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Hammerson: Retail Real Estate Specialists

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Hammerson: Retail Real Estate Specialists Hammerson: retail real estate specialists Market-leading platform in Ireland 29 September 2015 Major new platform of high quality retail real estate in Europe’s fastest growing economy Strategic acquisition of loan portfolio secured against market-leading Dublin retail mall portfolio for €1.85 billion • Opportunity to become Ireland’s leading retail property owner • Joint venture with Allianz • Clear strategy in place for route to asset ownership • Hammerson share of acquisition cost expected to be €1.23 billion (£0.91 billion) (1) Dundrum shopping centre is an exceptional 1.5 million sq ft super-prime retail asset with significant rental reversion potential • Ireland’s pre-eminent retail mall and leisure destination • Platform also includes The Ilac Centre and The Pavilions shopping centres, as well as Dundrum Phase 2 and Dublin Central Development Site Gain exposure to fast-growing consumer economy in Ireland • GDP growth faster than any other Eurozone country, +5% in 2015F (2) • Retail sales up 7% over last twelve months to July 2015 (3) Significant value upside from asset management and development opportunities • Synergies with Hammerson’s existing portfolio • Further 2.2 million sq ft of retail and leisure space and 27 acres of development Attractive financial metrics • Acquired at reversionary yield of 4.6% (4) • Projected 5-year ungeared IRR of 7-8% • Immediately EPS accretive; medium term accretive to NAV per share (1) Consideration relates to Hammerson’s resulting participation in the underlying assets (50:50 JV with Allianz at Dundrum Town Centre and Dundrum Phase 2; 50% investment 2 in The Ilac Centre; 50% investment in The Pavilions, Swords; 100% in Dublin City Centre Development site; 100% investment in The Pavilions development site) (2) OECD (3) Irish Retail Sales Index (Central Statistics Office) (4) Reversionary yield on assets, excluding properties held for development Acquisition in line with Hammerson’s strategy Hammerson strategy Transaction rationale Premium retail and leisure space, minimal vacancy, high reversionary potential High quality retail Positioned to deliver long-term resilient rental growth Incremental 2.2 million sq ft of retail and leisure, 35% of Dublin’s shopping centre space Market-leading European position Hammerson’s enlarged European real estate portfolio of over 20 million sq ft across 12 countries (1) Benefit from Ireland demonstrating strongest macroeconomic fundamentals in Eurozone strengthening consumer trends Consumer confidence driving strong growth in retail sales and rental growth High level of overlap with existing expertise – compelling asset management initiatives Operational excellence identified Hammerson marketing, multi-channel and commercialisation capabilities to enhance returns Leverage skills and deploy capital to deliver profitable schemes Development potential Prospect of considerable job creation and benefits to local community Best in class assets to create schemes with future potential Clear focus on Portfolio offers attractive yields, clear upside potential and total return profile consistent shareholder Innovative approach to acquiring prime assets in competitive investment markets returns Working with existing JV partner to spread risk and enhance transaction execution success (1) Hammerson-managed retail and leisure net internal area 3 Ireland offers fastest GDP growth in Eurozone (1) 1. Compelling macro indicators Real GDP growth: Strong growth is returning to Ireland • GDP growth rate of +5% in 2014 & 15F 6% Overview 4% • Unemployment is falling, fiscal deficit continues to narrow 2% and public debt is on a downward path 0% (2%) Real GDP growth • Market recovery (4%) Projected GDP growth (6%) 2. High levels of Foreign Direct Investment 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F (“FDI”) Forecast growth in GDP vs. Employment(2) • Significant FDI attracted by low corporate tax and a highly Employment, CAGR 2015F – 2017F Themes in the Irish market 2.0% skilled workforce within the Eurozone Ireland 1.5% Spain Intu Properties plc ("Intu" or the "Company") notes the recent press speculation relating to a potential acquisition of Midsummer Place 1.0% Austria UK Shopping Centre (the "Centre") in Milton Keynes. The Company Italy N'lands Belgium confirms that it is in advanced discussions to acquire the Centre from 0.5% Germany Finland 3. Improving consumer sentiment France Legal & General Property. Portugal • Consumer sentiment at highest level since 2006 0.0% Intu has adequate cash and undrawn facilities to fund the 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% acquisition, but is also considering additional funding options, • Household wealth boosted by rising real wages and house Real GDP, CAGR 2015F – 2017F including an equity placing. price inflation A further announcement will be made as appropriate. Retail sales improvements(3) • Consistent growth in retail sales over the last 3 years 120 Strong retail sales reaching 7%(3) uplift in last 12 months driving prime rental 110.4 27-Feb-13: PLACING TO FUND THE ACQUISITION OF growth MIDSUMMER PLACE, MILTON KEYNES 110 Intu Properties plc ("Intu", the "Company" or the "Group") today announces an underwritten placing of up to 86.0 million new 100 ordinary shares of 50 pence each in the capital of the Company (the "Placing"), representing up to 9.9 per cent. of the Company's issued 97.8 share capital immediately prior to the Placing. Up to 50 per cent. of 90 the Placing may be denominated in Rand… 2009 2010 2011 2012 2013 2014 2015 (1) OECD 4 (2) Capital Economics; “Sustainable rate” used as proxy for 2017 forecast growth in GDP, employment and consumer spending in the UK (3) Ireland Retail Sales Index (Central Statistics Office) Pick up in prime rents in Dublin, but with considerable capacity for further Exp. no. months to rate rise reversion Highest forecast rental growth in Europe(1) Considerable capacity for retail rental growth Overview in Dublin (2) ● Expectations have shifted out Change in Retail Property Capital Values, Q1 2015H – Q4 ● Fed still likely to hike this year, but timing is open 2019F Dublin Retail Property, Zone A Rent (€/m2) • Market recovery Dublin Madrid Frankfurt 12,000 Real GDP QoQ Global China Barcelona UK Consensus forecasts1 All UK(4) Themes in the Irish market Munich Berlin 9,000 Intu Properties plc ("Intu" or the "Company") notes the recent press Paris speculation relating to a potential acquisition of Midsummer Place Lisbon Shopping Centre (the "Centre") in Milton Keynes. The Company confirms that it is in advanced discussions to acquire the Centre from Milan Legal & General Property. ● World economy cruising near trend growth Antwerp 6,000 ● Weaker China unlikely to bring about Intu has adequate cash and undrawn facilities to fund the global recession Hamburg acquisition, but is also considering additional funding options, Brussels including an equity placing. Rome A further announcement will be made as appropriate. Athens 3,000 End of Fed QE Rotterdam 27-Feb-13: PLACING TO FUND THE ACQUISITION OF Amsterdam MIDSUMMER PLACE, MILTON KEYNES Helsinki 0 Intu Properties plc ("Intu", the "Company" or the "Group") today Vienna announces an underwritten placing of up to 86.0 million new Start of Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 Q1 ECB QE Lyon ordinary shares of 50 pence each in the capital of the Company (the 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 "Placing"), representing up to 9.9 per cent. of the Company's issued 0% 25% 50% share capital immediately prior to the Placing. Up to 50 per cent. of Grafton Street Henry Street Dundrum (c) the Placing may be denominated in Rand… ● Too early for ECB’s QE to be completely priced in Yield Impact Rent Impact (3) ● ECB ready to ease policy if required (1) Capital Economics 5 (2) CBRE (3) Dundrum rental tone showed modest growth in period post opening (March 2005) due to lack of leasing events (4) Forecast change in IPD UK retail capital values shown from Q4 2014 to Q4 2019 Platform encompasses key retail centres in Dublin Central Swords Pavilions Development Airport Site Ilac Jervis Blanchardstown Centre M50 Parliament Square M50 Ilac M50 Liffey Valley Dublin Central Development Site Jervis The central sites are located close to the prime retail streets of Dublin Dundrum is located in the affluent southern suburbs of Dublin M50 • Catchment area contains over 1.8 million people Dundrum Phase 2 • Estimated €2bn available to spend per annum within a 30 minute catchment Dundrum Town Centre • 71% of the catchment is ABC1 The Square Tallaght Portfolio properties Other key shopping centres in the 6 2km Dublin Metropolitan Area 2.2 million sq ft of prime space and sustainable development opportunities Contracted rent (1) Hammerson portfolio (2) Ultimate Hammerson / Allianz 50:50 JV 5% 1% 11% 17% 66% Dundrum Town Centre Dundrum Dundrum Phase 2 Development Site Swords Pavilions Ilac Shopping Centre Dublin Central Development Site Other Dundrum assets (inc Phase 2) Total rent: €45m (£33m) (1) The Pavilions, Swords (3) The Ilac Centre (4) Dublin Central Development Site (100%) (1) Hammerson share 7 (2) Hammerson portfolio participation under long-term Allianz joint venture structure (3) 50% co-ownership with IPUT (25%) and Irish Life (25%). Development site 100% Hammerson (4) 50% co-ownership with Irish Life (50%) Dundrum Town Centre: Ireland’s premier retail and leisure destination • Award-winning Irish retail destination, located 5km Area south of Dublin city centre, opened in 2005 1.5 million sq ft • 120 shops, 38 restaurants, 12 screen
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