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INVESTOR PRESENTATION

INVESTOR PRESENTATION. November 2011. 1. 1. 3. 2. 2. Turkey Real Estate Economic Highlights. Eurozone : 60% (2010) USA : 70% (2010). 3. 3. Source : Central Bank of Turkey. Turkey Real Estate Economic Highlights. Source: Central Bank of Turkey. 3. 5. 5.

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INVESTOR PRESENTATION

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  1. INVESTOR PRESENTATION November 2011 1 1

  2. 3 2 2

  3. Turkey Real EstateEconomicHighlights Eurozone : 60% (2010) USA : 70% (2010) 3 3 Source: Central Bank of Turkey

  4. Turkey Real Estate Economic Highlights Source: Central Bank of Turkey

  5. 3 5 5

  6. Source: ING Mortgage Barometer (Compiled from 805 interviews in 14 cities)

  7. Source: REIDIN Turkey

  8. 10

  9. Source: Turkish Statistical Institute (2005=100)

  10. CAGR: 7.8 % Source: Planet Retail

  11. Source: DTZ Pamir & Soyuer Source: TURKSTAT

  12. Source: JonesLangLaSalle 14 14

  13. Turkey Map of Shopping Malls Concentration of Shopping Malls by GLA LEGEND Current Shopping Malls Shopping Malls under Construction and in Project Source: EVA Real Estate Appraisal Consultancy Akademetre Research and Strategy Planning

  14. 16 16

  15. Source: Akademetre Research and Eva Real Estate

  16. Turkey SHOPPING MALL Sales Turnover and Footfall 18

  17. Source: Cushman&Wakefield

  18. Source: Cushman&Wakefield

  19. 21 21

  20. Source: Cushman&Wakefield

  21. 3 23 23

  22. Shareholding Structure 24

  23. Strategy highlights • Strategy focus • Primary focus on development of shopping malls • Increased focus on mixed-use projects • Creating ‘life centres’ with extensive leisure and entertainment avenues • Focus investments in urban centres with limited supply • Developing residential neighbourhoods in cities with good connectivity to metro etc. • Opportunistic investments in non shopping mall related projects • Development portfolio • Successful track record of liaising with local municipalities in contributing to and working on urban transformation projects • Leverage the development platform for performing value-addingtasks such as land development, funding and identify potential growth areas of development • Opportunistic development of other asset classes • Leverage track-record of JV development • Access to attractive development opportunities • Diversification of risk • Asset management • Active asset management targeting occupancy optimisation and rent increase • Active refurbishment and extensions in-line with increased demand and evolving consumers and market trends • Tenant rationalisation opportunities • Ensure appropriate shop and tenant mix • Leveraging Torunlar Group’s reputation and network of contacts to attract known Turkish/international  tenants 25

  24. 1977 1996 1999 2004 2005 2007 2008 2009 2010 History of Torunlar REIC– KeyMilestones • Construction for the company’s needs and third party use (small-scale residential units) • Active in the Turkish construction and real estate market since 1977 • Torunlar bought the land to be used for Torun Tower • Delivery of Korupark Residences phases I&II • Torunlar REIC became a listed company as of October 21st, 2010, emerging as one of the biggest listed Turkish real estate companies • Opening of one of the biggest shopping malls in Turkey, Korupark • The residential compound at Korupark was Bursa’s first gated community • Foundation of Toray Construction • Acquisition of the Netsel Marina in Marmaris • Delivery of Nish İstanbul residences and offices • Opening of the biggest outlet of Antalya,Deepo Outlet • Opening of Zafer Plaza; the first shopping mall of Bursa • Conversion to Torunlar REIC • Opening of the biggest mall in Turkey in 1999, Ankamall • Torunlar bought the land for the Mall of Istanbul project, which will be one of Turkey’s largest mixed use projects including a shopping mall, residences, offices and a hotel • Opening of Torium Shopping Mall, October 30th, 2010 • Torium Shopping Mall is the 3rd largest shopping mall in Istanbul 26

  25. Key Investment Highlights • 2nd largestlistedretailpropertycompany in Turkey • Included in ISE National XU 100, MSCI Turkey, EPRA indices • Diversifiedinvestmentportfolio • Portfolio ‘primarily’retail (57% shoppingcentres) in 5 cities • Resilientoperations: 98% occupancy rate (2011/09) • Healthyfinancialstructurewithleverage at 28.8 % • Stableshareholderstructurewith 25.16 % freefloat 27

  26. Shopping Mall Portfolio Zafer Plaza (SM) Korupark (SM) Ankamall+ Crowne Plaza (SM+Hotel) Deepo Outlet Centre (SM) Occupancy 99% Occupancy 97% Occupancy 100% Occupancy 100% Occupancy 99% Torium Istanbul (SM) Key portfolio information 28

  27. Operational Assets *Adjusted as per Torunlar, 72,26% share

  28. Completed Projects * Assuming the remaining units in inventory will be sold.

  29. Ongoing Projects

  30. Upcoming Projects *Unadjusted total cost of the project **Adjusted 65% share of Torunlar

  31. Project Deliveries & Pre-Sales

  32. Project MonthlyPre-Sales (in Units)

  33. Resilient retail operations through active hands-on management 35 35 *Annual rental revenue is fixed at TRY 8.4 mn between 2008-2012, to set aside each year TRY 2.4 mn reserve to pay back the loan raised for the capex.

  34. ShoppingMallLfLPerformance 36 36

  35. ShoppingMallLfLPerformance 37 37

  36. Shopping Centers by Value 38 38

  37. Shopping Mall Tenants by Category

  38. 3 40 40

  39. Evolution of the Projects (m2) 41

  40. GLA Breakdown by City • Istanbul grasps a larger share by 2014, overtaking Bursa. 42 42

  41. 3 43 43

  42. Financial highlights

  43. Financial highlights 45 45

  44. Maturity of Financial Loans (TRY m) Financial loans: TRY 1.038mn 66,6%USD, 32,2%€, 1,2%TRY *The graph excludes TRY 680.1 mn of cash and cash depositsas of Sept 2011. 46 46

  45. Net Foreign Currency Position

  46. Abridged Income Statement

  47. Funding Summary

  48. 3 50 50

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