49
Company presentation May 2015
Company presentation
May 2015
Table of contents
Section 1 Summary 3
Section 2 Market Overview 7
Section 3 Resilient Operations 11
Section 4 Capital Base Strengthened 22
Section 5 Financial Performance 25
Section 6 2015 Initiatives 34
2
Section 7 O1 Yielding Assets 36
Summary
Section 1:
Idea
100% Office
~90/10 Yielding/
Development
~50/50 Leverage
100% Moscow
4
Asset Growth
In the last two years assets went up about 35%;
Negative revaluation due to deteriorating market conditions in 2H 2014 is 6,7%.
Changes in gross asset value (US$ MM)
1000
500
0
1500
2500
4200
2000
52
3500
4500 416
82
-318
YE 2012 Olimpia Park
disposal
White Square
acquisition Kutuzov&Greendale
acquisition
Legend
Acquisition
CAPEX &
valuation
changes
YE 2013 iCUBE
acquisition Revaluation YE 2014
114 -293
4 021 2 987
1 001
4 200
5
3000
4000
NOI and EBITDA
NOI and EBITDA (US$ mln)
EBITDA Margin grew from 80% to 90% during 2012-2014 years;
EBITDA for 2014 year was $319 mln and expected to be $326 mln in 2015;
Estimate for 2015 based on agreed and potential discounts to tenants (11% discount on average);
G&A expenses expected to decrease due to increased cost efficiency and ruble devaluation.
Notes: *NOI 2015 calculated on cash basis and doesn’t include Bolshevik NOI
6
144
292
352 353
31 32 33 27
113
260
319 326
-
50
100
150
200
250
300
350
400
2012 2013 IFRS 2014 Est. 2015
NOI
G&A
EBITDA
Market Overview
Section 2:
Vacancy, delivery and take-up
Vacancy by geographic submarket
Demand and Supply
New delivery, take-up, vacancy rates by
geographic submarket, FY2014 and Q12015
Take-up Delivery
0 0
200 000 5%
400 000
10%
600 000 20%
15%
800 000 25%
CBD CBD>TTK TTK>MKAD Beyond
MKAD
Vacancy in CBD area (core area for O1) is the lowest among submarkets.
Take-up in CBD area is higher than delivery, which limits potential vacancy growth.
Source: CBRE Research, Q1 2015.
8
CBD CBD>TTR
Beyond MKAD
0%
30%
25%
20%
15%
10%
5%
Q1 Q3 Q1 2010 2010 2011
Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2011 2012 2012 2013 2013 2014 2014 2015
TTR>MKAD
Vacancy
Vacancy
Rental rates
Rental rates are under obvious pressure. Landlords began to fix the exchange rate corridor, usually at the level of 45-60
Roubles.
In addition to fixing the exchange rate corridor, landlords were offering traditional incentives in order
to attract or retain tenants: longer rent free periods (6 months to 1 year), execution or financing of fit-out,
reduced indexation (up to 2- 3% p.a. versus 5.3% in 2013).
Moscow office yield is two times higher than in Western Europe cities.
Source: CBRE Research, Q1 2015.
9
Office Yield Comparsion
Frankfurt Warsaw Moscow Paris
3%
5%
7%
9%
11%
Q4 2010 Q2 2011 Q4 2011 Q2 2012 Q4 2012 Q2 2013 Q4 2013 Q2 2014 Q4 2014
Rental rates by the year-end
Prime Class A min
Class A min
Class B min
Prime Class A max
Class A max
Class B max
$1 350
$1 200
$1 050
$900
$750
$600
$450
$300
$150
$0
$1 000 $1 000
2010 2011 2012 2013 2014 2015F
$900
$650
$550
$450
$300
$850
$550 $450
$400
$250
Cap rates and bond yields
Source: CBRE Research, Q1 2015.
10
Russian sovereign bond yield reduced to mid.2014 levels. This indicates that Capitalization rates should also
go back to mid 2014 levels in the next several months, if macroeconomic situation is stable.
Capitalization rates Euro -Cbonds Sovereign Russia index, YTM, eff., %, end of period
I&L Retail Office
8% 4,0%
9% 4,5%
10%
5,0%
11%
5,5%
12%
6,0%
13%
6,5%
7,0%
7,5%
14% 8,0%
I 2011 Oct 13 I 2012 Jan 14 I 2013 Apr 14 I 2014 Jul 14 Oct 14 Jan 15 I 2014 20th Apr
Section 3:
Resilient Operations
Stability of Operations
Over 98% of Portfolio Yielding Cash (2% of GAV is development)
High-Quality Credit-Rated Tenants
Triple Net Lease Structure
O1 Rental Rates are in Line with Market
12
Yielding Assets make up 98% of Portfolio Value
Assets Portfolio
Notes: 1. O1 owns 85% of Greendale Project, 100% of Kutuzov Project and 50% of Bolshevik Project.
100% Moscow Office Current Portfolio
Development Projects
Completion: 2014/16
NRA: 73 000
Completion: 2016/17
NRA: 33 000
Completion: 2018/19
NRA: 22 000
Value*, Dec 2014: $110 mln
O1 share: $70 mln
*GAV doesn’t include
Bolshevik phase 1A, which
is already yielding asset
Dec. 2014
iCUBE2 12 Lighthouse 7 Krugozor 10
Vivaldi Plaza 6 White Square 1 Ducat Place III 2
Stanislavsky 8
White Stone 4 Silver City 5
9
Legend 3
Avion 11
Greendale1 14 Kutuzov 15 Bolshevik1 13
Value, June 2014 (US$ Bn.): 4.02
NRA* (thous. sq.m.): 510
WAULT (years): 3.8
Occupancy: 93%
2. iCUBE project was consolidated into O1 Properties in September 2014.
LeFORT Factory
Yielding Assets 11 14
9
13 1
2
4
3
5
8
6
7
12
10
15
13
The Kremlin
*NRA includes Bolshevik phase 1A
GAV doesn’t include Bolshevik phase 1A
The Leading Player in Moscow Office Market
321 349
467 510
-
100
200
300
400
500
600
2011 2012 2013 2014
NRA, '000 sq.m
2,45
16%
2,55
17% 10,1
67%
Moscow Office Market breakdown, mln sq.m. and %
O1’s Investment Portfolio
Class A and
Prime A Class B +
Source: Cushman&Wakefield report.
As of YE 2014 O1 has 510 thousands sq. meters of completed and yielding Class A and B Office Space.
Estimated O1 share in Moscow class A and B+ office market is 10%.
14
Class B
High Quality Cash-Generating Asset Portfolio of O1
15
76%
6%
18%9%
47%
44%
Assets Classes by GAV Assets Location by GAV Asset Classes by GAV
Class A+
Class A
Class B
CBD
GR-TTR
TTR-MKAD
Almost half of the total yielding portfolio is trophy assets (Class A+) and three quarters of assets are located in
Central Business District of Moscow.
10%
8%
10%
11%
13%8%
6%
6%
2%
7%
6%
10%3%11%
9%
10%
11%13%
9%
6%
6%
2%
7%6%
Yielding Portfolio Well Diversified
16
Krugozor
Ducat Place III
Silver City
Vivaldi Plaza White Stone
Stanislavsky
Avion
Notes:
1. Valuation based on Cushman & Wakefield valuation report as of 31 Dec. 2013 and 31 Dec. 2014.
2. White Square Project legally consists of two separate buildings, each of them is located on its own land plot. Valuation divided between the buildings proportionally based on NRA.
Total value:
$4.17Bn
iCUBE
As of 31 Dec 2013
White Square Bld 1
Lighthouse
LeFORT
White Square Bld 2 Silver City
White Square Bld 1
Krugozor
Legend
Avion
Vivaldi Plaza
Lighthouse
White Stone
White Square Bld 2
Ducat Place III
Stanislavsky
iCUBE
LeFORT
Low Asset Concentration Underpins Stable Cashflow As of 31 Dec. 2014
Total value:
$4.02Bn
Secure Cash Flows Due to High Quality Tenants
Mostly Multinational Tenants or Russian RTS/LSE Listed
17
34%
11%
9%
46%
Tenant structure
18
Tenant type ownership Top Tenants contribution to NOI Tenant type by industry
Large multinational companies contribute more than 70% of total NOI.
Therefore O1 cashflows are generally backed by “investment grade” tenants / credit quality.
The tenant base is well diversified across industries.
Relatively low tenant concentration. PwC, Eurasian Economic Community and Deloitte are the only tenants
accounting for more than 3% of total NOI.
Multinational
Russian private
Rest
Top 21-30 Top 11-20
Top 10
4% 8%
70%
18% 16%
14%
16%
7%
15%
8%
25%
Multinational
Russian private
Russian
publicity listed
Government
Consulting/
Legal services
Industrial
Consumer/ Retail
Finance
TMT
Natural resourses
Lease expiration profile
19
WAULT- 3,8 years
Expiration profile by NRA Expiration profile by NOI
6 809
19 016
57 859 57 738
69 893
76 866
24 749
9 061 11 436 3 337
2,02%
5,65%
17,18% 17,14%
20,75%
22,82%
7,35%
2,69% 3,40%
0,99%
-
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
10 096
29 972
82 664
71 084
91 632 87 803
33 858
11 239 10 450
2 938 2,34%
6,94%
19,15%
16,46%
21,22% 20,34%
7,84%
2,60% 2,42%
0,68% -
10 000
20 000
30 000
40 000
50 000
60 000
70 000
80 000
90 000
100 000
0,00%
5,00%
10,00%
15,00%
20,00%
25,00%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile NRA, sq.m Total expirtaion profile NRA, %
20
Average Rental Rates and Vacancy
Vacancy in O1 assets mainly represented by recently acquired assets: Icube and Legend.
Rental rates in O1 assets are within market range, not overpriced.
Occupancy and rental rates
Project Rental rates
1Q'2015 Total NRA Occupied space O1 occupancy Market occupancy
Legend 914 40 296 31 167 77%
Ducat Place III 933 33 497 30 324 91%
White Square 1 025 76 407 76 319 100%
Prime A 980 150 199 137 810 92% 90%
Krugozor 562 50 954 47 511 93%
Stanislavsky factory 639 34 563 34 009 98%
White Stone 649 39 692 38 710 98%
Lighthouse 770 27 492 26 989 98%
iCube 650 19 200 12 000 63%
Vivaldi Plaza 751 48 150 47 988 100%
Silver City 760 41 917 37 561 90%
Bolshevik Phase 1A 650 17 300 10 885 63%
Class A 680 279 267 255 653 92% 75%
Avion 547 18 442 13 048 71%
LeFORT 412 55 901 48 287 85%
Class B 441 74 344 61 335 83% 87%
Total yielding portfolio 738 503 810 454 798 90%
Revaluation 2014
Negative revaluation due to deteriorating market conditions in 2H 2014 is 6,7%.
Development projects and assets with lower occupancy decreased more in value than fully occupied assets
Negative revaluation
21
YE2013 YE2014 Difference Change
Krugozor 371 100 328 900 -42 200 -11%
Stanislavsky factory 252 300 234 300 -18 000 -7%
LeFORT 265 800 228 300 -37 500 -14%
Avion 97 700 82 200 -15 500 -16%
White Stone 293 600 272 500 -21 100 -7%
Lighthouse 259 400 245 600 -13 800 -5%
Vivaldi Plaza 444 500 410 900 -33 600 -8%
Silver City 354 800 329 200 -25 600 -7%
Ducat Place III 412 500 397 500 -15 000 -4%
White Square 1 000 600 966 500 -34 100 -3%
Greendale 33 500 27 100 -6 400 -19%
iCube - 123 400
Kutuzov 18 200 13 900 -4 300 -24%
Legend 415 500 399 300 -16 200 -4%
Total 4 219 500 4 059 600 -283 300 -6,71%
Net debt 2 522 000 2 612 284 113 297 4,49%
LTV 60% 64%
Capital Base Strengthened
Section 4:
New Shareholders in 2014
Having such strong shareholders as ICT Group and Goldman Sachs creates additional advantages to O1 in comparison
with other Commercial Real Estate companies.
Notes: 1. Equity estimate as of FY2014 before deducting deferred tax liabilities
Top management
1.5%
98.5%
Boris Mints
68.33%
Class A Class B Capital A Capital B Total Share
Boris Mints 100% 56,37% 370 552 922 68,3%
ICT Group 25,88% 254 254 18,8%
Goldman Sachs 16,40% 161 161 11,9%
Top management 1,35% 13 13 1,0%
Total 100% 100% 370 980 1350 100%
23
Boris Mints
Top management
1.0%
Boris Mints
68.3%
ICT Group
18.8%
Goldman Sachs
11.9%
Board
Independent Non-Executive Directors
Corporate Governance
The composition of the Board of Directors:
4 out of 9 Board members are independent non-executive directors,
and all are active industry participants with significant experience in real estate
and real estate finance.
All three committees (audit, nomination and remuneration, strategy and
development) are headed by independent directors.
Strong Alignment of Shareholder Interests
Founding shareholder (Boris Mints) remains
committed to the ongoing business strategy.
Executive Directors ICT representative
Alexander
Ostrovskiy
Chief
Executive
Officer
Tomasz
Zamiara
Chief
Financial
Officer
Konstantin
Yanakov
Vice-President of ICT Group Joined
in April 2014
Dmitriy
Mints
Chairman
of the
Board
Michael
Stanton
Chief
Investment
Officer
Timothy
Fenwick
Former Head of
Jones Lang
LaSalle, Russia
Joined in July
2011 Chairman
of Remuneration
Committee
Richard
Gregson
Former Real Estate
Leader of PWC, Russia
Appointed to the
Board in June 2012
Chairman of
Audit Committee
John
Nacos
Former Global Head of
Real Estate, Deutsche
Bank
Joined in August 2011
Chairman of O1 Strategy and Development
Committees
Norbert
Kickum
Former Head of Real Estate Lending at Aareal Bank.
In 2011 was appointed by the German Government to FMS Wertmanagement AöR.
Joined in Jan 2015
24
Strong Board: Two New Directors added
Section 5:
Section 5:
Financial Performance
Capital structure (IFRS)
26
Equity includes net deferred tax liabilities estimated in the amount of $160 mln.
1 459 1 604 2 012 2 105
2 508
2 984
3 665 4 060 4 167 4 021
37 71
60 72
73
69
79
68 135
132
197 173
224 97
83
127
129
417 373
287
661 749 775 850 901 1 078
1 295 1 545 1 540
1 344 195
201 291 142 137
200 191
203 335
273 836
897
1 230 1 282
1 626
1 902
2 388
2 798 2 800
2 822
54% 53%
58% 60%
63% 62% 63% 60%
61% 64%
0%
10%
20%
30%
40%
50%
60%
70%
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
31.12.2010 30.06.2011 31.12.2011 30.06.2012 30.09.2012 31.12.2012 30.06.2013 31.12.2013 30.06.2014 31.12.2014
Investment Properties Other Non-current Assets Current Assets (incl cash) Equity Other liabilities Debt LTV
27
Income Statement
Income statement, kUSD (thousands) Restated 2012 Restated 2013 2014
Net rental income 144 305 292 210 351 282
G&A expenses (28 268) (32 348) (32 433)
EBITDA 116 037 259 862 318 849
Adjusted finance costs (129 186) (165 856) (213 396)
Finance income 2 425 17 852 6 115
Operating profit (10 724) 111 858 111 568
Adjusted revaluation gain (net of forex exchange & translation
gains) 88 269 147 892 (103 380)
Net gain from disposal of subsidiaries - 2 507 84 930
Share of result of associates and JV 2 935 8 081 22 703
Net other income and costs (3 000) (6 029) 1 066
Profit before Income Tax 77 480 264 309 5 319
Income tax expenses (incl. net deferred taxes accrued) (12 402) (66 578) (315 783)
Profit for the Period 65 078 197 731 (310 464)
Exchange differences on translation to presentation currency 56 302 (90 216) -
Share of other comprehensive income of associate and JV 586 (1 022) (27 840)
Other comprehensive income - 3 619 9 752
Total Comprehensive Income for the Period 121 966 110 112 (328 552)
Class A shares dividends (3 950) (31 838) (44 388)
Class B shares dividends - (20 718) (40 127)
Minority dividends (23 503)
28
Balance Sheet: Assets
Balance Sheet at Year End, USD (thousands) Restated 2012 Restated 2013 2014
Derivative financial instruments — 14 043 5 139
Inventories 336 1 245 -
Loans issued 504 1 564 -
Prepayments and deferred expenses 6 340 33 798 10 745
VAT receivable 17 131 1 314 2 530
Trade and other receivables 37 653 61 810 74 792
Current income tax prepayments 399 11 716 6 678
Cash and cash equivalents 54 769 300 881 186 958
Non-current assets classified as held for sale 343 285 16 025
Total current assets 460 417 442 396 286 842
Property, plant and equipment 23 336 24 630 22 866
Investment property 2 639 912 4 172 500 4 020 665
Investment in associate and joint venture 10 199 11 484 7 099
Loans issued 23 032 16 615 44 243
Prepayments and deferred expenses 7 157 4 093 3 773
VAT receivable 6 984 9 469 257
Deferred income tax assets 53 845
Total non- current assets 2 710 620 4 238 791 4 152 748
Total assets 3 171 037 4 681 187 4 439 590
29
Balance Sheet: Liabilities and Capital Balance Sheet at Year End, USD (thousands) Restated 2012 Restated 2013 2014
Borrowings 1 403 507 2 664 705 2 597 615
Tenant deposits 34 315 53 375 56 958
Deferred income tax liability 41 929 94 885 214 331
Total Non-Current liabilities 1 479 751 2 812 965 2 868 904
Borrowings 281 096 133 107 224 640
Derivative financial instruments 16 033 8 931 6 680
Tenant deposits 11 234 6 195 6 952
Deferred rental income 71 413 87 781 88 395
Current income tax liability 2 964 1 916 696
Trade and other payables and other liabilities 67 935 41 901 59 486
Liabilities classified as held for sale 229 117 - -
Total current liabilities 679 792 279 831 386 849
Total liabilities 2 159 543 3 092 796 3 255 753
Class A stock 167 900 369 900 369 900
Class B stock 471 914 702 245 706 727
Non-controlling interest 86 86 125 52 126
Property revaluation reserve - 3 619 13 371
Retained earnings 394 053 540 090 552 835
Translation reserve (22 459) (113 589) (511 122)
Total equity 1 011 494 1 588 390 1 183 837
Total equity + net deferred tax 1 053 423 1 683 275 1 344 323
Total liabilities and equity 3 171 037 4 681 186 4 439 590
Debt Maturity
2H 2014 1H 2015 2H 2015 1H 2016 2H 2016 1H 2017 2H 2017 1H 2018 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 2022
USD Millions
900
700
600
500
400
300
200
100
—
800
Sberbank WS
Mezz + Binbank
Bond
Repayment
White Stone and Avion
loan Repayment - $140M
+ $50M in 2022
100
30
413
32
218
32
892
29
439
13
190 150
26 23 25 29 27 29 29
7
Total principal repayment
Total debt amortisation
Repayment Profile
In 2013-14 we significantly improved maturity profile and debt amortisation schedule, and decreased interest rates.
Weighted average interest rate on the debt is about 7% including cost of hedging.
5% of total debt (150 mln from 2.8 bln) denominated in rubles; 20% of debt unhedged (Libor floating rate).
We are preparing another ruble bond issue in 2H2015 to refinance Sberbank Mezz.
30
186
Cash as of 31
Dec 2014
Debt breakdown by creditors
31
Binbank
2%
Sberbank
44%
Aareal bank
16%
Alfa bank
2%
VTB Group
13%
Unicredit
11%
Bonds
4%
Gazprombank
8%
IFRS vs Actual 2014 NOI
32
1Q2014 2Q2014 3Q2014 4Q2014 FY2014
Average exchange rate of payments 34 36 35 41 38
Payments in rubles, mln 3 055 3 320 3 245 3 870 13 490
USD NOI actual, mln 90 91 94 95 370
USD IFRS NOI 2014 at 38,42 USD/Rub, mln 80 86 84 101 351
90 91 94 95
370
80 86 84 101
351
-
50
100
150
200
250
300
350
400
1Q2014 2Q2014 3Q2014 4Q2014 FY2014
USD NOI actual, mln USD IFRS NOI 2014 at 38,42 USD/Rub, mln
Actual NOI and IFRS NOI for 2014 year is different by $19 mln due to USD/Rub exchange rate fluctuation
326 363
1040
220 157 207
8,20%
6,26% 5,78%
6,88%
5,06% 6,09%
0,00%1,00%2,00%3,00%4,00%5,00%6,00%7,00%8,00%9,00%
0
200
400
600
800
1000
1200
International Peer Group
Notes: All data based on most recent open source information.
33
(A)Predominantly Income Producing real estate with high quality assets
(B)Located in major international city / cities
(C)Strong market share in its primary markets
(D)Some (but small) development exposure
O1 Properties BR Properties SL Green Realty Corp.
Atrium European Real Estate
Great Portland Estate
Commonwealth Property Office Fund
Rating (S&P/Moody’s/Fitch) B+/NR/NR BB/Ba2/BB- BB+/Ba2/BB+ BBB-/NR/BBB- NR/NR/NR A-/A3/NR
Country/City Moscow Brazil New York City Central East Europe London Sydney/Melbourne
Gross Assets Value, Bln 4,02 5,76 18 (est. fair market value) 3,2 3,1 3,4
Adjusted Ebitda (US$ M) 326 363 1040 220 157 207
EBITDA Yield, % 8,2 3,9 18 (est. fair market value) 4,4 2,9 6,6
Criteria:
EBITDA and EBITDA Yield
4,02 5,8
18
3,2 3,1 3,4
02468
101214161820
Gross Asset Value, $bln
2015 Initiatives
Section 6:
Other initiatives in 2015
35
Manage tenant relations in order to keep vacancy at low levels
Reduce vacancy in Legend and iCUBE
Tight control on G&A expenses
Tight control on development costs
O1 Yielding Assets
Section 7:
Class A+ office centre.
Modern, high-class building completed in
2009.
Winner of the Commercial Real Estate
Moscow Awards 2010 for best Class A
Business Center .
Northern Administrative District
between the Garden Ring and Third
Transport Ring.
Belongs to Belorusskaya area which
is one of the most prestigious
business districts in Moscow (prime
office sub-market).
Right next to the Belorusskaya Metro Station
(1 minute walk) and Belorusskaya Railway
Station (express trains to Sheremetyevo
airport).
Lease Expiration Profile
38
White Square Description
Location
774 2 485 5 070 5 418 5 613 46 840 1 407 2 597 10 605 354 1%
3%6% 7% 7%
58%
2% 3%
13%
0%
-
5 000
10 000
15 000
20 000
25 000
30 000
35 000
40 000
45 000
50 000
0%
10%
20%
30%
40%
50%
60%
70%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Valuation FY2014 $ MM 966,5
GBA sq.m.
76.407 NRA sq.m.
Parking #
4.5 WAULT year
99% Occupancy %
ERV $ / sq.m. 975
Indexation % / year
Land plot sq.m. 3.500
Land lease agreement year 2050
96.704
802
2,0%
The Kremlin
Class A office complex.
Consists of 3 buildings, 11 stories each.
New development completed in late 2011.
Central Administrative district (some of the
most prestigious offices are located within
district).
Close to Paveletskaya metro
station (2 minutes walk).
One of the most well developed
business districts in Moscow.
EuRaSec
39
Vivaldi Plaza
66 - 3 196 - 9 966 20 526 3 778 544 - 55 0% 0%
8%
0%
26%
54%
10%
1%0% 0%
-
5 000
10 000
15 000
20 000
25 000
0%
10%
20%
30%
40%
50%
60%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Lease Expiration Profile
Description
Location
Valuation FY2014 $ MM
GBA sq.m.
48.150 NRA sq.m.
Parking #
4,6 WAULT year
Occupancy %
ERV $ / sq.m. 700
Indexation % / year
Land plot sq.m.
Land lease agreement year
71.809
754
16.322
411
100%
4,3%
2060
The Kremlin
Business Center «Legend» Class A+ is part
of the multifunctional complex «Legend of
Tsvetnoy»
Located on “Boulevard Ring” in the Trubnaya
Square in the heart of downtown Moscow at:
Tsvetnoy Boulevard, Building 2, ow. 1.
The Kremlin is 2 kilometers away. Metro stations
“Trubnaya” or “Tsvetnoy Boulevard” is only 1 - 3
minutes by foot.
40
Legend
369 152 1 743 11 441 12 474 1 856 1 542 745 191 18 1% 0%
6%
37%
41%
6% 5%2%
1% 0%
-
2 000
4 000
6 000
8 000
10 000
12 000
14 000
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Lease Expiration Profile
Description
Location
Valuation FY2014 $ MM
GBA sq.m.
40.296 NRA sq.m.
Parking #
5,1 WAULT year
Occupancy %
ERV $ / sq.m. 900
Indexation % / year
Land plot sq.m.
Land lease agreement year
N/A
401
399
77%
3,5%
N/A
N/A
The Kremlin
Class A prime office centre.
Modern, high-class building completed in
2008.
Central Administrative District, in the
most prestigious business area in
Moscow.
Between Mayakovskaya and
Belorusskaya metro stations.
Lease Expiration Profile
41
Ducat Place III
407 3 066 3 367 2 987 6 551 1 634 8 987 - - 2 898
1%
10% 11%10%
22%
5%
30%
0% 0%
10%
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
10 000
0%
5%
10%
15%
20%
25%
30%
35%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Description
Location
Valuation FY2014 $ MM 397,5
GBA sq.m.
33.497 NRA sq.m.
Parking #
3.95 WAULT year
Occupancy %
ERV $ / sq.m. 1.000
Indexation % / year
Land plot sq.m.
Land lease agreement year
46.085
494
3,0%
N/A
90%
N/A
The Kremlin
56 - 2 711 2 797 11 012 293 - 5 175 - 11 0% 0%
12% 13%
50%
1% 0%
23%
0% 0%
-
2 000
4 000
6 000
8 000
10 000
12 000
0%
10%
20%
30%
40%
50%
60%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Class A office centre.
14 floors building.
New development completed in
early 2012.
Garden Ring.
Central Administrative district (some of the
most prestigious offices are located within
district).
Near Dobrininskaya and Paveletskaya
metro stations (3 and 5 minutes walk,
respectively).
46
Lighthouse
Lease Expiration Profile
Description
Location
Valuation FY2014 $ MM
GBA sq.m.
27.405 NRA sq.m.
Parking #
4,7 WAULT year
Occupancy %
ERV $ / sq.m. 700
Indexation % / year
Land plot sq.m.
Land lease agreement year
44.581
332
6.200
245,6
100%
3,0%
N/A
The Kremlin
Central Administrative District
within the Garden Ring.
Between Taganskaya and
Paveletskaya metro stations.
43
Silver City
Lease Expiration Profile
Description
Location
Valuation FY2014 $ MM
GBA sq.m.
41.766 NRA sq.m.
Parking #
2,8 WAULT year
Occupancy %
ERV $ / sq.m. 700
Indexation % / year
Land plot sq.m.
Land lease agreement year
56.033
446
3.500
329
90%
2,5%
2050
Class A office centre.
Modern, high-class building
completed in 2007.
The Kremlin
778 3 256 5 962 12 006 5 066 2 051 - - 350 - 3%
11%
20%
41%
17%
7%
0% 0% 1% 0%
-
2 000
4 000
6 000
8 000
10 000
12 000
14 000
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
165 694 7 637 7 729 4 468 3 148 2 787 - - -1%
3%
29% 29%
17%
12%10%
0% 0% 0%
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
0%
5%
10%
15%
20%
25%
30%
35%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Class A office centre.
Modern, high-class building completed in
2005.
Northern Administrative District
between the Garden Ring and Third
Transport Ring.
Belongs to Belorusskaya area which
is one of the most prestigious
business districts in Moscow (prime
office sub-market).
Right next to the Belorusskaya metro
station (1 minute walk) and Belorusskaya
Railway Station (express trains to
Sheremetyevo airport).
44
White Stone
Lease Expiration Profile
Description
Location
3,4%
294
91%
Valuation FY2014 $ MM
GBA sq.m.
39.710 NRA sq.m.
Parking #
3.5 WAULT year
Occupancy %
ERV $ / sq.m. 600
Indexation % / year
Land plot sq.m.
Land lease agreement year
49.520
318
3.500
2050
272,5
98%
3,0%
The Kremlin
Valuation FY2014 $ MM 329
GBA sq.m. 62.072
NRA sq.m. 50.951
Parking # 703
WAULT year 3,4
Occupancy % 93%
ERV $ / sq.m. 600
Indexation % / year 3,0%
Land plot sq.m. 27.078
Land lease agreement year 2045
Class A office centre.
Consists of 2 buildings of different
heights connected together.
Reconstructed buildings of former toy factory.
Lease Expiration Profile
42
Krugozor
South West administrative district.
Krugozor is near Kaluzhskaya metro station
(5 minute walk).
Description
Location
1 404 1 641 9 548 7 506 4 984 113 3 280 - - -
5% 6%
34%
26%
18%
0%
12%
0% 0% 0%
-
2 000
4 000
6 000
8 000
10 000
12 000
0%
5%
10%
15%
20%
25%
30%
35%
40%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
The Kremlin
Class B office centre.
Consists of 10 rentable buildings of
different heights.
Reconstructed buildings of former silk
factory (early 20th Century buildings).
East Administrative District.
Well developed industrial area with more
than 300 of the largest industrial
companies located there.
Close to Preobrazhenskaya Ploshchad
metro station (7 minutes walk).
45
LeFORT
Valuation FY2014 $ MM 228
59.781 GBA sq.m.
56.169 NRA sq.m.
714 Parking #
2.6 WAULT year
100% Occupancy %
ERV $ / sq.m. 425
Indexation % / year
Land plot sq.m. 43.424 Land lease agreement year 2052
Description
Location
3,0%
Lease Expiration Profile
The Kremlin
2 306 5 549 7 626 271 4 763 - - - 289 -
11%
27%
37%
1%
23%
0% 0% 0% 1% 0%
-
1 000
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
0%
5%
10%
15%
20%
25%
30%
35%
40%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Class A- office centre.
Consists of 6 buildings.
Reconstructed buildings of former factory.
Central Administrative district
(some of the most prestigious
offices are located within
district).
Near Taganskaya and Marksistskaya
metro station (7 and 9 minutes walk,
respectively).
TimService
47
Stanislavskiy Factory
Description
Location
Valuation FY2014 $ MM 234
GBA sq.m. 34.345 NRA sq.m.
335 Parking #
3.2 WAULT year
98% Occupancy %
ERV $ / sq.m. 600
Indexation % / year
Land plot sq.m. 19.632 Land lease agreement year 2051
157 1 851 9 600 3 976 3 633 406 2 968 - - -1%
8%
42%
18%16%
2%
13%
0% 0% 0%
-
2 000
4 000
6 000
8 000
10 000
12 000
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
43.251
3.0%
Lease Expiration Profile
The Kremlin
329 323 1 397 3 607 1 363 - - - - -
5% 5%
20%
51%
19%
0% 0% 0% 0% 0%
-
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
0%
10%
20%
30%
40%
50%
60%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Total expirtaion profile - NOI, kUSD Total expirtaion profile - NOI, %
Class B+ office centre.
Consists of 2 buildings connected
together.
Reconstructed in 2005.
North Administrative District.
Close to Aeroport metro
station.
The property resides along Leningradsky
Prospekt, a principal route from the
Moscow city centre to the Sheremetyevo
airport.
Right next to Aeroport Metro Station.
49
Avion
Lease Expiration Profile
Description
Location
Valuation FY2014 $ MM
GBA sq.m.
18.429 NRA sq.m.
Parking #
3,0 WAULT year
Occupancy %
ERV $ / sq.m. 500
Indexation % / year
Land plot sq.m.
Land lease agreement year
19.147
63
9.428
82
70%
4,0%
2054
The Kremlin
19th Century Industrial Buildings.
Currently used as chocolate factory (Kraft).
Conversion into class A-/B+ office
space in case of acquisition.
Northern Administrative District between the
Garden Ring and Third Transport Ring.
Belongs to Belorusskiy area which is one of
the most prestigious business districts in
Moscow (prime office sub-market).
Borders Liningradskiy prospect (route
to Sheremetievo airport).
Close to Belorusskaya Metro Station
(10 minute walk).
Phase 1A consists of 4 buildings that are currently 90% finished for shell & core
works. Has been already signed almost 70% of total first phase NRA (10,8
thousand sq. m.) with Publicis Group (multinational media holding headquartered
in Paris).
48
Bolshevik
GBA sq.m.
73.000 NRA sq.m.
Parking #
2017/16 Completion year
Development cost $ MM
ERV $ / sq.m. 600
Land plot sq.m.
Land lease agreement year
86.000
860
58.504
170-180
2050
O1 share % 50%
Location
Project Description
Description
The Kremlin
26, Valovaya Str.,
Moscow, Russia,
tel: +7 495 788 5575,
www.o1properties.com
Contacts
