Company Presentation for J.P. Morgan Credit and Equities Emerging - - PowerPoint PPT Presentation
Company Presentation for J.P. Morgan Credit and Equities Emerging Markets Conference 2017, London October 2017 Table of content Section 1 Summary 3 Section 2 Market Overview 7 Section 3 Company Business Profile 14 Section 4 Board and
Section 2 Market Overview 7 Financial Performance Appendix 29
Section 1 Summary 3 Section 5 Financial Statements 23 Section 3 Company Business Profile 14 Board and Shareholders Section 4 20 Appendix 33 Development Projects
Active asset management Focus on top tenants
Internal growth NOI Occupancy Retention Rate
Strong market fundamentals Hub for International Tenants
Moscow Market Dynamics Market Rents Valuation Yields
Development assets Yielding assets
Acquisitions and Selective Disposals IRR Target: 15–20% Min 90% of GAV IRR Target: 20–25% Max 10% of GAV
Strong coverage metrics Healthy balance sheet
Solid Financial Policies Target LTV 60% Target ICR >1.8x ~ 55/45 Leverage 100% Moscow 100% Office ~ 90/10* Yielding/ Development ~ 60/40 Leverage
*GAV of development projects is approx. 4% of total Investment Properties as of CBRE 1H2017 valuation
Key Statistics Sept 2017
NRA1 638k sqm total
Market Value1,2 $3,934m total
Occupancy Rate 86% Average Net Rental Rate3 $584 sqm / year WAULT to Expiry (years) 4.0 Credit Rating S&P B+/B, Moody’s B1/B1
Key Financials ($m)
1 2 3 4 5 6 7 8 9 10 11 Yielding Development 14 15 12 13 White Square Ducat III Legenda Tsvetnogo White Stone Silver City Lighthouse LeFort ICube Kutuzov Greendale Bolshevik Factory Zarechie Krugozor Stanislavsky Factory Vivaldi Avrasis 16 Notes:
1Assuming 100% share in each property belongs to O1 Properties. O1P owns 50.1% share in Bolshevik, which is not consolidated under IFRS. It also holds 85% stake in Greendale, 50.5% in
Legenda Tsvetnogo and 50.5% in ICube. 2 As per CBRE valuation as of 30 June 2017. 3 Rental rate post discounts and FX caps. 4 Net Debt is calculated as the sum of total borrowings less cash and cash equivalents and finance lease liabilities.
$m 2015 2016 1H2017 Rental Revenue 368 316 165 Net Rental Income 325 284 137 EBITDA 321 290 140 Investment Property 3739 3702 3654 Total Assets 4282 4242 4238 Net Debt 2641 2787 2899 Book Equity 1075 995 963 ICR 1,62 1,38 1,38 Total LTV (%) 67% 70% 73%
Operat erational updat date: e: 1) Vacancy level stabilized 2) Renegotiated with most tenants to bring their rent levels to market levels. 3) Start of residential projects (Bolshevik and A Residence apartments development) Ac Acqu quisit sitions: s: 1) In December 2016 we bought Avrasis Project (yielding office of 9,200sqm and residential project “A Residence” Debt t por
timiza zatio tion: 1) Eurobonds of $350mln issued in September 2016 2) New local bond issues ($335mln in Feb 2017, $150 mln in May 2017) 3) Partial senior debt repayment and extended maturity on most of senior loans 4) Interest rate on debt reduced from ~7% to 6.25% Credi edit t Ra Rating: g: 1) New rating from Moody’s (B1) received in September 2016 with stable outlook 2) S&P confirmed B+ corporate rating in July 2017 and improved outlook from negative to stable. B rating assigned to unsecured bond issues due to changes in S&P methodology. 3) Moody’s confirmed B1 rating in Sept.2017 with stable outlook.
GDP growth indicates a gradual recovery in key sectors of the economy. Estimated GDP growth is 2% in 2017 Russia sovereign spread reduced from 6% to almost 1.5% Low inflation and consumer sector recovery are very positive signs for Real Estate Market.
Source: RCB, Bloomberg
400-650
Russia GDP Growth Stabilizing Exchange rate dynamics, USD/RUB Russia Sovereign Spread to US Treasuries
Source: Bloomberg
The level of rental rates highly depends on quality of the building, its location and vacancy in the building. Oil prices stabilization and ruble appreciation lead to rental rates stabilization in dollar terms.
Source: CBRE, Colliers 2Q2017 Source: Colliers 2Q2017
400-650
Base rental rates for Class A offices stabilizing Key market indicators 2015 2016 1H2017 Total stock, mln m² 16.7 17.1 17.1 Class A 3.8 3.9 3.9 Class B 12.9 13.2 13.2 Completions, thousand m² 715.3 312 21.1 Take-up, thousand m² 962.2 850 548 Vacancy rate, % 13.9 12.4 11.2 Class A 25.3 18.4 15.8 Class B 10.5 10.6 9.9 Weighted average rental rates in CBD, $/m²/year 495 475 470 Class A 605 584 565 Class B 355 329 341
Vacancy in CBD is the lowest among submarkets, though the highest supply in absolute value terms due to the relative size of this market (CBD is the largest office submarket with about 5 Mln m² of office premises) O1 Properties vacancy in CBD assets is in line with the market and stands at around 8% Vacancy in Class A overall stock is going down replicating market behavior after the previous crisis Overall vacancy remains relatively high mainly driven by properties in poor locations and low quality of construction. Available supply is still characterized by a deficit in the segment of large ready-to-move-in premises. This shortage is noticeable for requests over 5,000 m² in the CBD and over 10,000 m² outside the CBD in high-quality business centers with a good location.
Vacant space distribution by submarkets as of YE2016
0% 5% 10% 15% 20% 25% 30% 35% 50 100 150 200 250 300 350 400 450 500 thousand sq m A B- B+ Average vacancy rate, %
Source: Colliers Research 2016 and 2Q2017.
Vacancy dynamic by classes
Source: Colliers Research 1H2017.
Since the beginning of the year, demand for leases and purchase has maintained last year's trend. In Q2 2017, the volume of transactions amounted to 258 ksqm of office space, while the total figure for H1 2017 reached 402 ksqm, which is comparable to H1 2016. New office delivery in 2016 is four times lower than in 2014. Projected delivery in 2017 represents old projects completion which is more likely to be postponed. In 1H2017 new delivery is only 21 ksqm.
Take-up, 000 m² New delivery, mln m²
In 2Q2017 inflation kept the lowers levels in the history of modern Russia. The Ministry of Economics downgraded the forecast for 2017 to 3.8%. Mid term inflation forecast is below 4%, which is the target for Central Bank. Central Bank rate has decreased rate from 10% to 8,5% in 9m2017 and further cuts are expected in 4Q2017. Sovereign USD and RUB bonds yields become lower as well. Economy is recovering, country and real estate risks become lower. Therefore we anticipate moderate cap rates compression from current 9.0-9.5% for prime asset in one year. Low
tion is is a game me changer er in in Russi sian real esta tate mark rket et.
400-650
Moscow CRE cap rates Russian Government Bonds Yields (USD & RUB)
Source: Bloomberg
2 4 6 8 10 12 14 16 18 Russian USD Bonds 10y Russian RUB Bonds 10y
Real Estate Investments in Russia have stabilized at around $4bln. Some growth is expected in 2017-2019. Office was the leading sector in investment structure with 45%
volume. While the total 1H2017 investments is 30% lower than in 1H2016, investment deals (excluding end-user purchases) rose from $440M to $1.5Bn. $402.6 million, or 23%, was the share of the total investment volume formed by foreign investors in H1 2017, while last year we mainly observed activity from Russian investors. It is worth noting that the share of foreign investors increased for the first time since 2014, when it constituted a quarter of the total annual investment volume in commercial real estate. The main driver for investors now is the potential of asset value recovery on the back of the market correction.
Total investment volume in Russian CRE
Source: Cushman&Wakefield
Gorbuskin Dvor Retail Alexei Khotin, Yuriy Khotin Victor Kharitonin
Source: Company data
As of 1H2017 O1 has 524 thousands sq. meters of completed and yielding Class A and B Office Space Estimated O1 share in Moscow class A office market is about 12%.
Moscow office stock
3.9 3.9 9.1 9.1 4.9
Class А/А+ offices, mln m² Class B/B+ offices, mln m² Class B- offices, mln m²
247 275 393 411 430 450 453 74 74 74 89 71 71 71 100 200 300 400 500 600 2011 2012 2013 2014 2015 2016 1H2017 NRA, class A/A+ NRA, class B/B+
Well-Diversified Tenants Base by NRA # Tenant
Leased NRA (sqm) % of Total Yielding NRA
1 24,474 5.5 % 2 23,875 5.3 % 3 15,517 3.5 % 4 13,452 3.0 % 5 13,050 2.9 % 6 12,045 2.7 % 7 11,054 2.6 % 8 10,690 2.4 % 9 9,770 2.2 % 10 7,277 1.6 % Top-10 Tenants 141,652 31.6% Top-10 Tenants List Other Notable Tenants Sectors Type of Tenant NRA Concentration
O1P has a base of over 250 tenants consisting of leading Russian and international corporations, with exceptionally low credit risks (non-payments at less than 1% of NRI)
Lease expiration profile improved since June 2016
Expiration profile was improved since June 2016 with only about 15% of NRA expiring in the next 2 years In 2016-1H2017 we singed lease contracts for about 110 thousand m² (including new leases and renewals), 3x times more than in 2015. Current WAULT – 4.0 years
2,7% 7,8% 8,7% 22,4% 20,3% 16,0% 13,0% 8,6% 9,1% 10,9% 20,3% 20,6% 21,6% 7,8% 2,2% 8,0% 2017 2018 2019 2020 2021 2022 2023 2024-2026 30 August 2017 30 June 2016
Project Tenant Rented Area, m² Krugozor 1 390 Stanislavsky 1 012 Vivaldi 515 Avrasis 526 Ducat 1 068 White Stone 981 Lefort 1 702 Lefort 1 304 Bolshevik 2 691 Icube 2 084 Project Tenant Rented Area, m² Aurora (under management) 10 333 White Stone 1 219 White Square 1 020 Vivaldi 1 380 Silver City 3 175 Ducat 2 400 White Square 1 867 Silver City 1 192 Icube 2 084 Vivaldi 2 250
Project Tenant Rented Area, m² White Square 2 200 Vivaldi 562 Bolshevik ph I 255 Bolshevik ph I 1 579 Bolshevik ph I 3 135 White Square 432 Avrasis 1 215 White Stone 2 687 Ducat 1297 Silver City 1930
FX capped and ruble lease agreements comprise 60% of total signed NRA at 62 Rub/$ average cap Due to high WAULT ratio (4 years as of August 2017) we expect the average rental rate to match ERV levels by 2018 (Class A CBD ERV 2017 is $565 per sqm according to Colliers 2Q2017 report). 82% of property by GAV located in Moscow Central Business District. Top quality prime A+ assets comprise 41% of yielding GAV; class A prime and Class A – 92% of the Portfolio
*Bolshevik is not consolidated under O1Properties perimeter.
IFRS IFRS Estimated NOI 2015 NOI 2016 cash NOI 2017 White Square 76 407 64 113 802 877 833 73 67 63 84% 4,5 896 73 29 489 1 428 48% 730 Ducat 33 482 32 775 494 362 343 28 27 26 98% 4,0 780 64 6 635 2 649 28% 730 Legend 40 193 35 675 401 357 356 28 34 27 89% 4,3 687 58 14 061 892 42% 720 Krugozor 50 965 35 259 765 259 262 27 21 19 69% 4,5 430 61 11 042 18 040 82% 360 Vivaldi 48 202 48 202 771 373 367 39 29 30 100% 3,1 556 66 28 943 4 209 69% 600 Silver City 41 966 36 672 402 262 269 25 21 19 87% 3,0 498 61 7 570 19 003 72% 460 White Stone 39 698 38 473 352 250 257 26 23 21 97% 3,0 516 60 8 593 12 392 55% 500 Stanislavsky 34 556 31 573 335 205 206 22 17 16 91% 3,5 463 63 18 437 10 771 93% 460 Lighthouse 27 426 27 227 367 235 229 19 20 19 99% 3,2 659 60 10 208 1 001 41% 625 Icube 19 164 9 146 206 79 81 9 2 48% 4,8 414 - - 9 146 100% 440 Bolshevik phase I 31 368 22 812 677 167 184 3 7 10 73% 6,5 505 59 4 115 4 464 38% 550 Avrasis 9 260 7 877 168 64 66 5 85% 4,6 499 88 728 3 855 58% 600 LeFORT 55 366 42 459 746 172 179 18 11 11 77% 2,9 246 49 6 369 32 779 92% 280 Zarechye 15 517 15 517 91 123 129 6 13 13 100% 7,8 769 - - - 0% 420 Total Yielding 523 571 447 779 6 577 3 785 3 761 323 291 281 86% 4,00 584 62 146 191 120 629 60% 538 Bolshevik Phase II 40 380 600 114 96 Greendale 35 157 414 25 26 Avrasis development 21 600 250 47 38 Kutuzov 19 600 296 12 12 Total Developement 116 737 1 560 198 173 Total 640 308 8 137 3 983 3 934 (RUB+FX cap) / Total Signed ERV by CBRE 1H2017 $ $M RUB agmt NRA Average FX cap FX capped NRA (August 2017) Signed Occupancy August 2017 WAULT as of August 2017 % (sq.m.) Rub/$ $M $M (sq.m.) Average Rental Rate August 2017 Property Name CBRE GAV FY2016 Signed NRA (in years) lots $M (sq.m.) CBRE GAV 1H2017 $M % Total NRA Parking Spaces (sq.m.)
Independent Non-Executive Directors Corporate Governance
The composition of the Board of Directors:
finance All three committees (audit, nomination and remuneration, strategy and development) are headed by independent directors
Strong Alignment of Shareholder Interests
Founding shareholder (Boris Mints) remains committed to the ongoing business strategy
Executive Directors ICT representative
Alexander Ostrovskiy
Chief Executive Officer
Tomasz Zamiara
Chief Financial Officer
Konstantin Yanakov
Vice-President
April 2014
Dmitriy Mints
Chairman
Board
Timothy Fenwick
Former Head of Jones Lang LaSalle, Russia Joined in July 2011 Chairman of Remuneration
Committee
Richard Gregson
Former Real Estate Leader
Appointed to the Board in June 2012 Chairman of Audit Committee
Norbert Kickum
Former Head of Real Estate Lending at Aareal Bank. In 2011 was appointed by the German Government to FMS Wertmanagement Joined in Jan 2015
Alexander Erdman
Chief Investment Officer Co-owner of Forum Properties Appointed to the Board in April 2016
Andrey Barinsky
In order to simplify the capital structure O1P shareholders decided to combine A and B shares into one share class. O1P shares distribution after proposed transaction presented above. Boris Mints remains control with the total share in equity capital at ~71%. ICT Group and Goldman Sachs’ share 2.8% and 4.3% respectively.
71,0% 12,8% 5,6% 5,6% 4,3% 0,6% Boris Mints ICT Holding Andrey Barinsky Vladimir Zubrilin Goldman Sachs Top management
*Annualized 1H2017
Changes in Investment Property Value($m)
IFRS Net Rental Income by Property ($m) 2013 2014 2015 2016 2017*
White Square
52.6 80.3 73.0 66.7 64.6
Ducat III
27.7 32.6 28.1 27.0 27.0
Legenda Tsvetnogo
2.5 28.1 27.9 33.6 26.8
Krugozor
35.0 31.5 26.8 21.3 19.2
Vivaldi
29.9 43.5 38.7 29.4 31.1
Silver City
35.8 30.7 24.5 20.8 18.6
White Stone
30.0 26.5 25.8 23.3 20.8
Stanislavsky
23.9 24.6 22.0 17.4 17.0
Lighthouse
17.8 18.3 17.9 17.2 15.3
LeFort
25.6 25.5 12.3 11.5 11.3
Subtotal
280.7 341.5 296.9 268.2 251.7
ICube
9.1 0.0 1.1
Zarechie
13.2 13.3
Avion
8.5 7.3 5.6
3
Other
1.4 2.3 3.2 Total 292.2 351.3 325.2 283.8 274.2
.
Negative revaluation due to adverse market conditions in 2014-1H2017 comprises almost $820M which is 19% of GAV.
GAV, $M 2013 2014 2015 2016 1H2017 Revaluation 2013-1H2017 Change, % 1H2017 valuation exit cap rate 1H2017 valuation discount rate Krugozor 371,1 328,9 297,7 259,1 261,7
9,00% 11,25% Stanislavsky 252,3 234,3 217,6 204,9 206,1
9,50% 11,75% Lefort 265,8 228,3 183,2 172,4 179,4
10,25% 12,50% Avion (sold in 2015) 97,7 83,7 White Stone 293,6 272,5 255,9 249,5 257,1
8,75% 11,00% Lighthouse 259,4 246,1 229,9 235,3 229,4
8,50% 10,25% Vivaldi 444,5 410,9 377,6 372,8 367,0
8,75% 11,00% Silver City 354,8 329,2 288,2 262,3 268,5
8,75% 11,00% Ducat 412,5 397,5 365,6 362,2 342,7
8,25% 10,00% White square 1000,6 965,8 913,8 876,6 833,2
8,25% 10,00% Legend 415,5 399,3 360 356,9 356,3
8,75% 11,00% ICube
100,3 79,4 81,0
9,00% 11,50% Zarechie
118,7 122,9 128,6 9,9 8% 9,25% 12,00% Kutuzov 18,2 13,9 10,4 11,9 12,5
20,00% Greendale 33,5 27,1 20,2 24,67 26,4
20,00% Avrasis 110,88 103,9
8,75% 11,00% GAV 4219,5 4060,9 3739,1 3701,75 3 653,8
8,73% 10,91% Bolshevik ph I&II 137,9 191,6 254,4 281,4 280,2 9,00% 11,25% Total GAV 4357,4 4252,5 3993,5 3983,15 3 933,9
385 904 1 038 53 138 32 71 77 79 19 5 1 2H16 2017 2018 2019 2020 2021 2022
Debt Repayment Schedule Extension Debt Sources Diversification Debt Maturities Before Eurobonds (30 June 2016), $M Debt Maturities (31 August 2017), $M
Debt Maturity Debt Amortisation
30 5
1 175 443 717 14 38 47 54 56 51 51 2H2017 2018 2019 2020 2021 2022 2023
Debt Portfolio Breakdown (30 June 2016) Debt Portfolio Breakdown (31 August 2017)
Sberbank 33% Bonds 30% Aareal Bank 11% VTB 10% Unicredit 8% Gazprombank 6% PPF Bank 2%
Hedged / floating interest rate debt breakdown PropCo / HoldCo level debt breakdown
Currently 72% of debt is fixed interest debt or hedged via interest rate SWAPs. Unsecured holdco debt increased from 9% to 30% during last three years.
91% 87% 76% 70% 9% 13% 24% 30% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2014 2015 2016 1H2017 PropCo debt share HoldCo debt share
Operat erational: 1) Vacancy reduction 2) FFO and credit metric improvement Ac Acqu quisit sitions s and d sales: es: 1) Potential JV with reputable Investor 2) Potential diversification into other classes of CRE Dev evelo lopmen pment Pipeli eline 1) Bolshevik Phase II 2) Avrasis Apartments Debt t por
timiza zatio tion: 1) Further refinance of senior loans to get better conditions Credit edit Ra Rating: g: 1) Confirmation or improvement of rating levels from S&P and Moody’s
Adjustments descri cription: Because of the currency of IFRS presentation is USD but the functional currency of O1 Properties is Ruble, USD/Rub exchange rate fluctuations substantially affects the following lines in P&L:
to rub debt revaluation on PropCo level
Average USD/Rub exchange rate 32 38 61 67 58 P&L 2013 2014 2015 2016 1H2017 Rental revenue 342 412 368 316 165 Operating expenses
NOI 292 351 325 284 137 Net proceeds from apartments sale G&A
Net other income and costs 10 1 11 28 16 EBITDA 270 320 321 290 140 Cash interest expenses
Cash income tax
"Cash" profit 77 118 120 75 36 Results of JV 6 23 7
Property revaluation 54
Deffered income tax accrual (non-cash)
9 11 Currency effects and other non-cash items 24 125 87
Comprehensive profit 110
Debt amortisation
FFO ("Cash" Profit - Interest - Debt Amortisation) 42 72 69 15 23 Dividends to O1 shareholders
Dividends to projects minority shareholders
Bala lanc nce e Sheet, USD (tho housan usands) 2012 2013 2014 2015 2016 1H2017 Derivative financial instruments
5,139 2,092 1,369 2,622 Inventories 336 1,245
504 1,564
644 719 Prepayments and deferred expenses 6,340 33,798 10,745 18,610 5,508 6,510 VAT receivable 17,131 1,314 2,530 1,997 2,510 696 Trade and other receivables 37,653 61,810 74,792 49,260 42,111 65,069 Current income tax prepayments 399 11,716 6,678 1,453 778 2,115 Cash and cash equivalents 54,769 300,881 186,958 210,639 107,988 104,258 Non-current assets classified as held for sale 343,285 16,025
l current rent assets 460,417 442,396 286,842 285,645 160,908 181,989 Property, plant and equipment 23,336 24,630 22,866 21,261 22,091 21,223 Investment property 2,639,912 4,172,500 4,020,665 3,698,590 3,674,942 3,634,481 Investment in associate and joint venture 10,199 11,484 7,099 13,081 10,103 9,698 Loans issued 23,032 16,615 44,243 174,871 289,105 296,240 Prepayments and deferred expenses 7,157 4,093 3,773 11,883 4,792 8,151 VAT receivable 6,984 9,469 257
76,315 79,587 86,446 Total l non- current rent assets 2,710,620 4,238,791 4,152,748 3,996,001 4,080,620 4,056,239 Total l assets 3,171,037 4,681,187 4,439,590 4,281,646 4,241,528 4,238,228
Bala lanc nce e Sheet, USD (tho housan usands) 2012 2013 2014 2015 2016 1H2017 Borrowings 1,403,507 2,664,705 2,597,615 2,691,930 2,850,177 2,966,884 Tenant deposits 34,315 53,375 56,958 48,712 47,022 38,465 Deferred income tax liability 41,929 94,885 214,331 107,400 88,171 83,298 Total l Non-Current urrent liabili lities ies 1,479,751 2,812,965 2,868,904 2,848,042 2,985,370 3,088,647 Borrowings 281,096 133,107 224,640 176,374 67,477 59,206 Derivative financial instruments 16,033 8,931 6,680 40,288 7,942 4,188 Tenant deposits 11,234 6,195 6,952 5,266 4,558 4,985 Deferred rental income 71,413 87,781 88,395 75,469 85,979 68,131 Current income tax liability 2,964 1,916 696 1,752 1,290 2,462 Trade and other payables and other liabilities 67,935 41,901 59,486 59,048 93,731 47,660 Liabilities classified as held for sale 229,117
l current rent liabil ilit ities ies 679,792 279,831 386,849 358,197 260,977 186,632 Total l lia iabil ilitie ies 2,159,543 3,092,796 3,255,753 3,206,239 3,246,347 3,275,279 Class A stock 167,900 369,900 369,900 392,891 392,891 392,891 Class B stock 471,914 702,245 706,727 801,467 801,467 801,467 Non-controlling interest 86 86,125 52,126 43,146 44,991 46,265 Property revaluation reserve
13,371 18,215 15,898 14,963 Retained earnings 394,053 540,090 552,835 11,946
Translation reserve
Total l equi uity 1,011,494 1,588,390 1,183,837 1,075,407 995,181 962,949 Total l equi uity + net deferred red tax 1,053,423 1,683,275 1,344,323 1,106,492 1,003,765 959,801 Total l lia iabil ilitie ies and equi uity 3,171,037 4,681,186 4,439,590 4,281,646 4,241,528 4,238,228
GBA sqm 3 962 8 063 2 856 GBA (total) sqm 14 882 NSA sqm 2 735 6 652 1 845 Number of apartments apt 43 119 25 Number of apartments apt (total) 187 Average Sale Price Krub/m² 375 Sales Revenue Bn Rub 4.65 Development Budget Bn Rub 1.25 NSA (total) sqm 12 389 Land Plot sqm 6 500 Land Lease agrmt. year 05.07.2050 Project completion year 4Q 2017
Key Data ta
Bolshevik apartments phase 1 is beautiful and exquisite facility located next door to Bolshevik Factory business center, in the heart of Moscow's historic quarters, consisting of three buildings and housing 187 apartments. The Project includes comprehensive renovation of the mansion with due regard to time and history. Apartments in building 9, 35 will be delivered with fit-out. Mortgage program from CEB – approved.
Descri ription
Key Data
GBA – 19 390 sqm NRA – around 17 450 sqm:
Average Rental Rates (Shell & Core):
Development Budget - $ 22 mln.
Description
Flagship building of Phase 2 is Building 10 with total GBA around 20 000 sqm; Currently we see an increasing demand for quality office spaces in Moscow. Tenants are interested in large office areas of 1500+ square meters. Typical floor area of Building 10 is around 3 300 sqm and can be effectively divided for 2 – 3 tenants; The building can be quickly delivered to tenants when there is interest from their side.
A Residence project is part of Avrora Business Park 3rd construction stage; A Residence is located in walking distance from Paveletskaya metro station in a distinguished district of Moscow in close proximity to the Garden Ring; The project consists of five separate buildings with total of 210 apartments and underground parking for around 250 places; Retail zone will be located on the 1st floor of the building faced to Sadovnicheskaya str.; Landscaped courtyard.
Descriptio iption
GBA (total) sqm 34 580 GBA (ground area) sqm 25 500 GBA (underground area) sqm 9 080 NSA sqm 21 585 Number of apartments apt (total) 210 NSA (total) sqm 21 585 Development Budget RUB bln. 4,6 Land Plot sqm 13 102 Construction completion year 1Q 2019 Project completion year 3Q 2019
Key Data
Moscow, Russia, Valovaya Str. Bld 26 tel: +7 495 788 5575, info@o1properties.ru www.o1properties.ru
This presentation has been prepared for information purposes only, and no representation or warranty, express or implied, is given by or on behalf of the company or any of its shareholders, directors, officers, employees, advisers, agents or any other person in connection herewith. This presentation should not be considered as an offer or solicitation of an offer to sell, buy or subscribe to any securities or any other rights pertaining thereto. Certain statements in this presentation are not historical facts and may include prospects, statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Forward-looking statements are not guarantees of future performance, and the actual results of the company’s operations, financial position and liquidity, and the development of the markets and the industries in which the company operates, may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. A number of risks, uncertainties and other factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, (i) changes in political, social, legal or economic conditions in Russia or globally, (ii) changes in the company’s competitive situation, (iii) inflation, fluctuations in foreign exchange rates and the availability of foreign currencies, (iv) decreased rental rates for the company’s properties, (v) changes in real property or other tax rates, (vi) changes in accounting standards or practices, and (vii) changes in laws and regulations, including tax regulations. No duty to update The company disclaims any obligation or undertaking to update any information or forward-looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as may be required by law.
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