From: David Stem

From: David Stem To: "Jeffrey E." <jeevacationggmail.com> Subject: Fwd: Date: Wed, 29 Apr 2015 12:29:32 +0000 Attachments: IM_Avenue HOCHE_v2.0.pdf Small ( €13.4 million ) but prime in Paris.... Begin forwarded message: David, Great to see you today and thanks for the enclosed. As discussed, I will run it by one of our UK families and come back to you. With respect to Paris, we have an off-market prime office co-investment deal currently available. The investment would pay a quarterly leveraged cash yield of approximately 9% in Euro's (leverage of 65%) and is fully let to Conde Nast. A few highlights: • An off-market transaction identified by the management team who are ex-co heads of Carlyle Real Estate in Europe. Management will invest own capital that will represent c.10% equity • Opportunity to buy a stake in an office building in the heart of Paris (8th arrondisement) - office building at 3 avenue Hoche, 59-65 rue de Courcelles and 220 rue du Faubourg Saint Honore • Lettable area 4,646m2 recently refurbished to a high standard, consisting of one floor co-ownership in a 7 storey building constructed in 1974, 60 underground parking spaces • Fully let to a prestigious private company tenant, Les Publications Conde Nast (Vogue, GQ, Vanity Fair...), on a 9 year lease with no breaks, signed in 2014, at market levels €460/m2 (€2.24 million). Lease expiry 1 July, 2023 • Total purchase: €39 million representing a yield of 5.7% • Total equity investment: €13.4 million (outside equity requirement of €12.0 million) • Quarterly cash yield in excess of 9% and overall 5 years net IRR in excess of 13%; equity multiple x1.64, assuming no activist strategy under base case • Management believes that further value and additional return can be created by purchasing additional stakes in the building from passive owners. If over 50% ownership is achieved, they would expect yields to be 5% assuming the building is in its current condition and 4.5% after works. Rents could be 30% higher after heavy refurbishment and facade works. Rents could be 10-15% higher with modest refurbishment I have enclosed a teaser on this opportunity. Looking forward to hearing your thoughts. Kind regards, Nikolaj Global Family Partners Ltd 12 Hay Hill Mayfair London W11 8NR Office: EFTA00688328 Mobile: www.globalfamilypartners.corn EFTA00688329