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FARRINGDON FARRINGDON 2

FARRINGDON FARRINGDONCOPTHALL AVENUE

LONDON EC2

KEY OFFICE CORE LIFT TERRACE

Floor plans are not to scale and for indicative purposes only

The Amundi Collection INVESTMENT SUMMARY

Core City of location, within 150 metres of the .

Occupying a highly prominent corner position on Copthall Avenue.

Well located within 250 metres of the entrance to the Elizabeth Line at Moorgate station.

Held on a long lease expiring on 25th June 2128. The gearing is 10% of rents received.

Multi-let to seven tenants, from diverse sectors including professional, fintech, banking, legal, healthcare and restaurant uses.

Total net internal area of 30,833 sq ft.

Weighted average unexpired lease term of 4.3 years until lease expiries and 3.4 years until breaks.

Topped up gross passing rent of £1,480,430 per annum, which reflects an average office rent of £53.06 per sq ft. The current net rent is £1,376,197 per annum.

88% of the current gross income is from the offices, with the balance of12% received from the retail / medical uses. (A3/D1).

Offers are invited in excess of £25,000,000, subject to contract and exclusive of VAT, for our client’s long leasehold interest.

This represents an attractive net initial yield of 5.41% and a capital value of £811 per sq ft, assuming acquisition costs of 1.80% through the purchase of the Luxembourg SARL. 100 22 BISHOPSGATE LEADENHALL BUILDING

LIVERPOOL STREET LOCATION

BROADGATE

2 FINSBURY CIRCUS COPTHALL AVENUE

LONDON EC2

MOORGATE

DRAPERS GARDENS ANGEL COURT BANK OF ENGLAND 125 OLD BROAD STREET ROYAL EXCHANGE

GRESHAM STREET BANK 2 Copthall Avenue - London 4 | 5

LOCATION CONNECTIVITY

2 Copthall Avenue is located in the core of the City of The property is equidistant between Moorgate, TRANSPORT CONNECTIONS London, the world’s leading financial and insurance centre. Street and Bank stations, providing unrivalled access to seven STATION WALKING CONNECTIVITY London Underground lines, all within a five minute walk. DISTANCE BANK 3 mins Central Line The property is situated on a highly prominent corner site where Copthall This superb connectivity will be further enhanced by Elizabeth Line Northern Line Avenue turns east to join Throgmorton Avenue. This is a key thoroughfare services from Moorgate and Liverpool Street stations, 250 metres to Waterloo & City Line providing direct access south into the traditional core of the City around the the north. Bank of England, or north to the larger developments around Broadgate and MOORGATE 4 mins Northern Line . When the route opens in December 2018, a train every two and Hammersmith & City Line a half minutes at peak times will allow passengers to travel across Circle Line The building is situated adjacent to Drapers Gardens, the HQ of BlackRock, London from Paddington in the west to Shenfield in the east. and within 200 metres of the European HQ of China Construction Bank Metropolitan Line Corporation. Other global occupiers nearby include ING, Prudential The Elizabeth Line is the most significant addition to London’s LIVERPOOL STREET 5 mins Central Line Regulation Authority, Deutsche Bank and Legal & General. transport capacity for decades. When services begin in 2018, it will Hammersmith & City Line be fully integrated with London’s existing transport network and will The immediate vicinity has seen continued investment in landmark bring an extra 1.5 million people to within a 45 minute journey time Circle Line developments such as the redevelopment of 60 London Wall (346,000 sq ft of the capital. Metropolitan Line including 18,000 sq ft of retail). The redevelopment of Angel Court (311,600 sq ft including 16,000 sq ft of retail) to the immediate south has improved From December 2018 both Moorgate and Liverpool Street stations London Overground the public realm and enlivened the ground floor streetscape with high profile will provide access to the Elizabeth Line, which will link the key CANNON STREET 7 mins Circle Line restaurants including Coya and Temper. markets of Paddington, the West End and Farringdon with the City District Line of London and Canary Wharf. London Wall to the north and Moorgate to the west are key routes through the City, and the retail activity along these streets contributes to the vibrancy It is estimated that the new service will provide a 21% increase in of the area. Operators include Pizza Express, Wasabi, Coco di Mama, Leon, rail capacity into the . The entrance to the Pod and Caffè Nero. station at Moorgate will be within a 4 minute walk (250 metres) of 2 Copthall Avenue.

ELIZABETH LINE JOURNEY TIMES

DESTINATION TOTAL JOURNEY TIME PADDINGTON 10 mins 7 mins FARRINGDON 2 mins WHITECHAPEL 2 mins CANARY WHARF 6 mins STRATFORD 8 mins

CGI of proposed Moorgate Crossrail station entrance 2 Copthall Avenue - London 6 | 7

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1 Devonshire Solicitors LLP 8 Alvarez & Marsal 16 Cleary Gottlieb 23 Deutsche Bank 2 First State Investments 9 ICAP 17 M&G 24 Latham & Watkins LLP 3 Rathbone Investment 10 Citadel Investment Group 18 Standard Chartered Bank 25 Aon Management 11 Legal & General 19 Prudential Regulation Authority 26 Axa ANGEL COURT 77 COLEMAN STREET 25 COPTHALL AVENUE 4 Cisco Systems 12 WeWork 20 BNP Paribas 27 King & Spalding LLP 879,000 sq ft 311,600 sq ft 67,371 sq ft 49,240 sq ft refurbished 5 CM CIC Systems 13 Tradeweb Europe Limited 21 ING 28 Nationwide (97,000 sq ft remaining) Completed 2017 Delivery 2019 Completed 2018 6 CRA Delivery 2019 Multi-let Kajima Multi-let 14 Alfa 22 BlackRock Investment 29 Commerzbank AG Brookfield Mitsui Fudosan/Stanhope Helix Property 7 Stephenson Harwood LLP Management 15 Schroders 2 Copthall Avenue - London 8 | 9

DESCRIPTION

2 Copthall Avenue is a highly prominent corner building, which provides 30,833 sq ft of office, retail, D1 and PROPERTY ancillary accommodation arranged over basement, ground and six upper floors.

The property is constructed of a reinforced concrete frame with concrete floor slabs. It was comprehensively redeveloped and extended in 2008-9 at which time the internal area was increased from circa 15,000 sq ft to 30,000 sq ft. At that time all fixtures, fittings and mechanical and electrical services installations were renewed.

Office floor plates are between 3,000 sq ft and 4,300 sq ft, arranged with the core located at the north eastern corner. The corner site and curved façade provide a long frontage of 135 ft (41 metres) with aspects to both the south and the west, providing an excellent level of natural daylight to all office areas.

The retail unit comprises a total of 3,156 sq ft mainly over the ground floor with a small basement kitchen, and the D1 unit comprises 3,162 sq ft mainly over the basement (with an entrance lobby at ground floor).

SPECIFICATION

2 Copthall Avenue benefits from the following high specification:

• Fully accessible raised access floors throughout the offices

• Metal tiled suspended ceilings with LG7 compliant light fittings

• Finished office floor to ceiling heights of between 2.62 m – 2.77 m

• Sixth and fifth floors benefit from outside terraces

• VRF air conditioning system

• Male, female and disabled access WCs on each floor

• One 10 person and one 13 person lift, both serving ground to sixth floors

• Bicycle stands, 20 lockers and two showers at basement level 2 Copthall Avenue - London 10 | 11

ACCOMMODATION FLOOR PLANS

The property has been measured by PCA in accordance with the RICS Code of Measuring Practice (6th edition) and comprises the following net internal floor areas. LEVEL 3

FLOOR USE AREA AREA 4,364 sq ft (SQ FT) (SQ M) LEVEL 6 Office 3,099 287.9 LEVEL 5 Office 3,670 341.0 LEVEL 4 Office 4,351 404.2 LEVEL 3 Office 4,364 405.4 LEVEL 2 Office 4,353 404.4 LEVEL 1 Office 4,104 381.3 Retail 1 2,730 253.6 GROUND Retail 2 entrance 186* 17.3 Reception 574 53.3 BASEMENT Retail 2 / D1 3,402 316.1 COPTHALL AVENUE TOTAL 30,833 2,864.5

The property has also been measured in accordance with IPMS. A copy of the survey is available on the data room. *Gross internal area

LEVEL 5 GROUND 3,670 sq ft 3,490 sq ft

STAIRS

KEY KEY COPTHALL AVENUE COPTHALL AVENUE OFFICES OFFICES

RETAIL RETAIL

RECEPTION RECEPTION RETAIL ENTRANCE RETAIL ENTRANCE TERRACE

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. 2 Copthall Avenue - London 12 | 13

The property occupies a site of approximately TENURE 0.12 acres (0.05 hectares).

The property is held by way of a long leasehold from the Master Wardens and Commonalty of Freemen of the Art of Mystery of Clothworkers of the City of London, on a lease expiring on 25th June 2128 (approximately 110 years unexpired).

The current head rent payable is £104,233 per annum, which is based on a gearing of 10% of rents received.

A summary of the headlease can be found on page 19.

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TENANCY

2 Copthall Avenue is multi-let to five office tenants, one retail tenant and one D1 tenant, producing a gross annual topped up rental income of £1,480,430 per annum, equating to a low overall average rent of £48.01 per sq ft.

The income from the office tenants equates to 88% of the total passing rent, at an average of £53.06 per sq ft. There is one vacant office floor totalling 4,364 sq ft. The Vendor will provide an 18 month rental top up.

The retail and D1 units are both let on leases until July 2026 and make up the remaining 12% of the rent passing.

Assuming completion of the Allsop LLP reversionary lease the overall weighted average unexpired lease term is 4.3 years until lease expiries and 3.4 years until breaks (there is one lease break on the fourth floor).

The service charge for the year ending 2018/2019 is estimated to be £9.50 per sq ft.

TENANCY SCHEDULE RENT

TENANT FLOOR USE AREA (SQ FT) LEASE START BREAK LEASE EXPIRY REVIEW £ PER ANNUM £ PER SQ FT COMMENTS Terms for a reversionary lease of a further five years have been agreed, at £57.50 per sq ft, rent free of 12 months (comprising of 6 Allsop LLP 6 Office 3,099 23/11/2009 22/11/2019 £178,193 £57.50 months rent free and 6 months capital contribution), service charge cap of £15.00 per sq ft. Outside the Landlord & Tenant Act 1954 SAP (UK) Ltd 5 Office 3,670 28/07/2011 27/07/2021 £202,750 £55.25 Outside the Landlord & Tenant Act 1954. Pirum Systems Ltd 4 Office 4,351 10/03/2016 09/03/2021 09/03/2026 £251,720 £57.85 Outside the Landlord & Tenant Act 1954. Vacant 3 Office 4,364 £240,020 £55.00 Vendor will provide an 18 month rental top up. Outside the Landlord & Tenant Act 1954. Assigned from 7 Fifty Two TF Global Markets 2 Office 4,353 06/05/2011 05/05/2021 £230,073 £52.85 Solutions, AGA in place. Initial rent deposit of £78,659 plus VAT. NautaDutilh UK 1 Office 4,104 26/08/2010 25/08/2020 £198,000 £48.25 Outside the Landlord & Tenant Act 1954. Ground Reception 574 OFFICE SUB TOTAL 24,515 £1,300,756 £53.06

Ground Retail 2,730 Five yearly rent review based on uplifts calculated in accordance Itsu Ltd 01/08/2011 31/07/2026 01/08/2021 £134,674 £42.67 Part Basement Retail 426 with RPI. Ground floor GIA total 3,079 sq ft. Part Ground Medical 186 18/07/2016 Bupa Dental Services Ltd 18/07/2011 17/07/2026 £45,000 £14.23 Outstanding rent review. Basement GIA total 3,664 sq ft. Part Basement Medical 2,976 18/07/2021

RETAIL SUB TOTAL 6,318 £179,674 £28.44 TOTAL 30,833 £1,480,430 £48.01

MINUS HEAD RENT £104,233

NET RENT £1,376,197 2 Copthall Avenue - London 16 | 17

TENANT COVENANTS

PIRUM SYSTEMS LTD SAP (UK) LTD ITSU LIMITED 20% OF RENT PASSING 16% OF RENT PASSING 11% OF RENT PASSING

Provides a secure processing hub, linking financial market Founded in 1972, SAP (UK) Ltd (a subsidiary of SAP SE) is a global Established in 1997, Itsu is a chain of Asian inspired restaurants. participants together, allowing them to electronically process organisation offering enterprise applications for software. With 87,800 There are now over 70 Itsu restaurants in the UK providing eat in and verify key transaction details. No additional hardware, employees across 130 countries, they are the third largest independent or take away dishes. software or proprietary network connections are required. software manufacturer in the world (based on market capitalisation) with Pirum servers perform all the necessary data processing and revenues of €22.1 billion in 2016. For the year ending December 2016, Itsu Ltd reported a turnover user access is provided via secure web pages over the internet. of £95,911,995. Dun & Bradstreet has rated Itsu Ltd 4A 1, which For the year ending December 2016, SAP (UK) Ltd reported a turnover represents a minimum risk of business failure with a tangible net For the year ending March 2017, Pirum Systems Ltd reported of £907,370,000. Dun & Bradstreet has rated SAP (UK) Ltd N 2, which worth of £22,006,164. a net turnover of £9,090,565. Dun & Bradstreet has rated represents a minimum risk of business failure and a negative financial Pirum Systems Ltd 3A 1, which represents a minimum risk of strength. www.itsu.com business failure with a tangible net worth of £9,189,280. www.sap.com www.pirum.com

NAUTADUTILH UK BUPA DENTAL SERVICES LTD TF GLOBAL MARKETS 16% OF RENT PASSING 4% OF RENT PASSING 19% OF RENT PASSING One of the largest, independent and international law firms in Europe, with Bupa is an international healthcare group running care homes, health ThinkMarkets is a trading name of TF Global Markets (UK) offices in London, four further European cities, and New York. Practice areas centres, hospitals and dental centres, offering personal and company Ltd, which is a wholly-owned subsidiary of TF Global Markets include Banking & Finance, Corporate/M&A, Employment, Pensions, IP, Real health insurance. Bupa Dental Care offers a range of dental services, (Aust) Pty Ltd, and is authorised and regulated by the Financial Estate, and Taxation. from general dental care to cosmetic and specialist treatments. Conduct Authority (FCA). www.nautadutilh.com For the year ending December 2016, Bupa Dental Services Ltd ThinkMarkets is a forex, CFD and metals broker. reported a turnover of £29,090,000. Dun & Bradstreet has rated Bupa Dental Services Ltd 2A 1, which represents a minimum risk of business For the year ending December 2016, TF Global Markets UK failure with a tangible net worth of £6,079,000. Ltd reported a turnover of £3,824,428. Dun & Bradstreet has rated TF Global Markets (UK) Ltd A 2, which represents a lower www.bupa.com than average risk of business failure with a tangible net worth ALLSOP LLP of £474,711. 14% OF RENT PASSING www.thinkaffiliates.com An independent property consultancy, with four offices in the UK. Allsop LLP provide a range of property services across both the commercial and residential sectors, as well as being the UK’s largest property auction house.

For the year ending March 2017, Allsop LLP reported a turnover of £41,646,654. Dun & Bradstreet has rated Allsop LLP 2A 1, which represents a minimum risk of business failure with a tangible net worth of £2,222,962.

www.allsop.co.uk 2 Copthall Avenue - London 18 | 19

ASSET MANAGEMENT HEADLEASE INITIATIVES SUMMARY

• The newly refurbished third floor is vacant, providing the opportunity to DATE USER let and improve the income profile. 18th July 2002. Use of the demised premises as offices • The first floor is currently let at a rent passing of £48.25 per sq ft; with an (and uses ancillary thereto to include management and service accommodation). upcoming lease event in 2020 there is the opportunity to renew or relet LANDLORD to capture a rental increase. The Master Wardens and Commonalty Not to use as a betting shop. • Terms have been agreed with Allsop LLP to take a five year reversionary of Freemen of the Art or Mystery of lease from November 2019. There is the potential to negotiate similar Clothworkers of the City of London. ASSIGNMENT extended terms with other occupiers. Assignment of the whole with the previous • Opportunity to settle the outstanding 2016 rent review with Bupa Dental consent of the Landlord (such consent not to TERM Services Ltd. be unreasonably withheld), and the Tenant Commencing on 18th July 2002 and expiring shall enter into an authorised guarantee on 25th June 2128. agreement.

DEMISE ALTERATIONS The property, land and buildings known as 2 Consent shall not be required for non Copthall Avenue. structural alterations and additions to accommodate services.

ADDITIONAL RENT No demolition, alterations and additions to 10% of rents which are paid to or received the exterior or main structure without the INFORMATION or deemed to be received by the Tenant and prior consent of the Landlord (such consent also any Notional Annual Rent (the Open not to be unreasonably withheld). Market Rental Value of any parts of the Demised Premises occupied and used by the There is a prohibition of any alteration or Tenant). addition which would: (i) have the effect PLANNING of reducing the Gross External Area of The local Planning Authority is the City of London. The property is not A Completed Rental Statement has to be the building by more than 10%, or (ii) listed, but it does lie within the Bank conservation area. given for each period of 12 months ending result in the building forming part of any on the 28th September each year. development, alteration or addition of any land not demised under the headlease. VAT The property is elected for VAT. INSURANCE The headlease can be found in the The Tenant covenants to insure the data room. Demised Premises. ENVIRONMENTAL PERFORMANCE The property has an EPC rating of D (80). REPAIR The Tenant covenants at all times during the CAPITAL ALLOWANCES term to keep in good and substantial repair It is anticipated that any capital allowances may be available to and condition and if necessary in whole or qualifying parties. Further details of these, if applicable, are available in in part rebuild replace or renew as necessary the online data room. the Demised Premises and the fixtures and fittings of the Tenant.

DATA ROOM To pay on demand a fair proportion of the Access to an online data room containing further information is sums payable by the Landlord of keeping in available on request. good and substantial repair and condition all ways, roads, pavements, conduits used by the owner or occupier of the Demised Premises. 2 Copthall Avenue - London 21 | 21

PROPOSAL

Offers are invited in excess of £25,000,000, subject to contract and exclusive of VAT, for our client’s long leasehold interest in 2 Copthall Avenue.

This represents an attractive net initial yield of 5.41% and a capital value of £811 per sq ft, assuming acquisition costs of 1.80% through the purchase of the Luxembourg SARL.

2 Copthall Avenue 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:

SEAN HOWES TARA SCOTT ARGIE TAYLOR BEN COOK T:+44 (0)20 3296 2022 T: +44 (0)20 3296 3848 M: +44 (0)7711 917 830 T:+44 (0)20 3296 3632 E: [email protected] 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 Ty Admiral – Cardiff

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