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WARSAW OFFICE PORTFOLIO CONFIDENTIAL INVESTMENT SUMMARY Warsaw, Poland

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WARSAW OFFICE PORTFOLIO CONFIDENTIAL INVESTMENT SUMMARY Warsaw, Poland Baltic Property Trust WARSAW OFFICE PORTFOLIO CONFIDENTIAL INVESTMENT SUMMARY Warsaw, Poland 2011 Żelazna Center 14,126 m2 of office space BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 2 Dominanta 3,380 m2 of office space BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 2 CONFIDENTIAL INVESTMENT SUMMARY 3 18 Bitwy Warszawskiej 3,518 m2 of office space BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 4 Table of Contents Executive Summary ♦ Executive Summary.................................6 ♦ Offering Process ...................................7 ♦ Investment Highlights ...............................9 Location & Access ...............................10 Żelazna Center ♦ Summary...................................13 ♦ Premises ........................................14 ♦ Site & Tenure ......................................15 Location Description...............................16 Technical Overview ................................17 Dominanta ♦ Summary...................................19 ♦ Site & Tenure ......................................20 Location Description...............................21 Technical Overview ................................22 Bitwy Warszawskiej 18 ♦ Summary...................................24 Site & Tenure .......................................25 Location Description...............................26 Technical Overview ................................27 ♦ BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 4 CONFIDENTIAL INVESTMENT SUMMARY 5 Żelazna Center View from Żelazna Street Executive Summary BPT Optima (the ”Vendor” or ”BPT”) has retained Colliers International as its exclusive agent for the sale of three Class “B” (office/residential) properties in central Warsaw consisting: • A condominium interest in the Żelazna Center building (“Żelazna Center”) comprising 14,126 m2 of office space in the base portion of the Property and 2,380 m2 of vacant residential area in the apartment towers portion of the property; • A freehold interest in a 3,500 m2 office building BW18(“ ”), currently 100% leased by leading private health care provider Medicover Sp.zo.o as its administrative headquarters and clinic, through December 2011; • A freehold interest in a 15 storey, 3,400 m2 office tower, Dominanta(“ ”) 90% leased, located directly across from the Warsaw Old Town, in the heart of the city’s revitalized Praga district. The properties (together the “Portfolio”) form a unique opportunity to acquire more than 21,000 m2 of well located and highly visible Class B office properties in and proximate to the dynamically expanding Central Business District of Warsaw. In addition, the Żelazna Center property offers investors the opportunity to realize excellent returns from the sale of 35 individual apartments, due to strong demand for good, basic residential offerings in the center of the city. BPT’s preference is to sell the entire Portfolio - in asset or share transactions - to a single investor for €40 million, which reflects a sale price of ca. €1,680/m2 of office area and, €2000/m2 of residential area. Offers for any of the individual portfolio properties are invited, however. Leveraged returns for a Portfolio acquisition, assuming a 5 year hold, are conservatively estimated at more than 28%, given projected financing available for qualified buyers. Portfolio Summary Żelazna Center Dominanta BW18 Address (street) 59 - 59A Żelazna 1A Okrzei 18 Bitwy Warszawskiej m2 office 14,126 3,380 3,518 Average office floorplate 1,150 220 900 m2 residential/nr units 2,380/35 n/a n/a Above ground levels 17 15 4 Current office occupancy level 50% 90% 100% Total number of parking spaces 165 0 62 Year of construction 2003 and 2005 1999 1995 Owner BPT Optima BPT Optima BPTO WAW MED BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 6 Żelazna Center eko park Offering Process View from the corner of Żelazna and Grzybowska Streets Guide Price The Vendor is seeking a net price for the Portfolio of €40 million, in either asset or share transactions. This figure equates to a price of approximately €1,680/m2 for the 21,000 m2 of office space in the Portfolio, and a price of €2,000/m2 for the 35 apartments at Żelazna Center. Alternatively, the Vendor is open to offers for individual portfolio properties, in either asset or share transactions, at the following prices: • Zelażna Center €28 million (€1,696/m2) • Dominanta € 7 million (€2,070/m2) • BW 18 € 6 million (€1,705/m2) Current Net Operating Income for the combined Portfolio office areas based on existing leases is ca. €2,370,000 which represents an excellent holding income while the Properties are repositioned. The weighted average lease terms for the office areas in the Portfolio as of July 1, 2011 is 16.60 months. The annual Pro-forma NOI for the Portfolio, at 100% occupancy, is estimated at €3,600,000. Main Financial Assumptions (as of July 1st 2011) Żelazna Center Dominanta BW18 Rent Assumptions Office (€ per2 m /month) 13,00 13,00 11,00 Underground Parking (€ per space/month) 100,00 n/a 75,00 Residential Sale Price (€ per m2) 2,500 n/a n/a Estimated Pro-Forma NOI at 100% occupancy € 2,540,000 € 550,000 € 510,000 Exit Yield 8,00% 8,00% 8,00% Debt Assumptions Currency € € € LTV 80% 60% 75% All-in Interest Rate 6.00% 6.00% 6.00% Amortization (years) 25 25 25 Term (years) 5 5 5 Capex Assumptions Lease and Brokerage Costs (% of NOI) 15% 15% 15% Office Fit-out Costs (€ per2 m ) 100.00 100.00 100.00 Residential Fit-out Costs (€ per m2) 200.00 n/a n/a BPT WARSAW OFFICE PORTFOLIO BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 6 CONFIDENTIAL INVESTMENT SUMMARY 7 Dominanta Offering Process View from the corner of Okrzei and Panieńska Streets Initial Offers to Purchase We kindly request that Initial Offers to Purchase include: details of the prospectve purchaser, a pricing proposal, sources of financing, information on due diligence teams and the anticipated schedule for the transaction(s). Initial Offers to Purchase should be based upon information provided herein and submitted to Colliers no later than May 31, 2011. A comprehensive data room containing legal, commercial, technical, tax and financial information will be made available upon signing a Letter of Intent (the “LOI”) with the Vendor. A complete Confidential Investment Memorandum will be made available to those prospective purchasers who express interest in this opportunity and execute the attached Non Disclosure Agreement. Property viewings can be scheduled at any time upon request. Key Contacts For further information please contact: John Banka Neil Gregory-Eaves Partner | Poland International Director | Central & Eastern Europe Investment Services ------------------------------------------------Investment Services ------------------------------------------------ MOB +48 600 330 236 MOB +48 601 155 664 DIR +48 22 331 78 47 DIR +48 22 331 78 04 Colliers International Colliers International Plac Piłsudskiego 3 Plac Piłsudskiego 3 Warsaw, 00-078 Warsaw, 00-078 [email protected] [email protected] BPT WARSAW OFFICE PORTFOLIO INVESTMENT SERVICES CONFIDENTIAL INVESTMENT SUMMARY 8 Żelazna Center eko park Investment Highlights | Portfolio View from the corner of Żelazna and Grzybowska Streets The asking price for the Portfolio comes to an average of approximately €1,680/m2 of Attractive leasable office area, which equates roughly to replacement + land costs, and therefore Pricing represents excellent value given the Property locations. All of the Portfolio properties are well exposed on busy streets in or near the greater Excellent Warsaw central business district. The Dominanta building, due to its location near Location the Wisla River, is visible from many points along the downtown riverfront and offers & Visibility exceptional views of Warsaw’s city center and picturesque old town. The portfolio total of almost 21,000 m2 of office area is comprised of floorplates ranging Floor Area from 220 m2 in the Dominanta Building to 1,180 m2 in Żelazna Center. Such a wide Flexibility range allows the owner to present a broad offer to the market, reduces leasing risk and, offers possibilities to facilitate tenant expansion and growth. The Warsaw office market is experiencing strong, built up demand. This rebound in take Favorable Office up activity, combined with a reduced supply caused by a lack of speculative construction Leasing Market financing in recent years, has resulted in a CBD vacancy rate for the central Warsaw Trends area of ca. 6%. The vacancy rate in central Warsaw is trending downwards and will result in a ”landlord’s market” over the next 2 years. Residential The 2,340 m2 of vacant residential area (35 apartments) represent a relatively Diversification straightforward opportunity to realize excellent returns from the sale or rental of and Opportunity individual apartments in the heart of Warsaw. An experienced bank, which has extensive knowledge of the Properties and relations Availability of with Vendor, has expressed strong interest in providing acquisition debt on favourable Acquisition terms (see: Main Financial Assumptions on page 7)and welcomes introductory discus- Financing sions with qualified and experienced investors. As Europe’s sixth largest economy Poland has demonstrated a commendable resilience to the recent global economic crisis. It was the only EU country
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