Results Presentation(1) August 2012 Adjusted NAV per share of 39.06 pence adjusted for the issuance...

Results Presentation

October 2013

2 Document name and description here 2 Redefine International P.L.C.

Contents

Page

• Highlights and corporate restructuring 3 - 5

• Financial results 6 - 12

• Portfolio review 13 - 21

• Recent acquisitions 22 - 27

• Asset management 28 – 31

• Looking forward 32 – 33

• Additional information


Highlights

• Strong set of financial results

– Distributable earnings of 3.11 pence per share

– Adjusted NAV up 6.2% to 38.66 pence per share

• Total shareholder return of 58.9%

• Portfolio quality enhanced through asset management, sales and new acquisitions

– Acquisition of three high quality German shopping centres for €189.0 million

– Contracts for acquisition of Weston Favell Shopping Centre exchanged for £84.0 million post period end at an

accretive 7.2% yield

• Portfolio occupancy improved to 97.3% (February 2013: 95.9%)

• Positive restructuring of Aviva debt secured against the UK retail portfolio

– Pro-forma Group LTV reduced to 56.8%

• Legacy issues largely resolved

• Rationalisation of shareholding structure achieved

• Proposed conversion to a UK-REIT and management internalisation well advanced


Corporate restructuring

• Successful secondary listing on the JSE

• Unbundling of intermediate shareholding structure approved

• Removal of the pyramid structure expected to increase liquidity

and tradability of Redefine International shares

• Removes the duplication of certain Group costs

• Increase in free float

• Wider geographical spread of shareholders

• Single large supportive shareholder in Redefine Properties

Limited

• Announcement on proposed REIT conversion and

internalisation expected in early November 2013

RDI (LSE)

LSE Minorities RIN (JSE)

RIN minorities

RDI (LSE & JSE)

RDI Minorities

(UK & SA)

Redefine Properties

Limited (JSE)

Redefine Properties

Limited (JSE)

52.2% 47.8%

Pre Restructuring

Post Restructuring

61.8% 34.7%

33.0% 67.0%

Note:

(1) Shareholding as at 28 October 2013

3.5%


Corporate objectives

Short Term

• Intermediate shareholding structure removed, inward listing on JSE completed

• REIT conversion

• Manco internalisation

• Senior management appointments

• Index inclusion (FTSE All share, FTSE 250 and EPRA)

• Further reduce cost of capital

• Sustainable distribution growth of CPI +1% to +2% p.a. compound

• Share rating based on a sustainable dividend yield

• Relevant player in UK listed market

Medium Term

• Alternative sources of flexible and cost efficient capital

• Global player with Redefine Properties Long Term

FY2013 Results

Stephen Oakenfull


FY2013 results highlights

• Improved earnings delivered from a stronger financial position

• Increase in full year Adjusted NAV

• Operating environment showing signs of growth

Operating FY2013 FY2012 Change

Occupancy (by area) 97.3% 95.5% + 1.9 ppt

Indexation 51.2% 52.0% - 0.8 ppt

WAULT (years) 8.7 8.6 0.1

Income FY2013 FY2012 Change

Distributable earnings (£m) 30.1 25.5 + 18.0%

Distributable EPS (1)

3.11 4.40 (29.3%)

Dividend per share 3.11 4.40 (29.3%)

Financial Position FY2013 FY2012 Change

Adjusted NAV per share 38.66 36.41 +6.2%

Group LTV 60.4% 81.7% (21.3) ppt

Pro-forma LTV 56.8% n/a

Total shareholder return 58.9% (16.2%) n/a

Notes:

(1) Distributable EPS reflects the additional 388.5m ordinary shares in issue during the year (after taking into account the 9 for 10 consolidation)

(2) Pro-forma LTV reflects the Aviva restructuring announced post year end

(3) Total shareholder return as measured by Datastream


Earnings available for distribution

3.11 3.11

4.28 0.31

1.65

0.12 0.02

0.44

0.21 0.20

1.61

0.19

Gross

rental

income Operating

expenses

Income

from

associates

and joint

ventures(2) Investment

management

fee Non-

controlling

interest Net finance

charges

Tax & FX

loss Distributable

EPS

Fee & other

income Admin.

expenses

Notes:

(1) Distributable EPS reflects the additional 388.5m ordinary shares in issue during the year (after taking into account the 9 for 10 consolidation)

(2) Includes all Cromwell distributions received for the year

(3) Relates to CMC earnings from 1 June 2013

UK Stable Income, 37.5%

UK Retail, 20.0%

Europe, 16.9%

Hotels, 25.6%

Income from

new

investments(3)


Portfolio valuation

• Portfolio valuations stabilised, up 0.9% excluding non core assets

• Exposure to regional office assets reduced to 11.6%(1) of portfolio as planned

• UK Retail values supported by successful leasing and asset management strategies

• No ‘economic’ impact from valuation changes in non-core assets

Notes:

(1) Reflects percentage of portfolio (including share of jointly controlled entities) by market value but excluding non-core assets

(2) Reflects CMC transaction (part of European portfolio)

(3) Non-core assets include the Delta portfolio (held for sale) and the ICC Criminal Court in the Hague

Portfolio valuation movement

£m

Proportion of

portfolio by value

Market value

31 August 2013

Valuation movement

H2

UK Stable Income 18.3% 151.2 (1.0%)

UK Retail 21.1% 174.6 2.9%

Hotels 18.2% 150.3 0.1%

Europe 15.4% 127.8 1.3%

Total like-for-like portfolio 72.9% 603.9 0.9%

Acquisitions(2)

18.9% 156.6 0.0%

Total investment portfolio 91.8% 760.5 0.9%

Non-core assets(3)

8.2% 67.5 (8.9%)

Total portfolio 100.0% 828.0 (0.2%)


38.66

36.41

24.78

2.09 2.04 3.11

4.05 3.78 2.22 30.43

8.23

Adjusted NAV per share

Pro-forma(1)

Adjusted NAV

(Aug 2012)

Distributable

EPS

Other items (2)

Adjusted NAV

(Aug 2013)

Impact of

capital raise

Non-

recourse and

residual debt

adjustments

Dividends

Portfolio

revaluation EPRA NAV

(Aug 2012)

+6.2%

EPRA NAV

(Feb 2013)

Cromwell

market

value adj.

Notes:

(1) August 2012 Adjusted NAV per share of 39.06 pence adjusted for the issuance of 490,384,616 new ordinary shares at 26 pence per share and the subsequent 9 for 10 share consolidation

(2) Other items include £16.4m related to the gain on the write-off of VBG debt on restructuring and a performance fee accrual of (£6.4m) in relation to the Investment Adviser’s Agreement

(3) Following the reduction in shareholding to 13.7%, Cromwell is now accounted for at market value which was previously an adjustment to EPRA NAV

(4) All figures are per share reflecting the fully diluted number of shares of 1,017,158 shares as at 31 August 2013


13.2

29.2

210.0

73.3

42.4 11.9

47.3

148.1

79.2

18.2

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023

Debt maturity profile (£m)

Debt position

• Pro-forma(1) Group LTV reduced to 56.8%

• Pro-forma see through LTV including share of JVs reduced to 57.6%

• Pro-forma debt maturity profile significantly enhanced to 9.0 years

• Weighted average interest rate of 4.59%

• 99.9% of debt at fixed or capped rates

Notes:

(1) Pro-forma figures include the impact of the Aviva restructuring post year end and excludes the non-recourse Delta and Hague facilities

£79.2m remaining

Delta facility to be

sold down

(non-recourse)

Planned extensions or refinancing of 2016

maturities already underway:

• St George’s: £40.5m

• Hotels £85.9m

• Cromwell: £37.7m

• Ingolstadt: £11.4m

• Zeta: £37.7m £18.2m Hague

facility –

conditional

extension to

2016


Aviva restructuring

• Debt facilities restructured to provide long-term sustainable funding

• Debt against West Orchards repaid in cash at current market value of the property (£37.0m)

• Debt against Grand Arcade to be reduced by c50% to £73.0 million in return for £7.0m cash payment

• Redefine International to assume 100% ownership but Aviva will participate in 50% of Grand Arcade’s net income and capital growth

• Option to acquire Aviva’s 50% profit share for a maximum of £18.5m in five instalments

Restructuring summary

(£m)

Property

Value NIY

Cash

payment

Cost of

debt

Interest

reduction

Old New Old New

Wigan 77.7 8.3% 7.0 144.2 73.0 5.7% 8.2 4.1 (2.0)

Coventry 37.4 9.5% 37.0 55.6 - 6.3% 3.5 - (1.7)

Total 115.1 8.7% 44.0 199.9 73.0 11.7 4.1 (3.8)

Annual interest

chargeDebt

Notes:

(1) Contracts were exchanged on the Aviva restructuring post year end

Portfolio review

Bahnhof Altona, Hamburg


10.1

1.0

Greater London 90.6%

Reading 9.4%

Gross rental income (£m)

Portfolio overview

• Government-let offices, motor

trade and roadside services,

retail and residential units

• 73 properties

• 7.5% net initial yield

• Key occupiers include UK

Government, Kwik-Fit and

Malthurst

UK Stable Income UK Retail Hotels Europe

• Regionally dominant shopping

centres and convenience retail

parks

• 6 properties(1)


• Key occupiers include

Debenhams, BHS & ASDA

• Seven London-based budget

hotels

• The hotels are let to Redefine

Hotel Management Ltd on a fixed

rental basis with annual reviews


• Branded under Holiday Inn,

Holiday Inn Express and Crowne

Plaza

• Properties located in Germany,

Switzerland and the Netherlands.

The portfolio comprises shopping

centres, discount supermarkets

and government-let offices

• 36 properties


• Key occupiers include Primark,

VBG, Aldi, Rewe & Lidl

15.3

1.5

1.1 1.3

Gov. 80.1%

PFS 7.7%

Kwik Fit 5.5%

Other 6.6%


3.4

1.9

2.6 1.5

0.8

4.2

Wigan 23.7%

Coventry 13.1%

Birch'wd 17.8%

Seaham 10.1%

Crewe 5.9%

Harrow 29.5%


14.8

1.4

1.9

German 81.7%

Swiss 7.7%

NLD 10.5%


Note: (1) excl. Weston Favell


Lease expiry profile

3.7

5.0

3.0 2.5

3.7

1.2

3.1 2.9 3.7

4.7

24.7

6.3%

8.5%

5.2%

4.2%

6.4%

2.1%

5.4% 5.0%

6.3%

8.0%

38.4%

FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024+

Expiries by gross income excl. Cromwell and Delta (£m)

UK Stable Income UK Retail Hotels Europe % of total

Note: Rental income reflects Group’s share of jointly controlled entities

Hague (£1.9m)

expected to be

extended to

2016

£2.6m relates to

Hamburg of which

over £1.0m is

already under

negotiation


UK Stable Income

Market

• Improving occupier market with regional office take-up strengthening

• Stronger investment market conditions

• Valuations stabilising or improving in major regional centres

• Occupancy up to 97.8% reducing operating costs

• Portfolio value down by 1.0%

• Government-let offices reduced to 11.6% of portfolio

• Strong investment and occupier fundamentals for Southbank offices

Performance

• Further sales of non-core assets

• Focus on fewer and higher quality assets with greater emphasis on the South

East

• Reposition assets with higher value alternative uses

• Move into higher growth sectors or locations

Strategy


UK Retail

Market

• Consumer related economic indicators improving

• Retailer administrations reduced significantly

• Real rental growth limited

• Investor demand for good quality secondary shopping centres up sharply

• Portfolio valuation increased 2.9% in second half of the year

• Marginal decline in occupancy by 0.9% to 95% largely due to recently

completed units

• 14 new leases totalling 47,500 sq ft completed in Q4 vs 5,000 sq ft of expiries

or break options during the same period

Performance

• Continued focus on income and occupancy protection

• Capital expenditure projects at Birchwood and Harrow to enhance asset quality

and value largely complete

• Capital expenditure programmes at Coventry and Weston Favell initiated

• Rebranding of centres and development of additional sources of income

Strategy


Hotels

Market

• “Olympic” effect out of the way

• Analysts forecasting 2.0% RevPar growth in 2014 in London

• Occupancies holding at historically high levels

• Regional trends behind London

• Solid performance following slow Jan/Feb 2013

• Very strong fourth financial quarter

• Average occupancy of 83.1% in line with FY2012

• Current trading is encouraging for FY2014

Performance

• Focus to remain on branded, limited service hotels in Greater London

• Capital expenditure and refurbishment programme ongoing

• Capitalise on management expertise

• Exposure to be limited to 15% - 20% of total assets

Strategy


Cromwell

• Co-ordinate strategy with Redefine Properties

• Liquid currency if required for deal making

• Positive diversification

Strategy

• Record operating profit of AUD 102.4m

• Distribution increased by 3.6% to 7.25 cents

• Net gearing reduced to 46% LTV

• Occupancy maintained at 96%

• Distribution guidance of 7.5 cents for FY2014

Performance

Market

• Economy subject to weaker Chinese activity

• Australian Dollar declined c15% against Sterling in the second half of FY2013

• Potential bounce from recently elected Government


Europe

• Enhance income security through lease extensions and indexation

• Deliver asset management opportunities from CMC acquisition

• Sale of smaller non-core assets

Strategy

• Occupancies steady at 98.6%

• Valuations increased 1.3% in Sterling terms

• Successful sales of smaller non-core assets

Performance

Market

• Germany and Switzerland remain relative safe havens

• Investment volumes continue to rise

• Increasing risk appetite

• Cost effective debt available for good quality assets


European portfolio update

• European portfolio increased to 34.3% of directly property portfolio following the CMC acquisition

• Acquisition activity to remain opportunistic but likely to focus on retail

• Attractive bank funding driving down cost of capital and enabling investment into growth assets

Discount supermarkets

21.4%

DIY stores 10.1%

Shopping centres 50.9%

Offices 17.6%

European

portfolio by

gross rental

income

Overview of recent acquisitions

Schloss Shopping Centre, Berlin


Overview of CMC acquisition

• Portfolio valued at €189.0m reflecting a net initial yield of 5.5%

• €140.8m of stapled debt at a weighted average all-in interest cost of 3.12% p.a.

• Initial yield on equity in excess of 12.0%

• Consideration of €48.2m to be settled in cash (at an effective discount of c4.0%) or shares at an effective issue price of 40.0p

• Asset management opportunities to drive both income and capital value growth

• Acquisition of property owning companies - significant saving on transaction costs

• Three high quality retail assets located in the core German investment markets of Berlin, Hamburg and Ingolstadt

• Delivering on strategy to enhance the quality of the portfolio



• Acquisition value: €93.0

• Gross rental income: €5.0m

• Net initial yield: 5.2%

• WAULT: 7.1 years

• Indexation: 99.07%

• Key tenants: Primark, REWE, dm, Toys R Us,

Cyberport

• Stapled debt: €72.0m

• Cost of debt: 2.94%

• Debt maturity: August 2017

• Occupancy: 99%

• Prime shopping centre, recently redeveloped and located in an established retail location with strong transport links

• Primark introduced in 2012 and has seen exceptional trading since opening

• Opportunities to drive rents from improved footfall and turnover as well as through advertising and commercialisation


Bahnhof Altona Shopping Centre, Hamburg

• Acquisition value: €72.5m





• Key tenants: Lidl, Media Markt, McDonalds,

Rossman


• Cost of debt: 3.68%

• Debt maturity: February 2020

• Occupancy: 100%

• Established retail location, integrally linked to the Altona train station S-Bahn transport network

• Significant surrounding development including up to 3,500 new residential units and concept in-town IKEA store

• Asset management opportunities available to enhance tenant mix and create additional retail space


City Arkaden Shopping Mall, Ingolstadt

• Acquisition value: €23.5m





• Key tenants: H&M, Thalia


• Cost of debt: 1.15% above 3 month Euribor

• Debt maturity: June 2016

• Occupancy: 87%

• Prominent location in one of Ingolstadt's prime retail streets

• Affluent retail catchment with purchasing power significantly above the German average

• Well advanced opportunity to re-position the centre as an institutional quality core retail asset


Weston Favell Shopping Centre, Northampton

• Acquisition value: £84.0m

• Net rental income: £6.4m



• Indexation: Tesco lease linked to RPI

• Key tenants: Tesco

• Debt: £50.0m

• Cost of debt: c£5.7% p.a.

• Debt maturity: November 2038

• Occupancy: 97.8%

• Centre dominates the wider catchment area

• Lack of supermarket competition in the northeast of Northampton

• Tesco accounts for 53% of the net passing rent

Asset management

Holiday Inn Express, Southwark


Harrow residential conversion

• Marketing process complete, preferred partner selected

• Strategy to recycle capital into income producing investments

• Maintain exposure to rising residential market through overage provisions


St Anne House, Croydon

• Former Home Office Government building and legacy Wichford asset originally built in 1960’s

• Asset management strategy to convert now obsolete offices into hotel and residential units

• Secured planning permission and agreed 20 year lease with hotel operator and £10m pre-sale of residential apartments

St Anne House

Westfield / Whitgift Centre

Note: All pictures are architect's impressions


St George’s, Harrow

• Nando’s: £82,000 p.a (3,491 sq ft) on a new 20

year lease

• Frankie & Benny’s: £102,480 p.a (4,270 sq ft) on a

new 25 year lease with a tenant only break at year

15

• H&M: £175,000 p.a (7,786 sq ft) on a 10 year

lease with a tenant only break at year seven

• Pizza Express: £79,300 p.a (2,859 sq ft) on a new

25 year lease with a tenant only break at year 15

• Vue, Prezzo, McDonalds and TK Maxx units

comprehensively refurbished

• Letting and asset management strategy successfully implemented

• Tenants investing in own stores alongside investment in the centre

• Retailers reporting increased footfall and turnover

Looking Forward

Mike Watters


Looking Forward

• Corporate restructuring largely complete

• Internationally recognised corporate and management structure to attract a wider investment audience

• Board and management to be strengthened

• Focus now firmly on assets and new opportunities

• Continue to improve the quality of the portfolio and long-term income security and growth potential

• Opportunities to diversify sources of funding and reduce cost of capital allowing investment into better quality assets

• Selective redevelopment and investment into existing assets to support income growth

• Opportunistic approach to new acquisition opportunities

• Continue to recycle capital across the portfolio into performing sectors

• Manage risks (increasing interest rates, asset price bubbles)


Contacts

Mike Watters

Chief Executive Officer, RIPML

t: +44 (0)20 7811 0100

e: [email protected]

Stephen Oakenfull

Chief Operating Officer, RIPML

t: +44 (0)20 7811 0100

e: [email protected]

Redefine International P.L.C.

Top Floor, 14 Athol Street

Douglas

Isle of Man IM1 1JA

t: +44(0)1624 689 589

www.redefineinternational.com

Redefine International Property Management

Limited

2nd Floor, 30 Charles II Street

London SW1Y 4AE

t: +44 (0)20 7811 0100

Additional information



Property portfolio metrics

Portfolio Analysis

Total portfolio proportionately

consolidated

% of

portfolio by

market

value

Market

value

31 August

2013 Properties Area (m 2)

Annualised

rental

income

Gross

estimated

market

rental value

Net initial

yield

Weighted

average

lease length

Voids (by

ERV)

Voids (by

lettable

area)

UK Stable Income Portfolio 18.3% 151,214,500 73 122,800 12,056,154 9,886,720 7.5% 9.1 3.9% 2.2%

UK Retail Portfolio 21.1% 174,560,000 6 115,686 14,364,275 15,730,906 7.0% 11.0 5.1% 5.0%

Hotels 18.2% 150,300,000 7 26,744 11,100,000 11,100,000 7.0% 12.3 0.0% 0.0%

Europe 34.3% 284,405,750 36 113,572 16,244,502 16,106,178 6.4% 6.4 1.5% 1.4%

Total (excl. non-core portoflio) 91.8% 760,480,250 122 378,802 53,764,932 52,823,803 6.9% 9.4 2.7% 2.7%

Non-core portoflio 8.2% 67,522,014 17 69,770 8,960,068 16,480,428 12.5% 4.3 1.2% 2.4%

Total (incl. non-core assets) 100.0% 828,002,264 139 448,572 62,724,999 69,304,232 7.3% 8.7 2.3% 2.7%


Property portfolio metrics (cont.)

Portfolio Analysis

Consolidated portfolio

%

Ownership

(effective)

Market

value

31 August

2013 Properties Area (m 2)

Annualised

rental

income

Gross

estimated

market

rental value

Net initial

yield

Weighted

average

lease length

Voids

(by ERV)

Voids

(by lettable

area)

UK Stable Income Portfolio

Office 100.0% 100,000,000 23 55,477 8,258,081 6,026,084 7.8% 8.0 4.5% 3.9%

Kw ik Fit Portfolio 100.0% 14,995,000 27 14,870 1,057,411 1,016,988 6.7% 15.9 0.0% 0.0%

Petrol Filling Stations 100.0% 20,970,000 19 46,802 1,477,058 1,477,058 6.7% 11.8 0.0% 0.0%

Total UK Stable Income Portfolio 135,965,000 69 117,149 10,792,550 8,520,130 7.5% 9.3 3.2% 1.8%

UK Retail Portfolio

Birchw ood, Warrington 100.0% 30,020,000 1 36,290 2,560,256 2,929,037 6.9% 17.9 8.4% 8.3%

St Georges, Harrow 100.0% 59,750,000 1 20,312 4,231,020 4,601,570 6.1% 6.7 4.8% 2.4%

Byron Place, Seaham 100.0% 17,860,000 1 10,719 1,456,471 1,532,300 7.2% 13.0 3.4% 4.3%

Crew e 100.0% 9,360,000 1 16,923 840,839 958,822 8.2% 13.1 9.2% 5.9%

Total UK Retail Portfolio 116,990,000 4 84,244 9,088,587 10,021,729 6.6% 11.5 6.1% 5.9%

Hotels

Brentford Lock 71.0% 25,300,000 1 5,673 1,870,000 1,870,000 7.0% 12.3 0.0% 0.0%

Southw ark 71.0% 22,600,000 1 2,181 1,500,000 1,500,000 6.3% 12.3 0.0% 0.0%

Limehouse 71.0% 24,700,000 1 5,747 1,800,000 1,800,000 6.9% 12.3 0.0% 0.0%

Royal Docks 71.0% 22,600,000 1 4,561 1,615,000 1,615,000 6.8% 12.3 0.0% 0.0%

Park Royal 71.0% 16,150,000 1 3,565 1,175,000 1,175,000 6.9% 12.3 0.0% 0.0%

Reading 71.0% 12,500,000 1 3,163 1,040,000 1,040,000 7.9% 12.3 0.0% 0.0%

Earls Court 42.6% 26,450,000 1 1,854 2,100,000 2,100,000 7.5% 12.3 0.0% 0.0%

Total Hotel Portfolio 150,300,000 7 26,744 11,100,000 11,100,000 7.0% 12.3 0.0% 0.0%

Europe

Schloss Centre, Berlin 100.0% 75,938,567 1 19,026 4,260,037 4,324,287 5.3% 7.1 2.0% 1.0%

Bahnhoff Altona, Hamburg 100.0% 61,433,447 1 15,513 3,729,280 3,581,651 5.7% 3.5 0.0% 0.0%

City Arkaden, Ingolstadt 100.0% 19,197,952 1 10,391 1,259,121 1,308,131 6.2% 5.0 11.3% 12.9%

Ciref Berlin / German portfolio 96.0% 18,950,512 15 19,996 1,774,069 1,690,021 8.8% 5.7 0.1% 0.2%

Bremen / Lindenhoff 77.7% 5,895,904 1 4,167 488,903 458,568 7.8% 5.5 0.0% 0.0%

Sw iss portfolio 100.0% 21,443,442 2 4,018 1,403,634 1,480,153 6.2% 7.0 0.0% 0.0%

OBI portfolio 48.0% 18,617,747 2 19,388 1,446,763 1,396,321 7.3% 10.0 0.0% 0.0%

Total European Portfolio 221,477,572 23 92,500 14,361,807 14,239,132 6.1% 6.0 1.7% 1.7%

Wholly owned portfolio 624,732,572 103 320,636 45,342,944 43,880,991 6.9% 9.4 2.5% 2.7%


Property portfolio metrics (cont.)

JVs and subsidiaries

proportionate share

Market

value

31 August

2013 Properties Area (m2)

Annualised

rental

income

Gross

estimated

market

rental value

Net initial

yield

Weighted

average

lease length

Voids

(by ERV)

Voids

(by lettable

area)

UK Stable Income Portfolio 15,249,500 4 5,652 1,263,605 1,366,590 7.8% 7.4 8.1% 10.6%

UK Retail Portfolio 57,570,000 2 31,442 5,275,689 5,709,177 7.7% 10.3 3.3% 2.8%

Europe 62,928,178 13 21,072 1,882,695 1,867,046 7.6% 9.2 0.3% 0.3%

Total share 135,747,678 19 58,166 8,421,988 8,942,813 7.7% 9.6 3.4% 2.6%

Total portfolio 760,480,250 122 378,802 53,764,932 52,823,803 7.0% 9.4 2.7% 2.7%

Non core portfolio

Delta 100.0% 55,150,000 16 56,892 7,047,056 4,108,415 12.1% 5.2 4.8% 3.0%

Hague 100.0% 12,372,014 1 12,878 1,913,012 12,372,014 14.6% 0.8 0.0% 0.0%

Total non core portfolio 67,522,014 17 69,770 8,960,068 16,480,428 12.5% 4.3 1.2% 2.4%


Jointly controlled entities

Note:

(1) Figures are shown as 100%. Ownership % included in table

(2) Annualised rental income reflects gross rents less headlease payments

JVs and jointly controlled entities

%

Ownership

Market

value

31 August

2013 Properties Area (m2)

Annualised

rental

income

Gross

estimated

market

rental value

Net initial

yield

Weighted

average

lease length

Voids

(by ERV)

Voids

(by lettable

area)

UK Stable Income JV and subs

Churchill Court 25.0% 11,300,000 1 9,813 1,473,058 1,795,000 12.3% 3.2 24.5% 24.5%

Pearl House, Sw ansea 50.0% 1,449,000 2 883 160,080 205,080 10.4% 1.0 0.0% 0.0%

The Esplanade, Jersey 50.0% 23,400,000 1 5,514 1,630,600 1,630,600 6.6% 10.0 0.0% 0.0%

Total 36,149,000 4 16,210 3,263,738 3,630,680 7.8% 7.4 8.1% 10.6%

UK Retail Portfolio JVs and subs

Grand Arcade, Wigan 50.0% 77,740,000 1 43,353 6,797,473 7,091,100 7.6% 12.4 3.3% 2.8%

West Orchards, Coventry 50.0% 37,400,000 1 19,530 3,753,904 4,327,253 7.8% 6.5 3.4% 2.8%

Total UK Retail Portfolio 115,140,000 2 62,883 10,551,377 11,418,353 7.7% 10.3 3.3% 2.8%

Europe

Waldkraiburg 48.5% 8,489,761 1 5,395 605,983 577,666 6.7% 10.9 0.0% 0.0%

Kaiserlautern 48.5% 5,383,959 1 3,466 405,747 399,942 7.1% 10.9 0.0% 0.0%

Hucklehoven 48.5% 9,803,754 1 11,065 751,472 751,472 7.2% 13.6 0.0% 0.0%

Premium 48.0% 27,841,297 6 23,780 2,141,814 2,143,669 7.3% 5.8 0.9% 1.0%

Retail sub-total 51,518,771 9 43,706 3,905,016 3,872,749 7.2% 8.6 0.5% 0.6%

VBG portfolio 49.0% 77,730,375 4 45,316 6,522,877 3,508,881 7.9% 9.6 0.0% 0.0%

Total Europe 129,249,147 13 89,021 10,427,894 7,381,630 7.6% 9.2 0.3% 0.3%

Total 280,538,147 19 168,115 24,243,009 22,430,663 7.7% 9.4 3.1% 2.2%


Segmental lease expiry profiles

0.5

1.3

0.9

0.1

2.6

0.1

0.6

1.2

4.1

FY

2014

FY

2015

FY

2016

FY

2017

FY

2018

FY

2019

FY

2020

FY

2021

FY

2022

FY

2023

FY

2024

+

UK Stable Income Gross rent (£m)

0.7 0.4

1.4 0.9

0.8 0.4

1.5

0.9

4.8

FY

2014

FY

2015

FY

2016

FY

2017

FY

2018

FY

2019

FY

2020

FY

2021

FY

2022

FY

2023

FY

2024

+

UK Retail Gross rent (£m)

11.1

FY

20

14

FY

20

15

FY

20

16

FY

20

17

FY

20

18

FY

20

19

FY

20

20

FY

20

21

FY

20

22

FY

20

23

FY

2024

+

Hotels Gross rent (£m)

2.4

3.3

0.8

1.4

0.4

0.8

1.6

2.6

4.7

FY

2014

FY

2015

FY

2016

FY

2017

FY

2018

FY

2019

FY

2020

FY

2021

FY

2022

FY

2023

FY

2024

+

Europe Gross rent (£m)


Analysis of debt facilities

Group Debt Analysis

(on balance sheet)

%

Ownership

(effective)

Principal

31 August

2013

Weighted

average

interest rate

(%)

UK Stable Income Portfolio

Office 100.0% 43,779,000 4.13%

Kw ik Fit Portfolio 100.0% 10,734,969 6.37%

Petrol Filling Stations 100.0% 9,026,800 4.19%

Total UK Stable Income Portfolio 63,540,769 4.51%

UK Retail Portfolio

Birchw ood, Warrington 100.0% 29,150,000 6.10%

St Georges, Harrow 100.0% 40,537,500 3.01%

Byron Place, Seaham 100.0% 16,749,910 6.44%

Total UK Retail Portfolio 86,437,410 4.72%

Hotels

Holiday Inn Portfolio 71.0% 73,543,670 4.60%

Earls Court 42.6% 12,359,375 5.19%

Total Hotel Portfolio 85,903,045 4.68%

Europe

Schloss Centre, Berlin 100.0% 61,433,447 2.94%

Bahnhoff Altona, Hamburg 100.0% 47,303,754 3.68%

City Arkaden, Ingolstadt 100.0% 11,357,636 1.80%

Ciref Berlin / German portfolio 96.0% 18,211,523 5.57%

Bremen / Lindenhoff 77.7% 4,015,232 4.95%

Sw iss portfolio 100.0% 11,927,481 1.98%

OBI portfolio 48.0% 13,465,444 2.25%

Total European Portfolio 167,714,517 3.28%

Cromw ell 100.0% 34,522,440 7.30%

Total core debt 438,118,180 4.34%

Non core debt

Delta & The Hague 100.0% 97,370,138 2.15%

Total debt 535,488,319 3.94%

Debt Facilities

JVs and jointly controlled entities

%

Ownership

Principal

31 August

2013

Weighted

average

interest rate

(%)

UK Stable Income JV and subs

Churchill Court 25.00% 9,780,000 6.23%

Pearl House, Sw ansea 50.00% 1,269,000 4.00%

The Esplanade, Jersey 50.00% 20,055,000 6.12%

Total UK Stable Income 31,104,000 6.07%

UK Retail Portfolio JVs and subs

Grand Arcade, Wigan 50.00% 144,240,724 5.68%

West Orchards, Coventry 50.00% 18,635,127 6.29%

Total UK Retail Portfolio 162,875,851 5.75%

Europe

Waldkraiburg 48.47% 5,714,033 2.56%

Kaiserlautern 48.47% 3,559,911 2.62%

Hucklehoven 48.47% 6,690,060 2.57%

Premium 48.00% 21,950,339 5.17%

Retail sub-total 37,914,343 4.08%

VBG portfolio 49.00% 48,549,701 2.64%

Total Europe 86,464,044 3.27%

Total 280,443,895 5.02%

Notes:

Figures reflect 100%

Effective shareholding shown under % ownership


UK Retail portfolio

• St George’s Shopping Centre, Harrow

• Valued at £57.5 million (pre refurbishment/re-letting)

• 212,000 sq ft

• Vue Cinemas, Fitness First, H&M, Boots, T.K. Maxx, Prezzo, Pizza Express, Nandos

• Leisure focused retail scheme

• Grand Arcade Shopping Centre, Wigan

• Valued at £76.4 million

• 470,000 sq ft

• Debenhams, M&S, BHS, Monsoon, Next, T.K. Maxx

• Dominant city centre modern scheme

• West Orchards Shopping Centre, Coventry


• 210,000 sq ft

• Debenhams, M&S, Body Shop, WH Smith, KFC

• Dominant city centre scheme


UK Retail portfolio (cont.)

• Birchwood Shopping Centre, Warrington


• 400,000 sq ft

• ASDA, Aldi, Argos, Home Bargains, New Look, QVC

• Retail park

• Byron Place Shopping Centre, Seaham


• 115,000 sq ft

• ASDA, Argos, Farmfoods, Peacocks, Wilkinson

• Retail park

• Delamere Place Shopping Centre, Crewe


• 180,000 sq ft

• BHS, Arriva

• Redevelopment


UK Retail portfolio (cont.)

• Weston Favell Shopping Centre, Northampton


• 307,763 sq ft

• Tesco, Wilkinsons, Boots and New Look

• Edge of Town

Note: Weston Favell does not yet form part of the portfolio. Contracts were exchanged to acquire the centre post year end.


Hotel portfolio

• Holiday Inn Brentford Lock

• Valued at £25 million

• 61,064 sq ft rentable area @ £24.56 per sq ft

• 134 bedrooms and 12,743 sq ft meeting room area

• Holiday Inn Express Earls Court



• 150 bedrooms and 226 sq ft meeting room area

• Holiday Inn Express Limehouse



• 150 bedrooms and 159.3 sq ft meeting room area


Hotel portfolio (cont.)

• Holiday Inn Express Southwark



• 88 bedrooms

• Holiday Inn Express Park Royal



• 108 bedrooms and 1,371 sq ft meeting room area

• Holiday Inn Express Royal Docks





Hotel portfolio (cont.)

• Crowne Plaza, Reading





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Cromwell Cromwell (GBP) ASX 200 Closing

Cromwell

• Identified as an undercapitalised company at the bottom of the cycle with a strong management team

• Provided strategic support as a cornerstone shareholder and underwriter to raise growth capital

• Shareholding reduced to 13.7%

Initial acquisition

of 12.97% at

$0.70

Sale of 84.5m

securities between

$0.90 and $0.94

Supported placement

and rights issue at

$0.72 – $0.75

Supported rights

issue at $0.71

Supported

entitlement offer

at $0.68

Supported

capital raising at

$0.79

• Share price (AUD) +39.9% since entry

• Share price (GBP) +45.2% since entry

Share price of $1.035 as at 30 August 2013


Relative share price performance

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Share

price (

pence)

Redefine International FTSE All Share FTSE 250 FTSE 350 Real Estate75.2%

33.4%

18.4%

15.9%

Source: Bloomberg

Results Presentation(1) August 2012 Adjusted NAV per share of 39.06 pence adjusted for the issuance...

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Transcript of Results Presentation(1) August 2012 Adjusted NAV per share of 39.06 pence adjusted for the issuance...