Spacy first test with layout
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3.10.13
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# https://github.com/explosion/spacy-layout
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import spacy
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from spacy_layout import spaCyLayout
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from pathlib import Path
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import pandas as pd
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import os
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import json
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input_pdf = Path("../../pitch-books/Pitchbook 1.pdf")
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output_dir = Path("output")
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output_dir.mkdir(exist_ok=True)
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nlp = spacy.load("de_core_news_lg")
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layout = spaCyLayout(nlp)
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doc = layout(str(input_pdf))
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# 1. Save full extracted text
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(output_dir / "text.txt").write_text(doc.text, encoding="utf-8")
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# 2. Save tables to CSV files
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for i, table in enumerate(doc._.tables, 1):
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df = table._.data
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df.to_csv(output_dir / f"table_{i}.csv", index=False)
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# 3. NER on full text
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doc_ner = nlp(doc.text)
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ents = [{"text": ent.text, "label": ent.label_} for ent in doc_ner.ents]
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(output_dir / "ner_text.json").write_text(json.dumps(ents, indent=2, ensure_ascii=False))
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# 4. NER on table cells
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table_ner_results = []
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for i, table in enumerate(doc._.tables, 1):
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table_ents = []
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df = table._.data
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for row in df.astype(str).values:
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for cell in row:
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doc_cell = nlp(cell)
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table_ents.extend({
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"table": i,
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"cell_text": cell,
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"entity": ent.text,
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"label": ent.label_
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} for ent in doc_cell.ents)
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table_ner_results.extend(table_ents)
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(output_dir / "ner_tables.json").write_text(json.dumps(table_ner_results, indent=2, ensure_ascii=False))
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print("✅ Done! Extracted data saved to /output")
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### Run with: python extract_pitchbooks.py
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File diff suppressed because it is too large
Load Diff
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[
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{
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"text": "Real Estate Prime Europe\n\nAccess the Core of European Prime Cities with a green",
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"label": "ORG"
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},
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{
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"text": "Office leasing activity",
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"label": "ORG"
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},
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{
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"text": "Considering the depth of these market segments",
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"label": "ORG"
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},
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{
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"text": "key",
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"label": "MISC"
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},
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{
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"text": "SRI objectives",
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"label": "ORG"
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},
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{
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"text": "France",
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"label": "LOC"
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},
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{
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"text": "Luxembourg",
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"label": "LOC"
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},
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{
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"text": "major European countries gives us the required local historical expertise and the important flexibility to build and diligently manage",
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"label": "ORG"
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},
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{
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"text": "ESG",
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"label": "ORG"
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},
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{
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"text": "line with our ambition",
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"label": "ORG"
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},
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{
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"text": "AREPE",
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"label": "ORG"
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},
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{
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"text": "structuring and managing European focused property funds",
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"label": "MISC"
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},
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{
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"text": "with €4bn of acquisitions out of France over the past 3",
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"label": "MISC"
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},
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{
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"text": "structures the acquisitions and their financing",
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"label": "ORG"
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},
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{
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"text": "France",
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"label": "LOC"
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},
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{
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"text": "Germany",
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"label": "ORG"
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},
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{
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"text": "the Netherlands",
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"label": "ORG"
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},
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{
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"text": "UK",
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"label": "ORG"
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},
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{
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"text": "Czech Republic",
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"label": "ORG"
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},
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{
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"text": "Luxembourg ...\n\nA",
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"label": "ORG"
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},
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{
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"text": "COMPLETE",
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"label": "ORG"
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},
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{
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"text": "OFFERING",
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"label": "ORG"
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},
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{
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"text": "Dedicated Funds",
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"label": "ORG"
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},
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{
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"text": "Club Deals & Joint Ventures",
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"label": "ORG"
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},
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{
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"text": "France",
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"label": "LOC"
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},
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{
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"text": "window for international clients looking to access the European ",
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"label": "MISC"
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},
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{
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"text": "EUROPEAN",
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"label": "ORG"
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},
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{
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"text": "CITIES",
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"label": "ORG"
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},
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{
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"text": "Europe\n\nSee the map with detail for each of the 750 assets",
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"label": "LOC"
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},
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{
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"text": "investing with similar-minded investors\n\n",
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"label": "MISC"
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},
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{
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"text": "build from a tailor made proposal",
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"label": "MISC"
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},
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{
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"text": "from A to G.\n\nWe use a well-known referential to perform a thorough analysis of each asset:",
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"label": "MISC"
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},
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{
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"text": "Use Part 1 international referential",
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"label": "MISC"
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},
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{
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"text": "line with the best standards\n\n03\n\nThe Fund Real Estate Prime Europe\n\nFund Objective\n\nNavigate the diversity of the Core",
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"label": "MISC"
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},
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{
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"text": "Core+",
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"label": "ORG"
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},
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{
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"text": "European Prime Cities\n\n-is",
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"label": "MISC"
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},
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{
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"text": "open-ended Lux-based fund providing an attractive core/core+ real estate exposure",
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"label": "MISC"
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},
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{
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"text": "European RE markets",
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"label": "MISC"
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},
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{
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"text": "terms of pan-European geographies and sectors:",
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"label": "MISC"
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},
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{
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"text": "Offices",
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"label": "ORG"
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},
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{
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"text": "Retail and Hotels",
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"label": "ORG"
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},
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{
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"text": "Core+\n\nStrategy characteristics\n\nAllocation Guidelines\n\n-Type",
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"label": "MISC"
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},
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{
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"text": "essentially new or recently refurbished assets\n\n-Individual",
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"label": "MISC"
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},
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{
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"text": "Target",
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"label": "MISC"
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},
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{
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"text": "Max",
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"label": "MISC"
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},
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{
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"text": "FR",
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"label": "LOC"
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},
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{
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"text": "UK",
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"label": "LOC"
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},
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{
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"text": "DE",
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"label": "ORG"
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},
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{
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"text": "BE",
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"label": "ORG"
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},
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{
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"text": "NL",
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"label": "LOC"
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},
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{
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"text": "LU",
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"label": "LOC"
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},
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{
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"text": "Nordics",
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"label": "LOC"
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},
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{
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"text": "SP",
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"label": "ORG"
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},
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{
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"text": "CH",
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"label": "LOC"
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},
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{
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"text": "Max",
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"label": "MISC"
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},
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{
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"text": "rest of Europe",
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"label": "MISC"
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},
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{
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"text": "on Cash",
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"label": "MISC"
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},
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{
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"text": "EUR\n\n",
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"label": "MISC"
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},
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{
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"text": "deep market improving availability and asset liquidity\n\nDrawbacks of the core / core+ segment\n\n-Strang",
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"label": "MISC"
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},
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{
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"text": "assets leave less room for active asset management value creation\n\n-Better resilience",
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"label": "MISC"
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},
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{
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"text": "capital preservation is defin ed here as a characteristic of core",
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"label": "ORG"
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},
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{
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"text": "There is no guarantee of capital",
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"label": "MISC"
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},
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{
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"text": "Given the low cost of debt today",
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"label": "MISC"
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},
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{
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"text": "we believe this",
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"label": "MISC"
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},
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{
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"text": "As such",
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"label": "MISC"
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},
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{
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"text": "eg industrial/logistics",
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"label": "ORG"
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},
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{
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"text": "PEPFI",
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"label": "ORG"
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},
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{
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"text": "Pan European Property Fund Index state as at end of December",
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"label": "MISC"
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},
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{
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"text": "Europe\n\nbenefits from long history",
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"label": "MISC"
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},
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{
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"text": "strong local partnerships",
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"label": "MISC"
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},
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{
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"text": "global and CRE economic research\n\nDeep deal flow",
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"label": "ORG"
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},
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{
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"text": "Europe\n\nsources assets across Europe",
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"label": "MISC"
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},
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{
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"text": "All segments of real estate assets are covered",
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"label": "MISC"
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},
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{
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"text": "Thanks to the importance of its inflows,~ arries out the largest transactions in the European market",
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"label": "MISC"
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},
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{
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"text": "with €4bn of acquisitions out of France over the past 3",
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"label": "MISC"
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},
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{
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"text": "France",
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"label": "LOC"
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},
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{
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"text": "Luxembourg",
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"label": "LOC"
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},
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{
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"text": "ltaly",
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"label": "LOC"
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},
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{
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"text": "major European countries",
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"label": "ORG"
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},
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{
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"text": "giving us the required local expertise and the important flexibility to choose where to invest",
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"label": "ORG"
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},
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{
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"text": "Europe",
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"label": "LOC"
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},
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{
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"text": "brokers",
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"label": "ORG"
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},
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{
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"text": "open architecture\n\nPreselection\n\n-First screening",
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"label": "MISC"
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},
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{
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"text": "external valuation",
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"label": "MISC"
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},
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{
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"text": "Europe\n\n",
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"label": "MISC"
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},
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{
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"text": "OPCI",
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"label": "MISC"
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},
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{
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"text": "o~",
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"label": "MISC"
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},
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{
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"text": "France and combines RE and listed assets",
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"label": "ORG"
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},
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{
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"text": "The RE portfolio of the fund is a good illustration ofexpertise in",
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"label": "MISC"
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},
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{
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"text": "The 2",
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"label": "MISC"
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},
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{
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"text": "The exposure of the assets to climate risks\n\n",
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"label": "MISC"
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},
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{
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"text": "line with the Paris Agreement COP 21* and the European directive",
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"label": "ORG"
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},
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{
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"text": "energy consumption reduction trajectory",
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"label": "MISC"
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},
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{
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"text": "delivering to our clients a",
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"label": "MISC"
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},
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{
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"text": "European Directive",
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"label": "ORG"
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},
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{
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"text": "Case & Views n\n\nReal Estate Prime Europe\n\nEurope is a liquid",
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"label": "MISC"
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},
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{
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"text": "deep and attractive real estate market\n\nInvestment volumes",
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"label": "MISC"
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},
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{
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"text": "Offices are the main asset class",
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"label": "ORG"
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},
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{
|
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"text": "Europe",
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"label": "ORG"
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},
|
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{
|
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"text": "but international investors",
|
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"label": "ORG"
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},
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{
|
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"text": "Americas and the Middle East",
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"label": "ORG"
|
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},
|
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{
|
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"text": "at low financing rates",
|
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"label": "MISC"
|
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},
|
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{
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"text": "Europe\n\n-The office market has been particularly",
|
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"label": "LOC"
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},
|
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{
|
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"text": "office commercialization have increased over 1 year",
|
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"label": "LOC"
|
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},
|
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{
|
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"text": "Western Europe and are higher",
|
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"label": "MISC"
|
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},
|
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{
|
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"text": "This context of rarity",
|
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"label": "MISC"
|
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},
|
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{
|
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"text": "if it benefits",
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"label": "ORG"
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},
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{
|
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"text": "In white\" launches",
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"label": "MISC"
|
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},
|
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{
|
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"text": "EU markets should",
|
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"label": "ORG"
|
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},
|
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{
|
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"text": "Pan European diversification",
|
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"label": "MISC"
|
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},
|
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{
|
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"text": "value protection",
|
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"label": "ORG"
|
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},
|
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{
|
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"text": "Strong\n\n•\n\nConviction - Medium\n\nConviction - Low\n\n.........\n\n",
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"label": "MISC"
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},
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{
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"text": "FR",
|
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"label": "LOC"
|
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},
|
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{
|
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"text": "UK",
|
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"label": "LOC"
|
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},
|
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{
|
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"text": "DE",
|
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"label": "ORG"
|
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},
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{
|
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"text": "BE",
|
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"label": "LOC"
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},
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{
|
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"text": "NL",
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"label": "LOC"
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},
|
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{
|
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"text": "LU",
|
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"label": "LOC"
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},
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{
|
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"text": "Nordics",
|
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"label": "LOC"
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},
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{
|
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"text": "SP",
|
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"label": "ORG"
|
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},
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{
|
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"text": "IT",
|
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"label": "ORG"
|
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},
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{
|
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"text": "CH",
|
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"label": "LOC"
|
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},
|
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{
|
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"text": "Europe\n\nThose markets ",
|
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"label": "MISC"
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},
|
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{
|
||||
"text": "Risk premium remains attractive on a leveraged",
|
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"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Manage to core or build to core can m ake sense as a LT",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
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"text": "m ain cities",
|
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"label": "LOC"
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||||
},
|
||||
{
|
||||
"text": "Opportunities are rare but worth looking at",
|
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"label": "MISC"
|
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},
|
||||
{
|
||||
"text": "Despite a recent decrease",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "yields",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "Amsterdam and Luxemburg remain attractive for office and residential\n\nlreland\n\nThe market is narrow",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "A particular focus on the competitive future supply",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Warsawwill be searched for opportunities as sellers",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "lheir selling price",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "Investment should focus on Euro denominated assets offering mainly Euro revenues",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Rents have some potential to improve",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Considering current low yield and fierce competition",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Manage to core strategies could make sense",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "We m ",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "this market where competing future supply can break",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "looked at",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "Assel",
|
||||
"label": "PER"
|
||||
},
|
||||
{
|
||||
"text": "Residential m arket can also be looked at although local investors present",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "offering potential for high",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Madrid",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "Barcelona",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "investm ent must be small\n\nUnited Kingdom\n\nLondon office market",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "inlroduced",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Although presenting new opportunities",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Each of Milan and Rome office markets are narrow",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "for prime assets",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Focus could be made on retail",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "looked at on",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Prague but this market is",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Europe Biographies\n\nFocus on the ESG approach\n\nA",
|
||||
"label": "ORG"
|
||||
},
|
||||
{
|
||||
"text": "The environmental and social mapping\n\nTo realize this mapping",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "of the\n\nNous y derogeons sur l'aspect energie en s'interessant a l'annee de construction du bätiment et a la reglementation a laquelle",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "etait soumis",
|
||||
"label": "PER"
|
||||
},
|
||||
{
|
||||
"text": "Energy-Carbon",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "evolutions\n\nEvolution des performances Energie",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "usages de l'immeuble",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "the reductions imposed by the tertiary decree",
|
||||
"label": "ORG"
|
||||
},
|
||||
{
|
||||
"text": "France",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "a trajectory",
|
||||
"label": "LOC"
|
||||
},
|
||||
{
|
||||
"text": "Exposure to climate risks\n\nThis part allows",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "building association",
|
||||
"label": "ORG"
|
||||
},
|
||||
{
|
||||
"text": "SRI",
|
||||
"label": "ORG"
|
||||
},
|
||||
{
|
||||
"text": "applied to real estate",
|
||||
"label": "ORG"
|
||||
},
|
||||
{
|
||||
"text": "distributed dividends statements",
|
||||
"label": "ORG"
|
||||
},
|
||||
{
|
||||
"text": "semi-annual",
|
||||
"label": "ORG"
|
||||
},
|
||||
{
|
||||
"text": "ratios\n\nGlobal",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "D+90",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "D+120",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Europe\n\n",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Europe\n\n",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Europe\n\n",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Europe\n\n",
|
||||
"label": "MISC"
|
||||
},
|
||||
{
|
||||
"text": "Europe\n\n",
|
||||
"label": "MISC"
|
||||
}
|
||||
]
|
||||
|
|
@ -0,0 +1,2 @@
|
|||
The Carbon Footprint,2°c Trajectory,Climate Risk
|
||||
"This footprint is calculated based on: Energy and leaks of refrigerants (scope 1) Electricity, water and energy consumption (scope 2) Materials used for construction or refurbishment (scope 3)",This trajectory will help assess the greenhouse gas emissions' reductions needed to respect the Paris agreement,"This evaluation shows the exposure of the asset to different climate related risks (sea level, floods, temperature, heatwaves, storms...)"
|
||||
|
|
|
@ -0,0 +1,5 @@
|
|||
,Energie,Carbone
|
||||
Performance de reference (2011),286,17
|
||||
Performance actuelle (2011),286,17
|
||||
Objectif 2030,171,14
|
||||
Avancement de l' objectif (%),,100
|
||||
|
|
|
@ -0,0 +1,3 @@
|
|||
Deal,Key metrics,,Comments
|
||||
INK MGallery Hotel Amsterdam Core Closed in 2018,Area: Tenant: WAULT (years): Asset Value: Net Initial Yield: Unlevered CoC: Unlevered IRR 10Y:,"148 rooms Accor Hospitality Nedeland 14 €64,6m 4.02% 4.14% 440%",Investment b~ unds
|
||||
EI Portico Madrid Core Closed in 2018,Area: Tenants: WAULB (years): Price: Net Initial Yield Unlevered CoC: Unlevered IRR 10Y:,"Office 20,814 sqm Parking 401 units Multi tenants 2,25 €117,4m 4.31% 3.31% 4.26%",Investment b~ unds
|
||||
|
|
|
@ -0,0 +1,3 @@
|
|||
Deal,Key metrics,Key metrics,Comments
|
||||
Enjoy Paris Core Closed in 2018,Area: Tenant: WAULT (years): Asset Value: Net Initial Yield: Unlevered CoC: Unlevered IRR 10Y:,"Office 16,970 sqm Parking 64 units AXA Services g €258m net 340% 3.30% 3.30%","Forward sale deal, development to be completed by end-2018. Co-investment between - Fund and a French institutional investor"
|
||||
BBW Franfurt Core Closed in 2018,Area: Mains tenants: WAULT (years): Asset Value: Net Initial Yield Unlevered IRR 10Y:,"Office 28,564 sqm Residential 2,494 sqm Commercial 1,028 sqm Parking 347 units KfW, Dwp Bank, Nomura 10 €141 ,2m 4.25% 3.60%",Investment b~ Funds
|
||||
|
|
|
@ -0,0 +1,3 @@
|
|||
Deal,Key metrics,Comments
|
||||
Grand Central Frankfurt Core Closed in 2017,"Area: Tenant: WAULT (years): Asset Value: Net Initial Yield: Office 43,674 m 2 Storage 1,636 m 2 Parking 783 units Deutsche Bahn Netz AG (100%) -subsidiary of DB AG* 20 €324m net 3.45% Un-levered Cash-on-cash: 3.48% 3.22% Investor un-levered IRR 1DY:","Forward sale deal, development tobe completed by end-2020. - funds bought 100% of the deal and seek to share 50% of this deal with co› investor(s)."
|
||||
Rocket Tower Berlin Core Closed in 2017,"Area: Tenants: WALB (years): Price: Net Initial Yield: LTV: Cash-on-cash: Investor IRR 1DY: Office 26, 192 m 2 Retail 1,765 m 2 Parking 411 units Multi (occupancy 96%) >13.5 €149m net 4.0% 45% 5.47% 7.58%",Co-investment between - Fund and a Finnish institutional investor
|
||||
|
|
|
@ -0,0 +1,3 @@
|
|||
Deal,Key metrics,,Comments
|
||||
"Coeur Defense Paris, La Defense Core Closed in 2017",Area: Main tenants: WALB (years): Price: Net Initial Yield LTV: Cash-on-cash: Investor IRR 10Y:,"Office 182,765 m 2 HSBC, RTE, Allianz and EDF EN 7 €1 ,720m 4,78% 52% 5.59% 7.46%",Co-investment between - andFrench institutional investors
|
||||
"Tour Hekla Paris, La Defense Core Closed in 2017",Area: Main tenant WALB (years): Price: Net Initial Yield LTV: Cash-on-cash: Investor IRR 10Y:,"Office 75,876 m 2 Vacant €582m 6.7% 41% 5.8% 6.03%",Speculative development Co-investment between - and a French institutional investor.
|
||||
|
|
|
@ -0,0 +1,3 @@
|
|||
Deal,Key metrics,,Comments
|
||||
The Atrium Amsterdam south-axis Core Closed in 2017,Area: Tenants: WALB (years): Price: Net Initial Yield: LTV: Cash-on-cash: Investor IRR 10Y:,"Office 59,044 m 2 Parking 525 units Multi (occupancy 68%) 8 €520m net 3.83% 60% 6-7% 7.57%",Co-investment with- investors
|
||||
The Cloud Amsterdam Core Closed in 2017,Area: Tenants: WALB (years): Price: Net Initial Yield LTV: Cash-on-cash: Investor IRR 10Y:,"Office 23,807 m 2 Parking 195 units Multi (occupancy 98.4%) 9.7 €159m net 4.24% 40% 4.78% 5.56%",Co-investment between - Fundanda- institutional investor
|
||||
|
|
|
@ -0,0 +1,4 @@
|
|||
0,1
|
||||
Fund Structure,- Target Size: Target equity of € 500m (€1 Bn of assets) - Regulatory Qualification: Luxembourg AIF - Legal Form: Luxembourg Limited Partnership - Currency: EUR - Minimum Investment: €5m
|
||||
Liquidity,"- Subscriptions: Quarterly. Queue system, with pari passu calls to the oldest vintage. - Redemptions: Every semester (Dec and June). Queue system by vintage after lock up period. - Lock up: 5 years for investors entering in 2019, 4 years for investors entering in 2020 then 3 years - Gates: 10% of NAV per annum - Redemption deadline: 18 months after demand - Redemption fee: lf there are sufficient inflows when redemptions are outstanding, no fee on redemption ; otherwise, redemption fee will be 3% (1 0Y holding period), 2% (15Y) or 1% (>15Y) of NAV"
|
||||
Fees (before VAT),"- Asset Management/ Fund Management: sliding scale considering committed amount 55-50-40bp x NAV (5-1 0; 10-50; 50+ M€). Fee only payable on investment called. For investors committing before 31/12/2019: Rebate of10bp for 5 years after subscription - Acquisition: 0.5% to 1% x GAV following asset size - Disposal: 200k€, flat - Performance fee: 20% above 7% IRR (payable by investors on realised profit)"
|
||||
|
|
|
@ -0,0 +1,6 @@
|
|||
,%,2015,2016,2017,2018,3Y,3Y (uni.)
|
||||
,Total return,"5,3","16,1","13,6","8,9","12,8","8,0"
|
||||
,LTV,"71,0","62,4","58,9","58,2","59,8","0,0"
|
||||
,Percentile,80th,5th,5th,10th,5th,
|
||||
PEPFI,Total return,"8,2","5,7","6,4","6,4","6,2","5,3"
|
||||
,LTV,"20,6","21,5","21,9","21,8","21,7","0,0"
|
||||
|
|
|
@ -0,0 +1,9 @@
|
|||
Country / city,Seetor,Risk,Deal size,Location,Technical specificities,Tenancy,Comments
|
||||
BELGIUM Brussels,Offices,Core,80m,Excellent,New building Delivery 04 2020,Vacant,Office building 500m away from the European Commission - well served by the subway (250m away from one of the major metro station - 67 parking spaces - Delivery 0 4 2020
|
||||
BELGIUM Brussels,Offices,Core,40m,Good,Recent building,"Fully let WALB 5,42","Multi let office building in the Sought after brussel's Euopean District - 100% let to 8 tenants - WALB 5,42 years - Share deal - NIY around 4,17%"
|
||||
SPAIN Madrid,Offices,Core,<50m,Good,Completely refurbished,Fully let Single tenant,Office building in the South of Madrid - - 7 years lease recently signed by an energy company - 47 parking spaces - Built in 1891 refurbished in 2019 -
|
||||
FRANCE Levallois,Offices,Core,400m,Good,New building,Fully let Single tenant,Very weil located - LT lease - very good tenants
|
||||
FRANCE Paris 14,Offices,Core,300m,Good,New building,Fully let Multi tenant,New building in Paris
|
||||
BELGIUM Brussels,Offices,Core,99m-102m,Excellent,Refurbished in 2014,Occupancy 92%,"2 independent and interconnected office buildings in Leopold / Location : A / Accessibility : very good, in front of the property / Construction: 1992 / WALT : 7 years /"
|
||||
NETHERLANDS Rotterdam,Offices,Core,85m-90m,Excellent,Recent building,Fully let,Located in the heart of CBD - next to the metro stop Beurs - Single good tenant - comprehensive refurbishment undergoing - handover scheduled f or June 2020 - 207 parking spaces
|
||||
NETHERLANDS Rotterdam,Logistics,Core,50m-55m,Good,New building,Fully let Single tenant,Located in the port of Rotterdam - connected with the A15 highway - Sale and lease back with 10 years triple- net lease agreement - 43 loading docks - Expected completion in 01 2020
|
||||
|
|
|
@ -0,0 +1,7 @@
|
|||
Country / city,Seetor,Risk,Deal size,Location,Technical specificities,Tenancy,Comments
|
||||
BELGIUM Brussels,Offices,Core,34-40m,Good,New building,Fully let to five tenants (WALT of almost 10 Y),"The building is a recently constructed office property in the European District ofthe Brussels CBD. Located close to the Rue de la Loi, the main axis of the district, the building benefits from close proximity to the main EU institutions, excellent infrastructure and many amenities. Specifications fu ll y meet today's market requirements, including a BREEAM Excellent rating."
|
||||
GERMANY Berlin,Offices,Core,44m-46m,Good,Completely refurbished,Fully let Single tenant,Office located in the West Berlin - Good Tenant Delivery 04 2020 - Lease term 20 years -
|
||||
POLAND Warsaw,Offices,Core,50-75m,Excellent,Recent building,Almost fully let (WAULT 10 years) Multi tenant,"A recent office building constructed in 2017, with 7 700 sqm, 59 parking spaces and amenities (conference centre, fitness club, cafe, restaurant...). The property has a Leed Platinium certification . The building is very weil located in the City Center of Warsaw and benefits from an excellent access to public transport. The expected yield is around 4,50%."
|
||||
FINLAND Helsinki,Offices,Core,100-150m,Good,New building,Fully rented Single tenant,"New 17 700 sqm development completed at the end of 2019, located seaside, in the South West city center of Helsinki. The property is single let to an Agency of the European Union on a 10 year lease agreement. The expected yield is around 4,50%."
|
||||
CZECH Republic Prague,Offices,Core,90-1 00m,CBD,New building,Fully rented Multi tenants,"An outstanding quality iconic and sensitively developed multifunctional building consisted of a restored baroque› renaissance palace from 1734, juxtaposed with a 2018 constructed eight storey premium office building"
|
||||
FRANCE Saint Denis,Offices,Core,150 -170m,Good,New building,Fully rented Multi tenants,Property newly built in an established office submarket close to public transports.
|
||||
|
|
|
@ -0,0 +1,4 @@
|
|||
,2015,2016,2017,2018
|
||||
Pipeline,620 assets analysed €41.6 Bn,520 assets analysed €51.6 Bn,577 assets analysed €63.8 Bn,813 assets analysed €66.3 Bn
|
||||
Projects submitted to the Investment Committee,126 assets €5.7 Bn,74 assets €11.1 Bn,86 assets €17.3 Bn,79 assets €8.8 Bn
|
||||
Acquisitions,52 assets €2.6 Bn,55 assets €4.3 Bn,30 assets €6.0 Bn*,17 assets €1.1 Bn
|
||||
|
|
|
@ -0,0 +1,7 @@
|
|||
Country,Partners (non-exclusive)
|
||||
Germany,Etoile Properties Aerium IC Property Investment & Management
|
||||
Benelux,Etoile Properties Hannover Leasing
|
||||
UK,Knight Frank
|
||||
Scandinavia,Newsec
|
||||
Austria,EHL
|
||||
lberia,Etoile Properties
|
||||
|
|
|
@ -0,0 +1,6 @@
|
|||
0,1,2,3,4,5,6,7
|
||||
OPCIMMORE portfolio,,,,,,,Estonie LettonlG
|
||||
Total Return (gross),"+4,6%","+6,6%","+7,5%","+8,8%","+7,2%","••••••• +7,2% +6,9%",Estonie LettonlG
|
||||
RE AuM (€m),99,297,472,"1,636","3,214","4,846 4,920",Estonie LettonlG
|
||||
Number of assets,6,13,17,32,52,71 62,Estonie LettonlG
|
||||
RE Leverage,0%,"23,4%","29,6%","30,7%","35,8%","37,8% 34,7%",Estonie LettonlG
|
||||
|
|
|
@ -0,0 +1,5 @@
|
|||
,,,,,,,Themes
|
||||
Offices,++,+++,++,++,++,70%,"Targeting demand-driven markets featuring rent recovery or rent pressures and >200bps risk premiums over risk free rates, always in prime locations"
|
||||
"Hospitality Hotels, others",,++,+,+,,10%,Focus on leases featuring fixed or floored rents with established operators in marketswhere constrain of new offer exist. Risk premium must reflect any operational risk taken
|
||||
lndustrial / Warehouse,+,+,+,,,10%,Look at the opportunities in close to city centers distribution platforms while large modern logistic platforms might be out of reach (high indiv idual values).
|
||||
Retail (High street; retai1 park),+,+,+,+,,10%,Focus on prime high street retail or small central urban shopping centers in main secondary cities demonstrating positive data in terms of demographics and spending potential
|
||||
|
|
|
@ -0,0 +1,548 @@
|
|||
Real Estate Prime Europe
|
||||
|
||||
Access the Core of European Prime Cities with a green SRI fund including a genuine low carbon commitment
|
||||
|
||||
For professional investors only. Not further distribution. Information is valid as of December 2018. for
|
||||
|
||||
1
|
||||
|
||||
Content
|
||||
|
||||
1. Executive Summary
|
||||
|
||||
2. Real Estate
|
||||
|
||||
3. The Fund
|
||||
|
||||
4. Expertise & 1 nvestment Process
|
||||
|
||||
5. Investment Case & Views
|
||||
|
||||
6. Appendices
|
||||
|
||||
Fund Investment Process
|
||||
|
||||
Detailed SRI Process
|
||||
|
||||
Reporting
|
||||
|
||||
Biographies
|
||||
|
||||
01
|
||||
|
||||
Executive summary
|
||||
|
||||
Executive summary
|
||||
|
||||
A selective pan European investment strategy
|
||||
|
||||
-European economics in most countries should sustain Office leasing activity, retail consumption and business Hotels. Considering the depth of these market segments, selectivity will be key.
|
||||
|
||||
-A strategy targeting high quality Core and Core+ buildings, with defined SRI objectives, in order to extract value through an active asset management.
|
||||
|
||||
What makes us different?
|
||||
|
||||
is a long established real estate investment and fund management player in Europe, allowing for a clear view of opportunities coming to the market (€4bn of acquisitions out of France over the past 3 years).
|
||||
|
||||
--semi-open architecture based on a streng integrated platform in France, Luxembourg and ltaly and long standing partnerships in major European countries gives us the required local historical expertise and the important flexibility to build and diligently manage a well balanced pan European portfolio.
|
||||
|
||||
--as a leading player in ESG expertise is putting all resources to structure products in line with our ambition: AREPE will be a low carbon fund compliant with the Real Estate sustainable investment Charter.
|
||||
|
||||
-
|
||||
|
||||
Real Estate is a company specialized in developing, structuring and managing European focused property funds.
|
||||
|
||||
Thanks to the power of its inflowscarried out the largest transactions in the European market, with €4bn of acquisitions out of France over the past 3 years.
|
||||
|
||||
--sources assets across Europe, structures the acquisitions and their financing, and manages all type of properties with a focus on Offices. 700+ properties in France, ltaly, Germany, the Netherlands, UK, Czech Republic, Luxembourg ...
|
||||
|
||||
A COMPLETE OFFERING
|
||||
|
||||
-Commingled Funds (closed-end and open-ended); Dedicated Funds; Club Deals & Joint Ventures; Mandates (tailormade solution).
|
||||
|
||||
-A leading player in managing and structuring regulated funds in France.
|
||||
|
||||
-A window for international clients looking to access the European real estate market for diversification
|
||||
|
||||
A leader in European real estate
|
||||
|
||||
A LEADER IN EUROPEAN PRIME CITIES
|
||||
|
||||
€33 bn
|
||||
|
||||
125
|
||||
|
||||
750
|
||||
|
||||
OfAuM
|
||||
|
||||
Dedicated people
|
||||
|
||||
Properties in Europe
|
||||
|
||||
See the map with detail for each of the 750 assets an
|
||||
|
||||
Comprehensive service offering to institutions
|
||||
|
||||
Direct Investment
|
||||
|
||||
Club Deals
|
||||
|
||||
Mandates
|
||||
|
||||
Club Deals: investing with similar-minded investors
|
||||
|
||||
Mandates: build from a tailor made proposal, defined according to the client's constraints & guidelines
|
||||
|
||||
Dedicated funds: build a structure to manage client's assets
|
||||
|
||||
Real Estate Prime Europe
|
||||
|
||||
eal Estate : a genuine low carbon comm itment
|
||||
|
||||
A fully documented sustainable investment charter
|
||||
|
||||
Each of our assets is ranked by our dedicated team, from A to G.
|
||||
|
||||
We use a well-known referential to perform a thorough analysis of each asset: the BREEAM In Use Part 1 international referential is fully exploited in order to perform an analysis of the environmental and social performance of the assets.
|
||||
|
||||
Real Estate has also developed additional and specific tools to complete and strengthen our sustainable approach on an asset by asset basis:
|
||||
|
||||
TABLE
|
||||
|
||||
-
|
||||
|
||||
Real Estate has built a genuine low carbon approach, in line with the best standards
|
||||
|
||||
03
|
||||
|
||||
The Fund Real Estate Prime Europe
|
||||
|
||||
Fund Objective
|
||||
|
||||
Navigate the diversity of the Core/Core+ investment opportunities in European Prime Cities
|
||||
|
||||
-is an open-ended Lux-based fund providing an attractive core/core+ real estate exposure, leveraging -expertise in European RE markets. lt offers diversification in terms of pan-European geographies and sectors: Offices, Retail and Hotels.
|
||||
|
||||
-Risk level: Core/Core+
|
||||
|
||||
Strategy characteristics
|
||||
|
||||
Allocation Guidelines
|
||||
|
||||
-Type: essentially new or recently refurbished assets
|
||||
|
||||
-Individual asset size: ranging from € 50M to € 200M
|
||||
|
||||
-Leverage: 50% max (at asset and fund level) / Target 40-45%
|
||||
|
||||
-A low carbon approach fully compliant with the best standards
|
||||
|
||||
-Seetor: offices (70% target; 60% min), all other types (30% target; 40% max)
|
||||
|
||||
-Geography: 100% Europe
|
||||
|
||||
-Tier 1 : Min 75% in total, Max 40% by country (FR, UK, DE, BE, NL, LU, Nordics, SP, IT, CH)
|
||||
|
||||
-Tier 2: Max 25% in total in rest of Europe, max 10% by country
|
||||
|
||||
-Non Euro investments: max 20%
|
||||
|
||||
-Manage to Core: max 20%
|
||||
|
||||
-Concentration limits: max 25% by asset
|
||||
|
||||
Target Returns (net of fees and tax)
|
||||
|
||||
-IRR: 6%- 7%
|
||||
|
||||
-Cash on Cash: 4% - 5%
|
||||
|
||||
Fund Key Features
|
||||
|
||||
A Luxembourg Alternative Investment Fund denominated in EUR
|
||||
|
||||
TABLE
|
||||
|
||||
Why a Core / Core + investment program?
|
||||
|
||||
Benefits of the core / core+ segment
|
||||
|
||||
-Capital preservation*
|
||||
|
||||
-Room to lock in Risk premia over financing rates
|
||||
|
||||
-Assets attractive for Lang Term financing
|
||||
|
||||
-Assets adapted to a Buy and Hold strategy
|
||||
|
||||
-Assets that generate running yields
|
||||
|
||||
-A deep market improving availability and asset liquidity
|
||||
|
||||
Drawbacks of the core / core+ segment
|
||||
|
||||
-Strang competition on this segment of the market for investment
|
||||
|
||||
-Real Estate yields testing historically low levels
|
||||
|
||||
-Core assets leave less room for active asset management value creation
|
||||
|
||||
-Better resilience to potential interest rate hikes (which usually triggers flight to quality)
|
||||
|
||||
*capital preservation is defin ed here as a characteristic of core/core+ investments. There is no guarantee of capital.
|
||||
|
||||
has a strong track record versus the MSCI PEPFI*
|
||||
|
||||
TABLE
|
||||
|
||||
.
|
||||
|
||||
Comments
|
||||
|
||||
LTV: part of the performance is down to leverage and is significantly more leveraged than the benchmark and will remain so even after we have reduced leverage to ca. 45%. Given the low cost of debt today, we believe this level of leverage makes sense: it boost income return while the core nature of the portfolio should dampen a capital loss in case of a market downturn.
|
||||
|
||||
Asset-mix: current allocation is 100% Germany and a mixture of retail/office/hotel. As such, its asset and country allocatio n is less risky than the benchmark which includes more risky countries and asset types (eg industrial/logistics).
|
||||
|
||||
*PEPFI: Pan European Property Fund Index state as at end of December 2018
|
||||
|
||||
lndicative pipeline of Investments June 2019
|
||||
|
||||
TABLE
|
||||
|
||||
lndicative pipeline of Investments June 2019
|
||||
|
||||
TABLE
|
||||
|
||||
Expertise
|
||||
|
||||
Our strategy in Europe 1 vestment Process n ESG framework Teams
|
||||
|
||||
-
|
||||
|
||||
Strategy to access & select prime assets in Europe
|
||||
|
||||
benefits from long history, strong local partnerships, global and CRE economic research
|
||||
|
||||
Deep deal flow in Europe
|
||||
|
||||
sources assets across Europe. All segments of real estate assets are covered, with a focus on offices. Thanks to the importance of its inflows,~ arries out the largest transactions in the European market, with €4bn of acquisitions out of France over the past 3 years.
|
||||
|
||||
TABLE
|
||||
|
||||
€2.3bn)
|
||||
|
||||
An open-architecture organisation
|
||||
|
||||
Allowing for flexibility and agility
|
||||
|
||||
-Semi-open architecture based on a strong integrated platform in France, Luxembourg, ltaly;
|
||||
|
||||
Longstanding partnerships in major European countries, giving us the required local expertise and the important flexibility to choose where to invest in Europe;
|
||||
|
||||
-A strict and documented methodology when selecting our partners, in terms of compliance with our ESG policy (target 2021).
|
||||
|
||||
TABLE
|
||||
|
||||
Investment process
|
||||
|
||||
Sourcing
|
||||
|
||||
-Continuous market watch: discussions with our local partners, brokers, sellers
|
||||
|
||||
-Dealflow in open architecture
|
||||
|
||||
Preselection
|
||||
|
||||
-First screening, analysis, identification of due diligence issues
|
||||
|
||||
-Target portfolio guidelines
|
||||
|
||||
Asset Analysis and Due Diligence
|
||||
|
||||
Deal Structuration & Flnanclng
|
||||
|
||||
Asset Management
|
||||
|
||||
-Thorough financial and ESG analysis of the asset, external valuation and asset visit
|
||||
|
||||
-Technical, legal, tax, notarial due diligence
|
||||
|
||||
-Negotiation of financing in accordance with due diligences' conclusions (tender, term sheet, loan documentation)
|
||||
|
||||
-Acquisition structuring to minimize risk and tax, closing documentation
|
||||
|
||||
-Strategy & business plan
|
||||
|
||||
-Coordination with property and asset manager
|
||||
|
||||
has a long experience of core/core+ investments
|
||||
|
||||
in Europe
|
||||
|
||||
(a balanced pan-European open ended retail fund -und er the form of a French collective undertaking for Real Estate investments "OPCI") is the flagship o~ in France and combines RE and listed assets (respective targets of 60% and 40%) with max. 40% leverage. The RE portfolio of the fund is a good illustration ofexpertise in European core/core+ investments .
|
||||
|
||||
TABLE
|
||||
|
||||
Source :- data as of December 2018
|
||||
|
||||
Past performance is not a guarantee of future results
|
||||
|
||||
Our ESG approach: a defined framework to reach the best standards in terms of low carbon commitment
|
||||
|
||||
-will integrate additional investment criteria in order tobe a green fund.
|
||||
|
||||
As such, following preselection of the assets, the fund managers will exclude assets ranked below D, and build a portfolio with a global ranking above or equal to C.
|
||||
|
||||
On top of this ranking, we will perform a specific analysis on each asset in order to be fully aware of its impact in environmental terms:
|
||||
|
||||
- The carbon footprint of the assets
|
||||
|
||||
- The 2 degrees trajectory of the assets
|
||||
|
||||
- The exposure of the assets to climate risks
|
||||
|
||||
In line with the Paris Agreement COP 21* and the European directive** objectives for foreign assets, we wi 11 assess for each asset the g reen house gas em issions red uctions to be achieved and implement an energy consumption reduction trajectory, delivering to our clients a genuine low carbon approach backed by concrete analyses and reporting
|
||||
|
||||
* the Paris Agreement :
|
||||
|
||||
-limiting the average increase in the planet's temperature to /ess than 2°C compared to pre-industrial /evels
|
||||
|
||||
reinforcing capacity for adaptation to the harmful effects of climate change and promoting resi/ience to these changes
|
||||
|
||||
-*"the European Directive :
|
||||
|
||||
-The European Council has adopted an indicative objective to reducing energy consumption by 27% by 2030
|
||||
|
||||
A robust and balanced setup for efficient teamwork
|
||||
|
||||
1 vestment Case & Views n
|
||||
|
||||
Real Estate Prime Europe
|
||||
|
||||
Europe is a liquid, deep and attractive real estate market
|
||||
|
||||
Investment volumes in European real estate
|
||||
|
||||
Spread between office prime yield and 10year Govies (in basis points, since 2000)
|
||||
|
||||
Europe is a key destination for capital markets
|
||||
|
||||
-European investment markets have been very active over the recent years. Offices are the main asset class, with a little less than 1 euro over 2 euros invested.
|
||||
|
||||
-Local European actors and even often local national investors have dominated the RE investment markets in Europe, but international investors are gaining market shares (mainly from Asia, Americas and the Middle East)
|
||||
|
||||
Source:
|
||||
|
||||
-Real Estate investors follow their acquisitions at historically low rates, this behavior is led by office rents increases anticipations (and to some extent for the logistics), at low financing rates, and a gap with 10 years rates significantly higher than the long period average.
|
||||
|
||||
The spread between government bonds and prime yields is still currently significantly high on many markets in a lasting low rates environment.
|
||||
|
||||
Offices are by far the main real estate asset class in Europe
|
||||
|
||||
-The office market has been particularly active at the 1 t semester s 2019, a performance tobe highlighted in a context of economic slowdown and of high uncertainties: office commercialization have increased over 1 year in Western Europe and are higher than the decade average.
|
||||
|
||||
-A lot of companies continue to favour central zones for "talents hunting" recruitment purposes., but they face a quality offer that is regularly lacking. This context of rarity, if it benefits "In white" launches, it exerts upward pressure on facial rents.
|
||||
|
||||
Source
|
||||
|
||||
-Major EU markets should benefit from tenants demand
|
||||
|
||||
-All markets have different rental cycles in terms speed: Pan European diversification will allow to anchor RE investment performance
|
||||
|
||||
NB
|
||||
|
||||
-The positions are purely indicative and are not an investment recommendation or solicitation
|
||||
|
||||
-City positions can move at different speeds and directions depending on various parameters
|
||||
|
||||
A strategy for Europe today: stability & diversity
|
||||
|
||||
Current Fund Target Allocation across Europe
|
||||
|
||||
Our strategy for Continental Europe today:
|
||||
|
||||
► targeting sustainable l Tyield, value protection, with a high level of diversification and valuation potential
|
||||
|
||||
•
|
||||
|
||||
Conviction - Strong
|
||||
|
||||
•
|
||||
|
||||
Conviction - Medium
|
||||
|
||||
Conviction - Low
|
||||
|
||||
.........
|
||||
|
||||
TABLE
|
||||
|
||||
Tier 1 (FR, UK, DE, BE, NL, LU, Nordics, SP, IT, CH) Tier 2
|
||||
|
||||
t arget 80% target 20%
|
||||
|
||||
Current views accross Europe
|
||||
|
||||
Those markets are diverse and present perspectives and positions in Real Estate cycles which are highly dependent upon each local economic situations, perspectives and exceptional events affecting them:
|
||||
|
||||
Germany
|
||||
|
||||
France
|
||||
|
||||
Portugal
|
||||
|
||||
Prime office assets in Prime m arkets are very pricey unless rent reversion is real. Risk premium remains attractive on a leveraged basis. Manage to core or build to core can m ake sense as a LT investor in m ain cities. Residential is also attractive
|
||||
|
||||
Benelux
|
||||
|
||||
Brussels is an interesting market despite its high dependency on EU com missions offices. Opportunities are rare but worth looking at. Despite a recent decrease in yields, Amsterdam and Luxemburg remain attractive for office and residential
|
||||
|
||||
lreland
|
||||
|
||||
The market is narrow bul opportunities can be looked at in lhe Dublin office market, which can benefit from Brexit. A particular focus on the competitive future supply will be needed.
|
||||
|
||||
Poland
|
||||
|
||||
Prime office market in Warsawwill be searched for opportunities as sellers (investors and developers) start tobe reasonable in lheir selling price. Investment should focus on Euro denominated assets offering mainly Euro revenues.
|
||||
|
||||
Paris region is a deep and liquid market. Rents have some potential to improve. Considering current low yield and fierce competition, office right outside CBD for Core + assets can be considered. Manage to core strategies could make sense.
|
||||
|
||||
Austria
|
||||
|
||||
Office retail and hotel m arkets to be looked at as risk premium remains attractive and financing offer as good conditions as in Germany. We m ust rem ain cautious in this market where competing future supply can break present equilibrium.
|
||||
|
||||
Finland
|
||||
|
||||
Although rather small market, Finish office, retail and hotel assets should be looked at. Assel size should remain reasonable as this market lacks liquidity. Residential m arket can also be looked at although local investors present streng comoetition
|
||||
|
||||
Spain
|
||||
|
||||
Madrid office and retail assets are interesting while financing costs continue to decrease and economy slowly recovers, offering potential for high er rents. Assets in prim e locations (Madrid and Barcelona) should be favored as they have best potential for rent evolutions.
|
||||
|
||||
Lisbon is a small m arket but it experienced a rapid economic recovery in recent years and is interesting for Core Offices, quality Retail asset or Hotelwalls with top operators. Lim ited liquidity of this m arket means investm ent must be small
|
||||
|
||||
United Kingdom
|
||||
|
||||
London office market attractiveness has been hurt by the uncerlainties inlroduced since Brexit vote . Although presenting new opportunities, the UK market does not present today th e best investment sei.
|
||||
|
||||
ltaly
|
||||
|
||||
Office market is over priced and leverage is not efficient. Each of Milan and Rome office markets are narrow. competition is currentlytoo streng for prime assets. Focus could be made on retail in 2nd tier cities for best in class micro locations.
|
||||
|
||||
Czech Rep
|
||||
|
||||
Office assets could be looked at on an opportunistic basis in Prague but this market is now very competitive and can sometime be overpriced especially for Euro-denominated deals.
|
||||
|
||||
Appendices
|
||||
|
||||
Focus on our ESG approach Fund Information / Reportings Recent acquisitions in Europe Biographies
|
||||
|
||||
Focus on the ESG approach
|
||||
|
||||
A) The environmental and social mapping
|
||||
|
||||
To realize this mapping, we mainly use the BREEAM-ln-Use part 1 frame of reference.
|
||||
|
||||
This internationally known frame reference allows us to confirm relevance of the realised analyses. of the
|
||||
|
||||
Nous y derogeons sur l'aspect energie en s'interessant a l'annee de construction du bätiment et a la reglementation a laquelle il etait soumis.
|
||||
|
||||
~-------------------~
|
||||
|
||||
1
|
||||
|
||||
We derogate from it on the energy aspect by focusing on the construction year of the building and the rules and regulations to which it was subject.
|
||||
|
||||
Focus on the ESG approach
|
||||
|
||||
B) Energy-Carbon performances evolutions
|
||||
|
||||
Evolution des performances Energie - Carbone
|
||||
|
||||
TABLE
|
||||
|
||||
Les performances analysees prennent en campte:
|
||||
|
||||
-les usages de l'immeuble (parties communes et/ou privatives)
|
||||
|
||||
-le mix energetique de chaque pays d'implantation (pour la conversion energie-carbone)
|
||||
|
||||
La performance carbone est issue des consommations energetiques uniquement (scope 1 et/ou 2).
|
||||
|
||||
1
|
||||
|
||||
This part is based an the consumption of the asset. lt allows to visualize the evolution of consumption in relation to two objectives:
|
||||
|
||||
Energetic objective: based an the reductions imposed by the tertiary decree in France and an recommended reductions by the European framework for energy and climate for other European countries.
|
||||
|
||||
Carbon objective: based an the necessary reduction to ensure that the asset is an a trajectory compatible with the Paris Agreement limiting the global warming to 2°C.
|
||||
|
||||
The translation of the energetic performances in carbon performances takes into account the energetic mix of the asset's country.
|
||||
|
||||
Focus on the ESG approach
|
||||
|
||||
C) Exposure to climate risks
|
||||
|
||||
This part allows an evaluation of the exposure of the asset to 5 risks linked to climate changes. 3 criteria are considered to build this grade:
|
||||
|
||||
The geolocation of the asset and the resulting predictive scenarios of the climate change ;
|
||||
|
||||
The devices and characteristics of the asset allowing it to resist to these risks ;
|
||||
|
||||
The immediate environment of the asset that may include aggravating factors.
|
||||
|
||||
1
|
||||
|
||||
Focus on our ESG approach: mobilization within our sector
|
||||
|
||||
Real Estate is one of the founding members of the Observatory of Sustainable Real Estate, an independent and transparent forum for exchanges, promoting the sustainable development and innovation of French real estate.
|
||||
|
||||
Real Estate is a member of the BBCA low carbon building association since
|
||||
|
||||
2016.
|
||||
|
||||
Real Estate participates in the working group on the creation of an SRI label applied to real estate.
|
||||
|
||||
Fund Information Reporting
|
||||
|
||||
Financials : quarterly (D+45)
|
||||
|
||||
-NAV calculation, consolidated accounts
|
||||
|
||||
-lnREV adjustments, distributed dividends statements (semi-annual), ratios
|
||||
|
||||
Global synthesis : annually (D+90)
|
||||
|
||||
Annual Report (D+120)
|
||||
|
||||
Recent deals in Europe
|
||||
|
||||
(1/5) Our sourcing capabilities make us a specialist of European assets' origination and asset management
|
||||
|
||||
TABLE
|
||||
|
||||
Examples of recent deals in Europe
|
||||
|
||||
(2/5) Our sourcing capabilities make us a specialist of European assets' origination and asset management
|
||||
|
||||
TABLE
|
||||
|
||||
Recent deals in Europe
|
||||
|
||||
(3/5) Our sourcing capabilities make us a specialist of European assets' origination and asset management
|
||||
|
||||
TABLE
|
||||
|
||||
Recent deals in Europe
|
||||
|
||||
(4/5) Our sourcing capabilities make us a specialist of European assets' origination and asset management
|
||||
|
||||
TABLE
|
||||
|
||||
Recent deals in Europe
|
||||
|
||||
(5/5) Our sourcing capabilities make us a specialist of European assets' origination and asset management
|
||||
|
||||
TABLE
|
||||
|
||||
|
|
@ -0,0 +1,4 @@
|
|||
flask
|
||||
spacy
|
||||
spacy-layout
|
||||
pandas
|
||||
Loading…
Reference in New Issue