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Project Title Or Company Name Investing in the Real Estate & Hospitality Sector in Greece Reliance Restricted 22 January 2019 22 January 2019 Dashboard 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Table of contents 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ... Real Estate & Market Overview Market Overview Sources of Hospitality ... Properties & ... 1 2 3 4 Why EY? Commercial Real Estate Hospitality Page 3 Page 8 Page 12 Page 15 Opportunities Recent Debt Financing Our Selected Transactions i ... Credentials 5 6 7 8 Page 18 Page 22 Page 25 Page 27 Appendix 9 Disclaimer Page 31 Investing in the Real Estate & Hospitality Sector in Greece: | Page 2 of 31 1 Real Estate & Hospitality Practice Why EY? Investing in the Real Estate & Hospitality Sector in Greece: | Page 3 of 31 22 January 2019 1 Real Estate & Hospitality Practice 1 Real Estate & Hospitalit ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Global RE&H 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ... EMEIA ► 7,000 Professionals ► Assurance – 4,500 ► Advisory – 630 ► TAS – 560 ► Tax – 1,400 Asia-Pacific incl. Japan ► 5,600 Professionals ► Assurance – 4,500 ► Advisory – 450 ► TAS – 230 ► Tax – 390 Americas ► 4,500 Professionals ► Assurance – 2,600 ► Advisory – 320 ► TAS – 230 ► Tax – 1,300 Our clients benefit from our practice in terms of: We have about 17,000 Professionals Networks We have about 1,900 Partners/Principals Insight We have over 1,100 Senior Managers We have over 1,700 Managers Quality We have over 12,000 Seniors and Staff Execution Investing in the Real Estate & Hospitality Sector in Greece: | Page 4 of 31 22 January 2019 1 Real Estate & Hospitality Practice 1 Real Estate & Hospitalit ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Greek RE&H 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ... The Greek Real Estate and Hospitality practice is ► Real Estate & Hospitality Advisory Services composed of qualified professionals offering multidisciplinary services. ► Real Estate Strategic Advisory Services We serve all major property types including: • Hotels, ► Valuation Advisory Services • Office, • Retail, ► Real Estate Transaction Support Services • Industrial, • Residential. Our consultants are advisors and auditors recognized ► Due Diligence Services in the market. They possess knowledge confirmed by numerous certificates and licenses, including: ► Real Estate Mergers & Acquisitions Advisory Services • Licensed property valuers and members of The Royal Institution of Chartered Surveyors (RICS); • Chartered Accountants qualified by the Association ► Corporate Financial Risk Management of Chartered Certified Accountants (ACCA); • Chartered Financial Analysts qualified by the CFA Institute. ► Audit, Tax & Accounting Advisory Services Investing in the Real Estate & Hospitality Sector in Greece: | Page 5 of 31 22 January 2019 1 Real Estate & Hospitality Practice 1 Real Estate & Hospitalit ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Greek RE&H 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ... Our real estate and hospitality transactions services help We may assist you achieve your critical goals, including: companies along the transaction lifecycle’s three stages: acquire, hold and exit. Market Analysis Product Assessment Acquire: real estate property/portfolio due diligence, valuation and investment advice We support acquisitions by executing real estate due Competitiveness Assessment diligence, which helps clients determine acquisition price, timing, liabilities and other key issues. Risk Mitigation, Processes and Control Hold: real estate value creation Strategic Planning We help you determine how to create value within a real estate portfolio and then assist in executing that plan. Cost Evaluation This often begins with a diagnostic assessment, which is based on interviews with clients in order to identify opportunities. Exit: sell-side assistance We assist in preparing real estate for either a sale in whole or to carve out an entity for sale. Frequently, we perform a diagnostic assessment as a first step, to help determine the actions needed to prepare for an exit. Investing in the Real Estate & Hospitality Sector in Greece: | Page 6 of 31 2 Market Overview Commercial Real Estate Investing in the Real Estate & Hospitality Sector in Greece: | Page 7 of 31 22 January 2019 2 Market Overview 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities Prices and Rents of Offices & Retail 6 Recent Transactions in ... Indices of Prices - Offices Indices of Rents - Offices Annual % change of prices in Greece Annual % change of rents in Greece 10 10 7.2 5 5 2.4 1.6 1.2 0.2 0 0 -0.1 -0.3 -1.5 -3.5 -5 -5 -4.3 -7.5 -10 -7.1 -10 -9.9 -9.7 -9.6 -11.9 -15 -15 2011 2012 2013 2014 2015 2016 2017 *2018 2011 2012 2013 2014 2015 2016 2017 *2018 Indices of Prices - Retail Indices of Rents - Retail 10 5 Annual % change of prices in Greece Annual % change of rents in Greece 3.1 1.7 5 0.4 0 0 -1.8 -1.0 -0.6 -5 -3.5 -5 -1.8 -7.1 -7.3 -10 -10 -7.5 -8.8 -8.7 -9.9 -9.6 -11.1 -15 -15 2011 2012 2013 2014 2015 2016 2017 *2018 2011 2012 2013 2014 2015 2016 2017 *2018 * 2018 refers to the first six months of 2018 (Q2 2018) Source: Bank of Greece Investing in the Real Estate & Hospitality Sector in Greece: | Page 8 of 31 22 January 2019 2 Market Overview 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities Prime Offices (Athens) 6 Recent Transactions in ... MARKET INDICATORS Prime office rents – September 2018 MARKET OUTLOOK Location € € US$ Growth % SQ.M SQ.M SQ.FT 1YR 5YR Shortages of quality supply allied with higher Prime Rents: MTH YR YR CAGR demand are likely to fuel rent hikes. Athens (Syntagma Square) 18.5 222 24.1 8.8 -1.5 Athens (Kifissias Avenue) 16.5 198 21.5 10.0 1.3 The interest from local REICs remains strong. 13.0 16.9 8.3 Prime Yields: Room for slight yield compression, as investor Athens (Piraeus) 156 6.5 interest intensifies for quality schemes. Supply under development expected to increase Supply: in the long term. Demand will continue to trend in line with current Prime office yields – September 2018 Demand: levels. Location Current Last Last 10 Year (Figures are Gross, %) Q Q Y HIGH LOW Recent Performance Athens (Syntagma Square) 7.50 7.95 8.00 9.80 7.00 Athens (Kifisias Avenue) 7.75 7.95 8.00 9.80 7.00 Athens (Piraeus) 8.00 8.00 8.20 10.20 7.50 Source: Cushman & Wakefield: Greece – Office Market Snapshot – Q3 2018 Investing in the Real Estate & Hospitality Sector in Greece: | Page 9 of 31 22 January 2019 2 Market Overview 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities Prime Retail (Athens) 6 Recent Transactions in ... MARKET INDICATORS Prime retail rents – September 2018 MARKET OUTLOOK High Street Shops € € US$ Growth % SQ.M SQ.M SQ.FT 1YR 5YR Prime rents in some high street locations are Prime Rents: MTH YR YR CAGR expected to see further rental growth. Athens (Kolonaki - Tsakalof) 90 1,080 117 0.0 0.0 Athens (Ermou) 260 3,120 338 13.0 9.5 120 156 0.0 Prime Yields: Downward pressure in yields in certain locations. Athens (Glyfada – Metaxa) 1,440 3.7 Athens (Kifissia – Kolokotronj) 115 1,380 150 0.0 2.8 Athens (Piraeus – Sotiros) 80 960 104 6.7 9.9 Limited supply, with no new projects in the Supply: immediate development pipeline. Occupier and investor demand is anticipated to Demand: improve in the medium term. Prime retail yields – September 2018 Recent Performance High Street Shops Current Last Last 10 Year (Figures are Gross, %) Q Q Y HIGH LOW Athens (Kolonaki – Tsakalof) 7.00 7.10 7.20 8.50 5.50 Athens (Ermou) 6.50 6.70 6.90 8.10 5.00 Athens (Glyfada – Metaxa) 7.20 7.20 7.20 8.60 5.50 Athens (Kifissia – Kolokotroni) 7.20 7.20 7.20 8.60 5.50 Athens (Piraeus – Sotiros) 7.25 7.40 7.50 8.60 6.00 Source: Cushman & Wakefield: Greece – Office Market Snapshot – Q3 2018 Investing in the Real Estate & Hospitality Sector in Greece: | Page 10 of 31 3 Market Overview Hospitality Investing in the Real Estate & Hospitality Sector in Greece: | Page 11 of 31 22 January 2019 3 Market Overview 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ... 5 Opportunities 6 Recent Transactions in ... International Arrivals (million passengers) 45 CAGR 7.25% 40 39 35 35 32 30 29 25 27 25 22 24 20 15 10 5 0 2014 2015 2016 2017 2018 2019 2020 2021 6,000 5,000 4,000 ) 3,000 2,000 1000 (x (x 1,000 0 Athens Thessaloniki Dodecanese Crete Ionian islands Cyclades Peloponnese Other 2017 2018 Source: Civil Aviation Authority (CAA) & Athens International Airport (AIA) – Processing: INSETE Intelligence Investing in the Real Estate & Hospitality Sector in Greece: | Page 12 of 31 22 January 2019 3 Market Overview 1 Real Estate & Hospitality ... 7 Debt Financing 2 Market Overview 8 Our Selected Credentials Real Estate Market Overview 3 Market Overview 9 Appendix 4 Sources of Properties & ..
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