Corporate Strategy
Strategic Pillars
Entire Value Chain | Urban Cities | Pure Play Office | Resilient Portfolio | Solid Balance Sheet |
- Investment Management | - Tier 1: Berlin, Munich, | - A-class office to hold | - 85% investment properties | - Investment-Grade financing |
- Asset Management | Warsaw, Prague, Vienna | - Land and B-class to | - 15% developments (incl. land | strategy |
- Development Management | - Tier 2: Frankfurt, Duesseldorf, | (re)develop | reserves) | - Balance of secured/ |
- Mid/back Office | Cologne | - >10k sqm | - Adequate risk-adjusted returns | unsecured financing |
- Prime inner city locations (CBD | - >€50m value | - Organic and external growth | - Balance of unencumbered | |
focus) | opportunities to expand | asset pool | ||
footprint in some of the most | - Net debt/EBITDA stable | |||
promising real estate markets | - Full IR hedging | |||
in Europe |
→ Investing, (re)developing, | → Total coverage in urban | → Single sector, multi | → Achieve risk-adjusted | → Minimise cost, maximise |
managing real estate | markets with growth, | geography | returns from core/core+ to | flexibility, maintain adequate |
innovation, talent, capital | opportunistic | liquidity |
2
Rendering: Potential development Hallesches Ufer, Berlin
Portfolio Overview
Total Portfolio
Strategic Core Markets
Austria
Czechia
Germany
Poland
Others 8.2%
10.4%
65.7%
9.0%
6.7%
CAI Key KPIs
€5,159m | 63 | 1.1m | 88.8% | |||||
Total Portfolio | Investment | Gross Leasing | Occupancy | |||||
Value1 | Properties | Area | (sqm) | |||||
4.7 yrs | €235m | 5.2% | 83% | |||||
WAULT | Gross Rental | Gross Initial | Sustainability | |||||
to Break | Income | Yield | Certification2 | |||||
Portfolio Certifications 1 (Book Value) | ||||||||
17.2% | 22.5% |
€4.8bn
16.1% | Investment | 9.6% | |
Portfolio | |||
0.6% | |||
6.1% | 10.4% | ||
10.7% | 6.8% | ||
DGNB Gold | DGNB Platin | LEED Gold | |
LEED Platin | BREEAM Very Good | BREEAM Excellent | |
BREEAM Good | In Certification Process | Not Certified |
1 Consolidated, including own used properties & RoU Assets; 2 Share of properties certified according to DGNB, BREEAM or LEED certification standard (by book value), including properties in certification and refurbishment process | 4 |
Portfolio Overview
Total Portfolio
Total Portfolio (GAV) | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | + / (-) | |
Total Portfolio 1 | €m | 4,471 | 5,186 | 5,596 | 6,254 | 5,911 | 5,159 | (12.7%) |
Investment Properties1 | €m | 3,760 | 4,299 | 4,729 | 4,995 | 4,979 | 4,754 | (4.5%) |
Active Development Projects Under Construction | €m | 406 | 561 | 426 | 766 | 463 | 117 | (74.8%) |
Active Development Projects in Planning | €m | - | 36 | 46 | 158 | 321 | 53 | (83.7%) |
Landbank | €m | 290 | 281 | 354 | 260 | 217 | 191 | (12.1%) |
Other | €m | 14 | 9 | 41 | 75 | 251 | 45 | (82.1%) |
Total Portfolio by Region (€m, % GAV) 1
6,000 | 5,159 | ||||||
5,000 | 4,471 | 7% | |||||
4,000 | 13% | 28% | |||||
3,000 | 43% | ||||||
2,000 | 66% | ||||||
1,000 | 45% | ||||||
0 | |||||||
2018 | 2023 | ||||||
Germany | CEE | Austria | |||||
1 Consolidated, including own used properties & RoU Assets
Total Portfolio by City (€m, % GAV) 1
6,000 | 5,159 | |||||||||||
5,000 | 4,471 | 5% | ||||||||||
7% | ||||||||||||
4,000 | 9% | 9% | ||||||||||
9% | 10% | |||||||||||
11% | ||||||||||||
3,000 | 8% | |||||||||||
11% | 32% | |||||||||||
2,000 | 19% | |||||||||||
7% | 12% | |||||||||||
1,000 | 15% | 17% | ||||||||||
0 | 12% | 7% | ||||||||||
2018 | 2023 | |||||||||||
Vienna | Munich | Frankfurt | Berlin | Warsaw | ||||||||
Prague | Budapest | Bucharest | Other | |||||||||
Total Portfolio by Investment Stage (€m, % GAV) 1
6,000 | ||||||||
5,159 | ||||||||
5,000 | 4,471 | 4% | 1% | |||||
2% | ||||||||
4,000 | 6% | |||||||
9% | ||||||||
3,000 | ||||||||
92% | ||||||||
2,000 | 84% | |||||||
1,000 | ||||||||
0 | ||||||||
2018 | 2023 | |||||||
Other | Landbank | |||||||
Active Dev in planning | Active Dev under construction | |||||||
Investment properties | ||||||||
5
Portfolio Overview
Investment Properties - KPI's (I)
Investment Properties1 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | + / (-) | |
Properties | # | 74 | 77 | 79 | 74 | 64 | 63 | (1) |
Gross Leasing Area (GLA) | '000 sqm | 1,404 | 1,443 | 1,374 | 1,320 | 1,115 | 1,101 | (1.2%) |
Gross Asset Value (GAV) | €m | 3,760 | 4,308 | 4,736 | 4,995 | 4,979 | 4,754 | (4.5%) |
Office Share (GAV) | % | 87.7 | 88.3 | 90.3 | 91.3 | 93.6 | 93.5 | (12) bps |
Annualized Rent (GRI) | €m | 214.2 | 226.4 | 240.1 | 225.7 | 210.2 | 235.1 | 11.8% |
Gross Initial Yield | % | 5.8 | 5.8 | 5.1 | 4.5 | 4.5 | 5.1 | 59 bps |
WAULT to Break | Years | 4.4 | 4.2 | 4.0 | 3.8 | 4.5 | 4.7 | 4.1% |
SQM Occupancy | % | 95.1 | 96.2 | 94.8 | 89.3 | 88.6 | 88.8 | 18 bps |
Investment Properties by Region (€m, % GAV)1 | Investment Properties by City (€m, % GAV)1 |
6,000
5,000
4,000
3,000
2,000
1,000
0
4,995 | 4,979 | 6,000 | 4,736 | 4,995 | 4,979 | 4,754 | ||||||||||||||||||||||||
5,000 | ||||||||||||||||||||||||||||||
4,736 | 4,754 | 5% | 6% | |||||||||||||||||||||||||||
10% | 8% | 4,308 | 4% | 5% | ||||||||||||||||||||||||||
4,308 | 7% | 8% | 9% | |||||||||||||||||||||||||||
11% | 3,760 | 8% | 8% | 8% | ||||||||||||||||||||||||||
3,760 | 4,000 | 10% | 10% | |||||||||||||||||||||||||||
13% | 11% | 10% | ||||||||||||||||||||||||||||
31% | 9% | |||||||||||||||||||||||||||||
30% | 9% | 9% | ||||||||||||||||||||||||||||
11% | ||||||||||||||||||||||||||||||
15% | 40% | 12% | 9% | 11% | ||||||||||||||||||||||||||
42% | 10% | 11% | ||||||||||||||||||||||||||||
3,000 | 12% | |||||||||||||||||||||||||||||
9% | ||||||||||||||||||||||||||||||
13% | ||||||||||||||||||||||||||||||
47% | 26% | |||||||||||||||||||||||||||||
9% | 12% | 30% | ||||||||||||||||||||||||||||
50% | 24% | 25% | ||||||||||||||||||||||||||||
2,000 | 13% | |||||||||||||||||||||||||||||
17% | ||||||||||||||||||||||||||||||
62% | 63% | 2% | 2% | 11% | ||||||||||||||||||||||||||
50% | 16% | 3% | 12% | |||||||||||||||||||||||||||
47% | ||||||||||||||||||||||||||||||
1,000 | 2% | 18% | 20% | |||||||||||||||||||||||||||
40% | 17% | 19% | ||||||||||||||||||||||||||||
35% | 14% | 18% | ||||||||||||||||||||||||||||
0 | 14% | 13% | 11% | 10% | 8% | 7% | ||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||
Germany | CEE | Austria | Vienna | Munich | Frankfurt | Berlin | Warsaw | Prague | Budapest | Bucharest | Other | |||||||||||||||||||
1 Consolidated, including own used properties & RoU Assets | 6 |
Portfolio Overview
Investment Properties - KPI's (II)
GLA (ksqm) | FY '23 | FY '22 | +/(-) |
Austria | 129 | 132 | (2.7%) |
Czechia | 146 | 146 | 0.0% |
Germany | 478 | 466 | 2.5% |
Hungary | 181 | 194 | (7.0%) |
Poland | 148 | 156 | (5.1%) |
Other | 20 | 20 | 0.0% |
Total | 1,101 | 1,115 | (1.2%) |
Annualized Rent (€m) | FY '23 | FY '22 | +/(-) |
Austria | 20.9 | 19.5 | 7.5% |
Czechia | 27.1 | 25.8 | 5.0% |
Germany | 125.9 | 103.0 | 22.3% |
Hungary | 24.4 | 25.8 | (5.1%) |
Poland | 32.7 | 33.3 | (1.8%) |
Other | 4.0 | 2.9 | 36.5% |
Total | 235.1 | 210.2 | 11.8% |
GAV (€ | FY '23 | FY '22 | +/(-) |
Austria | 319 | 377 | (15.4%) |
Czechia | 464 | 473 | (2.0%) |
Germany | 3,014 | 3,086 | (2.3%) |
Hungary | 382 | 457 | (16.4%) |
Poland | 536 | 546 | (1.7%) |
Other | 39 | 39 | (1.1%) |
Total | 4,754 | 4,979 | (4.5%) |
Gross Initial Yield (%)1 | FY '23 | FY '22 | +/(-) |
Austria | 6.6% | 5.2% | 141 bps |
Czechia | 5.8% | 5.4% | 39 bps |
Germany | 4.3% | 3.7% | 63 bps |
Hungary | 6.4% | 5.6% | 76 bps |
Poland | 6.5% | 6.5% | 6 bps |
Other | 10.2% | 7.4% | 282 bps |
Total | 5.2% | 4.6% | 60 bps |
GAV (€psqm) | FY '23 | FY '22 | +/(-) |
Austria | 2,475 | 2,848 | (13.1%) |
Czechia | 3,178 | 3,243 | (2.0%) |
Germany | 6,309 | 6,621 | (4.7%) |
Hungary | 2,112 | 2,351 | (10.2%) |
Poland | 3,617 | 3,494 | 3.5% |
Other | 1,985 | 2,007 | (1.1%) |
Total | 4,317 | 4,467 | (3.4%) |
SQM Occupancy (%)1 | FY '23 | FY '22 | +/(-) |
Austria | 87.1% | 83.4% | 371 bps |
Czechia | 94.0% | 94.2% | (13 bps) |
Germany | 96.9% | 96.5% | 34 bps |
Hungary | 67.0% | 71.0% | (398 bps) |
Poland | 89.4% | 91.9% | (250 bps) |
Other | 96.3% | 77.8% | 1,851 bps |
Total | 88.8% | 88.6% | 18 bps |
Consolidated 1 Excluding own used properties, RoU assets & assets in stabilization | 7 |
Portfolio Overview
Investment Properties - Leasing Overview FY 2023
Market | New Leasing | Renewal | Total Leasing | Total GRI p.a. | Average Office | + / (-) to | WAULT to | WAULT to | WAULT to |
(sqm) | (sqm) | (sqm) | (€m) | Rent (€ psqm) | ERV (%) | Break (Yrs.) | End (Yrs.) | Last Ext. (Yrs.) | |
Berlin | 8,337 | 11,956 | 20,293 | 4.7 | 33.9 | 26.9% | 3.0 | 3.1 | 4.2 |
Budapest | 22,621 | 14,652 | 37,273 | 6.6 | 14.4 | 3.9% | 5.2 | 7.0 | 7.0 |
Frankfurt | 7,091 | 1,693 | 8,784 | 5.5 | 36.4 | 6.1% | 9.8 | 10.0 | 14.7 |
Munich | 1,630 | 5429.5 | 7,060 | 2.5 | 32.4 | 6.9% | 6.0 | 6.0 | 10.4 |
Prague | 7,318 | 9,119 | 16,437 | 3.0 | 15.9 | 5.4% | 5.3 | 6.2 | 7.6 |
Vienna | 7,645 | 17,303 | 24,947 | 3.8 | 14.6 | 14.3% | 6.0 | 6.1 | 7.4 |
Warsaw | 10,896 | 32,104 | 43,000 | 12.0 | 22.3 | 8.1% | 3.2 | 3.2 | 3.2 |
Total | 65,539 | 92,256 | 157,794 | 38.1 | 21.0 | 8.2% | 4.8 | 5.4 | 6.3 |
Key Drivers
- In 2023, 916 leases were sourced and 186 leases were signed for a total of 157,794 sqm of rentable floor space.
- 27 leases were signed but haven't started as at balance sheet date.
- 42% of the total accounted for new leases and expansion of space or pre-leases, 58% were lease extensions.
- Office space accounted for around 82% of total letting activity.
- Leasing by tenant industry was dominated by the Public Sector (22%), Consumer Services & Leisure (21%) and Business Services (13%).
- Signed average office headline rent was €21.0 psqm, with Frankfurt recording the highest average office headline rent of €36.4 psqm.
- Warsaw (43,000 sqm), Budapest (37,273 sqm) and Vienna (24,947 sqm) recorded the highest leasing activity by volume in 2023.
- As at reporting key date 28% of the vacant space has been leased (but leases had not started).
- Average reversion of renewals of rental contracts of 5%.
8
Portfolio Overview
Investment Properties - Like-for-Like Performance FY 2023
Market | Gross Asset Value (€m) | Annualized Rent (€m) | Gross Initial Yield (%) 1 | SQM Occupancy (%) | ||||||||||||||
FY '23 | FY '22 | +/(-) | FY '23 | FY '22 | +/(-) | FY '23 | FY '22 | +/(-) | FY '23 | FY '22 | +/(-) | |||||||
Austria | 318.6 | 345.8 | (7.9%) | 20.9 | 18.2 | 14.8% | 6.6 | 5.3 | +130 bps | 87.1 | 83.2 | +394 bps | ||||||
Czechia | 464.0 | 473.5 | (2.0%) | 27.1 | 25.8 | 5.0% | 5.8 | 5.4 | +39 bps | 94.0 | 94.2 | (13 bps) | ||||||
Germany | 2,210.5 | 2,468.8 | (10.5%) | 95.3 | 90.2 | 5.7% | 4.3 | 3.7 | +66 bps | 96.7 | 96.6 | +9 bps | ||||||
Hungary | 381.8 | 420.7 | (9.2%) | 24.4 | 23.2 | 5.3% | 6.4 | 5.5 | +88 bps | 67.0 | 68.9 | (192 bps) | ||||||
Poland | 500.6 | 514.9 | (2.8%) | 32.7 | 33.3 | (1.8%) | 6.5 | 6.5 | +6 bps | 89.4 | 91.9 | (250 bps) | ||||||
Other | 37.0 | 37.6 | (1.6%) | 4.0 | 2.9 | 36.5% | 10.8 | 7.8 | +300 bps | 96.3 | 77.8 | +1,851 bps | ||||||
Total | 3,912.5 | 4,261.3 | (8.2%) | 204.5 | 193.6 | 5.6% | 5.2 | 4.5 | +68 bps | 88.6 | 88.5 | +7 bps |
Key Drivers
- Gross asset value (GAV) decrease deriving from negative revaluation result throughout the portfolio, mainly driven by market yield expansion.
- Annualized rent increase in all countries, with main drivers in Austria (+14.8%) and Germany (+5.7%) mainly due to indexation of rental contracts and new leasing.
- Total gross initial yield increased by 68bps mainly due to market yield expansion.
- Occupancy increased slightly by 7 bps mainly due to higher occupancy in Austria and Germany. This is counterbalanced by lower occupancy in all other markets (except other). Occupancy is the highest in Germany (96.7%), Czechia (94.0%) and Poland (91.9%).
- In a 24-monthlike-for-like analysis the annualized rent increased by 15.1%, which shows the strong impact of indexation of rental contracts and new leasing. This is counterbalanced by a yield expansion of 99 bps and therefore led to a gross asset value (GAV) decrease of 6.6%.
Note: Like-for Like comprises only investment properties, that were stabilized on both time horizons. Other includes one property in Belgrade and in Serbia 1 Annualized rent / Book value | 9 |
Portfolio Overview
Investment Properties - Top Tenants
Tenant | Industry | Region | %1 | |
KPMG | Professional Services | Germany | 6.0% | |
PwC | Professional Services | Germany | 3.3% | |
Steigenberger Hotels | Consumer Services & Leisure | Germany | 3.0% | |
The European Border and Coast Guard Agency | Public Sector / Regulatory Body | CEE | 2.8% | |
JetBrains | Technology | Germany | 2.5% | |
Bundesanstalt für Immobilienaufgaben | Public Sector / Regulatory Body | Germany | 2.4% | |
Technology | Germany | 2.3% | ||
Land Berlin | Public Sector / Regulatory Body | Germany | 2.0% | |
NH Hoteles Deutschland | Consumer Services & Leisure | Germany | 1.9% | |
TOTAL | Manufacturing Industrial & Energy | Germany | 1.9% | |
Robert Bosch | Consumer Services & Leisure | Germany | 1.8% | |
AstraZeneca | Manufacturing Industrial & Energy | CEE | 1.7% | |
auxmoney | Financial Services | Germany | 1.7% | |
Morgan Stanley | Financial Services | CEE | 1.6% | |
Hypoport | Financial Services | CEE | 1.6% | |
salesforce | Technology | Germany | 1.3% | |
Regus Management | Professional Services | Germany | 1.2% | |
Volksbank Wien | Financial Services | Austria | 1.0% | |
WTS Group | Professional Services | Germany | 0.9% | |
Benefit Systems | Consumer Services & Leisure | CEE | 0.8% | |
1 by annzualized rent | 10 |
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Disclaimer
CA Immobilien Anlagen AG published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 07:43:04 UTC.