Slides
Page 1
| 1Alpha Deeplabs #1 Alpha Deeplabs April 22nd, 2025
Page 2
| 2Alpha Deeplabs By attending this presentation and receiving this document, you are agreeing to be bound by the following limitations. Any failure to comply with these restrictions may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal liabilities. This document is strictly confidential and is being furnished to you solely for your information. It may not be reproduced, or redistributed to any other person, and it may not be published, in whole or in part, for any purpose. The information contained in this presentation (“Presentation”) has been prepared by Inmobiliaria Colonial, SOCIMI S.A. (the “Company”) and has not been independently verified and will not be updated. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein and nothing in this Presentation is, or shall be relied upon as, a promise or representation. None of the Company nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation. This Presentation is for information purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by the Company and the Company’s publicly available information. The information and opinions in this presentation are provided as at the date hereof and subject to change without notice. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial or trading position or prospects. This Presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company. You are solely responsible for seeking independent professional advice in relation to the Company. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This Presentation contains financial information regarding the businesses and assets of the Company. Such financial information may not have been audited, reviewed or verified by any independent accounting firm. The inclusion of such financial information in this Presentation or any related presentation should not be regarded as a representation or warranty by the Company, its affiliates, advisors or representatives or any other person as to the accuracy or completeness of such information’s portrayal of the financial condition or results of operations by the Company and should not be relied upon when making an investment decision. . Certain financial and statistical information in this document has been subject to rounding off adjustments. Accordingly, the sum of certain data may not conform to the expressed total. Certain statements in this Presentation are forward-looking. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions which could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These include, among other factors, changing economic, business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company’s management. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements contained in this Presentation and based upon past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The market and industry data and forecasts included in this Presentation were obtained from internal surveys, estimates, experts and studies, where appropriate as well as external market research, publicly available information and industry publications. The Company, it affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this Presentation. NEITHER THIS DOCUMENT NOR ANY OF THE INFORMATION CONTAINED HEREIN CONSTITUTES AN OFFER OF PURCHASE, SALE OR EXCHANGE, NOR A REQUEST FOR AN OFFER OF PURCHASE, SALE OR EXCHANGE OF SECURITIES, OR ANY ADVICE OR RECOMMENDATION WITH RESPECT TO SUCH SECURITIES. DISCLAIMER
Page 3
| 3Alpha Deeplabs 01 Executive Summary Creation of a European Leader03 Growth Profile & Returns04 Science & Innovation - Superior Growth -02 Conclusion05
Page 4
| 4Alpha Deeplabs 01 Executive Summary Creation of a European Leader03 Growth Profile & Returns04 Science & Innovation - Superior Growth -02 Conclusion05
Page 5
| 5Alpha Deeplabs 01 Executive Summary Colonial & Stoneshield to set up the Leading Platform in Science and Innovation Breaking into the Science & Innovation (“S&I”) Real Estate ▪ Colonial invests €200m1 in Deeplabs, the #1 Science & Innovation platform in Spain ▪ High value add asset class with attractive yield (7-8% stabilized yield on cost) ▪ Undersupplied segment creating strong ecosystems that attract top tier long term clients Global megatrends accelerating need for S&I space ▪ Demographics - ageing population driving growing R&D and innovation in Pharma and Wellbeing ▪ Technology - AI & technology requiring equipped and more sophisticated space for innovation ▪ Geopolitics - European ambitious plan to boost value-added industries supporting R&D development Unique partnership between Colonial & Stoneshield ▪ Colonial to set up with Stoneshield an Asset Management Business Unit ▪ Shared focus on quality and long-term value creation through urban transformation ▪ Co-managed third-party capital to accelerate growth Pan-European Ambition with high double-digit returns ▪ Market leader with €0.4bn initial assets in consolidated ecosystem & strong operating platform ▪ Targeting €2.4bn+ platform across Europe, with €0.7bn identified pipeline in the short-term ▪ Strong growth profile with high yield on costs resulting in +15% geared IRR Strategic Infraestucture for European Sovereignty in Science & Innovation 1 Investment volume subject to final closing
Page 6
| 6Alpha Deeplabs 01 Executive Summary Seizing the European Real Estate Opportunity behind Strategic Growth > Strong ecosystems with operating platform > Tailored innovative spaces delivered across markets > Product transformation with low capex intensity > Proven track record in Urban Transformation > Leader in Real Estate value creation & capital raising > Rapid Pan-European build-up on the back of joint forces Joint Venture to create the Leading Pan-European Science & Innovation platform Successful Strategy in Madrid & Barcelona with >30% market share1 Rapid Scale-up of a Pan-European pipeline Berlin Munich Amsterdam Paris MadridLisbon Barcelona Cambridge €0.7bn Short Term Pipeline Paris Lisbon Netherlands Cambridge 1 Estimated market share in Spanish Life Science Segment €0.4bn Existing Portfolio
Page 7
| 7Alpha Deeplabs 01 Executive Summary Urban Transformation – Creating Top Product… …expanding into high growth industries with increasing demands Development of the right product with complementary operating services Life Sciences & Health Technology & Quantum Energy & Environment Aerospace & Defense Experience Efficiency Environment Urban Campus Solutions Strong Science Ecosystems Complementary Uses & Amenities Fast paced industries require innovative Urban Transformation solutions Scope – Paris Business Campus Condorcet – Paris Urban mixed-use Sancho de Ávila – Barcelona Life Science / Healthcare Santa Hortensia – Madrid Urban mixed-use Locations enable thriving ecosystems
Page 8
| 8Alpha Deeplabs 01 Executive Summary Colonial is accelerating its Urban Transformation portfolio Scope Condorcet S. de Ávila Santa Hortensia Business Campus Urban Mixed Use Urban Mixed UseLifeScience/ Healthcare Urban Transformation – Value Add Returns with exceptional growth Alpha X - Project Pipeline Total Cost €1bn Science & Innovation SOCIMI Initial GAV €0.4bn targeting > €2.4bn AuM +13% Levered IRR 6-7% Yield on Cost +15% Levered IRR 7-8% Yield on Cost 22% 12% Well Diversified Barcelona Madrid Paris 10% Madrid BarcelonaParis Strong Returns with superior Growth Profile 85-90% Core with Pricing Power & 10 -15% Value Add Core Pricing Power Value Add Urban Transformation Colonial to continue serving its clients’ needs through Urban Transformation
Page 9
| 9Alpha Deeplabs 01 Executive Summary Creation of a European Leader03 Growth Profile & Returns04 Science & innovation - Superior Growth -02 Conclusion05
Page 10
| 10Alpha Deeplabs Expansion of knowledge-based industries - Increasing demand for R&D space to attract talent - 1 Shift towards On-Shoring - Priority to reallocate major R&D operations in Europe - 2 Increased public budget & private funding - Significant increases of R&D expenditures in Europe - 3 Environmental sustainability Focus - Increasing momentum in climate tech efforts, eg: €100bn German budget - 4 Consolidation of successful hubs to attract best Talent - Innovation clusters in selected key European cities - 5 Life Science & Health Technology & Quantum Energy & Environment Aerospace & Defense The global Science & Innovation market size is estimated at $6.3Tn with high growth levels projected ✓ Health tech ✓ Clinical Research ✓ Genomics ✓ Pharmaceuticals ✓ Bioengineering Subsectors ✓ Nanotechnology ✓ Robotics ✓ AI / Machine Learning ✓ Quantum Tech ✓ Semiconductors ✓ Renewable Energy ✓ Energy Storage Solutions ✓ Waste Management ✓ Agri Tech ✓ Climate Tech ✓ Space exploration ✓ Defense & Cybersecurity ✓ Aviation ✓ Future of mobility 02 Science & Innovation $6.3Tn Market Size +14% 23-28 CAGR $11Tn Global Expenditure Current Global Science & Innovation MarketProjected Growth in the S&I Sector Supported by strong Fundamentals Superior growth on the back of megatrends Demographics Technology Geopolitics R&D industries with increasing demands for Science & Innovation space Source: Bain & Company, White & Case, CrunchBase, Medical Device Network, Deloitte, Statista, CBRE analysis.
Page 11
| 11Alpha Deeplabs 02 Science & Innovation Strong growth in Science & Innovation on the back of megatrends - Demographics - Aging leads to higher investment in Life Science & Wellbeing solutions EU27 Population with +65 years - Technology - Enabler of next-gen innovation on quantum, digital & AI European Union market share of Global semiconductor market 130 2050 In m +43% Vs. 2019 European Union Life Expectancy 77y 83y 2021 2050 +6y +$200bn Semiconductor EU market 2030 4x Vs. 2023 - Geopolitics - Ambitious plan to fund European value-added Industry and Defense Strategic on-shoring of Key Industries 2023 2026 ~3x 0.4 1.1 €tn European Defense FundQuantum computing market expected growth +14% p.a. 5 16 45 2023 2030 2040 €bn Source: UN, Eurostat Source: European Defence AgencySource: McKinsey & Company
Page 12
| 12Alpha Deeplabs 02 Science & Innovation Europe approves unprecedented spending in Research & Development 124 215 2023 2030 ~2x Government Budget Allocations for R&D 2023 2026 ~3x 0.4 1.1 European Defence Fund It proposes ways for Member States to massively invest in defence, procure defence systems and build up the readiness of the European defence industry over the long run. European countries need to target to spend 3-5% of GDP in defence vs current c.1.5%. 2023 2030 ~3x 0.4 1.1 – 1.2 Quantum Mobility Defence & Security Innovation Energy EU Research & Development Annual Expenditure Source: Banque de FranceSource: Eurostat & EU Commission Source: European Defence Agency To digitalise and decarbonise the economy and increase our defence capacity, the investment share in Europe will have to rise by around 5 percentage points of GDP to levels last seen in the 1960s and 70s. EU Compass ReArm Europe Plan Readiness 2030 The future of European Competitiveness (Draghi Report) 3x Global Venture Capital investment in Science & Innovation by region 2014 2024 145 380 Americas APAC EMEA Source: PitchBook EMEA VC investment outgrows the rest of the World €bn €tn €tn
Page 13
| 13Alpha Deeplabs 02 Science & Innovation ▪ Science & Innovation sector is about micro location and flourishes in locations where an ecosystem can be created ▪ A distinguished research university/institution that drives the scientific knowledge ensures access to a skilled talent pool ▪ A dynamic business environment emerges as businesses such as start-ups, university spin-offs and investment firms cluster in the area. ▪ Combination of talents and businesses attracts funding in the sector 309 372 2024 2030 …and benefits from enduring megatrends 34% 38% 50% 2024 2030 2050 EU population +65y old over 15 – 64y Global spending on Pharma R&D Net change in labor demand in Europe EU 2030 Digital Targets Sources: Eurostat, Statista, CW, Moody’s, McKinsey, EU Commission In % In USD bn 2022 – 2030, In % 75% EU companies using Cloud +90% of SMEs to digitalize All citizens medical record online 2x EU share in semiconductors production Universities Civil Society Business Science & Innovation HubC D BA Government Science & Innovation is ecosystem based… Established Science & Innovation ecosystems attract high quality tenants
Page 14
| 14Alpha Deeplabs 02 Science & Innovation Source: Savills, ULI, CBRE. Note: Cities in bold refer hotspots for growth sectors. Un -bolded cities are below the threshold for 24/7 gateway cities. Capital Investment in the Innovation technology industry United States China $120Bn 2023E (1%) Total Capital Investments 2023E Variation 2023E vs 2020 $45Bn 2023E +18% $48Bn 2023E (7%) $45Bn 2023E (8%) Europe Rest of World Science & Innovation Real Estate is a global megatrend with accelerating growth in Continental Europe and already strong in US & UK Key cities with successful clusters attract global demand
Page 15
| 15Alpha Deeplabs 02 Science & Innovation 1. Undersupply of stock for flexible, multi-tenant lab space > The laboratory investment market is still relatively nascent, and existing stock is insufficient to meet strong occupier demand > Lack of sector-specific expertise in real estate to develop high-quality lab spaces 2. Governments, pharmaceutical & technological companies to onshore R&D and innovation activities within Europe 3. Expanding talent pools across Europe fueling the rise of Science & Innovation ecosystems with strong operators 4. Increasing momentum in Barcelona & Madrid as international Science & innovation destination Key European Cities as destination for Science & Innovation1 Europe is the emerging Science & Innovation region with accelerated growth MadridBarcelona Paris 1 2 3 4 1. Illustrative examples of operating Science & Innovation spaces Paris Paris Biotech - 30k sqm - Operating Genopole Paris - 40k sqm - Operating Villejuif Biopark - 8k sqm - Operating Madrid MASID - 78k sqm - Operating Kadans Clesa - 11k sqm - Under Constr. Cambridge Cambridge Bio. Campus - 167k sqm - Operating Granta Park - 121k sqm - Operating Oxford Abingdon - 20k sqm - Operating Milton Park - 1,012k sqm - Operating Oxford Tech Park - 37k sqm - Operating Begbroke - 12k sqm - Operating Culham - 21k sqm - Operating Hardwell Campus - 2,833k sqm - Operating Barcelona BASID - 60k sqm - Operating Munich IZB Campus - 26k sqm - Operating Zurich Innovation Park Zurich - 25k sqm - Under Constr. Copenhagen DTU Science Park - 180k sqm - Operating BioInnovation Institute - 4k sqm - Operating Fribourg Marly Innovation Center - 370k sqm - Operating Basel Innovation Park Basel - 1,214k sqm - Operating Milan MIND – 350k sqm – Under Constr. Siena Toscana Life Science - 32k sqm - Operating Mölndal GoCo Health - 200k sqm - Operating Berlin Potsdam Science Park - 100k sqm - Operating Leiden Leiden Bio Park – 1.1m sqm - Operating Increasing S&I demand meets undersupplied European market
Page 16
| 16Alpha Deeplabs 02 Science & Innovation Leading Science facilities Barcelona Scientific capacity in figures Business innovation ecosystem ▪ Third favorite city worldwide for R&D investment and the first in Europe (Global Cities Investment Monitor, 2023) ▪ 12 universities, including UPC1 (1st in Europe in Math and Computer Sciences scientific production), and UPF2 (7th best young university in Europe). 5,000 2019 – 23 Life Science powerhouse 3rd In Europe Highly cited papers 52,000 S&I Students Talent Source: CBRE, Catalonia Trade & Investment 2nd jobs creation European Union 1 Center for Genomic Regulation Institute for Bioengineering Institut d'Investigacions Biomèdiques Bellvitge Institut de Recerca Biomèdica & CNAG Alba Synchrotron & Innofab IRSI Caixa Institut d'Investigacions Biomèdiques Pi I Sunyer Barcelona Supercomputing Center VHIR & VHIO 4 7 2 5 8 3 6 9 10 Barcelona - the largest innovation ecosystem in Southern Europe 1. Universitat Politècnica de Catalunya 2. Universitat Pompeu Fabra 7 6
Page 17
| 17Alpha Deeplabs 02 Science & Innovation Madrid Scientific capacity in figures Business innovation ecosystem ▪ 80% of the world’s largest biomedical and pharmaceutical companies are in Madrid ▪ Madrid is home to 15 universities, producing more than 30,000 graduates annually in scientific fields 9.2bn Life Science turnover 5,000 Scientific papers Research Hub 29,000 jobs Talent Source: CBRE Madrid - a growing hub for biomedical and pharmaceutical companies Leading Science facilities National Center for Cardiovascular Research Molecular Biology Center Severo Ochoa Madrid Institute for Advanced Studies Energy, Environmental & Technological Research Center Center for Plant Biotechnology and Genomics Institute of Theoretical Physics Center for Astrobiology National Center for Oncological Research Health Institute Carlos III Center for Biomedical Tech Biotechnology National Center Research Institute La Paz
Page 18
| 18Alpha Deeplabs Strong political commitment in Science & Innovation ▪ In 2021 France launched the Health Innovation Plan 2030, a €7.5bn investment in healthcare sector ▪ Priority sectors: Biotherapy, Digital Health and Infectious & Emerging Diseases ▪ PariSanté Campus cornerstone investment in Paris XV arrondissement as a hub for public – private collaboration Leading Universities & Research Universities Incubators Hospitals Science Campus Paris epicenter of Science & Innovation investment & output Business innovation ecosystem ▪ With +25,000 foreign companies, France is the leading business creator in Europe, and is home to 51 research & innovation centers ▪ Paris is home to some of the world's most influential Science & Innovation companies, with their headquarters based in the city €22bn R&D Investment1 36% Publications of France Research Hub €2.7bn raised Venture Capital Top 1 Continental Europe Source: CW, Pitchbook, CBRE, Kadans, European Commission (1): R&D expenditure in Ile-de-France for 2021 Top 1 European Union Science & Innovation Paris - the European destination for global innovation companies 02
Page 19
| 19Alpha Deeplabs 01 Executive Summary Creation of a European Leader03 Growth Profile & Returns04 Science & innovation - Superior Growth -02 Conclusion05
Page 20
| 20Alpha Deeplabs 03 A European Leader Deeplabs: The dominant S&I hub player in Spain > Total Surface - 78k sqm > Wet & Dry Lab Space - 19.5k sqm > Buildings - 17 > Total Surface - 60k sqm > Wet & Dry Lab Space - 16.1k sqm > Buildings - 5 33% 17%12% 10% 5% 4% 4% 2% Others 13% Total sqm: 423k Public Ownership Private Ownership Pioneering the fully integrated Science & Innovation Spanish platform Rental Premium through Tailored Product Strong Value Creation Created Yield Compression Long term Client Commitment Deeplabs is the leading Science & Innovation operator in Spain 1. Leadership in Science & Innovation Property - Deeplabs is a leading, vertically integrated, Science & Innovation platform in Spain 2. Consolidated ecosystems – Operates 22 buildings in Science & Innovation key clusters in Madrid & Barcelona, two of the strongest emerging markets in Europe 3. Successful S&I campuses in Madrid & Barcelona with world class tenant base – S&I premises including Wet & Dry Lab Space, Research & Technical workspace 4. Successful asset transformation – Strong credentials in rental growth through asset repositioning, achieving +46% premium over previous rents1 5. Superior sourcing capabilities – Extensive network of leading S&I national and international clients & ~€700m identified pipeline2 1) Value creation achieved on selected assets in terms of comparable workspace rent per sqm 2) Includes acquisition cost and capex of identified pipeline 3) Market share considering Life sciences market 33%3 1 2 3 4 5
Page 21
| 21Alpha Deeplabs 03 A European Leader ˃ Fully integrated platform ˃ Combining Science & Innovation and Real Estate expertise ˃ Operational know-how ˃ Personnel with proven extensive sectoral expertise ˃ Previous management positions in Madrid Science Park & Barcelona Science Park ˃ Tailor-made solutions ˃ Tenant-focused approach allows the identification of client needs and market trends to deliver customized solutions ˃ BioInnova consulting services provides valued-added services to foster relationship with tenants and improving long-term retention ˃ Urban transformation ˃ Colonial’s proficiency at urban transformation paired with deep understanding of the tenant requirements, is poised to create a prime state-of-the-art customer- centric solution 1 2 3 4 An attraction pole of global Science & InnovationA fully integrated platform for unparalleled growth Deeplabs has created successful ecosystems with high quality tenants
Page 22
| 22Alpha Deeplabs 03 A European Leader Our Ecosystems Offer Science & Innovation tenants RENTAL PREMIUM LEASE TERMS ASSET VALUE CUSTOM PRODUCT & BRANDING REGULAR SPACE S&I SPACE Higher rental rates, longer lease terms, higher renewals ratios DRY LABS Research & technical WORKSPACE > Computation rooms > Equipment-centric labs > Maker spaces > Data visualization centers > Design studios > Research centres > Collaboration areas > Open workspace > Meeting rooms WET LABS > Microbiology rooms > Biochemistry rooms > Clean rooms > Cold & cryotank rooms Deeplabs Case Study Strong rental premium achieved through asset transformation Higher average rental premium captured Successful ecosystems enable rental premiums, longer leases & asset value creation Encuartes 19 I 100 146 Average rent in Masid area Workspace rent after capex In 100 base Encuartes 19 I In 100 base 100 323 Average rent in masid area Lab space rent +46% x3
Page 23
| 23Alpha Deeplabs 03 A European Leader Seed Locations Target Future Locations Berlin Munich Amsterdam Paris Madrid Lisbon Barcelona Strong Science & Innovation platform with European Ambition Creation of the leading Science & Innovation Platform in European Key Cities Strengthen existing footprint for Deeplabs’ value proposal > Initial portfolio with c.€0.4bn assets with established ecosystems in Madrid and Barcelona > Embedded incremental returns through transformation: rental premiums, enhanced contract maturities and higher asset values European build-up > Additional growth opportunities leveraging on current S&I tenants > Strong European growth ambition with a targeted pipeline of €2bn • Investment pipeline of €0.7bn identified in 4 European cities (Paris, Lisbon, Cambridge, Amsterdam) • €0.2bn pipeline secured or in advanced conversations > Execution of rapid build-up strategy accelerated through the use of 3rd party capital Barcelona Madrid Paris Lisbon Amsterdam Cambridge Cambridge
Page 24
| 24Alpha Deeplabs 01 Executive Summary Creation of a European Leader03 Growth Profile & Returns04 Science & innovation - Superior Growth -02 Conclusion05
Page 25
| 25Alpha Deeplabs 04 Growth Profile & Returns Pan-European growing Platform leveraging on third-party capital Partnership with irreplicable track – record Colonial to set up with Stoneshield an Asset Management Business Unit with European ambition > Leading Co-Manager Partners with strong alignment and proven track record of delivering superior returns > Stoneshield as European Leader in the Real Asset Platform Business – 100 PERE global firms > Colonial as International Leader on Urban Transformation in Paris, Madrid & Barcelona > Deeplab as market leader with +30% market share1 / 8x second player > Consolidated ecosystems in Madrid and Barcelona with top tier clients > Strong operating platform with network across Science & Innovation community, ready to expand its footprint Joint Venture to create the Leading Pan- European Science & Innovation platform Management Company Third Party Capital S&I SOCIMI Investment Pipeline Strong Positioning in S&I Space 1 Estimated market share in Spanish Life Science Segment
Page 26
| 26Alpha Deeplabs 04 Growth Profile & Returns Creation of the European Leading operator in Science & Innovation Existing Portfolio to capture full value through stabilization 6 – 7% Stabilized yield on cost €0.4bn AuM Berlin Munich Amsterdam Paris Madrid Lisbon Barcelona Cambridge Short Term Pipeline with attractive Value Add Returns 7 – 8% Stabilized yield on cost €0.7bn AuM Barcelona Madrid Paris Lisbon Amsterdam Cambridge Pan European Ambition Acceleration through 3rd Party Capital >€2.4bn Target AuM
Page 27
| 27Alpha Deeplabs 04 > Capital efficient growth targeting +€1bn platform in the short-term with an initial investment of €200m > Value add strategy creating value through Urban Transformation > Accretive in EPRA EPS > LTV with minor short-term impact and stable outlook for the mid term 1 2 3 4 Attractive shareholder returns with solid fundamentals Short-term EPRA EPS EPRA NTA Assets Under Management EPRA LTV +1% Long-term Stable Growth Profile & Returns Geared IRR of +15% Stabilised Yield on Investment >10% Continuing to drive shareholder value
Page 28
| 28Alpha Deeplabs 01 Executive Summary Creation of a European Leader03 Growth Profile & Returns04 Science & innovation - Superior Growth -02 Conclusion05
Page 29
| 29Alpha Deeplabs 05 Conclusion Colonial & Stoneshield to set up the Leading Platform in Science & Innovation Strong Growth of Science & Innovation in Europe ▪ Science and Innovation real estate is surging, driven by shifts in demographics, AI-driven tech and geopolitics ▪ Europe is committing record breaking R&D budgets to fuel the innovation economy ▪ Established Science & Innovation ecosystems attract high quality tenants Alpha Deeplabs: A Leading Platform as the basis for International Growth ▪ Dominant market position in Spain with top-tier S&I campuses in Madrid and Barcelona ▪ Prime ecosystems built to attract world-class talent, tenants, and global capital ▪ Poised to lead the European market as the first fully integrated S&I platform across geographies Colonial’s Urban Transformation enhanced through European S&I ▪ Investment with high double-digit returns: +15% Geared IRR ▪ Rapid build up strategy accelerated through third party capital ▪ Accretive transaction on an EPS and NTA basis ▪ Strategic opportunity through first mover advantage
Page 30
| 30Alpha Deeplabs THANK YOU https://www.inmocolonial.com/en/shareholders-and-investors
Page 31
| 31Alpha Deeplabs Landmark investments validate Madrid & Barcelona “AstraZeneca will invest €1.3 billion in developing an R&D center in Barcelona, reinforcing Spain as a key hub for biotechnology and pharmaceutical innovation in Europe.” “AstraZeneca will allocate €1 billion to build a production facility in Madrid, for the manufacturing of innovative medicines and securing global supply from the country.” “The Bellvitge Innovation and Health BioCluster in Barcelona will become a benchmark in biomedicine, with more than 556,000 sqm and 50,000 new jobs created.” “Grifols will invest €360 million in its new industrial center in Barcelona, strengthening its plasma-based therapy production capabilities “Globant to invest €250 million in Madrid for its new artificial intelligence innovation center, reinforcing the city’s role as a growing tech hub in Europe.” “Pfizer will invest €100 million in Madrid to expand its pharmaceutical manufacturing capabilities, strengthening the city’s position as a key production hub in Europe.” Madrid Barcelona Corporate ecosystems ✓ 300+ S&I established companies R&D Investment ✓ €2,000m+ investment (43% public) ✓ €800m+ budget/year for Scientific Research S&I Education 2nd in # of S&I students in Spain ✓ 50,000+ S&I students Infrastructure ✓ 86 hospitals ✓ 8 health research centres ✓ 17 universities (public and private) Corporate ecosystems 5th European startup hub in tech #34 in science output worldwide (#8 in Europe) ✓ 1,350+ S&I companies (Catalonia) ✓ 75% of all clinical trials in Spain R&D Investment ✓ €1,025m FDI ✓ €130m budget for 2024-27 S&I Education 1st in # of S&I students in Spain ✓ 52,000+ S&I students Infrastructure ✓ 58 hospitals, 91 research institutions and 12 universities Appendix Spain, emerging markets with strong fundamentals
Page 32
| 32Alpha Deeplabs 49%51% Tenant Split by Sector (% of Rents)1 Portfolio Split by Location (% of Rents) Madrid Barcelona Basid Headquarters Gall 22Illumina Labastida Masid HeadquartersOrduña 2 Ronda de Poniente 19 Encuartes 19 IIEncuartes 19 I 1) As % of Stabilized Rents 33% 26% 5% 6% 5% 25% Life Science & Health Technology & Quantum Energy & Environmental Aerospace & Defense University & Training Other 75% S&I tenants Appendix Diversified tenant base with best in class in innovation names
Page 33
| 33Alpha Deeplabs 309 372 2024 2030 Growing Science & Innovation consolidated tenant base… …benefits from enduring megatrends 34% 38% 50% 2024 2030 2050 EU population +65y old over 15 – 64y Global spending on Pharma R&D Net change in labor demand in Europe EU 2030 Digital Targets Sources: Eurostat, Statista, CW, Moody’s, McKinsey, EU Commission In % In USD bn 2022 – 2030, In % 75% EU companies using Cloud +90% of SMEs to digitalize All citizens medical record online 2x EU share in semiconductors production Life Science & Health Technology & Quantum Energy & Environment Aerospace & Defense Appendix Ecosystem with high growth tenants already in place
Page 34
| 34Alpha Deeplabs OPPORTUNISTIC Expert execution converting impaired assets into institutional core like product FULL SPECTRUM OF RE CAPACITIES First mover advantage with proof- of-concept in each high-conviction target sector PLATFORMS Strong track record of market aggregation/consolidation through M&A in portfolio companies Appendix A leading sponsor with contrasted experience in consolidation of RE platforms Felipe Morenés Founding Partner Juan Pepa Founding Partner Specialized Teams PlatformsOperations Investment Seasoned investor in real estate assets and real estate related corporates, with a distinct focus in Southern Europe Thematic investing in supply-constrained and recession-resistant sectors by leveraging vertically integrated real estate platforms Leading investor in Operational real estate EXPERIENCED TEAM - Successful €10bn+ realized track record in Spain and over €3.0bn raised for discretionary funds, with €100m+ GP commitment Stoneshield DNA Differentiated Investment Approach ▪ DNA - Disciplined, bottom-up underwriting with emphasis on acquiring assets at a discount to market with prudent use of leverage (<50% LTV) ▪ VALUE CREATION - Expertise in transforming assets into institutional-quality products, focusing on supply-constrained sectors ▪ PROVEN TRACK RECORD - Opportunistic funds I and II are highly ranked in Europe, oversubscribed at their hard caps and prioritize prudent leverage ✓ Fund III closing at €750 million in Q1 2024 ✓ Stoneshield has been recognized as PERE’s top 100 global ranking and #1 in Southern Europe as most successful fundraising franchise over past 5 years ▪ INVESTOR SUPPORT - Backed by institutional investors from North America, EMEA and Asia ▪ Superior sourcing capabilities in Iberia through deeply established local relationships, having underwritten >€100bn of Iberian real estate ▪ On-the-ground team with the ability to execute smaller ticket deals in an agile manner and aggregate them into platforms ▪ Pioneer in the sector taking up over 30%+ of the Spanish market through a portfolio of 22 buildings with a total value of c.€370m ▪ c. €150m, committed capital and a growth path to become a €1bn platform in the next 3 years ▪ Consolidated Iberian leader with a >€1bn platform ▪ >50 PBSA schemes and >10k beds across 20 cities ▪ Stake owner of major homebuilder, Neinor Homes. ▪ c.€1bn market cap with c.2,500 units delivered annually ▪ Scaled a platform registering c.78% gross IRR / 2.0x equity multiple for Stoneshield’s investors SCIENCE & INNOVATION INDUSTRIAL STUDENT HOUSING LIVING DATA CENTERS Source: Company and public information. Stoneshield is a highly reputable sponsor with a differentiated investment approach and superior sourcing capabilities leading to consistent returns
Page 35
| 35Alpha Deeplabs © 2025 Colonial www.inmocolonial.com