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Halladale Presentation
David Lockhart – Chief ExecutiveKen Lindsay – Property Director
March 2007
2
“the creation of value through active and entrepreneurial management, risk controlled development and co-investment in commercial property assets”
3
Business Model
35883Rynda
£m£m
30Nelson
945
68Directly owned
245CReAMCo-investment fund management
8550Co-investment35Directly owned
Development502434Co-investment
Asset management
4
Track Record
• Founded in 1991
• 3i invested in 1997
• Admitted to AIM 2001 at 50p per share
• Corporate equity raisings totalling £58m
• Project equity fund raisings totalling £250m
• Total portfolio under management approaching £1bn
• Total development programme end value in excess of £650m
• Consistent geared project IRRs in excess of 20%
• Consistent growth in PBT, DPS and EPS
• Total shareholder return since Admission in excess of 25% pa
5
Track Record
Profit before tax (£'000)
4,1163,922
2,609
1,691
6,289
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October2006
Dividend per share (pence)
1.75
2.90
2.10
1.60
3.80
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October2006
FinalInterim
6
Track Record
Basic Earnings per share (pence)
5.82
10.429.99
7.21
10.39
0
2
4
6
8
10
12
30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October 2006
Total Transactions (£m)
232
347
155120
455
050
100150200250300350400450500
30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October2006
FinalInterim
7
Co-investment portfolio (£m)
712
388
162
110
529
0
100
200
300
400
500
600
700
800
30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October2006
Track Record
Total Portfolio (£m)
818
450
205145
632
0
100
200
300
400
500
600
700
800
900
30th April 2003 30th April 2004 30th April 2005 30th April 2006 31st October2006
FinalInterim
8
Co-investment Activities
Partners include:
• Bank of Scotland• Citigroup• Tyburn Lane Private Equity• Anglo Irish Private Equity• Carlyle Group• Kodak Pension Fund
Provide:
• access to larger projects• growing recurring fee income• spreading of financial risk• effective use of equity• improved returns to Halladale shareholders
9
Co-investment Funds
£m
• CReAM 245
• Nelson 30
• Rynda 83
358
10
Executive Board
David Lockhart - Chief Executiveis a Solicitor and Chartered Accountant with over 25 years experience in commercial property
Ken Lindsay - Property Director is a Chartered Surveyor with over 25 years experience in commercial property
Mark Harkin - Finance Director is a Chartered Accountant with over 15 years experience in commercial property
Simon Taylor - Director of Structured Financeis a Chartered Surveyor with over 15 years experience in property finance
11
Senior Property Team
Allan Lockhart(Retail Director)
Alistair McGill(Business Space Director)
David Petrie(Business Space Director)
Bryan Sherriff(Development Director)
Alison Robertson(Fund ManagementDirector)
John McLaughlin(Finford)
Matthew Rhodes(ProjectManager)
Ewan Cameron(Asset Manager)
Douglas Harper(ProjectManager)
Ewan Black(EuropeanAsset Manger)
MikeWimble(Retail Asset Manager)
GrahamMcPhail(Business SpaceAsset Manager)
12
Active Approach
• Opportunistic, neither sector nor geographic specific
• Entrepreneurial and active asset management• Strong risk controlled development programme• Financial model for each project• Rapid profit realisation• Asset backed income streams• Strong national network of surveying contacts
13
Recent Activity
• March 2007 - Rynda’s en Primeur fund attracts €75m investment from GIC Real Estate
• February 2007 - £26m acquisition of shopping centre in Nailsea
• January 2007 - £41m acquisition of office and retail in Croydon and Harlow
• January 2007 - €17m acquisition of office in Rennes through Rynda Fund
• January 2007 - £41m disposal of Shopping Centre in Brentwood, Essex
• January 2007 - £9m acquisition of office building in London, EC3
• October 2006 - €99m French portfolio acquisition through Rynda Fund
• October 2006 - £72m acquisition of five London offices
• October 2006 - £15m acquisition of shopping centre in Billingham
• August 2006 - £26m acquisition of shopping centre in Eastbourne
• May 2006 - £74m acquisition of office block in Hammersmith W14
• April 2006 - £14m forward sale of phase one retail development in Isle of Wight
• February 2006 - £45m acquisition of office block in Hammersmith W14
• January 2006 - £33m disposal of shopping centre in Great Yarmouth
• November 2005 - £25m acquisition of mixed use building in London EC4
• October 2005 - £10m acquisition of office in Edinburgh
• October 2005 - £54m disposal of retail park in Warrington
14
Key Projects
• Office at Tudor Street, London EC4
• Office at Moorgate, London EC2
• Office/retail at Shaftesbury House, Glasgow
• Office at Fountain House, Edinburgh
• Retail development at Newport, Isle of Wight
• Shopping Centre at Bingley
• Shopping Centre at Billingham
• Foodstore development at Dalgety Bay, Fife
• Residential/retail at Cochrane Square, Glasgow
• Retail Development at William Hunters Way, Brentwood
On Balance Sheet
15
Tudor Street, London EC4
16
Shaftesbury House, Glasgow
17
Cochrane Square, Glasgow
18
William Hunters Way, Brentwood
19
Key Projects
• Office at Gracechurch Street, London EC3• Offices at Hammersmith, London W14• Office at Aldermary House, London EC4• Office/retail at Strand, London WC2• Office/retail at Sunbury-on-Thames• Offices at five locations in London• Offices at Carolyn and Philip House, Croydon, London• Langney Shopping Centre, Eastbourne• Queens Square Shopping Centre, West Bromwich• Queen Street Shopping Centre, Darlington• Retail at Broadwalk, Harlow• Retail warehouse development at Cumbernauld• Retail at Crown Glass Shopping Centre, Nailsea• 70 acres office/industrial development site in Aberdeen
In Co-investments
20
Gracechurch Street, London EC3
21
Hammersmith Grove, W14
22
Queens Square, West Bromwich
23
Westway Retail Park, Cumbernauld
24
UK Property Portfolio Details
862Total UK Portfolio (£m)
63Number of Properties
2,450,0001,150,000
118,000
Total square footageRetailOfficeIndustrial
42Total annual rent roll (£m)
930Number of Tenants
25
Sector Analysis by Value
March 07
In Town Retail9%
Out of Town Retail
6%
Office41%
Industrial1%
Shopping Centre
43%
In Town Retail11%
Out of Town Retail
8%
Office26%
Industrial1%
Shopping Centre
54%
April 06
26
North10%
North West1%
London20%
Scotland11%
South East32%
South West7%
West Midlands8%
Yorkshire & Humberside
6%
East Anglia4%
East Midlands
1%North9%
North West1%
London29%
Scotland8%
South East30%
South West9%
West Midlands6%
Yorkshire & Humberside
4%East Anglia
3%East
Midlands1%
Geographical Analysis by Value
March 07 April 06
27
Key Properties under Management
1
23
15
2 3 410
5678
9
16
17
18
22
24
25
11
2612
14
19
20
Offices1 Shaftesbury House, Glasgow2 The Strand, London WC23 Becket House, Cheapside, London EC24 Moorgate, London EC25 Chubb Tower, Sunbury-on-Thames6 Aldermary House, London EC47 Tudor Street, London EC48 Hammersmith, London W149 Fountain House, Edinburgh10 Hammersmith Grove, London W1411 Portfolio of 5 London offices12 Gracechurch Street, London EC313 Carolyn and Philip House, Croydon
Office/Industrial14 70 acre site in Aberdeen
Retail15 Westway Retail Park, Cumbernauld16 South Street, Newport, Isle of Wight17 Dalgety Bay, Fife18 St Mary’s Gate, Sheffield19 Broadwalk, Harlow20 Billingham Town Centre21 Crown Glass, Nailsea
Retail/Residential22 Cochrane Square, Glasgow
Shopping Centres23 Queens Square, West Bromwich24 Myrtle Walk, Bingley25 Queens Street, Darlington26 Langney Shopping Centre, Eastbourne
13
21
28
Next Steps
• Transaction closing 30th April 2007• Rebranding Stockland Halladale• Business as usual – deliver results
• Value created through active asset management and development
• Opportunistic approach• Expansion of risk-controlled development programme
• Strategic repositioning run in parallel• Joint Venture relationships extended• Fund management – Australian investors• Residential capability – mixed use focus• Expansion of European activities
29
Halladale Group plcPrince Frederick House37 Maddox StreetLondon W1S 2PPTelephone 0845 070 4633Facsimile 020 7659 9775
39 George StreetEdinburghEH2 2HNTelephone 0845 070 4633Facsimile 0131 225 8373
93 West George StreetGlasgowG2 1PBTelephone 0845 070 4633Facsimile 0141 204 4655
Email: all@halladale.co.ukWeb: www.halladale.co.uk
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