Presentation on Monthly Sale Performance - PDF

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Presentation on Monthly Sale Performance - PDF Powered By Docstoc
					Real estate presentation
May 2011




Complied for use in Ireland
This document is for investment professionals and institutional/qualified investors only. It is not to be
viewed by or used with retail clients.




                                                                                                            2
       Aviva Investors – a global presence

   •    €303 billion in funds under management
   •    Operating in 14 countries across UK, Europe, North America and Asia
   •    More than 1,300 employees
   •    Significant growth potential




Source: Aviva Investors 31 December 2010
  Aviva Investors real estate executive committee

                                                         Ian Womack
                                                         Chief Executive –
                                                         Real Estate




                                                                             Ben Stirling
  Chris Laxton                      Richard Jones                                                    Joelle Chauvin
                                                                             Managing Director
  Investment Director               Managing Director                                                Director France
                                                                             Continental Europe
  - Real Estate                     UK - Real Estate                                                 - Real Estate
                                                                             - Real Estate




                                                                             David Skinner
  Ian Hally                         David Dahan                                                      Marcus Shepherd
                                                                             Investment Research &
  Chief Executive Officer           Strategic Development                                            Finance Director
                                                                             Strategy Director
  Asia Pacific - Real Estate        Director - Real Estate                                           - Real Estate
                                                                             - Real Estate




                                                   Quality, depth and experience
Source: Aviva Investors as at 31 December 2010                                                                          4
   Aviva Investors
   Real estate teams

   •     Over €27bn* of real estate assets under management
   •     One of the world's largest managers of European real estate assets**
   •     Team of over 220, including approximately 140 investment professionals
   •     Operating from offices in London, Paris, Frankfurt, New York, Singapore, Melbourne and Sydney
   •     Strong in-house real estate strategy research team
   •     Rigorous investment process
   •     Demonstrable track record as innovators




*Source: Aviva Investors as at 31 December 2010
**Source: Property Funds Research Global Real Estate Fund Manager Report 2010 (issued June 2010. Data as at December 2009)



                                             A leading real estate fund management team
Real estate team awards

          UK Property winner at the Pension and Investment Providers Awards 2010
          The awards seek to recognise excellence of providers of products and services to UK occupational pensions
          schemes.

          IPD/IPF UK Property Investment Awards 2010
          Specialist Pooled Funds and Traditional Estates (above £500m, Dec 09)
          Awarded to an Aviva Investors institutional fund investing in UK healthcare assets, having the highest three-
          year annualised return including indirects (excluding years of portfolio set-up & portfolio sale).

          IPD/IPF UK Property Investment Awards 2009
          Balanced Pooled & Traditional Funds (£100-£350m)
          Awarded to the Aviva Investors Shareholders Fund as the fund with the highest 3-year annualised return
          including indirects (excluding years of portfolio set-up & portfolio sale).

          IPD/EG UK Property Investment Awards 2008
          Balanced Pooled & Traditional Funds (£150-£500m)
          Awarded to the Aviva Investors Shareholders Fund
          The fund with the highest 3-year annualised return including indirects (excluding years of portfolio set-up &
          portfolio sale).

          Property Manager of the Year at the European Pensions Awards 2008
          Awarded for excellence and innovation in the market, commitment to clients and overall dedication to
          improving pension provision.


          Property Manager of the Year at the Professional Pensions awards 2008
          Based on innovation, communication, performance and benefits to clients and
          service standards.
Aviva Irl European Commercial Property Fund
  The Aviva Irl European Commercial Property Fund

   •    European equivalent of Aviva Irl UK Property Fund
   •    Launched February 2007
   •    Fourteen properties with a total value of €346 million
        invested across 9 countries
   •    Ability to invest across all commercial property sectors
        (NOT residential)
   •    Daily priced with daily dealing - unique feature




Source: Aviva Investors as at 28 February 2011
Please note that with the exception of the performance section, the information contained in this report is based on the underlying European Property
   Fund in which the Aviva Irl European Commercial Property Fund entirely invests.
    Fund aim

•   “To seek income and long term capital                Current Asset Allocation*
    appreciation through property investment in the
    European Economic Area (excluding the United
                                                                      Direct property 64%
    Kingdom) and Switzerland”
•   Primary focus on the core western European                        Cash unrestricted 26%
    markets such as France and Germany
                                                                      Cash restricted 8%
•   Ability to invest across all commercial property
    sectors (i.e. residential excluded)                               Other net receivables 2%
•   Target lot sizes between €20 million and €100
    million
•   Focus on well located, good quality properties
    leased to strong covenants
•   Risk management: 40% limit to single countries,
    20% single asset, 20% single covenant (from 2
    years after Fund launch) etc. Similar restrictions
    for property securities


    Source: Aviva Investors as at 30 April 2011
   Aviva Irl European Commercial Property Fund
   List of holdings to 30 April 2011

Property                                     Sector      Country          Main tenant
Birsta Retail Park                           Retail      Sweden           MediaMarkt

Salzgitter                                   Retail      Germany          Kaufland

Busitel II                                   Office      Netherlands      Deloitte

Megaron                                      Office      Germany          Various

Zamdorfer Strasse                            Office      Germany          Gieseck & Devrient

Rue de Fosse                                 Office      Luxembourg       Villeroy & Boch

Tres Cantos                                  Office      Spain            Amper

Vantaa                                       Warehouse   Finland          Itella

Spicer warehouse                             Warehouse   Germany          Spicer

Kadan                                        Warehouse   Czech Republic   Andreas Schmid, Jeyes

Karvina                                      Warehouse   Czech Republic   Gates

Katowice                                     Warehouse   Poland           Rockwell

Kostrzyn                                     Warehouse   Poland           Puratos

Michelin warehouse                           Warehouse   France           Michelin

Michelin warehouse                           Warehouse   France           Vacant


      Source: Aviva Investors as at 30 April 2011
   Aviva Irl European Commercial Property Fund
   Portfolio profile as at 30 April 2011




                          Country mix                             Sector mix

                                              Germany 37%
                                              France 7%
                                              Netherlands 10%
                                              Spain 5%                     Retail warehouse 11%
                                              Sweden 9%
                                                                           Office 43%
                                              Finland 10%
                                              Luxembourg 7%                Industrial 45%
                                              Czech Republic 9%
                                              Poland 6%




Source: Aviva Investors as at 30 April 2011
Aviva Irl European Commercial Property Fund
Performance to 30 April 2011



             10.0%

               5.0%

               0.0%

              -5.0%

            -10.0%

            -15.0%
                                 1 month                  3 months                     YTD                     1 year             3 years % p.a.




Source: Lipper Hindsight 30 April 2011 pension share class, bid to bid, net income reinvested. Past performance is not a guide to the future.
Aviva Irl UK Property Fund
    Aviva Irl UK Property Fund

    •     Launch date:                                                  September 1991
    •     Fund size:                                                    £1,896.7m
    •     Total number of properties:                                   72
    •     Property level net initial yield:                             6.0%




Source: Aviva Investors as at 30 April 2011
Please note that with the exception of the performance section, the information contained in this report is based on the underlying Aviva Investors Property
Trust in which the Aviva Irl UK Property Fund entirely invests.
    Aviva Irl UK Property Fund
    Fund structure




                           Fund structure                                                          Direct real estate


                                                                                                                          Offices 24.3%
                                             Uncommitted cash 14.6%
                                                                                                                          Shops 16.6%
                                             Committed cash 3.4%
                                                                                                                          Shopping centres 14.7%

                                             Direct property 79.4%                                                        Retail warehouse 23.1%

                                                                                                                          Industrial 10.8%
                                             Property-related assets 2.6%
                                                                                                                          Other 10.5%




Source: Aviva Investors 30 April 2011
Uncommitted cash means money available to meet fund cashflow requirements. It excludes cash or cash-equivalent instruments which could not be
accessed within the settlement period required to meet unit redemptions.


                                               Principally invested in direct real estate
     Aviva Irl UK Property Fund
     Performance to 30 April 2011



                         5.0%




                         0.0%




                        -5.0%




                      -10.0%
                                         Year to date                     1 year                 3 years p.a.   5 years p.a.




Source: Lipper Hindsight 31 April 2011 pension share class, bid to bid, net income reinvested.
Aviva Irl Irish Property Fund
   Aviva Irl Irish Property Fund

   •    The fund holds 17 properties

   •    Diversification across sectors – 56.0% in office, 37.0% in retail, 7.0% in industrial

   •    The locations of all properties held in the fund are of the highest calibre

   •    They receive some of the highest consumer footfall e.g. Grafton Street and Henry Street in

        Dublin, and Patrick Street in Cork




Source: Aviva Investors as at 31 March 2011
  Aviva Irl Irish Property Fund –
  List of holdings to 31 March 2011


Property address                                   Sector      Tenant
AIB Bankcentre, Dublin 4                           Office      Allied Irish Bank
Creation House, Grafton St., Dublin 2              Retail      A-Wear
66, Grafton Street, Dublin 2                       Retail      HMV
Riverside 1, Sr. John Rogerson’s Quay, Dublin 2    Office      McCann Fitzgerald
Retail Park East, Liffey Valley, Co, Dublin        Retail      B&Q
43-44 Patrick St., Cork                            Retail      Wallis
Plantation House, Herbert St, Dublin 2             Office      Windmill Lane Ltd
Ormonde House, Earlsfort Terrace, Dublin 2         Office      DTZ Sherry Fitzgerald
44 Henry Street, Dublin 1                          Retail      Carroll’s Gifts
45-47, Nassau Street, Dublin 2                     Retail      Porterhouse Group
Bray Business Park, Co. Dublin                    Industrial   Trinity Biotech
5, Henry Street, Dublin 1                          Retail      Hickey & Co.
Longphort House, Earlsfort Centre, Dublin 2        Office      Allergan, Standards in Public Office Commission (multi-let)
Block 7, Clanwilliam Court, Dublin 2               Office      ESB
Kilcarberry Distribution Park                     Industrial   TDG plc
Unit D, Greenhills Road, Dublin 12                Industrial   IDA
37, Grafton Street, Dublin 2                       Retail      Vacant To Let

Source: Aviva Investors as at 30 April 2011
      Aviva Irl Irish Property Fund -
      Sector mix to 30 April 2011


  •     Office sector – 6 Buildings, 56.0% of fund. All
        located in Dublin CBD area.

  •     Retail sector – 8 buildings, 37.0% of fund.            Offices 56%
        Positioned in prime retail locations with a blend of
        consumer goods from fashion to leisure.                Retail 37%


  •     Industrial sector – 3 buildings, 7.0% of fund.         Industrial 7%
        Highest yield sector within the fund.




Source: Aviva Investors as at 30 April 2011
Aviva Irl Irish Property Fund
Performance to 30 April 2011



               10.0%
                 5.0%
                 0.0%
                -5.0%
              -10.0%
              -15.0%
              -20.0%
              -25.0%
              -30.0%
                                  Year to date                      1 Year                  3 years p.a.                 5 years p.a.



Source: Lipper Hindsight 30 April 2011 pension share class, bid to bid, net income reinvested. Past performance is not a guide to the future.
Aviva Irl Irish Property Fund
Performance to 30 April 2011




                    5.0%
                    0.0%
                   -5.0%
                  -10.0%
                  -15.0%
                  -20.0%
                  -25.0%
                  -30.0%
                  -35.0%
                  -40.0%
                  -45.0%
                  -50.0%
                  -55.0%
                                      Year to date                       1 Year                  3 years p.a.                  5 years p.a.



Source: Lipper Hindsight 30 April 2011 geared share class, bid to bid, net income reinvested. Past performance is not a guide to the future.
Notes

The content of this document has been produced by Aviva Investors Global Services Limited, the investment manager
appointed by Aviva Life & Pensions Ireland Limited to manage these funds.
Except where stated as otherwise, the source of all information is Aviva Investors Global Services Limited (“Aviva Investors”) as at 30
April 2011.
Past performance is not a guide to the future. The value of an investment in the fund and any income from it may go down as well as
up and the investor may not get back the original amount invested.
Unless stated otherwise any opinions expressed are those of Aviva Investors Global Services Limited, the investment adviser to the
funds. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice
of any nature.
Where funds are invested in property, investors may not be able to switch or cash in their investment when they want because
property in the fund may not always be readily saleable. If this is the case we may defer their request to switch or cash in their units.
The value of property is a matter of a valuer’s opinion rather than fact.
The content of this document does not purport to be representational or provide warranties above and beyond those contained in the
legal documentation and subscription documentation of the Funds. The legal documentation]and the subscription document contain
the full terms, conditions, representations and warranties in respect of the Fund. Nothing in this document shall be construed as
forming any part of those terms, conditions, representations or warranties.
Full written terms and conditions are available on request.




Aviva Investors Global Services Limited, registered in England No. 1151805. Registered Office: No. 1 Poultry, London EC2R 8EJ.
Authorised and regulated in the UK by the Financial Services Authority and a member of the Investment Management Association.
Contact us at Aviva Investors Global Services Limited, No. 1 Poultry, London EC2R 8EJ.
11/0437/130811

				
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