VESRAM REAL ESTATE INVESTMENT DEVELOPMENT FINANCE TURKEY REAL ESTATE REAL ESTATE INVESTMENT & MANAGEMENT INC.

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1 VESRAM REAL ESTATE INVESTMENT & MANAGEMENT INC. REAL ESTATE INVESTMENT DEVELOPMENT FINANCE 2015 TURKEY REAL ESTATE

2 2 ABOUT US VESRAM is an Istanbul based real estate asset management firm experienced in acquisitions, disposals, financing, design, construction, sales & leasing and property management which have been grouped under three primary disciplines; investment management, development management and property management. OUR PROFILE VESRAM is formed in 2013 to advise and assist international and local investors and developers on sophisticated real estate transactions, premier commercial, residential and mixed-use developments in major metropolitan markets throughout Turkey. WHAT WE DO VESRAM was founded under the leadership of Hakan Eren, who is the Chairman and grows with unique expert-partners in the fields of investment, development and finance of real estate. Vesram is the exclusive Real Estate Asset Management Company in Turkey established to serve and protect investors endeavors. Our expertise and experience enhances the quality of our investment strategies and decisions and offers our clients the successful results they are pursuing in Turkey. One of VESRAM s greatest strengths is the quality and experience of its team of professionals, which have actual experience and are involved in implementing the firm s investment strategy and actively managing the investment properties on behalf of its investors. These skilled professionals provide VESRAM and its investors with the broadest expertise, insight and perspective in acquisitions, disposals, asset management, development, leasing, sales & marketing, financing, tax, accounting, and even investor relations. VESRAM utilizes experienced management, superior customer service, and a focused business plan to achieve its goals. We promote a corporate culture that attracts, engages, advances and retains the highest caliber people. We give our real estate specialists the resources to work effectively, and we gladly reward our team for exceeding client expectations.

3 3 VESRAM PARTNERS HAKAN EREN REAL ESTATE SUAT PALPAS FINANCE KEREM GORKEN M&A Before founding VESRAM in 2013, he was the CEO & Board Member of three REITs successively that are publicly listed in Istanbul Stock Exchange, Kiler REIT, Sağlam REIT and Dogus-GeneralElectric REIT. He successfully completed the IPO of Kiler REIT with a record for Turkey with 10 times oversubscription. Hakan headed numerous real estate development and construction projects for international companies such as GE, HSH Nordbank, Skanska, BovisLendLease, BP and McDonalds in Turkey. He has managed 20 real estate development and investment projects in Turkey and Europe, including residential, retail centers, office, logistics, university and a marina. He has been active in the Turkish RE market for 24 years practicing commercial and residential projects. He has a broad international professional network including American, Russian, British, Swedish and German colleagues and a wide local developer and consultants. Hakan has been board members of top associations such as KONUTDER, GYODER and ULI. He holds a Civil Engineering degree of Istanbul Technical University, speaks fluent English and teaches RE Investment courses at Bilgi University. He is the founder of SHARE, a RE Conference which is growing in popularity. Hakan is the Chairman of VESRAM and has outstanding experience on commercial and residential developments, investments, REITs, IPOs and local transactions. Prior to relocating to Turkey and joining Vesram, Suat resided in Miami, FL for 20 years, and served as Vice President of Commercial Loans Department at BNY Mellon Bank, and Banco Sabadell, respectively. In addition to providing commercial loans, he worked closely with the Real Estate department of the bank assisting in various real estate deals. Suat has extensive credit analysis, loan structuring, loan underwriting, and deal negotiation skills. As a banker, he closed on numerous loans to institutions including hotels, restaurants, development companies, and REITs. He concurrently served on the Board of Directors for City Theatre as Treasurer. He is fluent in English, has a Bachelor of Arts degree in Business Management and a Master of Science degree in Finance from Florida International University. Kerem has an experience of 19 years in the field of finance in top investment houses in Turkey. He has outstanding knowledge about equity, bond and currency markets with experience in the corporate finance field. He has led teams of fund managers in managing mutual and pension funds including Aegon Pension Funds, and discretionary portfolios in Ata, Global, Eczacibasi, and Ziraat Portfolio Management companies respectively with an AUM exceeding one billion USD. He has completed IPOs and private equity deals with international investment houses. Kerem has a broad international network of fund managers and investors from the USA, UK, and Gulf countries. Kerem holds a Mechanical Engineering degree from Istanbul Technical University and an MBA degree from University of West Georgia. He is fluent in English. Kerem has joined VESRAM as a Partner in 2015 and he is responsible for M&A and private equity deals.

4 4 OUR SERVICES INVESTMENT MANAGEMENT VESRAM pursues investments that offer our investors highly attractive riskadjusted returns by employing a disciplined approach to property selection, acquisition, management, and sale of multi-tenant, incomeproducing properties in select metropolitan areas. VESRAM proactively works to review, source and originate the highest quality real estate investment opportunities in the Turkish RE market. Our thorough understanding of the real estate business and close relations with the players make us ideally suited to seek out, evaluate, and seize new development, acquisition, and disposal opportunities. Our broad network of contacts within the Turkish real estate development, investment, commercial banking, private equity and professional services communities provides us with access to the most significant deals and we have built the biggest deal bank in years. VESRAM has the widest variety of products, with investment styles ranging from core to value added. We offer tailored solutions that meet the specific needs of our clients. Whether you want to invest in a specific city or type of asset; whether you are a pension fund or a private investor, we can provide the best solution for your needs. Our real estate strategies + solutions + products combine years of actual experience sharpened with investorfocused mindset in order to generate DEVELOPMENT MANAGEMENT VESRAM has established the strongest track record of managing real estate development projects in Turkey, providing our clients with a variety of tailor-made solutions across the whole range of property types and all stages of the development cycle. Our development team is focused on delivering tailored solutions to suit the specific needs of tenants or asset owners, managing development projects from inception to completion. Our team of architects and engineers create asset value through the combination of architectural & construction quality and innovation with strong value engineering and risk management expertise. VESRAM has established the strongest track record of managing real estate development projects in Turkey, providing our clients with a variety of tailor-made solutions across the whole range of property types and all stages of the development cycle. Selection of resources is another critical aspect of a successful project development in Turkey. Local architectural and engineering design teams, countless contractors and subcs, banking facilities, legal and tax advisors and facility management service providers should be appointed very carefully to avoid failures. We want your properties to be liquid assets as you start developing them. We design, build, operate and present them to attract a lot of bids supported by a sustainable NOI. PROPERTY MANAGEMENT VESRAM offers daily monitoring and maintenance of each individual client s asset throughout its lifecycle; thus guaranteeing the best performance and returns on investment. Tenant management needs utmost attention to details and relations. We have defined methodologies for you even before we meet. As we enter your premises all sorts of inefficiencies are magnified and we customize & detail our services accordingly. From leasing and repositioning to strategic management and improvement of properties, our experts strive to add value at every stage of the project, which leads to the optimization of the property s potential. Following an acquisition, we take care of the administration and facility management of the property until its disposal. VESRAM manages the relationship between landlords and tenants. In essence, we strive to minimize vacancies and identify new opportunities that will create value from your portfolio. We provide a harmonized view of your assets or your total portfolio, manage on-going costs and advise on a real estate strategy that maximizes balance sheet efficiency and broader organizational objectives.

5 5 INVESTMENT MANAGEMENT Our real estate services + products + solutions combine years of hands on experience sharpened with investor-focused mindset in order to generate secure returns without exceeding our clients' risk appetite. SERVICES Deal Origination Acquisition Due Diligence Research Valuation Financing M&A Monitoring Fraud Settlement Disposal DESCRIPTIONS Prime Off-Market Residential & Commercial Projects Acquisition Advisory Services for Investors, Funds & Asset Managers Market-Financial-Technical-Legal-Tax Due Diligence Coordination Market & Competition Research & Assessment Services Valuation of Assets & Properties Providing Equity & Debt Financing Options Mergers & Acquisitions of RE, Construction & Materials Companies Loan Monitoring Service for Banks and Investors Fraud and Forensic Services in RE Sector Dispute Settlement Services Sale of Single Assets & Portfolios

6 6 DEVELOPMENT MANAGEMENT VESRAM is well equipped to manage property development services; design, construction, tendering & procurement, sales & leasing with legal support that are integral to the development process keeping in mind sensitive community concerns. SERVICES Best Use Design Management Project Management Cost Control Quality & HSE Financing Residential Sales Office Leasing Retail Leasing Marketing & PR Tender DESCRIPTIONS Analysis and Advisory Services for Concept & Product Mix Architectural & Engineering Design Management Management of Construction Activities Budgeting & Cost Control Services Quality, Health Safety and Environmental Controls Providing Construction Finance Sale of Residential Projects Leasing of Office Projects Leasing of Shopping & Entertainment Centers Marketing, Advertising & PR Services for Branding Tender Participation Services

7 7 PROPERTY MANAGEMENT We know your projects and your assets just like we know your needs. We analyze your business & projects; we define how we can improve them and approach proactively with a proposal. SERVICES DESCRIPTIONS Mall Management Office Management Residence Management Re-Leasing Tenant Relations Rent Collection Marketing & PR Event Management Legal Advisory Tax Advisory Operational & Administrative Management of Shopping Malls Operational & Administrative Management of Office Buildings Operational & Administrative Management of Residences Leasing of Vacant Spaces & Leasing to New Tenants Coordinating Tenant Relations & Settling Disputes Collection of Rents & Monthly Charges Marketing, Advertising & PR Services Coordinating Annual Events Program Technical Consultancy for Legal Affairs Technical Consultancy for Tax Affairs

8 8 VESRAM SERVICES DEAL ORIGINATION Commercial & Residential Assets & Projects RESEARCH Valuation, Research & Best Use VESRAM proactively works to review, source and originate the highest quality real estate investment opportunities in the Turkish RE market. Our extensive experience and relations in the market, makes us ideally suited to seek out, evaluate, and seize new development, acquisition, and disposal opportunities. Our broad network of development, investment, commercial banking, private equity and professional services communities provides us with access to the most significant off market deals. VESRAM provides comprehensive valuation, appraisal and due diligence advice to a wide range of clients, including investors, corporate and public sector owners, lenders, and fund managers. Our clients use our valuation advice for a variety of purposes including assessing potential transactions, asset financing, financial reporting and IPO listings. We assess your property assets and identify where and how the greatest value might be realized. ACQUISITION Commercial & Residential Properties DISPOSAL Single Asset & Portfolio The core mission of VESRAM's transactions specialists is to build on their strong and extensive local networks to source high-quality investment opportunities, negotiate powerful deals delivering sustainable performance for the benefit of our clients. We lead the due diligence as well as the acquisition processes, provide specialist advice on letting activities and structure all disposal transactions. We provide advisory services for domestic and international property owners on the sale of properties or portfolios. We utilize our sector network to find potential buyers with strong appetite. We can add value to your strategic decision making that drive your investments, (e.g. leveraging, restructuring, timing of exit) and help you maximize your returns and timely closings of your investments. RESIDENTIAL SALES Sales & Marketing Advertising & PR COMMERCIAL LEASING Shopping Malls & Offices We take a holistic approach to address the pricing potential and sales & marketing strategy for a project. Especially in Turkey, different approaches are required for different client clusters for different projects in different cities and neighborhoods. Accordingly we team up with different service providers for A, B or C type of customers and projects. We work closely with developers to secure tenants ahead of the completion of new buildings, business parks and shopping centers; with investors to maximize income from existing properties and keep vacancies to a minimum; and with corporate and public sector occupiers looking for cost effective, flexible property portfolios.

9 9 VESRAM provides extensive real estate services & solutions to institutions, corporations and individuals in Turkey. FINANCING Equity & Debt SETTLEMENTS Dispute & Negotiations VESRAM is well equipped and has a strong network to undertake all aspects of debt and equity financing. We have substantial financial resources and access to institutional debt and equity providers in Turkey and abroad. Our team is experienced in financial modeling of sophisticated projects, and has the resources to execute a variety of financing structures. Negotiations allow the parties to agree to an outcome, which is mutually satisfactory. VESRAM can provide you with the absolute best team of expert negotiators to represent you with partner buy-outs, contract negotiations, disputes or lease and management agreement negotiations. DISTRESSED ASSET Turnaround & Recovery PROPERTY MANAGEMENT Commercial & Residential Facilities VESRAM brings together a collaborative partnership to provide Distressed Project Recovery Services for real estate owners and lenders as they struggle to deal with non-performing assets. Following the assessment & analysis made, VESRAM generates a clearly defined strategic plan for the asset. Realistic and measurable goals are established based on performance indicators and requirements. Buildings provide safety and comfort, protecting your assets productivity. Without effective facilities management, machinery breaks, systems fail, people cannot perform and your business will be at risk. We team up with the best facility management service providers in Turkey to maintain the quality of your buildings, so that tenants would prefer your properties to others, resulting your business and income to thrive. PROJECT MANAGEMENT Design & Construction MARKETING & PR Advertising & Branding Our development team is focused on delivering tailored solutions to suit the specific needs of tenants or asset owners, managing development projects from inception to completion. Our team of architects and engineers create asset value through the combination of architectural & construction quality and innovation with strong value engineering and risk management expertise. We collaborate with the best marketing & advertising firms and professionals to produce the most effective marketing campaigns that enhance property values through increased media attention, leasing and sales activity, and eventually top brand awareness. Our service combines marketing, advertising, branding, pr and event management activities which are integral to each other.

10 10 VESRAM provides highly customized real estate investment solutions to meet the exceptional requirements of global investors. LOAN MONITORING for Banks & Lenders DUE DILIGENCE Technical Financial Legal VESRAM provides loan-monitoring services that facilitate the flow of information between lenders and developers with accurate, timely analysis and clear concise reporting. During the development & construction period, VESRAM will monitor and manage the construction, sales & leasing and handover phases of the project. The purchase of a business can be done either through an asset sale, or the purchasing of shares in a company or interests in a trust. For any acquisition, due diligence is a critical process that cannot be overlooked. Due diligence is a way to spot potential deal-killers/shapers and provide assurances that the acquisition is the right decision at the right price. VESRAM can help you assemble the right due diligence team and manage the whole process for you. M & A RE & Construction IPO Initial Public Offering & SPO Companies have always used M&A as a way to increase revenue and market share and gain leverage over competitors. As VESRAM, we treat an acquisition or sale as a project to be completed, assembling a team of resources to identify a target or buyer, conduct due diligence, evaluate financing options, estimate future cash flows and returns, and execute the deal for our clients. For fast-growing private companies seeking to raise capital, an IPO can be a superior route to funding growth. IPO candidates must have a compelling story, strong operating performance and balance sheet, steady growth and a good track record. Lack of adequate preparation and poor market timing can jeopardize an IPO. VESRAM provides by far the most comprehensive service for REIT IPOs in Turkey. FRAUD & FORENSIC Design & Construction TENDER MANAGEMENT for Developers Fraud and corruption are facts of business life and we can help determine what happened, how much is at risk, who is involved, and what opportunities exist for recovery. When business misconduct is suspected, companies need the expertise of experienced, independent VESRAM professionals who can analyze the facts and magnify the proofs in Real Estate Business Preparing and participating in Real Estate tenders has been a priority in Turkey. Enthusiastic clients can benefit from the broad experience of VESRAM professionals who previously managed many firms to win tenders of governing organizations.

11 11 PRODUCTS ASSETS INVESTMENT PRODUCTS & VEHICLES Properties & Buildings Companies REITs Loans NPLs Bonds Funds Rights (development & use) Title Deeds Shares Stocks Guarantees & Deeds Deeds & Collaterals Guarantees Agreements Collaterals ASSET TYPES Commercial & Residential Zoned, Farmland Residences, Houses, Villas, Social Housing, Summer Homes Shopping & Entertainment Centers, Strip Malls, Big Boxes CBD Towers, Office Parks Hotels, Resorts, Serviced Apartments, Time-share Logistics Centers, Warehouses, Factories, Storage Hospitals, Senior Care, Medical Offices Universities, Schools, Student Housing Museums, Sports Facilities, Public Buildings Distressed Properties Land Residential Retail Office Hospitality Industrial Health Education Public All

12 12 OUR STRENGTHS LOCAL EXPERTISE CONCRETE EXPERIENCE Strong network & understanding of local market and players such as landowners, developers, banks, tenants, municipalities, contractors, service providers, suppliers, etc Unlike other consultants in Turkey, VESRAM team has actual concrete experience in acquisitions, disposals, developments, financing and property management as well as IPO and M&A. INTERNATIONAL EXPERIENCE ASSESSMENT & FORECASTING Working directly for global & local investors provides us with the skills to identify private & institutional requirements, understand investors points of views, strategies, tactical approaches and top objectives for RE investments. In depth analysis and understanding of RE & financial markets based on statistics and analyzing tenant-client requirements enable VESRAM to better forecast the future of the RE market and trends. STRATEGIC ALLIANCE PARTNERS CREATIVE REAL ESTATE SOLUTIONS We have gathered the strongest finance, M&A marketing & sales, legal, tax advisors and residential, retail, hospitality and logistics professionals in order to provide excellent services to our clients. Having a total of 60+ years of experience in Real Estate, VESRAM can easily create customized and tailored solutions for complex RE projects, structures or transactions.

13 13 CLIENTS OUR CLIENTS SERVED INTERNATIONAL LOCAL We serve a variety of international clients interested in Turkey. Real Estate Funds Funds of Funds Institutional Real Estate Investors Private Equity Investors International Asset Managers Global Banks Investment Banks Commercial Developers Residential Developers Hospitality Developers PPP Investors Land & Property Owners International Investment Advisors Legal & Tax Advisors Consultants We serve a variety of local clients which makes up the real estate chain in Turkey. Land Owners Property Owners Commercial Developers Residential Developers Hospitality Developers Private Equity Investors National Banks Asset Management Firms Property Management Firms Real Estate Funds Financiers Municipalities PPP Parties Legal & Tax Advisors Consultants

14 14 CLIENT NAME PROJECT NAME SERVICES Kiler REIT Ulker Group Benson Elliot Referans Bakırkoy Residential Sapphire Tower Mall & Residences Sera Kutahya Shopping Center IPO Starcity Shopping Center MarinTurk Akasya Residences & Mall Residential Development Budapest, Hotel Portfolio Germany, REIT JV Turkey, Distressed Portfolio CEE Development & Property Mng, IPO Development & Property Mng Acquisition & Finance Investment Management Asset Management Torunlar REIT Mall of Istanbul Project Management Corio Tarsus Shopping Center Project Management Redevco Erzurum & Gordion Shopping Centers Project Management Pramerica Skymark Mixed-Use Project Management Dogus-GE REIT CLIENTS SERVED Dogus Tower Dogus Power Center Evidea Homes Development & Property Mng Sales & Marketing HSH Nordbank Palladium Shopping Center Acquisition, DD ING Bank Real Estate M&A & IPO Advisory Corporate Finance Krea Neo Pendik Shopping Mall Project Management BovisLandLease BP & HSBC Head Offices and Branches Project Management Skanska Mixed-Use Development Projects Development Mng Multi Forum Mersin Shopping Center Project Management Mc Donalds Restaurants Retail Expansion Citibank Istanbul Headquarters Project Management Turkcell Research & Development Center Project Management Four Seasons Besiktas & Sultanahmet Hotels Project Management Morgan Stanley Istanbul Office Fit-Out Management Merrill Lynch Istanbul Office Fit-Out Management Bilgili W Hotel Akaretler Project Management IAA Ben Gurion Airport Project Management

15 15 OUR REFERENCES SAPPHIRE RESIDENCE & MALL KIVK RESIDENCES CRYSTALPARK EVIDEA HOMES TURKCELL R&D STARCITY MALL PENDIK MARINA LOFT CONDOS BEN GURION AIRPORT MALL OF ISTANBUL PALLADIUM MALL DOGUS POWER CENTER AL BARAKA TURK HQ SERA KUTAHYA MALL NEO MARIN PENDIK REFERANS BAKIRKÖY GORDION MALL W HOTEL TARSU MALL FMV UNIVERSITY

16 Vesram Real Estate Asset Management Co. 16 VESRAM REAL ESTATE INVESTMENT & MANAGEMENT INC. Etiler Tepecik Yolu Tunca Sok Çınar Apt No:2/4 Beşiktaş Istanbul + 90 (212) contact@vesram.com