Annual Report 2011-2012

Portfolio Netherlands

Portfolio development

The current situation requires active asset management of the portfolio. Pro-actively anticipating tenants' needs is essential. Züblin was able to conclude a number of new lease contracts, including a 1300 m² turn key lease in Zekeringstraat 41, Amsterdam. In addition the company managed the whole fit-out of the property to the tenant's full satisfaction and also extended four major lease contracts in the Amsterdam region, with a total floorspace of 10000 m². The building in De Bilt was extensively refurbished, which led the main tenant to extend their existing contract.

Despite the difficult market conditions the properties in The Hague, Nieuwegein and Amsterdam (totalling approx. 14500 m²) and one logistics property in Moerdijk (approx. 120298 m²) have been sold. Together these sales led to a fall in the vacancy rate to 13.0%. Nevertheless the bad market situation led to a further 10% decline in the value of the Dutch portfolio.

Market development

The recovery in the Dutch office market lagged well behind expectations in 2011. Although the number of transactions increased the net take up in m² was down slightly on 2010. Vacant space is still well over 7 million m² which represents a vacancy rate of 14%. Current trends in the rental market are towards more flexibility, greater environmental sustainability and an overall decrease in usable square meterage. The still high vacancy rates have led to a further decline in rents and the company believes that this trend still has further to run. While tenants expect shorter lease periods and transparent lease contracts, ever greater incentives are also being offered over the entire length of lease contracts. Moreover, conversion of offices into residential use is becoming more and more popular.

The investment market suffered an unexpectedly sharp fall of 25% in 2011 compared with 2010 due to the poor economic environment in the Netherlands, the euro crisis and the lack of adequate finance. A recovery is not expected in 2012. Investors have moved away from offices to retail and residential, which are seen as safer asset classes in these turbulent times.

Portfolio overview

Portfolio overview
CHF/EUR in million 31.3.2012 31.3.2011
     
Market value in CHF 122.2 178.9
Market value in EUR 101.5 137.6
Annual rental income in CHF 11.2 15.8
Annual rental income in EUR 9.3 12.1
Vacancy rate 13.0% 13.7%

Major tenants

Major tenants
Tenant Sector   % share of annual rental income
    Portfolio Netherlands Total
       
Groningen Railport Exploitatie Maatschappij B.V., Veendam Logistics 19.8% 3.5%
Vos Logistics Nederland B.V., Oss Logistics 10.2% 1.8%
VSL Holding B.V., Oss Llogistics 10.1% 1.8%
Manpower Nederland B.V., Amsterdam Temporary labor 6.0% 1.1%
Facilicom Bedrijfsdiensten B.V., Amsterdam Services 4.2% 0.7%
Total   50.3% 8.9%

Lease contract analysis EUR in million

Lease contract analysis
EUR in million
Prop. No. City, address Date of acquisition Year of construction/ renovation Annual rental income CHF 1000 Vacancy (CHF) % Ownership Discount rate % Plot size m2 Office m2 Retail m2 Trade/ logistics m2 Other space m2 Total usable space m2 Vacancy m2 Vacancy (m2) % No. of parking spaces
Office                              
45 Amsterdam, Zekeringstraat 1–23 1.1.2000 1995 1 410 8.8 8.8 13 068 8 369 3 872 12 241 1 326 10.8 233
46 Amsterdam, Zekeringstraat 45–47 1.1.2000 1992 2003 654 0.0 9.2 5 370 3 052 1 477 4 529 0.0 118
47 Amsterdam, Zekeringstraat 39–43 1.1.2000 1992 2003 629 25.6 8.7 9 030 4 553 2 297 6 850 2 399 35.0 129
48 Diemen, Diemerhof 10–12 1.1.2000 1990 145 40.9 8.6 2 668 2 193 2 193 978 44.6 57
49 Diemen, Diemerhof 16–18 1.1.2000 1990 2009 675 0.0 8.3 3 943 3 672 3 672 0.0 117
  Total region of Amsterdam     3 512 11.4     34 079 21 839 7 646 29 485 4 703 16.0 654
                                 
50 Dordrecht, Stationsweg 4 1.7.1998 1962 548 18.2 8.7 3 001 3 817 3 817 1 011 26.5 70
51 Gouda, Tielweg 6 1.7.1998 1990 213 23.9 8.7 1 800 2 097 2 097 619 29.5 56
52 Rotterdam, Schiekade 34 1.7.1998 1961 2000 675 36.4 8.4 2 298 7 029 1 594 8 623 4 010 46.5 46
  Total region of Rotterdam     1 436 28.6     7 099 12 943 1 594 14 537 5 640 38.8 172

Ownership of 100%

Condominium ownership

Leasehold

Prop. No. City, address Date of acquisition Year of construction/ renovation Annual rental income CHF 1000 Vacancy (CHF) % Ownership Discount rate % Plot size m2 Office m2 Retail m2 Trade/ logistics m2 Other space m2 Total usable space m2 Vacancy m2 Vacancy (m2) % No. of parking spaces
53 De Bilt, Utrechtseweg 370 1.7.1998 1982 317 0.0 8.6 1 998 2 067 2 067 0.0 37
54 Nieuwegein, Meentwal 1 1.7.1998 1991 100.0 8.7 1 160 1 876 1 876 1 876 100.0 0
55 Utrecht, Kaap Hoorndreef 10–14 1.7.1998 1972 2001 232 40.1 8.6 606 3 344 3 344 1 432 42.8 0
56 Utrecht, Kaap Hoorndreef 66–78 1.7.1998 1975 354 21.0 8.9 606 3 150 3 150 866 27.5 0
  Total region of Utrecht     903 29.9     4 370 10 437 10 437 4 174 40.0 37
57 Huizen, Huizermaatweg 9–37 1.7.1998 1986 509 0.0 9.0 950 3 068 3 068 0.0 0
58 Zeist, Huis ter Heideweg 30–40 1.7.1998 1980+2001 363 42.1 8.3 6 940 4 637 4 637 2 302 49.6 92
  Total other regions     871 23.2     7 890 7 705 7 705 2 302 29.9 92
  Total office     6 722 20.0     53 438 52 924 1 594 7 646 62 164 16 819 27.1 955

Ownership of 100%

Condominium ownership

Leasehold

Prop. No. City, address Date of acquisition Year of construction/ renovation Annual rental income CHF 1000 Vacancy (CHF) % Ownership Discount rate % Plot size m2 Office m2 Retail m2 Trade/ logistics m2 Other space m2 Total usable space m2 Vacancy m2 Vacancy (m2) % No. of parking spaces
Logistics                              
59 Oss, Waalkade 17.2.2003 1974–1990 2 278 0.0 9.2 127 683 1 193 48 165 32 892 82 442 0.0 0
60 Veendam, Spoorhavenweg 17.2.2003 1994–99 2010 2 216 0.0 9.1 122 621 399 90 205 90 604 0.0 0
  Total logistics     4 494 0.0     250 304 1 592 138 370 32 892 173 046 0.0 0
                                 
  Total portfolio Netherlands     11 216 13.0     303 742 54 516 1 594 146 016 32 892 235 210 16 819 7.2 955

Ownership of 100%

Condominium ownership

Leasehold

PDF Downloads

Annual Report 2011-2012

Annual Report 2011-2012 (8.16 MB)