190626 Godewind PPT web · GODEWINDIMMOBILIEN AG // INVESTOR PRESENTATION MAY 2019 // 3 All figures...

INVESTORPRESENTATIONQ III2019

GODEWINDIMMOBILIEN AGFRANKFURT

The presentation, including any printed or electronic copy of these slides, the talks given by the presenters, the information communicated during anydelivery of the presentation and any question and answer session and any document or material distributed at or in connection with the presentation(together, the “Presentation”), has been prepared by Godewind Immobilien AG (the “Company”) and is not an offer of any securities or invitation topurchase any securities.

The Presentation is provided for general information only and does not purport to contain all the information that may be required to evaluate the Company. Theinformation in the Presentation is subject to updating, completion, revision and verification.

No reliance may be placed for any purpose whatsoever on the information or opinions contained or expressed in the Presentation or on the accuracy,completeness or fairness of such information and opinions. To the extent permitted by law, no undertaking, representation or warranty or other assurance,express or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees, agents, affiliates, representatives oradvisers, or any other person, as to the accuracy, completeness or fairness of the information or opinions contained in the Presentation.

None of the Company, its affiliates, advisers, agents or any other party undertakes or is under any duty to update the Presentation or to correct any inaccuracieswhich may become apparent or to provide you with any additional information. No responsibility or liability is accepted by any such person for any errors,omissions or inaccuracies in such information or opinions or for any loss, cost or damage suffered or incurred, however arising, directly or indirectly, from any useof, as a result of the reliance on, or otherwise in connection with, the Presentation. In addition, no duty of care or otherwise is owed by any such person torecipients of the Presentation or any other person in relation to the Presentation.

The Presentation includes statements that are, or may be deemed to be, forward-looking statements. The words “believes”, “expects”, “may”, “will”, “could”,“should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “positioned” or “anticipates” and similar expressions (ortheir negative) identify certain of these forward-looking statements. These statements are based on the current views, expectations and assumptions of themanagement of the Company and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materiallyfrom those expressed or implied in such statements. Actual results, performance or events may differ materially from those described in such statements due to,among other things, changes in the general economic and competitive environment, risks associated with financial markets, exchange rate fluctuations andcompetition from other companies, changes in laws and regulations affecting the Company and other factors. The Company does not assume any obligations toupdate any forward-looking statements.

The Presentation includes statistics, data and other information from third-party sources. While the Company believes that these sources are reliable, theCompany has not independently verified the data contained therein. Accordingly, undue reliance should not be placed on any of the third-party statistics, dataand other information contained in the Presentation.

The distribution of this Presentation in certain jurisdictions is restricted by law. Therefore, it must not be distributed, published or reproduced (in whole or in part)or disclosed by its recipients to any other person for any purpose, other than with the consent of the Company. All trademarks remain the property of theirrespective owners. By attending any delivery of the Presentation, you agree to be bound by the above limitations and conditions and, in particular, you represent,warrant and undertake to the Company that: (i) you will not forward the Presentation to any other person or reproduce or publish this document, in whole or inpart, for any purpose; and (ii) you have read and agree to comply with the contents of this notice.GODEWIND

IMMOBILIEN AGBERLIN

DISCLAIMER

GODEWIND IMMOBILIEN AG // INVESTOR PRESENTATION MAY 2019 // 3All figures (€) as of March 2019, unless otherwise stated. *Includes the asset City Gate in Frankfurt signed in 5/2019 and intended to close in Q3/2019.

** target after business plan execution***Includes signed but not yet active lease contracts: Operational Services at

FAC (Start: 7/2019), and NRW.Bank at Herzog-Terrassen (Start: 10/2019) . Vacancy figures also include the asset City Gate

PURE OFFICE293,137 (sqm)*

• Pure office portfolio in German A cities only at GPP of ~€ 830m

• Value-add and Core(+) focus

• Selected assets in the fastest growing market segment

• Net purchase price of € 2,704 m²

1

SUPERIOR ORGANICGROWTHmore than 80% value upside**

• Strong organic NAV growth-potential in value-add segment

• Vacancy reduction, WALT extension and market rents as NAV drivers

2

NO STRUCTURAL VACANCY26.8% vacancy***

• Asset by asset acquisitions mean no assets with structural vacancy

• Occupancy rate of 73% or ~ 78,600 m² vacant spaces can be reduced to ‘fully let‘

3

ATTRACTIVE FINANCINGSTRUCTURE+ € 355 m tax loss carryforwards

• Financing of ~1.4% for 5 years

• Almost no amortization payments• Solid net LTV-target of 45-55% • € 180m corporate tlcf, € 175m

commerical tlcf, € 133m contribution account

5

MAXIMUM TRANSPARANCYfull details down to every single asset

• Full set of EPRA numbers

• KPIs down to each individual property

• Each asset with detailed financing information

6

MANAGEMEMT ASMAJOR SHAREHOLDERSfamily and friends with >35% stake

• CEO holds 12%

• Family and friends together account for about 35%

• Perfect alignment of interest for shareholders and management

7

NO LEGACIES10 selected properties *

• Company built from scratch

• No legacy portfolio

• No legal or corporate legacies

4

WHY TO INVEST IN GODEWINDUNIQUE PLATFORM FOR INVESTORS IN GERMAN OFFICE REAL ESTATE

GODEWIND IMMOBILIEN AG // INVESTOR PRESENTATION MAY 2019 // 4

WHO WE AREGODEWINDIMMOBILIEN AG

“Our Goal is to become the Preferred Platform for Investors in German Office Real Estate.”

ABOUT GODEWIND

• Stock-listed office real estate company with 100% office• First successful blind pool IPO in German real estate – launched on 5 April 2018 raising € 375m• Vision is to create a pure office real estate portfolio of around € 3bn in the mid term• Basic (initial) office portfolio with a book value of currently around € 850m established*• Seasoned management team as a significant stakeholder with comprehensive real estate knowledge• Sustained track record for creating shareholder value with numerous listed real estate companies • Mgmt real estate transaction volume of more than € 20bn executed

ACQUISITION-STRATEGY• Focus on pure office properties in the top 7 cities

in Germany • Assets with substantial value potential or stable cash

flows• High vacancy, short WALT, attractive locations• Asset by asset acquisition strategy - ensures no

legacies• Reliability of transaction and implementation speed

provide access to hidden value-opportunities• Extensive and long-established network creates

opportunities for off-market transactions and bidding processes

PORTFOLIO-STRATEGY• Creating a € 3bn portfolio with 100% office properties

• Value creation through inhouse active asset-management team

• Consistent realization of development and appreciation potential through- Vacancy reduction- WALT extension- Increasing rents

• Disposal of non-office and non-strategic assets from potential portfolio transactions

*Includes the asset City Gate in Frankfurt signed in 5/2019 and intended to close in Q3/2019.


ROADMAP SINCE IPOON TRACK TO BUILD A LEADING GERMANOFFICE REAL ESTATE PLATFORM

IPO AND FIRST ACQUISITIONS

ACTIVE ASSET MANAGEMENTOPTIMIZING PORTFOLIO

FUTURE ACQUISITIONSFROM PIPELINE

Our path towards a sound and profitable commercial property portfolio

• Development of a unique acquisition and portfolio strategy based on the “blind pool IPO concept”

• First successful real estate “blind pool IPO” in Germany listed in Prime Standard

• Issue proceeds of € 375m. Traded on Xetra since 5 April 2018

• First acquisitions with a book value of more than € 850m signed since October 2018*

• Active asset management for realization of value-add potential• Focus on generating long-term and stable income streams

for our investors• Non dilutive organic growth through -• Asset optimization leading to uplifts creating additional financing scope• Generating additional funds for further acquisitions

• Further portfolio and asset acquisitions with focus on office• Institutional office assets in terms of size and structure deserve a

premium• Mixed commercial portfolios and selective asset by asset approach

from € 2bn + pipeline

*Includes the asset City Gate in Frankfurt signed in 5/2019 and intended to close in Q3/2019.

2018

2019 +

ongoing


CURRENT PORTFOLIO OVERVIEW – PURE OFFICEASSETS WITH A BOOK VALUE OF CURRENTLY 850M ALREADY ACQUIRED

37,0 35,040,0

17,7 19,1 20,2

0%

5%

10%

15%

0

10

20

30

40

2008 2013 2018

Frankfurt

22,527,5 28,0

12,8 14,3 16,2

0%

5%

10%

15%

0

10

20

30

40

2008 2013 2018

Dusseldorf

INVESTMENT PORTFOLIO SIZE (sqm)293,137

RENTAL INCOME* (€ m)41.75/€ 14.71**

VACANCY RATE23.6%/~69,100(sqm)

WALT5.2 years

BOOK VALUE(€ m)851.9

GROSS YIELD4.8% ***

Dusseldorf2 properties20% of total rent

Cologne

Frankfurt4 properties48% of total rent

Leipzig

Munich2 properties6% of total rent

23,5 24,028,0

13,6 14,1 16,0

0%

5%

10%

15%

0

10

20

30

40

2008 2013 2018

Hamburg

Prime rent (€/sqm/mth)

Average rent (€/sqm/mth)

Vacancy rate (%)

30,5 31,5

39,0

14,3 15,218,9

0%

5%

10%

15%

0

10

20

30

40

2008 2013 2018

Munich

Godewind‘s Investment Market – Locations of all 10 assets

Hamburg2 properties26% of total rent

Berlin

All figures (€) as of May 2019, unless otherwise stated. Godewind Portfolio KPIs include the asset City Gate in Frankfurt signed in 5/2019 and intended to close in Q3/2019 andsigned but not yet active lease contracts: Tech S.A.T. at Sunsquare (Start: 10/2019), UKE at Zeughaus (Start: 9/2019), Fraport and Operational Services at FAC (Start: 10& 7/2019), and

NRW.Bank at Herzog-Terrassen (Start: 10/2019).

*total contracted rent annualized ** office rent per sqm, per month *** excl. ground rent payments FAC, incl. yield is 4.9%


CONCENTRATION ON 4 TOP REGIONSPORTFOLIO DATA

Office by Office LettableArea (m²)

Vacancy Rate

Rental Income

p. a. (€m)

Average Rent €/m² p.

m. (office)

Market Rent €/m² p. m.

(office)*

WALT (years)

Book Value (€m)

GrossYield LTV

Core(+)

ComCon, Frankfurt 16,264 13.6% 2.0 11.19 13.50 2.9 36.3 5.5% 57%

Airport Center, Dusseldorf 13,050 16.5% 1.9 13.60 14.00 3.9 41.9 4.5% 57%

Pentahof, Hamburg 24,747 0.0% 3.0 8.93 10.50 4.6 63.7 4.7% 57%

Zeughaus, Hamburg 43,522 4.8% 7.9 13.50 14.50 3.7 160.0 4.9% 56%

City Gate, Frankfurt 23,308 13.4% 3.8 14.57 14.50/18.00 6.7 90.4 4.2% tbd

Subtotal Core(+) 120,891 7.9% 18.6 12.33 14.1** 4.4 392.3 4.7% 56.5%***

Value-Add

FAC, Frankfurt 48,495 9.5% 11.4 21.51 21.00 5.9 188.5 5.7%**** 49%

Sunsquare, Munich 19,492 47.8% 1.3 12.08 12.00 5.9 34.2 3.8% 35%

Eight Dornach, Munich 17,612 51.1% 1.1 9.97 12.50 4.0 32.2 3.4% 39%

Y2, Frankfurt 30,930 35.7% 2.6 11.12 12.00 5.1 55.3 4.7% 54%

Herzog-Terrassen, Dusseldorf 55,717 45.7% 6.7 18.99 20.50 6.1 149.4 4.5% 44%

Subtotal Value-Add 172,246 34.5% 23.1 17.20 17.10 5.8 459.6 4.9% 50.0%

Total 293,137 23.6 % 41.7 14.71 15.80 5.2 851.9 4.8% 51.0%

All figures as of May 2019, unless otherwise stated, WALT as of March 19’. Godewind Portfolio KPIs include the asset City Gate in Frankfurt signed in 5/2019 and intended to close in Q3/2019 and signed but not yet active lease contracts: Tech S.A.T. at Sunsquare (Start: 10/2019), UKE at Zeughaus (Start: 9/2019), Fraport and Operational Services at FAC

(Start: 10& 7/2019), and NRW.Bank at Herzog-Terrassen (Start: 10/2019). *Sources: Thomas Daily, JLL, Cushman, Colliers, Savills, CBRE, Godewind research.**calculation based on €18,00/m² rent for City Gate office area ***LTV excluding City Gate ****excl. ground rent payments, incl. yield is 6.0%.


ACQUISITION I – COMCONCENTER – FRANKFURT CLOSING 31 OCTOBER 2018

(1) Rental income includes up to EUR 71k p.a. for the rented car parking space / (2) Yield/multiple based on the net purchase price

HIGHLIGHTS

• Asset Deal, closing 31 October 2018

• An indicative valuation puts the value of the property at € 40.2m, which represents a multiple of 19.7x, equivalent to a Lucky-Buy effect of € 4.4m (based on the gross purchase price of € 35.8m).

• The property also includes 1,090 square metres of vacant office space, which is currently at the enhanced shell stage of construction. This space will be let before the construction works are finished.

• The Niederrad district has become an important office location in Frankfurt in recent years. Demand for office space in this strategically attractive location between the airport and the city centre has risen steadily in recent years and the high vacancy rates of the past have been reduced significantly.

PROPERTY KPIs as per acquisition

YEAR OF CONSTRUCTION 2002

NET PURCHASE PRICE € 33.5m/2,060 €/m²

RENTAL INCOME p.a. (1) € 2.0m

YIELD/MULTIPLE (2) 6.0%/ 16.4x

LETTABLE AREA 16,264 m²

PARKING SPACES (underground/outside) 374 (161/ 213)

AVG. RENT/m2 (office) € 10.50 p.m.

MARKET RENT (office) € 13.50 p.m.

WALT (Years as of 1.01.2019) 3.1

VACANCY RATE (area) 12.3%


ACQUISITION II – AIRPORT BUSINESS CENTER – DUSSELDORFCLOSING 30 NOVEMBER 2018

(1) Yield/multiple based on the net purchase price

HIGHLIGHTS

• Asset Deal, closing 30 November 2018

• An indicative valuation puts the value of the property at € 43.0m, which represents a multiple of 20.1x.

• As of April 2019 the property will also have 1,994 square metres of vacant office space, which is currently let for € 12.42 per square metre. This vacant space is to be let for around € 14.00 per square metre, per month.

• The Airport Business Center is located right at the exit from the A52 motorway and benefits from excellent connections to both the motorway network and Düsseldorf International Airport. The Airport subsegment is currently seeing continuous enhancement, which is reflected in steadily rising prime rents.



RENTAL INCOME p.a. € 1.8m

YIELD/MULTIPLE (1) 4.6%/21.7x


PARKING SPACES (underground/outside) 256 (153/103)


MARKET RENT (office) € 14.00 p.m.





ACQUISITION III – SUNSQUARE – KIRCHHEIM/MUNICHCLOSING 15 DECEMBER 2018

(1) Based on the net purchase price / (2) The average square metre rent for office space is higher than the total average rent, because the site includes a canteen of 1,290m² which is currently paying no rent / (3) Source: JLL Advisory

HIGHLIGHTS

• Asset Deal, closing 15 December 2018

• Advanced negotiations are in progress with one of the biggest rehabilitation center operators in Germany about the construction of a convalescent home on the site.

• An indicative valuation puts the value of the property at € 37.1m, which represents a multiple of 46.2x, equivalent to a “lucky-buy” effect of € 4.9m (based on the gross purchase price of € 32.2m).

• The office complex is located in Kirchheim-Heimstetten, a prosperous suburb of Munich. Its proximity to Munich and the optimal infrastructure have persuaded many well-known companies to settle down in the immediate vicinity.







AVG. RENT/m2 (office) (2) € 11.47 p.m.

MARKET RENT/m2 pcm (office) (3) € 12.00 p.m.





ACQUISITION IV – FRANKFURT AIRPORT CENTERCLOSING 28 DECEMBER 2018

HIGHLIGHTS

• Share Deal, closing 28 December 2018

• Two new anchor leases (8,910 square metres or 18.5% of the lettable area and € 1,736k rent p.a.) already signed with tenants from the aviation industry.

• Refurbishment of rental areas is in progress, completion expected for April and July 2019.

• An existing financing of € 88.0m is included in the transaction. Additionally a total sum of € 27.0m which is available for capex and tenant fittings.

• The Frankfurt Airport Center is a unique asset with a direct link to the Terminal 1 of the Frankfurt airport. It also benefits from excellent connections to the motorway- and railway-network. The Airport subsegment has seen continuous enhancement over recent years, which is reflected in steadily rising prime rents.

YEAR OF CONSTRUCTION(modernization) 1988/2016

NET PURCHASE PRICE (1) € 168.0/3,490 €/m²

RENTAL INCOME p.a. (2) € 10.0m

YIELD (1)/MULTIPLE (3) 5.5%/18.2x


PARKING SPACES (underground/outside) 183


AVG. MARKET RENT/m2 (office) € 21.00 p.m.




(1) Purchase price excluding already agreed refurbishing and capex for new rent contracts with Operational Services and Star Alliance for EUR 7.7 million p.a. / (2) Rental income adjusted for the two signed rental contracts with Operational Services and Star Alliance. As per 01.11.2018 rental income excluding these contracts is EUR 8.4 million /

(3) Yield/ multiple including deduction of ground rents


ACQUISITION V – PENTAHOF – HAMBURGCLOSING 31 JANUARY 2019

HIGHLIGHTS

• Asset Deal, closing 31 January 2019

• An indicative valuation puts the value of the property at € 64.2m, which represents a multiple of 21.7x.

• Major tenant with 98% of the overall space is an international oil company with top credit rating. However the space used by the major tenant, declined gradually over the past few years and currently is at 89% due to sub-letting.

• The annualised funds from operations (FFO) before overheads are more than € 2.13m. This represents an initial FFO yield of about 7.7 per cent before overheads.

• The Pentahof is located in the subsegment Hamburg Fuhlsbüttel/Airport and benefits from excellent connections to both the motorway A7 and Hamburg International Airport. The asset is very flexible and can be used as multi- or single tenant property.

YEAR OF CONSTRUCTION(modernization) 1997






AVG. RENT/m2 pcm (office) € 9.41 p.m.







ACQUISITION VI – QUARTIER AM ZEUGHAUS – HAMBURGCLOSING 30 APRIL 2019

HIGHLIGHTS

• Asset Deal, signed in December 2018

• An indicative valuation puts the value of the property at € 164m, which represents a multiple of 24.5x.

• Major tenants are telecoms, media-groups, leasing companies, hospital service and other service providers.

• The asset offers short term upside potential due to a vacancy rate of 10.6% and market rent of € 14.50 plus per square metre.

• The Zeughaus is located in Hamburg Eppendorf, one of the most renown quarters in Hamburg with rising rents and a very attractive tenant mix. The asset offers very high-quality offices and is very flexible in terms of usage.

YEAR OF CONSTRUCTION(modernization) 1927/(2000)/(2008)

NET PURCHASE PRICE € 153.0/3,515 €/m²


YIELD/MULTIPLE (1) 4.8%/21x


PARKING SPACES 782


AVG. MARKET RENT/m2 pcm (office) € 14.50 p.m.






ACQUISITION VII – Y2 – FRANKFURT CLOSING 13 FEBRUARY 2019


HIGHLIGHTS

• Asset Deal, closing 13 February 2019

• An indicative valuation puts the value of the property at € 54m, which represents a multiple of 20x .

• Major tenants are amongst others JobcenterFrankfurt, City of Frankfurt, and other service providers.

• The asset offers short term upside potential due to a high vacancy of 35.7% and market rent of € 12.00 plus, per square metre p.m.

• The Y2 is located in the so called Merton quarter and benefits from excellent connections to downtown Frankfurt (subway station directly next to the building). The asset is very flexible and can be used for smaller multi-office purpose or as large-office property.






PARKING SPACES 567







ACQUISITION VIII – EIGHT DORNACH – ASCHHEIM/MUNICHCLOSING 31 JANUARY 2019


HIGHLIGHTS

• Asset Deal, closing 31 January 2019

• An expected valuation puts the value of the property at € 50m, once fully let and with an annualised rent of € 2.6m which represents a valuation gain of € 12.3m.

• ‚Eight Dornach‘ benefits from excellent connections to downtown Munich and is flexibility as it can be used for smaller multi-office purpose as well as a large-office property or a combination of both. It is also only 5 car minutes away from the Munich fair-ground.

• The asset offers short term upside potential due to high vacancy of 51.1% and market rent of € 12.50 per square metre p.m.

• Eight Dornach is located in the so called business-park ExpoGate Munich-Dornach directly on the Munich city border.




YIELD (1)/MULTIPLE 3.6%/27.5x


PARKING SPACES 279







ACQUISITION IX – HERZOG-TERRASSEN – DUSSELDORFCLOSING 15 APRIL 2019

(1) Yield/multiple based on the net purchase price / (2) Excluding exeptional right of termination; NRW Bank has an exeptionalright of termination between years 3-5 for 1,400 sqm and after 8 years for the whole space. Including this WALT would be 5.8

HIGHLIGHTS

• Asset Deal, off-market transaction, signed in January 2019

• The asset is located right in downtown Düsseldorf just 500m of Königsallee. The former head quarter of WestLB is a now a multi tenant asset with very flexible office space and an upmarket infrastructure.

• The property is located on a 16,300 sqm plot and is perfectly suitable for tenants from the financial- and service-industry offering security service, inhouse restaurant, coffee shops and one of the largest underground car parks in Dusseldorf.

• An indicative valuation puts the value of the property at € 180.0m or a multiple of 26.9x. The asset offers short term upside potential due to high vacancy of 51.1% and market rent of € 12.50 per square metre.

• Unique opportunity to extend lease contracts and reduce vacancy. Strong tenant base of international banks and trading companies.

YEAR OF CONSTRUCTION(modernization) 1980/2014





PARKING SPACES 962



WALT (Years as of 1.01.2019) (1) 6.4




ACQUISITION X – CITY GATE – FRANKFURTSIGNING 22 MAY 2019


HIGHLIGHTS

• Asset Deal, signed in May 2019.

• The asset is located right in the inner city of Frankfurt in the so called Nordend. The former Shell headquaterwas renovated in 2017/2018 and is certified as a green building by BREEAM.

• The property is is perfectly suitable for tenants from the service-industry and public enteties offering 23,308 m² of rentable space.

• The asset offers short term upside potential due to vacancy of 13% and market rents well above the current rents.

• Unique opportunity to extend lease contracts and reduce vacancy. Strong tenant base of mostly public service companies.

YEAR OF CONSTRUCTION(modernization) 1966/2017/2018

NET PURCHASE PRICE € 85,0m/3,647 €/m²




PARKING SPACES 165/28



WALT (Years as of 1.01.2019) (1) 6.7




7%

7%6%

6%5%

4%4%3%

3%3%

52.4% Others

ECONOMICALLY SOLIDPORTFOLIO TENANT STRUCTURE

Godewind Portfolio KPIs include the asset City Gate in Frankfurt signed in 5/2019 and intended to close in Q3/2019 and signed but not yet active lease contracts: Tech S.A.T. at Sunsquare (Start: 10/2019), UKE at Zeughaus (Start: 9/2019), Fraport and Operational Services at FAC (Start: 10& 7/2019), and NRW.Bank at Herzog-Terrassen (Start: 10/2019).

* Creditreform ‚Bonitätsindex‘ and the corresponding PD (Probalitity of Default) calculates the risk of default of a debtor within one year according to Bale II criterias. Applied on Creditreform a score of 500 to 600 means default. 224 or 0.38% for example is a ‚good‘ rating. 100 is the top ranking and 600 is the worst ranking. The average in Germany is 1.42%;

Tenant Rental incomep.a. (€ M)

Rental income(in %)

WALT (in years)

Creditreform (1)

Score (100-600)

3.01 7.2 2.8 136

2.92 7.0 4.7 100

2.31 5.5 1.3 184

2.25 5.4 9.2 121

2.13 5.1 7.8 115

1.80 4.3 6.8 228

1.60 3.8 2.8 211

1.36 3.3 5.3 127

1.22 2.9 8.9 100

1.10 2.6 7.3 141

Top Tenants 19.70 47.6 5.2 142

Others 22.04 52.4 5.0

Total 41.74 100.0 5.2

Tenant Base

Shell Germany

GMGmbH

High tenant diversificationwith outstanding credit rating

Tenant Split – Top 10


837945

1.167

0

200

400

600

800

1.000

1.200

GAV Bridge (€ m)

108

222

POTENTIAL DEVELOPMENT OF GAV AND NAVVALUE CREATION

Debt 397m (existing)+56m (City Gate) 50.5m 503.5m 72m 575.5m

LTV 54% 47% 53% 32% 49%

GPP

InvestmentsGross

Investments

Upside Market ValueGAV

*takes into account lease commissions and rent free periodsAll figures (€) based on assumptions as of May 2019, unless otherwise stated

GAV Growth Potential of around 40%

• Value creative investments predominantly in form of TIs

• Upside of GAV value mostly from value-add portfolio

NAV Growth Potential of around 80%

• Portfolio appreciation as a result of active asset management

• TLCFs and rental income as additional driver

1

2

380

68437

58

209

0

100

200

300

400

500

600

700

800

NAV Bridge (€ m)

NAVNet IncomeContribution

TLCFContribution

NetAppreciation*

Potential future NAV

454


VALUE CREATION EXAMPLECITY GATE - FRANKFURT

PROPERTY KPIs

INVESTMENT RATIONALE • Acquired a Core(+) investment opportunity in Frankfurt inner city

(Nordend). Good mix of value-upside and stable cash-flows. • The property was just refurbished in 2018 – thus no capex• Rental income potential of € 4.3mm, representing an average FFO

between 2020-2024 of €3.1m or 8.3% FFO yield.

YEAR OF CONSTRUCTION (modernization) 1966/1993/2018

GROSS PURCHASE PRICE € 90.4m/3,878 €/m²



YIELD/MULTIPLE * 4.5%/22.2x


AVG. RENT/m² pcm (office) € 14.6 p.m.

AVG. MARKET RENT/m² (office) € 14.50/18.00 p.m.



BUSINESS EXECUTION PLAN• Vacancy reduction c. 1,900 sqm of vacant office space which is

planned to be let at market generating additional rent of c. € 0.5m

• Increase in-place rents through indexation and mark-to-market at lease expiry

• Extend WALT through lease renegotiations and reletting

VALUATION UPSIDETARGET KPIs AFTER BUSINESS PLAN EXECUTION

TARGET MARKET VALUE €97.9m

RENTAL INCOME p.a. €4.35m

GROSS YIELD/MULTIPLE 4.4%/22.5x

INVESTMENT € 2.1m


INDICATIVE NET APPRECIATION ** € 5.4m/6%

1

2

3

4

* Yield/multiple based on the net purchase price. ** Net appreciation based on the gross purchase price.

STAVROS EFREMIDISCEO

INVESTOR RELATIONSGUNNAR JANSSEN+49 69 2713973 213+49 175 29 76 [email protected]

GODEWINDIMMOBILIEN AGTAUNUSANLAGE 860329 FRANKFURTGERMANY

GODEWIND-AG.COM

LEADING IN COMMERCIALREAL ESTATE

190626 Godewind PPT web · GODEWINDIMMOBILIEN AG // INVESTOR PRESENTATION MAY 2019 // 3 All figures...

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Transcript of 190626 Godewind PPT web · GODEWINDIMMOBILIEN AG // INVESTOR PRESENTATION MAY 2019 // 3 All figures...