Partnered on every level Invest, manage and sell real estate globally with Eversheds IMS

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1 Invest, manage and sell real estate globally with 3 2 1

2 Invest. Manage. Sell. We are one of the world s largest law firms, with real estate at the heart of our offering. We have a simple mantra: to get deals done without fuss, on time and on budget. We input into heads of terms and identify any legal concerns, to ensure deal timetable can be 1 adhered to. 8 We consider and implement finance and refinancing options using members of our international real estate finance practice. We quickly put together a team of specialist advisers but ensure you have one direct point of contact. With 300 dedicated real estate 2 professionals, we can handle transactions 7 of any size. We help set up joint venture and other corporate vehicles (both on and off shore) 3 and consider the best tax structure for holding 6 and exiting an asset/transaction. 8 We negotiate the contract sensibly, making sure you are well protected but also achieve your goal of buying the asset at speed. We report in a clear and simple manner, ensuring there are no misunderstandings or delays. If something is important, we pick up the phone. 4 We always walk the site. We have ten offices across the UK to ensure we can do this quickly. 5 We perform targeted, material due diligence to identify issues early on, bring them to your attention and suggest simple solutions; ensuring the deal can proceed but on your terms. 02

3 10bn+ recent transactions Over the past three years, we have helped clients buy c 10bn of assets. Here are some key examples: Client Private Equity Client Legal & General Land Securities Hedge Fund Client Aberdeen Asset Management State of Qatar Kuwait Investment Office (St Martins) Global Investment Manager Qatari Investors Inward Investor Buying it We advised a US private equity client on its bids to purchase UK & European debt secured against 1000s of real estate assets (including projects Aberdonia, Avon, Pebble, Stone, Eagle & Salt). We helped L&G buy multi-asset portfolios in very tight timescales, including Project Orkney (c 210m), Project Ocean (c 220m), Project Ptarmigan and Project Pendragon. We advised Land Sec on their purchase of the 695m X-Leisure Fund, the Printworks in Manchester and the Cornerhouse in Nottingham. We advised a hedge fund on over 1bn of acquisitions in the student housing sector and lending into the sector. We helped Aberdeen seed the UK s first institutional private rented sector fund with significant assets in London and the rest of the UK. We advised one of the world s largest SWF on their purchase, development and ongoing letting strategy of the 500m Park House on Oxford Street, comprising retail, office and residential uses on Europe s busiest shopping street. We helped St Martins buy and manage trophy City/Canary Wharf offices (prices ranging between 200m and 400m) including Credit Suisse s and Willis headquarters. We advised our investment management client on their purchase of various SPV s owning major assets around the UK (including Bank of New York s headquarters in Manchester and Goldman Sach s former offices in London). We led on the funding and tax structuring for the award winning 1.5bn Shard of Glass development at London Bridge. We helped a consortium of overseas investors purchase one of London s landmark buildings for (c 100m) and are leading on their subsequent 500m residential redevelopment. 03

4 Invest. Manage. Sell. Manage your assets to realise income Our full service asset management team can help you fix your assets quickly, efficiently and cost effectively to ensure you achieve your exit goals. 1 Real estate litigation Renewals Terminations Breaks Dilapidations Dispute avoidance Enforcement Debt recovery Site clearance General advice 4 Miscellaneous Title compliance Commercial contracts Confidentiality agreements Consultancy/Service agreements Tax planning 2 Environmental CRC Sustainability Contamination Due diligence 5 Construction Procurement Appointments Partnering Contacts Warranties Tenders Project monitoring Disputes management Adjudication 3 Asset management Agreements for lease Letting Surrenders Licences Lease regearing Renewal Commercialisation Landlord and tenant works Refurbishment General advice 6 Planning Application Consultation Consenting Compulsory purchase S.106 agreements Judicial review Advocacy 04

5 25bn assets under management We look after c 25bn of our clients assets, helping them achieve their asset management goals. Here are some key examples: Client Legal & General Segro London Bridge Quarter Hammerson Aberdeen Asset Management AIPUT Land Securities Croydon Partnership Birmingham City Council and Network Rail Westgate Oxford Alliance Managing it We advise L&G on a diverse range of assets across its real estate portfolio. We are responsible for full service asset management on half of its 2.8m sq ft UK portfolio. We advise Sellar Property and their Qatari funders on the development and letting work at LBQ, including the Shard, the mini Shard and the redevelopment of London Bridge station. We advise on its 2bn shopping centre portfolio which includes the current development of Victoria Gate Leeds, Watermark Southampton and the Bullring Birmingham. We look after over 1.5bn of its national assets, from prime central London offices to regional industrial parks. We are sole legal adviser to this 500m airport industrial fund. We recently helped the fund deliver the largest letting ever at Heathrow and are advising on the refinance and extension of the fund. We advise on asset management services for the UK s largest REIT across its multi bn London, retail and leisure portfolios, as well as major developments and refurbishments (including One New Change, Gunwharf Keys and Westgate Oxford). We advise the Hammerson/Westfield joint venture on the 1bn development of Croydon s retail centre including all leasing aspects. We lead on the 600m redevelopment of New Street station, Birmingham including the reconfiguration of land interests, pre-letting of the 250,000 sq ft John Lewis and redevelopment of Pallasades and Ladywood House to create the new Grand Central shopping centre. We act for the joint venture established by Land Securities and the Crown Estate in respect of the 400m redevelopment of the Westgate shopping centre, Oxford. 05

6 Invest. Manage. Sell. 1 We consider your exit strategy before you buy and work this through on exit. 5 We audit the property holding structure regularly to make sure that it is the optimum one for a quick, easy and tax efficient exit. 2 We load and keep all deeds on line and have a comprehensive electronic deal room available and ready to go as soon as instructed to sell. 6 We input into brochures and heads of terms to ensure buyers have no room for price chipping. 3 We run regular readiness for sale checks to make sure that often forgotten documents are up to date and complete and there are no bars to sale. 7 8 We continually update our sale precedents to contain the latest market standard provisions, ensuring minimal scope for negotiation and quick sales. 4 We push all asset management aggressively to ensure both speed to rent and readiness for sale. 06

7 5bn recent sales Over the past three years, we have helped our clients sell c 5bn of assets. Here are some key examples: Client St Martins Scottish Widows Investment Partnership Segro Lunar Sea Land Securities Birmingham Mailbox NAMA Hypo Real Estate Group Selling it We helped St Martins dispose of their 600m UK Shopping centre portfolio to Hammerson and the 740m sale of Project Blue. We advised Scottish Widows Investment Partnership in the 155m disposal of JLL s Hanover Square headquarters. We helped Segro sell the shares in the company which owns IQ Winnersh (a site so large that it has its own train station) to Oaktree Capital for 245m and disposal of a portfolio of six multi-let industrial estates to Orchard Street Investment Management for 113.8m. We advised Lunar Sea in their 170m disposal of Victoria House to M1 (Middle Eastern private equity). We advised Land Securities on their sale of the Stratford shopping centre to Catalyst Capital for c 92m. We helped our client Chatham and Billingham on their 127m sale of the iconic Mailbox to Brockton Capital. We advised NAMA on the sale of a 700m loan portfolio including a vendor financing facility agreement, a loan to own security exchange and a complex JV element (allowing NAMA to retain 20% ownership). We helped Hypo sell its English law governed assets to FMSW, a German state governed entity. 07

8 The facts: We advise five of the world s leading sovereign wealth funds on more than 10bn of Central London assets. We work with three of the UK s top 4 REITs on portfolios worth more than 5bn. We advise two of the UK s top five institutions on more than 7bn of real estate. We have the UK s largest real estate practice, with ten offices. We have offices in 46 cities across Europe, Africa, Asia and the Middle East with best friend relationships covering the rest of the world. Key contacts: Gurjit Atwal Head of the real estate sector Tel: Bruce Dear Head of London real estate Tel: David Watkins Global head of real estate Tel: eversheds.com/realestate Visit Eversheds real estate TV: eversheds.com/retv Follow us Eversheds LLP 2015 Eversheds LLP is a limited liability partnership. EREA.367