September 2020

TRADING PRIVATE REAL ESTATE #3: STRATEGY

IN ASSOCIATION WITH

DOMINIC SMITH SENIOR DIRECTOR, UK RESEARCH SECONDARY MARKET PERFORMANCE BENEFITS: KEY FINDINGS

On average, £1bn PropertyMatch A reasonable clients have saved estimate of the 6.11% compared Primary market fund queues of 3 benefit clients have with a primary months (Balanced) to 12+ months gained by £10bn of market Offer price. (Long Income) deprive investors of PropertyMatch c2-9% of performance. transactions.

Benchmark Such are the pricing and queue- jumping advantages of secondary market transactions, that even PropertyMatch against a fund with perfect foresight a fund manager will out-perform by c1%pa on a 30 rolling three year basis by simply investing in whatever secondary transactions come along.

Source: CBRE Research, PropertyMatch.

CBRE 2 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE BACKGROUND

This report on Strategy aspects of the secondary market in private real estate funds is the second in our initial series.

Launching alongside this report are companion pieces looking at Liquidity and Pricing.

All draw on PropertyMatch’s unique dataset of £10bn+ of deals and pricing information over ten years.

Further reports will follow in Q4 2020 on these and other aspects of the market, and regular pricing indices will be launched in 2021.

Source: CBRE Research, PropertyMatch. SECONDARY MARKET PERFORMANCE BENEFITS: BUYING AT A DISCOUNT

Using the example of BlackRock UK Property Fund, it can be shown that investments made via PropertyMatch have out-performed those made on the primary market by 5.5% in one year, or 1.8%pa over three years (a typical benchmark period), on a pricing basis. Trading via the secondary Performance uplift from buying on secondary market instead of via queue at Offer price market almost universally Example of BlackRock UK Property Fund (assuming 6% Bid price) using PropertyMatch trading history, 2010-2019 offers a cheaper entry point 4,000 12 than the primary market, where a 5.8% premium to NAV is currently paid. 3,500 10 Using the example of the fund in which PropertyMatch 3,000 8 saw most trading volume in the 2010-2019 period, the BlackRock UK Property Fund,

2,500 6 comparison can be made NAV, £m NAV, between PropertyMatch trading prices, NAV, and 2,000 4

PropertyMatch saving, PropertyMatch % NAV +5.8%, to show the extent of the savings enjoyed. 1,500 2 By going via the secondary market into BlackRock UK Property Fund, investors have 1,000 0 saved an average of 5.52% versus the price that would

have been paid via the

Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 primary market. Fund NAV Effective purchase NAV of PropertyMatch trades Fund NAV + 6% PropertyMatch saving versus buying at +6% (rhs) Source: CBRE Research, MSCI, PropertyMatch.

CBRE 4 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE SECONDARY MARKET PERFORMANCE BENEFITS: JUMPING THE QUEUE

Using Balanced and Long Income fund examples, investments made via PropertyMatch have out-performed those made on the primary market by 1.8-8.7% in one year, or 0.6-2.9%pa over three years (a typical benchmark period) on an additional performance basis. By transacting on the Performance “missed” by queuing to enter funds secondary market, investors Examples of BlackRock UK Property Fund (assumed queue 3months) and M&G Secure Property also deploy capital more Income Fund (assumed queue 12months) quickly, receiving fund Long Income Fund. Typical queue length 12-18 months 20 performance faster than would be the case if they entered the queue for those 15 funds on the Primary market. By assuming a 3m queue for Balanced funds and a 12m 10 Average: 8.7% queue for Long Income Total return, Total % return, funds, “missed performance” can be quantified from the Balanced Fund. Typical queue length 1-3 months 5 MSCI / AREF UK Quarterly Funds Digest. For BlackRock UK Property 0 Fund it averages 1.8%; for Average: 1.8% M&G Secure Property Income Fund (the Long -5 Income fund in which Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 PropertyMatch saw most Date at which queue entered trading volume in the 2010- 2019 period) it averages BlackRock UK Property Fund, 3m performance M&G Secure Property Income Fund, rolling 12m performance 8.7%. Source: CBRE Research, MSCI, PropertyMatch.

CBRE 5 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE SECONDARY MARKET PERFORMANCE BENEFITS: COMBINED

In total, it is likely that the two sources of performance benefit – favourable pricing and queue jumping – have delivered just under c£1bn of value to clients of PropertyMatch over the last ten years of trading. Total Value Value through Pricing Total Value derived via These performance benefits Value through Additional Performance of Trades Saving Secondary Market can be combined to quantify the additional value clients Absolute, Absolute, As % Value Extrapol- As % Value Absolute, As % Value have obtained by transacting Known, £m Total, £m £m £m of Trades ated, £m of Trades £m of Trades via PropertyMatch.

UK-Balanced £2,975 £143 4.82% £59 £5 £64 2.14% £207 6.97% For the entire trading history (some £10.4bn), we have UK-Specialist £3,035 £286 9.42% £194 £26 £220 7.25% £506 16.68% calculated the pricing benefit versus transacting on the UK-Long Income £1,116 £6 0.58% £19 £60 £78 7.03% £85 7.61% primary market at Offer.

UK Total £7,126 £436 6.12% £272 £91 £362 5.08% £798 11.20% We have also estimated the performance benefit from queue jumping. This has two Europe £2,359 -£18 -0.78% £1 £167 £167 7.10% £149 6.32% components: where fund USA, APAC & Global £907 £20 2.20% £0 £20 £20 2.25% £40 4.46% performance is known (via MSCI / AREF) or unknown Non-UK Total £3,266 £2 0.05% £1 £187 £188 5.75% £190 5.80% (we assume identical gains to funds whose performance is Total £10,392 £438 4.21% £273 £278 £550 5.30% £988 9.51% known).

Assumptions. In total, it is likely that via Primary market pricing: We have assumed current Offer pricing where known, and 6% where unknown. £10.4bn of secondary trades Primary market length of queue: We have assumed 3m for open-ended Balanced funds, 6m for open-ended Specialist funds, and 12m for all other funds. clients have gained c£1bn of Secondary market value through additional performance: We have extrapolated the performance of funds not contributing the MSCI / AREF by assuming the same performance as funds of a similar strategy that do contribute to MSCI / AREF. additional value. Values may not sum due to rounding. Source: CBRE Research, MSCI, PropertyMatch.

CBRE 6 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE TRADING STRATEGY: GET WHAT YOU WANT OR GET WHAT YOU NEED? (1)

We will compare two strategies: targeted fund selection given perfect foresight (i.e. investment into the top performing funds) and execution in the primary market versus zero fund selection and execution via the secondary market.

Target Portfolio Allocation “Get What You Want” Perfect Foresight Primary Fund Forecast perfectly all fund returns and invests accordingly: • 10% allocation to each of top six UK Balanced funds. UK Long Income • 10% allocation to each of top two UK Long Income funds. 20% • 4% allocation to each of best Retail, Office and Industrial UK Specialist fund and 8% allocation to best Other UK Specialist fund. • Transacts on primary market paying Offer price (current where known, 6% where unknown) and queuing for 3m for UK Balanced, 6m for UK Specialist and 12m for UK Long Income funds. UK Specialist UK Balanced 20% 60% Other “Get What You Need” Opportunistic Secondary Investment Fund 8% Buys whatever secondary market opportunities are available: • Takes secondary market transactions that come along, as they come along. Industrial • Maximum £15m, minimum £1m allocation to UK Balanced and UK 4% Long Income funds. Office • 4% allocation to a Retail, Office and Industrial UK Specialist fund and 4% Retail 8% allocation to a Other UK Specialist fund. 4%

Source: CBRE Research, PropertyMatch.

CBRE 7 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE TRADING STRATEGY: GET WHAT YOU WANT OR GET WHAT YOU NEED? (2)

Speed to market and pricing advantage mean that a strategy of taking whatever secondary market deals happen to come along easily and consistently out-performs one of waiting to execute trades in the best-performing funds. 135 The chart shows the total returns earned by the two 130 different strategies over four +1.2%pa three-year periods. 125 The “Get What You Want” +0.7%pa "Get What You Want" (Primary) 2013-16 portfolios invest in the six, two and four best-performing 120 +1.2%pa "Get What You Need" (Secondary) 2013-16 Balanced, Long Income and +1.2%pa Specialist funds after three, 115 "Get What You Want" (Primary) 2014-17 12 and three months respectively. "Get What You Need" (Secondary) 2014-17 110 The “Get What You Need”

"Get What You Want" (Primary) 2015-18 portfolios are assembled as Total return index Total return and when trades come 105 "Get What You Need" (Secondary) 2015-18 along: in almost all cases this "Get What You Want" (Primary) 2016-19 allows entry to the market 100 more quickly and at a "Get What You Need" (Secondary) 2016-19 discount to the Offer price, 95 although of course no preference is exhibited for funds that will perform well 90 over the investment period. 2013-4 2014-2 2014-4 2015-2 2015-4 2016-2 2016-4 2017-2 2017-4 2018-2 2018-4 2019-2 2019-4 Year-Quarter Source: CBRE Research, MSCI, PropertyMatch. For fuller breakdown of portfolio results, see Appendix.

CBRE 8 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE TRADING STRATEGY: GET WHAT YOU WANT OR GET WHAT YOU NEED? (3)

We will compare two strategies: targeted fund selection given perfect foresight (i.e. investment into the top performing funds) and execution in the primary market versus zero fund selection and execution via the secondary market. 12 "Get What You Need" (Secondary) IT IS BETTER TO BUY QUICKLY 10 "Get What You Want" (Primary) ON THE SECONDARY MARKET 10.1 9.4 MSCI UK All Property Fund Index (Benchmark) THAN TO BUY BRILLIANTLY ON 8 8.2 THE PRIMARY MARKET 7.9 7.3 6.9 6 6.6 Over all four three-year time periods, the “Get What You Need” Opportunistic Secondary Investment Fund out-performs the “Get What You Want” Perfect Foresight Primary Fund.

Percent per per % Percent year, 5.9 5.7 5.8 5.3 The rate of out-performance is 0.7% in 2014-17 and 1.2%pa on the other three occasions. It also out- 4 4.7 performs the benchmark in two periods out of four, by 1.0%pa (2015-18) and 0.6%pa (2016-19). The “Get What You Want” fund never out-performs the MSCI benchmark. In other words, even absolutely perfect fund-level forecasting (which of course is never achievable and 2 would never be expected even by the most self-confident of Research teams!) is not enough to overcome the pricing and speed advantages of the secondary market. This outcome should have profound implications for the way in which Private Real Estate fund 0 portfolios are constructed, with a greater emphasis on short-term tactical opportunism. 2013-16 2014-17 2015-18 2016-19

Source: CBRE Research, PropertyMatch. For fuller breakdown of portfolio results, see Appendix.

CBRE 9 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE APPENDIX TRADING STRATEGY: GET WHAT YOU WANT OR GET WHAT YOU NEED? 2013 - 2 016

The tables below show the portfolios chosen by the perfect forecasting method (“Get What Your Want”) and the investing in whatever secondary trades come along method (“Get What You Need”)

2013-2016 2013-2016 First quarter of First quarter of received Received received Received "Get What You Want" Weighting, £m performance Price vs NAV performance, %pa "Get What You Need" Weighting, £m performance Price vs NAV performance, %pa Balanced Balanced AEW UK - Core Property Fund 10 Q2 2013 6.00% 10.3 BlackRock UK Property Fund 15 Q1 2013 1.68% 8.9 Hermes Property Unit Trust 10 Q2 2013 5.96% 9.8 Hermes Property Unit Trust 3 Q1 2013 4.70% 11.6 Fidelity UK Real Estate Fund 10 Q2 2013 3.53% 10.1 Schroder UK Real Estate Fund 2 Q1 2013 3.85% 10.9 Schroder UK Real Estate Fund 10 Q2 2013 3.86% 9.4 CBRE UK Property PAIF 2 Q1 2013 3.80% 9.9 Mayfair Capital Property Income Trust for Charities 10 Q2 2013 6.00% 9.0 Threadneedle Property Unit Trust 1 Q1 2013 5.50% 9.4 COIF Charities Property Fund 10 Q2 2013 6.00% 8.5 Royal London Property Fund 2 Q1 2013 -0.75% 9.3 Long Income Patrizia Hanover Property Unit Trust 1 Q1 2013 0.54% 10.6 PGIM Real Estate UK Ground Lease Fund 10 Q1 2014 6.00% 4.4 CBRE UK Property PAIF 6 Q2 2013 3.00% 8.9 Standard Life Investments Long Lease Property Fund 10 Q1 2014 6.00% 2.0 Patrizia Hanover Property Unit Trust 14 Q2 2013 -0.24% 9.8 Specialist Threadneedle Property Unit Trust 7 Q2 2013 6.40% 7.7 Aberdeen Standard UK Shopping Centre Trust 4 Q3 2013 6.00% 2.9 Schroder UK Real Estate Fund 7 Q2 2013 3.58% 9.6 West End of London Property Unit Trust 4 Q3 2013 6.00% 6.9 Long Income Industrial Property Investment Fund 4 Q3 2013 6.00% 12.2 M&G Secure Property Income Fund 15 Q1 2013 5.00% 5.7 UNITE UK Student Accommodation Fund 8 Q3 2013 6.00% 11.1 Standard Life Investments Long Lease Property Fund 5 Q4 2013 -1.00% 5.1 Total 8.2 Specialist Nuveen Real Estate UK Retail Warehouse Fund 4 Q1 2013 -1.00% 6.1 West End of London Property Unit Trust 4 Q1 2013 -2.00% 13.4 Industrial Property Investment Fund 4 Q1 2013 5.50% 16.7 UNITE UK Student Accommodation Fund 8 Q1 2013 3.00% 15.2 Source: CBRE Research, MSCI, PropertyMatch. Total 9.4

CBRE 11 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE TRADING STRATEGY: GET WHAT YOU WANT OR GET WHAT YOU NEED? 2014 - 2 017

The tables below show the portfolios chosen by the perfect forecasting method (“Get What Your Want”) and the investing in whatever secondary trades come along method (“Get What You Need”)

2014-2017 2014-2017 First quarter of First quarter of received Received received Received "Get What You Want" Weighting, £m performance Price vs NAV performance, %pa "Get What You Need" Weighting, £m performance Price vs NAV performance, %pa Balanced Balanced AEW UK - Core Property Fund 10 Q2 2014 6.00% 8.1 BlackRock UK Property Fund 9 Q1 2014 1.12% 7.5 Nuveen Real Estate UK Property Fund 10 Q2 2014 6.07% 8.1 Schroder UK Real Estate Fund 15 Q1 2014 3.58% 8.6 Hermes Property Unit Trust 10 Q2 2014 5.96% 7.4 Patrizia Hanover Property Unit Trust 15 Q1 2014 0.43% 9.2 Mayfair Capital Property Income Trust for Charities 10 Q2 2014 6.00% 7.2 Threadneedle Property Unit Trust 3 Q1 2014 5.70% 6.7 Schroder UK Real Estate Fund 10 Q2 2014 3.86% 7.3 Nuveen Real Estate UK Property Fund 2 Q1 2014 0.00% 11.5 Mayfair Capital Property Unit Trust 10 Q2 2014 6.00% 6.3 Threadneedle Property Unit Trust 13 Q2 2014 5.65% 5.7 Long Income Royal London Property Fund 3 Q2 2014 0.00% 6.1 AEW UK - Core Property Fund 10 Q1 2015 6.00% 4.6 Long Income Nuveen Real Estate UK Property Fund 10 Q1 2015 6.07% 3.5 M&G Secure Property Income Fund 1 Q3 2014 4.00% 4.6 Specialist Standard Life Investments Long Lease Property Fund 2 Q3 2014 -0.25% 6.5 Aberdeen Standard UK Shopping Centre Trust 4 Q3 2014 6.00% 1.0 M&G Secure Property Income Fund 4 Q4 2014 3.50% 4.0 West End of London Property Unit Trust 4 Q3 2014 6.00% 0.7 The Lime Property Fund * 3 Q4 2014 4.00% 4.1 Industrial Property Investment Fund 4 Q3 2014 6.00% 11.7 M&G Secure Property Income Fund 5 Q1 2015 6.00% 2.5 Kames Target Healthcare Property LP 8 Q3 2014 6.00% 9.3 Standard Life Investments Long Lease Property Fund 5 Q1 2015 6.00% 3.1 Total 6.6 Specialist Nuveen Real Estate UK Shopping Centre Fund 4 Q1 2014 -1.25% -3.0 West End of London Property Unit Trust 4 Q1 2014 -2.00% 7.6 Airport Industrial Property Unit Trust 4 Q1 2014 3.00% 10.5 Source: CBRE Research, MSCI, PropertyMatch. *Performance for The Lime Property UNITE UK Student Accommodation Fund 8 Q1 2014 2.75% 14.0 Fund assumed to match that of MSCI UK Long Income Property Fund Index. Total 7.3

CBRE 12 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE TRADING STRATEGY: GET WHAT YOU WANT OR GET WHAT YOU NEED? 2015 - 2 018

The tables below show the portfolios chosen by the perfect forecasting method (“Get What Your Want”) and the investing in whatever secondary trades come along method (“Get What You Need”)

2015-2018 2015-2018 First quarter of First quarter of received Received received Received "Get What You Want" Weighting, £m performance Price vs NAV performance, %pa "Get What You Need" Weighting, £m performance Price vs NAV performance, %pa Balanced Balanced AEW UK - Core Property Fund 10 Q2 2015 6.00% 6.9 BlackRock UK Property Fund 12 Q1 2015 -1.58% 7.0 Mayfair Capital Property Income Trust for Charities 10 Q2 2015 6.00% 5.9 Nuveen Real Estate UK Property Fund 1 Q1 2015 0.60% 8.5 Hermes Property Unit Trust 10 Q2 2015 5.96% 5.9 CBRE UK Property PAIF 10 Q1 2015 0.00% 6.7 Nuveen Real Estate UK Property Fund 10 Q2 2015 6.07% 6.2 Lothbury Property Trust 10 Q1 2015 3.37% 5.2 Savills IM UK Income & Growth 10 Q2 2015 6.00% 5.9 Threadneedle Property Unit Trust 10 Q1 2015 2.18% 5.7 Kames Capital UK Active Value Property Unit Trust 10 Q2 2015 6.00% 5.7 Hermes Property Unit Trust 7 Q1 2015 4.50% 7.1 Long Income Schroder UK Real Estate Fund 10 Q1 2015 0.25% 7.6 PGIM Real Estate UK Ground Lease Fund 10 Q1 2016 6.00% 3.1 Long Income Standard Life Investments Long Lease Property Fund 10 Q1 2016 6.00% 4.0 Standard Life Investments Long Lease Property Fund 3 Q2 2015 2.00% 6.9 Specialist Standard Life Investments Long Lease Property Fund 7 Q3 2015 2.25% 6.4 Aberdeen Standard UK Shopping Centre Trust 4 Q3 2015 6.00% -2.4 The Lime Property Fund * 4 Q2 2015 3.00% 6.0 Nuveen Real Estate Central London Office Fund 4 Q3 2015 6.00% 1.4 The Lime Property Fund * 6 Q3 2015 3.00% 5.6 Industrial Property Investment Fund 4 Q3 2015 6.00% 13.9 Specialist Kames Target Healthcare Property LP 8 Q3 2015 6.00% 9.1 Nuveen Real Estate UK Retail Warehouse Fund 4 Q1 2015 -4.25% -2.4 Total 5.7 West End of London Property Unit Trust 4 Q1 2015 -6.40% 1.8 Industrial Property Investment Fund 4 Q1 2015 1.00% 17.8 Kames Target Healthcare Property Limited Partnership 8 Q1 2015 2.00% 11.7 Total 6.9 Source: CBRE Research, MSCI, PropertyMatch. *Performance for The Lime Property Fund assumed to match that of MSCI UK Long Income Property Fund Index.

CBRE 13 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE TRADING STRATEGY: GET WHAT YOU WANT OR GET WHAT YOU NEED? 2016 - 2 019

The tables below show the portfolios chosen by the perfect forecasting method (“Get What Your Want”) and the investing in whatever secondary trades come along method (“Get What You Need”)

2016-2019 2016-2019 First quarter of First quarter of received Received received Received "Get What You Want" Weighting, £m performance Price vs NAV performance, %pa "Get What You Need" Weighting, £m performance Price vs NAV performance, %pa Balanced Balanced AEW UK - Core Property Fund 10 Q2 2016 6.00% 6.6 Patrizia Hanover Property Unit Trust 3 Q1 2016 -7.50% 10.4 Savills IM UK Income & Growth 10 Q2 2016 6.00% 5.5 Threadneedle Property Unit Trust 6 Q1 2016 5.00% 4.3 Nuveen Real Estate UK Property Fund 10 Q2 2016 6.07% 4.9 Lothbury Property Trust 4 Q1 2016 3.00% 4.8 Patrizia Hanover Property Unit Trust 10 Q2 2016 5.27% 4.9 CBRE UK Property PAIF 1 Q1 2016 0.25% 6.1 Mayfair Capital Property Income Trust for Charities 10 Q2 2016 6.00% 4.5 BlackRock UK Property Fund 15 Q1 2016 0.50% 5.9 Kames Capital UK Active Value Property Unit Trust 10 Q2 2016 6.00% 4.3 Nuveen Real Estate UK Property Fund 4 Q1 2016 0.00% 8.1 Long Income Hermes Property Unit Trust 15 Q1 2016 5.90% 5.2 AEW UK Real Return Fund 10 Q1 2017 6.00% 3.2 Schroder UK Real Estate Fund 1 Q1 2016 0.00% 6.8 AXA UK Long Lease Property Fund 10 Q1 2017 6.00% 2.7 Schroder UK Real Estate Fund 11 Q2 2016 1.00% 5.6 Specialist Long Income Aberdeen Standard UK Retail Park Trust 4 Q3 2016 6.00% -8.4 The Lime Property Fund * 15 Q1 2016 6.00% 5.4 Nuveen Real Estate Central London Office Fund 4 Q3 2016 6.00% 3.9 Standard Life Investments Long Lease Property Fund 5 Q1 2016 1.75% 7.4 Industrial Property Investment Fund 4 Q3 2016 6.00% 11.3 Specialist Kames Target Healthcare Property LP 8 Q3 2016 6.00% 8.2 Nuveen Real Estate UK Retail Warehouse Fund 4 Q1 2016 -9.00% -7.3 Total 4.7 West End of London Property Unit Trust 4 Q1 2016 -9.00% 4.6 Industrial Property Investment Fund 4 Q1 2016 3.15% 16.6 UNITE UK Student Accommodation Fund 8 Q1 2016 3.50% 7.3 Total 5.9 Source: CBRE Research, MSCI, PropertyMatch. *Performance for The Lime Property Fund assumed to match that of MSCI UK Long Income Property Fund Index.

CBRE 14 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE DISCLAIMERS AND WAIVERS

IMPORTANT INFORMATION

This material has been prepared by CBRE Indirect Investment Services Limited trading as PropertyMatch, in association with CBRE Research (CBRE) employing appropriate expertise, and in the belief that it is fair and not misleading. Although CBRE believes its views reflect market conditions on the date of this presentation, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE’s control.

Nothing in this document constitutes accounting, legal, regulatory, tax or other advice.

CBRE does not accept any responsibility to any person for the consequences of any person placing reliance on the content of this information for any purpose. The information contained in this document, including any data, projections, and underlying assumptions are based upon certain assumptions, management forecasts, and analysis of information available as at the date of this document, and reflects prevailing conditions, and our views as of the date of the document, all of which are accordingly subject to change at any time without notice, and we are not under any obligation to notify you of any of these changes.

Past or projected performance is not necessarily indicative of future results.

15 CBRE 15 SEPTEMBER 2020 | TRADING PRIVATE REAL ESTATE CONTACTS

Paul Robinson, Executive Director [email protected]

Michael Levi, Head of PropertyMatch Desk [email protected]

Dominic Smith, Senior Director UK Research [email protected]