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Capital Markets Day Premium Outlets 3 June 2019 Freeport Lisboa Fashion Outlet Batavia Stad, Amsterdam
Today’s speakers
David Atkins Chief Executive, Hammerson
Otto Ambagtsheer CEO – VIA Outlets
Timon Drakesmith CFO and MD Premium Outlets, Hammerson
Natacha Villas-Boas Retail Director – VIA Outlets
Nuno Oliviera Business Director – VIA Outlets
3
Agenda for the day
01
2019 priorities and update
02
Our premium outlets investments
03
VIA Outlets strategy and differentiation
04
Retail management
05
Freeport Lisboa Fashion Outlet
David Atkins – CEO, Hammerson
Timon Drakesmith – CFO and MD Premium Outlets, Hammerson
Otto Ambagtsheer – CEO, VIA Outlets
Natacha Villas-Boas – Retail Director, VIA Outlets
Nuno Oliveira – Business Director Portugal, VIA Outlets
Tour of Freeport Lisboa Fashion Outlet 4
2019 priorities
Capital efficiency
Reducing debt
Optimised portfolio
Pursuing portfolio-wide disposals Exiting retail parks
Operational excellence
Managing structural shift in retail
Establish City Quarters
5
Update on 2019 priorities
Capital efficiency and optimised portfolio Portfolio-wide disposals: • Confident in our 2019 disposals target of more than £500m • Remain in active discussions for over £900m from across the portfolio • Dallow Road RP, Luton sale exchanged for £24m (7.6% NIY, 6% below Dec 18 value)
Establish City Quarters: • Good progress with City Quarters concept in 2019 with minimal capital outlay • Phase 2 planning submitted on Dundrum 115 unit residential scheme, consent anticipated for Q3 2019 with start-on-site 2020
• Consultation launched on Martineau Galleries in Birmingham • Working up further planning submissions in the UK and Ireland for 2019
£140m forecast capex
Building 5, Dundrum
6
Update on 2019 priorities
Operational excellence Leasing: • Remain focused on space repurposing strategy to ensure optimal brand offer for catchments • Leasing volumes currently behind 2018, although principal leasing in line with ERV Managing CVAs & tenant failures: • 2019 YTD, 35 units impacted by admin or CVAs, 70% fixed, remainder turnover; includes car park income and inducement amortisation. Property outgoings: includes local marketing costs and leasing costs, net of service charge Administration costs: include Value Retail and Meyer Bergman advisory fees, internal staff costs and group marketing costs
58.1% EBIT margin)
Interest: secured debt structure; weighted average cost of debt of 2.3% Tax: corporation tax ranges from 5.5% in Switzerland to 25% in Spain and the Netherlands
(2)
Tax
15
EPRA Earnings 0
5
10
35.4% EPRA Earnings margin) 15
20
25
30
35
40
45
£m 1
All figures at Hammerson share. Source: 2018 Company Annual Reports and Accounts.
21
Future strategy Value Retail
VIA Outlets
Continuation of strong organic growth through active brand management and loyalty programme
Growth from acquisitions, remarketing, reconfigurations, introduction of new brands and nearterm extensions
Growth from delivery of near-term extensions Continue driving tourism footfall and spend Open to disposals of Group’s LP stakes at appropriate prices
Wertheim, Frankfurt
Broaden attraction to tourism spend Further strengthen internalised management structure Ambition for 50/50 joint ownership with APG with enhanced involvement
Vila do Conde, Porto
22
AMSTERDAM PRAGUE
GOTHENBURG SEVILLE
LISBON
WROCLAW
MALLORCA ZURICH
OSLO
PORTO
ZWEIBRÜCKEN
VIA OUTLETS: STRATEGY AND DIFFERENTIATION
2
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
AGENDA Portfolio Overview Financials and Trading Performance VIA Outlets’ Vision VIA Outlets’ Strategy Q&A
3
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS PORTFOLIO A unique partnership of property, investment and retail experts The newest and fastest growing owner/operator In Europe. We are a leading portfolio of premium fashion outlets across Europe, dedicated to making the experience worth travelling for. As retail experts, we combine commercial knowledge, agility and solid experience to partner with our brands and elevate everything we do.
VIA Outlets was founded in 2014. Its principal shareholders include Dutch pension fund asset manager APG and UK REIT Hammerson plc.
The initial operating partners were outlet centre specialist Value Retail and retail asset manager Meyer Bergman.
4
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS PORTFOLIO 20 14
Amsterdam BATAVIA STAD FASHION OUTLET Prague FASHION ARENA PRAGUE OUTLET
2015
Lisbon FREEPORT LISBOA FASHION OUTLET Gothenburg HEDE FASHION OUTLET Zurich LANDQUART FASHION OUTLET
2016
Palma MALLORCA FASHION OUTLET
2017
Wroclaw WROCLAW FASHION OUTLET Seville SEVILLA FASHION OUTLET Frankfurt ZWEIBRÜCKEN FASHION OUTLET Porto VILA DO CONDE PORTO FASHION OUTLET Oslo OSLO FASHION OUTLET 5
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS PORTFOLIO
11 Fashion Outlets 9 Countries Total GLA 259,637m2 +1,100 Stores +850 Brands 92% Spot Occupancy
6
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
FINANCIALS AND TRADING PERFORMANCE 2018 Financials
Gross Asset Value
€1.62 Bn Net Asset Value
€775 M Vs. LY
Net Rental Income
€78 M Vs. LY
7
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
FINANCIALS AND TRADING PERFORMANCE 2018 Operational KPIs
Brand Sales (Vs. LY%)
€1.07 Bn (+9%) Footfall (Vs. LY%)
SPV (Vs. LY%)
+30 M (+3%)
€35 (+6%)
Vs. LY
Vs. LY
8
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
FINANCIALS AND TRADING PERFORMANCE 2019 KPIs – April YTD
Brand Sales (Vs. LY%)
€323 M (+8%) Footfall (Vs. LY%)
SPV (Vs. LY%)
+9 M (+7%)
€34 (+1%)
Vs. LY
Vs. LY
9
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ VISION
WE WELCOME OUR GUESTS TO EXPERIENCE BEST-IN-CLASS, BEAUTIFULLY LOCAL, PREMIUM SHOPPING DESTINATIONS ACROSS EUROPE
10
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ STRATEGY Guest and brand engagement
Redefining the outlet shopping business model through a differentiated, beautifully local approach, focused on Guest and Brand engagement
VIA provides exceptional services across the entire customer journey, beginning online, transitioning to our centres, and continuing after each guest’s visit
Organisationally, VIA Outlets operates a decentralised, matrix organisation that emphasises empowering centre teams to deliver continued operational growth 11
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ STRATEGY Organisational priorities
11 very different outlet centres across Europe, with differences in:
Size / Positioning Challenges / Issues And above all… Opportunities
There is no ‘one-size-fits-all’ model that will work. A tailor-made approach is necessary for each centre to create value and to meet its 5-year Business Plan targets
Redefining the outlet centre Business model; the consumer demands a unique and compelling experience
Brand offer and mix Digital engagement F&B is key Tourism connections Customer services and hospitality
Further extensions where feasible and acquisitions when appropriate 12
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ STRATEGY THE 3 R’s – transforming outlets to premium fashion outlets REMODELING
REMERCHANDISING
REMARKETING
13
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ STRATEGY Remodelling
Upgrade overall in-centre experience by transforming the centre into an exciting and enjoyable must-visit shopping destination, where leading brands and discerning customers want to be
Focus on retail development and upmarket shopfits to generate improved performance, and offer an elevated customer experience
Centres that have been renovated or expanded (Batavia Stad, Freeport Lisboa, Landquart, and Mallorca) have all seen double-digit growth in 2018 vs. 2017
VIA has close to €50m of major CapEx works currently on-going across the portfolio, with a proven track-record of success 14
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ STRATEGY Remerchandising
Remerchandising Overview Action New Renewal Exit Upsize Downsize TOTAL
2018 Executed Deals 96 101 65 25 18 305
2019 Planned Deals 124 100 41 21 23 309
By continually attracting new brands, exiting poor performers and the selective upsizing and downsizing of key units, VIA is driving sales density growth across all Centres
2018 saw a total of 305 leasing deals executed across all 11 Centres. 309 deals have been budgeted for 2019 15
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ STRATEGY Remarketing We
implement
approach,
a
tailor-made
360˚marketing
targeting aspirational, domestic and
international customers:
Advertising & PR Digital marketing In-Centre events Events, corporate and VIP program Cross-marketing with key tourism partners Collaborations with hotels in key cities Engaging with the travel trade Collaborations
with
tourism
offices
and
associations across Europe 16
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
VIA OUTLETS’ STRATEGY Remarketing and the fashion club
Designed to attract and reward our local guests, delivering loyalty to our brands and repeat visits to the Centre
Fashion Club members earn 5% in credit from their transactions in participating stores. Members receive access to exclusive offers or events (e.g. Private Sale)
The data collected allows us to ‘know our guests’ and target them more effectively +32% ATV higher vs average
614,000 guest profiles
Over 500 participating stores 17
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
THANK YOU
7
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
RETAIL
AMSTERDAM PRAGUE
GOTHENBURG SEVILLE
LISBON
WROCLAW
MALLORCA ZURICH
OSLO
PORTO
ZWEIBRÜCKEN
VIA OUTLETS – BUILDING ASSET VALUE
2
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
RETAIL
Our philosophy relies on the Retail team providing services and support to the brands to maximize performance and create memorable experiences
3
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
RETAIL SERVICES Visual Merchandising Retail & MKT Calendar Sales Tools; FC; Anonymous Must; Miles; Tax Free
Customized reports Data Analytics OMA
GUEST CENTRIC Elevate guest experience Customer service
Store Audits
RAP
Benchmarks & Forecast New Business
RETAIL
daily basis management
Campaigns/ Brand Activations Events
BRAND ENGAGEMENT
Budget
Brand´s BFF
Training Retail Academy Program
REMERCHANDISING Elevate tenant brand mix
Trends VOG & M&G Pop Up´s Elevate lay out´s with retail commercial view RD
Recruitment VIA JOBS
4
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
RETAIL
We have dedicated and highly experienced retail teams in our centres and at a pan–European level, to support our brand partners and ensure our customers have the best shopping experience possible.
We deliver on-site training and development for store teams, recruitment support for fulfilling staffing needs, visual merchandising services, useful exit surveys/customer feedback, and regular business reviews both locally and in head offices
We provide full transparency and simple reporting solutions to allow our brand partners to optimize performance in our centre, we create helpful analysis of peers in each category to draw attention to opportunities and maximize future potential
For new Brands and Store openings we have an excellent store design team and central and local, legal and financial teams available to ensure smooth planning and successful launch
Our commitment to the success of our brand partners is our primary focus 5
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
RETAIL
“ People do not buy goods and services. They buy relations, stories and magic. ” Seth Godin
6
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
THANK YOU
7
2019 | STRICTLY PRIVATE AND CONFIDENTIAL
FREEPORT LISBOA FASHION OUTLET Nuno Oliveira – Business Director, Portugal May 2019 AMSTERDAM PRAGUE
GOTHENBURG SEVILLE
LISBON
WROCLAW
MALLORCA ZURICH
OSLO
PORTO
ZWEIBRÜCKEN
FREEPORT LISBOA FASHION OUTLET LISBON SNAPSHOT
TOURISM
2
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
FREEPORT LISBOA FASHION OUTLET Before
3
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET Before
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FREEPORT LISBOA FASHION OUTLET before
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FREEPORT LISBOA FASHION OUTLET After
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FREEPORT LISBOA FASHION OUTLET After
33
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
FREEPORT LISBOA FASHION OUTLET what is to come / under discussion
34
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
FREEPORT LISBOA FASHION OUTLET New Brands
35
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
FREEPORT LISBOA FASHION OUTLET Five Year Plan 2018-2023
Brand sales to increase from €123 million to €200 million Footfall to grow from 3 million to 3.6 million SPV to increase from €42 to €55 Sales Density up from €4,192to > €5,700 Average occupancy from 81% to 96% by 2020
36
2018 | STRICTLY PRIVATE AND CONFIDENTIAL
THANK YOU!
AMSTERDAM PRAGUE
GOTHENBURG SEVILLE
LISBON
WROCLAW
MALLORCA ZURICH
OSLO
PORTO
ZWEIBRÜCKEN
Freeport, Lisbon
Q&A
Notes
Notes
Notes
Freeport, Lisbon
Appendices
1
Premium outlets portfolio Value Retail Villages
VIA Outlets centres
Bicester Village, Oxford GLA: 28,000m2 Boutiques: 161
Batavia Stad Amsterdam Fashion Outlet GLA: 30,900m2 Units: 130
La Roca Village, Barcelona GLA: 23,400m2 Boutiques: 135 Las Rozas Village, Madrid GLA: 16,500m2 Boutiques: 98 La Vallée Village, Paris GLA: 21,900m2 Boutiques: 106 Maasmechelen Village, Brussels GLA: 19,800m2 Boutiques: 97 Fidenza Village, Milan GLA: 20,900m2 Boutiques: 120 Wertheim Village, Frankfurt GLA: 21,200m2 Boutiques: 113 Ingolstadt Village, Munich GLA: 21,100m2 Boutiques: 113 Kildare Village, Dublin GLA: 16,700m2 Boutiques: 98
Fashion Arena Prague Outlet GLA: 24,100m2 Units: 99 Landquart Fashion Outlet, Zürich GLA: 21,100m2 Units: 79 Freeport Lisboa Fashion Outlet GLA: 36,500m2 Units: 119 Hede Fashion Outlet, Gothenburg GLA: 16,100m2 Units: 52 Mallorca Fashion Outlet GLA: 30,500m2 Units: 78 Wroclaw Fashion Outlet, Poland GLA: 13,700m2 Units: 88 Sevilla Fashion Outlet GLA: 15,800m2 Units: 64 Zweibrücken Fashion Outlet, Germany GLA: 29,100m2 Units: 114 Vila do Conde Porto Fashion Outlet GLA: 27,800m2 Units: 117 Norwegian Outlet, Oslo GLA: 13,300m2 Units: 96
2
2018 operational update
Value Retail (1)
Brand sales (€m)
(2)
Brand sales growth (%) Footfall (m)
(3)
(2)
Average spend per visit (€)
(2)
Average sales density growth (%)
(3)
Like-for-like net rental income growth (%) Occupancy (%)
(5)
1 2 3 4 5
(4)
VIA Outlets
(1)
2018
2017
2018
2017
2,903
2,693
1,071
930
8
8
9
13
36.8
35.4
30.3
28.3
79
76
35
33
4
5
5
10
4
14
10
5
97
95
92
91
With the exception of LfL net rental income growth, figures reflect overall portfolio performance, not Hammerson’s ownership share. 2017 figures have been restated at 31 December 2018 exchange rates Figures include acquired assets from the acquisition date. 2017 VIA Outlets figures have been restated to reflect more accurate footfall data and include Zweibrücken Fashion Outlet from the acquisition date Figures include assets owned for 24 months LfL NRI growth now excludes the impact of extensions and re-modellings. VIA Outlets 2017 LfL NRI has been restated for a foreign exchange correction (-4% impact to 2017 LfL NRI) 2017 VIA Outlets figures have been restated to reflect spot occupancy rather than assets owned for 12 months
3
Premium outlet valuations are driven by sales density levels
Yields on premium outlets Sales densities illustrate appeal to consumers, brands and investors Very high
2
Sales density (€000/m2)
€8,000-39,000/m
(1)
2018 weighted average sales density was €9,800/m2, up +5% YoY Weighted average NIY 4.7%
High
2
€5,000-8,000/m
Comparable to European prime shopping centres
(2)
Medium
2
€3,000-5,000/m
2%
3%
4%
5%
(3)
6%
7%
8%
Dec 2018 NIY (%) 1 2 3
‘Very high’ includes Bicester Village, Fidenza Village, Ingolstadt Village, Kildare Village, La Roca Village, Las Rozas Village, La Vallée Village and Wertheim Village ‘High’ includes Batavia Stad Fashion Outlet, Maasmechelen Village, Mallorca Fashion Outlet, Vila do Conde Porto Fashion Outlet and Zweibrücken Fashion Outlet ‘Medium’ includes Fashion Arena Prague Outlet, Freeport Lisboa Fashion Outlet, Hede Fashion Outlet, Landquart Fashion Outlet, Oslo Fashion Outlet, Sevilla Fashion Outlet and Wroclaw Fashion Outlet
4
Sales growth attractive for retailers
Sales densities growth demonstrates underlying sales performance
VR and VIA Average Sales Densities (€/m2) and Average sales Density Growth 2012 – 2018(1) 18,000
20% 18%
16,000
18% 16%
14,000
14%
12,000
13%
12%
10,000 8%
8,000
9%
6,000
10%
10%
8%
7% 5%
4,000
5%
6% 4% 5%
2,000
4% 2%
0
0% 2012
2013
2014
2015
2016
2017
VR Average Sales Densities (LHS)
VIA Average Sales Densities (LHS)
VIA Average Sales Density Growth (RHS)
VR Averge Sales Density Growth (RHS)
1
Figures have been restated at constant FX rates. Sales densities include assets owned for 24 months. Sales density growths have been calculated as the weighted average of entities owned for 12 months.
2018
5
Hammerson’s total investment in Value Retail
Holding companies 25% equity
Bicester Village
La Roca Village
Las Rozas Village
La Vallée Village
Maasmechelen Village
Fidenza Village
Wertheim Village
Ingolstadt Village
Kildare Village
37
29
25
14
14
22
33
2
29
50
41
38
26
27
34
45
15
41
Village ownership via LPs (%) Total Village ownership (%) (1)
1
Total Village ownership calculated as economic entitlement of directly held and indirectly held interests
6
Diversity of international visitors
Tax Free Sales (TFS) are a more meaningful contributor to Value Retail
TFS at Value Retail(1)
Largest contributor to individual Village TFS
Largest contributor to total Value Retail TFS
Greater China
South and East Asia
Gulf/Middle East
Russia
India
USA
Other(2)
1 2
Source: Global Blue, (Value Retail Villages and European Snapshot December 2018) Other includes countries which are not in the top 15.
7
Diversity of international visitors
Top 3 nationalities by contribution to Tax Free Sales as at 31 December 2018 Value Retail(1)
Consumers(2)
VIA(3)
Consumers(2)
China 40%, Hong Kong 6%, India 5%
China 26%, Israel 14%, Egypt 9%
China 40%, Russia 13%, Korea 9%
Russia 31%, Israel 21%, China 10%
China 48%, Columbia 5%, Korea 4%
Brazil 31%, Angola 25%, China 14%
China 32%, Korea 9%, Taiwan 5%
China 51%, Iran 11%, Switzerland 4%
China 26%, Taiwan 10%, Russia 8%
China 24%, Russia 14%, UAE 6%
Russia 35%, China 21%, Ukraine 6%
Russia 29%, Argentina 16%, Switzerland 12%
China 48%, Taiwan 7%, Russia 6%
Ukraine 18%, Belarus 17%, China 16%
China 31%, Russia 16%, Taiwan 5%
Morocco 70%, Russia 3%, Argentina 3%
China 60%, Malaysia 5%, USA 4%
China 27%, Kuwait 11%, Russia 10% Brazil 46%, Angola 23%, Mozambique 4% China 19%, Germany 11%, Lithuania 10%
1 2 3
In order of opening In order of importance, portion of total TFS as at 31 Dec 2018. Source: Global Blue and Premier Vision In order of acquisition
8
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