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1 CLO Central London Office Overview CLO Q4 2014

2 2 Central London Office Overview

3 Central London Office Overview 3 At a glance

4 4 Central London Office Overview West End At a glance 111 Buckingham Palace Road, SW1 33 Davies Street, W Curzon Street, W1 Purchaser: Kennedy Wilson Europe Tenure: Freehold Tenant: Multi-let Lease expiry: 2021 Price: 204,300,000 Net initial yield: 4.90% Landlord: Grosvenor Estates Holdings Tenant: AGC Equity Partners Ltd Size: 11,818 sq ft over 1st and 2nd floors Term: 10 year lease Rent: psf Rent free: 15 months Landlord: Ignis Asset Management Ltd Tenant: London Executive Offices Ltd Size: 11,650 sq ft over entire building Term: 15 year lease Rent: psf Rent free: Confidential

5 Central London Office Overview 5 Take Up Development Pipeline Availability Prime Rent Vacancy

6 6 Central London Office Overview City At a glance Deals 2 Copthall Avenue, EC2 70 Mark Lane, EC3 Finsbury Circus House Finsbury Circus, EC2 Purchaser: Knight Frank Investors Tenure: Freehold Tenant: Multi-let Lease expiry: 2020 Price: 19,370,000 Net initial yield: 4.70% Landlord: Mitsui Fudosan Tenant: Zurich Insurance Co. Size: 68,255 sq ft over 7th to 12th floors. Lease: 15 years. Rent: psf Rent free: Confidential Landlord: Union Real Estate GMBH Tenant: Savills Size: 24,236 sq ft over Ground, 1st and 2nd floor Lease: 15 years Rent: psf Rent free: 33 months

7 Central London Office Overview 7 Take Up Development Pipeline Availability Prime Rent Vacancy

8 8 Central London Office Overview City Fringe At a glance Deals 17/18 Haywards Place, EC1 Aliffe House 55 Mansell Street, E1 Alphabeta Building 14 Finsbury Square, EC2 Purchaser: Mayfair Capital Tenure: Freehold Landlord: M&G Real Estate Landlord: Resolution Property Plc Tenant: Multi-let Assignor: RBS Plc Tenant: Silicon Valley Bank Lease expiry: Various Price: 8,500,000 Net initial yield: 4.14% Tenant: Sungard Availability Services (UK) Ltd Size: 61,296 sq ft Lease: Assignment until January 2022 Size: 34,221 sq ft over part Ground, 7th and 8th floors Lease: 15 years Rent: c. 50psf on the 7th and c. 60 psf on the 8th Rent: psf Rent free: Confidential Rent free: Confidential

9 Central London Office Overview 9 Take Up Development Pipeline Availability Prime Rent Vacancy

10 10 Central London Office Overview Midtown At a glance Deals 1 Stonecutter Street, EC4 Building Orion House 5 Upper St Martins Lane, WC2 10 Bloomsbury Way, WC1 Purchaser: Ivanhoe Cambridge Tenure: Freehold Tenant: Deloitte Lease expiry: 2019 Price: 112,000,000 Net initial yield: 5.5% Landlord: WELPUT Tenant: Black River Asset Management (UK) Ltd Size: 5,382 sq ft over 9th floor Term: 10 year lease with tenant only break option in year 5 Rent: 84.50psf Rent free: Confidential Landlord: London and Regional Properties Tenant: Criteo Ltd Size: 32,200 sq ft over 7th to 9th floors Term: 15 year lease with tenant only break in year 10 Rent: c psf Rent free: 15 months rent free

11 Central London Office Overview 11 Take Up Development Pipeline Availability Prime Rent Vacancy

12 12 Central London Office Overview Southbank At a glance Deals 90 Union Street, SE1 2 London Bridge, SE1 1 London Bridge, SE1 Purchaser: CBRE Investors Tenure: Freehold Tenant: World Trade Group Lease expiry: 2016 Price: 10,250,000 Landlord: Santander UK plc Tenant: Slalom Consulting Limited Size: 3,519 sq ft over part 2nd floor Term: 5 year lease Landlord: St Martins Property Corporation Ltd Tenant: Keltie LLP Size: 12,856 sq ft over 6th and 7th floors Net initial yield: 4.4% Rent: 51.00psf Term: 10 year lease Rent free: 11 months Rent: 52.50psf Rent: free 18 months

13 Central London Office Overview 13 Take Up Development Pipeline Availability Prime Rent Vacancy

14 14 Central London Office Overview Docklands At a glance Deals HSBC Tower 8/16 Canada Square, E14 1 Canada Square, E14 1 Bank Street, E14 Purchaser: Qatar Authority Tenure: Freehold Tenant: HSBC Lease expiry: 2027 Landlord: Canary Wharf Group Tenant: Equilend Europe Ltd Size: 3,503 sq ft on the part 36th floor Transaction: Pre-letting Landlord: Canary Wharf Group Tenant: Societe General Size: 280,000 sq ft over Ground to 7th floors Price: 1,180,000,000 Lease: 5 years Lease: 25 years Net initial yield: 4.75% Rent: c psf Rent: psf Rent free: Confidential Rent free: 36 months

15 Central London Office Overview 15 Take Up Development Pipeline Availability Prime Rent Vacancy

16 16 Central London Office Overview Locations West End City City Fringe Midtown Southbank Docklands

17 Central London Office Overview 17 Glossary Average Rent Typical headline rent for an average quality Grade A building. Assumes a single floor of over 5,000 sq ft in a refurbished building in an average location. Availability Offices on the market for occupation. Excludes offices under offer up to exchange but includes all development and refurbishment projects that are scheduled to be completed within the next 12 months. Development Pipeline Offices under construction or comprehensive refurbishment. The forecast of development completions relates only to developments commenced and currently under construction. Grade A, B or C Subjective view of quality reflecting age, specification, floorplate efficiency and aesthetics. Transaction Activity Capital transactions comprising freehold and long leasehold acquisitions for investment or development. Net Effective Rents Prime rents reflecting lease incentives typical in the market for a 5,000 sq ft floorplate on an assumed a market term. Net effective rents assume a notional three month fit-out period and amortisation over term of the lease up to a maximum of 10 years. Prime Rent Typical headline rent for the best quality buildings following development or comprehensive refurbishment to Grade A quality. Assumes a single floor of over 5,000 sq ft in a prime location. Assumes a middle floor in a tower building. Prime Yield Net Initial Yield for a rack rented freehold building in a prime location which has been newly developed/ refurbished to Grade A quality and let for a market term to a tenant of very good covenant status. Rent Free Period Typical Market incentive granted for a lease of 10 years without break option. Assumes a prime Grade A quality building and floor plate of 10,000 sq ft. Take-up Office acquisitions for occupation including all lettings, pre-lettings and sales to owner occupiers completed in the quarter. Vacancy Rate Availability or supply as a percentage of total stock.

18 18 Central London Office Overview Contacts Andrew Mercer Central London +44 (0) Paul Clark Central London Development +44 (0) Piers Leigh Central London Agency +44 (0) Ben Nichols Central London Agency +44 (0) Alan Dornford Head of Markets +44 (0) James Beresford Central London +44 (0)

19 Central London Office Overview 19 Whilst we have no reason to believe that there are any inaccuracies or defects in the information and forecasts provided in this report, it is constrained by the use of information and forecasts from other persons and we cannot warrant the accuracy and completeness of such information and forecasts. The information and forecasts provided through this report are of a general property market nature although, where possible, we have attempted to take account of the nature of the relevant properties. Growth forecasts should be seen as indicative rather than definitive and we recommend that decisions should be supported by appropriate professional advice on value. We accept no liability for any loss or damage (including consequential or indirect loss or damage which shall include but which shall not be limited to loss of property or of profit, business revenue or anticipated savings) or for any costs, claims, demands, proceedings, expenses or liability of any nature arising directly or indirectly out of the use of or access to the information and forecasts of this report and whether or not arising from our negligence nor that of our employees or agents. Capita 2015 The copyright and all other rights of whatsoever nature relating to the information and forecasts provided in this report shall remain ours. Exception to this arises where such information and forecasts are sourced to third parties in which case they shall remain the property of such third parties. The information and forecasts provided in this report are for the sole use of the person or persons for whom the report has been prepared and therefore may not be reproduced, replicated, retransmitted or passed on to third parties whether in the form in which they are received or in any other form without our prior written consent.

20 65 Gresham Street, London EC2V 7NQ t +44 (0)

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