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Sabemos Cómo
With a strategy based on fostering the country´seconomic development, Profesionales de Bolsapromotes a new way of doing business through thecreation of its Private Equity Funds, successfullymanaging more than $ 550 billion COP.
Through the Real Estate Value Private Equity Fund,Profesionales de Bolsa began its project of logisticsterminals in Colombia with an estimated value of 400billion COP. This project promotes the logisticoperations in Colombia.
In 2013, the first logistic terminal of Colombia-Cartagena was consolidated with a value of 160billion COP, being the first step of the programcreated with its analogous terminals: TLC-Bogotá,TLC-Barranquilla and TLC-Cali.
Private Equity Fund-TLC Bogotá
Sabemos Cómo
Private Equity FundThe Real Estate Value Fund is constituted under aPrivate Equity Fund, representing a novel model inColombia: this figure allows for the participation ofseveral investors in the same project throughout itswhole value chain, expecting to generate higher yieldsthan the market average.
Advantages:
• Independent equity, separate from the assetsowned by the managing company
• Administered by a highly qualified professionalmanager
• Supervised by a market controller(Superintendencia Financiera de Colombia) undera legal framework, watching over adequatestructuring and management
• A collective savings vehicle, allowing foreconomies of scale
Sabemos Cómo
The Fund, a realityTerminales Logísticos de Colombia (LogisticsTerminal of Colombia) – Bogotá is the secondstructured fund, counting with 4 terminals. The fundoffers a terminal with modular and flexible units forrent, which allow storage and/or redistribution ofmerchandise in extensive areas free of innercolumns, which are ideal for the support of logisticand industrial operations.
OPERATIONAL ACTIVITIES:• Cross Docking platform• Physical distribution of cargo•Warehouse management and control• Preparation of orders (“picking”)• Processes of re-exporting cargo• Added value operations for cargo• Operations for containers with refrigerated cargo• Loading and unloading of loose merchandise and trailertrucks.•Consolidation and deconsolidation of cargo in containers•Packaging, labeling (bar codes and others), palletizing andpacking
Cali
Barranquilla
Cartagena
Bogotá
Sabemos Cómo
Private Equity Fund
It features: Logistics specialized storehouses, retail and offices.
Location: Siberia –Tenjo Road
.
Fund’s Estimated Duration:23 Years
2 years of development22 year of lease
Minimum Investment:500.000.000 COP.
Total investment:COP $120.000.000.000 (2014)
Start of constructionJanuary 2015
Development Areas: Total area of the lot: 187,469 m2
Ships: 79.982 m2
Office mezzanine: 11.540 m2
Retail Area: 5.657 m2
Real Estate Value Fund
Sabemos Cómo
Location of the Private Equity Fund – Real Estate Value - TLC-Bogotá
1,6 Km of Vía Cota Funza / 2 min2,2 Km of Bogotá 80 Street / 3 min
12,2 Km of Bogotá 13 Street / 15 min16,8 Km of Chía / 22 min20,2 Km of El Dorado Airport / 30 min
Real Estate Value Fund
Sabemos Cómo
Phases 0%
50%100% 100%
1 2 3 4 August 2014 July 2016 February 2017 July 2036
Purchase of the Lot
Construction
Assessment of the project
Lease for 22 years
Sale of the Project
RENT
Sabemos Cómo
Private Equity Fund TLC Bogotá
Monitoring Committee
Investment Committee
Tax Auditor
Management Company
Manager
Contractors
Authority Control
Authority Control
Investors Assembly
Directors Board
Real Estate Value Fund
Sabemos Cómo
Expected Profitability
Regulatory Setting
Periodical payments to the investor since year 3.At the end of the term, the total assets of the Fund are sold.
Expected Internal Yield with Sale: 15,94% P.A.C.A.*Estimated Internal Return Rate without Sale: 15,18% P.A.C.A.*• Expected Inflation: 3% • Appreciation: IPC +2%• Rental fee adjustments: IPC +1%• Construction: 50% year 1; 50% year 2
Occupation: – Year 2 - 60%– Year 3 - 80%– Year 4 - 95%– Subsequent years: 100%
*Warning: the obligations of the collective portfolio managing company with the management of the portfolioare of means and not of results.
Real Estate Value Fund
Sabemos Cómo
Cost
According to a study carried out in the area,commercial values per m2 for warehouses arearound COP $1.750.000.
The services performed by Profesionales deBolsa as administrators, structuring agents andmanagers of TLC Bogotá allow the m2 forwarehouse construction to be estimated in COP$1.300.000.
Sabemos Cómo
Advantages of investing in TLC - Bogotá
• Partaking in the whole value chain• Long term lease contracts• Purchase of the plot, and construction at cost price
(vertical integration)• Privileged geographical location with logistic node• Distribution of income from year 3• Bogotá has the main functional transport corridors in
the country• Between 2009 and 2013, the Bogota’s imports have
doubled• Bogotá generates 10% of the national cargo and
demands 17%• Roads of access to the main logistics hubs of the
country• Short distance to main cargo airport of the country
Real Estate Value Fund
Sabemos Cómo
Investment in Logistics
• Fundamentals: WarehousesBogotá shows a high level of profitability withregard to big global markets.
• Fundamentals: OfficesBogotá is amongst the three most profitablemarkets of Latin America and the world.
Source: Colliers.
CAP RATE: is the coefficient obtained by divinding the net income produced between the value of the property.
Sabemos Cómo
Economic FoundationsBogotá - GDP
• Bogotá is regarded as the metropolis with thehighest contribution to Colombia’s GDP (26%),which makes it the fundamental core for thecountry’s economy
• The Bogotá’s GDP achieved an annuallycompound growth rate of 4.6 % in the years2000-2012.
Source: DANE
Regions' input into national GDP (2012)
Sabemos Cómo
Economic FoundationsBogotá – Trade Balance
Source: DANE
Regarding external trade in Colombia’s tradebalance, Bogotá stands out as one of the maincomponents of external sales (exports) as well as fordemand of foreign products (imports).
Export wise, keeping in mind the high incidence ofthe industrial sector in Bogota’s external sales, itstands out together with regions with high volumes ofgoods exported from diverse economic sectors.
On the other hand, regarding imports, Bogotádemands close to 50% of the products that enterthe country, showing the Colombian Capital’simportance to trade.
Regions' input into exports
Regions' input into imports
Sabemos Cómo
Economic FoundationsBogotá – Logistics Hub
Bogotá is the main logistics hub in the center ofthe country, with the highest concentration ofconsumption and industrial activity.
Its location allows intercommunication withlogistics hubs at the northern part of the country(Caribbean Coast and border with Venezuela(Maicao and Cucuta).
As with the hub at Cauca Region and the PacificCoast (Buenaventura) and the border withEcuador at the south (Ipiales).
Source: Política Nacional Logística.Ruta del Sol
Real Estate Value Fund
Sabemos Cómo
At Bogotá, El Dorado Airport is the main cargo hubin Colombia, with the biggest participation in thetransport of cargo at a national and internationallevel.
At a international level, it transports more than80% of the air freight that enters and exitsColombia.
Bogotá is strategically located at the center of thecontinent, with a high frequency of flights todifferent locations: Five hours to New York,Mexico City and Sao Paulo, with an excellent airconnectivity and numerous daily direct flights todifferent locations.
Economic FoundationsBogotá – Air Freight
Source: Aerocivil. Invest in Bogotá
National Cargo shipments
International Cargo shipments
Sabemos Cómo
Among the main entrances and exit corridors forcargo vehicles in Bogotá, we can highlight 13th
street, “Autopista Norte” and 80 street, which addup to approximately 74% of vehicle traffic in thesurroundings of the city, reflecting the importanceof the western and northern areas of the city forcargo transport.
The external boroughs of the city allow theentrance of more than 19 thousand vehicles inaverage, and the exit of more than 18 thousandcargo vehicles during a working day.
Source: Colfecar - Steer Davies Gleave Study. CPB Calculations
Economic FoundationsBogotá – Cargo transport by land
Traffic Distribution in Bogotá
Real Estate Value Fund
Sabemos Cómo
• In line with a high concentration of thepopulation, Bogotá has the greatestworkforce of Colombia, with more than 4million people employed
• This is how a higher population implies,together with a higher level of income, ahigher purchase power by the inhabitants ofthe city, which generates great interest fromcompanies belonging to different economicsectors
Source: DANE
Economic FoundationsBogotá - Employment
Labor Force
Sabemos Cómo
Among the main specialized segments of theindustry in Bogotá are the following sectors:
• Automotive• Auto parts• Pharmaceutical• Cosmetics• Plastics• Chemicals• Electronics
Source: DANE. Secretaría Distrital de Planeación.
Economic FoundationsBogotá - Industry
Industrial Production
Real Estate Value Fund
Sabemos Cómo
In Bogotá, there are 3 main areas where industryis concentrated: Fontibón, Puente Aranda andKennedy.
There are several problems with regards to theseareas:
• High concentrations of population• Restricted roads• Inefficient transport of goods
Source: DANE. Secretaría Distrital de Planeación.
Economic FoundationsBogotá – Limited offer of land
Urban Industrial Areas
Sabemos Cómo
The industrial areas of Bogotá, among which wecan find high impact industries, are surrounded byneighborhoods which are:
• Urban centers• Residential neighborhoods• Resources hubs
These provides industries with a minimum marginof expanding infrastructure as well as activitiesrelated to its business areas.
Source: Secretaría Distrital de Planeación.
Economic FoundationsBogotá – Industrial Zones in Bogotá
Real Estate Value Fund
Sabemos Cómo
Zone 1: Allows the free transit of cargo transportfor 24 hours a day. Includes the “Zona Franca”(trading area with a special legal regime), ElDorado Airport, the industrial zones ofMontevideo, Fontibón and Puente Aranda.
Zone 2: Restriction for vehicles wi th loads higherthan 7 tons. Areas: On the north: Avenida Calle170; south: Avenida Primero de Mayo; and east:border of the city.
Zone 3: Restriction for cargo vehicles wi th 3 ormore axles. Involves the urban area of the city.The restrictions for load transport in Bogota forcethe industries to move outside the city.
Source: Secretaria de Planeación de Bogotá. Cargo Decree 520 of 2013.
Economic BasesBogotá. Cargo Transport Regulation
Sabemos Cómo
According to the baseline study carried out byCamacol:
If the intentions of companies are acted upon,adding the short and medium term (untilSemester I of 2014), we estimate a totaldemand of 897.138 mts2.
While considering square meters offered and inopening, we will have 556.125 mts2 available inthe market.
And thus, there’s an additional demand ofmore than 341.000 mts2.
This is for an average warehouse size biggerthan 1.400 mts2.
Economic BasesBogotá – Warehouse demand
Source: Camacol. Perspectivas de Corto Plazo en Sector Edificador. I Semester 2013.
Source: DNP
Warehouse Demand
Warehouse Supply
m2
m2
Sabemos Cómo
ConclusionsValue ChainParticipation in the whole appreciation process,from the purchase of the land to production ofrent for 22 years.
Warehouse supply deficitBogotá and i ts surroundings have high defici ts insquare meters for warehouses.
LocationTLC Bogotá is located in a privileged place, closeto the main exi t and access roads of the capital ofthe country.
ExperienceProfesionales de Bolsa has extensive experiencein PEF management, included Real EstateFunds.
Sabemos Cómo
The authomatic enrollment in the National Registry of Securitiesand Issuers of the securities issued by the Private Capital Fund,according to provisions of article 1.1.2.9. of Resolution 400 of2005, do not imply certification by the Financial Superintendenceon the Fund´s performance or safety of their investments. TheFinancial Superintendence of Colombia warns potential investorsthat the Private Capital Fund is a risk poroduct, so, before makingyour investment decision it is necessary to carefully read all theinformation and make sure about its correct, complete andadequate understanding”.
“The obligations of the management company of collective portfoliorelated to the portfolio management are of means and not of result.The money delivered by investors to the collective portfolio are notdeposits and do not generate for the management society theobligations of a depositary institution, are not covered by thedeposit insurance of the Guarantee Fund of Financial Institutions(FOGAFIN), or by any other scheme of this nature. The collectiveportfolio investment is subject to the investment risks derived fromthe evolution of the prices of assets comprising the portfolio of therespective collective portfolio.”
MedellínCalle 2 No 20-48
PBX: (574) 215 63 00Fax: (574) 317 34 94
BarranquillaCra. 53 No.82-86 Oficina 602
PBX: (575) 356 91 44Fax: (575) 356 87 71
CaliCalle 25N No. 6N-67PBX: (572) 668 8100Fax: (572) 668 70 90
PereiraAvda. Circunvalar No. 8B-51 Of 302
PBX: (576) 333 22 95Fax: (576) 333 22 86
BogotáCalle 93B No. 12-18 Piso 2,4 y 5
PBX: (571) 646 33 30Fax: (571) 635 88 78
Warnings:28