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Corporate Presentation
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IndexCastello SGR - Business
Castello SGR – Real Estate Management
Castello SGR - History
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Castello SGR – Company Structure
Castello SGR – Governance
Appendix: Most Relevant Funds at a glance
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Castello SGR - Business
Overview
n Castello SGR S.p.A. (hereinafter ‘Castello’) is an Alternative Investment Management Company mainly focused on establishing and managing
real estate investment vehicles (Italian Closed End Real Estate Funds and SICAF) and on asset management of real estate portfolios.
n Established in 2007, Castello is one of the leading Investment Management Company (‘SGR’) operating on the Italian Real Estate market,
thanks to the 30 closed-end funds managed for a total consideration of Euro 1,85 billion of AUM, Castello ranking stands among the first 10
SGR operating in Italy.
n Funds managed cover a wide range of real estate investment clusters, from core to opportunistic deals, spread over different asset classes
such as offices, retail, logistic, residential, energy, with a strong focus in the hotel industry (more than 1900 rooms owned by X funds) and
development. Castello has also developed relevant capabilities in distressed loans and distressed assets management, NPLs and asset
repositioning.
n Castello represents the ideal local partner for international real estate investors without a stable organization in Italy which need services
which range from origination to disposal of real estate opportunities..
n Since 2013 Castello has implemented a growth path not only raising money on the market but also consolidating the industry thanks to 3 of
the main M&A deals of SGRs (DB Fondimmobiliari, Prisma, Valore Reale which managed more than Euro 1,0 bn on the whole).
n Being a sole provider of investment and asset management services, Castello, differently from some of its main competitor has not conflict
of interest issues arising from provision of real estate services.
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5 6 7
1214
18
24 24
136 250
464 640
862 983
1.361 1.410 1.586
1.9681.846
0
5
10
15
20
25
30
35
40
45
-
500
1.000
1.500
2.000
31.12.2007 31.12.2008 31.12.2009 31.12.2010 31.12.2011 31.12.2012 31.12.2013 31.12.2014 31.12.2015 31.12.2016 30.06.2017
Numero Fondi Gestiti AUM
Castello SGR - History
Key Milestones
Evolution of AUM e dei Funds managed (€/mln)
November 2007 –Clesio’sFund Inception
February 2010 Catella Real Estate becomes shareholder
January 2013 –Acquisition of the entire AUM of RREEF FondimmobiliariSGR
December 2015 -Acquisition of Prisma SGR
March 2016 -Acquisition of Valore RealeSGR
N. Of Funds Under Management
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Castello SGR - Real Estate Management
Geographical distribution and asset allocation
NAV/Debt breakdown
Portfolio breakdown per use*
Investors breakdown per type**
769
1.077
North60,8%
Center30,7%
South & Islands8,5%
Total AUM as of 30.06.2017: €1.846m
* Based on Assets Value** Based on the NAV held by different investors
Corporate; 28,7%
HNWI; 5,4%
Institutional; 58,2%
Retail; 7,7%
16
77
14
23
2
18
6
3
76
2
3
5
1
2
1
11Retail19%
Residential19%
Logistic4%Hotel
17%
Directional25%
Others16%
Liabilities
NAV
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n The company capital structure includes main financial operators; their network and expertise in the Real Estate & Financial industry allows
Castello to set up the best tailor made investment opportunities. The management holds 2,5% of the capital:
38,9%
27,7%
15,8%
12,1%
3,1% 2,5%
Castello SGR - Company Structure
Shareholders
CARITRO Foundation
LO.GA-FIN
MAIRE INVESTMENTS S.p.A.
MANAGEMENT
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Castello SGR - Governance
Organizational chart– 36 employee
BoD
Risk Management
Internal Audit
Compliance
Finance & Operations
Legal and Corporate affairs
Executive assistant
Head of Investments
Business Development
Real Estate Evaluation
Funds Committee*
CEO
Executive Committee
Head of Fund Management
Fund Managers
SGR Finance, Control and Administration
Head of AssetManagement
Asset Managers
Analysts
* Composed by CEO, Head of Investments, Head of F&O, Head of FM, Head of AM and Head of FFA.Compliance, Risk Management, Legal and Corporate affairs, and upon request FM and AM, participate asguests
Board of statutoryauditors
RemunerationCommittee
Reception
Fund Finance and Administration
SGR/Fund SharedServices
Analysts
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Appendix: Most relevant funds at a glance
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n Augusto, closed-end RE Fund, invests in stable income real estate assets;
morevover, the fund invested in two real estate developments
n The portfolio consists of 22 assets:
n 2 Directional assets
n 2 Enetrtainment Centre
n 10 stores rented at Unicoop and a 1 further retail asset
n 5 hotels
n 2 Developments: 1 residential and 1 mixed residential / hotel use
Description and investors Closed-end Real Estate fund aimed at institutional investors
Inception March 2010
Duration 11 (+3) years
Industry Offices/Retail/Entertainment Centre/Developments
Investment Type Core + / Value Added
Total Assets € 216,6 Mln
NAV € 111,9 Mln
LTV 52,5%
Key Data* Overview
Asset Allocation (% OMV)*
Geographical Distribution
Asset Allocation by use destination
South
Center
North
* Figures as of 30/06/2017
Retail
Logistic
Directional
Hotel
Development
Entertainment Center
Gli Immobili
Cerro Maggiore
Trezzano sul Naviglio
Coop
Sviluppo Courmayeur
Sviluppo Capecelatro
62%35%
3%
15%
23%
39%
8%15%
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December2015
n Requalification & Development of an ex Michelin industrial area in Trento.
The site is close to the city centre and covers an area of 116.000 sqm
n Renzo Piano (Renzo Piano Building Workshop Srl) was instructed to realize
the project
n Using special materials, following innovative solutions regarding the use of
alternative energy sources and embellishing the area with the green colour
characterizes the investment to be particularly eco-friendly
n The development of the area has been completed and it is currently being
sold.
May2008
Description and investors Closed-end Real Estate fund aimed at institutional investors
Inception November 2007
Duration 5 (+3) years – extended to 31/12/2020
Industry Residential/Services/Retail/Public Infrastructure
Investment Type Development
Total Assets € 222,5 Mln
NAV € 48,9 Mln
LTV 71,3%
Key Data*
The Development Project
Overview
Asset Allocation by use destination
Asset Allocation (% OMV)
North-East
44%
7%
27%17%
5%
Residential
Services
Retail
PublicInfrastructure
Hotel
Geographical Distribution
* Figures as of 30/06/2017
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n Cosimo I is the main financial product for indirect investments in the Hotel
& Resort industry
n The fund qualifies as partner of touristic operators willing to operate the
business, therefore handing over the hotel management activity to players
focused on realizing stable growth
n The primary target of Cosimo I is to aggregate Hotel & Resorts able to
communicate the typical Italian Hospitality concept
n Cosimo I holds the majority of IHC, company in charge of managing Chia
Laguna, Fonteverde, Grotta Giusti and Bagni di Pisa
Description and investors Closed-end Real Estate fund aimed at institutional investors
Inception March 2008
Duration 12 (+5) years
Industry Hotel & Resorts
Investment Type Core / Core +
Total Assets € 187,5 Mln
NAV € 57,9 Mln
LTV 67,2%
Key Data*
Assets
Overview
Chia Laguna Resortn 3 Hotels
n 4/5 stars;
n 458 rooms.
Grotta Giustin Biggest thermal cave
in the world;
n 4 stars superior;
n 64 rooms.
Fonteverden Exclusive 5 stars
Luxury Resort;
n 78 rooms.
Asset Allocation (% OMV)
Resort - Sea DestinationLeisure & Spa
South & IslandsCenter
Asset Allocation by use destination
Geographical Distribution
* Figures as of 30/06/2017
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n Energheia is a closed-end fund focused on the acquisition/contribution in
kind of photovoltaic installations
n Castello SGR is in charge of the management/promotion and P4E operates
as an advisor
n The Fund received an equity commitment of Euro 41 Mln. The portfolio
consists of 14 photovoltaic installations with an annual production capacity
of 18 million KwH
Description and investors Closed-end Real Estate fund aimed at institutional investors
Inception November 2011
Duration 20 (+5) years
Industry Energy
Investment Type Core / Core +
Total Assets € 71,1 Mln
NAV € 34,5 Mln
LTV 69,4%
Key Data*
Photovoltaic Installations
Overview
Asset Allocation (% OMV)
South
North
Center
Vellezzo Bellini Pessina Cremonese
Sant’Angelo
Frosinone Avezzano
Sant’Omero
CampomarinoSiniscola
PhotovoltaicInstallations
Asset Allocation by use destination
Geographical Distribution
* Figures as of 30/06/2017
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94,0%
5,8%0,3%
n Picasso invests in value added Real Estate properties
n The portfolio consists of four business centre:
n Metrocomplex (MI): area of 21.124sqm, composed of 5 Buildings (mainlyoffices) + 190 parking slots
n Lamaro (RM): Asset of 11.871sqm entirely leased to a primary TLCcompany
n Cavour 6 (RM): Asset of 14.000sqm entirely leased to Italian Ministry ofHome Affairs
n Cavour 5 (RM): retail & directional asset for a gross area of 23.000sqm.The property is wholly located
n In December 2016, the Fund purchased a retail portfolio composed by 9asset, located throughout the Italian peninsula
Description and investors
Closed-end speculative Real Estate fund aimed at institutional investors
Inception November 2009
Duration 7 (+3) years – extended to 31/12/2026
Industry Offices
Investment Type Value Added
Total Assets € 204,8 Mln
NAV € 93,9 Mln
LTV 56,8%
Key Data*
Assets
Overview
Asset Allocation (% OMV)
Center
North
Offices
Metrocomplex (MI)Lamaro (RM)
Cavour 6 (RM)
Cavour 5 (RM)
Asset Allocation by use destination
Geographical Distribution
Retail Logistic
61,7%
38,3%
* Figures as of 30/06/2017
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n Priula, formed through the contribution of the RE assets, is currently
invested in a portfolio composed by 26 assets with different focus and use
destinations
n The Fund’s portfolio is composed by several kinds of investments, such as
Real Estate development, repositioning and rented properties
Description and investors Closed-end Real Estate fund aimed at institutional investors
Inception December 2012
Duration 20 (+5) years
Industry Offices/Residential/Retail/RSA
Investment Type Value Added
Total Assets € 137,9 Mln
NAV € 78,9 Mln
LTV 43,8%
Key Data*
Assets
Overview
Asset Allocation (% OMV)
Offices
Hotel
Residential
Land
RSA
Other
Como, Via Paoli
Bergamo, Palazzo Rezzara
Bergamo, Buon Pastore
Lecco, Via Costituzione
North
Asset Allocation by use destination
Geographical Distribution
* Figures as of 30/06/2017
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Description and investors Listed Real Estate Fund
Inception February 1999
Duration 20 (+3) years
Industry
Investment Type Core /Core +
Total Assets € 38,2 Mln
NAV € 36,5 Mln
LTV -
Key Data*
Assets
Overview
Asset Allocation (% OMV)
n Valore Immobiliare Globale (“VIG”) was the first Italian real estate fund promoted
in 1998
n It’s listed since November 1999
n The portfolio consists of one directional asset
Roma – Via Bombay
Offices
Center
Asset Allocation by use destination
Geographical Distribution
* Figures as of 30/06/2017
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Description and investors Closed-end Real Estate fund aimed at institutional investors
Inception November 2016
Duration 9 years +2
Industry Office/Retai/Cash&carry/Parkin Lots
Investment Type Value Added
Total Assets € 155,4 Mln
NAV € 154,5 Mln
LTV 0%
Key Data*
Assets
Overview
Asset Allocation (% OMV)
n Tarvos consists of 13 assets previously part of two portfolios, BPI and EGD,
managed by BNP Paribas SGR.
n BPI Portfolio is composed by of eight retail assets located in northern and central
Italy, with a total GLA equal to 59.067 sqm and consists of six offices located in
Milan, Bologna and Rome, an entertainment center located in Gallarate (near
Milan), and a Parking Lot located in Genoa;
n EGD Portfolio is composed byfive retail assets with a total GLA equal to 35.838 sqm
and consists of two Cash&Carry located in Pozzuoli (NA) and Ravenna, a shopping
gallery and an MSUs both located in Ortona (CH) and an hypermarket located in
Rivoli (TO).
North
Fondo Tarvos
Via Bernina - Milan
South
Parking Lots
Cash & Carry
L&G Building - MilanofioriPalazzo Pegaso – Agrate
Brianza
Ortona Center – Ortona (CH)
56%28%
2%14%
Retail/Supermarket
65%
24%
11%
Center
Offices
Asset Allocation by use destination
Geographical Distribution
* Figures as of 30/06/2017