DIV_UAE_Valuation & Advisory Services by CBREmarketing

Valuation & Advisory Services MIDDLE EAST CAPABILITIES OVERVIEW Providing comprehensive valuation, advisory and consulting services for real estate owners, investors and lenders, combining our specialized expertise and premier technologies to deliver industry-leading valuation reports and analysis.

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

Invest, Finance & Value

As the global brokerage leader, CBRE is your strategic partner across the entire investment lifecycle. Our advisors drive investment performance with proprietary real-time intelligence that links you to the right capital and opportunities in every market and property type. We help you realize the true value of your property with trusted real estate insights from the most recognized professionals in the industry.

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

The Global Market Leader CBRE is the world’s largest commercial real estate services and investment firm. We advise property owners, investors and occupiers on every aspect of their real estate strategies and assist them in the development, buying, selling, financing, leasing, valuing and management of their assets. A Fortune 500 and S&P 500 company headquartered in Dallas, CBRE has more than 115,000 employees serving clients in more than 100 countries through more than 500 offices globally. CBRE has the optimal balance of local market expertise and global reach. Our market knowledge is complemented by proprietary in-house research databases, comprehensive service offerings, and a proven track record of meeting diverse client needs.

SERVES OVER

OF THE FORTUNE 100

Global

Middle East

115K+

1,300*

~500

100+

Countries

$30.8B

~20

Employees

Offices Worldwide

2022 Revenue

* Including Turner & Townsend employees

Employees

Offices

Years in the region

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

Valuation & Advisory Overview

Middle East Valuation & Advisory Team

Realize the True Value of Your Property

UNITED ARAB EMIRATES

Daniel McCulloch, MRICS Your property value is a key factor in guiding real estate decisions. In today’s ever-changing market, you need access to the most comprehensive, real-time data and skilled professionals who derive intelligence from analytics.

Emily Sturgis

Head of Valuation – MENA +971 50 656 8325 daniel.mcculloch@cbre.com

Director +971 52 640 9529 emily.sturgis@cbre.com

Types of assets valued

UNITED ARAB EMIRATES

SAUDI ARABIA

Our local and regional teams have substantial experience in valuing real estate assets of various type and at all stages the development cycle:

Cathal Kenny

Sergii Kekukh

Director +971 52 528 0631 cathal.Kenny@cbre.com

Director +966 58 114 7899 sergii.kekukh@cbre.com

SAUDI ARABIA

UNITED ARAB EMIRATES

• Un-zoned raw land

• Office

• Development land

• Retail (shopping mall, plaza, showroom)

• Master-planned development

• Mixed-use

Ahmed Raslan

Scott Cameron

• Residential (single-family, multi-family, compound)

• Industrial, Warehouse, Logistics

Associate Director +971 58 828 9317 ahmed.raslan@cbre.com

Associate Director – Residential +971 52 449 6490 scott.cameron@cbre.com

UNITED ARAB EMIRATES

Ravvy Kaur

Joe Titchner

Senior Manager +971 52 127 0508 ravvy.kaur@cbre.com

Senior Manager +971 52 750 1828 joe.titchner@cbre.com

Our Services

COMMERCIAL VALUATION

RESIDENTIAL VALUATION

COST CONSULTANCY

BUILDING CONSULTANCY

Whatever your property, we have an expert to advise you. Our dedicated commercial team manages single assignments to complex portfolio valuations, drawing on our skilled experts for every valuation.

Independent and timely valuations of residential property, of every type, and for all purposes. A world-class solution with the all-important personalised service you should expect.

Building Consultancy provides specialist building surveying services across all sectors of the property industry, and throughout the entire ownership cycle, to both owners and investors.

SAUDI ARABIA

Khalil Ibrahim Manager +971 52 572 7598 khalil.ibrahim@cbre.com

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

300K

Our Solutions

Yearly assignments across the Middle East

2,800+ Global valuation experts

With experts across virtually all property types and geographies, we offer a full suite of valuation services and national teams dedicated to providing specialized solutions. How We Deliver

Property and Portfolio Valuations

Financial Reporting (under IFRS)

Asset disposal and acquisition

Secured Lending

M&A support

Internal decision making

Alternative Use Valuations

Litigation Support and Testimony

Compulsory purchase / eminent domain

30+

20+

Dedicated valuation professionals based in Saudi Arabia

Dedicated valuation professionals based in United Arab Emirates

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

Our Services Commercial Valuation

Retail Valuation

From the high street to across the street, our team Whatever your property, we have an expert to understands retail, with knowledge and data to back advise you. Our dedicated commercial team it up. We specialise in retail valuation and advisory manages single assignments to complex portfolio services for local and international institutions, valuations, drawing on our skilled experts for sovereign funds, superannuation funds, private every valuation. investors, and owner occupiers.

Industrial & Logistics Valuation

We understand the dynamic nature of the retail In today’s ever-changing Industrial & Logistics market and the complex integration of retail-specific market, access to the most comprehensive, real-time considerations. This depth of senior experience and data and a skilled Valuation & Advisory Services focus on consistent and seamless interstate coteam is critical to deriving intelligence from analytics. operation enables us to provide high quality services and advice to our clients. Each asset is unique due to the dynamic nature of the sector and the complex integration of industrialspecific considerations. We can help realise the true value of your property with a tailored approach that Realising the true value of your property is not as matches your specific needs. simple as an equation. Get a professional property

Residential Valuation

The depth of experience and focus on consistent, seamless interstate collaboration allows CBRE to service and exceed your requirements, whether local, regional, or global.

valuation from our team of fully accredited independent property valuers.

Your property value is a key factor in guiding real estate decisions. In today’s ever-changing market, you need access to the most comprehensive, realOffice Valuation time data and analytics, backed by a team with CBRE’s Office Valuation & Advisory team specialises extensive local knowledge and experience for every in providing advice for Office real estate across kind of situation from family law and legal support, all states, with deep local and national market refinancing to rental appraisals. knowledge. Our Valuers have access to the very latest market research and data, providing high No matter what property, no matter the valuation quality, timely and accurate valuations across the service, we are here to realise the full potential of sector. your investment. Our nationally integrated team of experienced valuers has deep relationships with all major domestic and foreign investors, allowing us to provide market-leading perspectives and advice.

Here’s How We Can Help • Residential Valuation & Advisory Services • Secured Lending • Buying, selling or renovating • Family law & legal support

• Financial management • Rental appraisals

How We Deliver

Building Consultancy We offer building consultancy at all points in the property acquisition/divestment process.

• Specialised teams of certified, accredited and dedicated valuers to guide you through the valuation process so you can make the right property decision at the right time.

Our knowledge of the way a building operates, interconnects, and runs through its lifecycle provides property owners and investors with the most accurate advice from our experienced team of • 300,000 valuation assessments conducted each chartered building surveyors, building consultants year, you can trust CBRE to provide you with an and building services engineers. exceptional residential valuation service. • Processes that you can count on for quality and Services timely reporting with strict due diligences that Technical Due Diligence (TDD) ensure fair outcomes. • Surveys for commercial, industrial, hotels, leisure, No matter what property, no matter the valuation aged care facilities, education facilities and retail buildings for investment or occupational purpose. service, we are here to realise the full potential of your investment. • Comprehensive technical reports, advising on the appropriate level of technical and specialist services.

Cost Consultancy

From setting the budget to administering the construction contract. From exploring the feasibility of a project to managing the design and documentation process, our cost consultants will help you understand and reduce costs throughout the entire asset life cycle. Our cost consultants have the experience and capability to offer a wide range of cost advisory services, including: • Budget Feasibility • Cost Planning • Tendering • Post Contract • Final Account & Post Completion Evaluation • Reinstatement Cost Assessment

Make Good Schedules & Assessments • Preparation of final, terminal and interim make good schedules and assessments for both landlords and tenants, providing specialist advice to assist with the negotiation of settlements, monitoring of works and RICS guidance. Capex, Opex & Maintenance • Expert and pragmatic advice to building owners, occupiers and property managers in respect to capital expenditure and building maintenance, capital expenditure and physical implementation of capital and maintenance works. Schedule of Condition • Preparation of comprehensive photographic schedules of condition to accurately record the condition of buildings. • The requirement to record condition typically aligns with lease commencement (often prior to fit-out works) to ensure an accurate record of condition is recorded and agreed between landlord and tenant.

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

CASE STUDY

Sakany by Dubai South Background CBRE was tasked with providing a market value for under construction and operational assets at the date of valuation, for secured lending purposes. Dubai South set out to create a low-cost and high quality living environment to support the growth of the wider master-planned area surrounding Dubai Word Central airport and the Expo 2020 site.

Challenge The Property consists 22 staff accommodation buildings, dining hall, retail and associated leisure amenities, that on completion will accommodate 15,000 residents. Sakany by Dubai South represents a step-change in the provision of staff accommodation facilities and in the context of existing stock, Sakany proved challenging to value. Superior efficiency and amenity provision bucked the trend of existing benchmarks and KPIs for this asset class. In order to tackle the challenges, CBRE undertook the following: • Assign a market specialist as a single point of contact for the client and to oversee the project; • Detailed analysis of passing and asking rents, and incentives offered by competing schemes to supplement the datapoints presented by the Sakany rent roll; • Thorough inspection to understand the accommodation and amenity provision; • Canvassing the extensive CBRE database of investors to determine appetite for the asset class and required rates of return.

How CBRE created advantage Relying on our market leading expertise, CBRE created advantage by: • Using specialised asset data points to provide detailed analysis of competing operational assets in the local market; • Consulting investors and asset owners to determine and validate required rates of return, leading to increased valuation accuracy.

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

CASE STUDY

ICD Brookfield Place Background CBRE was first instructed by ICD Brookfield Place Limited before excavation began for the cavernous basement. The landmark scheme is now a LEED Platinum Certified, Grade A Commercial Building located in the Northern Precinct of Dubai International Financial Centre (DIFC), providing over a million sq. ft of leasable area across ground, podium and a total of 53 floors. That basement now provides 2,700 parking spaces and is seven storeys deep!

Challenge The Property offers unarguably the highest specification office accommodation in the DIFC and potentially the region. This presented a unique challenge in forecasting appropriate rental levels for the Property while still a development site and with no pre-leases signed. In addition to this, further challenges presented in terms of determining appropriate occupancy levels, lease-up timeline and void periods. In order to tackle the challenges, CBRE undertook the following: • Assign a senior team member and sub-market specialist as a single point of contact for the client and to • oversee the project; • Detailed analysis of passing and asking rents, incentives offered, and lese terms for competing schemes; • Primary research canvassing potential occupiers regarding interest levels and premium payable for an • upgrade in specification and amenity; • Analysis of in-house proprietary data regarding active space requirements for CBRE’s local and • international corporate client base.

How CBRE created advantage Relying on our market leading expertise, CBRE created advantage by: Relying on our superior market knowledge of this asset class and the ability to leverage both the CBRE extensive network of agents and proprietary data, we were able to provide a fully justified and validated forecast of future income and current day value. A realistic approach to valuation from day one cemented CBRE as a trusted advisor to ICD Brookfield Place and its financiers during the four-year construction period and onwards into operations.

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

CASE STUDY

Ministry of Finance of Saudi Arabia Background CBRE was tasked with providing valuation for a large and diverse real estate asset registry across the Kingdom of Saudi Arabia. Under the cash-to-accrual transformation project, the Ministry of Finance of Saudi Arabia set out to create an inventory of all government entities’ assets and obligations in order to identify their financial positions and separate them from the financial position of the State. Through this initiative, the aim is to improve financial reporting, enhance transparency and support decision makers. Another key objective is to diversify and expand the economy’s competitiveness by creating a database that would allow the Ministry of Finance to view the Kingdom’s real estate portfolio interactively and review the key performance indicators of each property registry.

Challenge The project is marked by a high level of complexity with multiple challenges, such as the size of the portfolio, the disperse nature of the information, and the need to tailor the valuation outputs to the requirements of the Ministry of Finance. In order to tackle the challenges, CBRE undertook the following: Assembled and trained a team of local experts; • Tailored in-house AVM to the needs of the project to value vast numbers of properties in a relatively short period of time; • Build an effective system of requesting, tracing, sorting, analyzing, and utilizing assetrelated information; • Build a user-friendly yet comprehensive reporting system in-line with the requirements; • Maintaining property registry with unique asset numbers; • Risk identification and mitigation plan which helped foresee challenges and close key gaps.

How CBRE created advantage Relying on our marketing leading expertise, CBRE created advantage by: • Mobilizing CBRE international resources, including teams involved in automated valuation models and large-scale portfolio valuation; • Building an effective chain of communication between various stakeholders; • Creating a comprehensive property and market intelligence database.

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

CASE STUDY

ROSHN Real Estate Co. Background The Public Investment Fund is currently addressing the ongoing housing shortage in the Kingdom of Saudi Arabia. As part of this initiative, ROSHN Real Estate Company has been established to contribute towards closing the housing gap through the development of integrated townships. SEDRA masterplan is ROSHN’s first community development in Riyadh. The masterplan is spread across 25 million sq. m, delivering more than 31,000 residential units. CBRE was tasked to conduct valuation of certain components of the masterplan.

Challenge ROSHN’s strategy assumes certain components of the masterplan to be developed by subdevelopers, under strict guidelines and quality control. We were tasked to estimate value of various plots intended to be sold to the sub-developers. The subject plots were located in several phases of the masterplan, including different types, sizes and local position. The subject masterplan represents a new type of residential development with limited comparable evidence both in Riyadh and the Kingdom in general. Accordingly, collected market evidence had to be carefully selected and tailored to the unique features of the Property. In order to tackle the challenges, CBRE undertook the following: • Analysis of the masterplan concept, drawing and various other visual aids. This helped us understand the intentions of the developer and assess how the masterplan addresses the market gaps; • Comparison of various phases and plot types; • Assessment of potential target audience and their preference; • Market research in the surrounding of the property; • Estimation of adjustments to reflect key differences between comparables and the various subject plots; • Estimation of key factors to be considered by the sub-developers, including costs, revenues and absorption rates; • Plot-by-plot valuation aggregating the outcome in line with the requirements.

How CBRE created advantage Relying on our market leading expertise, CBRE created advantage by: • Understanding the unique offering to be created by the Property; • Analyzing the requirements of the target audience; • Identifying key aspects of each group of parcels; • Assessing Property’s potential from the standpoint of sub-developers.

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

CBRE Middle East CBRE has been serving clients in the Middle East for nearly twenty years, with over 1,300 professionals* operating out of 9 offices in 6 countries in the region. With services, insights and data that span every dimension of the industry, we create solutions for clients of every size and in every sector. Our Middle East team lives and breathes the region, and with expertise spanning commercial, residential and mixed-use estates, we know the challenges and opportunities that will face your assets today, tomorrow and beyond. Our specialists provide a fully-integrated suite of services across the region, including facilities, transaction and project management; cost management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development service.

Services At-a-glance Business Lines

Industries & Specialties

• Consulting

• Offices

• Valuation & Advisory

• Retail

• Project Management

• Industrial & Logistics

• Advisory & Transaction

• Hotels & Tourism

• Property Management

• Residential

• Capital Markets

• Plant & Machinery

• Global Workplace Solutions

• Data Centres • Energy & Sustainability

Services for Investors

Services for Occupiers

• Consulting

• Capital Advisors

• Occupier Transactions

• Investment Properties

• Portfolio Services

• Investor Leasing

• Project Management

• Property Management

• Corporate Capital Markets

• Valuation & Advisory

• Transaction Management

• Hotels & Tourism

• Valuation Advisory • Workplace & Occupancy

* Including Turner & Townsend employees

VALUATION & ADVISORY SERVICES | MIDDLE EAST CAPABILITIES OVERVIEW

How can we help?

Daniel McCulloch, MRICS Head of Valuation – MENA +971 50 656 8325 daniel.mcculloch@cbre.com

Emily Sturgis Director, Valuation +971 52 640 9529 emily.sturgis@cbre.com

Cathal Kenny Director, Valuation +971 52 528 0631 cathal.Kenny@cbre.com

CBRE MENA

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