45 Cannon Street London Ec4 New Landmark Freehold Investment 2 3 Investment Summary

45 CANNON STREET LONDON EC4 NEW LANDMARK FREEHOLD INVESTMENT 2 3 INVESTMENT SUMMARY

A BEST-IN-CLASS, NEW-BUILD HEADQUARTERS OFFICE,WITH AN EXCEPTIONAL TENANT ROSTER AND 12 YEARS OF INCOME

• New landmark development by AOG Real Estate and Morgan Capital and designed by internationally acclaimed architects Fletcher Priest • Prominent 0.5 acre freehold site in the heart of the City of London, set back from neighbouring properties • Long-term secure income to an exceptional tenant roster, with a WAULT of 12.0 years to expiries and 11.3 years to tenant break options, providing £71 million of contracted rental income until earliest determinations • 92,362 sq ft (8,580.7 sq m) of new Grade A office accommodation arranged over ground and seven upper floors, including four retail units at ground and basement levels • Panoramic views across the City of London, River Thames and St Paul’s Cathedral • Market leading specification including a large 2,785 sq ft (258.7 sq m) reception and unrivalled terraces totalling 6,624 sq ft • 100% let or under offer with 75% of income secured from leading global FinTech businesses Global Relay and Open Text • Total income of £6,310,150 per annum equating to £68.32 per sq ft overall • Significant unclaimed capital allowances available • We are instructed to seek offers in excess of £145,800,000, subject to contract and exclusive of VAT, for the Dutch B.V. which owns the freehold interest in 45 Cannon Street. This reflects a net initial yield of 4.25% and a capital value of £1,579 per sq ft, assuming purchaser’s costs of 1.80%

4 5 6 7 LOCATION LIVERPOOL STREET

FINSBURY MOORGATE CIRCUS BISHOPSGATE

LONDON IS ONE OF THE LEADING LONDON WALL

FINANCIAL CENTRES IN THE LONDON WALL WORLD AND THE CITY OF LONDON 2 IS ITS HISTORIC EPICENTRE 1 MOORGATE WOOD STREET 2 GRESHAM STREET 8 LOTHBURY THROGMORTON STREET Traditionally the home of the financial and insurance industries, the City 2 2 4 5 6 T S S ’ E C N I R P BANK OF THREADNEEDLE STREET of London has recently undergone a marked transformation attracting an ENGLAND ROYAL EXCHANGE increasingly diverse pool of occupiers from the technology, media and OLD JEWRY ST MARTIN’S LE GRAND MILK STREET 3 CORNHILL telecommunications (TMT) industries, in particular the FinTech sector. 1 3 CHEAPSIDE 4 1 BANK DLR 7 1 1 3 POULTRY These occupiers have been attracted by the exceptional transport connections, 6 ST PAUL’S ONE NEW CHANGE high quality of the built environment, continuously improving retail and leisure 16 K NI GW LAI M S T R E T provision and the relative occupational value proposition. BOW LANE

BREAD STREET WATLING STREET 9 5 2 WALBROOK QUEEN STREET 2 4 ST PAUL’S QUEEN VICTORIA STREET ST SWITHINS LANE NEW CHANGE FINANCIAL FUND MANAGERS FINTECH / TMT 1 GOLDMAN SACHS 1 ABERDEEN ASSET MGT / 1 FIDESSA 8 3 CANNON STREET MONUMENT MANSION 2 LLOYDS BANKING GROUP BANK OF IRELAND 2 WORLDPAY 7 HOUSE 10 11 4 CANNON 6 3 CIBC 2 FRIENDS LIFE / CME GROUP 3 KOBALT MUSIC QUEEN VICTORIA STREET STREET 4 STANDARD BANK 3 FIDELITY 4 DELIVEROO 5 COMMERZBANK 4 T.ROWE PRICE 5 BLOOMBERG 18 11 12 17

6 BANK OF CHINA 5 OLD MUTUAL 6 WEWORK 4 UPPER THAMES STREET 4 7 INTESA SANPAOLO 6 M&G 7 FUNDING CIRCLE 3 15 19 8 SEB 8 MONITISE 5 13 14 9 MIZUHO PROFESSIONAL 10 OCBC 1 SIDLEY AUSTIN 11 HELABA 2 DAVIS POLK & WARDWELL 12 COMMONWEALTH BANK 3 K&L GATES OF AUSTRALIA 4 EVERSHEDS 13 RABOBANK

14 JEFFERIES OTHER LONDON BRIDGE SOUTHWARK BRIDGE 15 NOMURA 1 BT MILLENNIUM BRIDGE 16 ROTHSCHILD 2 ARTHUR J.GALLAGHER GLOBE 17 DEUTSCHE POSTBANK 3 ODGERS BERNDTSON TATE MODERN THEATRE 18 SMBC 4 LOMBARD STREET RESEARCH 19 ROYAL BANK OF CANADA / MAN GROUP

8 9 LONDON UK AND LONDON FINTECH GROWTH

THE EUROPEAN PREFERRED LOCATION FOR START UPS FINTECH CAPITAL

London is the FinTech capital of Europe and one of the leading global hubs for this fast-growing industry. The digital and technological evolution continues to transform and disrupt global economies. Nowhere is this felt as strongly as in the financial services sector, with a rapid growth in financial technology businesses (“FinTech”). London’s success has been established due to the highly flexible and supportive regulatory system in the UK, which is particularly advantageous for innovation in FinTech start-ups. London also benefits from a large tech talent base, especially when compared to rival European cities. Its world class universities, language and time zone combine to create a fertile environment for the financial services industry which feeds the FinTech market. FINTECH INVESTMENT INTO THE UK DURING THE FIRST 6 MONTHS OF 2018 THERE WAS MORE FINTECH INVESTMENT INTO THE UK PER ANNUM – GVA OF A DIGITAL TECH WORKER, THAN ANY OTHER COUNTRY MORE THAN DOUBLE A NON-DIGITAL WORKER DURING THE FIRST HALF OF THE YEAR, WITH FUNDRAISING WORTH $16.1 BILLION (£12.3 BILLION)

10 11 SITUATION

45 CANNON STREET LIES BETWEEN THE MAJOR LANDMARKS OF ST PAUL’S CATHEDRAL AND BLOOMBERG PLACE, THE NEW £1BN EUROPEAN HEADQUARTERS OF BLOOMBERG

The property commands a prominent corner position at the junction of Cannon Street and Queen Victoria Street in the heart of the City of London with an imposing 50 metres of frontage. This unique quarter of the City boasts the best of the past and present - from St Paul’s Cathedral and the historic, vibrant lanes of Watling Street and Bow Lane to the modernity of high street retail and restaurants of One New Change, Bloomberg Arcade and The Ned.

12 13 CONNECTIVITY

FARRINGDON 17 MINUTE WALK

THE ELIZABETH LINE(2019) 45 CANNON STREET BENEFITS

FROM EXCEPTIONAL TRANSPORTATION ST PAUL’S BANK LIVERPOOL STREET LINKS. MANSION HOUSE, ST PAUL’S, 5 MINUTE WALK 5 MINUTE WALK 15 MINUTE WALK BANK AND CANNON STREET UNDERGROUND STATIONS ARE ALL LOCATED WITHIN A FIVE MINUTE WALK

THE ELIZABETH LINE The Elizabeth Line is due to be one of the most significant changes to London’s infrastructure since the creation of the London Underground network, and will bring MANSION HOUSE CANNON STREET MONUMENT an additional 1.5 million commuters within 45 minutes of Central London. It will 1 MINUTE WALK 4 MINUTE WALK 10 MINUTE WALK increase London’s transport capacity by 10%, providing rapid and frequent access across London. The new network will run east to west across London and will BLACKFRIARS provide access from Liverpool Street Station (15-minute walk) to key destinations 10 MINUTE WALK such as Heathrow (33 minutes), Paddington (10 minutes), Bond Street (7 minutes), Canary Wharf (6 minutes) and Farringdon (2 minutes). In 2019, 45 Cannon Street will therefore benefit from access to the Elizabeth Line, Thameslink and London Underground services and direct accessibility to both Heathrow and Gatwick airport. Hammersmith & City Metropolitan Central Circle District Northern Waterloo & City DLR WATERLOO LONDON BRIDGE Elizabeth Line (2019)

14 15 THE BUILDING

45 CANNON STREET IS A NEW LANDMARK HEADQUARTERS OFFICE BUILDING. COMPLETED IN 2017, THE BUILDING PROVIDES EXCEPTIONAL, STATE-OF-THE-ART ACCOMMODATION

A best-in-class team lead by Morgan Capital delivered the scheme based on the principles of design, quality and sustainability, ensuring the asset is pioneering for the market and future-proofed against occupiers’ requirements. The building comprises 92,362 sq ft (8,580.7 sq m) arranged over basement, ground and seven upper floors, including 81,363 sq ft (7,558.9 sq m) of exceptional office accommodation and 7,000 sq ft (650.4 sq m) of complementary retail at ground and basement floor level. Designed to a BREEAM Excellent standard, the development consists of a brand-new structure on a virtual island site with over 50 metres of frontage to Cannon Street. Virtually column-free floor plates ranging from 3,509 sq ft (326 sq m) to 14,469 sq ft (1,344.2 sq m), providing excellent levels of occupational flexibility as well as exceptional levels of natural light through floor-to-ceiling glazing. Accessed via the main entrance off Cannon Street, the office accommodation benefits from an impressive arrival experience through a generous 2,785 sq ft (258.7 sq m) reception. The 3rd, 5th, 6th and 7th floors benefit from stunning roof terraces totalling 6,624 sq ft (615.4 sq m), with unobstructed views of St Paul’s Cathedral. Terraces of this size with unrivalled views are extremely rare and highly sought after by occupiers in Central London.

16 17 18 19 DEVELOPMENT TEAM ‘45 Cannon Street is the culmination of 40 years of working with the City’s most prestigious buildings. TRACK RECORD The fundamentals are exceptional. The core design is perfect. There is no better building.’ Trevor Morgan, Managing Partner, Morgan Capital

A leading London specialist Founded in 2010, the team have since Fletcher Priest is a studio of for their transformative designs fletcher priest architects commercial real estate investor, completed nearly 1,000,000 sq ft architects, urban designers and including the BD Office Architect london + köln + riga asset manager and award winning (93,000 sq m) of new prime London interior designers. Based in of the Year 2017. Their most recent developer with a track record of office development across the City, London, with presence in Köln and work in Central London has acquiring and developing West End, Midtown and Southwark. Riga, they work with some of the included New Ludgate, Piccadilly best-in-class assets for world’s leading developers, and Circus, 135 Bishopsgate, Angel long-term performance. have won many prestigious awards Court and 6 Bevis Marks.

ADDRESS: 53 GREAT SUFFOLK STREET, SE1 ADDRESS: 1 SMART’S PLACE, WC2 ADDRESS: 8-10 HANOVER STREET, W1 ADDRESS: CENTRAL ST GILES, WC2 ADDRESS: NEW LUDGATE, EC4 ADDRESS: ANGEL COURT, EC2 BUSINESS PLAN: DEVELOPMENT BUSINESS PLAN: RECONSTRUCTION BUSINESS PLAN: DEVELOPMENT CLIENT: LEGAL & GENERAL CLIENT: LANDSEC CLIENT: MITSUI FUDOSAN COMPLETED: 2017 COMPLETION: 2019 COMPLETED: 2013 COMPLETED: 2012 COMPLETED: 2015 COMPLETED: 2017 SIZE: 31,000 SQ FT SIZE: 39,000 SQ FT SIZE: 32,000 SQ FT SIZE: 675,000 SQ FT SIZE: 184,000 SQ FT SIZE: 300,000 SQ FT

ADDRESS: 161 OXFORD STREET, W1 ADDRESS: 8 HANOVER SQUARE, W1 ADDRESS: 20 ST.ANDREW STREET, EC4 ADDRESS: BRUNEL BUILDING, W2 ADDRESS: PICCADILLY CIRCUS, W1 ADDRESS: 6 BEVIS MARKS, EC3 BUSINESS PLAN: RECONSTRUCTION BUSINESS PLAN: DEVELOPMENT BUSINESS PLAN: RECONSTRUCTION CLIENT: DERWENT LONDON CLIENT: LANDSEC CLIENT: AXA, BLACKROCK, WELLS FARGO COMPLETED: 2018 COMPLETED: 2017 COMPLETED: 2017 COMPLETION: 2019 START DATE: 2019 COMPLETED: 2014 SIZE: 42,000 SQ FT SIZE: 72,000 SQ FT SIZE: 56,000 SQ FT SIZE: 243,000 SQ FT SIZE: 142,000 SQ FT SIZE: 160,000 SQ FT

20 21 SPECIFICATION ACCOMMODATION

The building has been independently measured by Plowman Craven in accordance with the guidelines as described in the THE BUILDING IS FINISHED TO THE Sixth Edition of the Code of Measuring Practice, published by the Royal Institution of Chartered Surveyors (RICS). The net HIGHEST STANDARDS WITH A internal areas can be found below and the IPMS3 areas can be found in the online data room. CUTTING EDGE SPECIFICATION FLOOR USE AREA SQ FT AREA SQ M 7 OFFICE 3,509 326.0 6 OFFICE 9,041 839.9 5 OFFICE 11,651 1,082.4 4 OFFICE 14,078 1,307.9 • Impressive 2,785 sq ft (258.7 sq m) reception occupying a prominent corner THE TEAM 3 OFFICE 14,366 1,334.6 position on Cannon Street providing an exceptional arrival experience DEVELOPER 2 OFFICE 14,469 1,344.2 • Efficient and virtually column-free floor space with floor-to-ceiling glazing AOG REAL ESTATE AND maximising natural light to all elevations 1 OFFICE 14,249 1,323.8 MORGAN CAPITAL • 2.75 metres floor to ceiling height ARCHITECTS GROUND BMA 476 44.2 • Future-proofed design with a high occupational density of 1:8m2 FLETCHER PRIEST GROUND B1 / A1 738 68.6 • 4-pipe fan coil air conditioning system PRINCIPAL CONTRACTOR GROUND RECEPTION 2,785 258.7 • Four x 13-person passenger lifts with full destination control BOUYGUES UK OFFICE/ANCILLARY TOTAL 85,362 7,930.3 • Stunning roof terraces on floors 3, 5, 6 and 7 totalling QUANTITY SURVEYOR GLEEDS COST MANAGEMENT 6,624 sq ft (615.4 sq m) with clear and uninterrupted views of GROUND A1 RETAIL - UNIT A 1,046 97.2 St Paul’s Cathedral from the top floors STRUCTURAL ENGINEER GROUND A1 RETAIL - UNIT B 1,257 116.8 • Male and female changing rooms with 13 showers and 106 lockers CURTINS GROUND A1 RETAIL - UNIT C 898 83.4 • 98 bicycle spaces BUILDING SERVICES AND SUSTAINABILITY CONSULTANT GROUND A1 RETAIL - UNIT D 2,583 240.0 • 3 external car parking spaces GRONTMIJ / SWECO BASEMENT 1,216 113.0 • BREEAM “Excellent” rating RETAIL TOTAL 7,000 650.4 TOTAL 92,362 8,580.7

22 23 GROUND FLOOR THIRD FLOOR Reception 2,785 sq ft Office 14,366 sq ft Retail 6,522 sq ft Terrace 76 sq ft BMA 476 sq ft

RETAIL / OFFICE E

RETAIL A SALTERS’ COURT Freshii

BMA FEMALE WC MALE WC

RETAIL B Black Sheep Coffee GOODS YARD

E N A L W O B

LIFT LIFT RETAIL C LOBBY LOBBY Pali Kitchen BMA REFUSE

OFFICE RECEPTION RETAIL D / RESTAURANT Shake Shack

CANNON STREET

Reception Office Terrace

BMA Core N Retail/Restaurant Not to scale. For identification purposes only.

24 25 FIFTH FLOOR SEVENTH FLOOR Office 11,651 sq ft Office 3,509 sq ft Terrace 1,959 sq ft Terrace 3,836 sq ft

TERRACE

FEMALE WC MALE WC

OFFICE

LIFT LOBBY

TERRACE TERRACE

OFFICE

Office Terrace N Core Not to scale. For identification purposes only.

26 27 28 29 TENURE

45 Cannon Street comprises a circa 0.5-acre site and is held

freehold under title number NGL33319. An indicative red line outline 7

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e 1 2 of the freehold ownership can be seen on the plan below. 6

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6 6 Bow Churchyard

w The section highlighted blue indicates dedicated public 5 highway.

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St Mary Aldermary

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CANNON STREET Rising Bollard

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PH T E 65 E

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(Underground Station) 2 7 7

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C Licence number 100022432. Plotted Scale - 1:1250 g

30 31 32 33 THREE EXTENSIVE ROOF TERRACES COMPRISING 6,624 SQ FT (615.4 SQ M) PROVIDE PANORAMIC VIEWS OVER THE CITY OF LONDON WHICH ARE SAFEGUARDED BY ST. PAUL’S CATHEDRAL VIEWING CORRIDORS

34 35 TENANCY

GLOBAL RELAY UK LTD 45 Cannon Street is securely let to three office tenants £622,000 per annum on the retail accommodation. This 2% 2% 2% and four retail tenants on effective full repairing and reflects an average rent of approximately £66.50 per sq ft OPEN TEXT UK LTD UNDER OFFER insuring terms, offering an exceptional income duration on the offices and £89.00 per sq ft on the retail. 4% DIVERSE DINING LTD of 12.0 years to expiries (11.3 years to breaks). 83% of the income from the offices benefits from full BLACKSHEEP COFFEE LTD 15% Approximately 90% of income is secured against three parent company guarantees, and all four retail units FLAVOUR MANAGEMENT LTD FRESH TRADING RESTAURANTS LTD office tenants, with the remaining 10% attributed to benefit from rental deposits, providing an additional layer the four retail tenants occupying the ground and part of income security to an already strong tenant roster. INCOME% 45% basement floors. THE BUILDING PROVIDES The total passing rent on the building is £6,310,150 APPROXIMATELY £71 MILLION OF per annum (inclusive of rent free top-ups), being split 30% £5,688,150 per annum on the office accommodation and CONTRACTED IN PLACE RENTAL INCOME TO EARLIEST DETERMINATIONS

Floor Tenant Rent (£ Psf) Lease Expiry (Break) SEVENTH FLOOR GLOBAL RELAY UK LTD £85.00 AUGUST 2032

SIXTH FLOOR GLOBAL RELAY UK LTD £77.50 AUGUST 2032

FIFTH FLOOR GLOBAL RELAY UK LTD £75.00 AUGUST 2032

FOURTH FLOOR GLOBAL RELAY UK LTD £68.00 AUGUST 2032

THIRD FLOOR UNDER OFFER £67.50 NOVEMBER 2028 (2023)

SECOND FLOOR OPEN TEXT UK LTD £66.50 FEBRUARY 2028

FIRST FLOOR OPEN TEXT UK LTD £65.00 FEBRUARY 2028 FRESH TRADING RESTAURANTS LTD £102.29 FEBRUARY 2028 GROUND FLOOR BLACK SHEEP COFFEE LTD £99.44 FEBRUARY 2038 FLAVOUR MANAGEMENT LTD £116.93 FEBRUARY 2033 GROUND / BASEMENT DIVERSE DINING LTD £75.02 MARCH 2033

36 37 TENANCY SCHEDULE

FLOOR TENANT USE / UNIT AREA (SQ FT) LEASE TERM LEASE START LEASE EXPIRY RENT REVIEW RENT (PER ANNUM) RENT (PER SQ FT) COMMENTS 7 Global Relay UK Limited Office 3,509 15 29/08/2017 28/08/2032 29/08/2022 £298,265 £85.00 Parent company guarantee from Global Relay Communications Inc and 6 Global Relay UK Limited Office 9,041 15 29/08/2017 28/08/2032 29/08/2022 £700,678 £77.50 a 9 month rent deposit is held. Outstanding rent free expires between 5 Global Relay UK Limited Office 11,651 15 29/08/2017 28/08/2032 29/08/2022 £873,825 £75.00 Feb-May 2020 on 5th – 7th floors and September 2021 on 4th floor, the vendor will provide a rental top up. 4 Global Relay UK Limited Office 14,078 13.6 07/01/2019 28/08/2032 29/08/2022 £957,304 £68.00 Tenant break option on 01/11/2023. Outstanding rent free expires 3 Office 14,366 01/11/2018 November 2019, the vendor will provide a rental top up. The tenant Under Offer 10 31/10/2028 01/11/2018 £969,705 £67.50 (est.) benefits from a further 12 months rent free at year 5, if the TBO is not Ground Retail Unit E 738 exercised. Rent per sq ft ignores ground floor demise. 2 Open Text UK Limited Office 14,469 10 20/02/2018 19/02/2028 20/02/2023 £962,189 £66.50 Parent company guarantee from Open Text Corporation. Outstanding

rent free expires February 2019, the vendor will provide a rental top up. 1 Open Text UK Limited Office 14,249 10 20/02/2018 19/02/2028 20/02/2023 £926,185 £65.00

Ground Reception 2,785 Ground BMA Office 476

OFFICE TOTAL 85,362 £5,688,150 £66.64

Fresh Trading Restaurants Limited Ground Retail Unit A 1,046 10 20/02/2018 19/02/2028 20/02/2023 £107,000 £102.29 t/a Freshii Stepped rent over first 5 years. Topped up by the vendor to £125,000 Ground Blacksheep Coffee Limited Retail Unit B 1,257 20 22/02/2018 21/02/2038 22/02/2023 £125,000 £99.44 p.a. Outstanding rent free expires December 2018, the vendor will provide a rental top up. Flavour Management Limited Ground Retail Unit C 898 15 16/02/2018 15/02/2033 16/02/2023 £105,000 £116.93 t/a Pali Kitchen Ground Diverse Dining Limited 2,583 Outstanding rent free expires November 2018, the vendor will provide Retail Unit D 15 08/03/2018 07/03/2033 08/03/2023 £285,000 £75.02 Basement t/a Shake Shack 1,216 a rental top up. RETAIL TOTAL 7,000 £622,000 £88.86

OVERALL TOTAL 92,362 £6,310,150 £68.32

Three car parking spaces remain available to lease.

38 39 TENANT COVENANTS

44.8% of contracted rent. 29.9% of contracted rent. 4.5% of contracted rent. 1.7% of contracted rent. Global Relay is a privately-held company that provides compliance message OpenText is a global leader in Enterprise Information Management (EIM) and offers Shake Shack began as a hot dog cart in Madison Square Park and progressed to a Pali Kitchen is a new format Indian restaurant aiming to become the leading “fast- archiving, e-discovery, surveillance and data management in the cloud for highly worldwide services from their global headquarters in Canada. OpenText’s EIM permanent kiosk in 2004. The business now has over 180 branches worldwide and casual” lunch provider in the UK. The business is run by an experienced team with regulated financial services companies. The firm was founded in 1999 and now has disciplines include Content Services, Business Process Management, Customer 9 in the UK including Covent Garden, Stratford, Tottenham Court Road, Canary Wharf, food retailing, franchising and innovation experience. over 450 employees and in excess of $100 million revenue, working from offices in Experience Management, Discovery, Business Network, and Analytics. Victoria and Leicester Square. The tenant has paid a rental deposit of 6 months’ rent + VAT. Vancouver, Chicago, New York and London. EIM software helps businesses analyse their data and analytics by streamlining The parent business in the USA became listed on the New York Stock Exchange In 1999 they developed one of the first cloud computing services focussed at organizational workflows, increasing the quality of information and creating (NYSE: “SHAK”) in January 2015. Further information is available at: www.palikitchen.co.uk corporate e-mail management. Since then, an exponential rise in data volumes and integrated user interfaces for end users within a single source platform. increasingly strict regulatory and corporate governance requirements have meant The tenant has paid a rental deposit of 12 months’ rent + VAT. enhanced demand for Global Relay’s services. The publicly-traded company employs approximately 12,200 people and generated Q4 revenue of £444m, with a total revenue during the 2018 financial year of £2.15bn, Further information is available at: www.shakeshack.com Today they manage petabytes of data for the world’s largest organizations, up 23% year on year. focussed around cloud and big data storage. They deliver services to more than 23,000 customers in 90 countries, including 23 of the top 25 global banks. Most One of the core growth strategies for OpenText has been through strategic notably, they are Thomson Reuters’ exclusive worldwide archiving partner. acquisitions, and in this regard, they have deployed approximately £3.42bn in the last 10 years on acquiring and integrating businesses. Some of the most recent and 1.7% of contracted rent. The Global Relay UK Ltd leases benefit from a full parent company guarantee from notable acquisitions include: Global Relay Communications Inc whilst the tenant has paid a rental deposit of Freshii is a health-casual restaurant brand and one of the fastest growing global 9 months’ rent + VAT. • February 2018 – Hightail - cloud file sharing business with circa 5.5 million health and wellness food and beverage brands in the world. Since it was founded in customers globally 2.0% of contracted rent. 2005, Freshii has opened hundreds of restaurants in cities and countries around Further information is available at: www.globalrelay.com • September 2017 – Guidance Software – a £64 million revenue business the world. • July 2017 – Covisint - £61 million Blacksheep Coffee is a privately-owned food & beverage company founded in 2013 • January 2017 - ECD Business - £950m in Camden Town. The organisation now has 23 locations throughout London and Fresh Trading Restaurants has secured the master franchise rights to operate • July 2016 - CCM Business - £186m Manchester. Freshii stores in the UK. There are currently more than 300 Freshii stores around the • July 2016 – Recommind - £100m world, in 17 countries and 30+ states/provinces. The business is 97% franchised and The tenant has paid a rental deposit of 3 months’ rent + VAT. has delivered 13 consecutive quarters of like-for-like sales growth. Open Text Corporation is rated BB+ by Standard & Poor’s and Ba1 by Moody’s. Further information is available at: www.leavetheherdbehind.com The tenant has paid a rental deposit of 4 months’ rent + VAT. The Open Text UK Ltd leases benefit from a full parent company guarantee from Open Text Corporation. The Open Text Corporation 2018 Annual Report indicates that the Further information is available at: www.freshii.com business holds circa £683m of total cash and cash equivalents as at June 2018. The market capitalisation of the parent company (as of October 2018) is circa $12.7bn USD.

FY 2018 FY 2017 FY 2016 FY 2015 Total Revenues $2,815 $2,291 $1,824 $1,852 (£2,151) (£1,751) (£1,394) (£1,415) GAAP-based gross 66.2% 66.7% 68.5% 67.7% profit margin Adjusted EBITDA $1,019 $792.5 $671.7 $623.6 (£779) (£568) (£481) (£477) $ USD (millions) £ GBP (millions)

Further information is available at: www.opentext.com

40 41 42 43 FURTHER INFORMATION

PLANNING 45 Cannon Street is located within the planning jurisdiction of the City of London. Planning consent for the new development was granted under application number 13/00339/FULMAJ in February 2014. The property is not listed although it does sit within the Bow Lane Conservation Area. VAT 45 Cannon Street has been elected for the purposes of Value Added Tax (VAT). CAPITAL ALLOWANCES Significant capital allowances can be made available to an incoming purchaser by way of a separate negotiation. WARRANTIES A comprehensive suite of building warranties will be in place for an incoming purchaser. SUSTAINABILITY CREDENTIALS 45 Cannon Street benefits from an EPC rating of B29 and a BREEAM “Excellent” certification, a rating only achieved by circa 10% of new UK non-domestic buildings. ONLINE DATA ROOM Detailed information is available in an online data room. Please contact the sales team for access.

44 45 46 47 PROPOSAL

We are instructed to seek offers in excess of £145,800,000, subject to contract and exclusive of VAT, for the Dutch B.V. which owns the freehold interest in 45 Cannon Street. This reflects a net initial yield of 4.25% and a capital value of £1,579 per sq ft, assuming purchaser’s costs of 1.80%.

For any further information, or to arrange an inspection of the property (to be undertaken strictly by appointment only) please contact a member of the sales team below:

Matthew Palmer John Starkie +44(0)20 3296 4862 +44(0)20 7509 6726 [email protected] [email protected] James Ball Tom Brook +44(0)20 3296 4462 +44(0)20 7509 6728 [email protected] [email protected] David Hookey Charles Moore +44(0)20 3296 2112 +44(0)20 7509 6751 [email protected] [email protected] Argie Taylor Luke Cheetham +44(0)77 1191 7830 +44(0)20 7509 6757 [email protected] [email protected]

DISCLAIMER: HFF REAL ESTATE LIMITED AND CUSHMAN & WAKEFIELD HFF Real Estate Limited and Cushman & Wakefield on their behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst HFF Real Estate Limited and Cushman & Wakefield use reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. HFF Real Estate Limited and Cushman & Wakefield as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No person in the employment of HFF Real Estate Limited or Cushman & Wakefield has any authority to make any representation or warranty whatsoever in relation to this property. 4.Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. October 2018. Designed and produced by Sutton Young (SYO52561).