CBRE Capital Advisors Asia Capability Statement

CBRE C A P I TA L A DV I S O R S ASIA

@ 2017 CBRE Inc.

CBRE OVERVIEW

THE GLOBAL MARKET LEADER • CBRE is the world’s largest commercial real estate and investment advisory firm.

• We advise property owners, investors and occupiers on every aspect of their real assets strategies and assist them in the development, buying, selling, financing, leasing, valuing and management of their assets.

• Fortune 500 and S&P 500 company headquartered in Los Angeles, California.

• More than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide.

• Optimal balance of local market expertise and global reach.

• Market knowledge complemented by proprietary in-house research databases.

• Comprehensive service offerings and a proven track record of meeting diverse client needs.

US$23.9 BILLION

GLOBAL REVENUE

US$11.9 BILLION

530+

OFFICES WORLDWIDE

90+

OFFICES IN APAC

FEE REVENUE

#146 RANK IN FORTUNE 500 (2019)

NET INCOME

28,000

APAC STAFF © 2020 CBRE Inc.

US$2.1 BILLION

100+

COUNTRIES

CBRE CAPITAL ADVISORS OVERVIEW

22

CBRE Capital Advisors is the capital raising and investment banking business of CBRE with deep insight into the equity/debt markets

920+

offices

people

O UR SE R VIC E S

CORPORATE FINANCE

INVESTMENT ADVISORY

LOAN SERVICES

Strategic Advisory

Direct Asset Advice

Loan Servicing

Equity Placement

Indirect Investment Advice

Loan Advisory

Debt Advisory

Debt Investment Advice

Loan Recovery

Complex Financial Modelling

Infrastructure

Corporate Capital Markets

THE TE AM A mix o f fin a n cial a nd r e a l e s ta te p r of e s s i ona l s

Bankers

© 2020 CBRE Inc.

Fund Managers

Restructuring Advisors

Property Professionals

Financial Analysts

GLOBAL CAPITAL ADVISORS

2

EMEA

Paris New York Washington DC

Los Angeles San Diego

© 2020 CBRE Inc.

Lisbon

Madrid

Helsin Stockholm Amsterdam Frankfurt Bratislava Milan

Miami

1

EMEA MARK EVANS Head of Equity Placement EMEA +44 (0)7747 627 777 mark.evans@cbre.com

RICHARD DAKIN Head of Capital Advisors Global + 44 (0)7736 360 203 richard.dakin@cbre.com

London

Dublin

AMERICAS

GLOBAL

1

2

3

HONG KON

GRETCHE Executive Capital Ad +852 650 gretchen.y

AMERICAS JAMES SCOTT Head of Capital Advisors Americas +1 212 656 0556 james.scott@cbre.com

SUE YU Associate Capital Ad +852 282 sue.yu@c

S TEAM

6

nki m

a

NG

4 3

CHINA HONG KONG

Seoul Shanghai

JAPAN Tokyo

Hong Kong

Singapore

5 AUSTRALIA

4

EN YUAN Director dvisors Asia 06 9169 yuan@cbre.com

JAPAN JUN MUTO Head of Capital Advisors Japan +81 80 6654 4351 junichiro.muto@cbre.co.jp

5

dvisors Asia 20 2875 © 2 0 2 0 C B R E I n c . cbre.com

PACIFIC ANDREW MCCASKER Head of Debt and Structured Finance Pacific +61 438 947 780 andrew.mccasker@cbre.com.au

6

Sydney

CHINA JOE ZHOU Executive Director China Capital Advisors Group +86 136 3662 9798 joe.zhou@cbre.com

G LO B A L E Q U I T Y PLACEMENT OFFERING Intelligence and expertise to fully map the indirect capital markets

JOINT VENTURES

FUNDS

PRIMARY

CLUBS

C O R P O R AT E DEALS

SECONDARY

© 2020 CBRE Inc.

US$40BN

CBRE Equity Placement has transacted US$40 bn* of unlisted real estate equity since 2010 across Primary and Secondary markets

Capital raising

PRIMARY EQUITY PLACEMENT

Private placements Strategic acquisitions Development, corporate and convertible equity

Vehicle (re)structuring

S T R AT E G I C ADVISORY

Capital (re)structuring Manager advisory and business planning Business repositioning

EXECUTION O N LY BROKERAGE

PropertyMatch and InfraMatch ® Online trading platform Price matching Trade execution

Portfolios

TA I LO R E D SOLUTIONS

Large/illiquid positions Tail investment(s) Fair value fund valuations Hold sell analysis and advisory

* Figure as of Q1 2020

© 2020 CBRE Inc.

G LO B A L I N V E S T M E N T ADVISORY OFFERING A trusted adviser to corporates and institutions across all real estate sectors

O U R VI S I ON We help our clients reach their investment goals by putting their interests first and developing solutions that satisfy their risk-return criteria. Investment Advisory’s goal is to solve our clients’ investment challenges.

Our team operates across all investment channels; direct property, unlisted securities and lending. Our experienced leadership team comes from investment, real estate finance and fund management backgrounds.

US$480M DEPLOYED

DEPLOYED US$1.2BN

through integrator model across Europe

of capital into real estate debt over the last 3 years

ADVISED ON £7BN investments in unlisted securities over 7 years

© 2020 CBRE Inc.

RETAINED 14+ DEBT AND EQUITY MANDATES with US$2.8bn AUM for global clients since 2010

TEAM OF 35+

INVESTED £3BN

diverse and experienced professionals

into direct real assets since 2010

G LO B A L LO A N SERVICES OFFERING CBRE’s global loan services platform with hubs in Dublin, Frankfurt, London, Paris, Madrid, Milan, Houston and Sydney manages over US$204bn in commercial real estate loans for third party clients.

Loan Service team provides the full suite of services required to achieve superior loan servicing and asset management solutions

S TR ON G RAT I N G

© 2020 CBRE Inc.

>US$204BN in commercial real estate loans for third party clients

SPECIAL SERVICER S&P ABOVE AVERAGE FITCH CSS2

TRACK RECORD

ASIA JV/CO-INVESTMENT ASSIGNMENT CHINA RENTAL HOUSING

2018 Equity raised from c.RMB 200 million Asset management arm of American life insurance company

COLLAB & CONFIDENTIAL

US RESIDENTIAL DEVELOPMENT

Total Project Size

c. RMB 400 million

Strategy

Value Add

Asset Type

Rental Housing

Region

Shanghai, China

Total Floor Area

8,600 sqm

Detail • CBRE identified a US equity partner for a 8,600 sqm 4-story residential podium re-development in Shanghai, China undertaken by Collab, a Warburg Pincus backed urban redevelopment platform in China.

2018 Equity raised from US$120 million Japanese developer

Strategy

20billion JPY ≒ US$175 million

Asset Type

Residential, Retail

Region

Dallas, USA

Total Floor Area

69,152 sqm

Total Project Size

ITOCHU, ZOM & DAIWA HOUSE

@ 2020 CBRE Inc.

Development

Detail • CBRE identified a Japanese equity partner for a 69,152 sqm mixed-use 41-story luxury high-rise development in Dallas, USA undertaken by ZOM Living

ASIA JV/CO-INVESTMENT ASSIGNMENT SOUTH ASIA INDUSTRIAL DEVELOPMENT

2019 Equity raised from Undisclosed Japanese developer Total Project Size

Undisclosed

Strategy

Development

Asset Type

Industrial (portfolio)

Region

South Asia

Total Floor Area

N/A

Detail

UNTITLED

THAI INDUSTRIAL DEVELOPMENT

• CBRE identified a JV partner for a major Japanese RE developer for their first overseas industrial investment

2016 Equity raised from US$120 million Japanese developer

WHA & DAIWA HOUSE

Total Project Size

THB 2,372 million

Strategy

Development

Asset Type

Logistics

Region

Thailand

Total Floor Area

118,971 sqm

Detail • CBRE was mandated to identify a JV partner for WHA, the largest logistics developer in Thailand • After a careful selection process, a major Japanese developer was introduced and is undergoing due diligence with CBRE’s support

@ 2020 CBRE Inc.

ASIA JV/CO-INVESTMENT ASSIGNMENT US INDUSTRIAL DEVELOPMENT

2014 Equity raised from US$30 million Japanese developer

CT REALTY INVESTORS & MITSUBISHI

Total Project Size

US$500 million

Strategy

Development

Asset Type

Logistics

Region

Dallas, USA

Total Floor Area

107,000 sqm

Detail • CBRE identified a Japanese equity partner for a 107,000 sqm logistics warehouse development in Dallas, USA undertaken

by US developer CT Realty • CBRE Japan’s assignment included market analysis and due diligence support on the part of Mitsubishi Corp

@ 2020 CBRE Inc.

ASIA CAPITAL RAISING ASSIGNMENT PARAMOUNT MEZZANINE DEBT FUND

2019 Equity Capital Raised USD20 million from Japan (for the Fund’s second closing)

PARAMOUNT GROUP. INC.

OPUS ARISUGAWA BUILDING

Total Fund Size

USD700 million (USD 200 million raised by Q1 2020)

Strategy

Mezzanine Debt

Asset Type

Core Office

Region

NY, Wash DC, SF

Expected Return

7 year

Total Return

7-10% gross

Detail •

The fund invests in Mezzanine debt of core prime offices in NY, SF and DC

•

The fund is managed by Paramount Group, one of the largest US public real estate companies focused almost exclusively on high-quality, Class A office properties

2018 XXX

Sell Side Advisor

Total Equity Size

Approx. USD150 million

Strategy

Core / Value Add

Asset Type

High end Residential

Region

Tokyo Japan

Detail

GROSVENOR

@ 2020 CBRE Inc.

•

Capital Advisors Japan was mandated to lead and run the disposition process of Grosvenor Japan’s key asset.

•

CBRE CA managed 6 brokers and over 200 investors globally to market the asset

•

Grosvenor was able to successfully acheive a sale price well above their expectations

ASIA CAPITAL RAISING ASSIGNMENT L&G PROPERTY INCOME FUND (PIF) II

2015 Equity Capital £50 million Raised from Japan Total Fund Size

£440 million

Strategy

Core

Asset Type

Diversified

Region

United Kingdom

Expected Return

LEGAL & GENERAL

[Gearing Level]

[50%]

Distribution Yield

7-8%

Net IRR

12-14%

Detail • PIF II is a diversified income-based fund that invests in commercial properties throughout the UK.The fund is managed by Legal & General (L&G) Property Partners, the real estate arm of one of the largest investment managers in Europe.

• CA Japan mandate – successfully raised STG50mio in 4mos

ASR DUTCH PRIME RETAIL FUND

2014 Equity Capital Raised 250 million from Japan Total Fund Size

750 million

Strategy

Core

Asset Type

High Street Retail

Region

Netherlands

Expected Return

10 year

Distribution Yield

6.7%

Total Return

10.8%

Detail

ASR REAL ESTATE

• This fund is a collection of 210 prime high street retail facilities located predominantly in the Netherlands • The fund is managed by ASR Real Estate, the fourth largest Dutch insurance company’s asset management subsidiary • This investment marked the single largest recorded fund investment from a Japanese Investor

@ 2020 CBRE Inc.

EMEA JV/CO-INVESTMENT ASSIGNMENT

LONG HARBOUR

GREEN REIT PLC

Total Project Size

£500 million

Total Project Size

1,340 million

Name

Long Harbour Multifamily UK

Name

Green REIT PLC Ireland

Period

2019

Period

2019

Type

Co-investment/JV(sell side)

Type

Co-investment/JV(sell side)

AVESTUS

GRIFFEN

Total Project Size

162.5 million

Total Project Size

258 million

Name

Avestus Irish residential fund Dublin, Ireland

Name

Griffen UK logistics portfolio UK

Period

2019

Period

2018

Type

Co-investment/JV(Sell Side)

Type

Co-investment/JV(sell side)

@ 2020 CBRE Inc.

EMEA JV/CO-INVESTMENT ASSIGNMENT

LENDINVEST

EXPLORER INVESTMENT

Total Project Size

150 million

Total Project Size

78 million

Name

RDL Programme UK

Name

Office-led Portfolio Lisbon, Portugal

Period

2018

Period

2017

Type

Co-investment/JV (Sell Side)

Type

Co-investment/JV (Sell Side)

MOMENTUM REAL ESTATE INVESTMENT MANAGERS

DANICA PENSION

Total Project Size

60 million

Total Project Size

925 million

Name

Residential Development Partnership Spain

Name

Shopping centres Denmark

Period

2017

Period

2017

Type

Co-investment/JV(sell side)

Type

Co-investment/JV(sell side)

@ 2020 CBRE Inc.

EMEA CAPITAL RAISING ASSIGNMENT

KRONOS HOMES

NEW CORE CAPITAL MANAGEMENT

Total Project Size

37 million

Total Project Size

£53 million

Name

Kronos Residential Fund III Spain

Name

Newcore Strategic Situations IV UK

Period

2019

Period

2019

Type

Primary Raise

Type

Primary Raise

OCTOPUS HEALTHCARE

ALTER A

Total Project Size

£43.8 million

Total Project Size

291 million

Name

Octopus Healthcare Fund UK

Name

Altera core retail fund Netherlands

Period

2019

Period

2019

Type

Primary Raise

Type

Primary Raise

@ 2020 CBRE Inc.

EMEA CAPITAL RAISING ASSIGNMENT

CATELLA

NN GROUP

Total Project Size

140 million

Total Project Size

1.5 billion

Name

Catella European Residential Fund III Pan-euro

Name

Former Delta Lloyd portfolio Netherlands

Period

2019

Period

2019

Type

Primary Raise

Type

Primary Raise

ELIX

ASR DUTCH

Total Project Size

100 million

Total Project Size

150 million

Name

Vintage Residencial Socimi SPAIN

Name

ASR DUTCH Mobility office fund Netherlands

Period

2018

Period

2017

Type

Primary Raise

Type

Primary Raise

@ 2020 CBRE Inc.

US JV/CO-INVESTMENT ASSIGNMENT

CONFIDENTIAL

CONFIDENTIAL

Total Project Size

$85 million

Total Project Size

$150 million

Period

June 2019

Period

June 2019

Type

Exclusive Financial Advisor

Type

Financial Advisor

Detail

Exclusive Financial Advisor on the formation of an Opportunity Zone joint venture to capitalize the development of a 486-unit multifamily asset in Jacksonville, Florida

Detail

Financial Advisor on the formation of an Opportunity Zone joint venture to capitalize the development of a multifamily asset in New York City

RH

CONFIDENTIAL

Total Project Size

$40 million

Total Project Size

$129 million

Period

April 2019

Period

March 2019

Type

Financial Advisor

Type

Financial Advisor

Detail

Financial Advisor on the formation of a Opportunity Zone joint venture to develop a 142unit workforce housing asset in Fort Lauderdale, Florida

Detail

Financial Advisor on the formation of a Opportunity Zone joint venture to capitalize the development of a 345-unit multifamily asset in Downtown Atlanta

@ 2020 CBRE Inc.

US JV/CO-INVESTMENT ASSIGNMENT

HHM

CARBON CORNERSTONE

Total Project Size

$20 million

Total Project Size

$45 million

Period

February 2019

Period

November 2018

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor on the formation of a joint venture between HHM Hospitality and a Dubai-based family office investor for the acquisition of a 112-key HGI hotel

Detail

Exclusive Financial Advisor on the formation of a programmatic GP joint venture to pursue valueadd multifamily acquisitions

AION

ALAMO MANHATTAN

Total Project Size

$19 million

Total Project Size

$61 million

Period

October 2018

Period

July 2018

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor on the formation of a joint venture between Aion Partners and a Dubaibased family office investor for the acquisition of a 434-unit multifamily asset in New Jersey

Detail

Exclusive Financial Advisor on the formation of a equity joint venture between Alamo Manhattan and an LP investor for the development of a Marriot hotel in Dallas

@ 2020 CBRE Inc.

US CAPITAL RAISING ASSIGNMENT

TRANSWESTERN

CCG

Total Project Size

$200 million

Total Project Size

$100 million

Period

May 2019

Period

January 2019

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor on the formation of a fully discretionary closed-end industrial fund

Detail

Exclusive Financial Advisor on the formation of a $100 million investment vehicle in partnership with a family office investor to pursue GP positions in direct joint ventures

AMHERST

LCS

Total Project Size

$300 million

Total Project Size

$300 million

Period

June 2018

Period

June 2018

Type

Placement Agent

Type

Exclusive Financial Advisor

Detail

Placement Agent to Amherst Capital on the commitment of $50 million from a multi-family office investor to Amherst’s open-end commercial real estate senior loan fund

Detail

Exclusive Financial Advisor on the formation of a fully discretionary joint venture for senior housing opportunities across the risk spectrum and including developments

@ 2020 CBRE Inc.

US CAPITAL RAISING ASSIGNMENT

LAKEMORE

BELL PARTNERS

Total Project Size

$210 million

Total Project Size

$1.025 billion

Period

December 2017

Period

June 2015 - June 2017

Type

Exclusive Financial Advisor

Type

Placement Agent

Detail

Exclusive Financial Advisor to Lakemore on the formation of a senior housing joint venture with LCS on a portfolio of six communities in the Dallas-Fort Worth metro area

Detail

Placement Agent to Bell Partners on the formation of Bell Apartment Fund V and Apartment Fund VI, both fully discretionary closed-end multifamily investment funds

RELATED

PROVIDENCE

Total Project Size

$290 million

Total Project Size

$600 million

Period

December 2016

Period

December 2014

Type

Financial Advisor

Type

Exclusive Financial Advisor and Placement Agent

Detail

Financial Advisor to Related Companies on securing CCCG Overseas Real Estate Pte. Ltd. as a strategic capital partner to fund The Grand, a mixed-use development in Downtown Los Angeles

Detail

Exclusive Financial Advisor and Placement Agent to Providence Energy Corporation on the formation of a strategic oil and gas vehicle with a major U.S. private pension fund

@ 2020 CBRE Inc.

US M&A ASSIGNMENTS

ANGELO GORDON

LONE STAR FUNDS

Total Project Size

$1.5 billion

Total Project Size

$4.1 billion

Period

August 2019

Period

May 2019; December 2017

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor on the sale of a national office & industrial net lease portfolio totalling 13.2 million square feet

Detail

Exclusive Financial Advisor on the sale of 21 properties, 15,254 multifamily units held in a REIT structure in five separate entity transactions, and on the sale of a 28-property, 8,578-unit multifamily portfolio held in a REIT structure

SPACE CENTER

CERBERUS & LINGERFELT COMMONWEALTH

Total Project Size

$1.2 billion

Total Project Size

$93 million

Period

March 2019

Period

December 2018

Type

Financial Advisor

Type

Exclusive Financial Advisor

Detail

Financial Advisor on the sale of a real estate company with an industrial portfolio comprising approximately 19 million square feet

Detail

Exclusive Financial Advisor on the sale of a select and full-service five property hotel portfolio comprising 758 rooms

@ 2020 CBRE Inc.

US M&A ASSIGNMENTS

STARWOOD PROPERTY TRUST

GREENFIELD PARTNERS

Total Project Size

$231 million

Total Project Size

$362 million

Period

September 2018

Period

June 2018

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor on the sale of three properties held in a REIT structure in a broader $1.0 billion multifamily portfolio

Detail

Exclusive Financial Advisor on the sale of a 4.5 million square feet national industrial portfolio and a 915K square feet. Midwest light industrial portfolio both structured as REIT share transactions

OAK STREET

WOOD PARTNERS

Total Project Size

$1.3 billion

Total Project Size

Undisclosed

Period

August 2017

Period

August 2017

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor to Oak Street Real Estate Capital on the sale of a 96-property NNN leased portfolio located across 20 states

Detail

Exclusive Financial Advisor to Wood Real Estate Investors, LLC on the sale of a controlling interest in Wood Partners

@ 2020 CBRE Inc.

ASIA INVESTMENT ADVISORY ASSIGNMENT JAPAN PENSION FUND BUYSIDE ADVISORY

2015 In 2015, CBRE Capital Advisors was exclusively mandated as the advisor to GPIF, the world’s largest pension fund, on the creation of their real estate investment strategy.

The mandate covers all segments of their platform and strategy, including benchmark setting, portfolio allocation, and investment strategy.

2019 In 2019, CBRE Capital Advisors was again exclusively mandated as the exclusive advisor to GPIF, on creation of their mid term real estate investment strategy and allocation.

The mandate is still undergoing and is scheduled to continue until March 2020

GOVERNMENT PENSION INVESTMENT FUND

EUROPEAN INDUSTRIAL BUYSIDE ADVISORY

Total AUM

US$ 1.3 trillion

Real Estate Allocation

5% allocation to Alternative Assets, including Real Estate, Private Equity and Infrastructure

Strategy

N/A

Asset Type

N/A

Region

Global

2019

Advisory for buyside feasibility

Total project size

60 million

Strategy

Core

Asset Type

Industrial

Region

UK, Netherland, Belgium

Detail • CBRE Capital Advisors was mandated to perform feasibility study for an acquisition of 3 industrial assets in Europe • The portfolio is currently occupied by a Japanese logistics company and Daiwa was approached by the tenant to acquire on a sales & leaseback scheme

DAIWA HOUSE

US MULTIFAMILY BUYSIDE ADVISORY

• This will be the first investment into Europe by Japan’s biggest real estate conglomerate group

2019

Feasibility, underwriting advisory for US multifamily JV development project

Total Project Size

US$ 60 million

Strategy

Development

Asset Type

Multifamily

Region

Atlanta, USA

Detail • CBRE was mandated to underwrite and support the company’s first overseas real estate investment.

KYUSHU ELECTRIC POWER CO.,INC.

• CBRE Japan’s assignment included market analysis and due diligence support on both the project and the sponsor of the project.

• Kyuden is expected to successfully deploy their capital this year

@ 2020 CBRE Inc.

EMEA INVESTMENT ADVISORY ASSIGNMENT

MERSEYSIDE Total Project £450 million Size

TEESIDE PENSION FUND Total Project £225 billion Size

Name

Merseyside Pension Fund UK

Name

Teesside Pension Fund UK

Period

Since 2010

Period

Since 2012

Type

Investment Advisory

Type

Investment Advisory

OCTOPUS HEALTHCARE Total Project £216 million Size Name

£134M Fund launched & £82m raised for Octopus Healthcare Fund UK

Period

2018

Type

Investment Advisory

@ 2020 CBRE Inc.

AIMCO

TRAFFORD COUNCIL Total Project £300 billion Size Name

Trafford Council UK

Period

Since 2017

Type

Investment Advisory

THE CROWN ESTATE

Total Project £300 million Size

Total Project £3.2 billion Size

Name

Alberta Investment Management Corporation, AIMCo UK

Name

The Crown Estate’s Regent Street Portfolio UK

Period

Since 2016

Period

Since 2005

Type

Investment Advisory

Type

Investment Advisory

DAIWA CAPITAL MARKETS Total Project £120 billion Size Name

Daiwa Capital Markets Limited Europe

Period

Since 2014

Type

Investment Advisory

SOUTH YORKSHIRE PENSIONS AUTHORITY Total Project £ 80 million Size Name

South Yorkshire Pension Authority UK

Period

Since 2011

Type

Investment Advisory

US INVESTMENT ADVISORY ASSIGNMENT

CONFIDENTIAL

BH EQUITIES, LLC

Total Project Size

$44 million

Total Project Size

$46 million

Period

September 2019

Period

January 2019

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor on the formation of a Joint Venture to acquire a multifamily property in Duluth, GA

Detail

Exclusive Financial Advisor on the formation of a multifamily GP fund between BH Equities and a Dubaibased family office

LAKEMORE

EASTERLY GOVERNMENT PROPERTIES INC.

Total Project Size

$72 million

Total Project Size

$128 million

Period

July 2018

Period

June 2017

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor to Lakemore on the formation of a joint venture with Real Hospitality Group to pursue a national portfolio of select-service hospitality properties

Detail

Exclusive Financial Advisor to Easterly Government Properties on the arrangement of acquisition financing for the Department of Veterans Affairs Ambulatory Care Facility in Loma Linda, California

@ 2020 CBRE Inc.

US INVESTMENT ADVISORY ASSIGNMENT

MACQUARIE

KFH CAPITAL

Total Project Size

Undisclosed

Total Project Size

Undisclosed

Period

May 2017

Period

February 2016 - August 2016

Type

Financial Advisor

Type

Exclusive Financial Advisor

Detail

Financial Advisor to Macquarie Group on the Uniform Commercial Code (UCC) Foreclosure Sale via public auction of an 11-asset Texas multifamily portfolio

Detail

Exclusive Financial Advisor to KFH Capital on the restructuring and recapitalization of the Palm Desert at University Park, and The Ritz Carlton Residences, Chicago

Domestic Family Office

DOMESTIC FAMILY OFFICE

SEERA INVESTMENT BANK

Total Project Size

$43 million

Total Project Size

$75 million

Period

May 2017

Period

July 2016

Type

Exclusive Financial Advisor

Type

Exclusive Financial Advisor

Detail

Exclusive Financial Advisor to a domestic family office on both senior debt and equity placement in a joint venture with the PPA Group to acquire a 476-unit multifamily property in Irving, TX

Detail

Exclusive Financial Advisor to Seera Investment Bank on the formation of a joint venture with the Koll Company to acquire a 1 million square feet distribution center fully leased to a Fortune 50 E-commerce company

@ 2020 CBRE Inc.

CASE STUDIES

LONG HARBOUR £500M PRS FORWARD FUNDING

DESCRIPTION CBRE Capital Advisors acted as the lead Placement Agent for the Long Harbour Multi-Family Venture. Long Harbour has raised its third Build to Rent (BtR) investment venture, enabling it to continue to grow its portfolio across the UK. Long Harbour now has an initial £500m of capital to deploy into the sector in the next 24 months. The new venture will target the development of high quality BtR schemes of over 150 units in London, the South East and selected regional cities, all of which will be managed by ‘Way of Life’, its in house PRS (Private Rented Sector) management platform

OPPORTUNITY

KEY FACTS Year

2018

Equity Raised

£500M

Investor Type

Confidential

Sources of Equity

UK

Service Lines involved

Capital Advisors Equity Placement

Investment Type

Secured Pipeline

Strategy

Forward Funded Residential Development

CBRE Equity Placement were mandated to raise equity to forward fund six high quality UK PRS pipeline assets (secured and de risked) with a GDC of c.£470m Long Harbour offered an attractive pipeline with target net returns of 11% - 14% IRR (assuming c.50% LTC) CBRE Equity Placement team was engaged in November 2018 to prepare the opportunity for presentation to an international and domestic institutional investor base.

Two months after commencement a single large potential investor was identified and carried out due diligence through a six week exclusivity period.

This culminated in April 2019 in the successful signing of a £500m JV funding commitment, with limited adjustment to the LH management terms as advised by CBRE. CHALLENGE CBRE advised on market facing terms and returns – including advice on the financial model CBRE created a suite of marketing documents, detailed enough for a global institutional investor base CBRE targeted investors where the ticket size and risk / return profile would fit their global allocation and requirements 2019 saw the successful signing of a £500m JV funding commitment, with limited adjustment to the LH management terms as advised by CBRE

@ 2020 CBRE Inc.

OCTOPUS HEALTHCARE UK OPEN ENDED HEALTHCARE FUND RAISES £100M

DESCRIPTION In Q4 2018 CBRE Equity Placement secured £100m capital for the Octopus Healthcare Fund (‘OHF’) from NN Group (Nationale Nederlande) - a significant endorsement from a leading Dutch institutional investor, and the 1st from a Dutch investor, opening up a new jurisdiction to OHF. The investment builds upon CBRE’s success having assisted with the initial conversion to a perpetual fund and raising £230m in the first 2 quarters of dealing (Q3 & Q4 2017)

OPPORTUNITY Specialist healthcare investment management platform Octopus Health Fund is a perpetual fund currently invested in a £167m portfolio of 22 modern, purpose built assets; alongside a visible £300m+ 12 month pipeline To invest in real estate assets let to the elderly and specialist healthcare operators backed by strong underlying socio-demographic supply/demand dynamics Long occupational income (RPI linked), typically 30+ year leases with annual RPI indexation

KEY FACTS Year

2018

Equity Raised

£100M

Access to a sector historically unavailable to investors but becoming increasingly more institutionalised

Investor Type

Insurance Fund

CHALLENGE

Sources of Equity

The Netherlands

Service Lines involved

Capital Advisors Equity Placement

Investment Type

Seeded

Continuing to evolve and scale the Octopus Group Healthcare platform from current AUM of £1bn to £2bn+ whilst seeking to firmly establish their flagship vehicle the Octopus Healthcare Fund as the category killing open-ended elderly & specialist care fund of scale in the UK.

Strategy

Core Plus

@ 2020 CBRE Inc.

Specifically target large ticket, long-term, global institutional capital at a period of peak BREXIT uncertainty in relation to UK real estate investment - many investors were taking a “wait & see” approach to UK.

NN GROUP ADVICE ON THE LARGEST DUTCH RESIDENTIAL TRANSACTION OF C. 1.5BN

DESCRIPTION CBRE Capital Advisors advised NN Group on the structuring of their direct residential portfolio (the former "Delta Lloyd" portfolio) through a bricks-for-shares transaction with Vesteda, the largest non-listed residential fund of the Netherlands.

OPPORTUNITY NN Group acquired listed insurance company Delta Lloyd in 2016.

With this acquisition, NN Group became a large direct real estate owner, as Delta Lloyd invested a significant portion of its AUM in Dutch real estate.

Strategically NN Group does not invest directly in real estate. CBRE structured a deal that allowed the residential element of the portfolio to be sold to a Dutch non-listed residential fund in return for shares – thus keeping exposure indirectly.

Year

2018

CBRE working as one team were able to assist NN Group across different specialist services: Capital Advisors, Investment Properties and Valuations.

Equity Raised

1.5BN

CHALLENGE

Investor Type

Insurance Fund

Sources of Equity

The Netherlands

The Dutch residential market is experiencing a strong recovery with values going up significantly.

Service Lines involved

Capital Advisors Equity Placement, Capital Markets

Investment Type

Seeded

Strategy

Core

KEY FACTS

Valuers were lagging in their appraisals of residential growth. CBRE therefore had to analyse the portfolios for both parties (NN Group as seller and Vesteda as buyer) using a detailed, bottom-up approach.

During this process, CBRE noticed a significant undervaluation of NN Group's portfolio, however also to a lesser extent Vesteda's portfolio.

Overall our analysis and advice led to a significantly higher transfer price.

The portfolio was valued at 1,509m of which 1,295 was existing units and 214 was pipeline units.

@ 2020 CBRE Inc.

ÁRIMA REAL ESTATE CBRE CAPITAL ADVISORS ACTED AS FINANCIAL ADVISOR TO IVANHOÉ CAMBRIDGE ON THE ACQUISITION OF A 20.3% STAKE IN A MADRID LISTED OFFICE-FOCUSED REIT

KEY TRANSACTION FACTS

BEFORE

AFTER

CBRE CORPORATE FINANCE

Market Cap

146m

296m

CBRE Capital Advisors acted as sole financial advisor to Ivanhoé Cambridge.

Number of Directors

5

6

Ivanhoé Cambridge Ownership

0%

20.3%

Savills Aguirre Newman acted as real estate valuer and Clifford Chance as legal and tax advisors.

ÁRIMA CAPITAL RAISE HISTORY IPO on Madrid Stock Exchange – October 2018

100m

Follow-on – April 2019

40m

Follow-on – November 2019

150m

Total since listing

290m

The deal highlights CBRE Corporate Finance’s strong cross-border connectivity and M&A expertise in complex listed transactions.

KEY INVESTMENT HIGHLIGHTS Ivanhoé Cambridge will become the largest shareholder in Árima Real Estate (“Árima”), a Spanish listed office-focused REIT (SOCIMI), by investing 60m as part of a capital increase announced on November 13, 2019.

As a result, Ivanhoé Cambridge will own a 20.3% stake in Árima and will also appoint a director on the board, and be represented in various committees, including the investment committee. Árima currently owns a portfolio of 6 assets located in CBD and established business areas in Madrid with a GAV of approximately 175m (as of September 30, 2019), and follows different value-add strategies (refurbishment, lease-up and re-leasing, ownership consolidation). Árima is led by the team that previously managed Axiare Patrimonio SOCIMI. Ivanhoé Cambridge’s investment formed part of a total capital increase of 150 million. This is the second successful capital increase for Arima this year, having more than doubled in size since its IPO. Ivanhoé Cambridge’s investment will further support Árima’s growth ambitions, providing the capital for additional investments in offices in Madrid with a value creation strategy. Árima has identified a pipeline of approximately 1.3 billion in properties, under various stages of analysis.

@ 2020 CBRE Inc.

NORTHSTAR REALTY EUROPE (”NRE”) CBRE ACTED AS ADVISOR TO AXA INVESTMENT MANAGERS ON THE ACQUISITION OF NRE

TRANSACTION DESCRIPTION

HISTORICAL TRADING

On 4 July 2019, AXA Investment Managers Real assets announced it had signed an agreement to acquire the entire issued share capital of Northstar Realty Europe (NYSE: NRE)

US$ 20.00

CBRE provided real estate advisory services to AXA IM – Real Assets in connection with the transaction.

Offer Price per Share

18.00 16.00 14.00

Unaffected Share Price

12.00

The announcement is the conclusion of a comprehensive strategic review initiated by NRE Strategic Review Committee in November 2018 with the help of Goldman Sachs, during which over 100 parties were contacted

10.00

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8.00

KEY FACTS Completed

Q3 2019

Transaction Value

c. US$860

Gross Asset value of assets

c. 1.1bn equivalent

EPRA NAV (31 March 2019)

c. 1.03bn

Price

Northstar Realty Europe (NYSE:NRE) is a NYSE-listed REIT, externally managed by Colony Northstar, focused on prime office properties in key European markets. Following a series of disposals in 2017 and 2018, NRE had streamlined its portfolio to 12 prime office properties in Paris, London and key German cities as well as two hotels in Berlin.

1

c. US$17.03 per share equivalent

Share Price Premium2

15.8%

Property Type

Office (12 assets) and Hotels

Portfolio Location

Germany (Hamburg, Berlin, Dusseldorf, Cologne, Munster), Paris, London

1 NRE

shareholders will receive US$1.68 per share plus the US$ equivalent of 9.26 and £3.82 per share, corresponding to $17.03 per share based on 3month forward exchange rate 2 Based

on spot foreign exchanges as of 2 July 2019, the estimated per share consideration is $16.95 per share, representing a 15.8% premium to the unaffected closing share price of US$14.63

@ 2020 CBRE Inc.

TRANSACTION HIGHLIGHTS The transaction was a rare opportunity to secure in a single transaction a large portfolio of prime European offices (1.3 million sq ft) in core locations with an asset level NOI of US$48.2m and a WALT of 6.2 years CBRE teams from Capital Advisors and Investment Properties in France, Germany and the UK worked seamlessly alongside Deutsche Bank US team to provide comprehensive advisory services to AXA IM The consideration paid by AXA IM is a combination of US dollars, euros and pound sterling, with NRE entering into a 6-month forward contract to settle the non-US denominated portion of the purchase price into US dollar at closing.

The estimated consideration reflects a gross asset value broadly in line with the most recent portfolio valuation, the 31 March 2019 EPRA NAV being reduced for a number of corporate adjustments: (i) termination payment of external management agreement, (ii) transaction cost, (iii) issuance of compensation and retention shares, (iv) performance share vesting, (v) FX movements and (vi) cash flow movements until estimated closing

PAN-EUROPEAN LOGISTICSPROJECT ROSE CBRE ADVISED ON THE RESTRUCTURING AND RECAPITALISATION OF A PAN EUROPEAN LOGISTICS PLATFORM PORTFOLIO AREA BY GEOGRAPHY

KEY INVESTMENT HIGHLIGHTS

OWNED LAND

The expansion of logistics supply chains, has driven unprecedented performance in occupational markets;

(351 HECTARES)

Attractive mix of high value income producing assets, new development and expansion opportunities;

UK Ireland

Proven track record in:

Spain

Sourcing and promoting strategically located land and delivering modern, logistics buildings;

Poland

Developing and maintaining deep relationships with key customers.

IDENTIFIED LAND

Ambition to roll-out successful business model at scale across Europe and create a + 6bn value business by unlocking new opportunities in existing and new cities;

(380 HECTARES)

UK Spain

Best in class team regionally structured across the UK, Ireland and Continental Europe, operating with a total of 18 professionals in 7 countries.

TRANSACTION DESCRIPTION

KEY FACTS Q1 2019

Completed ( bn)

Enterprise Value

1.2

Ongoing Structure

75:25 partnership

Vendor

Confidential

Buyer

Confidential

PORTFOLIO Size Day 1

(sq. m.)

Year 10 (sq. m.)

GDV

( bn)

Seed Assets Location

c.85,000 c.3,400,000 6.6 UK, France, Spain, Poland

CBRE was engaged to advise on the options for a logistics partnership.

Option analysis: • Platform Sale • Restructuring Context and value drivers: • Market trends in Logistics; • The level of risk and opportunity associated with Optioned Land; • Platform growth potential including development pipeline; • Commercial strategy and management capabilities.

Comprehensive corporate valuation: • Real Estate; • Option Land Business; • Management Company; • Platform Value (Premium).

Both parties’ focus was to understand and crystallise the value of its interests fairly in the context of an ongoing partnership.

CBRE advised on the quantum and allocation of value between the two parties. The price achieved represents a c. 20% premium to the day 1 NAV.

@ 2020 CBRE Inc.

DB SYMMETRY CBRE WERE THE LEAD FINANCIAL ADVISOR ON THE SALE OF ONE OF THE UK’S LARGEST STRATEGIC LOGISTICS DEVELOPMENT PLATFORMS DB SYMMETRY BIGGLESWADE

KEY INVESTMENT HIGHLIGHTS Specialist logistics development platform Strong management team with proven sourcing and promotion capabilities including: establishment of current portfolio, 11 million sqft of consents secured in last 3 years, 100% logistics planning success track record Secured development portfolio comprising in excess of 2,500 acres and capable of delivering in excess of 38 million sqft located on the M1, M40, M6 and M62 motorway arteries.

Efficient capital structure through use of land options and enhanced yield-oncost in a develop-to-core strategy.

Supportive market dynamics based on demand supported by technology driven tailwinds and structural undersupply of warehouse stock

KEY FACTS

Key component of a develop-to-core strategy in logistics, benefiting from a strong secular trend

Completed

Q1 2019

Enterprise Value

£370 million

Structure

Corporate sale of the business

Vendor

DV4 and Management Shareholders

Buyer

Tritax Big Box REIT

Business

Specialist logistics development business comprising 4 shareholder directors, 9 further professional staff and 11 support staff operating from offices in Northampton and Manchester

PORTFOLIO

No.

Net acres

Sqft (m)

Consented developments

7

248

3.3

- Of which under development

5

29

0.6

Strategic land

1

1,613

34.4

Non-strategic land

3

188

-

OPPORTUNITY CBRE was engaged by DV4 and Management Shareholders as lead financial advisor to secure a purchaser for this market leading logistics development and strategic land platform Significant investor education process to understand: • The underlying demand/supply imbalance in the UK logistics development and investment markets; • Planning risk, and options structures • Develop-to-core strategy and economics • Management capabilities and track record The selling Shareholders’ objectives were to optimise value and put the business on a firm footing for the next phase of its evolution as a specialist logistics developer.

The proves attracted a high degree of interest from strategic investors in logistics real estate, institutional investors and private equity with strategies including securing the development portfolio for their investors and transforming the business into a full service logistics investment and development platform.

The winning purchaser, Tritax Big Box REIT, is a specialist FTSE 250 investor in logistics assets that was attracted by the pipeline and its capacity to add attractive high quality assets to their portfolio overtime, the enhanced yieldon-cost relative to the investment market and attractive capital structuring through the use of options, and the development experience of the management team

@ 2020 CBRE Inc.

C O N TA C T S

GRETCHEN YUAN Executive Director Capital Advisors Asia +852 6506 9169 gretchen.yuan@cbre.com

© 2020 CBRE Inc.

@ 2017 CBRE Inc.

SUE YU Associate Capital Advisors Asia +852 2820 2875 sue.yu@cbre.com