a unique proposition in the swiss real estate market€¦ · a unique proposition in the swiss real...

A unique proposition in theSwiss real estate marketPortfolio and pipeline

21 April 2020

Ina Invest • Capital Market Day • 1

THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN

PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA,

JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL.

This presentation (the "Presentation") has been prepared by Implenia Ltd. ("Implenia" and together with Ina Invest

Holding Ltd. ("Ina Invest Holding") and its other subsidiaries, the "Group") solely for informational purposes and has

not been independently verified.

This Presentation does not constitute or form part of, and should not be construed as, an offer or invitation or

inducement to subscribe for, underwrite or otherwise acquire, any securities of Implenia or Ina Invest Holding nor

should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe

for any securities of the Group, nor shall it or any part of it form the basis of, or be relied on in connection with, any

contract or commitment whatsoever. This document is (i) not a prospectus within the meaning of Article 652a of the

Swiss Code of Obligations, (ii) not a listing prospectus as defined in articles 27 et seqq. of the listing rules of the SIX

Swiss Exchange Ltd. or of any other stock exchange or regulated trading venue in Switzerland, (iii) not a prospectus

within the meaning of the Swiss Financial Services Act and (iv) not a prospectus under any other applicable laws. This

Presentation is being made available to you solely for your information and background and is not to be used as a

basis for an investment decision in securities of Implenia, Ina Invest Holding or the Group. Any investment decision

must be made exclusively on the basis of a prospectus or other offering document that will supersede the information

contained in this Presentation.

This Presentation must not be distributed, reproduced or used without the consent of Implenia. The information

contained in this Presentation is not to be viewed from nor for publication or distribution in nor taken or transmitted

into the United States of America ("United States"), Australia, Canada or Japan and does not constitute an offer of

securities for sale in any of these jurisdictions. The securities offered by Implenia or Ina Invest Holding have not been,

and will not be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or the securities

laws of any state or other jurisdiction of the United States and such securities may not be offered or sold within the

United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements

of the Securities Act and applicable state or local securities laws. This Presentation does not contain or constitute an

offer of, or the solicitation of an offer to buy or subscribe for, securities to any person or in any jurisdiction to whom

or in which such offer or solicitation is unlawful.

Certain statements in this Presentation are forward-looking statements. By their nature, forward-looking statements

involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially

from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could

adversely affect the outcome and financial consequences of the plans and events described herein. Actual results may

differ from those set forth in the forward-looking statements as a result of various factors (including, but not limited

to, future global economic conditions, changed market conditions, intense competition in the markets in which the

Group operates, costs of compliance with applicable laws, regulations and standards, diverse political, legal, economic

and other conditions affecting the Group's markets, and other factors beyond the control of the Group). Neither

Implenia, Ina Invest Holding nor any of their respective directors, officers, employees, advisors, or any other person is

under any obligation to update or revise any forward-looking statements, whether as a result of new information,

future events or otherwise. You should not place undue reliance on forward-looking statements, which speak of the

date of this Presentation. Statements contained in this Presentation regarding past trends or events should not be

taken as a representation that such trends or events will continue in the future. Some of the information presented

herein is based on statements by third parties, and no representation or warranty, express or implied, is made as to,

and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this information or any

other information or opinions contained herein, for any purpose whatsoever.

Neither Implenia, Ina Invest Holding, the Group, nor any of their respective directors, officers, employees or advisors,

nor any other person makes any representation or warranty, express or implied, as to, and accordingly no reliance

should be placed on, the fairness, accuracy or completeness of the information contained in the Presentation or of the

views given or implied. Neither the Group nor any of its respective directors, officers, employees or advisors nor any

other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or

indirectly, from any use of this information or its contents or otherwise arising in connection therewith.

Implenia and Ina Invest Holding reserve the right to amend or replace the Presentation at any time, and undertake no

obligation to provide the recipients with access to any additional information. Neither Implenia nor Ina Invest Holding

shall be obligated to update or correct the information set forth in the Presentation or to provide any additional

information. Nothing in this Presentation is, or should be relied upon as, a promise or representation as to the future.

It should be noted that Ina Invest Holding is preparing an opening balance sheet as of 31 March 2020, complying

with Swiss GAAP FER. Ina Invest Holding does not produce any historical financial statements. The financial

information in this Presentation is preliminary and unaudited and remains subject to the ongoing audit by the Ina

Invest Holding's auditors, PricewaterhouseCoopers Ltd., in connection therewith. In addition, the Presentation consist

of "non-Swiss GAAP FER financial measures". These non-Swiss GAAP FER financial measures may not be comparable

to similarly titled measures presented by other companies, nor should they be construed as an alternative to other

financial measures determined in accordance with Swiss GAAP FER. You are cautioned not to place undue reliance on

any non-Swiss GAAP FER financial measures and ratios included herein.

The property valuations are based on reports of Ina Invest Holdings' valuation expert Wüest Partner as of 31 March

2020.

Currently, it is very difficult to provide a meaningful prediction on how the Swiss governmental action in response to

the ongoing outbreak of a novel coronavirus disease (COVID-19) will affect the Group's operations and how long such

measures will remain in place. The COVID-19 outbreak has caused, and may continue to cause, economic instability

and a significant decrease of total economic output in the affected areas and globally. The impact of the COVID-19

outbreak on the general economic environment in the markets in which the Group operates remain uncertain and

could be significant.

Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This Presentation

does not constitute investment, legal, accounting, regulatory, taxation or other advice. By accessing this Presentation

you agree to be bound by the conditions and restrictions set out herein.

Disclaimer

III II I

VI V IV

IX VIII VII

Key portfolio figures1

Portfolio and pipeline

2

Portfolio overview

Ina Invest • Capital Market Day •

1 Wüest Partner valuation, market value 31 March 2020 incl. adjustments for Bestandeshallen, see more information on page 6.

2 Across the portfolio (2027).

3 Wüest Partner valuation (rating factors: Macro location, Micro location, Utilization (floor plan quality, flexibility, parking), Standard (room conditions, materialization, technology), Condition (exterior

shell, interiors, house technology), quality score: 5=highest quality level, 1=lowest quality level).

Quality level3

Macro location

Micro location

Utilization

Standard

Condition

Market value

31 March 2020CHF 282mn

CHF 1,118mnMarket value at

completion

~140,000m2Floor space at

completion

4.0% Gross yield2

Location quality

Bad Good

Ob

ject

qu

ality

Bad

Go

od

4.3

12

3

4

5

Portfolio split

38%

44%

11%7%

Office, 34%

Residental, 51%

Hotel, 8%

Other, 7%

By type

by floorspace

by market value at completion1

Northwestern Switzerland

10%

Central Switzerland

15%

Western Switzerland 28%

Zurich /

Winterthur 47%By

region

by floorspace

Portfolio locations

WinterthurArlesheim

Zurich

Baar (Zug)

Préverenges

(Lausanne)

Neuchâtel

Onex

(Geneva)

Allschwil

(Basel)

2020 2021 2022 2023 2024 2025 2026 2027

1. Baselink, Allschwil

2. Lokstadt, Tender, Winterthur

3. Lokstadt, Elefant, Winterthur

4. Chemin de l’Echo, Onex

5. Tivoli, BF2, Neuchâtel

6. Tivoli, BF4, Neuchâtel

7. Lokstadt, Hallen, Winterthur

8. Schaffhauserstrasse, Zurich

9. Grand Record, Préverenges

10. Lokstadt, Rocket & Tigerli, Winterthur

11. Schwinbach, Arlesheim

12. Unterfeld, BF3, Baar

13. Les Tattes, Onex

14. Unterfeld, BF1B, Baar

15. KIM, Houses Brown & Bodmer,

Winterthur


3

Overview of portfolio execution timeline


rental rental & condominium condominium

Note: Illustrative timeline, does not reflect precisely the beginning and end of project execution.


4

Project at a glance: Lokstadt, Tender


18.0

47.9

As of 31.03.2020 Sales proceeds

Address:

Property area / Floor space1:

Capex:

Discount rate real / nominal:

Gross yield1:

Status:

Highlight:

Ernst Jung Gasse 8, 8400 Winterthur

620m2 / 4,087m2

CHF 27.2mn

2.8% / 3.3%

Not available for condominium

Building permit available

39 modern urban flats in condominium ownership with

striking architecture linked to its historic location

Building permit

expected soon

End of

construction

96%

4%

1 Based on Wüest Partner valuation as of 31 March 2020.

Value1 (in CHFmn)

100%

Other Residential Condominium

Utilization

today Q3 2020

Start of

construction

Q2 2023

Timeline

lokstadt.ch

SIA

Energy Efficiency Path

5

Project at a glance: Lokstadt, Elefant


43.1

98.9

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Zürcherstrasse, 8400 Winterthur

3,050m2 / 13,014m2

CHF 48.5mn

2.9% / 3.4%

3.5%

Building permit available

Modern, Minergie-certified timber construction office

building; 100% of rental space signed by SWICA

Building permit

available

End of

construction

97%

3%

Utilization

Office

Value1 (in CHFmn)

today Q4 2020

Start of

construction

Q4 2022

Timeline

Other

lokstadt.ch


SIA


1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative construction

completion date.

.

6

Project at a glance: Lokstadt Hallen


0.0

43.2

As of 31.03.2020 As of

completion

Address:


Capex2:


Gross yield1:

Status:

Highlight:

Zürcherstrasse, 8400 Winterthur

7,682m2 / 8,032m2

CHF 35.9mn

3.7% / 4.2%

4.8%

Competition procedure in revision

Historical halls with contemporary

urban usability

Competition procedure

in revision

End of

construction

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved and may not correspond to the indicative

construction completion date, value as of 31 March 2020 -CHF 27.0mn, however, set to CHF 0mn due to cost transfer to Implenia. 2 CHF 61.9mn total expected Capex, whereof Ina Invest carries CHF 35.9mn.

As landmark of the entire Lokstadt, the Bestandeshallen uplift the value of all Lokstadt projects. As part of the Lokstadt remains in Implenia´s development portfolio, Implenia will carry parts of the construction cost.

15%

41%

44%

Hotel Other

Office

UtilizationValue1 (in CHFmn)

today Q1 2022

Start of

construction

Q4 2023

Timeline

lokstadt.ch


SIA


85%

9%6%

7

Project at a glance: Lokstadt, Rocket & Tigerli


63.5

224.9

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Dialogplatz 1 (Rocket), Ernst Jung Platz (Tigerli),

8400 Winterthur

2,325m2 / 22,039m2

CHF 126.8mn

Rental: 2.6% / 3.1%; Condo: 2.8% / 3.3%; Tigerli: 3.1% / 3.6%

Rental: 3.2%; Tigerli: 3.8%

Strategic planning, conception and study contract

Max. 100m tower block (Rocket) as landmark of Lokstadt

with Student accommodation and hotel in the base (Tigerli)

Conception,

study contract

End of

construction

65%

35%

CondominiumRental

Hotel OtherResidential


today Q1 2023

Start of

construction

Q4 2025

Timeline

lokstadt.ch

1 Based on Wüest Partner valuation as of 31 March 2020. The value as of completion and gross yield refer to the date when steady-state vacancy rate is achieved

and may not correspond to the indicative construction completion date.


SIA



8

Project at a glance: KIM, Houses Brown & Bodmer


11.5

89.7

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Solarstrasse 11-21, 8404 Winterthur

5,913m2 / 18,610m2

CHF 63.7mn

3.5% / 4.0%

4.4%

Building permit available, marketing in progress

Flexible room division, modern working world, very good

price-performance ratio, ZEV2 energy sourcing

today

Building permit

available

Q4 2027

End of

construction

Q3 2025

Start of

construction

98%

2%



2 ZEV (Zusammenschlüsse zum Eigenverbrauch), self-produced energy consumption community.

Timeline

Value1 (in CHFmn) Utilization

Other Office

kim-winterthur.ch

Minergie P


9

Project at a glance: Schaffhauserstrasse


22.6

44.6

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Schaffhauserstrasse 220, 222, 224, 8057 Zürich

1,798m2 / 3,418m2

CHF 17.9mn

2.6% / 3.1%

3.1%

Strategic planning, feasibility study

Central location in Zurich with proximity to university

and a wide view towards Zürichberg and Glatttal

Strategic planning,

feasibility study

End of

construction

100%


Residential

today Q3 2022

Start of

construction

Q2 2024

Timeline

So

urc

e: G

oo

gle

Map

s /

Go

og

le I

nc.


completion date. The transfer of title will be exercised by public certification of the purchase agreement until 1 February 2021 at the latest. The Wüest Partner reports have assumed that the transfer of ownership had already

happened per 31 March 2020.


10

Project at a glance: Unterfeld, BF1B


39.7

113.2

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Nordstrasse 1B, 6340 Baar

5,115m2 / 8,604m2

CHF 55.7mn

2.6% / 3.1%

3.1%

Referendum Sep-27 20202

Part of an area development with versatile mixed use;

wide view of lake & mountains, train station within

walking distance

Referendum Sep-27

93%

7%

Other Residential


Timeline

today Q2 2025

Start of

construction

End of

construction

Q4 2027



2 The building and zoning regulations are currently awaiting approval (referendum is expected to take place on 27 September 2020; project conception and concretisation will start afterwards).

unterfeld-sued.ch


11

Project at a glance: Unterfeld, BF3


24.2

95.5

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Nordstrasse 3, 6340 Baar

4,761m2 / 13,760m2

CHF 54.4mn

3.4% / 3.9%

4.0%

Referendum Sep-27 20202

Part of an area development with versatile mixed use;

highly attractive business location, train station within

walking distance

Referendum Sep-27

Q3 2025

End of

construction

Q2 2023

Start of

construction

92%

8%

Timeline

Other Office


today

unterfeld-sued.ch



2 The building and zoning regulations are currently awaiting approval (referendum is expected to take place on 27 September 2020; project conception and concretisation will start afterwards).


12

Project at a glance: Baselink


1.1

38.9

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Hegenheimermattweg 179, 4123 Allschwil

2,949m2 / 8,466m2

CHF 30.1mn

3.8% / 4.3%

5.4%

Building permit available, lease agreement short stay signed

with Tristar, lease agreement long stay before signing

Long-term and short-term stay, only hotel in the

Baselink development area

Building permit

available

End of

construction

96%

4%

Hotel


today Q3 2020

Start of

construction

Q4 2022

Timeline

Other



baselink.com


13

Project at a glance: Schwinbach


19.3

58.0

As of 31.03.2020 Sales proceeds

Address:


Capex:


Gross yield1:

Status:

Highlight:

Zinnhagweg, Auf der Höhe, 4144 Arlesheim

8,119m2 / 5,588m2

CHF 33.0mn

2.8% / 3.3%

Not available for condominium

Building permit submitted

Sustainable architecture within natural

surrounding and close city proximity

Building permit

submitted

End of

construction

100% 100%

Residential Condominium


today Q2 2023

Start of

construction

Q3 2025

Timeline

schwinbach-arlesheim.ch

1 Based on Wüest Partner valuation as of 31 March 2020.

SIA



14

Project at a glance: Tivoli, BF2


2.7

31.5

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Rue de Tivoli, 2000 Neuchâtel

3,997m2 / 5,180m2

CHF 24.3mn

3.1% / 3.6%

4.0%

Neighbourhood plan in effect

Top location with nice view on the lake;

train station and car highway

Neighbourhood plan

in effect

End of

construction

75%

25%

Residential


today Q1 2022

Start of

construction

Q4 2023

Timeline

Office


completion date; subject to purchase right after entry into force of neighborhood plan; for the valuation it is assumed that the transfer of ownership as of 31 March 2020.


15

Project at a glance: Tivoli, BF4


0.2

9.2

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Rue de Tivoli, 2000 Neuchâtel

1,459m2 / 1,536m2

CHF 7.8mn

3.1% / 3.6%

4.1%

Neighbourhood plan in effect

Top location with nice view on the lake;

train station and car highway

Neighbourhood plan

in effect

End of

construction

100%


Residential

today Q1 2022

Start of

construction

Q4 2023

Timeline


completion date; subject to purchase right after entry into force of neighborhood plan; for the valuation it is assumed that the transfer of ownership as of 31 March 2020.


16

Project at a glance: Grand Record


26.1

76.7

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Rue du Château (Condo),

Route de Genève (Rental), 1028 Préverenges

11,205m2 / 6,892m2

CHF 42.3mn

Condo: 2.8% / 3.3%; Rental: 3.0% / 3.5%

3.9%

Site permit pending, building permit in process

Attractive and central location near the lake Geneva;

very low number of vacancies2

Building permit

in process

End of

construction

95%

5%23%

77%

Residential Condominium Rental


today Q3 2022

Start of

construction

Q3 2024

Timeline

Other


completion date; subject to purchase right after entry into force of neighborhood plan. The transfer of title will be exercised by public certification of the purchase agreement until 28 February 2025 at latest. The Wüest Partner

reports have assumed that the transfer of title had already happened as of 31 March 2020. The market value includes the condominiums planned to be sold. 2 No rent price volatility, government subsidies may be expected.



17

Project at a glance: Chemin de l‘Echo

7.9

55.8

As of 31.03.2020 As of

completion

Address:


Capex3:


Gross yield1:

Status:

Highlight:

Chemin de l’Echo 9, 1213 Onex

7,000m2 / 9,198m2

CHF 42.2mn

3.0% / 3.5%

4.5%

Localized neighbourhood plan in process

Traffic-free district in a privileged urban location with

optimal transport connections and great infrastructure;

very low number of vacancies2

Localized neighbourhood

plan in process

End of

construction

Residential

100%


today Q1 2022

Start of

construction

Q3 2023

Timeline


completion date. The reported market value does not take into account the capping of the sales price under applicable laws. 2 No rent price volatility, government subsidies may be expected.

3 Includes approximately CHF 2 million in costs for the clearance of hazardous substances.


18

Project at a glance: Les Tattes


2.0

90.3

As of 31.03.2020 As of

completion

Address:


Capex:


Gross yield1:

Status:

Highlight:

Rue du Comte-Géraud, 1213 Onex

13,220m2 / 17,740m2

CHF 77.8mn

3.0% / 3.5%

5.6%

Localized neighbourhood plan in process

High-quality, traffic-free environment with optimal

transport connections; very low number of vacancies2

today

Localized neighbourhood

plan in process

Q3 2026

End of

construction

Q4 2023

Start of

construction

91%

4%5%

Timeline

Office Other

Residential




2 No rent price volatility, government subsidies may be expected.

Contacts

Contact for investors Marc Pointet, CEO [email protected] +41 44 552 97 17

Media contact Silvan Merki, CCO Implenia [email protected] +41 44 552 97 27

ina-invest.com

a unique proposition in the swiss real estate market€¦ · a unique proposition in the swiss real...

Documents