FRN Apr 2028 SSD –
2022
Apr 2022 EUR 106 106 FRN Apr 2026 SSD –
Bank loans Bonds/Schuldschein* Other** Jan 2022 EUR 688 688 1.750 Jan 2030 EMTN (sustainability–linked) –
Oct 2021 JPY 2,600 20 0.350 Apr 2025 EMTN 100%
Feb 2021 JPY 3,000 24 0.710 Feb 2025 EMTN 100%
1,859
Jan 2021/Sep 2021 EUR 475 475 3.750 Perpetual EMTN (hybrid) –
Jan 2021/Feb 2021/
EUR 792 792 1.500 Jan 2031 EMTN –
Sep 2021/Dec 2021
1,496 Sep 2020 EUR 525 525 4.875 Perpetual EMTN (hybrid) –
Aug 2020 HUF 30,000 86 2.250 Aug 2030 Local bonds (green) 100%
May 2020 EUR 750 750 2.750 May 2026 EMTN (green) –
1,150
Feb 2020 HKD 250 29 3.014 Feb 2030 EMTN 100%
Jan 2020 SGD 150 99 5.800 Perpetual EMTN (hybrid) 100%
927 948 943
820 Jan 2020/Jan 2022 GBP 400 471 2.750 Jan 2028 EMTN (green) 100%
Oct 2019 EUR 750 750 1.625 Apr 2027 EMTN (green) –
624
Jun 2019 HKD 283 32 4.450 Jun 2026 EMTN 100%
Apr 2019 EUR 550 550 4.875 Perpetual EMTN (hybrid) –
400
Mar 2019 EUR 10 10 2.696 Mar 2027 SSD –
Feb 2019 HKD 450 50 4.510 Feb 2024 EMTN 100%
Dec 2018 JPY 3,000 23 1.995 Dec 2028 EMTN 100%
10
Oct 2018 CHF 151 146 1.630 Oct 2023 EMTN 57%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031+
* Bonds/Schuldchein 2022 include only accrued interest payable in 2022.
** Pro-forma post-partial change of control redemption of bonds at IMMOFINANZ in April 2022 Note: EMTN denotes issuance under our EMTN programme; all bonds are senior unsecured unless otherwise noted. SSD denotes Schuldschein. Terms
*** Other debt comprises non-bank loans from third parties and financial leases. on the Schuldschein (covenants, etc.) are completely aligned/match our EMTN programme.
CPI Property Group | Investor Presentation | June 2022 29CPIPG’s approach to ESG
and sustainability
GSG Solar PV, Berlin, Germany
CPI Property Group | Investor Presentation | June 2022 30
photo: © Thomas RosenthalCPIPG is dedicated to high sustainability standards
CPIPG has over 3,400 employees and fosters an CPIPG follows the X Principles of Governance published CPIPG’s Code of Ethics, established in 2019, together with
inclusive and diverse culture. In a 2021 survey, 97% by the Luxembourg Stock Exchange and is listed on the our Group policies, sets basic standards of conduct for
of our employees indicated they were proud to Frankfurt Stock Exchange. Significant improvements have all employees and agents. All policies were reviewed by
work for CPIPG. We pride ourselves on having an been made since 2019 to continually improve Board Dentons in 2018/2019 and are available on our website.
inclusive, family business-oriented corporate culture independence and internal policies. * http://sustainability.cpipg.com/business_ethics.php
despite our size and geographic diversity. * https://www.bourse.lu/corporate-governance
Employees, Well-being Governance Business
& Skill Development Ethics
Stakeholder Mobility Energy Transition
Involvement & Accessibility & Circular Economy
CPIPG has a continuous dialogue with CPIPG actively supports green mobility. The Group supports green Significant investments in green buildings and energy efficiency
tenants, employees, investors, and members mobility by actively promoting cycling, access to public transport improvements. CPIPG has set performance targets for its greenhouse
of local communities and is involved in a wide and clean modes of transportation for tenants and employees. gas production and water consumption by the end of 2030, and
range of community engagement initiatives E-vehicle charging points increased by 147% in 2020 with plans recently increased the level of ambition of its GHG intensity target
and charitable activities. This is supervised for further expansion in the future. We have set a target to replace to be in line with Paris Agreement goals. The Group has also set a
and directed by the Board of Directors. our corporate vehicle fleet in the CR with plug-in hybrids by 2024. target to switch to 100% renewable energy purchases by 2024.
CPI Property Group | Investor Presentation | June 2022 31CPIPG’s ESG journey CPIPG combines a Sustainability-Linked Bond and Green Bond
Framework into a Sustainability Finance Framework
2022
CPIPG revises its environmental strategy
Environmental Targets submitted for validation by Science-Based
CPIPG joins the Polish Green Building Council Target Initiative
2021 2021
CPIPG reports on climate change in CDP for the first time CPIPG issues three more green bonds:
CPIPG joins New Green Deal Declaration Debut Sterling green bond issuance £350 m
Energy Management System implementation starts Third benchmark green bond issuance €750 m
Partnership with CI2, a regional partner of CDP First corporate green bond in Hungary HUF 30 bn
2020 2020
CPIPG issues debut green bond €750 m
Board of Directors establishes a separate CSR Committee CPIPG joins the Czech Green Building Council
Increased Board and Board committee independence New CSR policies
2019 2019
Environmental partnership with UCEEB Appointment of a group sustainability officer
First ESG rating from Sustainalytics Sustainability agenda / target-setting commences
2018 2018
Establishes EMTN programme
Investment grade ratings achieved with S&P and Moody’s CPIPG becomes an established issuer on international debt capital markets
2017–2018 2017–2018
CPI Property Group | Investor Presentation | June 2022 32Significant strides made in ESG
Ambitious environmental strategy and targets Strong and improving ESG ratings
Top
5%
of issuers
globally
-30% -10%
GHG intensity by 2030 Water intensity by 2030
Low Risk: 12.8 / 100 (2021) from 15.2 / 100 (2020)
“The company is at low risk of experiencing material financial
100% Increase the impacts from ESG factors, due to its low exposure and strong
renewable energy proportion of green
purchases by 2024 buildings management of material ESG issues”
“Sustainalytics is of the opinion that the CPI Property Group
Sustainability performace targets (SPTs) Sustainability Finance Framework is credible and impactful...
GHG intensity target through 2030 (t CO2e/m2 p.a.) considers the Key Performance Indicator (KPI) to be very strong and the
Sustainability Performance Targets (SPTs) ambitious”
Current target (-30%) Actual Performance
0.12 Growing proportion of high-quality green buildings
0.10
Certified buildings Total GLA certified
GLA split by segment continues to increase
0.08
Offices Shopping Centres Hotels 24.2%
0.06 22.9%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
30,490 m2 488,515 m2
4% 64%
14.0%
2019 2020 2021 2030
Year
1 2 3 12
Target (t CO2 eq/m2) 0.118 0.114 0.111 0.082 Total
Actual performance (t CO2 eq /m2 pa) 0.118 0.104 0.097 766,459 m2
Performance vs. target (%) 0.0% (8.8%) (12.5%)
The intensity target relates to the Group’s property portfolio excluding Farms and Ski resorts. It also reflects the expanded scope of emissions 247,454 m2
categories included in our reporting for 2020 and 2021 (categories 3.1, 3.2, 3.6, and 3.7). The only category of scope 3 which is not included in 32%
the intensity calculation is 3.15 – Investments where we have limited control of operation. The 2020 and 2021 intensity is measures as total 2019 2020 2021
GHG emissions divided by referenced GLA of property portfolio including biogas power plant.
CPI Property Group | Investor Presentation | June 2022 33Appendix
Eurocentrum, Warsaw, Poland
CPI Property Group | Investor Presentation | June 2022 34Market update – 2021 & Q1 2022
Real estate markets recorded sound take-up levels and private transaction volumes and prices remain supportive
Berlin Office market
• The Berlin office market kept its dynamic development in 2021. Total take-up
volume for the year was 870,800 m², representing a 17% increase compared to
the prior year. In Q1 2022 take-up was at 132,800 m² declining from the prior year
due to a larger number of lettings in size that are still being negotiated rather
than a decline in interest.
• The market vacancy rate remains very low currently at 2.7% at the end of Q1 2022
• The prime rent rose by 8% year-on-year in Q1 2022 to €41.50/m²/month,
while the weighted average rent saw an increase of 3% and is now at
€28.28/m²/month.
• The investment market in Germany’s capital recorded a strong start to the new
year with €2.9 billion in investment transaction volume – compared to the same
quarter last year, the transaction volume rose by 29%. For the full year 2021, the
investment volume amounted to €6.4 billion, representing an increase of 23% to
the prior year.
Prague Office market
• At the end of 2021, the total Prague modern office stock reached 3.73 million m²,
with only a total of 56,800 m² of new office stock added to the market – the
lowest annual new supply since 2016.
• In 2021, the office leasing activity in Prague recorded a recovery compared to
2020 with net take-up increasing by 23% YoY. Take-up continued to increase in
Q1 2022 reaching 75,000 m2 up 44% YoY. Market vacancy rate stood at 8.4% and
is expected to flatten in 2022.
• Despite the high vacancy rate, at the end of 2021, prime rents in Prague increased
to a new record as developers incur higher construction costs. City centre prime
rents increased by 9% ranging between €23.50 and €24.00/m²/month.
Source: CBRE, Prague Research Forum
AQUA-Höfe, Berlin, Germany
CPI Property Group | Investor Presentation | June 2022 35Market update – 2021 & Q1 2022
Warsaw letting activity is strong due to increasing demand while supply is slowing down
Warsaw Office market
• At the end of 2021, Warsaw’s total modern office stock amounted to
6.2 million m². The total new supply delivered to the Warsaw office market
in 2021 was 325,000 m² as 16 buildings were completed.
• Leasing activity in Warsaw showed an improvement versus 2020, with
a total of 646,500 m² signed in 2021, representing a 7% YoY growth,
accelerating to 200,000 m² in Q1 2022.
• Prime office properties rent remained stable in 2021, ranging between
€18 and €24/m²/month in the city centre and increasing to €26/m²/month
in Q1 2022. Rental rates are expected to rise in 2022 and continue in 2023
due to the new supply gap leading to severely limited rental opportunities.
• A total of €1.7 billion was transacted in 2021 and was dominated by Warsaw
office transactions as investors are keen to secure prime locations in the
capital city. Robust investor demand led to yield compression, with Warsaw
office prime yields reaching 4.4% in Q1 2022.
Budapest Office market
• Total demand amounted to 365,780 m² in 2021, representing an increase
of 9.3% YoY. Net take-up was positive with 42,000 m² in Q1 2022, a 9%
increase YoY.
• The average vacancy rate in Budapest increased again in Q1 2022 to 9.8%
(+0.8% YoY) as delayed completions from last year were delivered.
• Average asking rents on existing stock were €13.6/m²/month at the end of
2021, while prime CBD rents reached €24-25/m²/month.
• Finally, the investment market in Hungary amounted to €1.17 billion in
2021, up 15% YoY with the office sector remaining the dominant segment
amounting to €966 million or 82% of total annual volume.
Source: JLL, CBRE, PINK
Warsaw Financial Center, Poland
CPI Property Group | Investor Presentation | June 2022 36Czech market update – 2021 & Q1 2022
Retail sales are back to 2019 levels with virtually no new supply on the market
Czech Retail market
• For the full year 2021, footfall was almost 30% below that of
2019, and turnover was down approximately 20%. However, when
comparing only the period without lockdown measures (May-
December), turnover figures were in line with 2019 levels.
• Oxford Economics
• expects retail spending growth of 3.4% in 2022 and 3.7% in 2023.
Physical retail sales continued to see YoY growth while internet retail
sales started to decline from the end of 2021 onwards into the new
year.
• The Czech shopping centre market grew by only 30,700 m² during
2021 and stood at 2.3 million m² at the end of the year, with no new
completions in Q1 2022.
• Prime rents showed positive improvements YoY as of Q4 2021,
with high street rents in Prague growing 3.8% YoY, retail park rents
averaging 2.5% YoY and flat growth in shopping centre rents.
• The retail sector in the Czech Republic remained stable throughout
2021, with prime yields holding steady at 4.50% for high street and
5.75% for shopping centres and 6% for retail parks.
Residential market
• Average rents increased by 2.4% in Q1 2022 in Prague and the
regional cities driven by unbroken tenant demand.
• In Q4 2021, average residential house prices increased further by 4%.
Sources: Cushman & Wakefield, CBRE, Savills, Oxford Economics
Fénix Shopping Centre, Prague, Czech Republic
CPI Property Group | Investor Presentation | June 2022 37Key office
properties in Berlin
Pankstraße 8–10
PP value: €81 million
GLA: 41,000 m² Wolfener Straße 32–34
Voltastraße 5 PP value: €106 million
PP value: €124 million GLA: 75,000 m²
GLA: 33,000 m²
Gustav-Meyer-Allee 25
PP value: €158 million
GLA: 75,000 m²
Reuchlinstraße 10–11
Plauener Straße 163–165
PP value: €200 million Mitte
Charlottenburg PP value: €104 million
GLA: 49,000 m²
GLA: 82,000 m²
Helmholtzstraße 2–9
PP value: €224 million Schlesische Straße 26
GLA: 45,000 m² PP value: €130 million
GLA: 25,000 m²
Kreuzberg
Franklinstraße 9–15a
PP value: €210 million
Geneststraße 5 Zossener Straße 55–58 AQUA-Höfe
GLA: 35,000 m²
PP value: €124 million PP value: €80 million PP value: €129 million
GLA: 33,000 m² GLA: 18,000 m² GLA: 19,000 m²
photos: GSG Berlin © CHL
CPI Property Group | Investor Presentation | June 2022 38Key office
properties in Prague
Bubenská 1
Tokovo
PP value: €91 million
PP value: €39 million
GLA: 22,000 m²
Hradčanská GLA: 22,000 m²
Office Centre
Libeň
PP value: €25 million
GLA: 12,000 m²
Holešovice
Hradčany Žižkov
Quadrio Meteor Centre
PP value: €125 million Office Park
GLA: 17,000 m² PP value: €57 million
Strašnice GLA: 19,000 m²
Vinohrady
Smíchov
Nusle
Řepy
Michle
Palác Archa
PP value: €72 million
Stodůlky
GLA: 22,000 m²
Zlatý Anděl Vladislavova 17 MAYHOUSE Luxembourg Plaza
PP value: €50 million PP value: €28 million PP value: €27 million PP value: €77 million
GLA: 14,000 m² GLA: 7,000 m² GLA: 8,000 m² GLA: 23,000 m²
CPI Property Group | Investor Presentation | June 2022 39CPIPG’s office
footprint in Warsaw
Green Corner A Moniuszki 1A
PP value: €53 million PP value: €35 million
Atrium Centrum Atrium Plaza
GLA: 15,000 m² GLA: 10,000 m²
PP value: €56 million PP value: €47 million
GLA: 18,000 m² GLA: 15,000 m²
Concept Tower
PP value: €26 million
GLA: 9,000 m²
Eurocentrum
PP value: €259 million
GLA: 85,000 m²
City Centre
City Centre Warsaw Financial Center
West
CBD PP value: €289 million
GLA: 50,000 m²
Equator IV
Upper
PP value: €63 million
Jerozolimskie
GLA: 21,000 m²
Corridor
Chałubińskiego 8
PP value: €55 million
GLA: 23,000 m²
Central Tower
Equator II PP value: €39 million
PP value: €64 million GLA: 15,000 m²
Equator I
GLA: 23,000 m²
PP value: €44 million
GLA: 19,000 m²
CPI Property Group | Investor Presentation | June 2022 40CPIPG’s shopping centre footprint
in the Czech Republic
Nisa
City: Liberec Olympia Mladá Boleslav
PP value: €100 million City: Mladá Boleslav
GLA: 49,000 m² PP value: €56 million
GLA: 20,000 m²
Olympia Teplice
City: Teplice
PP value: €62 million
Futurum Hradec Králové
GLA: 29,000 m²
City: Hradec Králové
PP value: €128 million
GLA: 39,000 m²
Bondy
City: Mladá Boleslav
PP value: €65 million
GLA: 21,000 m²
Olympia Plzeň
City: Plzeň
PP value: €155 million
GLA: 41,000 m²
Futurum Kolín
City: Kolín
PP value: €33 million
GLA: 10,000 m²
Zlatý Anděl Quadrio Fénix Spektrum Královo Pole
City: Prague City: Prague City: Prague City: Čestlice City: Brno
PP value: €91 million PP value: €138 million PP value: €59 million PP value: €20 million PP value: €68 million
GLA: 7,000 m² GLA: 8,000 m² GLA: 13,000 m² GLA: 7,000 m² GLA: 27,000 m²
CPI Property Group | Investor Presentation | June 2022 41Key Hotel & Resort
properties
Number of hotel rooms in each country
Mamaison Residence
Mamaison Hotel
Downtown Prague
Le Regina
Prague, CZ Poland
Warsaw, PL
PP value: €31 million 107 PP value: €15 million
Hotel rooms: 173
Hotel rooms: 61
Clarion Congress
Hotel Prague Czech Republic
Prague, CZ 4,476*
PP value: €90 million Slovakia
Hotel rooms: 559
222*
Clarion Congress
Hotel Ostrava
Clarion Congress Hotel Ostrava, CZ
České Budějovice Switzerland Hungary PP value: €21 million
České Budějovice, CZ Hotel rooms: 169
394
PP value: €25 million
Hotel rooms: 205 Croatia
Europeum
1,153 Marriott Courtyard
Budapest, HU
PP value: €37 million
Hotel rooms: 234
Italy
962
Crans-Montana
Ski Resort
Crans-Montana, CH
PP value: €52 million
Holiday Inn Rome
Amfora Grand Palace Elisabeth Hotel Pharos Hotel
Eur Parco Dei Medici
Beach Resort Hvar, HR Hvar, HR
Rome, IT
Hvar, HR PP value: €14 million PP value: €23 million
PP value: €36 million
PP value: €85 million Hotel rooms: 45 Hotel rooms: 201
Hotel rooms: 317
Hotel rooms: 330
* Includes also hotels operated, but not owned by the Group.
CPI Property Group | Investor Presentation | June 2022 42Landbank in the Czech Republic
In the Czech Republic, landbank holdings amount to more than €992 million.
The majority of the Czech landbank (more than €600 million) is situated in Prague, mainly relating
to Bubny, a 201,000m² area strategically located close to the CBD and where we completed the
redevelopment of flagship office Bubenská 1 in late 2020.
The majority of the remainder of the Czech Republic’s landbank relates to Nová Zbrojovka, Brno – where
the Group is completing the regeneration and redevelopment of one of the largest brownfields in Brno
and in 2020, the Group completed the development of our first office property in the new neighbourhood,
ZET.office.
Given the scarce availability of land in Prague and across the country and constraints in obtaining building
permits, the value of strategic land plots has been increasing.
Bubny land plot
Prague
Central Business
District
CPI Property Group | Investor Presentation | June 2022 43COMPLEMENTARY ASSETS SEGMENT
Landbank & development in Berlin
In Berlin, the Group owns landbank currently valued at €157 million, located in attractive Schönefeld land plot
areas. This provides opportunities for low-risk extensions and developments.
CPIPG’s subsidiary GSG has completed several office developments in Berlin in recent years.
These developments have proven highly successful in occupancy, rent and value growth.
Building on this success, selective development of our strategic landbank provides another
source of future growth.
In our new developments, we are able to attract blue-chip tenants with prime-level rents.
The modern extension development project, TorHaus², was completed and handed over to a
single tenant in late 2021, ahead of schedule and will achieve a BREEAM (Very Good) rating.
GSG always applies for BREEAM certification for significant new-build developments,
which helps support the Group’s ESG objectives.
GSG Berlin also has several attractive future developments in its pipeline, mainly relating to image: GSG Berlin © Visualisierung
extensions in and around the portfolio’s existing properties, such as Zossener Straße.
The value of the landbank in Berlin increased in 2021 due to the acquisition of an 81,500 m² Zossener Straße (in development Schönefeld (in development pipeline)
plot in Schönefeld directly adjacent to the new airport in Berlin, together with 50% stakes in pipeline)
• A large land plot with a gross area of
three future office and residential developments in central Berlin locations. • The creation of 6,500 m² of 81,500 m² directly adjacent to the new
new construction space and the Berlin airport in Schönefeld
modernisation of a further 4,500 m² of
existing space in modular and flexible • Potential to build up to 150,000 m² of
design gross floor area
• An excellent central location in the • Currently in the process of obtaining
centre of Kreuzberg various permits
• Modern design and technology • Target development start in 2025
harmoniously combined with historical
character
• Development due to commence in
2022
Existing Asset
Current Development
Landbank
New 2021 Landbank
CPI Property Group | Investor Presentation | June 2022 44COMPLEMENTARY ASSETS SEGMENT
Landbank &
development in Italy
In Italy, the Group holds landbank
currently valued at €354 million. The
majority of landbank in Italy is primarily
located in the periphery of Rome and
strategically focused on holistic mixed-use
(residential and commercial) development
with ample green public community spaces
envisaged.
These strategic land plots offer significant Stadio
Olimpico
opportunistic potential upside, having Roma Tiburtina
been purchased at exceptional discounts railway station
to fair value through acquisitions of non-
performing loans. The Group aims to take
advantage of the decades-long undersupply
of much needed modern, energy-efficient
buildings in Rome.
CPIPG may consider strategic partnerships
in certain projects to ensure the best
outcome for each development.
Landbank in Rome, Italy
EUR business district
Existing Asset Fiumcino airport
Maximo
Ciampino airport
CPI Property Group | Investor Presentation | June 2022 45Disclaimer
This presentation and its contents are intended for use for information purposes only and may not be reproduced, redistributed, published or passed onto any other person or published, directly or indirectly,
in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. By attending a meeting where this presentation is made, or by accessing or
reading the presentation slides on CPIPG’s website, you agree to be bound by the following limitations. This presentation is not directed to, or intended for distribution to or use by, any person or entity that
is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution or use would be contrary to law or regulation or which would require any registration or licensing
within such jurisdiction.
THIS PRESENTATION IS NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, INTO THE UNITED STATES. This presentation and its contents may not be viewed by persons within the United States or “U.S.
Persons” (as defined in Regulation S under the Securities Act of 1933, as amended (the “Securities Act”)). The securities issued by CPIPG or any of its subsidiaries (the “Securities”) have not been registered
under the Securities Act and the Securities may not be offered or sold in the United States or to U.S. persons unless so registered, or an exemption from the registration requirements of the Securities Act is
available. CPIPG does not intend to register any portion of the Securities in the United States or to conduct a public offering of any securities in the United States. By accessing the presentation, you represent
that you are a non-U.S. person that is outside the United States. This presentation is not for publication, release or distribution in Australia, Canada or Japan. This presentation does not constitute or form part
of, and should not be construed as, an offer or invitation to sell securities of CPIPG, or the solicitation of an offer to subscribe for or purchase securities of CPIPG, and nothing contained herein shall form the
basis of or be relied on in connection with any contract or commitment whatsoever.
This presentation does not constitute a recommendation or investment advice regarding any securities of CPIPG. This presentation is for promotional purposes only and is not a prospectus for the purposes of
Regulation 2017/2019, and as such does not constitute an offer to sell or subscribe for or a solicitation of an offer to purchase or subscribe for securities. Any decision to purchase any securities of the CPIPG
should be made solely on the basis of the final terms and conditions of the securities and the information to be contained in the prospectus or equivalent disclosure document produced in connection with
the offering of such securities. Prospective investors are required to make their own independent investigations and appraisals of the business and financial condition of CPIPG and the nature of the securities
before taking any investment decision with respect to securities of CPIPG.
CPIPG’s financial statements or prospectus (or equivalent disclosure documents) may contain information different from the information contained herein and the financial statements or prospectuses
shall prevail. Subject to applicable law, CPIPG accepts no responsibility whatsoever and makes no representation or warranty, express or implied, for the contents of the presentation, including its accuracy,
completeness or verification or for any other statement made or purported to be made in connection with CPIPG and nothing in this presentation shall be relied upon as a promise or representation in this
respect, whether as to the pastor the future. CPIPG disclaims all and any liability (including any liability for damages for misrepresentation under the UK Misrepresentation Act 1967) whatsoever, whether arising
in tort, contract or otherwise which it might otherwise have in respect of the presentation or any such statement.
This presentation contains certain statistical and market information. Such market information has been sourced from and/or calculated based on data provided by third-party sources identified herein or
by CPIPG, if not attributed exclusively to third-party sources. Because such market information has been prepared in part based upon estimates, assessments, adjustments and judgments which are based
on CPIPG or third-party sources’ experience and familiarity with the sector in which CPIPG operates and has not been verified by an independent third party, such market information is to a certain degree
subjective. While it is believed that such estimates, assessments, adjustments and judgments are reasonable and that the market information prepared appropriately reflects the sector and the market in
which the CPIPG operates, there is no assurance that such estimates, assessments, adjustments and judgments are the most appropriate for making determinations relating to market information or that
market information prepared by other sources will not differ materially from the market information included herein. This presentation contains forward-looking statements, which include all statements other
than statements of historical facts, including, without limitation, any statements preceded by, followed by or including the words “targets”, “believes”, “expects”, “aims”, “intends”, “may”, “anticipates”, “would”,
“could” or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond CPIPG’s control that could cause
CPIPG’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking
statements are based on numerous assumptions regarding CPIPG’s present and future business strategies and the environment in which it will operate in the future. These forward-looking statements speak
only as at the date of this presentation. CPIPG expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any
change in its expectations with regard thereto or any change in events, conditions or circumstances on which any of such statements are based.
CPI Property Group | Investor Presentation | June 2022 46You can also read
