Norwegian Property ASA · 8 Largest tenant: DnBNOR Bank ASA 4 years rental contract with right to...
Transcript of Norwegian Property ASA · 8 Largest tenant: DnBNOR Bank ASA 4 years rental contract with right to...
Norw egian Property ASA
DnBNOR propert ies
Aker Brygge
July 2007
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DnBNOR propert ies, Aker Brygge
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Purchase of DnBNOR propert ies, Aker Brygge
Norwegian Property purchases 31,736 sqm of office and retail prem ises at Aker
Brygge from DnBNOR for NOK 1,740 m illions
The t ransact ion will be com pleted in 3rd quarter 2007
Norwegian Property:
Norwegian Property regards the t ransact ion as at t ract ive for the com pany both
operat ionally and financially. The propert ies are purchased at an at t ract ive yield level in relat ion to re-negot iat ion potent ial of rental cont racts at high
m arket rent level in the years to com e. Propert ies at Aker Brygge are
considered to be som e of the m ost at t ract ive in whole count ry
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Main points regarding DnBNOR propert ies, Aker Brygge
4 at t ract ive office and retail propert ies of approx. 3 1 ,7 3 6 sqm
Gross rent of approx. NOKm 8 2 .5 and net rent of approx. NOKm 7 7 .4
Average return on equity is approx. 1 3 % ( pre- tax) given:
The condit ions which Norwegian Property achieves in the current m arket
A relat ively conservat ive project ion of current m arket rent level
Re-negot iat ion at higher m arket levels over the com ing years
Great potent ia l for increased rental incom e in the com ing years due to re- negot iat ion of lease contracts
Average office rent per sqm in the propert ies are approxim ately NOK 2,700
Office market rent at Aker Brygge is between NOK 3,500 and NOK 4,000 and are est im ated to increase to between 4,000 and 5,000 during the nest 2-3 years
Norwegian Property re-negot iated a lease cont ract last week regarding approx. 850 sqmat NOK 4,300 per sqm
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DnBNOR propert ies- Centrally located propert ies at Aker Brygge in Oslo
Center of OsloOslo area
Oslo CBD:
3 1 ,7 3 6 sqm
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Aker brygge
XX X
X
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Aker Brygge propert ies locat ion at Aker Brygge
Soppen er ikke inkludert
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Property facts DnBNOR propert ies, Aker Brygge
Locat ion: Aker Brygge, Oslo
Ow ner: DnBNOR ASA
Num ber of propert ies: 4
Num ber of sqm : 3 1 ,7 3 6 m 2 :
Office: 23.016 m 2 (72% )
Shopping: 2.347 m 2 (7% )
Restaurant : 1.467 m 2 (5% )
Other: 4.906 m 2 (16% )
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Largest tenant :
DnBNOR Bank ASA
4 years rental cont ract with r ight to extend at m arket condit ions
82% of rental incom e
DnBNOR s Norwegian Head Quarter
Other tenants
Approx. 20 other tenants
Durat ion approx. 4.4 years
Mainly shopping and restaurants
Gross rent ( 2 0 0 7 ) : NOKm 8 2 .5
Net rent ( 2 0 0 7 ) : NOKm 7 8 .4
Owner cost of ca. 7%
Annual CPI adjustm ent : 1 0 0 %
Vacancy: ~ 0 %
Rental facts DnBNOR propert ies, Aker Brygge
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Value: NOKm 1 ,7 4 0
After deduct ion of deferred tax of MNOK 14
Average value per sqm : NOK 54.827
Average value per property: NOKm 435
I RR: approx 1 3 %
Yields 2 0 0 7 / 2 0 0 8 :
On gross cont ract rent : 4.8%
On net cont ract rent : 4.5%
On net m arket rent : 5.8%
Valuat ion DnBNOR propert ies, Aker Brygge
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About Aker Brygge
Aker Brygge lies in the pr im e CBD-area and is am ong the m ost at t ract ive addresses in Oslo.
More than 5.000 people live and work in the area.
Aker Brygge is a m ajor at t ract ion for residents and tourists at t ract ing m ore than 14 m illion visitors each year.
- Large choice of restaurants and pavem ent cafés
- Big shopping area
- Beaut iful waterside
- Lots of cultural act ivit ies
Excellent com m unicat ions and walking distance towards the inner city
- Railway and underground stat ion only five m inutes away
- Marina and boat harbor
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86.000 offices m 2
68 stores
36 restaurants
2 cinem as
A theat re
A conference cent re
380 high quality apartm ents
health-and- fitness cent re
- Oslo s prim ary and m ost popular m eet ing place both day and night
Aker Brygge - land and sea, business and pleasure
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Building B
Building C
Building A
Building D
The DnBNOR propert ies locat ion at Aker Brygge
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Floors and types of prem ises, DnBNOR propert ies
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Norw egian Propertyincluding
DnBNOR propert ies
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Norw egian Property in Norw ay
4 7 propert ies6 1 1 ,0 0 0 sqm
1 property2 2 ,0 0 0 sqm
Trom sø
Bodø
Oslo: Ca 7 % of the office
m arket
Bergen:Ca 1 .5 % of the office m arket
Stavanger:Ca 7 % of the office m arket
Propert ies ow ned by Norw egian
Property
Market share Norw egian
Property
1 1 propert ies1 2 9 ,0 0 0 sqm
Stavanger
Oslo
Bergen
X
X
X
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Norw egian Property- Centrally located propert ies in the Oslo area
X
X
X
X
X
X
X
X
X
6
4
X
9
X
X
X
X
XX
XX
X
X
X
X
X
X
X
X
XX X
X
X XX
XX
XX
Oslo area:
Ca 6 1 1 ,0 0 0 sqmCenter of Oslo:
Ca 4 7 7 ,0 0 0 sqm
X
X
X
X
X
X
X
X X
X
X
1 1
X X
Center of Oslo
X
Oslo area
XX X
X
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Norw egian Property- At t ract ive property port folio, large w ell- know n tenants
Restaurant
4 %
Industry/Prod
9 %
Public adm
8 %
Bank/finance
21 % Other
services
11 %
Retail
4 %
Telecom/
Data/IT
21 %
Culture/
media
2 %
Oil/ Oil
services
19 %
2007 E
Port folio
Number of propert ies 59
Number of sqm 761,993
Avrg sqm size per propert y 12,915
Avrg value per sqm 26,217
Avrg value per propert y (NOKm ) 339
Avrg rent per gross sqm 1,510
Va lua t ion ( NOKm )
Tot al invest ment (NOKbn) 19,977
Gross rent 1,151
Opex 66
Net rent 1,084
Gross y ield (2007E) 5.8%
Net y ield (2007E) 5.4%
Durat ion (years) 7.0
CPI adj (2007) 96 %
Vacancy ( rent) 0.7 %
Tenant
Cont ract rent
2 0 0 7 ( NOKm ) %
Durat ion
( years)1 Aker ASA/ Aker Kværner ASA 78,3 6,8 % 12,62 EDB Business Partner ASA 75,5 6,6 % 12,13 DnBNOR Bank ASA 67,4 5,9 % 4,04 Nordea 43,7 3,8 % 6,95 SAS 40,4 3,5 % 9,86 I f Skadeforsikr ing 38,4 3,3 % 5,67 Statoil 35,3 3,1 % 4,68 Total E&P 27,5 2,4 % 10,99 Get
( t idl. UPC) 26,2 2,3 % 4,210 Leif Høegh 25,9 2,2 % 13,011 Telenor 25,8 2,2 % 8,612 Aker Kværner Offshore Partner 23,0 2,0 % 2,713 NetCom AS 22,6 2,0 % 5,514 Skanska Norge AS 21,1 1,8 % 8,215 Fokus bank 19,9 1,7 % 5,916 Ast rup Fearnley/ Astrup Fearnely st iftelsen 19,2 1,7 % 10,317 Hafslund 18,2 1,6 % 11,818 Nera ASA 17,8 1,5 % 4,519 Em entor Norge AS 17,7 1,5 % 5,520 Oslo Sporveier 17,0 1,5 % 8,321 Sim onsen Advokat firm a DA 16,7 1,4 % 5,722 Rikshospitalet 16,2 1,4 % 14,923 TDC Norge AS 15,2 1,3 % 4,124 Arbeidsdirektoratet 14,3 1,2 % 4,525 GlaxoSmithKlein 14,3 1,2 % 9,8
TOTAL 2 5 LARGEST TENTANTS 7 3 8 6 4 % 8 ,1
Other tenants 413 36 % 4,5
TOTAL - ALL TENANTS 1 1 5 1 1 0 0 % 7 ,0
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Public
14 %
Private
86 %Oslo
88 %
Bergen
1 %
Other
1 %
Stavanger
10 %
Parking
5 %
Office
7 8 %
W arehouse
2 %
Retail
1 0 %
Other
5 %
3 - 6 years
24 %
6 - 10 years
36 %
> 10 years
28 %
< 3 years
13 %
Norw egian PropertyThe present port folio fulfills the m ain targets
Private
70-75 %
Public
25-30 %
Oslo / Bergen /
Stavanger / Tr.heim
85-90 %
Annet sentralt
10-15 %
Office
70-75 %
Retail / Warehouse/
Parking
25-30 %
3 - 6 years
20-25 %
< 3 years
10 %> 10 years
25-30 %
6 - 10 years
40-45 %
Oslo / Bergen /
Stavanger / Tr.heim
85-90 %
Annet sentralt
10-15 %Other cent ral
10-15%
Tenant m ix* * target & actual
Lease durat ion m ix ( Y) * * * target & actualProperty m ix* * target & actual
Geographic focus* target & actual
* By Value * * By rent * * * Cont ractual rent
Target Actual
Target Actual
Target Actual
Target Actual
W eighted average
durat ion 7 yearsW eighted average
durat ion ca. 7 years
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Port folio Oslo CBD
Aker Brygge
Grev Wedels plass 9
Stortingsgt. 6
C.J. Hambros pl 2Nydalen (IFN-portfolio)
Aker Brygge (New)