Progress continues

Picton Property Income 3 August 2017 Update
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Picton Property Income

Progress continues

NAV update

Real estate

3 August 2017

Price

86p

Market cap

£462m

Net debt (£m) at 30 June 2017

171.5

Shares in issue

540.1m

Free float

100%

Code

PCTN

Primary exchange

LSE

Secondary exchange

N/A

Share price performance

%

1m

3m

12m

Abs

1.8

0.9

23.9

Rel (local)

0.9

(1.0)

10.1

52-week high/low

86.0p

66.8p

Business description

Picton Property Income is an internally managed investment company that invests in commercial property across the UK. The investment objective is to provide investors with an attractive level of income and the potential for capital growth.

Next events

September 2017 NAV

October 2017

2017 half year results

November 2017

Analysts

Julian Roberts

+44 (0)20 3077 5748

Martyn King

+44 (0)20 3077 5745

Picton Property Income is a research client of Edison Investment Research Limited

Picton Property Income’s 25 July NAV update showed that asset management initiatives have continued to add value through a series of new and renewed leases, as well as two asset disposals at 37% above their March 2017 valuations. Like-for-like valuations in the office and industrial sectors, representing 75% of the portfolio, rose over 2% and earnings of £5.3m gave 1.16x dividend cover, also contributing to NAV gains. Management continues to execute the strategy of investing in and actively managing a regional property portfolio to provide rising income and increasing capital value.

Year end

Revenue (£m)

Adj. EPRA EPS* (p)

DPS
(p)

EPRA NAV/
share (p)

P/EPRA NAV
(x)

Yield
(%)

03/16

40.8

3.68

3.30

77.2

1.11

3.8

03/17

47.9

3.80

3.30

81.8

1.05

3.8

03/18e

41.8

3.90

3.40

84.2

1.02

4.0

03/19e

42.8

4.03

3.50

84.7

1.01

4.1

Note: *EPS are normalised, excluding exceptional items.

NAV update

Picton’s announcement showed that NAV rose to £452.5m or 83.8p per share in the quarter to 30 June 2017 (31 March 2017: £441.9m and 81.8p), in part due to a 1.8% like-for-like revaluation gain on the portfolio, but also with increased dividend cover (116% from 106% at 31 March 2017) from higher earnings (£5.3m vs £4.9m). A 0.85p quarterly dividend was paid and another declared, equivalent to an annual dividend of 3.4p, a 4% yield on the current share price; the quarterly total NAV return was 3.4%. The rise in NAV helped reduce net LTV to 27.0% (March 2017: 27.4%) and £51m of funds remain undrawn from the two revolving credit facilities. Combined with proceeds from two recent disposals, these provide capital for meaningful further portfolio and earnings growth.

Asset management adding value

The property portfolio increased 1.8% in value on a like-for-like basis with five lettings completed at an average of 2% above March 2017 estimated rental value (ERV), adding £0.9m to the rent roll. In addition, four re-gears and lease renewals were negotiated, adding £0.3m pa at 5% above March ERV. Occupancy was flat quarter-on-quarter at 94%, but the sales of two non-income producing assets were agreed for £9.86m, 6% above the June valuation. These were completed in the current quarter, increasing occupancy to 96%.

Valuation: Attractive dividend and capital growth

The shares have continued to perform well, gaining 2p since our initiation in June, in line with NAV growth and maintaining the c 2% premium to NAV. This remains below the peer group average of c 9%. The 4% prospective dividend yield is below the group average of 5%, which may explain some of the difference, but there may be scope for the premium to rise closer to the average. With no changes to the assumptions in our dividend discount model (see our initiation note), which we use as a sense check, the fair value range produced by our model remains 79p to 103p.

Summary of announcement and estimate changes

In this section we give a synopsis of the NAV update before explaining the small changes to our estimates that result from it. Essentially, continued focus on occupiers and active asset management contributed to reductions in vacancy and increases in rental income at several assets that were already let, feeding through to higher valuations. Our estimates have changed slightly to take account of these, but our dividend assumption remains the same.

A 1.8% like-for-like portfolio valuation increase, the disposal of two assets for £9.86m, or £2.7m (37%) above their previous valuation, and an increase in retained earnings all contributed to a 2p increase in NAV per share, as shown in Exhibit 1.

Exhibit 1: NAV changes in the quarter to 30 June 2017

Total (£m)

% change

Per share (p)

NAV at 31 March 2017

441.9

81.8

Movement in property value

9.6

2.2

1.8

Net income for the quarter

5.3

1.2

1.0

Dividends paid

(4.6)

(1.0)

(0.8)

Other

0.3

0.0

0.0

NAV at 30 June 2017

452.5

2.4

83.8

Source: Picton Property Income data

Net LTV fell from 27.4% to 27.0%. Debt remains 100% fixed, with an average term of 11.5 years and average cost of 4.2%. The revolving credit facility due to expire in 2018 has been extended to June 2021, initially for £24m at 190bp above three-month Libor. Together the two revolving credit facilities give the company £51m of undrawn debt finance.

The portfolio consisted of 53 assets valued at £626.5m with an average lot size of £12m at 30 June (now 51 assets worth c £617.5m or £12.1m on average). The top 10 assets by value comprised 48% (now 49%) of the portfolio and the sectoral and geographic breakdown as at 30 June is shown in Exhibit 2. Valuation growth in the quarter came from the office and industrial sectors with like-for-like increases of 2.9% and 2.1%, respectively, while the retail and leisure assets had the same valuation quarter-on-quarter. The portfolio had a net initial yield based on contracted rent of 5.8%, with a reversionary yield of 6.8% and a weighted unexpired lease term of 5.5 years.

Exhibit 2: Portfolio composition

Sector

Value (£m)

% of portfolio

Value (£m)

Location

Industrial

251.9

40.2%

27.2%

170.4

South East

13.0%

81.4

Rest of UK

Office

216.8

34.6%

4.3%

26.9

London City + West End

9.1%

57.0

Inner and Outer London

12.3%

77.1

South East

8.9%

55.8

Rest of UK

Retail and Leisure

157.9

25.2%

10.3%

64.5

Retail warehouse

7.2%

45.1

High Street – rest of UK

5.5%

34.5

High Street – South East

2.2%

13.8

Leisure

Source: Picton Property Income data

Asset management initiatives in the quarter included the disposal of two vacant office buildings in Bracknell for a total of £9.86m, 37% above the March valuation and 6% above the June one, which have now completed.

The largest office vacancy in the portfolio at 50 Farringdon Road was reduced with two suites totalling 11,900 sqft let for rent of £0.62m pa, 2% above March ERV and taking the building to 75% occupancy.

A lease was renewed at Angel Gate in Islington, securing a 28% increase in passing rent to £58,000 pa, in line with ERV. Two other suites in the same building are under offer and two more are being refurbished for re-leasing.

A lease to Standard Life at 180 West George Street in Glasgow, where a full refurbishment is underway, was renewed 4% above March ERV for £0.19m pa.

In the industrial portfolio the largest vacancy was let at River Way in Harlow following planning consent for change of use. The new lease has a 10-year term for £0.2m per year with RPI-linked uplifts collared and capped at 2% and 4%. Two other industrial rent reviews were settled at £0.16m pa, a 16% increase and 5% ahead of March ERV.

Finally, in the retail and leisure portfolio, the 152 bed Strathmore Hotel in Luton reopened after the incoming occupier, Thistle, completed a comprehensive refurbishment.

Minor changes to estimates

We have adjusted our previous estimates to include the revaluation gains reported in the quarter and for the subsequent disposals. The increase in occupancy and rental income is within the scope of our previous assumptions and because the disposals were of non-income producing assets, we have not changed our rental income estimates. Our dividend estimates are also unchanged.

Exhibit 3: Estimate changes

Revenue (£m)

Adj. EPRA EPS (p)

NAV/share (p)

DPS (p)

Old

New

% change

Old

New

% change

Old

New

% change

Old

New

% change

FY18e

41.8

41.8

0%

3.90

3.90

0%

82.3

84.2

2%

3.40

3.40

0%

FY19e

42.8

42.8

0%

4.03

4.03

0%

82.9

84.7

2%

3.50

3.50

0%

Source: Edison Investment Research

Valuation

Picton’s 4% dividend yield and strong performance history support a c 2% premium to EPRA NAV, while the peer group trades at an average premium of 8%. We would argue that Picton’s earnings performance and rebalancing of the portfolio towards sectors that may be more resilient to the effects of Brexit warrant a valuation closer to the average. As mentioned above, our dividend discount model still gives a valuation range of 79p to 103p using a 7% cost of equity, 3% dividend growth and a 50bp sensitivity to each.

Exhibit 4: Peer comparison

Company

Price (p)

Market cap (£m)

EPRA NAV/
share (p)

P/NAV
(x)

DPS
(p)

Yield
(%)

Picton

86.00

464.4

83.8

1.03

3.40

4.0%

A&J Mucklow

508.50

321.9

448.0

1.14

22.10

4.3%

Custodian REIT

114.50

402.3

104.3

1.10

6.50

5.7%

F&C Commercial Property

148.00

1,183.1

139.4

1.06

6.00

4.1%

Regional REIT

102.75

308.8

101.9

1.01

8.00

7.8%

Schroders REIT

62.00

321.5

64.8

0.96

2.48

4.0%

Strd Life Invst Ppty Trust

92.50

359.7

83.9

1.10

4.76

5.1%

UK Commercial Ppty Trust

91.15

1,1841.4

87.4

1.04

3.68

4.0%

Average

159.91

583.1

147.1

1.09

7.65

5.0%

Source: Bloomberg data as at 2 August 2017, Edison Investment Research

Exhibit 5: Financial summary

Year end 31 March

£000s

2014

2015

2016

2017

2018e

2019e

PROFIT & LOSS

IFRS

IFRS

IFRS

IFRS

IFRS

IFRS

Revenue

 

 

31,967

35,151

40,770

47,911

41,829

42,798

Service charge income

4,782

4,511

5,153

6,487

6,374

6,522

Total revenue

 

36,749

39,662

45,923

54,398

48,203

49,320

Gross property expenses

(8,992)

(9,320)

(10,001)

(12,011)

(11,792)

(12,054)

Net rental income

 

27,757

30,342

35,922

42,387

36,411

37,266

Administrative expenses

(1,139)

(1,194)

(1,510)

(1,613)

(1,634)

(1,672)

Operating Profit before revaluations

26,618

29,148

34,412

40,774

34,778

35,594

Revaluation of investment properties

18,422

53,163

44,171

15,087

9,600

0

Profit on disposals

5,660

412

799

1,847

558

0

Management expenses

(2,127)

(2,591)

(2,901)

(3,636)

(3,664)

(3,740)

Operating Profit

48,573

80,132

76,481

54,072

41,272

31,854

Net Interest

(10,868)

(10,930)

(11,417)

(10,823)

(9,578)

(9,564)

Profit Before Tax

 

37,705

69,202

65,064

43,249

31,693

22,289

Taxation

(357)

(347)

(216)

(499)

(731)

(514)

Profit After Tax

37,348

68,855

64,848

42,750

30,962

21,775

Profit After Tax (EPRA)

13,266

15,280

19,878

20,516

21,038

21,775

Average Number of Shares Outstanding (m)

359.9

445.3

540.1

540.1

540.1

540.1

EPS (p)

 

 

10.38

15.46

12.01

7.92

5.73

4.03

Adj EPRA EPS (p)

 

3.69

3.43

3.68

3.80

3.90

4.03

Dividend per share (p)

3.00

3.00

3.30

3.30

3.40

3.50

Dividend cover (x)

1.23

1.14

1.12

1.15

1.15

1.15

BALANCE SHEET

Fixed Assets

 

421,393

536,898

649,406

618,391

619,831

623,331

Investment properties

417,207

532,926

646,018

615,170

616,610

620,110

Other non-current assets

4,186

3,972

3,388

3,221

3,221

3,221

Current Assets

 

42,879

84,111

37,408

49,960

61,043

60,853

Debtors

10,527

14,019

14,649

16,077

14,246

14,576

Cash

32,352

70,092

22,759

33,883

46,796

46,276

Current Liabilities

 

(17,369)

(17,480)

(47,521)

(21,171)

(20,867)

(21,309)

Creditors/Deferred income

(14,434)

(16,468)

(18,430)

(20,067)

(19,763)

(20,205)

Short term borrowings

(2,935)

(1,012)

(29,091)

(1,104)

(1,104)

(1,104)

Long Term Liabilities

 

(232,807)

(233,559)

(222,161)

(205,255)

(205,477)

(205,477)

Long term borrowings

(231,081)

(231,834)

(220,444)

(203,540)

(203,540)

(203,540)

Other long term liabilities

(1,726)

(1,725)

(1,717)

(1,715)

(1,937)

(1,937)

Net Assets

 

214,096

369,970

417,132

441,925

454,530

457,398

Net Assets excluding goodwill and deferred tax

214,096

369,970

417,132

441,925

454,530

457,398

NAV/share (p)

56.4

68.5

77.2

81.8

84.2

84.7

EPRA NAV/share (p)

56.4

68.5

77.2

81.8

84.2

84.7

CASH FLOW

Operating Cash Flow

 

23,145

24,705

33,283

36,283

32,688

31,451

Net Interest

(8,768)

(8,695)

(8,836)

(9,211)

(9,578)

(9,564)

Tax

(394)

(369)

(426)

(232)

0

0

Net cash from investing activities

(10,838)

(61,729)

(68,123)

48,691

8,160

(3,500)

Ordinary dividends paid

(10,711)

(13,102)

(17,822)

(17,957)

(18,356)

(18,907)

Debt drawn/(repaid)

(1,031)

(3,191)

14,591

(46,450)

0

0

Proceeds from shares issued

18,043

100,121

0

0

0

0

Other cash flow from financing activities

Net Cash Flow

9,446

37,740

(47,333)

11,124

12,913

(520)

Opening cash

 

22,906

32,352

70,092

22,759

33,883

46,796

Closing cash

 

32,352

70,092

22,759

33,883

46,796

46,276

Source: Picton Property Income 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 Picton Property Income 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

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Germany

London +44 (0)20 3077 5700

280 High Holborn

London, WC1V 7EE

United Kingdom

New York +1 646 653 7026

295 Madison Avenue, 18th Floor

10017, 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

295 Madison Avenue, 18th Floor

10017, 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 Picton Property Income 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

295 Madison Avenue, 18th Floor

10017, 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

295 Madison Avenue, 18th Floor

10017, New York

US

Sydney +61 (0)2 8249 8342

Level 12, Office 1205

95 Pitt Street, Sydney

NSW 2000, Australia

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