Company Update February 2015 - Dea Capital
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Company Update February 2015
Introduction to IDeA FIMIT sgr
IDeA FIMIT is controlled by DeA Capital with a 64.3% stake
> Introduction to IDeA FIMIT sgr > DeA Capital is part of the De Agostini Group, a family-owned group, active worldwide, with
around 5 bln € in revenue in 2014
> Why IDeA FIMIT sgr
- Largest Italian real estate Simplified structure of the De Agostini Group
management company
- High institutional profile Drago family
- Experience in execution Boroli family
- Proven asset management
skills
- Focus on "Core" 2.4% stake
in Assicurazioni
> Real estate market scenario Generali
> Strategy & Outlook
> Conclusions Publishing Media & Gaming & Services Finance
Communication
Zodiak Media Gtech Group DeA Capital
Partworks
Group (84,2%) (59,5%) (58,3%)
Direct Marketing Atresmedia IDeA Capital
Italy (Lottomatica)
(20,9%) Funds SGR
Books IDeA FIMIT sgr
Americas
(64,3%)
International Innovation RE
2
Introduction to IDeA FIMIT sgr
In a nutshell
> Introduction to IDeA FIMIT sgr > IDeA FIMIT sgr is Italy’s largest Real Estate Fund Management Company with approximately €
9 bn of assets under management and a market share of 21%
> Why IDeA FIMIT sgr
> Established in October 2011 as the result of the incorporation of First Atlantic RE sgr into FIMIT sgr,
- Largest Italian real estate IDeA FIMIT sgr combines the experience of two of the main players in the Italian market
management company > Over time, the company’s funds have attracted several primary domestic and international investors,
- High institutional profile including pension funds, private companies, financial institutions as well as sovereign wealth
funds
- Experience in execution
> The Mission of the company is to develop, promote and manage real estate financial instruments to
- Proven asset management satisfy the demand of Italian and international investors, with a focus on institutional clients
skills
> IDeA FIMIT specializes in core investments with a smaller exposure to investments in value added
- Focus on "Core" > IDeA FIMIT pursues low levels of risk, stable cash flows, low volatility, and implements simple
> Real estate market scenario financial structures
> Strategy & Outlook
> Conclusions
Rome, Via Flaminia Rome, Via Curtatone Milan, Piazza Cordusio Rome, Piazzale Mattei
Milan, La Rinascente Rome, Piazza Kennedy Colonia, DB Campus Naples, Via Toledo
3
Why IDeA FIMIT sgr
An ideal partner to invest in real estate
> Introduction to IDeA FIMIT sgr
Largest Italian real estate
> Why IDeA FIMIT sgr management company
- Largest Italian real estate ~€ 9 bln of assets under
management company management
- High institutional profile 21% market share (1)
- Experience in execution Significant benefits deriving from
Focus on "Core" size and economies of scale High institutional profile
- Proven asset management
skills Focus on yielding assets (80% of Shareholder base includes De
the portfolio)(3) in Milan and Agostini Group and some of
- Focus on "Core"
Rome Italy’s most important pension
> Real estate market scenario funds
Established relationships with
> Strategy & Outlook high standing tenants Institutional investors account
Low use of leverage (31% LTV)(4) for ~85%(2) of the funds’
> Conclusions
investor base
Proven asset management Experience in execution
skills
Ability to finalize complex deals
Ability to maximize income from in a short space of time
the income-producing Unique track record in real
properties estate investments in Italy
Ability to implement successful Attention to quality, cost
exit strategies management and timing
1. Based on AuM of the real estate funds included in the Assogestioni report, as of June 2014, plus AuM of Beni Stabili Gestioni sgr
2. Includes: Pension Funds, Insurance Companies and Banks
3. By value
4. Weighted average LTV of the funds under management 4
Why IDeA FIMIT sgr
Largest Italian real estate fund management company
> Introduction to IDeA FIMIT sgr > IDeA FIMIT is the largest Italian real estate fund management company with 37 real estate funds
under management, and approximately € 9 billion of aggregated assets
> Why IDeA FIMIT sgr
- Largest Italian real estate Ranking of italian asset management companies (€ bn))
management company
- High institutional profile 1° AuM ~9.0
- Experience in execution NAV 6.2
- Proven asset management
skills
2° AuM ~7,01
- Focus on "Core"
> Real estate market scenario
> Strategy & Outlook 3° AuM 5.5
> Conclusions
NAV 4.2
4°
AuM 5.0
AM company
NAV 2.9
5° AuM 3.2
AM company
NAV 1.3
Total Italian real estate funds 41,5
Source: Assogestioni / IPD – Italian Real Estate Funds June 2014
1Investire Immobiliare SGR, Polaris Real Estate SGR, and Beni Stabili Gestioni SGR merged in December 2014.
AuM is estimated based on December 2014 data, NAV is not available.
5
Why IDeA FIMIT sgr
High institutional profile
> Introduction to IDeA FIMIT sgr > IDeA FIMIT’s shareholder base includes DeA Capital and some of the main national pension
funds, both public and private
> Why IDeA FIMIT sgr
> The shareholder structure is a key asset for the Company, allowing it to be recognized as an ideal
- Largest Italian real estate partner for Italian and international institutional investors in real estate
management company > IDeA FIMIT has a broad range of investors in its funds, including some of Italy’s most important
- High institutional profile pension funds, that consider IDeA FIMIT to be their point of reference in the real estate fund
management sector
- Experience in execution
> IDeA FIMIT has about 80 institutional investors and more than 70.000 retail investors(1)
- Proven asset management
skills
- Focus on "Core" Shareholders Institutional investors
> Real estate market scenario ENASARCO, INARCASSA, INPS, CNN,
Enasarco Pension ENPAM, INPGI, CNPR, EPAP, Sanpaolo
> Strategy & Outlook 6,0% 68.5% IMI pension fund, ex-CRT employees
funds pension fund
> Conclusions
Unicredit, Intesa, Banco Pop., BPM, Banca
Banks and Marche, BPER, BPVi, Cattolica,
INPS 15.9% Assicurazioni Generali, Aviva, Fondiaria
insurance SAI, UGF Assicurazioni, Reale Mutua
29,7%
Exor, De Agostini Group, Redilco RE,
Corporations 9.4% Piaggio, Malacalza Group, Lamaro Group,
ISMEA, Enel
Conferenza Episcopale Italiana,
DeA Capital Government of Singapore Investment
Others 6.2%
64,3% Corporation, Whitehall (Goldman Sachs),
Italian Foundations
1. Data on listed funds refer to the initial placement
6
Why IDeA FIMIT sgr
Experience in execution: our track record
> Introduction to IDeA FIMIT sgr > IDeA FIMIT’s track record is unparalleled in the Italian market
> Why IDeA FIMIT sgr FIMIT sgr
FIMIT sgr IDeA FIMIT sgr IDeA FIMIT SGR
Launch of Fondo Omega
- Largest Italian real estate Launch of Fondo 8 property funds Awarded the management
(contribution and lease back of 284
management company Theta Immobiliare are transferred of Spazio Industriale
properties by the Intesa Group),
Listing of Fondo Delta from Duemme sgr Fund previously managed
Fondo Omicron Plus (contribution
- High institutional profile (the first retail fund by Prelios SGR
and lease back of 72 properties by
dedicated to hospitality) FIMIT sgr Launch of IDeA FIMIT
- Experience in execution the Unicredit Group), Fondo Eta
with a total value of over Launch of Fondo Sviluppo Fund
and Fondo Tau
€210 million Senior, a fund Selected for the
- Proven asset management FIMIT sgr FARE sgr
FARE sgr with social and management of a Social
skills Fondo Alpha is Awarded the management of
Launch of Fondo ethical drive Housing Fund sponsored
the first Italian Fondo Atlantic 2 - Berenice,
Atlantic 1, a contribution by Cassa Depositi e
- Focus on "Core" property fund previously managed by Prelios sgr.
fund with 46 properties Prestiti
created by Launch of Fondo Atlantic 6 and
> Real estate market scenario and a net asset value of
asset Fondo Atlantic 8
€ 720 mln 2013 2014
contribution and 2011 2012
> Strategy & Outlook 2010
the first listed
2008 2009
> Conclusions on the stock 2007
exchange 2006
2005
2002
1998 Merger of FARE IDeA FIMIT SGR
sgr into FIMIT sgr Launch of:
FIMIT sgr Fondo MOMA
IDeA FIMIT sgr
Second contribution for Fondo through an equity
FARE sgr Launch of Fondo
Omicron Plus (179 properties) contribution of
FIMIT sgr Launch of Fondo Conero and
FIMIT sgr is Launch of Fondo Rho through Blackstone;
Launch of the Ippocrate a fund Fondo Sviluppo
incorporated the contribution of a property Fondo Armonia
Sigma and dedicated to a private del Territorio
upon initiative portfolio by Gruppo Fondiaria (equity from Colony
by Medio Gamma funds pension fund with SAI. Cap. to invest in a
Credito FARE sgr is assets of c. € 1.8 bn FARE sgr Banca Intesa property
Centrale and incorporated as of end of 2012 Launch of Fondo Atlantic 12 portfolio) and
INPDAP Fondo Ambiente
(Rome – contribution
from AMA)
7
Why IDeA FIMIT sgr
Experience in execution: a few examples
Date Contributor Contribution Main details
> Introduction to IDeA FIMIT sgr
INPDAP 27 properties with - First fund quoted in Italy and the first
> Why IDeA FIMIT sgr June
Listed for 18.476 retail an overall value example of an sgr being given the task of
2002
investors € 247 million value creation of public properties
Listed Property Funds
- Largest Italian real estate
management company
- First retail fund to invest in properties
- High institutional profile
Created through fund dedicated to tourism and recreational use
March
- Experience in execution raising, listed for 17.225 € 210 million
2009
retail investors - In 2009-2010 Delta bought a portfolio of 8
- Proven asset management important multiplex properties
skills
- Focus on "Core" SPE for Goldman Sachs’
46 properties with - Properties from important portfolios of
> Real estate market scenario June WhiteHall Fund,
an overall value of Immobiliare Metanopoli, Telecom and GS
2006 listed for 11.297 retail
€ 636 million Carrefour
> Strategy & Outlook investors
> Conclusions - Omega is the first main example of
Sale&Leaseback undertaken by an Italian
Contributions from Financial Instritutions
284 properties with
December Immit of the Intesa San bank to increase returns of its properties
an overall value of
2008 Paolo Group - Represents the most important example of
€ 850 million
innovation in the Italian propery market in
2008
72 properties with
- Properties include some historical offices of
an overall value of
December Unicredit like Palazzo Broggi in Piazza
Historical offices of the € 950 mln (in 2009
2008 Cordusio in Milan, the bank’s headquarters,
Unicredit Group another capital
and also the landmark office of Unicredit in
contribution of 179
via della Repubblica in Parma.
properties)
- Financed by a group of banks: Unicredit
15 properties with
December Fondiaria-SAI and Milan Group, Banca Imi, BNP Paribas, Calyon,
an overall value of
2009 Assicurazioni Société Generale, MPS Capital Services and
€478 million
BancaSAI
135 properties with
August -Third example of a bank undertaking
Banche delle Marche an overall value of
2011 Sale&Leaseback
€270 million
8
Why IDeA FIMIT sgr
Proven asset management skills
> Introduction to IDeA FIMIT sgr > In aggregate, the funds managed by IDeA FIMIT have consistently outperformed the IPD index
for Italian pooled property funds in the past few years
> Why IDeA FIMIT sgr
- Largest Italian real estate Cumulated performance: IDeA FIMIT funds vs IPD Italy Biannual Property fund Index (2004=100)
management company
Index – 2004 = 100
- High institutional profile
200
- Experience in execution
180
- Proven asset management
skills 160
- Focus on "Core" 140
> Real estate market scenario 120
> Strategy & Outlook 100
> Conclusions 80
Performance of some of the funds managed: IRR at the end of 2013
60
40
20 8,95% 9,57% 10,5% 12,0% 11,66%
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
IPD Italy Biannual Property Fund Index IDeA FIMIT sgr Funds
Source: IPD Italian Pooled Property Fund Indices, 31/12/2013. IDeA FIMIT data calculated using the same method as IPD:
[(Nav variations + distributions - contributions) / Navt-1 ]
Note: 2014 data not yet available
9
Why IDeA FIMIT sgr
Focus on "Core": high quality portfolio
> Introduction to IDeA FIMIT sgr > IDeA FIMIT’s real estate portfolio offers geographical diversification, with high exposure to the
most important cities (about 70% in Rome and Milan) and exposure to income-producing assets
> Why IDeA FIMIT sgr (80%), mainly used as offices
- Largest Italian real estate
management company Assets under management by geography(1) (€ Bn) Breakdown by main use(2)
Industrial & Logistic Other/
- High institutional profile Abroad 5% Development
12% € 8,2 Bn
(indirect
- Experience in execution Nursing homes
investments) 0%
- Proven asset management 55 72 Residential
skills ~88,2 3%
18 3.391
403
- Focus on "Core" Hotel/Leisure
Office
57%
5%
> Real estate market scenario 297 297
Bank
> Strategy & Outlook 32 Branches
9% Retail
248 256 9%
> Conclusions 69
55 Breakdown by rental status(2)
0.2
2.533
Vacant
149 27 20%
227
48
Rented
50 80%
1. Data as of 30/06/2014
2. By value, as of 30/06/2014 10Why IDeA FIMIT sgr
Focus on "Core": low leverage of managed funds
> Introduction to IDeA FIMIT sgr > The weighted average Loan-to-Value of the funds managed by IDeA FIMIT is well below the limits
set by the law. This ensures the solvency of the funds and leaves some room for additional
> Why IDeA FIMIT sgr resources to be invested
- Largest Italian real estate > IDeA FIMIT funds have an average maturity of 8 years
management company
- High institutional profile
- Experience in execution
Funds (#) Assets (#) AuM (€ Bn) NAV (€ Bn) LTV (%)
- Proven asset management
skills Retail 5 92 € 2.0 € 1.1 42%
- Focus on "Core" Funds
> Real estate market scenario
> Strategy & Outlook
Reserved 30 968 € 7.0 € 5.1 28%
> Conclusions Funds
2(2) 167 n.a. n.a. n.a.
37 1,135 ̴ 9.0(1) ̴ 6.2 ̴ 31%
1. Data as of 30/06/2014
11Real estate market scenario
Italian real estate market: new opportunities materialising
> Introduction to IDeA FIMIT sgr > IDeA FIMIT, as the clear market leader, is the ideal partner to seize the opportunities available
in the Italian market
> Why IDeA FIMIT sgr
- Largest Italian real estate
management company Weakness of the Italian economy, which has delayed a recovery in the
real estate market vs other European countries
- High institutional profile
Until 2014: tight credit conditions and lack of liquidity
- Experience in execution KEY ISSUES
Fundraising still difficult
- Proven asset management
skills Unclear regulations and tax regime have discouraged foreign investors
- Focus on "Core" from «coming back to Italy»
> Real estate market scenario
> Strategy & Outlook
Privatization of RE assets belonging to the central and local PA
> Conclusions
Banks’ and Institutional investors’ need to increase the liquidity of their RE
portfolios
Maturity of most retail real estate funds with high quality portfolio
Need for “rescue capital” and expenditures / property repositioning
OPPORTUNITIES Property repricing/Interest rates: high spread on fixed income yields
Growing transaction volumes underpinned by international opportunistic
investors, while core investors still lack
Penetration of RE funds lower than in the largest European countries (1/2
Germany); zero exposure at private pension funds
New legislation on REITs: a first, positive sign
12Real estate market scenario
Private wealth and transaction volume in Italy
> Introduction to IDeA FIMIT sgr > Italy has the highest level of net private wealth among the developed economies
> Why IDeA FIMIT sgr
> Including private debt, Italy does not have a critical level of indebtedness
> Transaction volume sharply increased from 2013 thanks to foreign investors’ inflows
- Largest Italian real estate > Weakness of the Italian economy and credit crunch continued to be a constraint for domestic
management company
investors
- High institutional profile
- Experience in execution Net private wealth on disposable income Country Debt as % of GDP
- Proven asset management Real assets Financial liabilities Private debt as % of GDP
skills Financial assets Public debt as % of GDP
8,1 8,2 296,1
- Focus on "Core" 7,9
5,3 6,3
> Real estate market scenario 157,4
184,8
140,5 142,7
> Strategy & Outlook
> Conclusions
US Germany Italy France UK Germany France US Italy UK
Source: Banca d’Italia, Ufficio Studi IDeA FIMIT; data as of 2013 Source: Eurostat, IMF, Ufficio Studi IDeA FIMIT; data as of Sep 2014
Non residential transactions in Italy (€ bn) Investment Volume by Asset Class %
Mixed
Domestic Foreign +34,0% Hotels
4%
+62,1% 11%
5,3 Logistc & Ind.
7%
4,7 1,0 Other
4,5 4,5 4,3 1%
1,4
49% Retail
2,9
3,5 3,3 3,5 4,3
2,2 3,3
1,0 1,2 0,8 0,7 28%
Office
2009 2010 2011 2012 2013 2014
Source: Ufficio Studi - CBRE and BNP Paribas Source: CBRE
13Real estate market scenario
Downward trend in property prices closer to an end
> Introduction to IDeA FIMIT sgr > There is high correlation among property value and GDP growth
> Why IDeA FIMIT sgr
> The expected GDP expansion for the current year, should positively affect property values
- Largest Italian real estate
management company GDP and Property value correlation Y/Y%
- High institutional profile IPD Capital growth property Index Real GDP Growth YoY %
- Experience in execution % 4
- Proven asset management 3
skills
2 2.2
- Focus on "Core" 1.7 1.7 1.7
1 0.9
> Real estate market scenario
0.4 0.4
0
> Strategy & Outlook -0.4
-1 -1.2
> Conclusions
-2 -1.9
-2.4
-3
-4
-5
-5.5
-6
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015E
Source: IPD, Bloomberg, Ufficio Studi IDeA FIMIT
14Real estate market scenario
Downward trend in property prices closer to an end
> Introduction to IDeA FIMIT sgr > Real estate investments have historically outperformed other assets in the main European countries
> Why IDeA FIMIT sgr
> Property value in Italy traditionally presented a very low volatility
> Thanks to the all-time low BCE rates and to repricing, the current value of the spread between
- Largest Italian real estate property and 10Yr BTP yields is at its all-time high
management company
> Real estate has become the asset class of choice for many investors
- High institutional profile
- Experience in execution Total return from 2003 to 2012 for asset Historical monthly volatility in Italy for stocks, govt
class in the main European countries (%) bonds and property
- Proven asset management FTSE MIB Index volatility
IPD Total return Property index Stock market
skills BTP 25yr price volatility
10 yr Govt bond 30% All Property real price Index volatility
- Focus on "Core" 15
20%
> Real estate market scenario 10
10%
> Strategy & Outlook 5
0%
> Conclusions 0
Italy Germany France UK
Source: Bloomberg, IPD, Ufficio Studi IDeA FIMIT Source: Bloomberg, Scenari immobiliari, Ufficio Studi IDeA FIMIT
Capital growth: Real estate vs Stock market Current income: Real estate vs BTP 10yr (%)
FTSE MIB index
10 Spread
IPD capital growth property index
10 yr Govt yield
170
IPD Current yield Property index
140
5
110 4.1
2.9
80 1.4
50
0
2002 2004 2006 2008 2010 2012 2014
2003 2006 2009 2012 2015
Source: Bloomberg, IPD, Ufficio Studi IDeA FIMIT Source: Bloomberg, IPD, Ufficio Studi IDeA FIMIT
15Real estate market scenario
Prime yields are higher than in the main European markets
> Introduction to IDeA FIMIT sgr > Real estate yields in Italy are among the highest in Europe
> Why IDeA FIMIT sgr
Prime yields in Europe (%)
- Largest Italian real estate
management company Office Retail High Street
- High institutional profile Italy - Rome 6,20 Italy - Milan 4,90
- Experience in execution Italy - Milan 5,60 Italy - Rome 4,90
- Proven asset management Finland - Helsinki 4,50
Netherlands - Amsterdam 5,30
skills
Spain - Barcelona 5,25 Spain - Madrid 4,50
- Focus on "Core"
Denmark - Copenhagen 5,25 Spain - Barcelona 4,50
> Real estate market scenario
Spain - Madrid 5,00 London - City 4,50
> Strategy & Outlook
Austria - Vienna 4,60 Sweden - Stockholm 4,25
> Conclusions
Germany - Berlin 4,55 Germany - Berlin 4,20
Finland - Helsinki 4,40 Netherlands - Amsterdam 4,00
Germany - Munich 4,30 Denmark - Copenhagen 4,00
London - City 4,25 Germany - Munich 4,00
Sweden - Stockholm 4,25 Austria - Vienna 3,90
France - Paris 3,75 France - Paris 3,25
London - WestEnd 3,75 Switzerland - Zurich 3,20
Switzerland - Zurich 3,20 London - WestEnd 2,50
Current yield Current yield
Source: CBRE, Ufficio Studi IDeA FIMIT
16Real estate market scenario
Increasing spread of RE yields vs equities and bonds
> Introduction to IDeA FIMIT sgr > Real estate investments in Italy now offer an attractive yield and record an increasing spread on
government bond yields
> Why IDeA FIMIT sgr
- Largest Italian real estate Net yields by Main use (%)
management company
7.5
7.0 7.1
- High institutional profile 6.3 6.0
- Experience in execution 5.0
4.5
- Proven asset management
skills 2.8
1.7
- Focus on "Core"
> Real estate market scenario
> Strategy & Outlook Prime Non prime Prime High Prime Non prime Prime Dividend BTP 10 yr BTP 10 yr
office Milan office Milan Street shopping shopping logistic yield 12LTM (Jan 2012) (Average
> Conclusions centers centres FTSEMIB 2015)
Fonte: CBRE, Bloomberg, Ufficio Studi IDeA FIMIT
Some of the recent investments in Italy
Name / Address City Purchaser Price Yield Main use
Portfolio Olinda Various AXA REIM € 286 9,9% Retail
Borgogioioso, Colonne e Valdichiana FOC Carpi/Brindisi/Valdichiana Blackstone € 170 9,0% Retail
Fiumara Shopping Center & Entert. Center Genova Allianz & ING Insurance € 170 7,0% Retail
Portfolio Arcese Various Blackstone € 165 10,6% Ind. / Log.
Airone & Valecenter Shopping Centers Venice Blackstone € 145 8,5% Retail
Limbiate Shopping Center Limbiate ING Insurance € 145 7,5% Retail
Sede Corriere della Sera Milan Blackstone € 120 8,6% Office
Galleria Borromea Peschiera Borromeo Europa Capital € 82 7,5% Retail
Meraville Retail Park Bologna Orion € 76 8,5% Retail
8 Gallery Torino GWM € 76 8,3% Retail
Parco de' Medici - Building A Rome Blackstone € 65 12,7% Office
Fonte: Ufficio Studi IDeA FIMIT, various sources
17IDeA FIMIT in 2014
Transactions restart: sales not yet compensated by fundraising
> Introduction to IDeA FIMIT sgr > 2014 has seen a pick-up in the transaction volume, mainly driven by foreign institutional investors
with an opportunistic approach
> Why IDeA FIMIT sgr
> This has accelerated property sales, particularly by funds closer to their term, while recovery in
- Largest Italian real estate fundraising was slower. 2 new funds launched in the 4Q 2014
management company
- High institutional profile IDeA FIMIT’s AuM evolution in 2014 (before fund value adjustments)
- Experience in execution 10,000
- Proven asset management
skills
9,500
- Focus on "Core"
> Real estate market scenario
9,000
> Strategy & Outlook
> Conclusions +450 mln €
8,500 inflows -610 mln €
outflows
8,000
7,500
7,000
2013 2014
Source: IDeA FIMIT; inflows include Armonia and Moma funds (ca 300 mln, finalized in Q4 2014
18IDeA FIMIT outlook
IDeA FIMIT: 2015-17 action plan
> Introduction to IDeA FIMIT sgr > In a context that remains difficult, but presents some opportunities, IDeA FIMIT is implementing a few
key actions with the objective of compensating for property sales/fund reaching term, and of growing
> Why IDeA FIMIT sgr
AuM in the medium term:
- Largest Italian real estate
management company Contribution of properties belonging to institutional investors, including pension
Contributions to existing and
- High institutional profile funds and banks, mainly used as offices and retail premises, to existing funds
new funds
or to create new ones (e.g. the new Armonia Fund – Colony Capital)
- Experience in execution
- Proven asset management
skills
New, tax efficient legislation on Italian REITs opens up opportunities for IDeA
- Focus on "Core" REITs (SIIQ)
FIMIT to manage these vehicles and address new investors/markets
> Real estate market scenario
> Strategy & Outlook
> Conclusions
Management of large residential, healthcare and office building construction
Development projects
projects in key locations (Northern Italy, Rome)
Participation to tenders Participation to tenders for new or expiring mandates (mainly pension funds)
Innovative projects including a fund to invest in renewable energy plants
Other projects
Fundraising with foreign investors; club deals for institutionals
19
Sector consolidation Further aggregation of smaller players, or acquisition of incremental masses
19IDeA FIMIT outlook
2014 financials and 2015-17 outlook
> Introduction to IDeA FIMIT sgr
2014F 2015-17 outlook
> Why IDeA FIMIT sgr
- Largest Italian real estate
management company Low single Impact of property sales on AuM
AuM 8.6 bln € (*)
- High institutional profile digit CAGR compensated by new initiatives
- Experience in execution
- Proven asset management Pressure on fees continues,
skills Avg. % fee 0.60 Down ~5 bps
mitigated by sector consolidation
- Focus on "Core"
> Real estate market scenario
> Strategy & Outlook ~53 mln € Broadly flat
Revenues
> Conclusions
Low single Cost control on personnel and
EBITDA ~23 mln € G&A
digit CAGR
Note: 2014 net result will be penalised by
- PPA amortisation 7,5 mln € (estimated to go down to 1.2 mln € by 2017)
- impairments 7.4 mln €
(*) Excluding Armonia and Moma
20Conclusions
Key takeaways (in a few tweets)
> Introduction to IDeA FIMIT sgr
> Why IDeA FIMIT sgr #1 Italy’s largest RE fund manager, with a high institutional profile
- Largest Italian real estate
management company
- High institutional profile
#Core Focused on Core/Core+ investments, with a low risk profile
- Experience in execution
- Proven asset management
skills
Perfectly positioned to confront the difficult phase in the Italian mkt
- Focus on "Core" #leadership and seize the medium-term opportunities
> Real estate market scenario
> Strategy & Outlook
> Conclusions First signs of a recovery in the Italian real estate market are
#market materialising
Many initiatives in the pipeline to re-launch growth, in the short and
#strategy medium term
#2015-17 Financial results expected to improve in 2015-17
10 giugno 2005
21Back up
IDeA FIMIT sgr
Our Funds: key data
> Trophy assets #
Fund name
Launch Term AuM (€ mln)
Y/E 2014*
1 Alpha 27/06/2000 27/06/2030 435
2 Agris 29/12/2011 31/12/2021 91
3 Ambiente 30/10/2014 30/10/2029 150
4 Ailati 20/10/2006 31/12/2016 74
Funds in dark red color are retail
5 Ariete 09/11/2007 31/12/2022 90 (listed) funds
6 Armonia* 28/11/2014 28/11/2021 175
7 Atlantic 1 01/06/2006 31/12/2016 624
8 Atlantic 12 30/12/2009 31/12/2017 11
9 Atlantic 2 - Berenice 14/07/2005 31/12/2018 205
10 Atlantic 6 21/07/2008 31/12/2016 50
11 Atlantic 8 18/12/2008 31/12/2016 29
12 Atlantic Value Added 29/12/2011 31/12/2020 50 • The list includes two funds
13 Beta 01/01/2004 31/12/2017 143 launched at the end of 2014
14 Castello 04/04/2005 31/12/2016 34 but not yet contributing to the
15 Conero 04/08/2011 31/12/2023 246
fee income during the last
16 Creative Properties 03/04/2006 31/12/2016 27
17 Delta 21/02/2006 31/12/2017 226
year.
18 Eta 27/07/2006 29/12/2016 220 • Total AuM from fee-
19 Gamma 15/03/2007 09/06/2019 286 generating funds at Y/E were
20 Fondo Housing Sociale Liguria 30/07/2014 31/12/2039 11 8.6 bn €, or 8.9 bn € including
21 IDeA FIMIT Sviluppo 20/12/2013 18/12/2043 15
the Armonia and Moma funds
22 Ippocrate 02/03/2007 30/06/2022 1,868
23 Moma* 30/07/2014 31/12/2021 127
24 Omega 22/12/2008 31/12/2023 627
25 Omicron Plus 30/12/2008 31/12/2023 858
26 Private RE 15/11/2006 31/12/2016 110
27 Rho Core 14/12/2009 14/12/2019 481
28 Rho plus 14/12/2009 14/12/2019 527
29 Senior 29/12/2009 29/12/2039 124
30 Sigma 15/05/2005 15/02/2020 163
31 SIPF No.2 01/09/2009 31/12/2022 30
32 Spazio Industriale 29/12/2005 31/12/2020 372
33 Sviluppo Territorio 28/11/2008 31/12/2021 19
34 Tau 20/11/2007 19/11/2017 71
35 Theta 18/12/2006 02/08/2036 190
36 Trentino RE 15/03/2007 31/12/2037 59
37 Venere 29/12/2011 31/12/2016 63
23IDeA FIMIT sgr
Our Trophy assets: Milan
> Trophy assets
Address
Via S. Radegonda 3/10 – Milan
Other information
Main use: Retail
Gross area: 49.675 sqm
Main tenant: La Rinascente
Address
Piazza Cordusio - Milan
Other information
Main use: Office
Gross area: 37.152 sqm
Main tenant: Unicredit Real Estate
24IDeA FIMIT sgr
Milan (2)
> Trophy assets
Address
Piazza Cavour, 2 – Milan
Other information
Main use: Office
Gross area: 19.092 sqm
Main tenant: Credit Agricole - The Carlyle Group
Address
Via Tortona 37 – Milan
Other information
Main use: Labs
Gross area: 13.839 sqm
25IDeA FIMIT sgr
Milan (3)
> Trophy assets
Address
Via Verdi, 7 Angolo Via Boito, 10 – Milan
Other information
Main use: Office
Gross area: 3.688 sqm
Main tenant: Unicredit Real Estate
Address
Via Martiri Di Cefalonia, 67 - San Donato Milanese
Other information
Main use: Office
Gross area: 38.254 sqm
Main tenant: ENI Group - Credito Bergamasco
26IDeA FIMIT sgr
Milan (4)
> Trophy assets
Address
Via Verdi 9, 11, 13 - Via Boito - Via Dell'Orso – Milan
Other information
Main use: Office
Gross area: 19.850 sqm
Main tenant: Cariplo pension fund
Address
Piazza Boldrini, 1 – Milan
Other information
Main use: Office
Gross area: 37.613 sqm
Main tenant: Eni Group
27IDeA FIMIT sgr
Rome
> Trophy assets
Address
Piazzale Enrico Mattei, 1 - Rome
Other information
Main use: Office
Gross area: 37.167 sqm
Main tenant: Eni Group
Address
Piazza Kennedy, 20 - Rome
Other information
Main use: Office
Gross area: 40.516 sqm
Main tenant: Ministry of Education
28IDeA FIMIT sgr
Rome (2)
> Trophy assets
Address
Via Cavour 5 / Via F. Turati 38/40 - Rome
Other information
Main use: Office
Gross area: 17.702 sqm
Main tenant: Internal Affairs Ministry
Address
Via Flaminia N. 133-135-137 - Rome
Other information
Main use: Office
Gross area: 6.067 sqm
Main tenant: Service companies
29IDeA FIMIT sgr
Rome (3)
> Trophy assets
Address
Da Vinci Center - Rome
Other information
Main use: Office Development
Gross area: 8.034 sqm
Main tenant: American Express
Address
Via Romagna, 17 – Rome
Other information
Main use: Bank branches
Gross area: 2.613 sqm
Main tenant: Banca Marche
30IDeA FIMIT sgr
Florence
> Trophy assets
Address
Piazza Della Libertà 6 - Via Lorenzo Il Magnifico 1/17
- Florence
Other information
Main use: Office
Gross area: 23.446 sqm
Main tenant: Ca.Ri. Di Lucca, Pisa E Livorno and
other financial companies
Address
Via Dei Vecchietti 11 - Florence
Other information
Main use: Office
Gross area: 6.385 sqm
Main tenant: Unicredit Real Estate
31IDeA FIMIT sgr
Naples and Trento
> Trophy assets
Address
Via Toledo 185 – Naples
Other information
Main use: Office
Gross area: 10.363 sqm
Main tenant: Intesa Sanpaolo
Address
Via Galileo Galilei 1 – Trento
Other information
Main use: Office
Gross area: 6.666 sqm
Main tenant: Unicredit Real Estate
32IDeA FIMIT sgr
Cologne
> Trophy assets
Address
Deutsche Bank Campus - Cologne
Other information
Main use: Office
Gross area: 23.766 sqm
Main tenant: Deutsche Bank
33www.ideafimit.it IDeA FIMIT sgr Via Mercadante 18 00198 Roma T. (+39) 06 681631 F. (+39) 06 68192090 Via Brera 21 20121 Milano T. (+39) 02 725171 F. (+39) 02 72021939
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