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Home , 100 Bishopsgate, 30 St Mary Axe, CMC Markets, Houndsditch, St Botolph Building, St Mary Axe

SECURELY LET CITY OF FREEHOLD FIVE ACRE SQUARE, 133 EC3 FIVE ACRE SQUARE

INVESTMENT HIGHLIGHTS

FIVE ACRE SQUARE IS AN EXCITING OPPORTUNITY TO ACQUIRE A MAJOR FREEHOLD INVESTMENT, PROVIDING BOTH SECURE LONG-TERM INCOME AND SUBSTANTIAL ASSET MANAGEMENT OPPORTUNITIES TO ENHANCE VALUE.

‡‡ Freehold 1.05 acre site.

‡‡ Strategically situated at the convergence of four key City of London submarkets; City Core, EC3, Spitalfields/Shoreditch and .

‡‡ Forms an integral part of an evolving business district linking Street and Aldgate Stations.

‡‡ Exceptional transport accessibility, which will be further improved following the opening of the Elizabeth line () at Liverpool Street, approximately 350 metres to the north west.

‡‡ Comprises approximately 200,864 sq ft (18,661.0 sq m) of highly specified office, retail and ancillary accommodation, which was subject to a comprehensive refurbishment in 2008 and a subsequent rolling refurbishment of the 4th and 5th floors and the reception from 2017 to 2019.

‡‡ In excess of £26.50 million has been spent on repositioning the building since 2008.

‡‡ Efficient and flexible office floor ,plates which benefit fromexcellent natural light from three elevations and four generous atria.

‡‡ Multi-let to nine tenants, with a weighted average unexpired lease term (including reversionary leases) of 8.5 years to expiries and 7.9 years to determinations.

‡‡ Exceptionally low passing rent of £42.91 per sq ft overall.

‡‡ Exciting asset management opportunities to further drive value:

■■ Immediate performance through 1st floorrent review in 2020 off a low rent of £38.60 per sq ft overall.

■■ Uplifts in 2024 on 56% of the building by current income providing a guaranteed minimum running yield increase of 22 basis points.

■■ Longer-term future landmark repositioning, subject to obtaining the necessary consents, with a c.50% increase in net area.

‡‡ Offers are invited in excess of£170 million (One Hundred and Seventy Million Pounds Sterling), subject to contract and exclusive of VAT, for 100% of the units in the Jersey Property Unit Trust that owns the freehold interest in the property.

‡‡ Attractive net initial yield of c.5.00% and a low capital value of £846 per sq ft.

‡‡ Exceptional cash-on-cash returns in excess of 8.00% can be achieved.

2 3 FIVE ACRE SQUARE FIVE ACRE SQUARE THE LEADENHALL 20 FENCHURCH THE LLOYD’S OF 30 ST 22 100 SALESFORCE 42 TRIANGLE SITE STREET SCALPEL LONDON MARY AXE BISHOPSGATE TOWER

122 BANK LEADENHALL MOORGATE STREET Five Acre Square is ideally situated at the convergence of four of London’s most influential sub-markets: EC3, City Core, Spitalfields/Shoreditch and Aldgate, providing access to an immense and varying range of best-in-class occupiers.

The building is also situated within the City of London’s Eastern ‘Tower’ Cluster, home to some of London’s most iconic buildings, including 30 , 122 and . Five Acre Square’s long-term potential to dramatically increase its massing underpins its current secure income and evergreen credentials.

CROSSRAIL ENTRANCE

FENCHURCH STREET

ALDGATE ONE CREECHURCH THE ST BOTOLPH 70 ST PREMIER DEVONSHIRE ONE BISHOPSGATE ALDGATE PUBLIC REALM PLACE BUILDING MARY AXE PLACE SQUARE PLAZA LIVERPOOL STREET 4 5 T

FINSBURY PAVEMEN

PRIMROSE STREET MOORGATE

STREET

ILSON STREET SUN STREE LD W

T PPO A FIVE ACRE SQUARE FIVE ACRE SQUARE NORTH

7 14 ET IELD STRE BRUSHF 12 19 15 19 3 LOCAL DEVELOPMENTS 7 16 LOCAL OCCUPIERS ESTATE

CREATIVE / TECH ISHOPSGATE B SPITALFIELDS/ 1 Mindspace 8 Fairtrade Foundation LIVERPOOL SHOREDITCH 1 2 Unruly Media 9 Fotografiska STREET 10 3 Uber 10 Government Digital Service B RICK LANE REET 4 Dell Corporation 11 WeWork 6 ORTH ST WENTW 5 Smart Focus 12 The Office Group LONDON WA 10 11 6 8x8 Media 13 Salesforce 1 2 3 4 LL DEVONSHIRE C OMMERCIAL ST 7 BBC Media Action 14 Syniverse SQUARE AD ONE LEADENHALL STREET, EC3 , 52 , EC3 100 LIVERPOOL STREET, EC2 HOUSE, EC3 17 13 Developer: Brookfield Developer: WR Berkley Corporation Developer: / GIC Developer: Fairplay Shipping 13 Tenure: Long Leasehold Tenure: Freehold Tenure: Virtual Freehold Tenure: Freehold 9 MIDDLESEX STREE Size: 680,000 (36 storeys) Size: 387,303 sq ft (35 storeys) Size: 523,000 sq ft Size: 236,966 sq ft 13 18 PROFESSIONALWHITECHAPEL RO 17 8 20 REET Completion: PC Q1 2023+ Completion: Q2 2018 Completion: Q2 2020 Completion: Q1 2025+ 3 20 1 University of East Anglia 12 Kennedys Comments: 100,000 sq ft under offer Comments: c. 63% let or under offer Comments: c. 90% let or under offer Comments: Planning permission CITY CORE 11 1 2 Morgan Spencer Recruitment 13 McDermott Will & Emery to Munich Re granted. Occupied until 2021 block date T 3 Sungard Availability Services 14 Clyde & Co 6 5 HOUNDSDITC 6 8 1 4 15 D ALDGATE Meet Recruitment Holman Fenwick Willan OL BEVIS MARK 12 EAST GH STREET 5 Sidley Austin 16 Hunton & Williams / MOORGATE  4 4 COMMERCIAL ROAD BISHOPSGATE Kirkland Spit& alfieldElliss ma rket H 3 6 IPS Group Ltd 14 10 Trinity 6 11 17 Latham & Watkins E 7 Allen & Overy Devonshire Square X S 9 2 A HI 12 4 9 8 British Council for Offices 18 White & Case Y 5 Royal Exchange R 10 A 19 Ashurst 9 9 9 Aecom M 16 P 2 18 RINCESSTREE 15 T TREET 10 Coventry University 20 Squire Patton20 Fenchurch Boggs Street T S ALDGATE 122 Leadenhall STREE 8 11 4 Accenture Gherkin GATE HIGH S 5 6 7 8 THREADNEEDLE INSURANCE/EC3 D Lloyds of London 14 AL ET Monument 2 14 150 LEADENHALL STREET & 70 ST MARY AXE, EC3 40 LEADENHALL, EC3 ONE CREECHURCH PLACE, EC3 5 8 T LEADENHAL 1 LIE STRE L A 6/8 BISHOPSGATE, EC3 Developer: Nuveen Real Estate Developer: Nuveen Real Estate / Developer: Helical / HOOPP STREE ATE FINANCE CORNH ILL 2 T G Developer: Mitsubishi Estate Company Tenure: Long leasehold AIMCo Tenure: Long leasehold T ALD 1 11 3 1 Royal Bank of Canada / Jefferies 11 Association of Corporate Treasurers Size: 301,799 sq ft (21 Storeys) Tenure: Part Freehold / Size: 272,868 sq ft (17 Storeys) 13 ALDGATE  / Stanhope BANK T L E 2 EMAN STRAberdeen Standard / ION Trading 12 ING Completion: 2018 Part long leasehold Completion: 2018 TREE Tenure: Freehold E 7 10 S

R

E 5 3 Westpac Banking Corporation 13 Blackrock T Comments: 14th to 21st floors let to Size: 890,000 sq ft Comments: Fully let T Size: 568,000 sq ft (47 Storeys)

12 MANSELLSTREE S M S

Sidley Austin (33%) Completion: Q1 2023+ KING WILLIA I R

Completion: Q3 2023+ L R 4 Tradition / FSCS 14 Royal Bank of Scotland / Natwest E

Comments: Planning Permission E

T

Comments: Revised planning T I

I 5 LCHEET Clearnet 15 Agricultural Bank of China L

permission granted Oct 2017 granted L 10

L L I

I 1 6 Bank of Taiwan 16 EBRD B B 2 12 15 7 SMBC Europe 17 St James’s Place Wealth Management M STREET 7 16 8 3 8 China Construction Bank 18 Lloyds Banking Group FENCHURCH 7 T 9 Deutsche Bank 19 ICAP STREET STREET ET 10 20 Jane Street Capital OT STRE GRACECHURCH6 STREET FENCHURCH C PRES 14 11 11 9 10 11 12 INSURANCE

CANNON 1 Lloyd’s Register 9 Lockton / JLT Group 22 BISHOPSGATE, EC2 ONE BISHOPSGATE PLAZA, EC2 , EC2 LONDON FRUIT & WOOL EXCHANGE,STREET E1 15 2 10 GREAT TOWER STRE Chubb Tysers Developer: AXA / Temasek / PSP / Developer: UOL Group Developer: Brookfield Developer: Exemplar / M&G TOWER 4 T 3 AIG 11 Towergate Insurance Quadreal Tenure: Freehold Tenure: Long leasehold Tenure: Long leasehold GATEWAY Tenure: Freehold Size: 536,000 sq ft (43 storeys) Size: 869,000 sq ft (37 storeys) Size: 320,000 sq ft ROYAL MINT STREE 4 Howden 12 Size: 1,380,000 sq ft (61 storeys) Completion: Q2 2020 Completion: 2019 Completion: 2018 5 Willis 13 WR Berkley Status: Under construction Comments: Five star luxury hotel Comments: 118,000 sq ft to Jefferies Comments: The office space ET TOWER HILL 6 Allianz 14 BMS Group Completion: Q1 2020 and residential Group, 218,500 sq ft to Royal Bank is fully pre-let to Ashurst Comments: 50% under offer of Canada and 255,000 sq ft to LOWER THAMES STREE 7 XL Catlin / Vitality Health 15 Besso Insurance Group or pre-let Freshfields 5 8 Asta 16 Prudential T

Not to scale. GLOBE Indicative only 6 THEATRE 8 FIVE ACRE SQUARE FIVE ACRE SQUARE

A NEW CONNECTED BUSINESS DISTRICT

FIVE ACRE SQUARE SITS AT THE HEART OF A FAST EVOLVING AND CORE CITY OF LONDON LOCATION WHICH BENEFITS FROM EXCELLENT CONNECTIVITY AND ACCESS TO MULTIPLE SUBMARKETS REFLECTING ITS DIVERSE TENANT BASE.

BROADGATE CIRCLE LLOYD’S OF LONDON ONE BISHOPSGATE PLAZA 100 LIVERPOOL STREET / NEW CROSSRAIL ENTRANCE SHOREDITCH/ LIVERPOOL SPITALFIELDS STREET

DEVONSHIRE LIVERPOOL STREET/ SQUARE BROADGATE ONE BISHOPSGATE PLAZA

SALESFORCE TOWER W H IT E K E N N E T T PREMIER PLACE

H O U N D S D IT

S T DEVONSHIRE R 100 E E T C H QUARTER BISHOPSGATE

70 ST SPITALFIELDS MARKET LONDON FRUIT AND WOOL EXCHANGE B E V IS M A RMARY K AXE

S

THE

30 ST MARY AXE ALDGATE

INSURANCE/EC3 ONE CREECHURCH PLACE ALDGATE/ WHITECHAPEL

SALESFORCE TOWER DEVONSHIRE SQUARE 9 10 11 FIVE ACRE SQUARE FIVE ACRE SQUARE THE HISTORY

IN THE EARLY 20TH CENTURY FIVE ACRE SQUARE WAS THE SITE OF A LANDMARK LOCAL DEPARTMENT STORE KNOWN AS THE HOUNDSDITCH WAREHOUSE. THE BUILDING WAS DEMOLISHED TO MAKE WAY FOR THE CURRENT FIVE ACRE SQUARE.

THE12 HOUNDSDITCH WAREHOUSE – NOW DEMOLISHED 13 FIVE ACRE SQUARE FIVE ACRE SQUARE

FIVE ACRE SQUARE

The building was redeveloped in 1991 by Great Universal Stores (British Land) and completed to an unusually high specification including enhanced floor-to-ceiling heights on the ground, 1st and 2nd floors for trading purposes and overly generous slab-to- slab heights on the remaining floors.

Today, the building comprises approximately 200,864 sq ft (18,661.0 sq m) of Grade A specified office, retail and ancillary accommodation, arranged over lower ground, ground and six upper floors.

The office accommodation is accessed from Houndsditch, via a newly refurbished 3,690 sq ft (342.8 sq m) reception and striking atrium, which leads to six passenger lifts servicing the office floors.

Upper office floor plates range between 30,416 sq ft (2,825.7 sq m) to 35,519 sq ft (3,299.8 sq m) and benefit from excellent natural light from three elevations and a further four atria. The largest atrium provides stepped terraces which are individually demised to tenants and act as an amenity.

The building was originally let to financial occupiers such as Deutsche Bank and insurance occupier CE Heath. It has subsequently evolved into a creative tech focused building with occupiers including CMC Markets, IHS Global, Infopro Digital Services and WeWork to be occupied by their new brand, Headquarters by WeWork.

14 RECEPTION AND COFFEE KIOSK15 FIVE ACRE SQUARE FIVE ACRE SQUARE

SPECIFICATION

FIVE ACRE SQUARE’S BASE BUILD SPECIFICATION IS EXCEPTIONALLY HIGH, INCLUDING ENHANCED FLOOR-TO-CEILING HEIGHTS OF 3.2M AND RAISED FLOORS OF 270- 300MM ON THE GROUND, 1ST AND 2ND FLOORS.

THE BASE SPECIFICATION INCLUDES: ‡‡ Enhanced 3.2m floor-to-ceiling heights and 270-300mm raised floors on Ground, 1st and 2nd floors

‡‡ 2.7m floor-to-ceiling heights and 150mm raised floors on 3rd, 4th and 5th floors

‡‡ VAV air conditioning

‡‡ Six passenger lifts (4 x 22 passengers and 2 x 19 passengers)

‡‡ Four fireman’s lifts

‡‡ Separate male, female and disabled persons toilets on each floor

The building was comprehensively refurbished in 2008 at a cost in excess of £20.0 million to include the following:

2ND FLOOR ‡‡ Substantial refurbishment of the ground, 1st, 2nd, 3rd and 5th floors

‡‡ Comprehensive overhaul of the reception and atria, including an extension to the north east atrium to encompass the 2nd floor

‡‡ Replacement of the VAV air conditioning system

‡‡ Refurbishment of the air handling units

‡‡ Instalment of three new cooling towers and chillers

‡‡ Reconfiguration and replacement of passenger lifts

‡‡ Part refurbishment of the plant, including boilers and tenant generators

‡‡ BREEAM rating of ‘Very Good’

The building has subsequently been upgraded with further refurbishment from 2017 to 2019.

1ST FLOOR 2ND FLOOR INTERNAL TERRACE 16 17 FIVE ACRE SQUARE FIVE ACRE SQUARE [FIVE ACRE SQUARE] WILL BE A GAME CHANGER FOR THE CONFERENCE INDUSTRY IN LONDON. CONFERENCE SUITES WITH THIS CAPACITY SUPPORTED BY LARGE BREAK OUT OPTIONS ALL ON ONE FLOOR ARE DIFFICULT TO FIND, ESPECIALLY IN THE CITY. DIRECTOR, ETC.VENUES

18 2ND FLOOR19 FIVE ACRE SQUARE FIVE ACRE SQUARE RECENT UPGRADES

BETWEEN 2017 AND 2019, FIVE ACRE SQUARE HAS BEEN FURTHER ENHANCED, AT A COST IN EXCESS OF £6.5 MILLION, TO INCLUDE THE FOLLOWING:

‡‡ New remodelled reception including coffee kiosk

‡‡ New Cat A refurbishment (LED lighting, ceilings and flooring) on the 4th and 5th floors

‡‡ New VAV air conditioning on the 4th floor

‡‡ New WCs on the 4th and 5th floors

‡‡ 14 showers, changing facilities and 163 lockers

‡‡ 155 cycle spaces

GROUND FLOOR

4TH FLOOR 4TH FLOOR

5TH FLOOR 4TH20 FLOOR 21 FIVE ACRE SQUARE FIVE ACRE SQUARE

2ND22 FLOOR 23 FIVE ACRE SQUARE FIVE ACRE SQUARE

ACCOMMODATION

THE PROPERTY HAS BEEN MEASURED BY PLOWMAN CRAVEN IN ACCORDANCE WITH THE RICS CODE OF MEASURING PRACTICE (6TH EDITION) AND COMPRISES THE FOLLOWING NET INTERNAL AREAS (NIA):

FLOOR USE SQ FT SQ M

Sixth B.M.A / Office 1,569 145.8 Fifth Office 31,679 2,943.1 Fourth Office 30,416 2,825.7 Third Office 30,132 2,799.4 Atrium Base / Terrace 2,173 201.9 Second Office 33,716 3,132.3 Terrace 976 90.7 First Office 34,308 3,187.3 Atrium Base 1,211 112.5 Ground Office 5,933 551.2 Retail 13,884 1,289.9 Storage 779** 72.4 B.M.A 333 30.9 Lower Ground Storage 12,103 1,124.4 B.M.A 1,652 153.5

TOTAL* 200,864 18,661.0

*Excludes reception area of 3,690 sq ft (342.8 sq m). **Subject to measurement.

There are an additional nine car parking spaces (including one disabled persons space) at ground floor level.

2ND FLOOR 1ST FLOOR

24 RECEPTION AND MAIN ATRIUM25 FIVE ACRE SQUARE FIVE ACRE SQUARE

FLOOR PLANS

GROUND FLOOR NORTH FOURTH FLOOR NORTH 20,929 SQ FT* 30,416 SQ FT (1,944.4 SQ M) (2,825.7 SQ M) WHITE KENNETT STREET KENNETT WHITE STREET KENNETT WHITE

OFFICE

RETAIL HOUNDSDITCH HOUNDSDITCH

ANCILLARY / STORAGE

RECEPTION

B.M.A OFFICE

*Excludes reception area ATRIUM of 3,690 sq ft (342.8 sq m).

STONEY LANE STONEY LANE

SECOND FLOOR FIFTH FLOOR 34,692 SQ FT 31,679 SQ FT (3,223.0 SQ M) (2,943.1 SQ M) WHITE KENNETT STREET KENNETT WHITE STREET KENNETT WHITE HOUNDSDITCH HOUNDSDITCH

OFFICE

ATRIUM OFFICE

TERRACE ATRIUM

STONEY LANE STONEY LANE

Not to scale. Indicative only. 26 27 FIVE ACRE SQUARE FIVE ACRE SQUARE

TENURE

FIVE ACRE SQUARE IS HELD FREEHOLD AND OCCUPIES A LARGE SITE OF APPROXIMATELY 1.05 ACRES (0.42 HECTARES) WITHIN THE EASTERN ‘TOWER’ CLUSTER.

THE SITE SITS WITHIN THE CITY OF LONDON. THE BUILDING IS NOT LISTED AND DOES NOT LIE IN A CONSERVATION AREA.

CUTLER STREET

ARTIZAN STREET

T

11 5 CUTLER STREE T E E R WHITE KENNETT STREET H T O S U R N IE D H S T O D L IT C Cutlers C H Exchange

1 1 7

to 1 1 9

1 2 0

1 2 3

HOUNDSDITC

T E RE T S G H IN R 1

O 3

G 3 2

Y LANE

STONE

B E V IS M The St Botolph Building A R K S

Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved.

28 29 FIVE ACRE SQUARE FIVE ACRE SQUARE

TENANCY SCHEDULE TENANT FLOOR USE AREA LEASE EXPIRY BREAK REVIEW RENT PER RENT £ INSIDE THE COMMENTS SQ FT START DATE DATE DATE ANNUM PER SQ FT 1954 ACT Offices BMA Sixth Floor Office / B.M.A 1,569 ------Occupied by the building manager.

Infopro Digital Services Limited Part Fifth Floor (North) Office 16,406 22-Jul-2019 21-Jul-2029 22-Jul-2024 22-Jul-2024 £836,706 £51.00 N 12 months rent free from lease commencement to be infilled by Vendor. An additional 12 months rent free if the (T) tenant does not exercise their break option not infilled by the Vendor. Initial service charge cap of £15.00 per sq ft (ex VAT) not initially exceeding £216,090, subject to annual CPI increases. Rent deposit of £753,035.40 + VAT is held. Headquarters by WeWork Part Fifth Floor (South)* Office 15,273 15-Jul-2019 15-Aug-2029 - 15-Jul-2024 £840,015 £55.00 N Rent free until rent commencement date of 8-Nov-2019 to be infilled by Vendor. Split over two leases. (133 Houndsditch Fourth Floor Office 30,416 20-Jun-2019 15-Aug-2029 20-Jun-2024 £1,672,880 £55.00 N Rent reviews in 2024 subject to the higher of the open market rent or £58.50 per sq ft. Initial service charge cap of Tenant Limited) £15.00 per sq ft (ex VAT), subject to annual RPI increases. Guarantee structure from WeWork: Years 1 to 4: 36 months passing headline rent + VAT • Years 5 to 6: 24 months passing headline rent + VAT Years 7 to 9: 18 months passing headline rent + VAT • Years 10 to expiry: 12 months passing headline rent + VAT WH Smith Retail Holdings Part Third Floor (North) Office 14,432 29-Jul-2010 11-Jan-2025 - - £685,520 £47.50 Y Assigned to WH Smith from IHS Global Limited. No authorised guarantee agreement from IHS Global Limited. Limited Atrium Base 1,366 11 months rent free from 29-Sep-2019 to be infilled by Vendor. Under offer to ETC Venues Part Third Floor (South) Office 15,700 TBC 10-May-2029 - TBC 2024 £785,000 £50.00 N Sublet to MyUnidays Limited until 14-Oct-2019 in the process of being surrendered. Under offer to ETC Venues Limited Terrace 807 Limited and assumes topped up to lease commencement of 15-Oct-2019. 24.5 months rent free (excludes landlord contribution for reinstating to Cat A) from lease commencement to be infilled by Vendor. Rent review in 2024 subject to the higher of the open market rent or £53.00 per sq ft, capped at £56.00 per sq ft. Service charge cap of £15.00 per sq ft (ex VAT), subject to annual RPI increases. IHS Global Limited Second Floor Office 33,716 11-Jul-2009 10-May-2029 - 11-May-2024 £1,517,220 £45.00 N Sublet to ETC Venues Limited through to 10-May-2024 with a reversionary lease for a further 5 years as of (sublet to ETC Venues Limited) Car Park Spaces 3 & 4 Terrace 976 (Fixed - see 11-May-2024 (outside the 1954 Act). Fixed increase to £50.00 per sq ft (excluding rentalising the terrace) from rent Car Parking 2 comments) commencement date of 26-Dec-2024. 7.5 months rent free from 11-May-2024 not infilled by the Vendor. Current service charge cap of £15.00 per sq ft (ex VAT), subject to annual RPI increases. Guarantee from IHS INC. CMC Markets Plc First Floor Office 34,308 12-Jan-2010 11-Jan-2025 - 12-Jan-2020 £1,600,000 £38.60 Y Car parking included within the lease. Atrium Base 1,211 Part Ground Floor (East) Office 5,933 Car Park Spaces 5 & 6 Car Parking 2 Under offer to Benugo Reception Coffee Kiosk Turnover rent based on sales.

Infopro Digital Services Limited Part Ground Floor (West) Storage 419 22-Jul-2019 21-Jul-2029 22-Jul-2024 22-Jul-2024 £9,218 £22.00 N 12 months rent free from lease commencement to be infilled by Vendor. An additional 12 months rent free if the (T) tenant does not exercise their break option not infilled by the vendor. Initial service charge cap of £15.00 per sq ft (ex VAT), subject to annual CPI increases. Rent deposit of £8,296.20 + VAT is held. Topped Up Part Ground Floor (West) Storage 360** - - - - £5,400 £15.00 - Vendor to provide rental guarantee for 24 months.

CMC Markets Plc Part Lower Ground Floor Storage 2,835 12-Jan-2010 11-Jan-2025 - 12-Jan-2020 £20,000 £7.05 Y -

Topped Up Part Lower Ground Floor Storage 9,268 - - - - £139,020 £15.00 - Vendor to provide rental guarantee for 24 months.

Topped Up Car Park Spaces 1 & 2 Car Parking 2 - - - - £7,000 £3,500.00 - Vendor to provide rental guarantee for 24 months.

CMC Markets Plc Car Park Space 7 Car Parking 1 30-Sep-2010 TBC - - £2,500 £2,500.00 N -

Infopro Digital Services Limited Car Park Space 8 Car Parking 1 22-Jul-2019 21-Jul-2020 - - £3,500 £3,500.00 N -

Building's Security rooms Ground Floor B.M.A 333 ------Part Lower Ground Floor 1,652 EDF Energy Networks (LPN) Plc HV Switch Room HV Switch Room - 7-Jan-2008 6-Jan-2107 - - - - Y -

Offices Subtotal 186,980 £8,123,979 £43.45

Retail Stonegate Pub Company Part Ground Floor (South) Retail 7,148 25-Dec-1995 24-Dec-2020 - - £230,930 £32.31 Y Guarantee from Slug and Lettuce Company Limited. Limited Pret A Manger (Europe) Limited Part Ground Floor (East) Retail 3,313 10-Jan-2011 9-Jan-2021 - - £154,500 £46.63 Y -

CHAT.S.O. Limited Part Ground Floor (North) Retail 3,423 24-Mar-2015 23-Mar-2035 24-Mar-2025 24-Mar-2020 £110,000 £32.14 N Further rent reviews on 24-Mar-2025 and 24-Mar-2030. Rent Deposit of £64,625 + VAT is held. Guarantee from (L) Damien Brenden McCrystal. Landlord break option.

Retail Subtotal 13,884 £495,430 £35.68

TOTAL 200,864 £8,619,406 £42.91

* Agreement for lease on part fifth floor ** Subject to measurement

30 31 FIVE ACRE SQUARE FIVE ACRE SQUARE

TENANT DIVERSIFICATION 58% OF CONTRACTED OFFICE RENT MAJOR TENANT COVENANTS BY INCOME £50 PER SQ FT AND BELOW 2%

6% 10% 20%

HEADQUARTERS BY WEWORK CMC MARKETS PLC 32% (29% of income) (19% of income) 75% WeWork was founded in 2010 and is a revolutionary shared CMC Markets was established in 1989 and is a leading global provider 36% 38% OF THE CURRENT workspaces business for a wide range of business sizes. of online retail . They enable clients to trade a broad 19% Globally WeWork has approximately 425 locations in 100 cities range of financial instruments through their award winning Next 10% and boasts over 401,000 members. In Central London the group is Generation trading platform, supported by sophisticated charting, INCOME IS SECURED competitive pricing and automated execution. regarded as the largest corporate office occupier and is one of the 9% 8% 10% AGAINST THE THREE world’s most exciting and highly valued growth businesses. As at June 2019, CMC Markets is rated a “Very Low Risk” of business Five Acre Square will be operated as “Headquarters by WeWork”, failure by Experian with a Commercial Delphi Score of 100/100. WeWork’s newest product providing a fully private, personalised and LARGEST TENANTS Tech Business Services Retail (office) £55.00 £51.00 £50.00 flexible workspace targeted at medium sized companies who require Accounts for the year ending 31/03/2018 highlight the following; bespoke space. Total Turnover: £209,128,000 Fin Tech Food & Beverage Vacant £47.50 £45.00 <£45.00 The company is privately owned, therefore no financial Pre-tax Profit: £60,064,000 information is publicly available. Total Assets: £329,871,000 STACKING PLAN

IHS GLOBAL LIMITED NOW IHS MARKIT LIMITED INFOPRO DIGITAL SERVICES LIMITED SIXTH FLOOR 6th Floor (18% of income) (10% of income) Turrets BMA IHS Markit is a London-based global information provider founded in Infopro is a leading French technology firm specialising in business- 2016 following a merger between IHS Inc. and Markit Limited. to-business information and services. The business was founded in 2001 and has grown to have 3,300 employees following 20% annual FIFTH Infopro Digital Services Headquarters by WeWork The group comprises more than 5,000 analysts, data scientists, growth since being established. The company intends to hire 300 £51.00 per sq ft FLOOR £55.00 per sq ft (minimum uplift to £58.50 per sq ft in 2024) financial experts and industry specialists. Their global information Exp 2029 people in 2019. Exp 2029 expertise spans numerous industries, including leading positions in (TBO 2024) finance, energy and transportation. Accounts for the year ending 31/12/2017 highlight the following; Total Turnover: £23,499,674 As at June 2019, IHS Markit is rated a “Very Low Risk” of business FOURTH Total Assets: £26,596,972 Headquarters by WeWork failure by Experian with a Commercial Delphi Score of 100/100. FLOOR £55.00 per sq ft (minimum uplift to £58.50 per sq ft in 2024) Exp 2029 Accounts for the year ending 30/11/2017 highlight the following;

Total Turnover: £345,256,000 THIRD Under offer to ETC Venues WH Smith Retail Holdings Pre-tax Profit: £35,451,000 £50.00 per sq ft FLOOR £47.50 per sq ft (collar of £53.00 per sq ft / cap of £56.00 per sq ft in 2024) Total Assets: £6,688,297 Exp 2025 Exp 2029

SECOND IHS Global FLOOR (Sublet to ETC Venues with reversionary lease) £45.00 per sq ft (fixed uplift to £50.00 per sq ft in 2024) Exp 2029 WH SMITH RETAIL HOLDINGS LIMITED ETC VENUES LIMITED (8% of income) (9% of income) FIRST CMC Markets WH Smith is a leading retailer focusing on travel and high street retail. etc.venues was launched in 1992 and provides flexible, award-winning FLOOR £38.60 per sq ft The travel business operates 1,004 retail units in airports, railway training, meeting and conference space in London, , Exp 2025 stations and motorway service stations. Whereas the high street and New York. With 15 centres in London alone, they have business operates 599 units across the UK. seen substantial growth since the backing of private equity firm Dunedin Infopro Digital Retail South Retail North LLP in 2006. etc.venues has also won countless awards, including GROUND Vacant Storage Coffee Kiosk Retail East WH Smith employs approximately 14,000 UK staff and is listed on the CMC Markets Services Stonegate Pub CHAT.S.O. £15.00 per sq ft Under offer to Pret A Manger recently being a finalist for both ‘Best boardroom/small meeting FLOOR £38.60 per sq ft £22.00 per sq ft Company £32.14 per sq ft London as part of the FTSE mid 250 index. 24 Months Vendor Benugo £46.63 per sq ft space’ and ‘Best large conference space’ at The CHS Awards 2019. Exp 2025 Exp 2029 £32.31 per sq ft Exp 2035 Guarantee Turnover percentage Exp 2021 As at June 2019, WH Smith is rated a “Very Low Risk” of business (TBO 2024) Exp 2020 (LBO - 2025) Accounts for the year ending 30/06/2017 highlight the following; failure by Experian with a Commercial Delphi Score of 100/100. Total Turnover: £46,056,569 LOWER Accounts for the year ending 31/08/2017 highlight the following; CMC Markets Vacant Storage Pre-tax Profit: £8,734,998 GROUND £15.00 per sq ft £15.00 per sq ft Total Turnover: £181,024,000 Total Assets: £64,249,665 FLOOR Exp 2025 24 Months Vendor Guarantee Pre-tax Profit: £67,219,000 Total Assets: £1,173,559,000

32 33 FIVE ACRE SQUARE FIVE ACRE SQUARE

VALUE DRIVERS

SHORT TERM

‡‡ Lease up lower ground floor and/or consider alternative uses

‡‡ Rent review in 2020 on CMC Markets’ floors (19% of income) off a low rent of £38.60 per sq ft overall

‡‡ Extend retail leases to coordinate with 2029 block date

MEDIUM TERM

‡‡ Rent review on Headquarters by WeWork’s 4th and part 5th floors (29% of income) to the higher of open market rent or £58.50 per sq ft (min 6.4% increase) in 2024

‡‡ Open market rent review on ETC Venues’ 3rd floor which guarantees a minimum uplift to at least £53.00 per sq ft (6.0% increase) in 2024

‡‡ Reversionary lease to ETC Venues on the 2nd floor at £50.00 per sq ft (11.1% increase) in 2024

‡‡ WH Smith’s expiry in 2025 with possibility of two occupiers in Headquarters by WeWork and ETC Venues competing for the space

‡‡ CMC Markets’ lease expiry in 2025 with possible lease restructuring as part of the 2020 rent review

‡‡ Infopro Digital Services’ rent review or break option in 2024 with possibility of two occupiers in Headquarters by WeWork and ETC Venues competing for the space

34 35 FIVE ACRE SQUARE FIVE ACRE SQUARE

THE FUTURE FIVE ACRE SQUARE

FIVE ACRE SQUARE BENEFITS FROM A NATURAL BLOCK DATE IN 2029 PROVIDING THE OPTIONALITY OF A COMPREHENSIVE REPOSITIONING THROUGH REFURBISHMENT AND EXTENSION OR WHOLESCALE REDEVELOPMENT.

The strong building fundamentals and, in particular, the slab- ‡‡ Circa 303,000 sq ft (net) including three new floors to-slab height on the lower floors provide an excellent basis to ‡‡ Striking new façade with feature protruding glazed window refurbish, extend and reclad the existing frame. bays The renowned architect ORMS, who designed the ‡‡ Redesigned floor plates to create a feature single fully refurbishment of the reception, 4th and 5th floors have glazed central atrium with links designed a scheme working in partnership with GIA (Rights of ‡‡ New dual reception providing maximum occupational Light/Sunlight/Daylight) and DP9 (Planning). flexibility and access to Devonshire Square The scheme increases the net floor area by circa 50% and ‡‡ Self contained lower ground floor with own access provides new contemporary Grade A office space as follows: ‡‡ Feature 8,100 sq ft communal roof terrace and club room ‡‡ Private terraces on 7th and 8th floors

Further information is available in the data room to include the full ORMS scheme, GIA and DP9 reports.

FLOOR NIA (SQ FT) EXISTING PROPOSED

EIGHTH n/a 25,801

SEVENTH n/a 30,128

SIXTH 1,569 36,500

FIFTH 31,679 36,500

FOURTH 30,416 36,500

THIRD 32,305 36,500

SECOND 34,692 36,500

FIRST 35,519 36,500

GROUND 20,929 17,513

BASEMENT 13,755 10,721

TOTAL 200,864 303,163

DIFFERENCE (SQ FT) 102,299

% INCREASE 51

All areas are approximate at this stage and are for the purposes to help develop the design options only. Allow +/- 5% until the areas can be validated following post strip out.

36 CGI OF PROPOSED HOUNDSDITCH ELEVATION37 FIVE ACRE SQUARE FIVE ACRE SQUARE

38 CGI OF PROPOSED ATRIUM WITH BRIDGE LINKS39 FIVE ACRE SQUARE FIVE ACRE SQUARE

CGI OF HOUNDSDITCH RECEPTION AND ELEVATION CGI OF PROPOSED ROOF TERRACE

CGI OF PROPOSED DUAL ENTRANCE CGI OF HOUNDSDITCH RECEPTION AND ELEVATION

40 41 ROOFTOP VIEW FROM FIVE ACRE SQUARE

INDICATIVE CASH-ON-CASH RETURNS FURTHER INFORMATION

GIVEN THE DIVERSE INCOME TYPICAL DEBT TERMS DATA ROOM VALUE ADDED TAX (VAT) PROFILE, FIVE ACRE SQUARE Access to an online data room is available upon request The property has been elected for VAT. WILL ATTRACT COMPETITIVE LOAN-TO-VALUE (LTV) 55% 60% 65% and contains the following: DEBT TERMS IN THE CURRENT Term 5 years 5 years 5 years ‡‡ Tenancy Schedule MARKET AND PROVIDE THE Margin 155 bps 165 bps 180 bps CAPITAL ALLOWANCES OPPORTUNITY TO GENERATE ‡‡ Building Survey Details available upon request. All-in rate* 235 bps 245 bps 260 bps EXTREMELY ATTRACTIVE ‡‡ ORMS Feasibility Pack (includes GIA and DP9 reports) Upfront fee 60 bps 70 bps 80 bps CASH-ON-CASH RETURNS ‡‡ Plowman Craven Measured Survey Amortisation No No Yes** TO A LEVERAGED BUYER. ‡‡ Energy Performance Certificate (EPC) Cash-on-cash return (day 1) 8.00%+ 8.50%+ 9.00%+

*GBP IR Swap at 80 bps as at July 2019 ** Assuming amortization back-ended to the last 2 to 3 years of financing

42 43 FIVE ACRE SQUARE

PROPOSAL

OFFERS ARE INVITED IN EXCESS OF £170 MILLION (ONE HUNDRED AND SEVENTY MILLION POUNDS STERLING), SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT, FOR 100% OF THE UNITS IN THE JERSEY PROPERTY UNIT TRUST THAT OWNS THE FREEHOLD INTEREST IN THE PROPERTY.

ATTRACTIVE NET INITIAL YIELD OF C.5.00% AND A LOW CAPITAL VALUE OF £846 PER SQ FT.

EXCEPTIONAL CASH-ON-CASH RETURNS IN EXCESS OF 8.00% CAN BE ACHIEVED.

CONTACTS

Richard Garside Alex Lake Alex Crampton Smith [email protected] [email protected] [email protected] +44 (0) 207 182 8004 +44 (0) 207 182 2571 +44 (0) 207 182 3158

CAPITAL ADVISORS REAL ESTATE FINANCE David Martin Richard Day [email protected] [email protected] +44 (0) 207 182 2448 +44 (0) 207 182 2188

IMPORTANT INFORMATION This document and any other materials accompanying this document (collectively, the “Materials”) are provided for general informational purposes. By accepting any Materials, the recipient acknowledges and agrees to the matters set out below. The Materials have been prepared by CBRE Indirect Investment Services Limited (CBREIIS) (the “Advisor”), who are authorised and regulated by the Financial Conduct Authority. The Materials have been prepared on the basis of information obtained from the Advisor’s client (the “Sponsor”) and other sources which the Advisor believes to be reliable as of the specified date. The Advisor and the Sponsor do not undertake any duty or obligation to update the information. Neither the Advisor nor the Sponsor makes or gives any representation, warranty or guarantee, whether express or implied, that the information contained in the Materials or otherwise supplied to the recipient, at any time by or on behalf of the Advisor or the Sponsor whether in writing or not, relating to the opportunity discussed herein is complete or accurate or that it has been or will be audited or independently verified, or that reasonable care has been taken in compiling, preparing or furnishing the information. The Materials provide a guide only and are not intended to be exhaustive and, in particular, do not contain disclosure of any of the risks associated with the opportunity. The Materials are not to be construed as investment, tax or legal advice in relation to the relevant subject matter and the recipient is encouraged to seek independent legal or other professional advice on these matters. Any opinions or estimates contained in the Materials represent the judgment of the Advisor at this time and is subject to change without notice. No person providing Materials is acting as fiduciary with respect to the Materials. The distribution of the Materials (which term shall include any form of communication) is restricted pursuant to section 21 (Restrictions on Financial Promotion) of the Financial Services and Markets Act 2000 (“FSMA”). In relation to the , the Materials are only being distributed to, and is directed only at, persons (i) who have professional experience in matters relating to investments falling within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion Order) 2005, as amended (the “Order”), (ii) falling within article 49(2)(a) to (d) of the Order and (iii) to whom it may otherwise lawfully be distributed (all such persons together with qualified investors (as defined in the EU Prospectus Directive) being referred to as “relevant persons”). The Materials must not be acted on or relied on in the United Kingdom by persons who are not relevant persons. Any investment or investment activity to which this Memorandum relates is available only in the United Kingdom to relevant persons, and will be engaged in only with such persons. By receiving the Materials you are deemed to warrant that you fall within the categories of persons described above. Neither the information, nor any opinion expressed herein constitutes a solicitation, or recommendation by us of the purchase, or sale of any securities, or any other financial instruments. Nothing in this document constitutes accounting, legal, regulatory, tax or other advice. CBREIIS does not accept any responsibility for the consequences of any person placing reliance on the content of this information for any purpose. The information contained in this brochure, 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 brochure and reflects prevailing conditions, and our views as of that date, 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. Notice is hereby provided that the Materials are confidential and are furnished solely for the purpose of the recipient’s review in connection with the opportunity discussed herein. The Materials are not to be used for any other purpose or made available to any other person without the express written consent of the Advisor. The opportunity is subject to prior placement and withdrawal, cancellation or modification without notice. For recipients based in the European Union the Materials are distributed by CBREIIS. For the purposes of Section 21 of the U.K. Financial Services and Markets Act 2000 (“the Act”), the content of the Materials have been approved by CBREIIS Limited, which is authorized and regulated by the UK Financial Conduct Authority and which does not deal directly with retail clients. www.cube-design.co.uk (Q4338) Property ID Number: CBRE-CM-ADV2090 Date of Publication: July 2019

45 SECURELY LET CITY OF LONDON FREEHOLD