Income-generating property

The income-generating portfolio, which has been assembled through acquisitions and development, comprises high-quality retail, industrial, logistics and hotel properties in the UK, Germany and Switzerland.

The investment strategy emphasises the quality of income streams, which is evident from the locations and quality of the assets owned, terms of leases, and size of tenants. The income is of such a quality as to allow for gearing at an asset level of up to 65%.

LOCATION ASSET
TYPE
OWNERSHIP COMPLETION
DATE
CURRENCY NUMBER
OF
ASSETS
GLA
(SQM)
OCCU-
PANCY
WALT BOOK
VALUE
PASSING
RENT
m2 % years €m €m
Nova Park Poland Retail 80% 28.11.2016 EUR 1 32 580 95,3% 4,46 €75,061 €4,662
Edeka MIHA portfolio Germany Retail 100% 30.08.2016 EUR 20 51 109 100,0% 14,43 €55,13 €3,86
Heppenheim park Germany Retail 100% 2015 EUR 1 24 644 85,7% 7,92 €27,90 €2,29
Toom portfolio Germany Retail 100% 2015 EUR 3 25 291 100,0% 12,33 €29,04 €2,20
Edeka Thales portfolio Germany Retail 100% 2016 EUR 3 21 845 95,8% 14,00 €28,98 €2,00
Bruschal Germany Retail 100% 2015 EUR 1 7 103 100,0% 5,45 €21,70 €1,41
Gotha Germany Retail 100% 2015 EUR 1 9 442 100,0% 9,49 €12,20 €0,99
Munich Germany Industrial 100% 12.08.2016 EUR 1 13 090 100,0% 2,00 €10,50 €0,89
Lehrte Germany Retail 100% 2016 EUR 1 9 203 100,0% 10,11 €10,40 €0,76
Donaueschingen Germany Retail 100% 2015 EUR 1 8 235 100,0% 12,08 €9,60 €0,72
Aldi portfolio Germany Retail 100% 2009 EUR 5 6 759 100,0% 12,91 €8,94 €0,60
Whitbread and Arches UK Hotel 100% 2016 GBP 1 17 744 100,0% 26,88 €40,35 €2,13
Chippenham UK Industrial 100% 2015 GBP 1 62 897 99,3% 6,90 €23,56 €2,01
Adagio and retail UK Hotel 100% 30.11.2016 GBP 1 8 481 87,5% 19,89 €25,46 €1,44
Braehead UK Industrial 100% 2013 GBP 1 18 476 100,0% 8,12 €7,88 €0,81
Zurich Switzerland Logistics 100% 2010 CHF 1 5 699 100,0% 7,75 €19,74 €1,21
TOTAL 43 322 598 97,7% 11,08 €406,44 €27,98
1 Incudes development land with a carrying value of €2,62m
2 Includes turnover rent of €0,24m

Development and Land Bank

LOCATION ASSET
TYPE
OWNERSHIP ESTIMATED
COMPLETION DATE
CURRENCY NUMBER
OF
ASSETS
BOOK
VALUE
DEVELOPMENT
ERV
€m €m
New Waverley - Phase II UK Office 100% 2019 GBP 1 €7,05 €5,48
Langley Park UK Hotel 100% 2018 GBP 1 €0,54 €0,42
Developments 2 €7,59 €5,90
North Street Quarter UK Residential 1 €19,59 -
New Waverley - Phase II UK Residential 2 €7,56 -
Langley Park UK Residential 2 €17,14 -
Land Bank 5 €44,29

Prime Kapital Joint Venture

LOCATION ASSET
TYPE
OWNERSHIP ESTIMATED
COMPLETION DATE
CURRENCY NUMBER
OF
ASSETS
BOOK
VALUE1
BUDGET1 ERV1
€m €m €m
Retail CEE developments CEE Retail 40% 2017-2020 EUR 8 €4,752 €246,40 €24,1
Other CEE developments CEE Other 40% 2018-2019 EUR 1 €11,772 €128,60 -
Development Property 9 €16,522 €375,00 €24,1
1 The figures reflect 100% ownership in the development properties
2 Excluding advances on investment property

Data is as at 31 December 2016