Net asset value growth

Palace Capital 2 May 2017 Update
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Palace Capital

Net asset value growth

Portfolio update

Real estate

2 May 2017

Price

355.00p

Market cap

£89m

Net debt at 30 September 2016 (£m)

73.5

Shares in issue

25.2m

Free float

94%

Code

PCA

Primary exchange

AIM

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

1.4

0.0

3.7

Rel (local)

2.3

(2.3)

(10.0)

52-week high/low

375.0p

307.5p

Business description

Palace Capital is an AIM-quoted property investment company focused on commercial real estate in the UK outside London. The portfolio is diverse, with the largest weighting in offices. Management aims to increase capital value and provide a sustainable and growing income stream.

Next events

FY17 results

6 June 2017

Final dividend paid

July 2017

Analysts

Julian Roberts

+44 (0)20 3077 5748

Andrew Mitchell

+44 (0)20 3681 2500

Palace Capital is a research client of Edison Investment Research Limited

Palace Capital (Palace) has released a positive portfolio and trading update detailing disposals made in FY17, significant ongoing projects at ten properties and the possible acquisition of a fully let office building for c £20m, which would more than replace rents at properties sold in the year. These developments demonstrate Palace’s ability to add shareholder value through active management and to recycle capital efficiently. We have revised our estimates and note that management expects the March 2017 NAV to beat market expectations.

Year end

Revenue (£m)

Adjusted EPRA earnings* (£m)

Adjusted EPRA EPS* (p)

EPRA NAV/share (p)

DPS
(p)

Yield
(%)

03/15

8.6

4.8

28.3

396

13.0

3.7

03/16

14.6

4.6

18.9

414

16.0

4.5

03/17e

14.0

5.0

21.0

431

18.0

5.1

03/18e

13.7

5.6

22.2

437

18.0

5.1

03/19e

14.7

6.9

27.5

447

18.0

5.1

Note: *Adjusted EPRA earnings exclude revaluation gains, profits or losses on disposals of investment properties and surrender gains on early lease terminations.

Asset management adding value

Thirteen disposals were made in the year to 31 March 2017 for a total consideration of £12.6m, which is a £3.4m (37%) gain on the book value of the properties (£9.2m), equivalent to c 13p per share before tax. These disposals have helped reduce net LTV to 39% of the September 2016 portfolio valuation. LTV may be lower still vs the March 2017 NAV, which Palace has stated is likely to beat market expectations. The portfolio update also detailed ten property management projects, most significantly one at Hudson House in York where a new planning application has been submitted to replace the existing building with 127 apartments, 34,000sqft of offices and 5,000sqft of commercial space. Full details of all the projects are available here, and while we have increased our FY17 forecasts we expect these initiatives may still have contributed to a portfolio valuation in excess of our new EPRA NAV estimate of 431p per share (previously 430p).

Reinvestment to enhance income

Although the disposals have reduced the contracted rent roll to £12.8m pa at 31 March 2017 (£10.9m net of head rent and void costs), Palace has also agreed terms for the corporate acquisition of a fully let office building for c £20m. It is reported that if completed, this would more than replace income lost through disposals. We have assumed the acquisition is made with 5% purchaser’s costs, at a 7.5% net initial yield and 50% LTV with debt costs in line with existing debt: our FY18 EPRA EPS forecasts have risen to 22.2p and to 27.5p in FY19.

Valuation: more NAV gains likely

With the potential acquisition likely to mean that rental income levels are sustained and the probability of a NAV uplift beating market expectations, there is significant potential for the shares to appreciate. Regional peers tend to trade at premiums to reported EPRA NAV averaging c 4% and the completion of the acquisition and/or the FY17 results could be catalysts for Palace’s c 18% discount to narrow.

Changes to estimates

Exact details of the asset management initiatives and disposals undertaken in the period can be found in Palace’s announcement here. We have substantially revised our estimates as a result of the portfolio update and in light of the likely acquisition, and have taken into account mechanical changes to the model such as the recent share buyback, the exercise of options and passage of the 2014 LTIP deadline. The principal changes to our assumptions are listed below.

Rental income

The change in contracted rental income falls less than previously assumed because the acquisition replaces income lost through disposals. Assuming a £20m consideration, costs of £1m and a 7.5% net initial yield, gives gross rental income of £1.6m per annum.

We have also allowed for the new lettings at Ovest House in Brighton and the Copperfield Centre in Dartford, where annual rents are now £0.3m. We also note that letting recently refurbished space at Solaris House in Milton Keynes, Bank House in Leeds and Boulton House in Manchester could add a further c £0.8m of annual rent and reduce void costs. We have allowed for this to be achieved in FY18 so that all three make a full contribution in FY19. Fixed rental increases of £0.15m at Broad Street Plaza in Halifax and have also been taken into account.

Void costs

The sales of vacant buildings in Maldon, Stoke and Stockport will reduce void costs sooner and therefore more than we had previously assumed.

We have assumed that the Hudson House planning application will be successful, given the previous successful applications for variations of use and the close consultation with Historic England, York City Council and other stakeholders: so far there has been positive support of the plan submitted to the planning authority. We expect demolition of the existing building to occur in 2018, reducing void costs by £0.7m.

Finance costs and dividend

We have assumed that the new acquisition will be 50% funded with debt at a similar rate to the existing weighted average cost. We have left our Libor assumption unchanged at 0.4%.

We have assumed that the dividend will remain flat and forecast dividend cover of 1.48x in FY19, implying scope for a higher distribution or for further investment.

The effects of these changes on our estimates are summarised in Exhibit 1 below.

Exhibit 1: Changes to estimates

Rental income (£m)

EPRA EPS* (p)

EPRA NAV per share (p)

Dividend per share (p)

Old

New

Change (%)

Old

New

Change (%)

Old

New

Change (%)

Old

New

Change (%)

03/17e

14.0

14.0

0.0%

20.4

20.4

0.5%

430

431

0.2%

18.0

18.0

0%

03/18e

13.5

13.7

1.6%

21.2

21.4

1.0%

433

437

0.9%

18.0

18.0

0%

03/19e

13.1

14.7

12.5%

22.4

26.7

19.2%

439

447

1.9%

18.0

18.0

0%

Source: Edison Investment Research. *This is lower than the adjusted figure on page 1 because it includes share-based payments.

Valuation

Palace’s shares trade at a discount of c 18% to our estimated FY17e EPRA NAV, and we note that management expects the 31 March portfolio valuation to exceed market expectations. In Exhibit 2 we show the last reported EPRA NAV per share and, where available, forecast EPRA NAV per share for a selection of investors in regional commercial and industrial property. This shows that Palace trades at a considerable discount to peers, which trade at an average premium to last reported EPRA NAV of c 4%, as at the time of our initiation note in January. Regional property markets are less exposed to Brexit-related risks than London ones and occupier demand is reported to be robust in regional cities. The market appears to expect growth (although forecasts of EPRA NAV per share are only available for four companies) which may explain the premium. Palace’s discount could narrow as the market recognises the company’s ability to deliver returns by growing capital values as well as providing a stable and diversified income stream.

Exhibit 2: Peer comparison

Company

Price (p)

Last reported EPRA NAV/share (p)

Price/reported EPRA NAV/share (x)

Prospective NAV/share

Price/prospective NAV/share

Palace

355.5

419.0

0.85

431*

0.82

Custodian REIT

111.8

101.5

1.10

103*

1.08

Mucklow

493.8

448.0

1.10

455

1.09

Picton Property Income

84.0

81.8

1.03

Real Estate Investors

61.0

66.2

0.92

Regional REIT

106.8

106.9

1.00

110*

0.98

Schroders REIT

65.0

61.1

1.06

Average ex-Palace

1.04

1.05

Source: Company data, Bloomberg (prices at 26 April), Edison Investment Research. Note: *Edison estimates.

Sensitivities

As we have noted before, property markets are cyclical and capital values tend to be more volatile than rental income. Palace’s policy of investing outside London may shield its portfolio to some extent from macroeconomic risks, and recent upgrades to the UK’s GDP forecast by the Bank of England and the EC, among others, may give further confidence.

The sale of some vacant assets and further lettings in the retained portfolio have reduced vacancy risk and other asset management initiatives have also made Palace’s properties more attractive to occupiers, further reducing that risk.

Palace’s debt remains low cost (2.9%), has a weighted average term of 4.6 years and, as noted above, net LTV of 39% against the 30 September property valuations is likely to fall further when the portfolio is revalued.

For those reasons, we believe Palace’s main sensitivities are to the upside: management appears confident of beating market expectations of EPRA NAV, we forecast that earnings will continue to rise and the full year results due to be announced on 6 June may be a catalyst for a re-rating.

Exhibit 3: Financial summary

Year end 31 March

£'000s

2014

2015

2016

2017e

2018e

2019e

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

PROFIT & LOSS

Revenue

 

 

3,252

8,637

14,593

13,969

13,687

14,712

Cost of Sales

(648)

(1,200)

(1,624)

(2,320)

(1,429)

(744)

Gross Profit

2,604

7,437

12,969

11,649

12,258

13,968

Administrative expenses

(649)

(1,439)

(2,048)

(2,626)

(3,028)

(3,037)

Operating Profit before revaluation

1,955

5,998

10,921

9,023

9,230

10,930

Revaluation of investment properties

19,501

9,769

3,620

32

1,500

0

Costs of acquisitions/profits on disposals

270

(461)

(525)

3,400

(1,000)

0

Operating Profit

21,725

15,306

14,016

12,455

9,730

10,930

Net Interest

(573)

(1,398)

(2,264)

(2,794)

(3,009)

(3,037)

Profit Before Tax (norm)

1,652

4,139

8,132

9,629

6,221

7,893

Profit Before Tax (FRS 3)

21,153

13,908

11,752

9,661

6,721

7,893

Taxation

81

107

(953)

(1,390)

(840)

(1,184)

Profit After Tax (norm)

1,733

4,246

7,179

8,239

5,381

6,709

Profit After Tax (FRS 3)

21,234

14,015

10,799

8,271

5,881

6,709

EPRA earnings

1,463

4,707

7,704

4,839

5,381

6,709

Adjusted for:

Surrender premium

0

0

(3,172)

0

0

0

Share-based payments

0

114

110

145

200

200

Adjusted EPRA earnings

1,463

4,821

4,642

4,984

5,581

6,909

Company adjusted PBT

1,382

4,828

5,705

6,374

6,421

8,093

Average undiluted number of shares outstanding (m)

5.3

17.1

24.6

25.7

25.2

25.2

EPS - normalised (p)

 

32.9

24.8

29.2

32.1

21.4

26.7

EPS - FRS 3 (p)

 

403.4

82.0

43.9

32.2

23.4

26.7

Adjusted EPS

 

29.7

28.3

18.9

21.0

22.2

27.5

EPRA EPS (p)

 

27.8

27.5

31.3

20.4

21.4

26.7

Dividend per share (p)

0.0

13.0

16.0

18.0

18.0

18.0

Dividend cover (x)

N/A

2.12

1.96

1.14

1.19

1.48

BALANCE SHEET

Fixed Assets

 

60,086

104,470

175,738

180,021

201,521

203,521

Investment properties

59,440

102,988

174,542

179,011

200,511

202,511

Goodwill

6

6

0

0

0

0

Other non-current assets

640

1,475

1,196

1,010

1,010

1,010

Current Assets

 

7,060

15,653

11,903

16,475

3,792

6,138

Debtors

1,937

3,375

3,327

3,170

3,170

3,170

Cash

5,123

12,279

8,576

13,305

622

2,968

Current Liabilities

 

(4,171)

(3,487)

(9,048)

(11,193)

(11,193)

(11,193)

Creditors

(2,971)

(3,087)

(6,815)

(7,952)

(7,952)

(7,952)

Short term borrowings

(1,200)

(400)

(2,233)

(3,241)

(3,241)

(3,241)

Long Term Liabilities

 

(18,599)

(36,620)

(71,778)

(76,825)

(84,089)

(86,053)

Long term borrowings

(17,384)

(35,407)

(69,711)

(74,759)

(82,023)

(83,987)

Other long term liabilities

(1,215)

(1,214)

(2,067)

(2,066)

(2,066)

(2,066)

Net Assets

 

44,376

80,016

106,815

108,478

110,031

112,413

Net Assets excluding goodwill and deferred tax

44,370

80,010

106,815

108,478

110,031

112,413

Basic NAV/share (p)

219

395

414

431

437

447

EPRA NAV/share (p)

219

396

414

431

437

447

CASH FLOW

Operating Cash Flow

 

1,297

4,388

12,287

9,664

8,450

11,150

Net Interest

(390)

(1,593)

(3,421)

(2,501)

(3,009)

(3,037)

Tax

(13)

(15)

(158)

(916)

(840)

(1,184)

Preference share dividends paid

(18)

0

0

0

0

0

Net cash from investing activities

2,532

(2,922)

(50,012)

(1,055)

(20,020)

(2,020)

Ordinary dividends paid

0

(1,766)

(3,221)

(4,612)

(4,527)

(4,527)

Debt drawn/(repaid)

(21,266)

(10,600)

21,272

6,291

7,264

1,964

Proceeds from shares issued

23,009

19,664

19,114

38

0

0

Other cash flow from financing activities

(66)

(2)

(2)

(2,180)

0

0

Net Cash Flow

5,085

7,155

(4,141)

4,729

(12,682)

2,346

Opening cash

 

39

5,123

12,278

8,576

13,305

622

Other items (including cash assumed on acquisition)

0

0

439

0

0

0

Closing cash

 

5,123

12,278

8,576

13,305

622

2,969

Opening net debt/(cash)

1,724

13,476

24,742

65,435

66,761

86,708

Closing net debt/(cash)

13,476

24,742

65,435

66,761

86,708

86,326

Source: Company data, Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Palace Capital and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the Financial Conduct Authority. Edison Investment Research (NZ) Limited (Edison NZ) is the New Zealand subsidiary of Edison. Edison NZ is registered on the New Zealand Financial Service Providers Register (FSP number 247505) and is registered to provide wholesale and/or generic financial adviser services only. Edison Investment Research Inc (Edison US) is the US subsidiary of Edison and is regulated by the Securities and Exchange Commission. Edison Investment Research Limited (Edison Aus) [46085869] is the Australian subsidiary of Edison and is not regulated by the Australian Securities and Investment Commission. Edison Germany is a branch entity of Edison Investment Research Limited [4794244]. www.edisongroup.com

DISCLAIMER
Copyright 2017 Edison Investment Research Limited. All rights reserved. This report has been commissioned by Palace Capital and prepared and issued by Edison for publication globally. All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report. Opinions contained in this report represent those of the research department of Edison at the time of publication. The securities described in the Investment Research may not be eligible for sale in all jurisdictions or to certain categories of investors. This research is issued in Australia by Edison Aus and any access to it, is intended only for "wholesale clients" within the meaning of the Australian Corporations Act. The Investment Research is distributed in the United States by Edison US to major US institutional investors only. Edison US is registered as an investment adviser with the Securities and Exchange Commission. Edison US relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. As such, Edison does not offer or provide personalised advice. We publish information about companies in which we believe our readers may be interested and this information reflects our sincere opinions. The information that we provide or that is derived from our website is not intended to be, and should not be construed in any manner whatsoever as, personalised advice. Also, our website and the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. This document is provided for information purposes only and should not be construed as an offer or solicitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.
Edison has a restrictive policy relating to personal dealing. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report. Edison or its affiliates may perform services or solicit business from any of the companies mentioned in this report. The value of securities mentioned in this report can fall as well as rise and are subject to large and sudden swings. In addition it may be difficult or not possible to buy, sell or obtain accurate information about the value of securities mentioned in this report. Past performance is not necessarily a guide to future performance. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (ie without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision. To the maximum extent permitted by law, Edison, its affiliates and contractors, and their respective directors, officers and employees will not be liable for any loss or damage arising as a result of reliance being placed on any of the information contained in this report and do not guarantee the returns on investments in the products discussed in this publication. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under license. All rights in the FTSE indices and/or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and/or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

Frankfurt +49 (0)69 78 8076 960

Schumannstrasse 34b

60325 Frankfurt

Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

245 Park Avenue, 39th Floor

10167, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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