COIMA RES S.P.A. SIIQ FY 2021 RESULTS
February 25th, 2022
REAL ESTATE SIIQ
Key Highlights
Manfredi Catella, CEO
Financial Results
Fulvio Di Gilio, CFO
Portfolio & Asset Management
Matteo Ravà, Head of Asset Management
Market Outlook
Gabriele Bonfiglioli, Head of Investments
Closing Remarks
Manfredi Catella, CEO
Appendix | 01 |
COIMA RES - REVIEW OF 2021
A focused and sustainable portfolio leading to solid financial results
OPERATIONAL & PORTFOLIO PERFORMANCE
- Sold mature assets in non-core locations: Sarca property in Bicocca sold at 36% premium and with 39% IRR
- Disposal in line with COIMA RES' strategy
- Free up capital to perform Pirelli 32 acquisition
- Acquisition of Pirelli 32 office complex in Milan's Porta Nuova
- Repositioning and building reuse operation in Milano Porta Nuova
- Porta Nuova exposure increases to 61% of portfolio
- New green financing executed for €165M
- €120m to refinance the existing debt and €45M to partially fund capex plans
- aligned with the European taxonomy of environmentally sustainable economic activities
- Collected 100% of FY 2021 rent due1 (99.4% at same date in 2020)
- Leased/renewal c. 12,8002 sqm accounting for c. €6.82m (c. +45% upside vs previous rents) per annum in 2021
- Redevelopment of Monte Rosa, Tocqueville and Deruta
- High sustainability target (-65% of carbon emission on average)
- Meaningful potential upside achievable in terms of rent / sqm (+25% ERV vs current rent)
FINANCIAL RESULTS
- Gross rent at €41.2m in 2021
- Like for like rental growth at +0.8% excluding Monte Rosa
- Like for like rental growth (office) at +2.3% excluding Monte Rosa
- Net operating profit (EPRA Earnings) at €15.0 m (or Euro 0.42 per share) in line with 2021 guidance
- EBITDA at €44.3M in 2021
- +40.4% vs 2020 level of €31.5m
- Net profit at €23.1m in 2021
- ~50% vs 2020 level of €15.6m
- EPRA NTA per share at €12.75 as of Dec-21
- EPRA NTA growth of 2.7% in 2021
- Sustainable capital structure with ample liquidity
- Net LTV at 30.5% on a consolidated basis (27.6% pro-quota)
- €90.6m of cash on balance sheet (consolidated)
- EPRA Earnings guidance for 2022 at Euro 0.30 per share
- Considers the start of Monte Rosa, Tocqueville and Deruta redevelopment projects
- Dividend confirmed at €0.30 per share
Note: | ||||
1) | Data as of February 24th, 2022 | FY 2021 RESULTS | 3 | |
2) | Including also the A2A lease in Sarca before the disposal | |||
PIRELLI 32 ACQUISITION - SUMMARY
Redevelopment of the property with the objectives of substantially contributing to the mitigation of climate change (i.e. renewable energy coverage > 65% of annual needs)
ASSET OVERVIEW | ASSET PICTURES | ||||
Ownership (look through) | 77% | ||||
Construction Year | 1960 | ||||
Asset Type | Office - Value add | ||||
Tenant | Unicredit | ||||
Surface | 9,560 sqm (NRA) | ||||
Acquisition Price | €58.2m (100% of asset) | ||||
WALT | < 1.0 years | ||||
Occupancy Rate | 100% | ||||
INVESTMENT RATIONALE
- Value add asset in Milan Porta Nuova
- Value creation based on expected net stabilized yield on costs above 5.0% (ca. 160bps premium vs prime yield)
- Excellent accessibility in front of metro stop and lying on the main axis connecting Central Station and Garibaldi Station
- Refurbishment high standards target for environmental sustainability and technology innovation
- LEED® C&S and WELL® C&S certification
- Zero "fossil fuel"
- Renewable energy coverage > 65% of annual needs
- Energy performance certificate "A" and classification "nZEB"
- "Carbon value at Risk" of the property <0%
PIRELLI
32
FY 2021 RESULTS 4
P 32 - INCREASING EXPOSURE TO RESILIENT AREA
62% (from 59%) of total portfolio located in Milan Porta Nuova which is set to be the main post-Covid urban campus including Pirelli 32 acquisition
Submitted application
to achieve LEED for Communities and WELL Community certifications
Porta Nuova set to be
the world's first
district
redevelopment project
to obtain a double
certification
Certifications analyse
the social,
environmental and
economic aspects of
the Porta Nuova
Part of Porta Nuova is also BAM (Biblioteca degli Alberi), Italy's first public park managed through a unique agreement between the Milan City Council, COIMA SGR and the Riccardo Catella Foundation
FY 2021 RESULTS 5
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COIMA RES S.p.A. SIIQ published this content on 25 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 February 2022 08:11:02 UTC.
