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8 FENCHURCH PLACE

LONDON EC3

The Amundi Collection 8 Fenchurch Place –

INVESTMENT SUMMARY

8 Fenchurch Place is located in a prime EC3 location, in the heart of the world’s largest insurance district.

Comprehensively refurbished in 2012.

98,647 sq ft of highly specified office and ancillary accommodation arranged over lower ground, ground, mezzanines and five upper floors.

Fully let on effective full repairing and insuring terms to a diverse mix of five tenants from the insurance, professional services and charitable sectors.

Secure income with a WAULT of just under 9 years to lease expiries and 7 years to tenant break options.

Current passing rent of £4,399,900 per annum, equating to an attractive low rent of only £44.60 per sq ft overall, compared to prime City rents which are currently in excess of £65.00 per sq ft.

Reversionary income profile with five upcoming rent reviews occurring in 2019 and 2020.

Held on a long leasehold interest from Network Rail Infrastructure Limited (originally British Railways Board) for a remaining term of circa 169 years at a peppercorn rent.

Potential asset management opportunities in the short to medium term to add value and enhance the running yield.

Offers are invited in excess of £78,600,000, subject to contract and exclusive of VAT, for our client’s Long Leasehold interest in 8 Fenchurch Place. This represents an attractive net initial yield of 5.50% and a capital value of £797 per sq ft, assuming acquisition costs of 1.80% through the purchase of the Luxembourg SARL. 8 Fenchurch Place – London 2 | 3 8 Fenchurch Place – London

LOCATION

8 Fenchurch Place is situated in London’s premier business district in the heart of the City of London and in a core EC3 LOCATION location being only a 3 minute walk from Lloyd’s, the world’s leading insurance market.

Although in the heart of the insurance district, 8 Fenchurch Place is also in a prominent location for occupiers from a variety of sectors, with several major transport hubs being situated in the vicinity.

The immediate location has also been enhanced through the provision of a growing and diverse range of retail, leisure and hotel amenities. This includes the historic with a unique boutique retail offering, iconic London landmarks such as the of London and Tower and a range of high end hotels such as the Four Seasons Hotel, Grange City Hotel and the Hilton Hotel .

The building itself is located directly above station and fronts a landscaped square which hosts a bustling street food market. 70 Mark Lane, occupied by Zurich Insurance and Miller Insurance, and AIG’s owner occupied headquarters at 58 Fenchurch Street, also border the square. 8 Fenchurch Place – London 6 | 7

CONNECTIVITY Street t e e

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d e t a H a o o g u r Br B nd o e ld v s o is d STATION WALKING CONNECTIVITY O it M M c 8 Fenchurch Place has unrivalled connectivity being situated a h DISTANCE rk Gres s above Fenchurch Street station and within a short walk of ham S FENCHURCH STREET 1 min National Rail Services treet Lothbu ton Street multiple underground and national rail stations. ry Throgmor 3 mins District Line Circle Line t The connectivity of 8 Fenchurch Place will be further enhanced when t ree Stree St MONUMENT le gh (The Elizabeth Line) becomes operational in late 2018. This 5 mins District Line ed Hi ne te read 8 ga east-west rail link will span across Central London, significantly reducing Circle Line Po Th FENCHURCH ld ultry Bank A M journey times from Reading and Heathrow in the west to Abbey Wood and PLACE a TOWER GATEWAY Leadenha n 5 mins DLR ll St LONDON EC3 reet s Shenfield in the east. The Crossrail station at Liverpool Street will provide e Cornhill t

l e l

t e S the City with direct access to Heathrow within 35 minutes, the West End LLOYD’S r K e t ALDGATE t 6 mins District Line t in e BUILDING S r r e within seven minutes and Canary Wharf within six minutes. ree g t M St e e a S ri W i t o m n Circle Line ict i V i h o en l c L ue li r r Q a i k e BANK m u 8 mins Central Line o h s o L c r S o mb e b t l re ar c 3 minutes Northern Line a d a e St r W t re et G Waterloo & City Line

C Fenchurch DLR an Fe non nchu Street Str rch Str LIVERPOOL STREET 9 mins Central Line eet eet s Hammersmith & City Line riar Cannon ed F Crutch Circle Line Street Tower e Metropolitan Line n Gateway Eas a U tche L ppe Monument ap r T k National Rail Services ham G r es r a Str ea e t M Elizabeth Line et To Tower Hill we r S tre London Overground / TfL Rail et

CANNON STREET e 10 mins District Line g d l i reet il r St H Lowe ard wer B r T w To Circle Line hame By n s Stre o et National Rail Services d n

o CGI of proposed Liverpool Street Crossrail station 15 mins Northern Line L Jubilee Line National Rail Services London Bridge LIVERPOOL 8 MINS STREET STRATFORD SHENFIELD 7 MINS WEST ACTON BOND 2 MINS READING SOUTHALL EALING MAIN LINE STREET FARRINGDON WHITECHAPEL CUSTOM MAIDENHEAD HANWELL EALING PADDINGTON TOTTENHAM HOUSE BROADWAY COURT ROAD 10 MINS 10 MINS ABBEY 4 MINS WOOD CANARY WOOLWICH HEATHROW WHARF 33 MINS LONDON CITY AIRPORT 8 Fenchurch Place – London 8 | 9

LOCAL OCCUPIERS Liverpool Street 9 t e 4 e

Str 8 20 d e t a H a o 3 o g u r Br B nd o e ld 25 v s o i d O s it M M c In the surrounding area there are an abundance of renowned global insurance, professional and financial companies who are a h 4 rk Gres s ham S 5 attracted to the area through the quality of the office accommodation, extensive local amenities and unrivalled transport connections. treet 5 24 Lothbu n Street ry hrogmorto T 26 23 7 9 2 21 32 6 28 Aldgate t t 18 ree INSURANCE PROFESSIONAL Stree St le gh ed Hi ne te 1 Lloyd’s Register 23 Lockton, JLT Group 1 DAC Beachcroft read 8 ga Po Th 17 FENCHURCH ld ultry Bank A M PLACE a 2 2 Leadenha n Lancashire Holdings, Tokio Marine 24 Tysers Accenture ll St LONDON EC3 reet s Cornhill t e Kiln, Markel International, Ascot e l l

t e S 25 Towergate Insurance 3 Kennedys LLOYD’S r K e t Underwriting, Allied World t t in e BUILDING S r r e ree g t M St e e Assurance, RSA Insurance Group, a S 15 26 Hiscox 4 McDermott Will & Emery ri W i t o m 3 n ict i V i h o en l c L 16 Liberty Specialty Markets r ue li 22 r 19 Q a i k e 27 W.R. Berkley 5 Clyde & Co m u o h s 3 Cunningham Lindsey o L c r S o mb e b t l re ar c 27 3 minutes 1 28 AXA 6 Holman Fenwick Willan a d 13 a S r 4 AIG e tr 6 W t ee G t 3 29 Groupama Insurance Ltd, 7 Hunton & Williams LLP, 8 14 5

5 M&G 4 Fenchurch Chubb, BMS Group Kirkland & Ellis LLP Can F non ench Street St urch S 6 Gen Re 30 Besso Insurance Group Ltd 8 Latham & Watkins LLP reet 12 treet 7 11 2 7 Marsh Inc 9 White & Case LLP s 29 31 Zurich Insurance, Miller Insurance 31 riar Cannon 1 ed F 8 2 Crutch 8 Chaucer Insurance, Munich Re, 32 Hyperion, Enstar, Travelers 10 Charles Taylor Street Tower QBE Insurance, Aspen Re e n 30 Gateway Eas 1 a U tche L 9 Axis Insurance, Beazley Group ppe Monument ap r T k h r 6 am G 9 FINANCIAL es 10 r a Str ea 10 Howden Group ee t T M Tower Hill t ow e 10 1 Sucden Financial r S 7 tr 10 11 Allianz SE ee 2 Standard Life, t e 12 AEGIS, Barbican Insurance Group g ION Trading d l i reet il r St H Lowe ard wer B r T To h w 13 RFIB and XL Catlin 3 Westpac Banking Corporation ame By n s Stre o et d 7 14 XL Catlin and Vitality Health 4 CMC Markets n o

L 15 RKH Specialty 5 Tradition, FSCS 7 16 Willis Towers Watson 6 LCH.Clearnet, Thomson Reuters 17 Aon, Amlin, Brit Insurance 7 Société Générale London Bridge 18 Aviva 8 ICBC 19 Mitsui Sumitomo Insurance 9 Deutsche Bank 20 Asta 10 Tower Research 21 Swiss Re 22 Arthur J Gallagher & Co 8 Fenchurch Place – London 10 | 11

COMPLETED DEVELOPMENTS In the immediate vicinity of 8 Fenchurch Place, there has been a substantial amount LOCAL DEVELOPMENT ACTIVITY 1 of development activity, which further underlines the significance of the location within Developer: / EC3. The completion of these developments will further enhance this area as one of the Size: 713,000 sq ft Completion Date: 2014 premier business districts within London. Major Tenants: Tokio Marine, RSA and Markel

2 THE LEADENHALL BUILDING Developer: British Land / Oxford Properties UNDER CONSTRUCTION POTENTIAL Size: 607,224 sq ft 12 20 Completion Date: 2014 40 Major Tenants: Aon, Amlin and Brit. Developer: WRBC Development (W.R.Berkley) Developer: TH Real Estate Size: 386,300 sq ft Size: 905,000 sq ft 3 THE LLOYD’S BUILDING Current Position: Under construction, estimated Current Position: Planning Developer: Lloyd’s completion in Q2 2018 permission granted. Size: 350,000 sq ft Letting Position: W.R. Berkley will occupy part 21 Completion Date: 1986 of the building on completion. Major Tenants: Lloyd’s. Developer: Aroland Holdings 14 13 100 Size: 957,500 sq ft 4 Developer: Brookfield Current Position: Planning Developer: Swiss Re Size: 948,000 sq ft permission granted. 2 Size: 520,000 sq ft Completion Date: Due for 22 Completion Date: 2004 completion in Q2 2019 51 Major Tenants: Swiss Re and Kirkland & Ellis. Letting Position: 90% pre-let to tenants Royal Developer: WeWork Bank of Canada, Freshfields and Jefferies. Size: 91,000 sq ft 13 5 TEN TRINITY SQUARE Current Position: Wework Developer: Reignwood 14 have purchased the site for Size: 461,372 sq ft Developer: AXA led consortium their own occupation. Completion Date: 2017 Size: 1,367,817 sq ft 23 130 FENCHURCH STREET 4 Major Tenants: Four Seasons Completion Date: Under construction Developer: Aviva and PSP 1 hotel, spa and restaurants as well as 41 with estimated completion in Q4 2019 18 Size: 320,000 sq ft private residences. Letting Position: Available. 12 Current Position: Planning 6 CREECHURCH PLACE 15 70 ST MARY AXE permission granted. 21 Developer: Helical Bar / HOOPP Developer: TH Real Estate 17 Size: 271,569 sq ft Size: 340,600 sq ft Completion Date: 2016 Completion Date: Under construction Major Tenants: Hyperion, Enstar, Travelers with estimated completion in Q4 2018 3 8 and Dell. Letting Position: 30% pre-let to Sidley Austin. 15 7 PLANTATION PLACE 16 WALSINGHAM HOUSE, Developer: British Land 35 SEETHING LANE 7 Size: 525,000 sq ft Developer: London Oriental Completion Date: 2004 Size: 80,000 sq ft 10 23 Major Tenants: Accenture, QBE and Aspen. Completion Date: Q3 2018 Letting Position: Available. 8 THE Developer: British Land 22 20 17 ONE LEADENHALL 6 Size: 490,000 sq ft Developer: Brookfield Completion Date: 2007 Size: 403,000 sq ft 8 Major Tenants: Willis Towers Watson. Completion Date: 2022+ FENCHURCH 9 THE MINSTER BUILDING Letting Position: Available. 9 PLACE LONDON EC3 Developer: Ivanhoe 18 6–8 BISHOPSGATE, 150 Cambridge / Greycoat LEADENHALL STREET 11 Size: 287,849 sq ft Developer: Stanhope / Mitsubishi Completion Date: 2017 Size: 560,000 sq ft Major Tenants: Charles Taylor, Spaces, Completion Date: 2023+ 19 Make It Cheaper and Tower Research. Letting Position: Available. 10 ONE FENCHURCH COURT 19 80 FENCHURCH STREET 16 Developer: Generali Real Estate / Developer: Partners Group Core / Greycoat and Exemplar Size: 389,000 sq ft Size: 247,000 sq ft Completion Date: Q1 2018 Completion Date: 2020+ Major Tenants: M&G. Letting Position: Available. 5 11 70 MARK LANE Developer: Mitsui Fudosan / Stanhope Size: 181,223 sq ft Completion Date: 2014 Major Tenants: Zurich Insurance, Miller Insurance. 8 Fenchurch Place – London 12 | 13

DESCRIPTION

8 Fenchurch Place was comprehensively refurbished in 2012 providing a high quality office building in the heart of the City PROPERTY of London. The building provides 98,647 sq ft of Grade A office and ancillary accommodation arranged over lower ground, ground, three floors of mezzanine and five upper floors with flexible floorplates ranging between 11,556 sq ft and 23,707 sq ft and excellent levels of natural light.

The principal office entrance is from Fenchurch Place which leads into an impressive triple height reception and the main core of the building with three passenger lifts serving all floors. A second reception is accessible from Crutched Friars on the southern elevation, which provides access to a further two passenger lifts which also serve all floors. The ground floor reception areas comprise 1,866 sq ft in total.

The building was originally constructed in 1986 and is of steel frame construction on an acoustic raft. The refurbishment works in 2012 were undertaken by PMB Holdings and Ares Management and designed by ORMS Designers & Architects. The 2012 refurbishment included extensive works to the air conditioning system, a comprehensively remodelled reception area including a prominent white limestone facade around the Fenchurch Place entrance, and the renewal of all internal office finishes including new metal tile suspended ceilings, fully accessible raised floors and new lighting fittings throughout. 8 Fenchurch Place – London

SPECIFICATION

8 Fenchurch Place benefits from a Grade A specification which includes the following:

• Two impressive ground floor office reception areas, comprising 1,866 sq ft in total

• Ceiling mounted 4 pipe fan coil air conditioning system

• Ceilings are finished with white accessible perforated ceiling tiles comprising 1,200mm x 300mm planks with fully integrated lighting and an exposed grid system

• Fully accessible medium duty 600m x 600m tile raised floor system

• 3 x 13-person passenger lifts which serve the Fenchurch Place reception

• 2 x 13-person passenger lifts which serve the Crutched Friars reception

• Typical slab to slab ceiling heights of 3.70 metres with 3.85 metres on the first floor

• Typical floor to ceiling height of 2.70 metres

• 13 showers, of which 7 have recently been completed and include integrated changing cubicles

• 42 bicycle spaces

• 8 car parking spaces 8 Fenchurch Place – London 16 | 17

ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following net internal floors areas:

FLOOR USE NIA NIA (SQ FT) (SQ M) Level 5 Office 11,556 1,073.6 Level 4 Office 15,043 1,397.5 Level 3 Office 18,718 1,739.0 Level 2 Office 21,865 2,031.3 Level 1 Office 23,707 2,202.4 Mezzanine 3 Office 1,068 99.2 Mezzanine 2 Office 1,130 105.0 Mezzanine 1 Office 1,060 98.5 SUB TOTAL 94,147 8,743.0

8 Fenchurch Place Reception 1,083 100.6 Crutched Friars Reception 783 72.7 Building Management Offices 1,502 139.5 Tenant Storage 1,132 105.2 SUB TOTAL – ANCILLARY 4,500 418.0 TOTAL 98,647 9,161.0

The property has also been measured in accordance with IPMS. A copy of the report is held on the data room. 8 Fenchurch Place – London 18 | 19

FLOOR PLANS

FIRST FLOOR THIRD FLOOR 23,707 sq ft 18,718 sq ft FENCHURCH PLACE FENCHURCH PLACE

CRUTCHED FRIARS CRUTCHED FRIARS SECOND FLOOR FOURTH FLOOR 21,865 sq ft 15,043 sq ft FENCHURCH PLACE FENCHURCH PLACE

KEY KEY OFFICES OFFICES

CORE CRUTCHED FRIARS CORE CRUTCHED FRIARS

Floor plans are not to scale and are for indicative purposes only. Floor plans are not to scale and are for indicative purposes only. Additional floor plans available upon request. Additional floor plans available upon request. 8 Fenchurch Place – London 20 | 21

FLOOR PLANS

FIFTH FLOOR GROUND FLOOR 11,556 sq ft

FENCHURCH PLACE RECEPTION

STATION CONCOURSE STATION

FENCHURCH PLACE ENTRANCE FENCHURCH PLACE

CRUTCHED FRIARS LOWER GROUND FLOOR

MEZZANINE 1

ELECTRICAL INTAKE SWITCH CHILLER ROOM ROOM

08 07 COLD WATER MEZZANINE 2 STORAGE/ FRENCH SPRINKLER ORDINARY TANK ROOM

COURT 06 GEN. FUEL STORE SHOWERS ROO M G

0 AS METE R 5 MECHANICAL SERVICES/ 0 4 BOILER PARKING ROOM 0 3

0 FENCHURCH PLACE 2 KEY

OFFICES 0 1 CORE

RECEPTION STORAGE CRUTCHED FRIARS STATION CONCOURSE

CRUTCHED FRIARS RECEPTION BUILDING MANAGEMENT OFFICES BICYCLE SPACES

Floor plans are not to scale and are for indicative purposes only. Floor plans are not to scale and are for indicative purposes only. Additional floor plans available upon request. Additional floor plans available upon request. 8 Fenchurch Place – London 22 | 23

TENURE

8 Fenchurch Place is held on a long leasehold interest from Network Rail Infrastructure Limited (originally British Railways Board) for a term of 200 years from 24 June 1987 expiring on 23 June 2187, providing an unexpired term of approximately 169 years. The headlease is subject to an annual rent of a peppercorn.

A summary of the headlease can be found in this brochure and in the data room.

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N 1 S Ordnance Survey © Crown Copyright 2018. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 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. 8 Fenchurch Place – London 24 | 25

TENANCY SECURE AND DIVERSE INCOME PROFILE

0.6%

12.9% 8 Fenchurch Place is multi-let on The total passing rent is £4,399,900 per annum which equates to an overall rent of KEY £44.60 per sq ft, an attractive level compared to prime City headline rents which are currently Gemserve Ltd 23.8% effective full repairing and insuring in excess of £65.00 per sq ft. leases to five tenants from the insurance, Resolute Management Ltd The property provides secure income secured against a diverse tenant mix with a weighted Pembroke Managing Agency Ltd 17.5% professional and charitable sectors. average unexpired lease term (WAULT) of approximately 8.7 years to expiries and 7 years to Alzheimer’s Society tenant breaks. etc.venues Ltd A small storage unit at lower ground level and 6 car parking spaces are currently vacant. Vacant The vendor will provide a rental guarantee in respect of these elements. 24.9% 20.3%

TENANCY SCHEDULE RENT TENANT FLOOR USE AREA (SQ FT) LEASE START BREAK LEASE EXPIRY REVIEW £ PER ANNUM £ PER SQ FT COMMENTS

5 Office 11,556 £543,132 £47.00 Outside of the 1954 Act Gemserve Ltd 24/05/2014 23/05/2024 24/05/2019 5 Mezzanine 3 Office 1,068 £26,249.50 £24.58 Lease provides for a total rent of £569,381.50 per annum. 4 Office 15,043 £767,193 £51.00 Outside of the 1954 Act 5 Lease provides for a total rent of £770,193 per annum. Resolute Management Ltd 01/12/2015 01/12/2022 30/11/2025 01/12/2020 6 months’ additional rent free if break is not exercised. Car Parking Space Car Parking £3,000 The tenant is required to give a minimum of 6 months’ notice to exercise the break. Lease Guaranteed by NGR Victory Reinsurance Limited. 3 Office 18,718 £889,105 £47.50 Outside of the 1954 Act 30/09/2020 5 Pembroke Managing Agency Ltd 29/09/2015 28/09/2027 Lease provides for a total rent of £892,605 per annum. 30/09/2025 Car Parking Space Car Parking £3,500 Lease Guaranteed by Ironshore Inc.

2 Office 21,865 £1,038,588 £47.50 5 01/12/2015 30/11/2025 01/12/2020 Lease provides for a total rent of £1,044,588 per annum. Alzheimer’s Society Lower Ground Storage 893 £6,000 £6.72 Mezzanine 1 Office 1,060 01/12/2015 30/11/2025 01/12/2020 £50,350 £47.50 5 etc.venues Ltd 1 Office 23,707 3, 4 £1,007,632.50 £42.50 Lease provides for a total rent of £1,048,197.50 per annum. 12/08/2020 12/08/2015 11/08/2025 11/08/2030 6 months’ additional rent free if break is not exercised. 1 12/08/2025 Mezzanine 2 Office 1,130 £40,565 £35.90 The Tenant is required to give a minimum of 6 months’ notice to exercise the break. 2 8 Fenchurch Place Reception 1,083 Crutched Friars Reception 783 Building management offices 1,502 Vacant Lower Ground Floor Storage 239 £3,585 £15.00 18 month rental top up. Vacant 6 Car Spaces Car Park - £21,000 18 month rental top up at £3,500 per space per annum. TOTAL 98,647 £4,399,900 £44.60

1 etc.venues Ltd has sublet Mezzanine 2 to Resolute Management until 30 November 2018 at a rent of £47,700 per annum. 2 Executive Channel Europe Limited enjoys advertising rights on digital screens at the Building, for which a licence fee is reserved. 3 Cap and collar at first rent review for the 1st floor of £46.50 per sq ft and £43.50 per sq ft. 4 Cap and collar at first rent review for Mezzanine 2 of £36.00 per sq ft and £38.00 per sq ft. 5 Split rents for separate office, ancillary and car parking areas have been estimated where only a total rent is provided in the lease. 8 Fenchurch Place – London 26 | 27

TENANT COVENANTS ASSET MANAGEMENT INITIATIVES

All tenants are rated by Dun & Bradstreet as having a minimum risk of business failure. 8 Fenchurch Place provides secure income with a number of potential asset management initiatives including the following:

IMPROVING RENTAL LEVELS THROUGH THE FIVE UPCOMING GEMSERV LTD PEMBROKE MANAGING RENT REVIEWS IN 2019 AND 2020. AGENCY LTD 12.9% OF TOTAL CONTRACTED RENTAL INCOME There are rent reviews for every tenant between May 2019 and December 2020, therefore providing an opportunity to 20.3% OF TOTAL CONTRACTED RENTAL INCOME seek to increase the rents within the building. The passing rental levels range from £42.50 per sq ft to £51.00 per sq ft, Gemserv is a specialist market design, governance and assurance service compared to prime City headline rental levels which are currently in excess of £65.00 per sq ft. provider in the energy sector. Pembroke Managing Agency Limited is a Lloyd’s Managing Agent that underwrites specialty insurance products and operates in six distinct The Dun & Bradstreet rating of Gemserv is 3A 1, based on a net worth markets: Financial Institutions, Professional Liability, Marine, Global TENANT FLOOR PASSING RENT RENT REVIEW of £7.4 million and a minimum risk of business failure. Property, Select Specialist Lines and Accident and Health. (£ PER SQ FT) DATE Gemserve Ltd 5 £47.00 24/05/2019 The Dun & Bradstreet rating of Pembroke Managing Agency is 3A 1, Resolute Management Ltd 4 £51.00 01/12/2020 based on a net worth of £8.6 million and a minimum risk of ALZHEIMER’S SOCIETY business failure. Pembroke Managing Agency Ltd 3 £47.50 30/09/2020 Alzheimer’s Society 2 £47.50 01/12/2020 24.9% OF TOTAL CONTRACTED RENTAL INCOME A guarantee is in place from Ironshore Inc. Ironshore Inc. were acquired etc.venues Ltd 1 £42.50 12/08/2020 by Liberty Mutual Insurance in 2017. Liberty Mutual Insurance is ranked Alzheimer’s Society is a charitable organisation that supports those at 68th on the Fortune 500 list of largest corporations in the United affected by Alzheimer’s disease and funds the research of it. States based on 2017 revenues. OPPORTUNITY TO RE-GEAR AND EXTEND THE LEASES AND REMOVE The Dun & Bradstreet rating of the Alzheimer’s Society is 5A 1, based on BREAK OPTIONS TO IMPROVE THE INCOME DURATION a net worth of £47.1 million and a minimum risk of business failure. RESOLUTE MANAGEMENT LTD Subject to negotiation in due course, there may be the potential to remove the break options within the leases to Resolute Management Ltd (break 1 December 2022) and etc.venues Ltd (break 11 August 2025) and regear other 17.5% OF TOTAL CONTRACTED RENTAL INCOME leases in the building, increasing the duration of the income. ETC.VENUES LTD Resolute Management Limited is a member of the Berkshire Hathaway 23.8% OF TOTAL CONTRACTED RENTAL INCOME Group and has responsibility for the run off of the non-life liabilities of names, or Underwriters, at Lloyd’s. etc.venues Limited provides and operates conference, training, meeting, exhibition and event venues in London, and . The Dun & Bradstreet rating of Resolute Management Limited is 2A 1, During 2017 the organisation hosted 770,000 delegates and recorded a based on a net worth of £5.2 million and a minimum risk of sales turnover of £46.0 million, up 8% from 2016 levels. business failure.

The Dun & Bradstreet rating of etc.venues Limited is 5A 1, based on a A guarantee is in place from NRG Victory Reinsurance Ltd. NRG net worth of £42.5 million and a minimum risk of business failure. Victory Reinsurance Ltd has a Dun & Bradstreet rating of 5A 1, based on a net worth of £192.3 million and a minimum risk of business failure. 8 Fenchurch Place – London 28 | 29

ADDITONAL INFORMATION

PLANNING 8 Fenchurch Place is within the jurisdiction of the City of London. The property is located within the Fenchurch Street station Conservation Area and the period frontage to Crutched Friars is Grade II listed.

VAT The property is elected for VAT.

SUSTAINABILITY 8 Fenchurch Place has an Energy Performance Certificate of C (63) and has been certified as BREEAM ‘Very Good’.

CAPITAL ALLOWANCES It is anticipated that capital allowances may be available to qualifying parties. Further details of these, if applicable, are available in the online data room.

DATA ROOM Access to an online data room containing further information is available on request. 8 Fenchurch Place – London

HEADLEASE SUMMARY

DATE ALIENATION 18 May 1992 (as varied by a deed of variation Not to assign part of the premises. dated 13 August 1998) and Supplemental Lease dated 8 December 2012 Not to assign the whole of the premises without the prior written consent of the Landlord, not to FREEHOLDER be unreasonably withheld or delayed. Network Rail Infrastructure Limited (originally Not to underlet the whole or any part of the British Railways Board) demised premises unless the underlease shall comply with the provisions of the terms of the LONG LEASEHOLDER underlease within the deed of variation. Fenchurch Place Propco SARL REPAIR TERM The tenant shall repair and keep in good and 200 years from 24 June 1987 to 23 June 2187 substantial repair the premises demised to the Landlord’s reasonable satisfaction. PREMISES The tenant shall not repair the underside of the The building above Fenchurch Street station concrete raft or deck without the Landlord’s known as 8 Fenchurch Place, including Part Lower prior approval Ground, Part Ground Floor (reception), Part Concourse, Part Mezzanine, the concrete raft the ALTERATIONS building is constructed over and all areas above the concourse at 1st, 2nd, 3rd, 4th, 5th and 6th The tenant shall not make any structural (plant room) floors and roof, but excluding in part alteration or addition to the concrete raft the airspace above the current building envelope. or deck or any structural part thereof, or the foundations columns, piers, girders and USER supports beneath the raft. Offices, car parking and other ancillary uses. A The tenant shall not make any alteration or license dated 12 August 2015 provides consent addition which will or may create any restriction, to etc.venues Limited with a permitted change impact adversely on the operation and safety of of use of the 1st floor to the hire of meeting and the station or create additional or more onerous conference space, ancillary storage and catering rights over the station or railway. of offices. INSURANCE RENT The tenant is responsible for keeping the premises A peppercorn rent is payable annually. insured at their sole expense in the joint names of the landlord and the tenant. 8 Fenchurch Place – London

PROPOSAL

Offers are invited in excess of £78,600,000, subject to contract and exclusive of VAT, for our client’s long leasehold interest in 8 Fenchurch Place.

This represents an attractive net initial yield of 5.50% and a capital value of £797 per sq ft, assuming acquisition costs of 1.80% through the purchase of the Luxembourg SARL.

8 Fenchurch Place is part of the Amundi Collection of eight UK properties located in London, and . These assets are available individually or as a portfolio.

Full details can be found at www.amundicollection.com

CONTACTS

For further information or to arrange a viewing, please contact:

BEN COOK THOMAS MILLER ARGIE TAYLOR T: +44 (0)20 3296 3632 T: +44 (0)20 3296 4598 M: +44 (0)7711 917 830 E: [email protected] E: [email protected] E: [email protected] BROCHURE DESIGNED AND PRODUCED BY SAENTYS +44 (0)20 7407 8717 | [email protected] | SAENTYS.COM | [email protected] 8717 +44 (0)20 7407 SAENTYS ­­ BROCHURE DESIGNED AND PRODUCED BY

Important Notice Cushman & Wakefield gives notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. 8. All photographs are for indicative purposes only. June 2018