Inmobiliaria Colonial SOCIMI S A : Project Alpha X Presentation

Colonial

Alpha X

May 16th, 2024

#1

Top 1.5%

Global

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Agenda

01

02

03

04

05

Executive

Summary

Enhanced Capital Structure

Transaction

Rationale

Financial

Impacts

Conclusion

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01 Executive Summary

Colonial announces new Alpha Strategies & enhances its Capital Structure

1. Colonial reinforces its Capital Structure with the entry of CriteriaCaixa as new reference shareholder

Capital increase of €622m at a price of €7.1/share pre-dividend with a significant premium on share price

Total contribution: €350m in cash and €272m in assets (60% living & 40% office)

Strong endorsement of Colonial's strategy by a long-term strategic investor with an industrial growth approach

1. Transaction Rationale: Reloading Colonial's growth profile with a solid Capital Structure

Colonial launches a new Project Pipeline of 110,000 sqm of prime assets with circa €385m capex at an ungeared IRR of more than +9% Additionally, CriteriaCaixa contributes €272m of urban-mixed use assets (60% living & 40% office) with ungeared IRRs of >6% & >7% Increased financial flexibility for opportunistic acquisitions

1. Financial impacts

Attractive Total Shareholder Return through new growth projects & increased financial flexibility

Transaction with premium on share price and significant increase in market capitalization

Accretive transaction in EPRA LTV with an improvement of more than 450bps/ LTV improvement expected to be sustained over time EPS 2024 guidance confirmed post transaction: 30-32 €cts/share

Transaction slightly dilutive on last reported NTA (9.55 €/share post deal (4.0%) vs. 12/23)

IV Governance

CriteriaCaixa to own circa 17% of Colonial, post transaction

Transaction to be approved by Extraordinary General Shareholders Meeting

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01

02

03

04

05

Executive

Summary

Enhanced Capital Structure

Transaction

Rationale

Financial

Impacts

Conclusion

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02 Enhanced Capital Structure

1I. Colonial reinforces its Capital Structure with CriteriaCaixa as new shareholder

I a

I b

I c

Capital increase of more than €620m at a price of €7.1/share pre- dividend with a significant premium on share price

• Institutional long-term investor to subscribe €622m at a premium to share price, which showcases Colonial's value potential
• Premium on YTD VWAP & above current trading
• Substantial deleverage providing enhanced financial flexibility
• Significant increase of market capitalization post transaction

Total contribution: €350m in cash and €272m in central urban assets

• Contribution of €272m of central urban assets at NTA parity
• Contribution of €350m in cash at 5.80 €/share
• Contribution to be executed after dividend payment of 0.27 €/share:
  Blended price post dividend of 6.83 €/share.

Strong endorsement of Colonial's strategy by a long-term strategic investor with an industrial growth approach

• CriteriaCaixa is one of Europe's leading investment holding companies
• Reinforcement of capital structure with a new long term and prestigious shareholder as catalyst for Colonial's growth strategy

NTA 12/23 (€m)
	40%
	60%	350	5,994
			€622m
	272
	Living			+12%
5,372	Office
Pre deal	Asset	Capital	Post deal
	Contribution	Increase
Contribution Price pre-dividend			€7.1
				Significant
				Premium
				€5.9
Share Price
01/2024			14/5/24
			Alpha X	| 6

01

02

03

04

05

Executive

Summary

Enhanced Capital Structure

Transaction

Rationale

Financial

Impacts

Conclusion

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03 Transaction Rationale

2II . Transaction Rationale: Reloading Colonial's growth with a solid capital structure

1. a Colonial launches its new Project Pipeline with an ungeared IRR of +9%

New sizable pipeline in place, well diversified across emerging urban themes & cities with attractive layout and large floorplates

Urban Mixed-Use

Project Pipeline of more than 110,000 sqm of prime assets with circa €385m of capex to be invested

Urban transformation portfolio with total cost of circa €1bn1 and an expected yield on cost in excess of +6%

Substantial reversion to be captured with more than €64m of rental revenues to be achieved at project delivery

Urban regeneration projects with significant prime factory value creation potential

1. b CriteriaCaixa contributes 8 assets in-line with Colonial's urban regeneration strategy, with a total value of €272m (40% office & 60% living)
   Urban living as a natural complementary product for a prime office strategy

Offices focused on Madrid CBD and Mendez-Alvaro with attractive perspectives of accelerating rental growth

Additional value creation through Value-Add strategies on the back of

Colonial's management team track record

High Quality Living portfolio in consolidated urban areas in the city center with significant rental growth perspective and capital value growth

Santa Hortensia Madrid - City centre

Life Science/

Healthcare

Sancho de Ávila Barcelona - 22@

Offices

Ungeared IRR > 7%

Méndez

Álvaro

Condorcet

Paris - City centre

Business Campus

Scope

Paris - City centre

Living

Ungeared IRR > 6%

OfficeLiving

40% 60%

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1 Total Cost = Asset Value pre project + future Capex

03 Transaction Rationale

1. a Acceleration of a new Project Pipeline with an ungeared IRR of more than +9%

	Life Science/ Healthcare				Urban Mixed-Use				Business Campus
UNGEARED IRR LEVERED IRR1at NTA	UNGEARED IRR LEVERED IRR1at NTA	UNGEARED IRR LEVERED IRR1at NTA	UNGEARED IRR LEVERED IRR1at NTA
> 7%	> 11%		> 9%	> 13%		> 9%	> 13%	> 9%	> 13%
Asset fully pre-let at Project start
		17.800		24.000			46.900			22.000
		sqm		sqm			sqm				sqm

Sancho de Ávila		Condorcet		Santa Hortensia
Barcelona - 22@		Paris - City centre		Madrid - City centre

Scope

Paris - City centre

Changing current office use into Life Science/ Healthcare

30-year contract with leading Spanish Operator

Pre- agreed rent significantly above the office prime rent

Creation of a healthcare/ life science asset in an existing City

Hub with strong potential for new

A future campus on a 9th Arrond.

block open to the city

Additional GLA created along with

green areas

Large scale asset providing all the amenities the new users require

Strong rental reversion vs previous contract

Ongoing discussions for pre-let

structures

Area with strong demand for all

living uses

Strong mixed-use synergies between uses of common areas

New mixed-use with strong rental reversion

Multi-purpose building offering a unique range of services with generous outdoor spaces (garden, loggias, rooftop)

Next to one of main Transportation Hubs: Paris - Gare de Lyon.

2nd largest office sector in Paris

Best ESG Standards - Bioclimatic façade & reuse of existing materials

healthcare / life-science initiatives

Urban-mixed usage assets with big floor plates and well located in urban central areas

most sought after by tenants -> increased rental and capital growth potential

1 Levered IRR at EPRA LTV post transaction

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03 Transaction Rationale

1. a Acceleration of a new Project Pipeline with an ungeared IRR of more than +9%

PARIS

> 9%

ungeared

IRR

> 13%

levered1

IRR at NTA

Condorcet

Urban Mixed-Use

> 9%

ungeared

IRR

MADRID

> 9%

ungeared

IRR

> 13%

levered1

IRR at NTA

Santa Hortensia

Urban Mixed-Use

Velázquez 86D

BARCELONA

Fully	> 7%
ungeared
Pre-let
IRR
	> 11%
	levered1
	IRR at NTA

Sancho de Ávila

Life Science/ Healthcare

22@

• 13% levered1
  IRR at NTA

Scope

Business Campus

		Alpha X | 10
1
Levered IRR at EPRA LTV post transaction