testing pfdplumber with ocr

prototypes/ocr_demo/logs/Pitchbook 1.log

@@ -36,8 +36,8 @@ Start processing 10 pages concurrently
    33 page already has text! - rasterizing text and running OCR anyway
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-   36 page already has text! - rasterizing text and running OCR anyway
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+   36 page already has text! - rasterizing text and running OCR anyway
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    38 page already has text! - rasterizing text and running OCR anyway

prototypes/ocr_demo/logs/Pitchbook 2.log

@@ -1,7 +1,7 @@
 
 Start processing 10 pages concurrently
-   12 [tesseract] lots of diacritics - possibly poor OCR
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+   12 [tesseract] lots of diacritics - possibly poor OCR
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    49 [tesseract] lots of diacritics - possibly poor OCR

prototypes/ocr_demo/logs/Teaser 1 FINAL.log

@@ -20,9 +20,9 @@ Start processing 10 pages concurrently
    18 page already has text! - rasterizing text and running OCR anyway
    19 page already has text! - rasterizing text and running OCR anyway
    20 page already has text! - rasterizing text and running OCR anyway
-    1 [tesseract] lots of diacritics - possibly poor OCR
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+    1 [tesseract] lots of diacritics - possibly poor OCR
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prototypes/ocr_demo/ocr.py

@@ -1,6 +1,8 @@
 import os
 import subprocess
 from pathlib import Path
+import pdfplumber
+import json
 
 input_folder = Path("../../pitch-books")
 output_folder = Path("output")
@@ -9,15 +11,26 @@ log_folder = Path("logs")
 for folder in [output_folder, log_folder]:
     folder.mkdir(parents=True, exist_ok=True)
 
+def extract_text_to_json(pdf_path: Path):
+    json_path = output_folder / f"{pdf_path.stem}.json"
+    with pdfplumber.open(pdf_path) as pdf:
+        pages = [{"page": i + 1, "text": (page.extract_text() or "").strip()} for i, page in enumerate(pdf.pages)]
+
+    with open(json_path, "w", encoding="utf-8") as f:
+        json.dump(pages, f, indent=2, ensure_ascii=False)
+    print(f"📄 Text JSON saved: {json_path.name}")
+
 def ocr_pdf(input_file: Path):
     output_file = output_folder / f"{input_file.stem}-OCR.pdf"
     log_file = log_folder / f"{input_file.stem}.log"
+    sidecar_txt = output_folder / f"{input_file.stem}.txt"
 
     cmd = [
         "ocrmypdf",
         "--force-ocr",
         "--output-type", "pdfa",
         "--language", "deu+eng",  
+        "--sidecar", str(sidecar_txt),
         str(input_file),
         str(output_file)
     ]
@@ -27,6 +40,7 @@ def ocr_pdf(input_file: Path):
 
     if result.returncode == 0:
         print(f"✅ OCR complete: {output_file.name}")
+        extract_text_to_json(output_file)
     else:
         print(f"❌ OCR failed. See log: {log_file}")
 

prototypes/ocr_demo/output/Pitchbook 1-OCR.json

@@ -0,0 +1,154 @@
+[
+  {
+    "page": 1,
+    "text": "Real Estate Prime Europe\nAccess the Core of European Prime Cities with a green SRI fund\nincluding a genuine low carbon commitment\nFor professional investors only. Not for further distribution. Information is valid as of December 2018"
+  },
+  {
+    "page": 2,
+    "text": "Content\n1. Executive Summary\n. GRD Real Estate\nThe Fund\nExpertise & Investment Process\nInvestment Case & Views\n»wp\nao\nAppendices\nFund Investment Process\nos Detailed SRI Process\n— Reporting\n— Biographies\n2 See : ::: Estate Prime Europe"
+  },
+  {
+    "page": 3,
+    "text": "01\nExecutive summary\n3 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 4,
+    "text": "Executive summary\nA selective pan European investment strategy\n- European economics in most countries should sustain Office leasing\nactivity, retail consumption and business Hotels. Considering the\ndepth of these market segments, selectivity will be key.\n- A strategy targeting high quality Core and Core+ buildings, with\ndefined SRI objectives, in order to extract value through an active\nasset management.\nWhat makes us different?\n- Se, ss: long established real estate investment\nand fund management player in Europe, allowing for a clear view of\nopportunities coming to the market (€4bn of acquisitions out of\nFrance over the past 3 years).\n- GRD semi-open architecture based on a strong integrated\nplatform in France, Luxembourg and Italy and long standing\npartnerships in major European countries gives us the required\nlocal historical expertise and the important flexibility to build and\ndiligently manage a well balanced pan European portfolio.\n- GRDas a leading player in ESG expertise is putting all\n| resources to structure products in line with our ambition: AREPE will\na be a low carbon fund compliant with the Qi Real Estate\nsustainable investment Charter.\n4 GE: :: Estate Prime Europe EEE\n|—________|”|\"_)"
+  },
+  {
+    "page": 5,
+    "text": "02\nSERes|i Estate"
+  },
+  {
+    "page": 6,
+    "text": "A leader in European real estate\nA LEADER IN EUROPEAN PRIME CITIES €33 bn 125 750\nOf AuM Dedicated people Properties in Europe\nGREED Real Estate is a company specialized in developing, i.\nstructuring and managing European focused property funds. Gr: — = een\nThanks to the power of its inflows carried out the largest\ntransactions in the European market, with €4bn of acquisitions out of\nFrance over the past 3 years.\n- WEB sources assets across Europe, structures the acquisitions\nand their financing, and manages all type of properties with a focus on\nOffices. 700+ properties in France, Italy, Germany, the Netherlands,\nUK, Czech Republic, Luxembourg...\nACOMPLETE OFFERING\nSee the map with detail for each of the 750 assets on:\n- Commingled Funds (closed-end and open-ended); Dedicated Funds; Club Deals\n& Joint Ventures ; Mandates (tailor made solution).\n- A leading player in managing and structuring regulated funds in France. mOffice 75,6%\nBRetail 13,8%\n- A window for international clients looking to access the European real estate\nEB Hotels 4,3%\nmarket for diversification\n\" Industrial/logistics 1,0%\n\" Residentials 9.4%\nOthers 4,9%\nove > 201:\n6 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 7,
+    "text": "Comprehensive service offering to institutions\nDirect Investment Indirect Investment\nDedicated\nClub Deals Mandates Funds Commingled Funds\nClub Deals: investing with similar-minded investors Different strategies (single country or pan-European, single\nasset class or diversified)\nMandates: build from a tailor made proposal, defined according ; ;\nto the client’s constraints & guidelines Different risk profile (core, core+, value-added)\nDedicated funds: build a structure to manage client’s assets Different leverage levels\nDifferent jurisdictions (French OPCI, Lux. SIFs, etc.)\nSESE\nT GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 8,
+    "text": "SEBeal Estate : a genuine low carbon commitment\nA fully documented sustainable investment charter\nEnvironmental and social performance\nEach of our assets is ranked by our dedicated team, from A to G.\nG F E D C B A\nWe use a well-known referential to perform a thorough analysis of 0 14 29 43 57 86 100\neach asset: the BREEAM In Use Part 1 international referential is fully Pollution\n59% Health & wellbeing\nexploited in order to perform an analysis of the environmental and social 52%\nperformance of the assets. Land we\n100%\nWaste\n100%\nEnergy\nGERD::| Estate has also developed additional and specific tools Materials 65%\n51%\nto complete and strengthen our sustainable approach on an asset by Water\n78% Transport\nasset basis: 23%\nThe Carbon Footprint 2°C Trajectory Climate Risk\nThis footprint is calculated based on: This trajectory will help assess the This evaluation shows the exposure of\nEnergy and leaks of refrigerants (scope 1) greenhouse gas emissions’ reductions the asset to different climate related risks\nElectricity, water and energy consumption needed to respect the Paris agreement (sea level, floods, temperature,\n(scope 2) heatwaves, storms...)\nMaterials used for construction or\nrefurbishment (Scope 3)\nGED Real Estate has built a genuine low carbon approach, in line with the best\nstandards\n8 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 9,
+    "text": "The Fund\nSE Real Estate Prime Europe\n9 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 10,
+    "text": "The Fund\nFund Objective\nNavigate the diversity of the Core/Core+ investment opportunities\nin European Prime Cities\nGEDis an open-ended Lux-based fund providing an attractive core/core+ real estate exposure, leveraging\nGRRE expertise in European RE markets. It offers diversification in terms of pan-European geographies and\nsectors: Offices, Retail and Hotels.\n- Risk level: Core/Core+\n- Type: essentially new or recently refurbished assets\nStrategy\n- Individual asset size: ranging from € SOM to € 200M\ncharacteristics\n- Leverage: 50% max (at asset and fund level) / Target 40-45%\n- A low carbon approach fully compliant with the best standards\n- Sector: offices (70% target; 60% min), all other types (30% target; 40% max)\n- Geography: 100% Europe\n- Tier 1: Min 75% in total, Max 40% by country (FR, UK, DE, BE, NL, LU, Nordics,\nAllocation SP, IT, CH)\nGuidelines - Tier 2: Max 25% in total in rest of Europe, max 10% by country\n- Non Euro investments: max 20%\n- Manage to Core: max 20%\n- Concentration limits: max 25% by asset\nTarget Returns - IRR: 6% - 7%\n(net of fees and tax) - Cash on Cash: 4% - 5%\nSt\n10 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 11,
+    "text": "The caine\n4aodPr.\nFund Key Features\nA Luxembourg Alternative Investment Fund\ndenominated in EUR\nTarget Size: Target equity of€ 500m (€1 Bn of assets)\nRegulatory Qualification: Luxembourg AIF\nFund Structure “ Legal Form: Luxembourg Limited Partnership\nCurrency: EUR\nMinimum Investment: €5m\nSubscriptions: Quarterly. Queue system, with pari passu calls to the oldest vintage.\nRedemptions: Every semester (Dec and June). Queue system by vintage after lock up period.\nLock up: 5 years for investors entering in 2019, 4 years for investors entering in 2020 then 3\nyears\nLiquidity - Gates: 10% of NAV per annum\nRedemption deadline: 18 months after demand\nRedemption fee: If there are sufficient inflows when redemptions are outstanding, no fee on\nredemption ; otherwise, redemption fee will be 3% (10Y holding period), 2% (15Y) or 1% (>15Y)\nof NAV\nAsset Management/ Fund Management: sliding scale considering committed amount\n55-50-40bp x NAV (5-10; 10-50; 50+ ME). Fee only payable on investment called.\nFees For investors committing before 31/12/2019: Rebate of 10bp for 5 years after subscription\n(before VAT) = Acquisition: 0.5% to 1% x GAV following asset size\nDisposal: 200k€, flat\nPerformance fee: 20% above 7% IRR (payable by investors on realised profit)\n11 GE : :: Estate Prime Europe"
+  },
+  {
+    "page": 12,
+    "text": "The Fund\nWhy a Core / Core + investment program?\nBenefits of the core\n/ core+ segment\n- Capital preservation*\n- Room to lock in Risk premia over\nfinancing rates\nDrawbacks ofthe core\n- Assets attractive for Long Term / core+ segment\nfinancing\n- Strong competition on this segment of\n- Assets adapted to a Buy and Hold the market for investment\nstrategy\n- Real Estate yields testing historically\n- Assets that generate running yields low levels\n- Adeep market improving availability\n- Core assets leave less room for active\nand asset liquidity\nasset management value creation\n- Better resilience to potential interest\nrate hikes (which usually triggers flight\nto quality)\n*capital preservation is defined here as a characteristic of core/core+ investments. There is no guarantee of capital.\nSESE\n12 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 13,
+    "text": "The Fund\nSees has a strong track record versus the MSCI PEPFI*\n% 2015 2016 2017 2018 3Y 3Y (unl.) M S C Pas\nGHEE Total return 5,3 16,1 13,6 8,9 12,8 8,0 =\nLTV 71,0 62,4 58,9 58,2 59,8 0,0\nPercentile 80th 5th 5th 10th 5th\nPEPFI Total return 8,2 5,7 6,4 6,4 6,2 5,3\nLTV 20,6 21,5 21,9 21,8 21,7 0,0\nComments\n° LTV: part of the performance is down to leverage and ap ; significantly more leveraged than the benchmark and will remain so even\nafter we have reduced leverage to ca. 45%. Given the low cost of debt today, we believe this level of leverage makes sense: it boost\nincome return while the core nature of the portfolio should dampen a capital loss in case of a market downturn.\n. Asset-mix: QD current allocation is 100% Germany and a mixture of retail/office/hotel. As such, its asset and country allocation is less\nrisky than the benchmark which includes more risky countries and asset types (eg industrial/logistics).\n*PEPFI: Pan European Property Fund index QT: state as at end of December 2018\n16 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 14,
+    "text": "Indicative pipeline of Investments — June 2019\nTechnical\nCountry / city Sector Risk Deal size Location Tenancy Comments\nspecificities\nOffice building 500m away from the European\nBELGIUM Offices Core Excellent New building Vacant Commission - well served by the subway (250m away\n80m\nBrussels Delivery Q4 2020 from one of the major metro station - 67 parking spaces -\nDelivery Q4 2020\nMulti let office building in the Sought after brussel's\nBELGIUM Fully let\nOffices Core 40m Good Recent building Euopean District - 100% let to 8 tenants - WALB 5,42\nBrussels WALB 5,42\nyears - Share deal - NIY around 4,17%\nFully let Office building in the South of Madrid - - 7 years lease\nSPAIN Completely\nOffices Core <50m Good Single tenant recently signed by an energy company - 47 parking\nMadrid refurbished\nspaces - Built in 1891 refurbished in 2019 -\nFully let\nFRANCE New building\nOffices Core 400m Good Very well located — LT lease - very good tenants\nLevallois Single tenant\nFRANCE New building Fully let\nOffices Core 300m Good New building in Paris\nParis 14 Multi tenant\n2 independent and interconnected office buildings in\nBELGIUM\nOffices Core 99m-102m Excellent Refurbished in 2014 Occupancy 92% Leopold / Location : A/ Accessibility : very good, in front\nBrussels\nof the property / Construction : 1992 / WALT : 7 years/\nLocated in the heart of CBD - next to the metro stop\nNETHERLANDS Beurs - Single good tenant - comprehensive\nOffices Core 85m-90m Excellent Recent building Fully let\nRotterdam refurbishment undergoing - handover scheduled for June\n2020 - 207 parking spaces\nLocated in the port of Rotterdam - connected with the\nFully let\nNETHERLANDS A15 highway - Sale and lease back with 10 years triple-\nLogistics Core 50m - 55m Good New building\nRotterdam net lease agreement - 43 loading docks - Expected\nSingle tenant\ncompletion in Q1 2020\n17 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 15,
+    "text": "Indicative pipeline of Investments — June 2019\n; Technical\nCountry / city Sector Risk Deal size Location De Tenancy Comments\nspecificities\nThe building is a recently constructed office property in\nthe European District of the Brussels CBD. Located close\nFully letto five\ntothe Rue de la Loi, the main axis of the district, the\nBELGIUM Offices Core Good New building tenants (WALT of\n34-40m building benefits from close proximtio ttyhe main EU\nBrussels almost 10 Y)\ninstitutions, excellent infrastructure and many amenities.\nSpecifications fully meet today's market requirements,\nincluding a BREEAM Excellent rating.\nCompletely Fully let Office located in the West Berlin — Good Tenant -\nGERMANY Offices Core 44m-46m Se refurbished\nSingle tenant Delivery Q4 2020 - Lease term 20 years -\nBerlin\nA recent office building constructed in 2017, with 7 700\nsqm, 59 parking spaces and amenities (conference\nAlmost fully let\ncentre, fitness club, cafe, restaurant...). The property has\nPOLAND (WAULT 10 years)\nOffices Core 50-75m Excellent Recent building a Leed Platinium certification. The building is very well\nWarsaw\nlocated in the City Center of Warsaw and benefits from\nMulti tenant\nan excellent access to public transport. The expected\nyield is around 4,50%.\nNew 17 700 sqm development completed at the end of\nFully rented 2019, located seaside, in the South West city center of\nFINLAND\nOffices Core Good New building Helsinki. The property is single let to an Agency of the\nHelsinki 100-150m\nSingle tenant European Union on a 10 year lease agreement. The\nexpected yield is around 4,50%.\nAn outstanding quality iconic and sensitively developed\nFully rented\nCZECH Republic multifunctional building consisted of a restored baroque-\nOffices Core CBD New building\nPrague 90-100m renaissance palace from 1734, juxtaposed with a 2018\nMulti tenants\nconstructed eight storey premium office building\nFully rented\nFRANCE Property newly built in an established office submarket\nOffices Core Good New building\nSaint Denis 150 -170m close to public transports.\nMulti tenants\n18 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 16,
+    "text": "Expertise\nOur strategy in Europe\nInvestment Process\nESG framework\nTeams\n19 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 17,
+    "text": "Strategy to access & select prime assets in Europe\nGED benefits from long history, strong local partnerships, global and CRE economic research\nAcquisitions 2016-2018: over €11bn\nDeep deal flow in Europe = France\n= Paris exceptional deals\n\\\n= Germany\nGERM sources assets across Europe. All segments of\n= Netherlands\nreal estate assets are covered, with a focus on offices. = Italy\nThanks to the importance of its inflows, @jiiicarries = Austria\nout the largest transactions in the European market, Rane Rep\nwith €4bn of acquisitions out of France over the past 3 LUXENDBUG\nyears. en\n= UK\n= Finland\n2015 2016 2017 2018\nPipeline 620 assets analysed 520 assets analysed 577 assets analysed 813 assets analysed\nP €41.6 Bn €51.6 Bn €63.8 Bn €66.3Bn\nee 126 assets 74 assets 86 assets 79 assets\nCommittee €5.7 Bn €11.1 Bn €17.3 Bn €8.8 Bn\nAegucit 52 assets 55 assets 30 assets 17 assets\ncq7u isitions €2.6 Bn €4.3 Bn €6.0 Bn* €1.1 Bn\n20 GE: :: Estate Prime Europe EEE"
+  },
+  {
+    "page": 18,
+    "text": "An open-architecture organisation\nAllowing for flexibility and agility\n- Semi-open architecture based on a strong\nintegrated platform in France, Luxembourg,\nItaly;\n- Longstanding partnerships in major\nEuropean countries, giving us the required local\nexpertise and the important flexibility to choose\nwhere to invest in Europe;\n- A strict and documented methodology when\nselecting our partners, in terms of compliance\nwith our ESG policy (target 2021).\nCountry Partners (non-exclusive)\nGermany Etoile Properties\nAerium\nIC Property Investment &\nManagement\nBenelux Etoile Properties\nHannover Leasing\nUK Knight Frank\nScandinavia Newsec\nAustria EHL\nIberia Etoile Properties\nFY Estate, December 2018\nEEE\n21 GD : :: Estate Prime Europe"
+  },
+  {
+    "page": 19,
+    "text": "Investment process\nSR: Estate Prime Europe\nSourcing - Continuous market watch: discussions with our local partners, brokers, sellers\n- Dealflow in open architecture\n- First screening, analysis, identification of due diligence issues\n- Target portfolio guidelines\n- Thorough financial and ESG analysis of the asset, external valuation and\nasset visit\n- Technical, legal, tax, notarial due diligence\n- Negotiation of financing in accordance with due diligences’\nconclusions (tender, term sheet, loan documentation)\n- Acquisition structuring to minimize risk and tax, closing\ndocumentation\n- Strategy & business plan\n- Coordination with property and asset\nmanager\n22 GEDea! Estate Prime Europe ZEEEEE"
+  },
+  {
+    "page": 20,
+    "text": "GEBhas a long experience of core/core+ investments\nin Europe\nGERD(a balanced pan-European open ended retail fund — under the form of a French collective undertaking for Real\nEstate investments “OPCI”) is the flagship oQf in France and combines RE and listed assets (respective targets of 60%\nand 40%) with max. 40% leverage. The RE portfolio of the fund is a good illustration Of expertise in European\ncore/core+ investments.\nOPCIMMO RE EN ee,\nportfolio ) ZZ\nTotal Return +4,6% +6,6% +7,5% +8,8% +7,2% +72% +6,9% ae ieer\nne irene 69 N Pologne\nRE AuM (€m) 99 297 472 1,636 3,214 4,846 4,920 a oe 25. a a\nIpStuRR:3 Ukraine\nNumber of 6 13 17 32 52 71 62 =RE-=)Seti\nassets Be — Be\nEr \\ ie ‘ulgarie\nRE Leverage 0% 234% 296% 307% 358% 378% 347% Th a Ra Re\nTurquie\nsource ‘GD :::: as of December 2018\nPast performance is not a guarantee of future results\nSESE\n23 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 21,
+    "text": "Our ESG approach: a defined framework to reach the best\nstandards in terms of low carbon commitment\n| knaronmemal and ch! aertormaren\nGED will integrate additional investment criteria in order to be a green\nfund.\nAs such, following preselection of the assets, the fund managers will Laci\nexclude assets ranked below D, and build a portfolio with a global\nranking above or equal to C. rst\nOn top of this ranking, we will perform a specific analysis on each asset ne lese,\nin order to be fully aware of its impact in environmental terms:\n- The carbon footprint ofthe assets\n- The 2 degrees trajectory of the assets ‚=\n- The exposure ofthe assets to climate risks 3000 5 G\n} #\nIn line with the Paris Agreement — COP 21* and the European directive** objectives for foreign\nassets, we will assess for each asset the greenhouse gas emissions reductions to be\nachieved and implement an energy consumption reduction trajectory, delivering to our\nclients a genuine low carbon approach backed by concrete analyses and reporting\n“the Paris Agreement:\n- limiting the average increase in the planet’s temperature to less than 2°C compared to pre-industrial levels\n- reinforcing capacity for adaptation to the harmful effects of climate change and promoting resilience to these changes\n**the European Directive :\n- The European Council has adopted an indicative objective to reducing energy consumption by 27% by 2030\nSESE\n24 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 22,
+    "text": "A robust and balanced setup for efficient teamwork\nReal Estate\n(125 people)\nInstitutional Solutions\nReal Estate team\nInvestment teams\n(Research, Acquisitions\n& Sales, Asset\n| Advisory\nManagement)\nOperations (Fund\nControlling, Liability\nManagement... )\nMngt co.\nLuxembourg\n(76 people)\n| Ptf and Risk\n: Mngt Strong and long dated\nexperience as an AIFM\nGeneral Partner GP Sarl 4 people dedicated to\nLux real estate: Conducting\nOfficer, Portfolio\nManagement, Fund\nControlling and\ndedicated\nRisk&Compliance\nOfficer\n25 a. :: Estate Prime Europe"
+  },
+  {
+    "page": 23,
+    "text": "Investment Case & Views\n28 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 24,
+    "text": "Market\nViews\nEurope is a liquid, deep and attractive real estate market\n; Spread between office prime yield and 10-\nInvestment volumes in European real estate RR a. |\nyear Govies (in basis points, since 2000)\n300 Md € 4 r 6% 600 pb\n250 Md € 4 | 5% : 4\nS\n0\nU\n0\nR\np\nph\nb FE\nma€ x\n200 Md € + L 4% 300 pb all.\n200 pb a eo a ce i\n150 Md€ 4 | 3% 100 pb 4 TT =\n= ao . j | o am 0 pb min\n-100 pb —\n50 Md € + L 1% -200 pb\nO Md € + 0% -300 pb \" & = m P\n19 11 12 13 14 18 16 17 18 19 FS F KC Kw K & KS N!\nGa Q3\nPrcS\nme 2\nma CO! — Q2 2019 — Average 200— 0Q2 2019 —- (04 2018\nwm Average S1 2010 - 2019\n—EU 15 weighted prime rate (right scale) “End of period\n- Europe is a key destination for capital markets - Real Estate investors follow their acquisitions at historically\nlow rates, this behavior is led by office rents increases\n- European investment markets have been very active over the recent anticipations (and to some extent for the logistics), at low\nyears. Offices are the main asset class, with a little less than 1 euro financing rates, and a gap with 10 years rates significantly\nover 2 euros invested. higher than the long period average.\n- Local European actors and even often local national investors have - The spread between government bonds and prime yields is\ndominated the RE investment markets in Europe, but international still currently significantly high on many markets in a lasting\ninvestors are gaining market shares (mainly from Asia, Americas and low rates environment\nthe Middle East) .\n29 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 25,
+    "text": "Market\nViews\nOffices are by far the main real estate asset class in Europe\nview of cities’ office prime headline\nOffice take-up and vacancy rate\nrents — Q2 2019\n14Mm? - - 12%\nAmsterdam Prague\nBarcelone\n12Mm? + + 10% Hambourg\nBruxelles\nFrancfort\nMilan\n10 Mm? 4 6.0 8%\nDublin\nLondres Paris\n8 Mm? 4 + 6% Varsovie\n6M mi» | 4% Berlin\nMunich\n4M mi - 1 2%\n2Mm? + + 0%\n0OMm?« -2% A d c e c c e li l n e e r ation of rents S de l c o l w i d ne o wn of rents A i c n c c e r l e e a r s a e t ion ofrents i S n l c o r w e d a o se wn of rents\n10 11 12 13 14 15 16 17 18 19\n(4\nma3\nRents variation intensity: weak moderate strong\nme)\nu() |\nu Average S1 2010-2019\n— Vacancy rate EU 15 {right scale)\newes Headline prime rent rental growth EU 15 (rught scale)\n- The office market has been particularly active at the 1° semester - Major EU markets should benefit from tenants demand\n2019, a performance to be highlighted in a context of economic\n- All markets have different rental cycles in terms speed: Pan\nslowdown and of high uncertainties: office commercialization have\nEuropean diversification will allow to anchor RE investment\nincreased over 1 year in Western Europe and are higher than the\nperformance\ndecade average.\nNB\n- Alot of companies continue to favour central zones for “talents\n- The positions are purely indicative and are not an investment recommendation or\nhunting” recruitment purposes., but they face a quality offer that is solicitation\n- City positions can move at different speeds and directions depending on various\nregularly lacking. This context of rarity, if it benefits “In white”\nparameters\nlaunches, it exerts upward pressure on facial rents.\nSource!\n30 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 26,
+    "text": "A strategy for Europe today: stability & diversity\nCurrent Fund Target Allocation across Europe\nOur strategy for Continental Europe today: BE Conviction - Strong\n> targeting sustainable LT yield, value protection, with a ME Conviction - Medium\nhigh level of diversification and valuation potential FE Conviction - Low\nFrance Germany Benelux Other € Non € Target Themes\n/ Austria\nTargeting demand-driven markets featuring rent recovery or rent\nOffices 70% pressures and >200bps risk premiums over risk free rates, always\nin prime locations\nFocus on leases featuring fixed or floored rents with established\nHospitality\n= + + + = operators in markets where constrain of new offer exist. Risk\nHotels, others 10% premium must reflect any operational risk taken\nindustrial / Look at the opportunities in close to city centers distribution\n\\Warahöus + of. + = = 10% platforms while large modern logistic platforms might be out of\na e reach (high individual values).\nRetail (High Focus on prime high street retail or small central urban shopping\nstreet; retail + + + + - 10% centers in main secondary cities demonstrating positive data in\npark) terms of demographics and spending potential\nTier 1 (FR, UK, DE, BE, NL, LU, Nordics, SP, IT, CH) target 80%\nTier 2 target 20%\n31 GE : ::: Estate Prime Europe"
+  },
+  {
+    "page": 27,
+    "text": "Current views accross Europe\nThose markets are diverse and present perspectives and positions in Real BM Conviction - Strong\nEstate cycles which are highly dependent upon each local economic situations, BM Conviction - Medium\nperspectives and exceptional events affecting them:\n— Conviction - Low\na|\nGermany France Portugal\nPrime office assets in Prime markets are very Paris region is a deep and liquid market. Rents Lisbon is a small market but it experienced a\npricey unless rent reversion is real. Risk have some potential to improve. Considering rapid economic recovery in recent years and is\npremium remains attractive on a leveraged current low yield and fierce competition, office interesting for Core Offices, quality Retail asset\nbasis. Managteo core or build to core can make right outside CBD for Core + assets can be or Hotel walls with top operators. Limited\nsense as a LT investor in main cities. considered. Manage to core strategies could liquidity of this market means investment must\nResidential is also attractive make sense. be small\n||]\nBenelux Austria United Kingdom\nBrussels is an interesting market despite its high Office retail and hotel marketsto be looked at London office market attractiveness has\ndependency on EU commissions offices. as risk premium remains attractive and financing been hurt by the uncertainties introduced\nOpportunities are rare but worth looking at. offer as good conditions as in Germany. We since Brexit vote. Although presenting new\nDespite a recent decrease in yields, Amsterdam must remain cautious in this market where opportunities, the UK market does not\nand Luxemburg remain attractive for office and competing future supply can break present present today the best investment set.\nresidential equilibrium.\nIreland Finland Italy\nThe market is narrow but opportunities can Although rather small market, Finish office, retail Office market is over priced and leverage is not\nbe looked at in the Dublin office market, and hotel assets should be looked at. Asset size efficient. Each of Milan and Rome office\nwhich can benefit from Brexit. A particular should remain reasonable as this market lacks markets are narrow. competition is currently too\nfocus on the competitive future supply will be liquidity. Residential market can also be looked strong for prime assets. Focus could be made\nneeded. at although local investors present strong on retail in 2nd tier cities for best in class micro\ncompetition locations.\nPoland Spain Czech Rep\nPrime office market in Warsaw will be searched Madrid office and retail assets are interesting Office assets could be looked at on an\nfor opportunities as sellers (investors and while financing costs continue to decrease and opportunistic basis in Prague but this market is\ndevelopers) start to be reasonable in their economy slowly recovers, offering potential for now very competitive and can sometime be\nselling price. Investment should focus on Euro higher rents. Assets in prime locations (Madrid overpriced especially for Euro-denominated\ndenominated assets offering mainly Euro and Barcelona) should be favored as they have deals.\nrevenues. best potential for rent evolutions.\nSESE\n32 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 28,
+    "text": "Appendices\nFocus on our ESG approach\nFund Information / Reportings\nRecent acquisitions in Europe\nBiographies\n33 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 29,
+    "text": "Focus on the ESG approach\nA) The environmental and social mapping\nPerformance environnementale et sociale\nTo realize this mapping, we mainly use the\n71 / 100\nBREEAM-In-Use part 1 frame of\nG F E D C B A reference.\nee DE\n0 14 29 43 9 6 100\nThis internationally known frame of\nPollution 29% reference allows us to confirm the\n59% ~~. Santé et bien-étre\nrelevance of the realised analyses.\n52%\n100% OccupPatir =\nsol et écologie\nNous y dérogeons sur l’aspect énergie en\nDechets\n100% |\ns’interessant a l’annee de construction du\nFE ' Energie\nPerennite des \\ 65% bätiment et a la reglementation a laquelle\néquipements il etait soumis.\n78% Transport\nWe derogate from it on the energy aspect\n83%\nby focusing on the construction year of the\nbuilding and the rules and regulations to\nwhich it was subject.\n34 |"
+  },
+  {
+    "page": 30,
+    "text": "Focus on the ESG approach\nB) Energy-Carbon performances evolutions\nThis part is based on the consumption of the\nEvolution des performances Energie - Carbone\nasset. It allows to visualize the evolution of\nconsumption in relation to two objectives:\nEnergie Carbone\n(kWh,,/m?.an) | (kgCO,e/m?.an)\nPerformance de - Energetic objective: based on the\nréférence 286 17 reductions imposed by the tertiary decree in\n(2011)\nFrance and on recommended reductions by\nPerformance actuelle the European framework for energy and\n286 17\n(2011) climate for other European countries.\nObjectif 2030 171 14\n- Carbon objective: based on the necessary\nAvancement de reduction to ensure that the asset is on a\n100\nl'objectif (%) 0%\n[0 trajectory compatible with the Paris\nAgreement limiting the global warming to\n2 os\niy Les performances analysees prennent en compte :\n- les usages de l'immeuble (parties communes et/ou privatives)\n- le mix énergétique de chaque pays d'implantation (pour la The translation of the energetic performances\nconversion Energie-carbone)\nin carbon performances takes into account the\nLa performance carbone est issue des consommations\nenergetic mix of the asset's country.\nénergétiques uniquement (scope 1 et/ou 2).\n35 |"
+  },
+  {
+    "page": 31,
+    "text": "Focus on the ESG approach\nC) Exposure to climate risks\nRisques physiques lies au changement climatique\nLes risques physiques lies au changement climatique se traduisent par des evenements chroniques (élévation du niveau de la mer et de la\ntempérature) et exceptionnels (canicules, inondations, tempétes) pouvant endommager le batiment ou ses équipements.\nkz ow ee BER\nLe batiment est situé dans un milieu\nurbain dense, avec un phénoméne d’ilot\ni de chaleur urbain lors de fortes chaleurs\npouvant entrainer des appels de\npuissance supplémentaires en froid.\nHausse du Inondations dues Hausse de la Canicules Tempétes\nniveau de la mer aux pluies température moyenne\nThis part allows an evaluation of the exposure of the asset to 5 risks linked to climate changes. 3\ncriteria are considered to build this grade:\n- The geolocation of the asset and the resulting predictive scenarios of the climate change ;\n- The devices and characteristics of the asset allowing it to resist to these risks ;\n- The immediate environment of the asset that may include aggravating factors.\nre\n36 |"
+  },
+  {
+    "page": 32,
+    "text": "ESG\napproach\nFocus on our ESG approach: mobilization within our sector\nGERD Real Estate is one of the founding members of the Observatory of\nSustainable Real Estate, an independent and transparent forum for exchanges,\npromoting the sustainable development and innovation of French real estate. ®) B\npESOCIATing\nBATIMENT\nGHEE Real Estate is a member of the BBCA low carbon building association since\nBBCA\n2016.\nBAS CARBONE\nC,\nMEMBRE 2019\nGERD Real Estate participates in the working group on the creation of A SPIM ASSOCIATION FRANGAISI\nICIETES\nan SRI label applied to real estate. ACEMENT IMMOBILIET\nps\n33 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 33,
+    "text": "Fund\nReporting\nFund Information Reporting\nFinancials : quarterly (D+45) Real Estate : semi-annually (D+90)\n- NAV calculation, consolidated accounts - Appraisal reports, global market review, asset\n- InREV adjustments, distributed dividends management report\nstatements (semi-annual), ratios =\nss | Be | == |e | ee\nGlobal synthesis : annually (D+90) Annual Report (D+120)\n- Annual accounts, market, financial and real estate - Annual audited accounts\nanalyses, updated business plan - Audit report\n— Be - - un\n-/— | naa\n3 =\n= 1\nWw oo Real Estate Prime Europe"
+  },
+  {
+    "page": 34,
+    "text": "Recent deals in Europe\n(1/5) Our sourcing capabilities make us a specialist of European assets’ origination and asset management\nI [rem 00 Bo\nInvestment by unds\nINK MGallery Hotel Area: 148 rooms\nAmsterdam ! ee\nCore Tenant: Accor Hospitality Nedeland\nClosed in 2018 WAULT (years): 14\nAsset Value: €64,6m\nNet Initial Yield: 4.02%\nUnlevered CoC: 4.14%\nUnlevered IRR 10Y: 4.40%\nEl Portico Area: Office 20,814 sqm Investment by unds\nMadrid Parking 401 units\nCore Tenants: Multi tenants\nClosed in 2018 WAULB (years): 2,28\nPrice: €117,4m\nNet Initial Yield: 4.31%\nUnlevered CoC: 3.31%\nUnlevered IRR 10Y: 4.26%\n39 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 35,
+    "text": "Examples of recent deals in Europe\n(2/5) Our sourcing capabilities make us a specialist of European assets’ origination and asset management\nroJmoe\nEnjoy Area: Office 16,970 sqm Forward sale deal,\nParis development to be\nCore Parking 64 units completed by end-2018.\nClosed in 2018 Tenant: AXA Services\nWAULT (years): 9 Co-investment between\nAsset Value: €258m net Fund and a French\nNet Initial Yield: 3.40% institutional investor\nUnlevered CoC: 3.30%\nUnlevered IRR 10Y: 3.30%\nArea: Office 28,564sqm Investment b¥@iiiFunds\nBBW Residential 2,494 sqm\nFranfurt Commercial 1,028 sqm\nCore Parking 347 units\nClosed in 2018 Mains tenants: KfW, Dwp Bank, Nomura\nWAULT (years): 10\nAsset Value: €141,2m\nNet Initial Yield: 4.25%\nUnlevered IRR 10Y: 3.60%\n40 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 36,
+    "text": "Recent deals in Europe\n(3/5) Our sourcing capabilities make us a specialist of European assets’ origination and asset management\nDM [rom Terms\nGrand Central Area: Office 43,674 m? Forward sale deal,\nFrankfurt Storage 1,636 m? development to be\nCore Parking 783 units completed by end-2020.\nClosed in 2017 Tenant: Deutsche Bahn Netz AG (100%)\n-subsidiary of DB AG*\nWAULT (years): 20 GERD funds bought 100% of\nAsset Value: €324m net the deal and seek to share\nNet Initial Yield: 3.45% 50% of this deal with co-\nUn-levered Cash-on-cash: 3.48% investor(s).\nInvestor un-levered IRR 10Y: 3.22%\nRocket Tower Area: Office 26,192 m? Co-investment between\nBerlin Retail 1,765 m? GERuDnd and a Finnish\nCore Parking 411 units institutional investor\nClosed in 2017 Tenants: Multi (occupancy 96%)\nWALB (years): 13:5\nPrice: €149m net\nNet Initial Yield: 40%\nLTV: 45%\nCash-on-cash: 9.47%\nInvestor IRR 10Y: 7.58%\nmm \"DUB AG: responsible for railways maintenance\n41 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 37,
+    "text": "Recent deals in Europe\n(4/5) Our sourcing capabilities make us a specialist of European assets’ origination and asset management\nECT [>777\nCoeur Défense Area: Office 182,765 m? Co-investment between\nParis, La Défense Main tenants: HSBC, RTE, Allianz and EDF EN and French\nCore WALB (years): 7 institutional investors\nClosed in 2017 Price: € 1,720m\nNet Initial Yield: 4,78%\nLTV: 52%\nCash-on-cash: 5.59%\nInvestor IRR 10Y: 7.46%\nTour Hekla Area: Office 79,876 m? Speculative development\nParis, La Défense Main tenant: Vacant Co-investment between\nCore WALB (years): and a French\nClosed in 2017 Price: € 582m institutional investor.\nNet Initial Yield: 6.7%\nLTV: 41%\nCash-on-cash: 5.8%\nInvestor IRR 10Y: 6.03%\n42 GE: :: Estate Prime Europe"
+  },
+  {
+    "page": 38,
+    "text": "Recent deals in Europe\n(5/5) Our sourcing capabilities make us a specialist of European assets’ origination and asset management\nroens\nThe Atrium Area: Office 59,044 m? Co-investment wit»\nAmsterdam south-axis Parking 525 units investors\nCore Tenants: Multi (occupancy 68%)\nClosed in 2017 WALB (years): 8\nPrice: €920m net\nNet Initial Yield: 3.83%\nLTV: 60%\nCash-on-cash: 6-7%\nInvestor IRR 10Y: 7.57%\nThe Cloud Area: Office 23,807 m? Co-investment between\nAmsterdam Parking 195 units GERD0 ans GD\nCore Tenants: Multi (occupancy 98.4%) institutional investor\nClosed in 2017 WALB (years): 9.7\nPrice: €159m net\nNet Initial Yield: 4.24%\nLy: 40%\nCash-on-cash: 4.78%\nInvestor IRR 10Y: 5.56%\n43 GE: :: Estate Prime Europe"
+  }
+]

prototypes/ocr_demo/output/Pitchbook 2-OCR.json

@@ -0,0 +1,202 @@
+[
+  {
+    "page": 1,
+    "text": ""
+  },
+  {
+    "page": 2,
+    "text": "INVESTMENT RATIONALE\n= The European hotel market continues to benefit from comparatively stable economic and political conditions, whilst\noutperforming other global regions in terms of tourism growth, both from within Europe and from outside, particularly from\nthe Americas, Asia and the Middle East\n= RevPAR has grown over the past five years ata compound rate of 3.7%, outpacing EU GDP growth of 3.2%. In 2018 alone,\nWhy European Hotels?\nRevPAR grew by 5.2%, outperforming Asia Pacific, the Americas, Middle East and Africa, and continues to grow further in\n2019\n= European tourist arrivals are set to grow by between 3% and 4% in 2019, whilst the supply of available rooms continues to\nlag traveller demand in many European markets. This represents an obvious opportunity for investors in the sector\n\" Overtime, with traditional lease contracts, the value of OpCo and PropCo diverge; i.e. the property owner has limited upside\nand only limited downside protection in the case of OpCo default\nhy Management = Management contracts offera higher degree of control and the full upside potential of the operations\ntracts? = Covenants and performance clauses within the management contracts provide interest alignment and downside protection\n= Being the dominant contract form in the international upscale hotel industry, management contracts are often the only deal\ntype permitting access to premium hotel products\n= GERD30: strong hotel team has an extensive track record of hotel investments, developments and operations across\nEurope, and long experience as independent fund manager\n\"GHE=» Ejoys excellent access to hotel investment opportunities, provides meticulous market selection and possesses\nWhy with us? outstanding active asset management capabilities\n\" GERaDnts product exclusivity for investors (no competing fund strategies), small and homogenous investors clubs\nwith aligned interests, fund structures customised to investor requirements, a discretionary investment process, if desired\n\" GER{Dfers full transparency, externally monitored compliance, and performance-based compensation\nConfidential Information 2"
+  },
+  {
+    "page": 3,
+    "text": "PRODUCT OVERVIEW\nVehi/ dcomilciele Alternative Investment Fund / Luxembourg (e.g. SCSp SICAV-RAIF)\nReal Estate (PropCo + OpCo)\nInvestment strategy\nInvesting in upscale hotels with long-term management contracts in major European destinations\nCore/Core+ with OpCo premium\neturn pro\nManagement Agreements solely with financially strong and experienced partners/ global brands\nCash-flow pattern\nCash flow-oriented\nTarget equity /AuM\n€ 400m equity / € 800m AuM (50% Loan-to-Value)\nVehicle lifetime/\nOpen-ended fund\ninvestment period\n24 months, incl. rolling reinvestment\nExit strategies\nSale of individual assets with respective management contracts or geared leases\nTarget return (net-of-fees): IRR: >6.5% | CoC: >5.0%\nQualifying investors Homogenous club of institutional investors, with aligned investment preferences\nGeneral partner and fund sponsor\nRole of\nInvestment Management\n‘based on current estimates. MOIC pot. higher with extension opti QD ° guarantee the achievement of the return target Confidential Information 3"
+  },
+  {
+    "page": 4,
+    "text": "AGENDA\nWhy ManagementContracts?\nInvestment Strategy\nTrack Record & Team\nContact Details\nAppendix\nNote: This presentation does not constitute a fund offering or an invitation for the sale or purchase of any\nConfidential Information 4\nbusinesses orassets described in it, nor does it purport to give legal, tax or financial advise."
+  },
+  {
+    "page": 5,
+    "text": "TRAVEL & TOURISM AS A KEY SECTOR FOR\nWORLD’S ECONOMIC DEVELOPMENT\nTravel & Tourism forecast to continue outperforming global economy Travel & Tourism total contribution to GDP? (by country)\n210 Gbbal TATED Egrewii Global. economy GDP.growth Country ranking (2029 2018 constant 2029 forecast B\nwer = 3.7%! Forecast) US$Bn constant US$Bn Change %\n10 ee 1. China 1,509 3,017 +99%\npee 2.7%!\n150 ee 2. European Union 1,900 2,755 +45%\n4p 3. United States 1,595 2,085 +30%\n4. India 247 512 + 107%\n90 #\n2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F 2021F 2022F 2023F 2024F 2025F 2026F 2027F 2028F 2029F 5. Japan 368 437 + 18%\nTravel & Tourism GDP growth compared with other sectors’ v) T&T contributed US$8.8 trillion to the global economy in 2018. This equatetso 10.4% of\nglobal GDP; the sector grewby 3.9% in 2018, faster than the global economy's growth of\nManufacturing 3.2%. The contribution of T&T to GDP is forecast to grow further by 3.7% pa to US$13.1\nTravel & Tourism 3.99 trillion by 2029\nConstruction © T&T was the second fastest-growing sector in 2018, only marginally behind\nReta & Wholesale Manobecanctinchg gresai A.\nHealthcare v) In 2018, 5 European countries were among the top 10 largest T&T economies, including\nKerbiliure Germany, United Kingdom, Italy, France and Spain. They are expected to remain as Top\n° . 10 T&T economiesin 2029.\nCommunication i\n. . (vy) Europe recorded a 3.1% growth in T&T GDP [outpacing the 2% growth in the wider\nFinance [Services economy], driven by the rise in international visitor spending [+4.9%). The EU T&T\n0% 1% 2% 3% 4% contribution to GDP of US$1,900 bn exceeds that of any other global regionin 2018.\n‘Normalization of base year 2011 to 100; % represents forecasted period; ? Data for year 2018; GDP generated by industries that deal directly with tourists, including\nhotels, travel agents, airlines and other passenger transport services, as well as the activities of restaurant and leisure industries that deal directly with tourists Confidential Information 5\nSource: Travel & Tourism - Global Economic Impact & Trends [2019]"
+  },
+  {
+    "page": 6,
+    "text": "EUROPEAN HOTEL MARKET:\nNIGHTS SPENT IN TOURIST ACCOMMODATION\nNights spent! in Europe vs Rest of the world Europe accounts for nearly half of the total nights spent globally in 2018\nTourism nights spent in Europe Tourism nights spent in resotf the world 3,320\n(Millions) 3.184\n3,054\n3,200 2,944\n2,800 a 24 au 247 2,5993 3 267 2,2 689 a2,975\n2,400 2 2,654 2,764 6.1bn TM Europe\n2,413 2,451 totalnights Rest ofthe world\n2,000 12,206 2,259 2,287\nspend\n1,00\n1,575\n1,200\n2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018\nInbound tourists’ total nights spent by country (2018)\nFE\nI ET © Nights spent at tourist accommodations in Europe in 2018 accounts for\nItaly o”p*mm”v„* immmz”ı;m.mmm—\n47.4% ofthe global total tourism nights\nC¢ 2s /,0)\nsi |)\nSeven consecutive years of growth in total nights spent in EU countries\nNetherlands = | 12\nincluding 2018\nGreece EE 11\nCroatia En 94\nIn 2018, Spain has the most inbound tourists’ total nights spent, totalling\nPoland A 87,\n471 million, followed by France, Italy, Germany and Austria\nPortal A 72\n0 (Millions) 200 400 600\nSource: Eurostat (2019)\n\"include hotels, holiday and other short-stay accommodation Confidential Information: 6"
+  },
+  {
+    "page": 7,
+    "text": "INTERNATIONAL CONTEXT:\nAIR TRAVEL BOOM IN THE NEXT 20 YEARS\nPassenger fleet in service evolution 2018-2037 20-year air traffic growth outlook 2017-2037\n50,000\n45,265\nEurope\n+3.3%\n40,000\nGrowth\nMiddle\n30,000 East\n+5.9%\n20,000\nReplacement IF,\n10,000 19803 i\nStay\n0\nBeginning 2018\n= Over the next 20 years, total passenger fleetin service is expected to increase 2.3 times by Global air transport demand is expected to increase 2.5 times by 2037, reaching 17 trillion\n2037, representing a CAGR of 3.3% RPKs', maintaining 4.5% annual growth over the next two decades.\nThe real GDP in Europe is expected to grow at 1.8% peryearin the 2017 - 2037 period,\n= Within the next 10 years, short-haul travelis expected to increase 1.8 times, driven by the\nlagging behind the 3.3% growth rate of air traffic in the region\nlow-costairlines and developmentisn emerging markets; long-haul direct travel is expected\nLow cost airlines have helped to stimulate growth around Europe, flying to and from Europe\nto increase 1.5 times\nhas also grown\n‘Revenue passenger kilometres, the number of kilometres travelled by paying passengers.\nConfidential Information 7\nSource: Global Networks [2019], Global Citizens 2017-2037"
+  },
+  {
+    "page": 8,
+    "text": "INTERNATIONAL CONTEXT:\nEUROPEAN HOTEL MARKET\nWorldwide hotel market RevPar change rates Global performance of key hotel metrics FY 2018 % Change?\n6.0\nTM Occupancy\n5.0\nBADR\n4.0\nEurope\n@RevPar\n+5.2%\n3.0\n2.0\n- _a oon 3\nae Ei | | | =\nAsia\nPacific\n41.6%\nAsia Pacific Americas | Europe | Middle East/Africa\n= In 2018, Europe continued to see growthinRevPAR, ADRand = The growthengines for the European hotel market are the = Demandis expected to continue in 2019, but the limited supply\noccupancy stable European economy, the increase in popularity of is already having an impact in some cities\nMediterranean destinations, the high importance of Europe\nfor business travel asweasl thle rise in tourism fromthe USA\nand Asia\n'RevPar change % FY 2018; ?2Key metrics change % FY 2018; 3Average daily rate Confidential Information 8\nSource: STR Global [2018]"
+  },
+  {
+    "page": 9,
+    "text": "EUROPEAN HOTEL MARKET:\nREVENUE PER AVAILABLE ROOM\n2016- 2019 (F)\n- RevPAR growth has been very favourable for key gateway\ncities in Europe. Reasons for this performance are:\n© Steady growth in demand\n© Continuous shortfall of supply in city centre locations\n>] Stable and favourable macroeconomic perspective\n[>] Increased travel activity from overseas\n- Future trends support further growth\n- Even very mature markets such as London and Paris offer\ngreat growth opportunities\n200 82.50%\n150 82.00%\n50 i | 81.00%\n100 81.50%\n0 80.50%\n2016 2017 2018 2019 [Fl\nws LondoADnR [GBP] Mil London RevPAR London Occ\nSource: Beyond the benchmarks, STR Global [2018] Confidential Information 9"
+  },
+  {
+    "page": 10,
+    "text": "CITY MARKET PERFORMANCE\n€ 200 81.0% 320% 820% 820% 170k € 200 EF S82.0% 82, 0% e 40 n k € 200 160k\nEis\n€ 150 160k € 150 150K\n36k 140k\n€ 100 150k € 100 € 100 70. 70 L 130k\n34k\n€50 140k €50 ©50 120k\n32k\n€0 130k €0 30k €0 110k\n2016 2017 2018 2019 (Fl 2016 2017 2018 2019 (F} 2016 2017 2018 2019 (Fl\nADR Ml RevPAR Room Supply = Occ. ADR m RevPAR Room Supply == Occ. ADR MNBL RevPAR —Room Supply == Occ.\n100k\n€ 200 95k a 81.0% 82. 0 0 % % 82 2 . . 0 0 % % “ok € 200 —r a OE 2 2 5 0 k k\nPa 78.0% 38k\n€ 150 € 150\n90k 36k\n€ 100 € 100 € 100 . 72.\n€50 85k €50 | ii il i 3 3 2 4 k k en 15k\n€0 80k €0 30k €0 10k\n2016 2017 2018 2019 (F} 2016 2017 2018 2019 (FI 2016 2017 2018 2019 IF)\nADR EEReVPAR —Room Supply “= Occ. ADR EEE RevPAR Room Supply —— Occ. ADR mEMRevPAR Room Supply = Occ.\nMature markets with well balanced demand & supply Supply limited markets in centre areas with strong demand Recently over supplied markets with strong demand\nOpportunity: Benefit from a strong performing market Opportunity: RevPAR forecast to out perform Opportunity: Attractive pricing\nFocus: traditional and emerging locations Focus: Centre locations to profit from supply constrain Focus: Centre locations to avoid oversupply risk\nSource: PwC (2019) Confidential Information 10"
+  },
+  {
+    "page": 11,
+    "text": "GDP GROWTH VS REVPAR GROWTH\nAmsterdam Rome\n0.25 25.0% 25.0%\n0.15 15.0% 15.0%\n0.05 =\n5.0%\n~\n005 ON RY RO A ORO RV ROL OD QD 5.0% WORN RV RO A RO RO AY BOY VD OD 5.0% RO RN RV RD AMO AO RV AOD VG OS\nLTPH PH HSP PH Pd Sh gr 150% POPNY HPZEN ZEPSN PIPE PEN GEPN E a S D I S P TN I MaWYb I SBa i LOR HRN HGN PGN M GN Pee gSs\n-0.15 III -15.0% IENHIN\n—= 6DP Growth RevPAR Growth RevPAR Growth — GDP Growth RevPAR Growth GDP Growth\n25.0% 25.0%\n15.0% 15.0%\n5.0% aos SL\n50% OHIRIOO OOD 5.0% ON AV OAH OPA EW 3% ORY AV Ae WO WEN BOD OG VD SO\nFETTIT IEII LLLP LL HPP PA SN MP Pr rr MH MQ Ars\nEaa tPT ES\n15.0% “eee\n-15.0%\nRevPAR Growth =GDP Growth RevPAR Growth ==GDP Growth RevPAR Growth ==GDP Growth\n>: RevPAR growth has historically outperformed GDP growth by 1.25% p. a. across European markets. In key cities and centre locations this figure is even higher due to supply constrains.\nIn general, the hospitality industry has quickly and well recovered form the financial crisis. During the European-Debt-Crisis from 2010-201t2h,e industry strongly outperformed its peers.\nAdemand decrease was noted in late 2015 and during 2016 in relation to terrorist attacks throughout Western Europe, where Paris was especially hit. However, demand and confidence\nrebound quickly in 2017 making up for previous year’s loss.\nSource: PwC [2019] Confidential Information 11"
+  },
+  {
+    "page": 12,
+    "text": "EUROPEAN HOTEL MARKET:\nINVESTMENT MARKET\nTransaction volume 2007-2018\n25\n20\n15\n10\nletoH\n€.nbni\nstnemtsevni\nIn 2018, around € 18.6 billion was invested in hotel properties throughout Europe,\nwhich corresponds to a decline of 14% compared with the previousyear. However\nthe main reason for this is a scarcity of assets on the investment market.\nThe absence of suitable assets for Asian and European buyers was the main reason\nfor the reduction in transaction volumeisn 2018, decreasing by 51% and 19% against\n2017 values, respectively\nThe scarcity of assets on the market drives investors further into emerging cities,\nprofessionalising the hotel industry in areas traditionally less developed and\n2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 standardised\n= Individual asset transactions mm Portfoliotransactions -13-year average\nLiquidityand average price/room\n€ 300 710% z a\nIn addition, Christie & Co has identified further locationins its study that could\n8 250 60% 3 become potential investment hotspots in the coming years:\n2, 20 = 3 .\nAlready identified as a hotspot last year, Ireland is recording rising hotel prices and\n83 um. = forecasts suggest strong RevPAR growth\nSz 150 2 N\na8 3.0% = .\n<S z 10 ri FRee é FS Ha I as 2m 8 | The Netherlands offers significant potential, as the largest share of sold rooms was\nreachedin 2017\na 50 B\nFl iJ 1.0% 3 i\n3 0 raePfre&e of ry, oF 00% 8 | . France and Belgium are recovering well from the 2016 terror attacks and are\nexpected to growfurther\nCae ¥\n=== ADR ‘Average price per rosolod acrmoss Europe * Transacted stockas percentage of total supply\nConfidential Information 12"
+  },
+  {
+    "page": 13,
+    "text": "TRENDS AFFECTING\nTHE HOSPITALITY BUSINESS\n(1) Information society (iv) Experience economy\nrn Pe\n\" Online Travel Agencies (OTA) became the main = Experience orientation penetrates into more areas\ndistribution channel of daily life, also impacts the decision for the next\nwe Wekek\n= Information Channel Management becomes journey\nessential for delivering the right message to the = Soft factors gain in importance forthe purchase\ntarget client decision\n© Globalisation of tourism (v) Demographic change\n= Annual increase in overnight stays by foreign = Increase in travellers over 60 years of age\nguests = Change in consumption structure: increase in the\n* Doubling the volume of aviation worldwide in the share of expenditure in the \"Travel/Hotels” sector\nnext 20 years = There has been a change in the consumption\nstructure. The Baby Boom generation is willing to\nspend more in the Travel/Hotel sector\nO\nost-effective business models Health and Sustainability\n= Products and services are reduced to a minimum = Increase in demand for ecologically, economically\nof basic elements and health-conscious behaviour\n= Affordable lifestyle hotels expand their market = Consumers progressively require ecological\nposition commitment\n= Inthe luxury and comfort segment, customer = Gain of importance within health tourism\nloyalty programs (discounts, bonus points, etc.]\nare becoming increasingly important\nConfidential Information 13"
+  },
+  {
+    "page": 14,
+    "text": "AGENDA\nm Why European Hotels?\nInvestment Strategy\nTrack Record & Team\nContact Details\nAppendix\nConfidential Information 14"
+  },
+  {
+    "page": 15,
+    "text": "OVERVIEW OF HOTEL CONTRACTS\nHybrid contract\nIncome from business Income from business Mix of lease and management Usuallyfixed minimum base Separation of property and\noperations operations contract rent plus variable component operation\nOpCo is employeorf hotel OpCo provides staff and Usually guaranteed payment le.g. defined share of sales] Lessee bears operating risk\nstaff [but not manager] manager plus sales or profit-sharing Bears source of lessor’s Passive income from rentals\nCharacteristics\nOpCo pays management fee Insourcing of brand and Hotel management company operating risk and leases\nto external hotel standardised services for or OpCo is employer of hotel\nmanagement company franchise fee staff\nle.g. Hilton)\nInvestors keep operating\nInvestors keep operating Fixed base payments can Investor may benefit partially Legally permissible for all\nprofit and attractive returns\nprofit, generating attractive increase cash flow security from positive business investors\nwhen business is managed\nreturns when business is Investor benefits from performance Simpler financing\nsuccessfully\nmanaged successfully positive business Reduced and predictable\nBenefits of established brand,\nBroad range of managers performance/upside administration and\nhotel concept and reservation\navailable monitoring costs\nsystem\nTermination right for poor\nFlexibility regarding contract\nperformance of manager\n{lease or management\nAssets in prime locations\ncontract equivalent)\nInvestors take operational risk Problematic for upscale and Difficult valuation of variable High monitoring costs No participation in\nOpCo has obligations as an luxury category [though good component Low control upside/operating profit\nemployer for midscale hotels] Extensive asset management Revenues are volatile and Lease security vastly depends\nNot permitted under German Not permitted under German effort difficult to predict on tenant's creditworthiness\ninvestment law, but can be investment law, but can be Difficulties in financing and parent guarantees\nstructured via Luxembourg structured via Luxembourg Fixed lease component Not accepted by international\nfunds funds usually comparably low hotel management\nFinancing may require Management intensive Tax implications in Germany companies\nguarantee (AuB)\nConfidential Information 15"
+  },
+  {
+    "page": 16,
+    "text": "(1) Access to upscale hotel assets in prime locations (1) Consumer's increasing brand awareness\n= Management contracts are often the only deal type to\n= Customers have shown an increasing appetite for\naccess premium hotel products, especially outside : ä\nbranded hotels, for both, traditional and new lifestyle\nGermany i.e. upscale hotels in prime locations Fund\nconcepts\n= Management contracts are the dominant contract * Brand loyalty is most common among larger, full\nform for international upscale hospitality companies Fon service:hotelsichafns ,\nment Lease/loan\n==> Hotel management strategy offers access to high agreement = Contracted business travelers are a steady driver for\nquality assets in prime locations OpCo hospitality companies across markets\n==> Provides upside potential for investors with\nStaft/ limited downside risk\noperation\n@ Attractive risk-adjusted returns with control _ ~ (v) Leveraging extensive hotel experience\n= Management contracts benefit from the upside \"GHEE5 extensive experience within hotel\npotential of business operations. In comparison, lease investments, hotel management, and hotel operations\nagreements only benefit from (fixed) rental income \"(GE 3 strong hotel team with 30+\n= Management contracts provide more control to the professionals who together provide an established\nowner in the operation of the hotels track record of various hotel projects in prime\nlocations across Europe\n==) Investors can participate in the generated returns\n==> Achieve maximum profitability through leveraging\nof the hotel through OpCo-value\nGREEVDast hotel experience\n*e.g. Hilton Worldwide, IHG, AccorHotels Confidential Information 16"
+  },
+  {
+    "page": 17,
+    "text": "EUROPEAN HOTEL MARKET:\nACQUISITION PRIME YIELDS\nEuropean city hotel prime yield mparison\nOperating structure\n7.0% - = Management contracts deliver the highest yields among the different operating\ner a structures. On average Management contracts trade at a premium of 150 bps\n6,5% 7 T T Tr = Investor appetite for leased hotels in mature markets such as Berlin, Munich,\n7 = i cM ies eG 2 cz Madrid, Paris, Amsterdaandm London has resulted in yield compression and very\n6.0% 77-7 T keenrelative pricing\n5.5% =a - 0-00 - - | on Geography\nT T | = Emergingtouristmarkets are looking increasingly attractive for those investors\n2 1 1 1 1 H looking for higher relative yields\n4.5% Ss ea = Spainhas seen significant investment activity over the last five years. While this\nhas helped to compress yields in Madrid, Barcelona has witnessed some\n4.0% + softening due to a political instability and security threats. Furthermorteh,e ban\non future central hotel development minimiseas potential pipeline risk, which\nshould heltpo support pricing\n3.5%\neS oe oe LESS FS YS SKS SL ESS = Key Portuguese markets remain strong given recent RevPAR groawndt thhe\nLPF FF PF LS s PTF KP KF KOS SF PS FF SS rapidly expanding tourism industry. Additionally, the recently passed law\nSL SUS oe MP Sos eS SOE, pidly exp: g : Ty.Addı y.t eniLy passe\nge & we ee as allowing REITtso operatien Portugal, will potentdriivae lfultuyre investment\ndemand\n= Management Contract Vacant Possession/Franchise Leased\nEh\n= The growthintourismto smalleremerging cities across Europe is helping to\nentice global brands into these markets as wellas push soft brands into\nestablished markets\nThe chart above outlines the spread in terms of prime yields across the\ndiffering European cities and operating structures. = This will help to increase acquisition opportunities, in particular management\ncontracts, asthey are the standard form of agreementin international hotellery\nSource: Savills Research Confidential Information 17"
+  },
+  {
+    "page": 18,
+    "text": "EUROPEAN HOTEL MARKET:\nRECENT TRANSACTIONS (MANAGEMENT CONTRACTS)\nDate Property Rating Ci/ tRegyio Rooms Deal Type urrency Price Price/Ro NIY\nJul-19 Novotel 4-Star Hannover 205 Management Contract EUR 50,000,000 243.902\nJul-J9_ Steigenberger 5-Star__Berlin 398 Management Contract EUR Undisclosed Undisclosed\nJuli? Steigenberger 5-Star Cologne 305 Management Contrad EUR 82,500,000 270,492\nJul-19_ JW Marriott 5Star__ Venedig 207 Management Contra EUR 150,000,000 726,638\nJuL-19 Novotel 4-Star Den Haag 216 Management Contract EUR Undisclosed Undisclosed\nJul-19 Intercontinental 5-Star__ Lissabon 335 Management Contract EUR Undisclosed Undisclosed\nJul-19 Intercontinental 5Star Porto 105 Management Contrad EUR 53,800,000 512,381\nJul-19 AC Hotel 4-Star Malaga 214 Management Contract EUR 70,000,000 327,103\nJun-19 The Axel 4-Star Madrid Spain 88 Management Contrad EUR 40,000,000 154,545\nApr-19___IW Marriott 5-Star__ London United Kingdom 237 Management Contract BP 200,000,000 843,882\nMar-19 DoubleTree by Hilton Arrsterdam 4-Star Amsterdam Netherlands. 557 Management Contract EUR 346,000,000 625678 6.00%\nMar-19 Hilton Nuremberg 5Star__ Nuremberg Germany 152 Management Contract usp Undisclosed Undisclosed\nExch. Sheraton Brussels Airport 4-Star Brussels Belgium 24 Management Contract EUR Undisclosed Undisclosed\nNov-18 _ Mgallery Florence 4-Star Florence Italy 8 Management Lease EUR 42,700,000 510,000 620%\nOct-18 Hotel Reichshof Hamburg 4Star Hamburg Germany 278 Management Contract EUR 100,000,000 360,000\nAug-18 Beaumont 5-Star London UK 73 Management Contract cap 146,000,000 2,000,000\n‘Aug-18 Centro Canalejas Madrid [Future Four Seasons Madrid) [32.5% stakel 5-Star Madrid Spain 200 Management Contrad EUR Undisclosed Undisclosed\nJul-18 Sheraton Amsterdam Airport 4-Star Amsterdam Netherlands 407 Management Contract EUR 113,200,000 278.133 7.00%\nJun-18 MarrTiheo Htagtue SStar The Hague Netherlands 306 Management Contrad EUR 68,100,000 220,000 5.90%\nJun-18 __Kimpton DeWitt 4-Star Amsterdam Netherlands 274 Management Contract EUR 163,600,000 600,000\nMay-18 InterContinental Frankfurt SStar Frankfurt Germany 473 Management Contrad EUR Undisclosed Undisclosed\nApr-18 Hotel IFA InterClub Atlantic 3-Star Maspalomas [Las Palmas] Spain 420 Sale& Manageback EUR 62,800,000 150,000\nFeb-18 Hilton Rotterdam 5-Ster Rotterdam Netherlands 234 Management Contra EUR 50.300,000 200,000 5.80%\nJan-18 Sheraton Frankfurt Airport 4-Star Frankfurt Germany 1.008 Management Contract EUR 122,000,000 121,032 6.00%\nJan-18 QO Amstetkwartier Hotel 4-Star Amsterdam Netherlands 288 Management Contract EUR 110,000,000 380,000\nJan-18 Waldorf Astoria Edinburgh - The Caledonian 5-Star Edinburgh UK 241 Management Contra sap 95,700,000 400,000\nDec-17 Project Nemo [Radisson Blu, Park inn} 5-Star Bucharest Romania 763 Management Contract EUR 169,000,000 221.494 7.40%\nNov-17 Sofitel Chain Bridge 5-Star Budapest Hungary 357 _Sale& Manageback EUR 79,058,189 221,452 7.00%\nOct-17 Hampton by Hilton Standsted 3Star Stansted UK 357 Management Contrad GBP Undisclosed Undisclosed\n0ct-17 Radisson Blu Hotel & Spa{The Galmont) 5Star Galway Ireland 261 Management Contrad EUR Undisclosed Undisclosed\nSep-17 Hotel Astoria Star Lisbon Portugal 93 Management Contract EUR Undisclosed Undisclosed\nAug-17 Hilton Metropole Lon& Bdirmoingnham 5-Star London & Birmingham UK 1.849 Management Contract sap 553,575.000 299,392 6.00%\nJul-17 Hilton Olympia Kensington 5-Star London United Kingdom 405 Management Contrad sap 131,540,130 364,392 6.00%\nJul-17___DolceSitges Hotel and Resort 5-Star _Sitges (Barcelonal Spain 263 Management Contract EUR Undisclosed Undisclosed\nJuL17 Hyatt Place Amsterdam Airport 4-Star_Hoofddorp (Amsterdam) Netherlands. 330 Management Lease EUR 61,400,000 186,061\nJun-17 __Denham Grove Hotel 4-Star Denham UK 100 Management Contrad ap Undisclosed Undisclosed\nJun-17 Pullman Munich 4-Star Munich Germany 337 Management Lease EUR 104,700,000 310,882 6.00%\nMay-17___DoubleTree by Hilton Amsterdam 4-Star Amsterdam Netherlands 557 Management Contract EUR Undisclosed Undisclosed\nMar-17 Marriott Prague and Millennium Office 5-Star Prague Czech Republic 293 Management Contraa EUR 87,045,000 297,082 6.50%\nFeb-17 Centro Canalejas Madrid [Future Faur Seasons Madrid] (35% stake] 5-Star Madrid Spain 200 Management Contract EUR 35,100,000 180,000\nJan-17 Marriott Copenhagen 5-Star Copenhagen Denmark 406 Management Contract EUR Undisclosed Undisclosed\nConfidential Information 18"
+  },
+  {
+    "page": 19,
+    "text": "CASE STUDY\nComparative illustration of cash flows under different contractual types\n- Acquisition of well-established five star hotel in the heart of Berlin, 601\nRooms, with the planned addition of 38 new rooms\n- Scenario analysis of returns under the assumption of different = - Wr\noperating contracts\n601 Rooms [+ development of 38 additional rooms)\nAssumptions\nLease Agreement Hybrid Contract Management Agreement\nAsking Price 275m 275m 275 m\nTotal Revenue €39.9m €39.9m € 39.9m\nGOP €17.2m €17.2m €17.2m\nNO! €13.7m €13.7m €13.7m\nFixed Lase €10.9m €9.4m NA\nVariable Lease NA €2.2m NA\nGross CF to Investor €10.9m €11.8m €13.5m\nNet Initial Yield 3.94% 4.30% 4.94%\nLeverage 50% @ 1.80 % 50% @ 2.00 % 50% @ 2.20 %\nAsset Management Fee 0.25% 0.30% 0.35%\nLeveraged IRR 6-Year Holding 4.38% 6.16% 8.36%\nConfidential Information 19"
+  },
+  {
+    "page": 20,
+    "text": "CASE STUDY\nCash-Flow projection to investor comparison\n200m\n150m\n100m |\n20m |\nom ee ee ee ee) BE) | BE | ||\na av EN a 4? ae a 4 ga RS & R >\neS\nA\n-20m $\n<\n—— s\n-100m\n-150m\nLease Agreement MHybridLease TM Management Contract\nConfidential Information 20"
+  },
+  {
+    "page": 21,
+    "text": "CASE STUDY\nHotel revenue split com\nLease Agreement Hybrid Contract Management Agreement\n64m a 64m ar\n32 mi 32 ml 32mi\n16m\n8m\nIm — im\nYI Y2 Y3 Y4 YS Y Y7 Y8 Y9 Y10 Y1 Y2 v3 Y4 Y5 Y& Y7 ve Y9 Y10 Y1 Y2 Y3 Y4 YS Y Y7 Y8 v9 Y10\nTM@ Fixed Lease Variable Lease CF to Operator Total Other Expenses Total Management Fees Total Overhead Costs Total Operating Expenses\nProblem with lease contracts: Soluti ith t an\nBE ıon 5\n- Massive under-rents (PropCo value stagnates, OpCo value a ore A ms SoltTacls icsph\nincreases but owner does not participate in the value creation) se mDINEPSOONENOBONMONEISEONOTNIESPNETE\nConfidential Information 21"
+  },
+  {
+    "page": 22,
+    "text": "CASE STUDY\nRevenue growth comparison to inflation - absolute values\n25.00m\n20.00m ZZ\nCapEx Plan\n{+38 Rooms]\n15.00m\n— ay\n10.00m\n5.00m\n0.00m\ni © > o o\nRevenue growth comparison to inflation - base 100\n160\n150\n140\n130\n120\nCapEx Plan\n(+38 Roo:\n110\n100\n90\n80\n7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 1 2 3 6 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21\nLease ——Hybrid ===Management Inflation Lease Management ——Infation\n© Inflation outpaces fixed lease contracts as they are often capped at 70%-\n90% ofthe local CPI\nThe management contract eliminates such disparity and exposes the investor\n© Additionally, lease contracts do not respect growing revenues, especially\nto the upside potential ofthe revenue growth\nin high demand environments such as prime locations in key gateway\ncities\nConfidential Information 22"
+  },
+  {
+    "page": 23,
+    "text": "CASE STUDY High costs for a only marginal\ndown-side protection\nHotel revenue split comparison in %\nLease Agreement Management Agreement\n29.4% ach 35.0% 32.1%, 35.6% 35.0%\n9% 361%\nYear'l| Year 10 Year) Year 10 Yean1 | Year 10\n&\n5% 9 Er9, 53%.1%\n3.1% 21.4% 3.1% 94 4% 19 21.4%\n5.5% 5.5% 5.5%\n4.5% 19.3% 4.5% 19.3% 4.5% 19.3%\nTotal Operating Expenses Total Overhead Costs Total Mianagement Fees Total Other Expenses = CF to Owner = CF to Operator\nensitivityanalysis of projected IR\nLease Agreement Hybrid Contract Management Agreement\n10Y CAGR RevPAR\n4.50% | 5.25%\n431%\n421% 431% 431% 431% 431% 431% 421%\n431% 421% 431% 431% 431% 431% 421%\n431% 431% 431% 431% 431% 431% 431%\n431% 431% 431% 431% 431% 431% 431%\n431% 431% 4.31% 431% 431% 431% 4.31%\n431% 431% 431% 431% 431% 431% 431% 431%\n421% 431% 431% 431% 431% 431% 431% 431%\n431% 431% 431% 631% 431% 431% 431% 431%\n431% 431% 431% 431% 431% 431% 431% 431%\n431% 4,31% 431% 431% 431% 431% 431% 431%\nConfidential Information 23"
+  },
+  {
+    "page": 24,
+    "text": "MITIGATION OF RISKS\n= Lack of attractiveness and demand for overnight = Focus on top locations with growth potential, target\naccommodation at (macro) location group diversity and high visibility and frequency\nLocation & Concept\nThe hotel concept does not suit the [micro-) location Investments in established, concepts from the midscale\nand upscale segment\nBuilding quality and infrastructure with low space Third-party useable space programme with high space\nefficienc/y inefficient operational processes efficiency\nBuilding & Furnishing\nMaintenance and necessary investments in the renewal Obligation of the lessee to regularly renew the\nof the facility (\"FF&E\") are omitted institution (\"FF&E reserve\")\nThe operator demands major concessions in contract Professional operators with track record, high\nnegotiations creditworthiness and object-specific collateral package\nOperator\nDespite good figures, the operation is influenced by the Operator-independent positioning ensures the\nnegative overall situation of the operator necessary flexibility to design operator changes\nOverrent: the operating result is not sustainable Full transparency of the tenant's operating results to\nenough to meet the agreed lease payments the owner\nHotel operations\nThe operating figures of the tenant show weaknesses Valuation and purchase of hotel properties on the basis\non the turnover or cost side of sustainable operating results\nLong-term fixed lease agreement leads to under- or Adaptation of contracts to dynamic market conditions,\noverrent situations during the term of the lease e.g. through variable components\nContract\nResults-dependent additional lease is not implemented Detailed contract with clear definition of the settlement\ndue to unclear settlement basis. basis\nConfidential Information 24"
+  },
+  {
+    "page": 25,
+    "text": "SUCCESS FACTORS FOR INVESTING IN\nHOTEL MANAGEMENT CONTRACTS\nOPR (owner's priority return) = preferred return\nOperationalrisk\nChange of hotel brand\nmanagement\nInclusion of non-performance clauses\nOngoing market observation, regular inspection of the property in connection with talks with tenants, evaluation of operational\nOperationalcontrol performance data\nFor turnover leases, plausibility check of the audited turnover statements and benchmarking with relevant market\nAdjustment of rent levels to market conditions, e.g. by introducing revenue sharing (hybrid contracts), adjustment of under-\nrent or over-rent situations\nContract adjust\nManagement contracts tend to be shorter than property leases allowing an owner-operator the flexibility to sell an\nunencumbered interest which may be more attractivteo investor and owner-operator purchasers under certain market\ncircumstances\nMonitoring of the tenant's maintenance, repair and renewal obligations\nMaintenance and FF&E\nCreation of an FF&E reserve (2-5% of turnover) to secure the contractual reinvestment obligation of the lessee, ideally\nsupplemented by rights of co-determination or co-disposal of the owner\nIf market conditions change, performance can be improved by possible changes to the property (e.g. increase in the number of\nRefurbishment &\nrooms, downgrading of the hotel standard)\nrepositioning In connection with changes to the property, re-branding measures or a change of operator offer additional potential\nConfidential Information 25"
+  },
+  {
+    "page": 26,
+    "text": "Confidential Information 26"
+  },
+  {
+    "page": 27,
+    "text": "INVESTMENT STRATEGY\na) Strategic focus - management contracts (1)\nAsset focus - upscale hotels in European prime locations\nvv Attractive risk-adjusted returns — benefit from the upsides in business\noperations, while lease agreemenontlsy benefit from (fixed) rental income\nV Increased control of upside and cash flows - provide more control overthe\nasset to ensure smooth operations and cash flow security Na rrıott\nV Downside protection -covenantsand performance clauseswithin the INTERNATIONAL\nmanagement contracts provide interest alignmeanntd downside protection\nv Internationalstandard- more common in international upscale hoteling and | H G\nhotelmanagement strategy; provides access to high quality assets\nInterContinental\nKey terms of investment strategy Hotels Group\n“ Fund Targetreturn\nVehicle type (Lux-RAIF) (net of fees) IRR6.5%\nACCOR\nVehicle structure Open-ended Targetvehiclesize € 400m (equity)\nManager-defined Core/Core+ with |\nstyle OpCo Premium darge CLV. 50% Pt H | LTO N\nWORLDWIDE\nYeaorf first closing 2020 Target no. ofinvestors 1-5\nFund life (yrs} Open-ended Min-commitmentper —¢ 400m and more...\nTarget countries\ninvestor\n©\nOur investment strategy focuses on investing in upscale hotels in European prime locations, including DACH, Italy, Spain, Portugal, France, UK, Denmark, Benelux,and Poland.\nConfidential Information 27"
+  },
+  {
+    "page": 28,
+    "text": "DIVERSIFIED INVESTMENT STRATEGY\nFocus on: Focus on prime location assets in:\n= Core /Core+ Assets, well-established = Key Gateway Cities in Europe le.g.\nhotels in the market with minor asset London, Paris, Amsterdam, Berlin]\nmanagement initiatives\nTMCore /Core+ > IRR target of 5-7% @ Key Gateway Cities . ie Gateway Cities in Europe\n(e.g. Budapest, Warsaw, Lisbon,\n= Core+ assets with value-add potential, Emerging Gateway Cities Helsinki]\nCore+ with Value well-mitigated risk and great upside\nPotential potential through asset improvement or = Max. 20% UK & Ireland (no\ncontract renegotiation currency risk hedging], 80%\ncontinental Europe\n> IRR target of 6-9% tinental E\n> No secondary cities & locations\nContract forms Diversification\nFocus on Management Contracts: Focus on Diversification:\n= Exposure to positive market sentiment = No more than 35% of fund\nTM Management # HotelA income from one asset\nAgreements = Elevated returns and value preservation\nHotel X + 6-8 individual assets\nFranchise = Ca. 80% Upscale and Upper-upscale Hotel Y\nAgreements Hotels, 20% Luxury Chain Hotels € = No competing assets\n= HotelZ\nTM Hybrid Contracts > No trophy assets and Novalue > No bulk risk\ndiminishing lease contracts\nConfidential Information 28"
+  },
+  {
+    "page": 29,
+    "text": "FUND STRUCTURE [EXAMPLE]\nInvestors (GE<2! BEstate Funds GmbH IG mn nnon nnenn 1\nf\nAdvisory f\nAgreement 1\n1\nLux 1\ni\n1\n1\n---------- 222222 Service-AIFM [Lux]\naepeeans Depositary Bank [Lux]\nil Administration & Transfer\nand Registrar Agent\nManagement Management Management Management Management\nor Franchise or Franchise or Franchise or Franchise or Franchise\nContract’ Contract’ Contract! Contract\nContract\n| With third party, e.g. Hilton Worldwide, IHG, AccorHotels\nNote: OpCo-PropCo structure shows final structure post-closing. Relationship between OpCo and PropCo can be a lease and/or variable loan agreement. At acquisition, OpCo and Confidential Information 29\nPropCo might be one entity, that directly holds the management or franchise contract. Then: carve-out of properttyo Lux PropCo SARL."
+  },
+  {
+    "page": 30,
+    "text": "FUND PRINCIPLES AND FEES [EXAMPLE]\nPrinciples of fund participation\nProduct exclusivity = ROFRs during the investment period for investment opportunities that match the investment strategy\nInvestment decisions Investment committee with pro rata voting rights. Purchases and sales decisions require a 75% approval rate\nRedemption of fund shares = Restricted, to protect remaining investors\n= Full transparency and disclosure while contracting affiliated QM ompanies, latest at acquisition proposal\nPrevention of conflicts of\n= Contracts “at arm's length”\ninterest\n= External compliance monitoring\nFees of Real Estate Group\nAcquisition and sales = 1.0% of transaction price\nFund management = 0.40% of average gross fund volume p.a., excluding depositary bank fee (ca. 0.025% p.a.)\nAsset management 0.20-0.40% based on fair valuation of individual asset and complexity of the asset [proposal will be made)\nProject management Ca. 3% of capex costs, depending on project complexity; fee suggestion will be presented with acquisition proposal\nRunning promote 15% of excess return, above hurdle rate of 5% CoC\nExit promote = 15% of excess sale proceeds above a 6.5% IRR hurdle, 20% over 8.5% IRR\nConfidential Information 30"
+  },
+  {
+    "page": 31,
+    "text": "RECENTLY TRANSACTED PROPERTIES\nMANAGEMENCTO NTRACTS\nThe Axel - Madrid Steigenberger - Cologne\nRooms 557 Rooms 88 Rooms 305\nRating 4-Star Rating 4-Star Rating 5-Star\nAsset Deal 5\nDealtype Asset Deal Deal type Share Deal Dealtype\n=\nContract type ManagementContract Hilton Worldwide Contract type ManagementContract Axel Hotels Contract type Hybrid lease Steigenberger\nAsking price € 345,000,000 € 620,000/Room Asking price € 40,000,000 € 450,/0 R0oo0m Asking price € 82,000,000 € 275,/0 R0oo0m\nNet Initial yield approx. 6.00% NetInitial yield approx. 6.70% Net Initial yield approx. 4,6%\nAsset Quality Core asset, prime location Asset Quality Core asset, prime location Asset Quality Core asset, prime location\nJW Marriott - London Hilton - Berlin InterContinental - Porto\n105 |\nRooms 237 Rooms 601 Rooms\nRating 5-Star =. Rating 5-Star Rating 5-Star\nDealtype Share Deal Deal type Share Deal i Dealtype Share Deal\nHilton Worldwide Contract type ManagementContract j IHG\nContract type ManagementContract Marriott Int. Contract type Management Contract\nAsking price € 200,000,000 € 840,000/ Room Asking price € 295,000,000 € 494,000/Room Asking price € 53,500,000 € 510,000/Room\nNetInitial yield N/A NetInitial yield approx. 4.60% Net Initial yield approx. 6.20%\nAsset Quality Value-add (CapEx), prime location Asset Quality Value-add (CapExp], prime location Asset Quality Core asset, prime location\nConfidential Information 31"
+  },
+  {
+    "page": 32,
+    "text": "INVESTMENT PIPELINE\nMANAGEMENCTO NTRACTS\nThe Squire - Frankfurt Apollo Museum Hotel - Amsterdam Andaz -Amsterdam\nRooms 583 Rooms 188 Rooms 122\nRating 4-Star Rating 3-Star Rating 5-Star\nDealtype Asset Deal Deal type Share Deal Dealtype Asset Deal\nContract type ManagementContract Hilton Worldwide Contract type Management Contract Apollo Hotels Contract type Full Variable Lease Hyatt\nAsking price € 350,000,000 € 600,000/Room Asking price € N/A € NA/Room Asking price € 120,000,000 € 980,/0 R0oo0m\nNet Initial yield approx. 5.00% NetInitial yield N/A Net Initial yield 4%\nAsset Quality Core asset, prime location Asset Quality Value-add, prime location Asset Quality Trophy, prime location\nCorinthia - Prague Hilton - Munich\nRooms 88 Rooms 539 Rooms 483\nRating 5-Star Rating 5-Star Rating 4-Star\nDeal type Asset Deal Deal type Share Deal F: Deal type Share Deal in\nae\nContract type ManagementContract Giardino Hotels Contract type Management Contract Corinthia Hotels Contract type ManagementContract Hilton Worldwide\nAsking price €N/A € N/A/Room Asking price € N/A € NA/Room Asking price € 53,500,000 € 510,000/Room\nNetInitial yield N/A Net Initial yield N/A Net Initial yield approx. 6.20%\nAsset Quality Trophy, secondary location Asset Quality Core asset, prime location Asset Quality Core asset, prime location\nConfidential Information 32"
+  },
+  {
+    "page": 33,
+    "text": "AGENDA\nm Executive Summary\n® Why European Hotels?\n© Investment Strategy\nConfidential Information 33"
+  },
+  {
+    "page": 34,
+    "text": "HOTEL EXPERTISE\nProject Asset- Portfolio- Fund-\nAcquisition Gavel Disposal\nevelopment management management management\nThe QDteam combines many years\nof experience in market leading companies and in-\ndepth know-howin the hotel realestate industry:\n= Entrepreneurial investment approach\n= Broad contact network and access to exclusive\ninvestment opportunities\n= Know-how in all common market contract structures\n= Manager selection\n= Hotel life cycle management\n= Flawless track record\nBerlin, Motel One Alexanderplatz Florence, 25hours Frankfurt, Le Méridien Parkhotel"
+  },
+  {
+    "page": 35,
+    "text": "EXPERTISE AND TRACK RECORD\nHOTEL INVESTMENT HISTORY\nES\n’6 u\nSourcing of f\nS\nu\na\nr\nl\nt\ne\nh e\no\nr\nf\ni\n2\nn\n5\nv\nh\ne\no\ns\nu\nt\nr\nme\ns\nn\nH\nt\no\no\nt\np\ne\np\nl\no\nF\nrt\nl\nu\no\nn\nr\ni\ne\nt\nn\ni\nc\ne\ne\ns | 2019 |\nAcquisition ofa totofa tlen hotels\n2 (approx. € 360 m):\n0 Maritim Hotel Köln, WCCB Bonn, Moxy Köln Bonn\nAirport, Ibis Styles Hamburg, Bootshafen Kiel, etc.\n2012 2013 2014 2015 2016 2017 2018\n— UM Hotel AuM Aquisition of two hotels (approx. € 100 m]: i “\nGED 1:2; secured to date more than € 6+ bn of AuM since its incorporation\n25 hours Florence, Maison Messmer Baden; 2017 m m\nSale of: Le Meridien Frankfurt, Ruby Munich &\nHotel MtC Fund Core Budget Hotel Fund\nMercure Leipzig\nYear launched 3 - 2013 Year launched Q4 - 2016\nbe\nInvestment Strategy Managteo core Investment Strategy Core '\nPurLcahuansceh ooff tAhIrReEeF h Cotoerles B(uadpgpreotx H. o€t e2l0 F0 umn]d: | 2016 |] , .\nNr of assets Ei] Nrofassets 12\nNet investment value €410m Net investment value 66m Ruby Munich, Dorint Mannheim, Nikko Düsseldorf\nGross investment value € 740m Gross investment value €120m\nPurchase of 13 hotels (approx. € 320 m]:\nIRR since launch (target IRR 9%) 12.8% IRR since launch [target IRR 6%] 7,7%\nSofitel Hamburg, B&B Portfolio, Novotel | 2015 | j\nCoC since launch _ [target CoC 6%) 1.7% CoC since launch [target CoC 5%) 5.4% Erlangen, Pullman Cologne, Le Meridien\nReturns Frankfurt, Holiday Inn Express Stuttgart Airport\n21.0%\n20% 20% Purchase of two hotels (approx. € 40 ml: 2014\n1% 129% 12.1% 11.6%\nMercure Leipzig, Motel One Berlin\n= 8.0%\n10% 10%\n120% 6\n0% 6.9% 5.92% 8.6% 45”% Pr 42% 5.1P% 5.6%% Launch of AIREF Hotel Manage-to-Core Fund\nSteigenbergBeard Homburg (€ 20 m) as first investment 2013\n2015 2016 2017 2018 2019 2017 2018 2019 for the hotMTCe fulnd {\n——TRR CoC pa RR CC pa.\nConfidential Information 37"
+  },
+  {
+    "page": 36,
+    "text": "INTERNATIONAL TRACK RECORD\n(GROUP LEVEL 1/2]\n= Hotelinvestment and development projects in prime locations across Europe\n50+ projects\n= In-house Development, Investment and Operating Team\nacross Europe\n= More than € 1.0bn of hotel assets under management\nThe 5 star property is located in the heartof Hamburg in proximity to the city hall and has direct wateraccess to Alsterfleet\n= The hotelis equipped with 241 roomsand 102 parking spaces\n= Project included long-terminvestment, property extension\nSt. Regis = Luxury beach-front resort hotel with a first-class reputation internationally\nMardavall = Complex redevelopment project with aninvestment of ca. € 85m\nMallorca = Michelin-starred restaurant\nLe Méridien = A5-starbusiness hotel well-connected by public transport\nParkhotel = The Le Méridien Parkhotel features 300 rooms and has a rare belle époque charm\nFrankfurt = Project involved acquisition of insolvency, restructuring of operations, renovation and refurbishment\n= €500m project managemewnitth technical direction for the Dolder Grand Hotel in Zurich\nDolder Grand, = The renown Dolder Grand is a 5-star luxury hotel in Zurich, constructed in 1899\nZurich = The hotel covers over 40,000 sqm and offers 173 rooms and suites, 2 restaurants, a bar, 13 conference rooms, anda 4,000 sqm spa\n= The first Swiss luxury hotel to accept cryptocurrency as payment from May 2019\nConfidential Information 38"
+  },
+  {
+    "page": 37,
+    "text": "INTERNATIONAL TRACK RECORD\n(GROUP LEVEL 2/2]\nMercure Biedermeier ours Florence MotelOne Alexanderplatz\nu\nMercure Grand Hotel Biedermeier, Vienna 25hours Florence, Florence MotelOne Alexanderplatz, Berlin\n(30m - Asset Management, (100m - Acquisition, project development) (Largest MotelOne in Europe, mezzanine holding,\ndisposed) development)\n. Amsterdamsonnel Beertin\nMelia Valencia London’D2 uncan\nMunich @Prague Res\n. rae \"eve arena ’\nbe Zu Salzburg) @ Budapest\nee W Bücharest\n= WBätcetona\ne Valencia\nBw ; Faro\nMelid Valencia, Valencia Ramada Amsterdam Schiphol Airport, Amsterdam Pullman Hotel Cologne, Cologne\n(45m acquisition proposall (Valuation, operator search) (Off-market acquisition, long-term investment incl\nRER refurbishment] sand many more:"
+  },
+  {
+    "page": 38,
+    "text": "OUR UNDERSTANDING OF SUSTAINABILITY {ie\nResource conserving development of new projects and Development and management of real estate with the Investment exclusively in good locations of metropolises\nfocus of increased resource efficiency in the management highest possible social environmental benefit. and economic centres, as only these enable sustainable\nof existing properties. Achieving sustainable building Responsible handling of the capital entrusted to us as value creation. Active management within the framework\ncertification as a fundamental goal for new construction well as the interests and rights of investors. Creation of of the Manage to Core approach in order to improve the\nand existing buildings. sustainable values for investors, tenants, partners and quality and value of the property.\nneighbours.\n¢) Investment level =\nGREED ustainability Approach\nCorporate level :\nSustainable Management Responsible employment\nEnsuring continuity in the personal support of investors Numerous further training options and flexible working Extension of internal and external control and\nthrough an owner-managed corporate structure with hours for all employees, to enable further personal monitoring mechanisms to include BVI conduct of\nlong-term agreed cooperation and through the long- development and retention of in house expertise as well business rules, which outline a standard for good and\nterm participation of employees in the company's as the compatibility of career and family in the sense of responsible management of capital and investors’ rights\nsuccess. a balanced lifestyle. and interests.\nConfidential Information 40"
+  },
+  {
+    "page": 39,
+    "text": "BVI CODE OF CONDUCT\nBVI conduct of business rules, which are relevant for and are observed:\nQED oes not charge unreasonable costs and fees and does not harm investors’\ninterests through abusive market practices.\nrns\nGREED observes clear execution principles that ensure market-driven settlement and fair\ntreatment of investors.\nQED informs clearly, comprehensively and coherently.\nQEDs management and supervisory board work towards a good corporate governance.\nQED takes responsibility in ecological and social matters as well as for good corporate\nmanagement.\nConfidential Information 41"
+  },
+  {
+    "page": 40,
+    "text": "AGENDA\nm Executive Summary\n® Why European Hotels?\n© Investment Strategy\n© Track Record & Team\n© Appendix\nConfidential Information 42"
+  },
+  {
+    "page": 41,
+    "text": "AGENDA\nExecutive Summary\nWhy European Hotels?\nInvestment Strategy\nTrack Record & Team\nContact Details\nConfidential Information 44"
+  },
+  {
+    "page": 42,
+    "text": "GLOSSARY\nADR or ARR\nF&B\nFF&E\nGOPor IBFC\nMICE\nNOP\nOo Oo Q\nAverage Daily Rate or Average Room Rate\nAverage Room Rate: net accommodation income excluding VAT and breakfast per room sold\nFood & Beverage\nDining and drinks in catering sector\nFixtures, Furniture & Equipment\nBuilt-in or loose inventory, such as kitchens, furniture, decoration, etc.\nGross Operating Profit or Income before fixed charges\nOperating income, i.e., after overheads and before deduction of property/investment related costs\nMeetings, Incentives, Conference and Events\nBusiness events (business tourism)\nNet Operating Profit\nOperating result before income taxes or GOP less fixed costs (e.g. lease/rent, operating taxes and levies, elementary insurance,\nFF&E reserves, interest and depreciation]\nOccupancy\nRoom occupancy shows the share of sold rooms as a percentage of the total number of rentable rooms\nRevenue per available room\nRoom proceeds per available room, product of ADR and OCC, key performance indicator of the hotel business\nUniform System of Accounts for the Lodging Industry\nStandardised, internationally used and uniform self-service accounting system by many hotel companies\nConfidential Information 45"
+  },
+  {
+    "page": 43,
+    "text": "CASE STUDY:\nMARRIOTT GROSVENOR SQUARE (1/2)\nAsset information\nGrosvenor Square, Mayfair, London, UK Leasehold, expiring in 2057\n237\nManagement Agreement with Marriott\nFitness centre, executive lounge, business centre\nuntil 2024\nInvestment strategy\nThe hotel is operated by Marriott International under the terms ofa long-term management contract expiring at the\nend of 2024\nThe hotel benefits from stable existing cash flow which has grown at an inflation-beating CAGR of 2.9% since 2010\nThe hotel is expected to benefit significantly from the completion of Crossrail (Elizabeth Line] which is expected to\nbring 24 million more passenger movements to the nearby Bond Street station and is due to open in December 2019\nThe hotel's facilities are dated and the hotel also faces increasing competition from new and existing premium\nhotels. ADR for 2017 is less than half of the ADR level for the premium London hotels. Following refurbishment and\nrelaunch, the hotel will be rebadged as St. Regis, the luxury brand of the Marriott Group\nA planned £6 million room refurbishment programme commenced in Q1 2019 will enable the hotetlo capture a\nhigher proportion of London's thriving luxury demand and drive substantial revenue gains\nFor the in-house restaurant, the hotel currently has a lease agreement in place with the British celebrity chef,\nGordon Ramsay, whose company operates 35 restaurants globally, with a total of 7 Michelin stars\nConfidential Information 47"
+  },
+  {
+    "page": 44,
+    "text": "CASE STUDY:\nMARRIOTT GROSVENOR SQUARE (2/2)\n‘Acquisition date: 12/31/2018 Going-In EBITDA multipe: 20x 5.10%\nOPERATING REVENUE Acquisition price: 200,000 Exit EBITDA multiple: 20x 5.00%\nRooms Revenue 20734 2303 20508 ZU ZU 25442 ‘Acquisition costs: 6.50%\nFood & Beverage Revenue 549 5 56 5 8830 5.950 Cost of debt: 250%\nOther Operated Departments Revenue 15130 17 17 AM 1.504 in 50%\nMiscellaneous Income\" - 7 : E 7 Loan amortization period 20\nTotal Operating Revenue 2759 29,272 050 A SEE 32896 Bier Pe\nDEPARTMENTAL EXPENSES Selling costs: 1%\nRooms Expenses 4139415642362 AM 4\nOther Operated Depart ments Expenses 6 5 - = = =\nTotal Departmental Expenses 6393 64286549 62 6 6,7 ‘Source of funds. Uses of funds\nDebt Acquisitions price 200,000\nTotal Departmental Income 21,205 mE «23.981 2 25,380 25,949 Investor Equty Acquisitions fee 13,000\nUNDISTRIBUTED EXPENSES Tas zum 21m\nAdministrative & General 197 NEN 2 2076 ZUR\nInformation & Telecommunication 224 231 236 242 246 251\nSales& Marketing 11 20 20 ZA te\nPUtriolpiteiretsy Operations andMaintenance 763775 76995 mn2 779258 8m1A0 872567\nTotal Undistributed Expenses 5457-5617 (5,756 5 67\nGross Operating Profit 15748 127 12T 1005 196 19892\nIRR Calculation\nMBaansaeg emMegmnt.t FFeeee 18m28 28878 209176 29648 2090686 2897827\nIncentive Mgmt. Fee MN 1 12 1885 Project Cash Flows Iintwverägei IRR\nProceeds from Sale of Property = = 5 “ = 261920\nIncome Before Non-Operating Income & Expenses (NO!) 13769 14716 15500 16.269 16578 16960 Selling Costs e 7 ‘ 2.520\nil eRe Be EEE Adjusted EBITDA 5057 11,183 1 12.793 13,096\nTotal Non-Operating Income & Expenses 2067 201 216 2176 2219 Property Acquisition Price (213.000) - - - - - -\nERBepIlTaDcAe ment Reserves [FF&E] 10201 11148686 111,592372 11255880 12170998 131,.069465 Total Project Cash Flows (Unlever: (213,000) 507 1 12 1258 12798 269,778\nGrowth 801% 60 50% 1918 237%\nCapex 5.297 0 0 0 o 0 Cash Flow ato Equity InvestBZ\nAdjusted EBITDA 5,057 11,18 11,952 12553 «12,793 13,096 Proceeds from Sale of Property = < 3 s - 261,920\nSelling Costs - - B e - 12.191\nInterest Expense on Debt (-I/+ (2,500) Bu) Mal Il ia I.) Cash Flow to Equity Investors (358) 4768853713878 RT\nDebt Principat Repayment [-V/+ (915) al 216) Mal 4) Dil Felipe Fayma . : : : me\nDebt Balance 100,000 96,085 92,073 87,960 83,744 79,423 TIL Initial Equity Investment {113,000} - - - - - -\n11,358) 4,768 5,537 6,138 6378 190,988\nCash Flow toEquity Investors. Ma «476858376138 6\nConfidential Information 48"
+  },
+  {
+    "page": 45,
+    "text": "INVESTTARGMETE CINTIETS:\nAMSTERDAM\ninflows to the Netherlands\n= Continuous tourism growth: The Dutch tourism market has seen annual\n¥ Continuous growth in hotel demand is anticipated, further increasing hotel\ngrowth rate of 7% over the last 5 years in terms of the number of 2017 & 2018\nperformance and investment valuesin 2019\n(international) tourists, hotel guests and overnight stays\n= Stable economy: The Netherlandsis in the 19'\" consecutive quarter of GDP\nProcess ofinternalisationand chain affiliated hotelsis anticipated to persist,\ngrowth; the Dutch economy continuetso outperform Eurozone averages\nbranded hotels are preferred by investors due to their full-service provision\n= Brand penetratioTnh:e Netherlands currently has 130,000 rooms. Whilsta\n15%\nmere 20% of Dutch hotels are brand affiliated, branded hotels account for v¥ New hotel developments restriction has been imposed by the municipal The Netherlands 19% Germany\nalmost 60% of all Dutch hotel rooms\ncouncil of Amsterdam due to an increasing overoff tlouroistws, further\n= Investment marketTh:e Dutch hotel market continues to attract investors,\ndriving up demand ahead of supply\nmost of which are international. Prime yields have compressed 450 bps since\n2014, due to the “hunt for yield” on the market\nTremendous YoY performance for all hotel indicators Hotel investments volume and yields\nAmsterdam NL (Other) M Total 17% China 15% France\nEEE Amsterdam SNL (Other) == Prime Yield (%) (Lease)\n150 Fs\n8.0%\n2,000\n+9. 3%,\n110 +4,.7% a 6.0%\n43.5% a +10.1%\n1,000\n35% 4.0%\n12% USA * 10% Singapore\n+5.3% th.5%\n70 N +10.0% %\n2% aa.sy, 36.0%\n500 93.3% 878% 55.2% 2.0%\n30 0 = 0.0%\nOccupancy (In %) ADR Ie) RevPar (€) 2010 2011 2012 2013 2014 2015 2016 2017 2018 12% Other\n©\nThe majority of Amsterdam’s hotel pipeline will be completed during 2019 and 2020, after which it will virtually disappear. GrowthinRevPar is expected to substantially rise after 2020.\nSource:\nConfidential Information 49\nIFY 2018 vs FY 2017 comparison"
+  },
+  {
+    "page": 46,
+    "text": "INVESTMENT TARGET CITIES:\nBARCELONA\nMarket overview Transactions market Relevant openings planned\n* Leisure tourism growth: Barcelona has 2013-2014 2005 2016 2017 2018 \"10*&4°)\nestablished itself among the world’s 10 most No. of — 15 n 16 10 16 10\npopular cities according to TripAdvisor. In 2018, transactions ts\ntourists increased 5.2% compared to 2017. 86.5% Hotels in # 2 13 ¥ a2 6 s o . F J A\nwere international tourists operation\n= Lower levels of business tourism: corporate No. of rooms 729 744 1,371 1,348 2,144 884\ntourism has declined to 30% of total demand in En INOBU HOTELS\n2018, compared to 50% in 2013 ia investment 380.28 285.2 397.8 246.3 400 232\n= Supply of hotel accommodation continued to grow in 2018 (+3.4%], but growth\npee f . Average selling\nof suppliyn city centre over the next few years will be non-existent price/room [ER] 521,503 383,230 290,096 182,723 186,581 262,574\n= 4* hotels still predominate the hotel supply (55%); 5* segmentis the one that\nsaw the biggest growth in supply in 2018 [+9.3% YoY]\nHotel performance Investment outlook HYATT\nIn 2018 RevPAR reachead turning point and fell for the first time since 2009, due to political ei Bu Bea REGENCY\ninstabilityand the city’s loss of reputation asa destination New hotel projects restriction: The Special City Development Plan for\n140 12 100.0% Tourist Accommodation puts a halt to the opening of new hotelsin the city\n118 121 126, centre and has encouraged the development of hotelsin surrounding areas\n120 109, 110 . 78.8% 80.0%\n100 73.1% 73.6% 60.0% ¥v Market expectetdo recover i. n2019:As politgei cal di2 sputes subsii de, 2019 Nis s\nproving more conducive to investment; 2018 was marked by a scarcity of\n80 40.0% hotel deals due to lack of products on the market\na 20.0%% y/ Management contracts to gaian i ncreasiang i mportance: Due to the se“B OUNDM em\nio 00% impossibility of developing newhotels, international brands are lookingto oT B E\n2013 2014 2015 2016 2017 2018 enter into agreementwith small and medium sized operators who wish to \\ U 3\n— Karate increase their revenue-generating capacity ery _*\n= m Rev\nSource: QED 5 Keys Madrid vs Barcelona (2019]\nConfidential Information 50\n\"Aosf Dec. 2018"
+  },
+  {
+    "page": 47,
+    "text": "INVESTMENT TARGET CITIES:\nBERLIN\nBerlinis the 4'\" most popular convention destination in the world, the 3% RD1G 203 2018)\nmost visited city in Europe Occupancy (%] 77.0% 76.5% 78.0%\n= Inthe last 5years, demand growth outpaced additions to supply, indicating a ADR (€) 94.0 96:5 101.0\nhealthy market development\nRevPAR [€] 72.0 73.9 79.0\n= Overnights increased by 14.9% whereas bed supply grew by 10.7%\n= Current pipeline comprises ca. 12,000 roomsand remains one of the % growth onprevious year\ncountry’s largest which will likely keep future ADR growthin check\n= Recent key transactions Occupancy 0.7% (0.6%) 2.0%\n- Hilton Berlin, 601 keys, €297m ADR 2.0% 2.6% 4.7%\n- Dorint Adlershof Berlin, 111 keys, € 15m RevPAR 27% 76% 6.9%\n- Vienna House Easy, 152 keys, € 15m\nNewhotel projects restriction: The Special City Development Plan for\n[2 Supply Demand Be fons) Tourist Accommodation puts a halt to the opening of new hotelsin the city\na 3. Klakal eels in Berlin] a te Beriinyin sons centre and has encouraged the developmenotf hotelisn surrounding areas\n274\n120,000 are 27 7 er ; a\nBi as” ¥v Market expectetdo recover in2019:As political disputes subside, 2019 is\n> 26 of 238 proving more conducive to investment; 2018 was marked by a scarcity of\n110,000 oes hotel deals due to lack of products on the market\n25\n100,000 V Management contractstogain increasing importancDeue: to the .\n24 236 impossibility of developing newhotels, international brands are looking to\nenter into agreement with small and medium sized operators who wish to\n99,000 2a . increase their revenue-generating capacity\n2014 2016 2018 2014 2016 2018\nSource: Confidential Information 51"
+  },
+  {
+    "page": 48,
+    "text": "INVESTMENT TARGET CITIES:\nMADRID\nMarket overview Transactions market Relevant openings planned\n1(5* &4*)\n« Historicrecord of both overnight stays [19.7 m) and occupancy levels (76.8%) 2013 2014 2015 2016 2017 2018\nin 2018 Never _ 4 11 20 23 16 19 RIU\ntransactions\n= Tourism demand performed positively in 2018, though the growth rate NOTS RESORTS\nMotel in 0 9 17 2 13 7\nslowed compared to previous years (3.2% growth in 2018 vs CAGR 5.2% over\noperation\n2013-2018)\nNo. of rooms 922 1,167 2,423 2,888 2,558 2,290\n= The supply of hotel accommodation grew 2.2% in 2018, showing more\nvigorous growth than in recentyears\nen 166.3 224.3 637 573.4 636.9 632.1\n= Significant luxury hotel openings are expected in 2019, increasing the investment [€]\ncurrent 5* supply in Madrid by approximately 10% Average selling 190,325 192,119 262,949 198,542 248,968 276,004\nprice/room [Ek]\n= Overall, the supply has adapted to the increase in demand\nHYATT\nREGENCY\nHotel performance Investment outlook\nKey performance indicators have been growing over the past5 years, however, growth started to V Tremendous business tourism potential: Madrid has made a qualitative leap\nstabilise in 2018\nin its capacity to host large events. The exoduosf companies from Catalonia\n96 96\n100 100.0%\nand the uncertainties of Brexit have helped Madrid position itself as a key\nvenue for business meetings\n80 76.8% 80.0%\nWwW\n¥ Regulatory constraint on supply: Passing of the Special Plan Regulating\n60.0% Lodging Uses in March 2019 created barriers to the growth of hotel supply, notes\n60\nbenefiting existing hotels\n40.0%\na 20.0% V Investor appetite remains high: Madrid’s growing status as a business and EDITION\nleisure destination, the current context of high liquidity onthe investment\n20 0.0% market and low interest rates make investors optimistic about the level of\n2013 2014 2015 2016 2017 2018 Madrid's hotelinvestmentin 2019 *\nm ADR IE) Em RevPAR (CE)\nSource:\nConfidential Information 52\n'As of Dec. 2018"
+  },
+  {
+    "page": 49,
+    "text": "INVESTMENT TARGET CITIES:\nMILAN\nMarket overview Italian hotel investment overview\nMilan is one of the most important Italian cities not Cross-border capital flows Hotel Investment by buyer origin Hotel Investment by destination\n(2015-2018) (2018) (2018)\nonly for business but also for international fashion\nand fairs, and has been gaining popularity as a Asia a South\nOth- reesorrt\nleisure destination aoe 1ig Va TER\n. BR 50% USA & 0% Other-city |\n= Hotel demandis forecast to remain high over the a 10%\ncoming yearswith circa 1,500' rooms expected to 25% Domestic N Rome\nenter the market 44% 40%\nFlorence,\n= The legacy of EXPO 2015, new large-scale developments, an expanding 10%\neconomy, international events and increasing leisure demand are all expected\nto contribute to the continued growth of the Milan market 2015 2016 2017 2018 We >\n= RevPARin2019isexpectedto grow by 2.6% ane EN Br ur\nemulov\ntnemtsevni\nlatot\nfo\n%\nEurope\nIta n hotel performance in jorc ies Investment outlook & investor profile\nCity Occupancy ADR(E) RevPAR (€) ovee o Recovery of the Italian economy continued into pHroetvela liennvcees toofr hs sitn kIutatloyn raelg iiswteesrt ao mreo r2e0 b1al8anced mix, with a slight\n2019 and has driven private consumption and i Fiat operant\nRome 73% 179 131 6.5% supporting growth 2000 Instäutional investor m Private equity\nly office\npe\nt[ Milan 701%% MN 104 31% I| of InternFai tionaanld nati. onal hotel chaFii ns have shown €& 1500\ngrowing interest in Milanin recent years, mostly in A 35%\nFlorence 74% 142 106 2% the 4 and5-star categories 3\n3 1000\n= 17%\nNaappll es 77% ° 88 68 0.5% ° M - il a ahnas sa gtoodi amloulnt of land and & B 51% oo\nVenice 73% 225 165 (10.1% developabarleea possii ble for real estate proji ects 23 50 = 5 i % n =\n0\n2015 2017 2018\nSource: Confidential Information 53\niRolling 12 monthtso November 2018"
+  },
+  {
+    "page": 50,
+    "text": "INVESTMENT TARGET CITIES:\nLONDON\n= Supply maintains momentum :London has Further softeninign deal volumes is anticipated in 2019 & 2020 1(5* & 4*)\nseen around 20,000 newrooms over the past5 10\nDeal volume [E billions)\nyears (34% in upscale sector] and will seea\nfurther 10,000 newrooms openin 2019 and\n2020\n= Demand keeps growing, albeit the pace has\nslowed due to Brexit uncertainty and slowing\neconomic growth 2 im = COURTYARD\n= International leisuretravsteilll held up in 2018, supported by the weak pound | if u u\n=\nR . . 0 “12%\n* Hotel performance continues to grow against the uncertain macro- and 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F2020F\ngeopolitical backdrop (oo os Park mm Single MN Fre ——RevPAR Growth canopur\nHotel market performance & forcast Investment outlook\na018h ONE ER Hotel demand contintou gerosw asinternational leisure is benefiting from\nOccupancy [%] 83.3% 83.6% 83.7% the relative advantoaf gthee UK pound against the euro; occupancy rate in nhow\nADR IE) 148.8 150.9 152.9 London still remains to be one of the strongest among global major cities HOTELS\nRevPAR [EI 1260 2 IB Investors shift from NorthAmericaUaKn tdo Europe and Far East,\n% growth on previous year dee by tne essentially strong market fundamentalisn the UK and the me\nOccupancy 1.9% 0.3% 0.1% weaker poun DORSETT\nADR 1.0% 1.4% 1.4% V Longer term investmenatres still being pursued in London despite the HONEES AS RESORIS\nuncertainty of Brexit\nRevPAR 2.9% 1.7% 1.4%\nthe hoxton\nSource: (EEE Confidential Information 54"
+  }
+]

prototypes/ocr_demo/output/Pitchbook 3-OCR.json

@@ -0,0 +1,182 @@
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+  {
+    "page": 1,
+    "text": "Offenes Sondervermögen\nmit Investitionsschwerpunkt\nWohnimmobilien"
+  },
+  {
+    "page": 2,
+    "text": ""
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+    "page": 3,
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+  {
+    "page": 4,
+    "text": "Executive Summary\nZielmärkte Deutsche Metropolregianen und umliegende Zusammenfassung\nRegionen mit Städten >50T Einwohner\n= Mit dem legt cic QDs nb\nKlassifizierung SFDR Artikel 8\nin Zusammenarbeit mit der IntReal International Real Estate KVG\nInvastitionsfokus Wohnimmobilien Deutschland\nden zweiten offenen Mehranleger-Spezialfonds auf\nRendite- / Risikoprofil ‚Aktive Bestandsentwicklung\nInvestitionen in ertragsstarke Wohnimmobilien in deutschen\nRechtsform Offener Spezial-AlF mit festen Anlagebedingungen\nMetropolregionen und umliegenden Regionen mit Städten mit mehr als\nEigenkapital /FK Quote rd. 200 Mio. € / max. 20% 50.000 Einwohnern versprechen eine stabile jährliche Ausschüttung\nInvestftionsvolumen rd. 250 Mio. €\nZielobjekte weisen einen stabilen bzw. leicht zu stabilisierenden\nPrognostizierte Gesamtrendite {IRR)* 7,5 % (nach Kosten & Gebühren, vor Steuern) Basis-Cashflow auf und werden im Rahmen eines aktiven Investment-\nansatzes entwickelt. Die Wertschöpfung fußt auf folgenden Strategien:\nPrognostizierte Ausschüttungsrandite* 8 4,0 % {nach Kosten & Gebühren, var Steuern}\nMindestanlage 5Mio.€ — Aktive Bestandsentwicklung\n{unter anderem Wohnungssanierungen und -modernisierungen\nMitgliedschaft Im Anlagesusschuss Ab 10 Mio. €\nsowie Flächengewinnung; daneben energetische Sanierungen)\nAnkaufs- / Verkaufs- / Verkaufs(Teflimmobilfe)- /\n1,40 % / 0,80 % /2,12% / 4,91 %\nBaumanagementgebahr (inkl. USt.) — Optimierung der Nebenkostenstruktur durch aktives\nNebenkostenmanagement\nParformanceabhängige Vergütung 20 % über einer @ Ausschüttungsrendite von 4,0 %\nEinmalige Strukturierungsgebühr 0,1% der bis zum 31.12.2023 erfolgten — Cashflow-Steigerung durch Anpassung der Mieten an das Marktniveau\nKapitalzusagen (max. 200.000 &) im Zuge natürlicher Mieterfluktuation und durch Abbau des Leerstandes\nLaufzeit / Investtionszeltraum 10 bis 12 Jahre / bis zu 24 Monate angestrebt = Die wirtschaftliche Auflage des Fonds ist für das erste Quartal 2023 geplant\nAusschüttungsintervalle Mindestens jährlich (Anleger-Closing); eine attraktive Ankaufspipeline steht bereits fest"
+  },
+  {
+    "page": 5,
+    "text": "=\nNW.\nFührende Wohnimmobilien- Investitionsstrategie Attraktives Rendite-/ Fondsstruktur\nkompetenz des & ESG Risikoprofil\nLangjährige Erfahrung in der = Wohnimmobilien mit bezahlbaren = Prognostizierte jährliche = Geplante Ausgestaltung als offener\nAssetklasse Wohnen mit Mieten an etablierten Standorten Ausschüttung von @ 4,0%* Immobilien Spezial-AlF nach KAGB\nnachgewiesenem Track-Record sichern stabile Ertragsbasis\n= Prognostizierte Gesamtrendite = IntReal aus Hamburg fungiert\nHohe Bewirtschaftungskompetenz = Assetklasse Wohnen als (IRR) von 7,5%* als Service-Kapitalverwaltungs-\nim Bereich Investment- und Asset „Sichere Bank“ auch in Krisenzeiten gesellschaft\n= Stabile Cashflows aufgrund\nManagement (Globale Finanzkrise, Covid-\ngranularer Vermietungssituation = Mitsprachemöglichkeit der\nPandemie)\nBetreuung eines Immobilien- Investoren im Rahmen des\n= Wertschöpfung durch regelmäßige\nportfolios von aktuell 4 Mrd. € Wertschöpfung durch Bestands- Anlageausschusses\n(ESG-)Investitionen in die Objekte\nim Fondsmanagement entwicklung und Modernisierung\n= Optimierung der Nebenkosten\nManagement von Immobilien- Fonds mit einem ESG-Fahrplan\nermöglicht eine Steigerung der\nSpezialfonds für institutionelle zur Optimierung der Liegenschaften\nKaltmieten ohne wesentliche Er-\nInvestoren seit 2015 während der Fondslaufzeit\nhöhung der Gesamtmietenbelastung\n7 Niederlassungen in Deutschland Ausgestaltung nach Art. 8SFDR\n= Ausnutzung umfangreicher\nermöglichen eine regionale angestrebt\nFörderungsmöglichkeiten zur\nBetreuung der Fondsobjekte\nDekarbonisierung des Bestandes\nvor Ort"
+  },
+  {
+    "page": 6,
+    "text": "GE- Dekarbonisierungspfad des Portfolios\nKlassifizierung nach Artikel 8 der Offenlegungsverordnung\n@om\ne\n. © BERÜCKSICHTIGUNG VON\nZiel:\nOKOLOGISCHEN MERKMALEN\nDer Fonds ist bestrebt, bei Immobilieninvestitionen einen positiven Beitrag zum Klimaschutz zu leisten.\nInsbesondere der Alt-Gebäudebestand deutscher Wohnimmobilien weist einen besonders hohen\nPrimärenergiebedarf und eine geringe Energieeffizienz auf. Daher werden Investitionen insbesondere in\nenergieineffiziente Gebäude getätigt, um diese energetisch zu verbessern. Ziel ist es, für mindestens 75 %\nder Immobilien des Fonds, den Primärenergiebedarf um durchschnittlich 20 % zu reduzieren.\nFokus:\nIm Ankaufsprozess werden insbesondere Immobilien berücksichtigt, die die Voraussetzungen zur Verbesserung\ndes Primärenergiebedarfs erfüllen und über einen Energieausweis schlechter als B verfügen.\nMaßnahmen:\nErmittlung des Primärenergiebedarfs des Bestandes und Planung/ Durchführung der Sanierungsmaßnahmen,\nwie:\n= Austausch der Fenster und Türen\n= Modernisierung veralteter Heizungsanlagen\n= Anbringung eines WDVS (Wärmeverbundsystem)\n= Begrünung der Dächer oder Dämmung der Dachböden\n= Dämmung des Kellers\n= Umstellung auf energiearme Beleuchtung in den Gemeinschaftsflächen\n= Umstellung auf CO,-neutralen Strom in den Allgemeinflächen über Rahmenvertrag der ED"
+  },
+  {
+    "page": 7,
+    "text": "Fondshistorie\nNeu\nWulmstorf\nGEDReine\nBremen\n= Der Vorgängerfonds (ED konnte\ninnerhalb von 18 Monaten ausplatziert\nDresden werden\n»\n= Die wirtschaftliche Auflage erfolgte in 12/2019\n= Eigenkapitalvolumen von mehr als 200 Mio. €\nPirna\nFrankfurt = Bislang wurden 27 Objekte in sieben\nBundesländern in elf Städten angekauft\nOffenbach\nNürnberg = Die prozentuale Verteilung der Objekte zeigt\neine gute Diversifikation des Portfolios\n= Die geplanten Baumaßnahmen werden bzgl.\nZeitplan und Budget planmäßig umgesetzt"
+  },
+  {
+    "page": 8,
+    "text": "Marktumfeld\nWohnimmobilien"
+  },
+  {
+    "page": 9,
+    "text": "Renditeaussichten für Bestandsimmobilien\nsteigen durch die geringe Neubautätigkeit\nSteigender Flächenbedarf\n= Seit 1995 hat der Flächenbedarf pro Einwohner in Deutschland von 37 m?\nauf rund 47 m? zugenommen\n= Zusätzlich steigt die Anzahl der Haushalte durch die steigende Anzahl an\nSinglehaushalten, wodurch der Druck auf den Wohnungsmarkt zusätzlich\nverstärkt wird\n= Das Bundesinstitut für Bau-, Stadt- und Raumforschung (BBSR) geht in\nseiner Prognose von weiter steigenden Wohnflachenbedarfen bis 2030\naus\n= Laut Prognosen des Statistischen Bundesamtes wird die Anzahl der\nPrivathaushalte in Deutschland im Jahr 2035 bei rund 42,49 Mio. liegen;\ndies sind rund 800.000 mehr Haushalte als im Jahr 2020\nEntwicklung der Wohnfläche pro Einwohneirn Deutschland\nnetiehnienhoW\nlhaznA\nEntwicklung der Neubautätigkeit\n= Seit der Jahrtausendwende wird der jährliche Bedarf an Wohnraum\nnicht ausreichend durch den Wohnungsneubau gedeckt\n= Die neue Bundesregierung hat mit der Wohnraumoffensive für die Legislatur-\nperiode den Neubaubedarf von rd. 375.000 auf rd. 400.000 neuen Wohnungen\npro Jahrfestgelegt. Diese Ziele wurden bis dato jedes Jahr deutlich verfehlt\n= In 2021 betrug die Gesamtzahl aller neuen Wohnungen inkl. Baumaßnahmen\nan bestehenden Gebäuden zur Wohnungserstellung lediglich etwa 293.400\nWohnungen, was wiederum einen Abfall von rund 4 % zum Vorjahr darstellt\n= Die grundsätzlich langsame Zunahme der Bautätigkeit bei stärker steigender\nNachfrage führt zu einem weiter zunehmenden Angebotsmangel auf dem Wohn-\nimmobilienmarkt mit dem deutliche Kauf- und Mietpreissteigerungen einhergehen\nVergleich benötigter und tatsächlicher Wehnungsneubau in Deutschland\n800.000 ]\n700.000 |\n650000..000000 |\n400.000\n300,000 =)\n200.000\n100.000 4\n1991 199219931994199519961997 1998 199920200001 2002 2003 20042005 2006 2007 20082009 2010;"
+  },
+  {
+    "page": 10,
+    "text": "Der Gebäudesektor hat noch 110 Monate\num unsere CO,-Emissionen zu halbieren\nBedingt durch das Klimaabkommen von Paris und die Klimaziele der Bundesregierung\n-43%\nEntwicklung und Zielerreichung der Treibhausgasernissionen in Deutschland Fazit 8 i2S &\n= Besonders Haushalte müssen\nin den nächsten Jahren zur\nEinsparung von Treibhausgasen\nbeitragen um Ziele zu erreichen\nnp\n-44%\n909) Als Unterstützung stellt die\n125.132 Bundesregierung bereits\nii 124.485 = 122.382\nzahlreiche Förderprogramme und\nSofortmaßnahmen zur Verfügung\n—- Jahresemissionsmenge kumuliert\nentsprechend der Novelle des\n\"9° Bundes-KSG vom 12.05.2021\nWE Haushalte\nMilitar\nHi Gewerbe, Handel, Dienstleistung"
+  },
+  {
+    "page": 11,
+    "text": "Zahlreiche Fördermöglichkeiten für den aktiven Entwicklungsansatz\nder @B durch den steigenden Druck zur Einhaltung der Klimaziele\nMögliche Energieersparnisse durch Sanierung\n15-20 %\n5.20% Dach-oder OG- A De cken-Dämmung 10-35 % Fördermöglichkeiten als Renditehebel\nLüftungssystem : aw Heizung = Im Gebäudesektor müssen die Treibhausgasemissionen in den\nnächsten acht Jahren um 40-60 % erheblich reduziert werden\nwor BE 10.05% = Im Jahr 2021 stieg der Ausstoß um rund 4% durch die Belebung\n(10-20% & H DO essadencimmung der Wirtschaft nach Corona\nWärmeschutzverglasung Vv 2. B. mit Wärmedämm-\nverbundsystem = Betroffen sind rund 22 Mio. Gebäude in Deutschland, von denen\n5% 12,5 Mio. Gebäude noch vor der ersten Verordnung über\nKellerdämmung energiesparenden Wärmeschutz erbaut wurden\nz\n= Die Regierung erkennt die Bestandsimmobilien als maßgeblichen\nFördermöglichkeiten Verursacher für Treibhausgase an und fördert deren energetische\nSanierung\n= Die Bundesregierung stellt 2022 rund 4,5 Mrd. € für die\nSoziale Barriere- Elektro- energetische Ertüchtigung von Gebäuden zur Verfügung. Der\nWohnraum- reduzierung mobilität klimagerechte soziale Wohnungsbau wird zusätzlich gefördert\nförderung\n= Seit Januar 2020 gewährt die KfW die Bezuschussung von einzelnen\nSanierungsmaßnahmen, teilweise in Höhe von 20 % der Kosten\n= Zusätzlich zu den KfW-Programmen gibt es weitere\nErhöhung\na Fenster- fe Förderprogramme von dem BAFA, die deutlich umfangreicher\nDämmung Wohn- Begrünung\naustausch sind und verlorene Zuschüsse von bis zu 45 % ausschütten\nkomfort"
+  },
+  {
+    "page": 12,
+    "text": "Die Gebäudeenergieeffizienz wird das entscheidende Merkmal\nfür die Wertsteigerung eines Mehrfamilienhauses sein\nMögliche Energieersparnisse durch Sanierung\n15-20 %\n5.20% Dach-oder OG- N De cken-Dämmung 1035% Sanierungsmaßnahmen haben\nkeinen negativen Impact auf die Rendite\nLüftungssystem\nGer,\n&\n:\nend\nHeizung\nDie energetische Entwicklung der Gebäudesubstanz\n10-20% ee BR 10-25% ist das gesellschaftliche Vorhaben der nächsten 8 Jahre\n2 : Fassadendämmung, = Je nach Gebäudetyp kann die Energieeffizienz profitabel\nWärmeschutzverglasung Vv 2. B. mit Wärmedämm- um 30-50 % gesteigert werden\nverbundsystem\n5% Die Gebäudeenergieeffizienz (s. Grafik unten links) wird\nKellerdämmung das entscheidende Merkmal für den Wert beim Wiederverkauf\n+ eines Mehrfamilienhauses sein\nDurch fachkundige Bauingenieure und Energieingenieure\nDurchschnittliches Einsparpotenzial im Energieverbrauch bei umfassender Sanierung\nist eine profitable Umsetzung gewährleistet\nKfW-Effizienzhaus 55 Baujahr 1960 Durch die Fördertöpfe (15% v-erl4ore5ne Zuschüsse)\n< 40 KWh (m2a) 8.2kWh 3(m0? a)\nvon Bund und Ländern wird die Profitabilität zusätzlich erhöht\n0 25 50 75 100 125 150 175 200 225 >250\nkfw-Effizienzhaus 40 Baujahr 1980\n< 30 kWh (m?a) 8 175 kWh (ma)"
+  },
+  {
+    "page": 13,
+    "text": "Deutsche Wohnimmobilien\nbleiben als Anlageklasse weiterhin attraktiv\nChancen und Risiken\nIR, Faktor Knappheit\nUND „ Wohnraum bleibt weiter knapp und bietet begrenztes Korrekturpotential\n= Die Nachfrage nach Wohnraum steigt, auch durch kurzfristig steigende Migrationsbewegungen\n[==] Faktor Kosten\n= Steigende Baukosten werden die Anzahl fertiggestellter Wohnungen kurzfristig verringern\n= Unsicherheit bei Kapitalanlegern sucht krisenfeste Anlagen:\nImmobilien gelten weiterhin als sicherer Hafen, insbesondere in der Krise\n= Die Notwendigkeit, Bestandsimmobilien energetisch zu sanieren,\nist hinsichtlich der Klimaziele 2030 so groß wie nie\n= Auch in Zeiten schwächerer Marktphasen besteht Renditepotenzial\ndurch den bestehenden Rückstand zur Marktmiete\n= Der Zinsanstieg belastet die Immobilienbranche und es wird\nein Teil der Kaufinteressenten aus dem Markt gedrängt. Deshalb\nwird am Markt mit einer Stabilisierung der Renditen gerechnet"
+  },
+  {
+    "page": 14,
+    "text": ""
+  },
+  {
+    "page": 15,
+    "text": "Erwirtschaftung von stabilen Ausschüttungsrenditen\nInvestmentkriterien Objektebene Investmentvolumen Zielmärkte\n& F 6 Die Anleger der QDsind\nErlä j<u1t0er0u nWe gohneianheitnen\n[I | über die verschiedenen Produkte\nWohnungen Behebbare @ Objektgröße aktuell in über 65 Städten mit über\nmit bezahlbaren Energie- 10-30 Mio. € 13.000 Wohneinheiten investiert\nMieten ineffizienzen\nBein\n‚Lübbecke: en\nFokus auf Makrolage = a\n‘a Diversifikation Vv Vv a um\nBi j s zu 10% Kleij ne Gewerbeeinohenit en D+e uumtlsicehgee Mnedter Roepgdilroengeino mnietn PositivEen dtweimcokglruangp,h ische ower mwae Br tren I\nkönnen als Bestandteil der v v Stä>Sd0T tEinewohnner Fach\nLeerstand\nAnlagen erworben werden DEermsög licHht remn Höheere Vernfügbarke it: vv Vv\n(z.B. Gastronomie, Nahversorgung) management Immobjlien Liquide wohnwirtschaftiiche Positive wirtschaftliche\nImmobillenmärkte Perspektiven\nKleinere Objekte Risiko- °\ngenerferen größere streuung\naa Mikrolage\nfetergruppen\nbeim Extt v Vv\nEtablierte oder nachweislich ‚Gute Erreichbarkeit\nwachsende Märkte"
+  },
+  {
+    "page": 16,
+    "text": "Ankaufsobjekte mit Miet- und Wertsteigerungspotential\nObjektmiete im Umfeld steigender Marktmieten\nMiete in &/m? Faktoren der Wertsteigerung von Wohnimmobilien\n74 *8% pat = Die Objekte, die im Rahmen der Strategie angekauft werden, liegen\n16 4 mit ihrer Miete 20-35 % unter der markttiblichen Vergleichsmiete\n= Die Miete wird im Laufe der Entwicklung erhöht durch:\n13 *6 4a. — Modernisierungsumlagen gem. § 559 BGB\n14 4 Soa. — Neuvermietungen\n13 4 — Der Anhebung auf den ortstiblichen Mietspiegel\ngem. § 558 BGB und\n12 — Gemeinschaftlicher schriftlicher Vereinbarung gem. § 557 BGB\nrealisiert bei den verwalteten Objekten in 10 Jahren\n11\n9 7-10 % Mietsteigerung pro Jahr\n10\n‚Anmerkung zum Mieterhöhungspotential:\nTrotz des a. g. Anstiegs wird die unveränderte Marktmiete nach\n3-6 Jahren erreicht. Bei steigenden Marktmieten dauert die\n7 T T T T T T T T T T 1 Laufzeit\nMietentwicklung bis zum Ende des Businessplans.\n2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031"
+  },
+  {
+    "page": 17,
+    "text": "Energetische Sanierungen und\naktives Nebenkostenmanagement\nVor Modarnislarung Nach Modamislarung Nach Modamnielerung Effekte des aktiven Nebenkostenmanagements:\nVor NK-Optimlerung Nach NK-Optimlerung\nDie Gesamtmiete bleibt auch nach der\nModernisierungsmieterhöhung bezahlbar\nMOD-MEH 1,20€\nGesteigerte Attraktivität der Wohnungen, die\nMOD-MEH 1,20€ aufgrund geringer Nebenkosten besser vermietbar sind\nM|ehr Spielraum für Kaltmietenerhöhungen unter\nOptimierte\nNebenkorten\n220€\nDurch die Schaffung bezahlbaren Wohnraums mit\nausgeglichenem Mietermix werden Tendenzen\nsozial-raumlicher Segregation vermieden\nZufriedene Mieter und eine geringere Fluktuation\nNachhaltige Quartiersentwicklung\nDer Energieverbrauch sinkt, wodurch die\nUmweltbelastungen reduziert werden\n9€ 10,20€ 940€ Die Energieeffizienzklasse der Gebaude verbessert sich,\nGesamtmietenach Gesamtmietenach Gesamtmietenach wodurch ein höherer Verkaufsfaktor erzielt werden kann\nNutzen-Lasten-Übergang Moderisterung, Modernisierung\nohne NK-Optimierung mit NK-Optimierung"
+  },
+  {
+    "page": 18,
+    "text": "Beispiel\nenergetischer Sanierung\nnT M\n‚Anheben der Dachflächefür zusätzlichen Erneuerung der Heiztechnik Balkonsanieru& nzg. T. Vorstellbalkone\n\"Wohnraum, Ausdämmen des Dachstuhls Allein durch neue Brennwerttencihk AlteBalkonewurden umfassend saniert,\ni 5 Fi Esentstehen neue, attraktive konnteder Energieverbrauch um große Wohnungen erhielten einen\nVergleichbare Zielobjekte Dachgesch osswohnungen. Durch dieDammung 20% reduziert werden. DieHeizkosten | Vorstellbalkon adiIqhreur Gerötße\n‘wurde der Energieverlustvon 2,10W/m?K auf ‘werden gerecht ermittelt.\n= Fokus: Objekte mit Energieineffizienzen weniger als ein Viertel reduziert.\n(Miete unterhalb Marktniveau 20-35%)\n= Umsetzung CAPEX mit Zuschüssen von BAFA und KfW\n= Vollständige energetische Sanierung der Gebäude\n(WDVS, Fenster, Heizung)\n= Anbau von Balkonen als\nLoggien- und Flächenerweiterung\n= Dachgeschossausbau zu Maisonette-\nWohnungen mit neuer Grundrisskonzeption\n(Vermietbare Flächenerweiterung)\n= Freianlagenplanung und -ausführung,\nStellplatz- und Mobilitätskonzept\n= Zusätzlich Modernisierung und Renovierung\nder Bestandswohnungen (SE)\nSukzessive En; der Mieten\nvor Sanierungsmaßnahmen Gestaltungskonzept Vollständige Fenst Vollwärt\nEin ganzheitliches Konzept Dieneuen Fensterverringernden Ein Wärmedämmverbundsystem\nverleiht dem Wohnquartierein Wärmedurchlasskoeffizientenvon verbessert den u-Wert von\nansprechendes Gesicht, 2,70Wfm’k auf 1,10W/m’k. 152W/m’k auf OASW/m’K."
+  },
+  {
+    "page": 19,
+    "text": "Der GED erlaubt eine umfangreiche Analyse der\nStandorte und eine detaillierte Analyse des Objektes\nAvs7 ue EEE\n1.1.1. Aktuelle Mietpreise\nMiete regionales Markt-Niveau\n1.1.2. Preisentwicklung\n+4,17% Steiger\nm/\neni\nsrp\nSchnelle Identifikation\nvon Wertschöpfungspotenzialen\nDas digitale Marktresearch erlaubt die integrierte Analyse\nvon Miet- und Kaufpreisen anhand der drei größten\ndeutschen Datenquellen IDN Immodaten, Quis und 21st\nSo werden alle Vermietungen mit ihrem Mietzins der letzten Jahre\nauf Grundlage mehreren hundert Einzelquellen gespeichert,\nausgewertet und analysiert\n. Ce ED «<< einen um 10-20% höheren\nWobnraumin m=\nMietzins gegenuber dem Marktniveau\nIn der Marktresearch Datenbankist jeder einzelne ehemalige\nVermietungsfall mit Exposé abrufbar\n= Vor der Standortanalyse auf Mikroebene werden Städte anhand\n12 gewichteter sozio6konomischen Faktoren in einer Matrix\nhinsichtlich ihrer Standortattraktijväihrtläicth neu bewertet"
+  },
+  {
+    "page": 20,
+    "text": "Zielmärkte:\nAuswahl nach Risiko-Renditeverhältnis\nSpitzenanfangsrendite in % (brutto) ® Kalserslautern Dutsturg Investitionsfokus mit attraktivem\nRisiko-Renditeverhältnis\n@ Hildesheim ©\nFrankfurt am Main Dortmund Bielefeld Bochum ® Gatt 4 in gen Saarbarückenn = In den TOP 25-Standorten sind bei moderatem zusätzlichen\nMönchengladbach Kassel @ e Erfurt © Essen aioe i A Risiko attraktive Mehrrenditen erzielbar\nH Lüne a burg Oldenb M ur u g }‚Aschaffenb B u r r r g e men Tr e ie r Neuss Magdeburg = Beim Blick auf die 49 weiteren Standorte bestehen deutliche\nChancen, aber ein detaillierter Blick wird wichtiger\n'anau Dresden \\g/ Fulda\nDarmstadt Mainz Mar Aachen © Heilbronn\nHannov@ eorf Karlsruhe \\ ©, % „Ludwigshafen am Rhein ich mit ihrem Investitionsfokus in den TOP\nRegensburg @ —— Würzburg 25-Standorten und in 49 weiteren ausgewählten Standorten.\nKa © _Yp münster © Wiesbaden\nLeipzig Aulsebürg\n= Diese zeichnen sich durch attraktive Renditepotenziale aus:\nStuttgart Heidelberg.\nPotsdam ° = Freiburigm Breisgau\n— Mit einem Leerstand von durchschnittlich 7-10 % können\nEN Berlin Hamburg Wohnungen saniert und über Marktniveau neuvermietet werden\nDüsseldorf — Zielobjekte weisen in der Regel einen Instandhaltungsrückstau\nMünchen auf und können mit einem entsprechenden Abschlag erworben\nTOP 7-Standorte werden\n® Top 25-Standortenach Gesamtscoringdes Wohnungsmarktrankings\n© Weitere 49 Standorte nach Gesamtscoringdes Wohnungsmarktrankings — Durch die Aufholung des Instandhaltungsrückstaus und die\nEntwicklung der Immobilie in einen zeitgemäßen Zustand\n15 20 25 30 *Risikofaktor erfolgt eine Wertsteigerung der Objekte"
+  },
+  {
+    "page": 21,
+    "text": "ma"
+  },
+  {
+    "page": 22,
+    "text": "Businessplanung\n@\ne\ne\na a fa P 2032-2034\n10-12 Jahre Laufzeit bei einem LTV von bis zu 20%\n5 6 9 8\nVerkauf\n= Verkaufsphase beginnt nach ca. 10 Jahren\n= 24 Monate Verkaufsperiode\nBestandsphase = Prognose: 7,5%+ IRR auf Fondsebene\n= Umsetzung der jeweiligen objektindividuellen\nObjektstrategie\nAnkauf = Erfüllung der strategischen Zielsetzung eines langfristigen\n= bis zu 250 Mio. € Gesamtinvestition Werterhalts der Liegenschaft durch kontinuierliche\nInvestition in das Gebäude\n= 200 Mio. € Eigenkapitaleinsatz = Wo vorteilhaft, Repositionierung des Objektes im Bestand\n= bis zu 36 Monate Investitionszeitraum (inkl. Puffer) zur Optimierung der Vermietungs- und Ertragssituation\nBusinessplan Kennzahlen — —\n{nach Kosten & Gebühren, vor Steuern)\nAusschiittungsrendite IRR- Haltedauer der\nPa. Prognose Immobilien"
+  },
+  {
+    "page": 23,
+    "text": "Ankaufsprozess\nMaßgebliche Einbindung der Investoren in die Ankaufsentscheidung\n2 Qe J Vv\nVorbereitung Freigabe Due Diligence & Erwerbsvorlage Abschluss der\nPre-Check Erwerbsvorlage Stufe 1 Erwerbsvorlage Stufe 1 Transaktionsstrukturierung Stufe 2 Transaktion\n>\n= Laufende Analyse = Wirtschaftlichkeits- = Anlageausschuss = Objektprüfung unter = Anlageausschuss & = Beurkundung\nder am Markt berechnung & KVG mit Einbeziehung externer KVG mit Zustimmungs- Kaufvertrag\nverfügbaren Zustimmungs- Berater erfordernis\nAnkaufsobjekte = Detaillierte Analyse erfordernis = Nutzen-/ Lastenwechsel\nder Erfüllung der = Validierung der = Freigabe der & Kaufvertragsabwicklung\n= Überprüfung der Ankaufskriterien = Freigabe des Due Verkaufserlöspotenziale Transaktion\n= Überführung im |\nAnkaufsobjekte des Fonds Diligence-Budgets\nanhand der = Identifikation und Asset Management\nInvestmentstrategie = Head of Terms Quantifizierung von Risiken\ndes Fonds mit dem Verkäufer\n= Aktualisierung Businessplan\n= Nach Möglichkeit & Szenarienanalysen\nObjektsicherun/g\nzeitlich befristete = Verhandlung Kaufvertrag\nExklusivität für\nObjektprüfung = Verhandlung und\nStrukturierung der\n= Abschluss eines LOI Fremdfinanzierung\nfür den Objekterwerb\n= Externe Wertermittlung\nfür KVG"
+  },
+  {
+    "page": 24,
+    "text": "Erfahrenes Partnernetzwerk\nMarktführende Dienstleister für eine optimale Betreuung\nWohninvest IV\nBewerter Service-KVG Abschlusspriifer Verwahrstelle Investmentmanager\nUnabhängige Regulatorisches Prüfung des Jahres- Unabhängiges Handeln Zentraler Ansprechpartner\nBewertung des Reporting abschlusses des Fonds der Anleger in allen\nPrüfung zustimmungs-\nImmobilienvermögens Belangen\nPortfolio- Identifizierung von pflichtiger Geschäfte\nnach Anwendung\nManagement Risiken in den Alles aus einer Hand:\nmarktüblicher Kontrollfunktion\noperativen Abläufen Erbringung sämtlicher\nMethoden Risikomanagement Überwachung der Leistungen an der Immobilie\nWird durch Service-\nEinhaltung der im Laufes des\nKVG bestimmt\nregulatorischen Investitionszyklus\nVorgaben\nBündelung und\nAufarbeitung sämtlicher\nanfallender Informationen\nund Prozesse\nENA\nlin 1] WACKUESFHMIAENL D& INREAL ala, caceis d.i.i. Invest\nINVESTOR SERVICES\nDL Sara"
+  },
+  {
+    "page": 25,
+    "text": "Professionelles und maßgeschneidertes Reporting\nTransparente und ausführliche Informationen für die Investoren durch Service-KV CD\nReporting Beispiel der EEE\n= Das regelmäßige Reporting ermöglicht Durchschau bis auf\nObjektebene und liefert wesentliche Kennzahlen zum Fonds\n— Reduzierter Meldeaufwand\n— Schonung des zu hinterlegenden Eigenkapitals\n= VAG-Reporting und Solvency II nach BVI Standard\n= Reporting umfasst eine Vielzahl regulatorischer Auswertungen:\n— GroRkredit- und Millionenkreditverordnung (GroMiKV),\nSolvabilitat, EK-Abzug, Basel-Il-Stresstest,\nMindestanforderungen an das Risikomanagement (MaRisk)\n— Capital Requirement Directive (CRD IV) und Capital\nRequirement Regulation (CRR), Credit Value Adjustments\n= Monats-, Quartals- und Jahresberichte der Service-KVG\n= Zusätzlicher Quartalsbericht de\n= Investorenspezifische Reportings nach Rücksprache möglich"
+  },
+  {
+    "page": 26,
+    "text": "Professionelles Risikomanagement\nDoppeltes Risikomanagement auf Ebene der Service-KVG undB-um Vorteil der Investoren\nErläuterung Risikomanagement Fondsmanagement Bestandteile Risikomanagementstrategie\nDas Risikomanagement unterteilt sich in die = Durch den Einsatz marktführender\ninvestmentrechtlich definierte Steuerung der Service- Managementsoftware sowie Kontrolle Identifikation\nKVG und das immobilienwirtschaftlich geprägte etablierte Freigabeprozesse sowohl = Überwachung = Frühwarnreporting\nstrategische und taktische Fondsmanagement intern als auch zwischen = Risikoprozess = Ad-hoc Meldewesen\nDienstleistern wird sichergestellt, = Ma c ß o n nt a r h o m ll e i n n - g = T R r i a si n k s o a e k i t n i s o c n h e ä n tzung\ndass Risiken frühzeitig erkannt,\noffengelegt und = Wirksamkeit Dokumentation &\nService-KVG vermieden werden können = Funktionsfähigkeit ei Kommunfkation\n= Die Leistungen des Risikomanagements Darüber hinaus erfolgt das enge Steuerung Analyse\numfassen von der Risikoidentifikation über Management von Fristen (bspw.\ndie Bewertung, Analyse und Steuerung bis Zinsen, Mietabläufen oder = Vermeidung = Aktualität\nhin zur Kontrolle der Risiken, alle Aufgaben- Gewährleistungen), Ausfallrisiken \" Verringerung = Limitsystem\nfelder eines ganzheitlichen, integrierten (bspw. Mieter, Dienstleister, \"= Weitergabe an Dritte = Stresstests\nRisikomanagementprozesses nach KAGB Subunternehmer) und Investitions- Bewertung\nrisiken (steuerlich, rechtlich und\n= Die täglichen bzw. monatlichen = Risiko-Quartalsberichte\ntechnisch) sowie Markt- und = Risikoinstrumente\nAnlagegrenzprüfungen werden in SAP\nBewertungsrisiken\nautomatisiert generiert"
+  },
+  {
+    "page": 27,
+    "text": ""
+  },
+  {
+    "page": 28,
+    "text": "Was uns wichtig ist: Umwelt- und Klimaschutz\nHohe Klimaschutz-\n= Die energetische Optimierung von Bestandsimmobilien\nkompetenz\nsteht von Anfang an ganz oben auf der Maßnahmenliste, die\nabhängig vom Zustand des jeweiligen Objekts festgelegt wird Vielzahl realisierter Projekte mit\n= Dazu gehören viele bauliche Maßnahmen wie z. B. Dämmung M signifikant verbesserter\nvon Dach/Fassade/Keller, Austausch von Hauseingangs- Zerti Ikat Energieeffizienz und\ntüren/Fenstern oder neue Beleuchtung Energieeinsparungen sowie\nGD»: nicht nur für die Gemeinschafts- ReduknonveniCo2ZEmmissionen\nbereiche eingesetzt, sondern gleichzeitig auch den Mietern\nangeboten\nZertifikat\n= Die Umstellung der Heiztechnik auf effiziente Systeme leistet\nihren zusätzlichen Beitrag Energie aus Wasserkraft\n= Die Energieeffizienz kann durchschnittlich um ca. 25-30%\nverbessert werden\n= Bei Neubauprojekten werden diese Maßnahmen von\nvornherein eingeplant. Erste komplett CO2-neutrale\nProjekte befinden sich in der Umsetzung\nsy\nCO2-Emissionen so weit wie möglich reduzieren!"
+  },
+  {
+    "page": 29,
+    "text": "ESG Komitee der\n= Das ESG-Komitee tagt in regelmäßigen Abständen\nzu ESG relevanten Themen\n= In dringenden Fällen können Sondersitzungen\nabgehalten werden\n= Die Leitung des ESG-Komitees soll perspektivisch\nder ESG-Beauftragte übernehmen\n= Mitglieder setzen sich aus unterschiedlichen Bereichen\nzusammen:"
+  },
+  {
+    "page": 30,
+    "text": "ESG-Ziele\nUM\\\nPortfolio- und Objektebene Unternehmensebene\n= Alle Objekte werden nach Übernahme auf CO2-neutralen = Mitarbeiter können 40% der Arbeitszeit im Home-Office arbeiten.\nSmtinrdoems ftüern sdi e5 0A0l lWgoehmneeiinnflhäecihteenn u2m.g estGellt. Zusätzlich sEollen jährlich Die tatsächliche Home-Office Arbeitszeit soll von durchschnittlich 21%\nim Jahr 2021 kontinuierlich gesteigert werden\n= Mindestens 30% der für die Entwicklung von Bestandsimmobilien = Mitarbeiter werden dazu motiviert, zunehmend CO;-neutral zur\nvorgesehenen Investitionen werden für energetische Maßnahmen Arbeit zu kommen. Dies wird mit entsprechenden Maßnahmen\neingesetzt, um Energie zu sparen und CO2-Emissionen zu senken wie z. B. Bereitstellung von E-Autos als Dienstfahrzeug oder Jobtickets\nunterstützt\n= Für alle Neubauprojekte werden entsprechende projektbezogene\nKonzepte erarbeitet, um E-Mobilität zu fördern = Bis 2025 werden 33% aller Firmenwagen mit Hybrid-, Elektro-\noder alternativer neuer Antriebstechnik betrieben\n= Alle Neubauprojekte werden mindestens entsprechend dem\nKfW 55 Standard (EH 55) ausgeführt, ab dem Jahr 2022 entsprechend = Papierausdrucke werden bis zum Jahr 2024 jährlich pro Mitarbeiter\ndem KfW 40 Standard (EH 40) um 5% reduziert\nGED<< 1 co: ne: 1> TD\n= Neubauprojekte werden bevorzugt mit Heizungssystemen auf\nBasis regenerativer Energien wie z.B. Wärmepumpen, Geothermie, betrieben\nSolarthermie und Photovoltaik ausgerüstet = Mitarbeiter haben die Möglichkeit (>\n= Für die künftige Verwendung von Baustoffen werden bis zum Konditionen zu beziehen\nSommer 2022 sowohl Positivlisten (bevorzugte Baustoffe) als\nauch Negativlisten (nicht zu verwendende Baustoffe) erarbeitet\n= Zählereinrichtungen für Allgemeinstrom werden bis Ende 2024\nin allen Bestandsimmobilien auf Smart-Metering umgestellt"
+  },
+  {
+    "page": 31,
+    "text": "ESG-Ziele\nPortfolio- und Objektebene Unternehmensebene\nmit über den gesetzlichen Rahmen = Zentrale Arbeitsrechte wie z. B. auch Verbot von Kinder- und\nhinausgehendem Schutz wird für alle Bestandsimmobilien Zeiwnagneghsaalrtbeeni tu nsdo wAilet edrassd iNviecrhsittdäits kwriirmdi naierungsgebot werden\nbei der Übernahme bindend\n= Alle Neubauprojekte werden über barrierefreie Zugänge = Hohe Arbeitssicherheits- und Gesundheitsschutz-Standards werden\nund teilweise barrierefreie Wohneinheiten verfügen z. B. durch die Bereitstellung von modernen, ergonomischen\nArbeitsplätzen und die Gewährung von erhöhten Urlaubstagen gestärkt\n= Soweit technisch möglich und wirtschaftlich vertretbar, wird\nBarrierefreiheit in Bestandsimmobilien z. B. durch Anpassungen = Mitarbeitern werden faire Bedingungen am Arbeitsplatz,\nvon Aufzügen, Veränderung von Türbreiten und Einbau von Rampen angemessene Entlohnung, gute Aus- und Weiterbildungschancen\ngefördert. Darüber hinaus werden jährlich 5% aller zur Sanierung sowie individuelle Entwicklungskonzepte geboten\nanstehenden Bestandswohnungen barrierearm ausgerüstet\n= Pro Jahr werden mindestens 20 Trainee-, Ausbildungs-,\n= In den ersten zwei Jahren nach Ankauf einer Bestandsimmobilie Werkstudenten- und Praktikantenplätze zur Verfügung gestellt\nwerden die Betriebskosten um 5% bis 10% gesenkt, um damit die\n= Mitarbeiter werden durch betriebliche Altersvorsorge und\nMieter zu entlasten\nBeteiligungsmöglichkeiten an beim Vermögensaufbau\n= Bestandsimmobilien werden auf einen zeitgemäßen Stand gebracht unterstützt\nund Quartiere sowie Wohnungen geschaffen, in denen Menschen\n= Die kulturelle Vielfalt in derl wird durch die Anstellung\ngut und sicher leben können und sich wohlfühlen\nvon Mitarbeitern mit verschiedenen Nationalitäten gefördert\n. Dic QED auch in Zukunft keine Entmietungen"
+  },
+  {
+    "page": 32,
+    "text": "ESG-Ziele GOVERNANCE\nUNTERNEHMENSFÜHRUNG\nPortfolio- und Objektebene Unternehmensebene\n= Die Kommunikation mit den Mietern wird durch Mieter- = Nachhaltigkeitsmanagement wird auf Vorstands-\nversammlungen und eine eigene Mieter-App verbessert und ausgebaut und Aufsichtsratsebene fest verankert\n= Das Beschwerdemanagement auf der = Die Einhaltung der Compliance-Richtlinie ist fester Bestandteil\nwird weiter ausgebaut des Arbeitsvertrags aller Führungskräfte und Mitarbeiter\n= Die Investorenkommunikation wird durch ein transparentes = Alle Geschäftspartner werden zur Einhaltung des\nESG-Reporting ab 2022 weiter verbessert Verhaltenskodex für Geschäftspartner verpflichtet\n= Zur schnellen Bearbeitung von Störfällen und zielgerichteter = Die „Nulltoleranz-Strategie“ wird durchgesetzt, indem bei\nKommunikation wird ein Störfallmeldungssystem zur Geschäftsleitung Verstößen gegen die Compliance-Richtlinie konsequent\naufgebaut eingeschritten wird und entsprechende Sanktionen durch\ndas Management durchgeführt werden\n= Der Anteil weiblicher Führungskräfte wird über alle Führungsebenen\n(Management, Leiter, Teamleiter) von 25% auf 35% bis 2025 erhöht\n= Die Digitalisierung wird konsequent vorangetrieben\n= ESG-Ziele werden im Jahr 2022 in die Zielvereinbarungen der\nMitarbeiter mit Bonusvereinbarungen aufgenommen und künftig\nweiter ausgebaut\n= Das Prozess- und Projektmanagement sowie der Zentraleinkauf\nvon Dienstleistungen, Produkten und Materialien wird ausgebaut"
+  },
+  {
+    "page": 33,
+    "text": ""
+  },
+  {
+    "page": 34,
+    "text": "Warum aaa\nEin hochqualifiziertes Team mit nachgewiesenem Track-Record\nKompetenz Erfahrung und Kontrolle Landesweite Plattform\n9\nad\nNachweisliche Fähigkeit, Langjährige Erfahrung in der Zusammenarbeit Nationale Abdeckung\nWertschöpfung zu realisieren mit institutionellen Investoren und der mit Teams vor Ort\nAuflegung adäquater Produkte\n*\nOo\nUmfangreiches Netzwerk zur Flache Struktur und\nRealisierung von Off-Market- Strenges vertikale Integration\nTransaktionen Risikomanagement\nQe\nJS\neo\nTrack-Record Uber Breites Spektrum Interdisziplinäre\nAbschlüsse komplexer und an interner Fachkompetenz Teams\nanspruchsvoller Transaktionen"
+  },
+  {
+    "page": 35,
+    "text": "Assets under Management\nExperte für Wohninvestments\nca.4 Mrd. € »\n45% 54%\nAuM Institutionell HNWI/\nSemiprofessionell\nA Track-Record\n13.000 Kundenverteilung\nBestandsobjekte Stand Dezember 2021\nHu\n>30.000 j\nGehandelte Einheiten\nseit 2006 1%\nPrivat"
+  },
+  {
+    "page": 36,
+    "text": "Integrierte Investmentmanagement-Plattform\nImmobilienexpertise vor Ort\nRegionale Präsenz\n“a\n. Gap... assoziierten Immobilienverwaltungsteams\nverfügen zusammen über ein Netzwerk von sieben\n>235 Niederlassungen in ganz Deutschland\nMitarbeiter\n= Mit Standorten in den wichtigsten Wirtschaftszentren und\ngrößten Immobilienmärkten bietet\nInvestitionspartnern einen direkten Zugang zu den lokalen\nMärkten sowie (Off-Market-)Investmentgelegenheiten\n= Mit der Vertretung vor Ort in den verschiedenen Märkten\nihren Mietern und den Immobilien die beste\n7 Aufmerksamkeit zukommen lassen\nStandorte\nIntegrierte Management Plattform\nG= Im GegensEatz zu ande:ren Invest mdeenrt gMeasnaamgteernn s tbreattreagcihstcehten\nImmobilienwertschöpfungskette als fundamental\n(U :: im gesamten Lebenszyklus\neiner Immobile Wertschöpfung generieren"
+  },
+  {
+    "page": 37,
+    "text": "Vollumfassende Leistungen entlang der Immobilie\nIntegrierte Plattform mit 235 hoch qualifizierten Mitarbeitern\nLebenszyklus des Objektes\n1 Op t\nAnkauf Wertsteigerung & -erhalt Exit\nAccounting + Portfolio/ Fonds- Asset Property\nInvestment Financing Management Management Management Development Sales\n> > > > > > >\n= Deal-Sourcing& = SPV & Property = Strukturieren der = Objektstrategien = Kontrolle des = Entwicklungs- und = Vertragsverhandlung\nStrukturierung Accounting Investmentvehikel * Businesspläne Objektzustandes Kai ment = Abschluss\n* Due Diligence * Auswahl der Bank, * Partfolio- » Vertreten der Interessen * Inspektionen der ownow\n= OffMarket-Deals Aussehrstbang Management . des Eigentümers en n . Bestandsentsickuingen\nund Bieterverfahren ne \" Investoren-Reporting = Erhöhung der * Ergänzungs- und\n© Vertrageverfenduncen . a al . Performance-Analyse Mi ii e teinnahmen = R a epara e turen A Neubauten\n© Abschluss = Ris& Ciompkliaonce = Optimierung der * Ome! ES HENNING\n= Erfüllung der laufenden Kosten Ausgleichen der\nAuszahlungskondition „Refurbishmente Dienstleistergebühren\n* Verwaltung & = Kontrolle des Property\nReporting Management\nSteuerberater\nRisiko-Management"
+  },
+  {
+    "page": 38,
+    "text": "Unsere strategischen Erfolgsfaktoren\n£\n15\nKlar definierte Vollintegrierter Herausragende\nAnlagestrategie Asset-Manager Value Creation Model Expertise\nFokus auf Wohnimmobilien Alle wichtigen Funktionen in einer Zielgerichtete Ansteuerung Langjährige Erfahrung in der\nim großen Mittelpreissegment mit Hand: Vom Investment-Management sämtlicher Hebel zur Qualitäts- Neubau- & Bestandsentwicklung\nerheblichem Nachfrageüberhang über Ankauf, Entwicklung und steigerung, Wertschöpfung und sowie im Management von\nManagement bis zum Verkauf kontinuierlichen Verbesserung Wohnimmobilien in Deutschland\nvon Immobilien\n%& ©\nad \"Sg\nUmfassende Hohe gesellschaftliche Performante Hohe Klimaschutz-\nMarktintelligenz Kompetenz Geschäftsprozesse kompetenz\nIm Unternehmen verankerte, Aktive Quartiersentwicklung Optimierte Prozesse mit hohem Vielzahl realisierter Projekte\ntiefgreifende Branchen- und für Menschen - in respektvollem Maß an Industrialisierung mit signifikant verbesserter\nMarktkenntnisse auf nationaler, Umgang mit Mietern, Käufern und Digitalisierung Energieeffizienz und Energie-\nregionaler und lokaler Ebene und Kommunen einsparungen sowie Reduktion\nvon CO2-Emissionen"
+  },
+  {
+    "page": 39,
+    "text": "Organisationsstruktur\nEffiziente Ausrichtung entlang der Wertschöpfungskette\nSenior Management\nFund Asset Investment/ Property Accounting &\nManagement Management Transaction Development Management Financing Corporate\nFelix Frankl Dominik Schott Tim Andreas Lasys Arne Schreier Nikolaivon Hölsarsiork Mario Breuer\nLeiter Leiter Leiter Head of Brandenstein en Leiter\nFondsmanagement Asset Management Investment Management Projektentwicklung Geschäftsführer Riverhome. IT & Digtalisation\nDr. Ester Ries Vanessa Jung A M Fan Nils Korndörfer Andre Zahlten\nProduktentwicklung Management ENO Investment Manage: Rechnungswesen Marketing/Kommunikation\nMathifa s Stampfer Rene Sondermann Thorsten Papke JanGeiilß Frederiil kBevendorf Chriisteiane Wald\nSenior Fondsmanager 22 Mansaener! Senior Investment Manager Gewährleistungs- Inlete: Leiterin Personal\nServices management Bestandsfinanzierung\nErg erden Jule Weaner Marius Weifenbach Carolin Schmuser\nau- und Teamleiter Leiterin\nBe Senior Investment Manager\nNeubaufinanzierung Unternehmensentwicklung\nCorporate\nControlling\nAsset Management der Entwicklung von Finance\nFondsmanagement Immobilieninvestments Akquisition bzw. Verkaudfer Wohnimmobilienprojekten Vermietungsmanagement Immobilienfinanzierung K M o a m r m k u e n t i i k n a g t u i n o d n\nInvestor Relations K d o e o r r d o i p n e a r t a i t o i n v e u n n d A s K s o e n t t r u o n l d le betreuten Liegenschaften Mobilitätskonzepte etc. Immo K b a i u l f i m e ä n n m ni a s n c a h g e e s ment Acsanting Corporate Development\nund Reporting Property Management Teams Transaktionsabwicklung Interdisziplinäres Team aus\nIngenieuren, Architekten, Instandhaltungsmaßnahmen Obiettbuchhelune Eeperane: Human Resources\nBestandsentwicklung Ökonomen, usw\nRisikomanagement Digital & IT\nCompliance"
+  },
+  {
+    "page": 40,
+    "text": "Marktzugang\nZugänge zur Identifikation interessanter Ankaufs-Opportunitäten\nDeal Sourcing Netzwerk Herkunft der Investments\n| TI |\n34% 22%\nBestehende Kontakte Enger Kontakt direkt\nOff-Market- Strukturierter\nzu international tatigen zu spezialisierten Investition Verkaufsprozess\nMaklerhäusern Projektentwicklern\n9 x\nin % der\nangekauften AuM\nSukzessiver Ausbau von Nutzung des Netzwerkes\nKontakten zu lokalen lokaler Property 44%\nMaklern Management Partner\nSelektiver\nVerkaufsprozess\nr\nEigenes Netzwerk\nzu Eigentumern\n1-\nLLLBRRBH\nAngebotseingänge 2021 bis August 2022\n© Ea\nAngebotseingänge Erstbewertung\n2.173 Angebote 762 Erstbewertungen\n19,8 Mrd. €\nNA\nFreigabe im Anlage- Erfolgreicher Abschluss\nausschuss / IC 32 abgeschlossene\n32 Freigaben Transaktionen\n831 Mio. € 831 Mio.€"
+  },
+  {
+    "page": 41,
+    "text": ""
+  },
+  {
+    "page": 42,
+    "text": "Zusammenfassung Rahmendaten\nWohnimmobilienfonds mit Fokus auf die Akquisition Ab 10 Mio. EUR stimmberechtigt im Anlageausschuss\nvon wertstabilen Objekten mit Entwicklungspotenzial Anlageausschuss Investitionen außerhalb der Anlagekriterien mit\nin den deutsche Metropolregionen und umliegenden Zustimmung des Anlageausschusses möglich\nPreduktkonzept\nRegionen mit Städten >50T Einwohner\nStrukturierungsgebiihr: 0,1 % der bis zum 31.12.2023\nOffener Immobilien-Spezialfonds (AIF nach KAGB) erfolgten Kapitalzusagen (max. 200 TEUR)\nFondsstruktur\nmit der IntReal als Service KVG Jährliche Verwaltungsgebühr (AM-Fee): 0,44 % +\n0,17 % Service KVG\nZielvolumen Bis zu 250 Mio. € Bruttoinvestitionen Eckpunkte Ankaufsvergiitung: 1,40 %\nAnalog dem erfol estierten Vergütungsstruktur Verkaufsvergütung: 0,30 %\nPortfolio (zei. Ust) Verkaufsvergütung (Teil-Immobilie): 2,12 %\nBaumanagement Fee: 491%\nLaufzelt 10 - 12 Jahre Verwahrstelle: 0,01%\nPerformance-Fee: 20% über einer @ Ausschüttungs-\nZielrenditen = Prognostizierte jährliche Ausschüttung* von 84,0% rendite von 4,0%\n= Prognostizierte Gesamtrendite (IRR}* von 7,5%\nZeichnungssumme durch\nZentrale = Lagefokussierung: Metropolregionen Deutschlands Mindestzeichnung Anleger mindestens 5,0 Mio. €\n= Finanzierung: max. 20% LTV\nAnlagerichtiinie\n= Risikoprofil: Core, Core + Investorenzielgruppe Institutionelle Investoren"
+  },
+  {
+    "page": 43,
+    "text": "Zeitplan\nWohninvest IV — Investments in Wohnimmobilien\n®\nMarktumfeld\nDeutschland als “sicherer\nHafen” für Investitionen und\nausgeprägte Dynamik am\nWohnimmobilienmarkt\nZeitplan\nInvestorentermine\nInvestoren Due Diligence\nErstes Anleger-Closing\nAnkauf der Fondsobjekte\n@«\n@«\noO\nCashflow Diversifikation\nDie starke Nachfrage nach Streuung von Risiken durch\nWohnungen in deutschen Investition in verschiedenen\nStädten ermöglicht ein Metropolregionen und\nlangfristig stabiles Einkommen Städten mit wirtschaftlicher\nEntwicklungsperspektive\nQ4 2022 Q1 2023\nv\nEn\nvV\nal\nTeam Performance\nErfahrenes Team vor Ort Investition in\nmit einer bewahrten Bestandsimmobilien\nPlattform sichert besten mit einem niedrigen\nMarktzugang Rendite-/Risiko-Profil\nQ2 2023 Q3 2023\nEn Ein"
+  },
+  {
+    "page": 44,
+    "text": "INREV Informationsblatt\nDiversifizierter Wohnimmobilien-Fonds\nINREV\nName des Fonds\nName des Investmentmanagers\nAllgemeine Informationen Name des Ansprechpartners\nTelefonnummer des Ansprechpartners\nE-Mail des Ansprechpartners\nArt des Anlagevehikels Fonds\nStruktur des Anlagevehikels Offen\nSitz des Anlagevehikels Deutschland\nStruktur des Antagevehikels vom Manager festgelegter Stil Core, Core +\nRechtsform Offener Immobilien-Spezialfonds\nJahr des ersten Closings 2022\nLaufzeit 10 - 12 Jahre\nGeplantes Jahr der Auflösung 2032 - 2034\nZiel-Netto-IRR / Gesamtrendite* 7,50%+\nZielvolumen des Anlagevehikels 250 Mio. €\nZiel-LTY 20%\n‚Aktueller LTV 0%\nZiirraiaein Maximaler LTV\n20%\nZielregionfen)/Jand Führende Metropolregionen Deutschlands und ausgewählte Standorte >50T Einw.\nZielsektoren Wohnimmobilien\nZielanlagestrategie Wertstabile Wohnimmobilien (mit Bestandsentwicklungen)"
+  },
+  {
+    "page": 45,
+    "text": "INREV Informationsblatt\nDiversifizierter Wohnimmobilien-Fonds\nINREV\nBerichtswährung Euro\nFinanzberfchterstattung Rechnungslegungsstandards KARBY - Kapitalanlage Rechnungslegungs- und -Bewertungsverordnung\nMit INREV-Richtlinien konform Ja\nZielinvestorentyp Institutionelle Investoren\ntemper Zielanzahl der Investoren 15 - 20 Investoren\nMindestanlagesumme pro Investoren\nCo-Investment des Investmentmanagers\nAnkaufsgebiihr 1,40% {% des Ankaufspreises) zzgl. KVG Gebühr\nVergütungsstruktur Fund & Asset Management Gebühr 0,44% fii zzgl. 0,17% für KVG IntReal (% des Bruttofondsvermögen p.a.)\n(zzgl. Ust) Verkaufsgebühr 0,80% (% auf Verkaufspreis) zzgl. KVG Gebühr\nErfolgsabhängige Gebühr auf Fondsebene 20% über einer @ Ausschüttungsrendite von 4,0%"
+  }
+]

prototypes/ocr_demo/output/Teaser 1 FINAL-OCR.json

@@ -0,0 +1,154 @@
+[
+  {
+    "page": 1,
+    "text": "MARKETING COMMUNICATION\nFor professional clients only\nFor information only\nStrictly private and confidential\nNot for onward distribution\nPhoto for illustration purposes only\nTe\nme|\n> StiMlckee\ntot\nAs at end March 2024.\na\nO\nTHIS DOCUMENT IS CLASSIFIED\nCONFIDENTIAL\n& „ine feeipjen will:not divulge any such information to-any other\nproduction of this information, in-whole or in part7= 5” AD oe\nofthe senders.\n24 TER N\n—— =} Oi _\nge."
+  },
+  {
+    "page": 2,
+    "text": "Re-ended real estate investment fund based in Luxembourg that seeks\nto achieve a resilient income performance and a long-term capital appreciation through the\nacquisition of logistics real estate assets across Europe, taking advantage of local market dynamics\nand timely opportunities\n= Core/Core+ strategy, with tactical exposure to development projects aiming at enhancing the\nquality of the portfolio over time\n= Strong ESG commitment, focused on decarbonisation and wellbeing to meet the requirements\nof the tenants’ community and protect long-term capital values\n= Ateam of Logistics experts, leveraging on deep local networks and i leading position\nin Europe\n= A highly diversified, well indexed operating portfolio, with a strong occupancy rate and a\nsignificant rent reversion potential, protecting clients against inflation\n= Ain srtoibtuusttio cnaapli tianlv essttrourcst ubraes, ec owmitbhi nai nlgon lgo-wt elremv ehroalgdei,n ga smoilnidd sientc ome profile and a large exam\n= Sponsorship from the with a significant stake in the Fund since inception\n& Fund total net market value by\nFund long term performance targets: country, as at 31 March 2024\n* 7%+ Net Investors’ long-term return\n* Regular distribution of the income performance\nMarch 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy o}\nit note on Slide 15"
+  },
+  {
+    "page": 3,
+    "text": "1 Market update and convictions\n2 Fund overview\n3 ESG Ambitions\n4 Conclusion\n——»t\nu Gis"
+  },
+  {
+    "page": 4,
+    "text": "Market update and dweöge ie 1 jary\nPPT\nae) |\nconvictions\nTht)i?n\nTa\n—— 7\nPenh te"
+  },
+  {
+    "page": 5,
+    "text": "Occupier’s market\nTake up has slowed but vacancy rates remain in check, supported by the rapid fall of space under construction\nEuropean logistics demand and supply Prime logistics rental indices\nmm Net additions mums Net absorption «= Vacancy rate (RHS) == Berlin — Dusseldorf Lyon ==Milan == Rotterdam\n30 14 == Birmingham London == Madrid == Paris IDF\n190\n35 12\n180\n10 170\n= 20 160\noz Ex 8\na 8 09 S 150\n£ a N\n15 ° 8 140\n6” oSO 130\nS\n40 9 120\n4 3 110\n2Ö 100\n5\n2 90\na 80\n0 0\nje] je] a a =< on! a co co bo ao a N N N N N\noO je) oO oO oO oO oO oO oO oO oO oO je} oO oO oO o\nPecd = = = = = u 5 u\nThe lack of available suitable Logistics premises in supply constrained markets supports rental growth forecasts above inflation\nPC of 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the"
+  },
+  {
+    "page": 6,
+    "text": "Investment market\nInvestment volumes are expected to gather momentum through 2024 as interest rates are cut\nEuropean industrial and logistics investment volumes Rolling annual European investment volumes\nmete em Ol ee Pre-pandemic 10-year average m Industrial u Office @ Retail @ Residential m Rest\n80 100\n70 90\n80\n60\n70\n50\n60\n5wn 2 u.\n= 5\n@ 30 £ 40\n5 5\n° 30\nW TH HILL LW “\nzn 11-1 DI m 20\n== | 22% share\nEee mas Ho ° |\n, =a nee in Q1 2024\nEB SHE SB SS SS EIS HALS SINE 0\nN A A AA AR RAR AA RA KT A A AN -oi 0ct 0oi 0oi 0ci0 a0 t0s! 0oi 0a 0ci 0Sn! 0ca0 c0i c0i 0et 0ci 6ct 0ci\nm oo (e}] oO a N mn st un wo m co fe)! oO = N mn <<\nSo oO je] mn, a ci ci ci co ct ci ac a N N N N N\noO oO oO oO oO oO je} je} oO oO oO oO oO oO oO (ee) oO oO\nAppetite for the Logistics sector is high, supported by a swift repricing and strong real estate fundamentals\nf 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the\nstrategy or achieve its objectives."
+  },
+  {
+    "page": 7,
+    "text": "Prime logistics yields\nYields appear to be at or near a peak after a strong repricing caused by rising interest rates\nPrime logistics yields\nFrance = Germany == Italy == Netherlands = Spain = UK\n4 N\nPrime Logistics yields expanded quickly but may now\nstabilize supported by:\n6\no Solid real estate fundamentals\n“ o Swift repricing of the asset class\ns © Leverage effect back in positive territory\n7 #\n3\n2\n2006 2008 2010 2012 2014 2016 2018 2020 2022 2024\nPo of 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the\nstrategy or achieve its objectives."
+  },
+  {
+    "page": 8,
+    "text": "Our convictions\nAttractive income growth outlook for best-in class ESG properties in Logistics Core markets\nA structural shift in demand driven by the growth of e-commerce, the reconfiguration of supply\nchains and the nearshoring of production activity\nE supply to the market is structurally constrained by an increased level of regulation and\nsignificant barriers to entry in densely populated areas\nE; efficiency and wellbeing are increasingly important drivers in tenants’ decision to take .\nlogistics space, whereas decarbonisation is set as a priority for investors\nE logistics sector provides protection against inflation thanks to its well-indexed lease\nstructures and attractive rental growth perspective\nas of 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the\nstrategy or achieve its objectives."
+  },
+  {
+    "page": 9,
+    "text": "The pillars of our portfolio management strategy\nStrategy focused on rents growth, placing ESG at the heart of the decision-making processes\n4 —- Investment liquidity\nDiversification is critical to Seek investments in supply Target energy efficiency and Rotate the portfolio with\nmanaging risk of single-tenant constrained markets with an wellbeing, to respond to a growing investments in deep logistics\nnature. historical depth of demand. demand from tenants. markets of western Europe.\nScalability and size of portfolios Focus on generic properties Implement an ambitious ESG A Development program to\noffers greater leverage with meeting the requirements of a strategy, predominantly focused on continuously improve the quality of\ntenants. wide occupiers’ community. renewables and decarbonization. the portfolio and fast track our ESG\nambitions\n(EE (i p2ucitec) as of 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the\nstrategy or achieve its objectives."
+  },
+  {
+    "page": 10,
+    "text": "The Fund trajectory since inception\nA robust growth sustained by rigorous asset selection and geographical diversification\nu France @ Germany\nB Italy u Netherlands\nu Poland m Spain €3.2bn\nEB United Kingdom Nordics\n€1.8bn OO\nErin 6) Diversification |\n€1.2bn o Supply constrained locations\n- o Established Logistics markets\nInception Date 2019 2020 2021 2022 2023 Qi 2024\n# Countries 4 6 6 11 11 11 11\n# Assets acquired 66 3 18 36 34 5 0\n# Assets disposed - 1 0\n# Total assets 64 72\nas at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve\n10 these results, implement the strategy or achieve its objectives. Pictures are for illustrative purposes only. Figures are based on Q4 2023 NMV and reported at ALEM (Master Fund) level."
+  },
+  {
+    "page": 11,
+    "text": "The Fund trajectory since inception\nA strategy focused on improving the quality and the sustainable profile of the portfolio\nBreakdown of the operating portfolio by property age\n100% 12:0\n17%\ni 10.0\n80%\n70%\nnow 2 28% 8.0 © HiE ghly generiP c Logi=s ti4:cs assets\n© Develop best-in class products\n50% 21% “ i 6.0 © Strong ESG features\n40% vn\nne 39% 4.0\n30% 46% er\n20%\n38%\n31% 2.0\n10%\n7%\n0% — — — - 0.0\nH1'20 H2'20 H1'21 H2'21 H1'22 H2'22 H1'23 H2'23 Q1'24\nMs <5 5-10Y M@mmm10-15Y Mmmmm>15Y Weighted Average Age (R.H.scale)\nre ie at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve\n14, these results, implement the strategy or achieve its objectives. Pictures are for illustrative purposes only. Figures are based on Q4 2023 NMV and reported at ALEM (Master Fund) level."
+  },
+  {
+    "page": 12,
+    "text": "The Fund trajectory since inception\nESG integration is accelerating, with tangible results on our GRESB scores\n2021 & Ok Positioning\nGRESB Star against\n=—@— GRESB Average vs 2022 customised\nSande = 9000\n. peer group”\nInvestment X\nom) OOOO Ki\n2020 2021 2022 2023\n= ALEM u 99 2021 ce & ; Positioning\nagainst\n=== GRESB Average GRESB Star .\n83 customised\n' — © peer group”\nDevelopment 81 2022 © © © © © 7\nInvestment ©\n65 +4 pts\nvs 2022 2023 Actual © & © © & ist in Group\n2020 2021 2022 2023\n12 ese, as at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the fund will achieve these results, implement the strategy or achieve its\nobjectives. Pictures are for illustrative purposes only. * Customised peer group formed filtering on country, asset type and investment characteristics. Peer group size decreased and ranking improved. Please see important notice on previous slide"
+  },
+  {
+    "page": 13,
+    "text": "The Fund trajectory since inception\nManage a best-in class Logistics portfolio in Europe\n83k sqm -¢. 83m€\nBREEAM Excellent\nConstruction date 2018\nBREEAM Outstanding\nConstruction date 2023\n46k sqm -c. 79m€ DGNB Platinum\nBREEAM Excellent ‘onstruction date 2023\nConstruction date 2023\nr \\\n72k sqm - c.60m€\n58k sqm-c.75m€\nBREEAM Excellent Target\nBREEAM Excellent\nConstruction date 2020\nConstruction date 2022\na. Real Estate (unaudited) as at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve\n13 ese results, implement the strategy or achieve its objectives. Pictures are for illustrative purposes only. Figures are based on Q4 2023 NMV and reported at ALEM (Master Fund) level."
+  },
+  {
+    "page": 14,
+    "text": "2.\nFund overview"
+  },
+  {
+    "page": 15,
+    "text": "Fund performance\nNet Performance evolution since inception of the Master Fund”\nGE Performance - Quarterly\nSV> SVA AV% Vv%\n+6.0% oO fo o o > © o > o fo o > & (0 & rod\nTotal net return\n7.6% 8.6%\nsince inception\n6.0%\n+0.1% 2.9%\n2.5% 3.3%\n2.1%\nTotal net return\n1.6% 1.4% 1.2#% 2.5%\n12 months rolling nz | 1.0% 2.6% +0.5% +0.3% +0.3%\n1.2% 1.1% 1.1% 1.0% 0.9% 0.7% 0.2% Me 0.8% 0.7% 0.9% Ml 1.0% 1.1%\n-0.6% -0.8%\n-2.1%\n+0.3%\n-1.1%\n01724\nEEE Income Return Ml Capital Return\nTotal net return\neee Total Net Return\n4%\nMB— Feeder Fund* performance\nTarget 2024\n= +4.0% annualised net return since inception, mid-2020\nDistribution Yield *)\n= +0.3% Total Return 12-months rolling, net\nPo performances to 31 March 2024. The above performance figures are unaudited and merely reflecting the average performance of the fund. Individual performance of investors into the Feeder Fund wil\nvary depending on their entry date and chosen share class. *Investors’ attention is drawn to the fact that the performance presented for NMS.C.A SICAV-RAIF (“the Feeder Fund”) is different from\nEurope Master S.C.A (“the Master Fund”), due to (i.) the Dietz method used under INREV for performance calculation: the performance figures at ALEF RAIF level are impacted by the later launch (18 May 2020) of the vehicl\n15 (ii.) costs specific to the Feeder structure. Inception date for the IN 25.25 July 2019. Past performance does not constitute a representation as to future results or performance. Actual return\nand expenses may vary significantly. For an overview on both Feeder and Master Fund performances, please refer to the fund’s quarterly investor report. (1) Effective net dividend yield target, Master Fund."
+  },
+  {
+    "page": 16,
+    "text": "Fund highlights\nAs of 31st March 2024\n€3.8bn 4.9%/5.5% 98.3% 18.7%\nReal Estate Average Physical Fund\nNMV Stabilised Yield/RY'” Occupancy Net LT(V2)\n€197m 6.3Y/7.4Y 0.3m sqm A-/BBB+\nStabilised Fund under Fitch Rating(4)\nHeadline Rent” WALB/WALTTM development Stable\nDiversified portfolio of 153 properties & 130 tenants across 11 countries Key Performance Metrics\nm Amazon\nFY 20 FY 21 FY 22 FY 23 0124\nm Rhenus\n= DHL INREV NAV (€ bn) 1.3 2A 2.7 3.1 3.1\nm Geodis\nNon-income Real Estate NMV (€ bn) 1.8 3.2 3.8 3.8 3.8\nProducing m DSV\n3% CEVA Occupancy (%) 97 97 99 99 98\nIncome MB Schneider Eletric WALB (Y) 4.4 4.7 5.1 6.6 6.3\nProducing\nm Schenker SA (1)\nNIY (%) 4.8 3.8 4.4 4.7 4.8\nm Conforama (Building B)\nm Aditro Logistics AB Fund Net LTV (%)'2.\n9 18 24 19 18.7\nNordics\n19% @ Other\nas at 31 March 2024. Notes: Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy or\n16\nachieve its objectives. (1) Operating Portfolio. RY: Revesionary Yield (2) Fund Net LTV = (Total External Debt - Cash and Cash equivalents) / Net Market Value of Investment Properties, with figures in Fund share only. (3) Source:\nHRfo: both Standing Assets and Developments (4) Fitch Rating: A- (Bonds rating) / BBB+ (Fund rating, see updates here)."
+  },
+  {
+    "page": 17,
+    "text": "Disciplined Financing Structure\nCombining low leverage, steady growth and backing from institutional investors\nPrudent Financing Policy Stable capital structure\nIn % of investors’ total commitments\n18.7% | 12.4x° Fitch Ratings\nm France\nFund ICR\nm Netherlands\nNet LTV 12M rolling A- / BBB+\nStable outlook(?) m Germany\nm Denmark\n3.8Y 1.2% €898m\nWeighted average # Weighted Average Debt\"\ndebt maturity Cost of Debt\n° Low leverage policy in line with the IG profile of the Issuer\n° Additional Bond issuance subject to market conditions\nm Third Parties mu ME EB Insurance companies m Pension Fund\nMI Investment Trust -Financial M Real Estate / Corporate\n¢ €3,153m raised since inception from 47 institutional investors\n° c. €4.6m Redemption queue\nSource: EEEstate data (unaudited) as at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy or achieve\nits objectives. Pictures and diagrams are for illustrative purposes only. Figures are reported at ALEM (Master Fund) level. (1) Fund Net LTV = (Total External Debt - Cash and Cash equivalents) / Net Market Value of Investment Properties, with\n17 figures in Fund share only. (2) Weighted Average Cost of Debt, excluding set up costs. (3) Earnings before interests, taxes, depreciation and amortization divided by Debt service charge, both on the last 12 months rolling basis and in Fund Share,\nproforma of acquisitions and disposals (4) Fitch Rating: A- (Bonds rating) / BBB+ (Fund rating), affirmed by Fitch Ratings in November 2023. Capital structure figures are based on total investor commitments."
+  },
+  {
+    "page": 18,
+    "text": "Portfolio description\n31° March 2024\nAsset Type Tenant Category\nm Distribution warehouse\nMH Last Mile/ Parcel\ndelivery / Cross dock\nm E-Commerce\nB@ E-Fulfillement center\nm Retailer - Food\nm3PL\nm Other - Industrial Retailer - Automotive\ns Other\nOther @ Retailer - Other\nArea Type ESG Certification\nm <20 000 SQM\nm 20 000 - 49 999 SQM\nm 50 000 - 99 999 SQM\n@ Certified\nm >100 000 SQM\nm No Certification\n::: Estate data (unaudited) as at 31/03/2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy or achieve\nits objectives. Pictures and diagrams are for illustrative purposes only. Figures"
+  },
+  {
+    "page": 19,
+    "text": "Tenancy diversification\nTop 10 Tenant by Headline Rent\nCredit Rating AA- AAA BBB+\") BBB+ A BB- A AA NR NR\n12.8%\nER 4.2%\n% of Headline LJ 3.010%, 2.7% 2.6% 2.6% 2.2% 1.9% 1.8%\nI] DJ — En py — — ———\nRent (ALEM Share)\namazon RHENUS ae) GEODIS ov CEVA. Schneider SCHENKER Conforama Coqiotios\nType E-Commerce Logistics Logistics Logistics Logistics Logistics Equipment Logistics Retail Logistics\nHeadline Rent (Em) 24,3 9,3 79 5,7 5,4 5,0 4,9 4,1 3,5 3,3\nGLA (k sqm) 495 150 157 138 167 106 104 43 68 58\n% Total GLA 11% 3% 4% 3% 4% 2% 1% 1% 2% 1%\nWALB 8,9 17,5 1,4 2,3 3,1 1,5 3,9 2,6 3,5 11,3\nWALT 9,9 17,6 3,5 3,5 4,1 1,5 5,6 5,6 6,5 11,3\n1) Fitch Ratings for Deutsche Post DHL Group\n19 ee: at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy or achieve its\nobjectives. Pictures and diagrams are for illustrative purposes only. Mm Fr"
+  },
+  {
+    "page": 20,
+    "text": "Portfolio leasing profile\nWell indexed portfolio with an embedded rental reversion potential\nStaggered lease term profile — WALB 6.3y / WALT 7.4y Indexation profile\nMlLease Break(m€) ml Lease Expiry (m€)\nm 100% Indexed\nEB Hard Cap\n@ Rent review\nm 75% < 100% Indexed\nu 50% < 75% Indexed\nu Fixed indexation\n11.0\n2.1\n0.0\n2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 >2033\niam... Real Estate data (unaudited) as at 31 March 2024, except portfolio indexation profile at 31.12.2023. Past performance is not representative of future results or performance. There can be no assurance that the Fund will\n20\nachieve these results, implement the strategy or achieve its objectives. Pictures and diagrams are for illustrative purposes only."
+  },
+  {
+    "page": 21,
+    "text": "3.\nESG ambitions\nA<\nfate a a a a\n= a — Iae\npeane ae oe,\nImage for illustrative purposes only. sourcdi 2s at 31 March 2024."
+  },
+  {
+    "page": 22,
+    "text": "ESG At The Heart Of Our Ownership, Development And Acquisition Strategies\nSetting ambitious and measurable objectives\nOWNERSHIP |\nimproving the Exiusti ng portfolio DEVELOPMENT saUIuSITIONS\n* Target alignment of asset performance with ° Use internationally recognised certifications ° Use key flags to assess and anticipate risks:\nParis Agreement and reduce GHG emissions on a global scale: delivering BREEAM regulatory, physical climate risk,\n° Collect, monitor and optimise utility EXCELLENT, DGNB GOLD or LEED PLATINUM certification, AML/KYC, ESG rating\nconsumption for all buildings: energy Spree DSB here * ESG considerations placed at investment\n(landlord data) and water (whole building ° Deliver energy efficient assets, factoring in, screening and Investment Committee levels\ndata) future regulatory and environmental Target isiti f efficient and fut\n° Assess and improve the ESG performance of standards:= mini mum EPC level B ° pTraorgoeft parcoqpueirtsiietsi,o nsw iotf h eaf fficoiceunts oannd enefrugtuyre-\nall assets, with our internal rating and with ° Identify and mitigate climate change efficiency and well-being\nGRESB scoring for the portfolio impacts by carrying out a physical hazards Seeebefleuilal ah omtiaised Hexibilit\n. improwe se ESG performance wi.t h nlni Du ° viOav eprohtaeunlt iablu iilndsitnaglsl awtiitohn, o mptaiimnitseedn ancflee xaibnildity\ncertifications: BREEAM or equivalent. Certify ° Place the health & wellbeing of future repair of energy efficiency equipment\nall new assets. tenants at the heart of all projects in terms A sustainability acti t isiti\n° Deploy tenant satisfaction survey to assess or BeSIEh,alr uall' y Ot aesass Bo Nature. ° Ais spuasrtati noafb itlihtey unadcetriworni tpilnagn: ppohsto-taocvqoulitsaiitcion\nand improve user experience solar panels, electric vehicle charging\naur, B F M’ stations, LEDs, smart-meter programs with\n> a tenants, ...\nar\nGRESB m : :\nREAL ESTATE € Within a green financing framework >\nem ey\nEn: at 31 March 2024. There can be no assurance that the Fund will achieve these results, implement the strategy or achieve its objectives. Pictures are for illustrative purposes only. Important notice:\nThe ESG data used in the investment processes are based on ESG methodologies which rely in part on third party data, and in some cases are internally developed. The methodologies are subjective and may change over time. Despite\n22 several initiatives, the lack of harmonised definitions can make ESG criteria heterogeneous. As such, the different investment strategies that use ESG criteria and ESG reporting are difficult to compare with each other. Strategies that\nincorporate ESG criteria and those that incorporate sustainable development criteria may use ESG data that appear similar but which should be distinguished because their calculation method may be different."
+  },
+  {
+    "page": 23,
+    "text": "Europe Fund ESG Roadmap\nOn track for most fund 2025 targets\nDECARBONISATION 2) RESILIENCE ED BUILDING TOMORROW\nTargets\nDecrease operational carbon 50% ‘B’ (or better) EPC ratings Increase tenant with ESG clause in\n2 0 2 5 intensity by 20% in 2025 compared their lease\nto 2019\nProgresIsn ~) In\nProgress\n>50% AUM certified with level of Minimum 4-star GRESB rating > 50% AUM with whole building\nminimum ‘very good’ or (landlord + tenant) utility data\nequivalent collected (except water)\n© ie\n2023 Achievements 75%\nAchieved Coverage\n23 HEE Rea! Estate data (unaudited) as at 31 March 2024. Notes: Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy\nor achieve its objectives. Pictures are for illustrative purposes only. 1. based on Q4 2022 perimeter."
+  },
+  {
+    "page": 24,
+    "text": "Renewables Strategy\nFocus on solar panel strategy\nIncreasing solar panel production capacity Servicing our tenants\n¢ All new developments equipped with solar panels ° Decarbonisation\n° Tenant self-consumption or/and grid feeding * Secured source of Energy\n¢ Retrofit program for the existing assets ° Regulation\nPortfolio Capacity (MWp)\n2023 2024 2025\n24 hn! Real Estate data (unaudited) as at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy or\nachieve its objectives. Pictures are for illustrative purposes only."
+  },
+  {
+    "page": 25,
+    "text": "Development program\nA way to fast track our ESG ambitions and generate some reserves of capital gain\nr 7°\nProjects Under\nconstruction\nge We estimate that | | — at\n©: 26% 7 | = | = | | j Wes | : 1 fi .\nc. 6.3% Of the Operating Portfolio has been | m | LS eT | | \" F 3 H =\nR | 1 TITEL J\naverage developed by the Fund since inception ‘ads, all Hohn IE Be\nm alk\nc. €14m 100% c. 168k sqm\nTarget BREEAM GLA\nsn “Excellent” or\nTo be developed Under construction\nbetter\n95 Re °<: Estate data (unaudited) as at 31 March 2024. Past performance is not representative of\nfuture results or performance. There can be no assurance that the Fund will achieve these results, implement the\nstrategy or achieve its objectives. Pictures and diagrams are for illustrative purposes only."
+  },
+  {
+    "page": 26,
+    "text": "4.\nConclusion\ny om\nfPolre aislelu sntortaeti vteh aptu trhpoissiemsa ognel yis 7 scl ie N"
+  },
+  {
+    "page": 27,
+    "text": "Conclusion\nA well capitalized fund providing access to a best-in class logistics portfolio in Europe\n+6.0% annualised Total Return since Inception. 12-months performance back in positive territory (+0,1%) after significant repricing\nFund Yields expansion has slowed (c. +20bp over the last 12 months vs. c +90bp one year ago)\nPerformance! Notable increase in the Fund’s Income Performance, c. +150bp to reach c. 4.1%)\n2024 Distribution target: 4.0%\nWell diversified Logistics portfolio of 153 assets providing c. 4.3m sqm. of high-quality space across 11 European countries\nOperating The Operating Portfolio is c. 98% let to a wide base of 130 tenants on 6.3/7.4Y of WALB/WALT\nPerformance The Stabilised Yield of the Operating Portfolio is set at 4.9%?)\nA successful Development program, which improved the quality & the sustainable profile of the portfolio (c. €0.4bn completed in 2023)\nLow leverage policy and good credit metrics with a Fund net LTV of 18.7% and an WACD of c. 1.2%\nRobust Capital Fitch reaffirmed in October 2023 the BBB+ rating of ALEM (A- on the instruments) with a Stable Outlook\nStructure Institutional shareholders base gathering 47 reputable investors\nWith the anticipated rate cuts in 2024, the financing conditions have improved for issuers with solid covenants\nA focused ESG strategy rewarded by 5 Stars GRESB in 2023 for both assets in operation and under development\nESG The financing strategy is aligned with the ESG ambition of the Fund. c. 98% of Total Debt under green format\nAchievements An active strategy on renewable energy to meet the requirements of our tenants\nFast track the ESG ambition of the Fund with Development program\nHEAlts Real Estate data (unaudited) as of 31 March 2024. Notes: Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the\nstrategy or achieve its objectives. (1) Figures are reported at ALEM (Master Fund) level. Investors are invited to invest via a feeder fund. See important note on Slide 15. (2) Weighted Average Stabilised Yield (based on Headline rent, excluding\n27 lease incentives) as at end of March 2024. (3) Fund Net LTV = (Total External Debt - Cash and Cash equivalents) / Net Market Value of Investment Properties, with figures in Fund share only."
+  },
+  {
+    "page": 28,
+    "text": "Europe Roadmap\nKey drivers of the Fund’s ambition\n[> Acquisition » Development » Disposal Financing Strategy\n¢ Transitioned to unsecured debt financing\n° The Fund will remain selective * Develop to hold projects with « Disposal program was put on in Nov. 2021 with 2 green notes maturing\nand disciplined to seize deep positive impacts on the hold in 2023 to reflect ona in 2026 & 2029\nopportunities in the ESG profile of the portfolio slowing investment market ° Stay agile and seize opportunities in the\niE T ut ke=t= ¢ Seek land repricing ¢ Selected di‘ sposal of non- Fii nanciing market\n¢ Focus on Core in markets opportunities which may arise strategic assets are planned in ° Update the EMTN program of the Fund in\noffering depth of occupiers’ from Trader Developer 2024, anticipating better H1’24\ndemand and investment . market conditions in the\ney ° Generate value creation\nliquidity i second half ofthe year Bu .\nthrough development in Core Resilient Capital Structure\ne Focus on indexed lease markets e Optimize the risk return a .\nmn : : . e Maintain a low leverage policy\ncontracts and acquisition with profile of the portfolio and\na rents’ reversion potential materialize capital gains * Monitor the Investment Grade profile of\nthe fund (BBB+ by Fitch)\n¢ Focus on properties with\nstrong ESG credentials\nCash Management & Distribution Policy\nID ESG ° 2024 distribution target is set to c. 4%\n¢ Close monitoring of the Fund’s cash\n* Maintain the Fund’s GRESB rating to 5 stars position\n¢ Pursue the decarbonization of the portfolio and implement the Renewable strategy of the Fund\n28 Its Real Estate data (unaudited) as at 31 March 2024. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve these results, implement the strategy or\ne tives. Pictures and diagrams are for illustrative purposes only."
+  },
+  {
+    "page": 29,
+    "text": "Key risks and fund\nterms"
+  },
+  {
+    "page": 30,
+    "text": "Selected Risks Associated with the Fund\nInvestment liquidity Performance Real Estate\n¢ Investor redemptions may be suspended for « Past performance does not guarantee future «e Fund income and capital return may be\nan indefinite period with no guarantee that results or return on investment impacted by the following real estate-specific\nthe 12-months notice period will be met risks: vacancy, obsolescence, short-term\n« There is no assurance that the Fund will leases, tenant credit, renovation and\nrealise its investment strategy or achieve its development\nstated returns\nMarket volatility Investment availability Financing & Currency exposure\n* Fund performance may be adversely affected ¢ The activities of identifying and completing ° The use of financial leverage increases\nby disruption and volatility within capital and transactions for the Fund is highly performance volatility\ncredit markets competitive and is dependent in part upon\nmarket conditions ®e Changes in exchange rates may adversely\n¢ These risks are also present in the real estate impact the performance of non-euro\nmarkets, causing pricing and liquidity risks ¢ There is no assurance that the manager or its investments\nadvisors will invest all of its committed\ncapital to the extent described «The use of collateralised hedging\ninstruments to cover interest rate and\ncurrency risk exposes the Fund to both\ncounterparty risk and liquidity risk\n31 EEE - u j j - te and assume the risks of an investment in the Fund. The above list is neither detailed nor exhaustive. Certain\nrisks are outside oO"
+  },
+  {
+    "page": 31,
+    "text": "Key Fund Terms\nFund Structure Fund Terms\n. EUR 6-8 billion GAV over the Launch: December 2019 (first closing)\nTarget Fund Size:\nlong term\nFund term: Open-ended\nDomicile & Structure: Luxembourg SCA SICAV-RAIF\nAnticipated investment horizon: 10 years+\nCurrency: EUR\nQuarterly, Queueing systems\nSubscription/redemption process Traditional mechanisms aiming to protect\nliquidity for long-term investors\nGovernance Discretionary fund\nAdjusted INREV guidelines\n(with 10-year amortisation of\nInvestors Advisory Committee NAV:\nsetup/acquisition costs)\nInvestment Objective Leverage\nSeek regular income distributions together with long term capital\n¢ The Fund has a 35% target LTV, with cap of 45% LTV\nappreciation through the construction of a diversified pan-European\nportfolio of Logistics assets in established locations\n¢ LTV limit at property level: 65% maximum at financing setup\nTarget returns? 4.5% - 5.5% Dividend Yield\nSponsor\nLong term net return target: 7%+\nMinimum 80% income producing ratio at acquisition\nEn |: data (unaudited) as at 31 December 2023. Past performance is not representative of future results or performance. There can be no assurance that the Fund will\n32 achieve these results, implement the strategy or achieve its objectives. ! over a complete business cycle"
+  },
+  {
+    "page": 32,
+    "text": "Key Fund Terms\nSubscription and redemption processes in the Fund\nSubscription process Redemption process\n¢ Minimum Investor Subscription: EUR 5 million ¢ Redemption requests received on a quarterly basis, with NAV price to be\ndetermined at time of execution, subject to exit levy.\n¢ Potential queueing of subscription orders :\ne Potential queueing of redemption orders:\ne All subscriptions received during a quarter have the same rank\ne Allredemptions received during a quarter have the same rank\ne Subscription orders in a following quarter will be drawn down once\nall previous subscription orders have been executed e¢ Redemption orders in a following quarter will be redeemed\nonce all previous redemption orders have been executed\n* Subscription orders may be cancelled by GP and investors if not\ndrawn down after 12 months ¢ Redemption orders may be cancelled by investors at any time\n(with the consent of the General Partner, in its sole discretion)\n« Single investor committed capped at 15% of the fund size\ne« Redemption requests may be executed up to 12 months after being\n¢ Excess to be automatically deferred to the next quarterly calls\nreceived by the Fund.\n« The General Partner, in its discretion, may not apply an exit levy if\nSuspension\nredemptions can be matched by subscriptions in the subscription queue’\ne Acceptance of new redemptions may be suspended if, (i) at a given NAV « Exit levies may be applied for the benefit of the Fund to capture\ndate, aggregate redemption requests represent more than 15% of the unamortised acquisition costs and trading costs:\nFund size or (ii) after consultation with the Investor Advisory Committee\n¢ If holding <5 years: maximum 2%\nthere are special market conditions. If redemptions are suspended, the\n° Ifholding >5 years: maximum 1%\nManager has up to 18 months to meet the outstanding redemption\nrequests.\nProperty geographic diversification\ne lf at the end of the 18-month suspension period, the Manager has not\nreopened the fund, the following options will be referred to investors\n« Tier 1 Countries: >60%\n(acting by a 2/3rd majority):\n— Germany, France, Benelux, UK\n¢ prolongation of the suspension period for a further 18 months; or\n¢ Tier 2 Countries: maximum 40%\n— Spain, Italy, Nordics and Poland\n¢ liquidation of the Fund.\n¢ Other European countries: maximum of 15% per single country\n53 ae data (unaudited) as at 31 December 2023. Past performance is not representative of future results or performance. There can be no assurance that the Fund will achieve\nt ese results, implement the strategy or achieve its objectives. Pictures are for illustrative purposes only."
+  },
+  {
+    "page": 33,
+    "text": "Key Fund Terms\nFees\nManagement Fees! Performance Fees?\nWith perf. fee Without perf. fee\nTickets €5m-€30m 110bps on NAV 125bps on NAV 15% over 7% IRR\nTickets €30m-€50m 95bps on NAV 110bps on NAV Three-year rolling period\nTickets €50m-€100m 85bps on NAV 100bps on NAV Calculation / Provision: quarterly\nTickets €100m-€300m 75bps on NAV 90bps on NAV Payee tine che Ob ach 27er gered\nHigh Watermark mechanism\nTickets €300m+ 70bps on NAV 80bps on NAV\n1 Specific investors or types of investors are entitled to other fee arrangements, depending on the share class. For full details please refer to the Fund’s Offering Memorandum. In addition to the Management Fees and\nPerformance Fee presented, EEE may receive development management fees on an arms length basis for development projects within the Fund’s investment portfolio. 2 There is no guarantee that such target\nreturns will be met."
+  },
+  {
+    "page": 34,
+    "text": ""
+  },
+  {
+    "page": 35,
+    "text": "Part of a strong financial group, where Asset Management is key\nFI\nOur purpose Asset |\nAUM EUR AUM EUR\nAct for human progress, by protecting Management 859bn+56 184bn+\nwhat matters\nOur business: Protection\n¢ We protect properties Life &\nSavings\n¢ We protect people\n* We protect assets Property &\nCasualty\nInternational\ncountries! employees! Insurance\n7 Other Financial\n94m > Services\nclients!\nata as at 31 March 2024. (2) Moody’s: As at 1 July 2023. (3) Standard & Poor’s: As at 20 July 2023. (4) fiscal year 2022. Past performance, past experience and track record information are not representative of\nfuture results or performance . (23Vs/ Revenue as at 30/06/2023 (Finance department). 0 4 Assets under management before delegation from Multi-Asset to other in-house asset classes as at 31 March 2024 ee\n36 inclusive of EUR100bn Assets Under Distribution in JVs/ Revenue as at 31 March 2024 (Finance department). + includes the contribution For iil: net of intercompany elimination."
+  },
+  {
+    "page": 36,
+    "text": "Liquid Alternatives\nFoundeidn „ | €490bn €184bn\n1994 oO em Real Estate\n© AUM\nö 635 845\nin Employees Alternative Natural Capital\n€859bn+ 18 15 Credit & Impact\nAUM!? Offices Offices Investments\n2,840+\nEmpmlaoiyse es €32bn 100+ €36bn 60+\nAUM Employees AUM Employees\n22 Oversight of I and partners regarding Unit- Primaries, secondaries, co-investments, NAV financing and GP\nLinked products and solutions Multi-management minority stakes solutions across private equity, infrastructure\nOffices covering more than 4,000 retail funds equity, private debt and hedge funds"
+  },
+  {
+    "page": 37,
+    "text": "The leading real estate investment manager in Europe\nCombining integrated approach, 360° view, ambitious ESG integration and robust governance\nOverview 360° view of real estate markets\nReal Estate * Integrated asset manager, enhancing value through LISTED\ndevelopment and active asset management EQUITIES\n1% percentile since\n* Actively engaged in decarbonization of real estate portfolio inception for\n€113bn European equities\n* Embedding ESG at each stage of the management process fund?\nAssets under * Investing across the capital stack, in private and listed markets, = 6360 DE\nallowing us to identify relative value through our 360° view of\nmanagement\nmarkets\nPRIVATE INVESTING\n#1 « Strong governance supporting alignment and avoiding conflict DEBT LISTED\nof interests between client #1 European DEBT\nCREplatform3, — Fully integrated\nReal Estate #1 CRE debt capital within the Real\nInvestment Manager raiser worldwide‘ Estate business\nin Europe!\n‚€25.4bn €1.6bn\n360\nAUM split by sector AUM split by geography\nInvestment\n@ Office\nProfessionals\n@ Residential\nMm Development site\n20+ I Indust/Log/Datacenter EM Europe\n@ Retail\ncountries BE Hotels North America\ninvested in @ RE operating companies\nMedical MW Asia Pacific\nm Others\n38"
+  },
+  {
+    "page": 38,
+    "text": "Creating value through local sourcing and asset management\nAsset Management Europe: key highlights\n>\n=\n€113bn ©) ...managing the portfolio on an ig ..with ESG and the implementation\nGlobal RE AuM active basis... of decarbonization at the core\nel\n€85bn\nee el7bn 45.6% | 11ka\na” 87.5/100 €14bn+\nOn-boarded 10yr CAGR Leases signed / GRESB rating for11 points GRESB rating AuM with\n€7 1 7 2000+ 9+ In last 5yrs renewed in 2023 funds in 2023 across all funds energy audit\nn assets asset classes €11bn 100+ 45K\n72% €64bn 92%?\nEquity Europe 9 17 Sales in last 5yrs Dev programs Tenants\nCertified AuM ESG rated Of AUM with\nOffices Countries\ntenant surveys\nQ ..With a highly experienced = ..and market-leading\n€bn Residential leadership team... systems and processes\n19.6\nOffice\n23.1 * AM organization combining sector and 90% * Responsible for the assets’ strategy and\nRetail 130+ geography expertise (+) f z i nanci ’ al performance\n56 AMsinEurope * AMs work in close collaboration with FM, AuM reviewed . Homogenous processes + R&R\nase Development and Transaction teams every year across Europe\notel\n« Substantial upgrade to incorporate best-in-\n20yr+ * AM pl;atform coordinated with 7 350+/yr class systems, tools and providers\nexperienced leaders\nAM leaders * Incl. 4 dedicated sector heads « Sourcing of best-in-class operating\nAsset reviews\ntenure partners"
+  }
+]

prototypes/ocr_demo/output/Teaser 2 FINAL-OCR.json

@@ -0,0 +1,150 @@
+[
+  {
+    "page": 1,
+    "text": "a {\\ y f"
+  },
+  {
+    "page": 2,
+    "text": "Übersicht\n1. Zusammenfassung\n2. Sektoren, Regionen and Manager\n3. Investment-Szenarien, Businessplan-Annahmen und ESG\n4. Ankaufsplanung und Pipeline\n5. Vorstellung Management und Referenzen\nAnlagen\nVorgeschlagene Gebührenstruktur\nInvestment-Szenarien, Kriterien für Zielanlagen\nResearch\n=z"
+  },
+  {
+    "page": 3,
+    "text": "1. Zusammenfassung\nEuropäische Logistikstrategie\nStrategie - Rahmen\nCore-Plus-Logistikstrategie. Investitionen in starke Struktur ONEHEr IenanbllNSBezlaltanes\nwesteuropäische Märkte, darunter die Niederlande, (8 284 KAGB)\nFrankreich, Skandinavien (Schweden und Dänemark) SFDR (EU-Offenlegungsverordnung) Artikel 8 beabsichtigt\nsowie Deutschland. Die Strategie sowie der\nR was am Investorenprofil Multi-Investorenfonds\nAnlagezeitpunkt profitieren von der jüngsten\nRenditekorrektur hochwertiger Logistikimmobilien in Zielvolumen (AUM) EUR 800 Mio.\nEuropa sowie der Erwartung auf eine anhaltend hohe u\nNutzernachfrage bei gleichzeitigem Angebotsmangel und angesuebtesYerhältals von 25-40 %\nsomit einem starken Wachstum der Marktmieten sowie Fremdkapltalen Versennswert\nder Indexierung der Bestandsmieten.\nMindestanlagevolumen EUR 25 Mio.\nDie Strategie umfasst die Zusammenarbeit von\nZielrendite 5,00-5,25 % Ausschüttungsrendite\n1) Ankauf von Objekten an Tag eins mit 100% Eigenkapital. Die Strategie unterstellt die\nAufnahme von Fremdkapital, sobald sich die Zins- und Finanzierungskonditionen nachhaltig\nstabilisieren.\nStrategie - Übersicht\nRisikoprofil Core+\nHalten-Strategie Kaufen — Halten (langfristig) — Exit\n1. Nachvermietungsstrategie\nAnlagestrategien 2. Standortaufwertungsstrategie\n3. Strategie der Aufwertung der Immobilien\nNiederlande (max. 35 %)\nLänderallokation Frankreich (max. 35 %)\n(in % vom Zielvolumen) Skandinavien (Schweden, Dänemark) (max. 35 %)\nDeutschland (<= 10 %)\nHinweise: Hedging-Effekte zur Absicherung von Währungsrisiken sind noch nicht in der Zielrendite\nberücksichtigt. Weitere Angaben zur Zielallokation nach Ländern befinden sich auf Folie 8."
+  },
+  {
+    "page": 4,
+    "text": "A\nEuropäische Logistikstrategie\nno\n2. Warum die Logistikbranche?\nResearch basierte Investment-Strategie\nGy MIETERNACHFRAGE\nZS Der steigende Bedarf an energieeffizienten, nachhaltigen und technologieunterstützten Objekten führt zu einer\nKonzentration der Nachfrage nach Top-Objekten.\nm\nm\nm\nmn\nlF\nAAt MIETWACHSTUM\nEine robuste Mieternachfrage und die Suche nach qualitativ hochwertigen Flächen schaffen ein stärkeres\nMietwachstumspotenzial für gut gelegene Top-Immobilien und Wertstabilisierung im Falle von\nRenditeverschiebungen.\n= öl WIRTSCHAFTSWACHSTUM UND STRUKTURELLES WACHSTUM\nBIP-Wachstum, steigende E-Commerce-Durchdringung und Nearshoring-Maßnahmen erhöhen den Bedarf an\nLogistikflächen in etablierten europäischen Volkswirtschaften.\n1%\nfer KNAPPES ANGEBOT\nHohe Baukosten, Mangel an Grundstücken und Schwierigkeiten bei Genehmigungen haben die Entwicklungspipeline\ngebremst.\n(€) EINSTIEGSPREISE\nGeopolitische und makroökonomische Geschehnisse haben in den vergangenen 18 Monaten zu einem deutlichen\nAnstieg der Spitzenrenditen geführt. Für Investoren bieten diese einen idealen Einstiegspunkt bei überzeugenden\nFundamentaldaten der Mieter und entsprechender Objektqualität."
+  },
+  {
+    "page": 5,
+    "text": "Europäische Logistikstrategie\n2. Warum die Ausrichtung auf Westeuropa?\nNiederlande, Frankreich, Skandinavien (Schweden und Dänemark) sowie Deutschland\ngs WIRTSCHAFTLICHE STARKE\nStarke, gesunde und diversifizierte Volkswirtschaften, die eine anhaltende, wachsende Nachfrage nach\nLogistikflächen unterstützen werden.\nSTABILES UMFELD\nu Stabile Regierungen und Verwaltungen achten die Rechtsstaatlichkeit, sorgen für Sicherheit und begünstigen\nausländische Direktinvestitionen.\nHANDELSABKOMMEN\nFreier Waren- und Dienstleistungsverkehr sind zwei der vier EU-Grundfreiheiten, fördern die Wirtschaftstätigkeit\nund die damit verbundene Nachfrage nach Logistikimmobilien.\nf 1 ÜBERDURCHSCHNITTLICHES IMMOBILIENERTRAGSPOTENZIAL\nTA Aussicht auf attraktive Renditen angesichts lebhaft steigender Mieternachfrage, u. a. in den Marktsegmenten E-\nCommerce und Reshoring, die auf ein knappes Angebot an qualitativ hochwertigen Logistikimmobilien trifft.\nES LIQUIDITAT\nHinreichende Markttiefe und -liquiditat mit einem durchschnittlichen jahrlichen Transaktionsvolumen von ca. 22,1\nMrd. EUR in den zurückliegenden fünf Jahren.\nSU"
+  },
+  {
+    "page": 6,
+    "text": "Europäische Logistikstrategie\n2. Warum iii\nas\n1 Partnerschaft mit individuellen Starken und vielfaltigen Synergien.\n2 a: : Immobilien-Investmentmanager mit ausgeprägter Expertise und umfassendem Track-\nRecord im Bereich Logistik (>€450 Mio. Logistik Transaktionsvolumen in Europa seit Januar 2023).\nMMe tablierte und erfahrene deutsche KVG mit Ausrichtung auf institutionelle Anleger.\n3 Bü: über eine starke europäische Präsenz und ein gewachsenes Netzwerk in jeder Jurisdiktion\nder vorgeschlagenen Strategie.\nMöglichkeit der Erweiterung des Investitionsspektrums für künftige Produkte auf andere europäische\nMärkte, in denen tätig ist, und auf andere Nutzungsarten."
+  },
+  {
+    "page": 7,
+    "text": "Europäische Logistikstrategie\n3. Investment-Szenarien\nAusgewählte Strategien\nA\n1. NACHVERMIETUNG STR ANDORTE 3. AUFWERTUNG DER IMMOBILIEN\nQualitativ hochwertige Immobilien mit solider + Qualitativ hochwertige Im Ältere, aber wertige Immobilien (mit Möglichkeit zu\nAusstattung Ma ien renovieren)\nKürzere Mietrestlaufzeit (WALB) + Langere Mietrestlaufzeit (WALB) Mittlere Mietrestlaufzeit (WALB)\nBegrenzter Investitionsbedarf; einzelne ESG- + Be 7 or -einzelne ESG Investitionsbedarf zur hochwertigen Renovierung unter\nVerbesserungen könnten erforderlich sein \\ erungen ten erforder 1 Berucksichtigung von ESG-Standards\nUberzeugendes Wachstumspotenzial durch + zeuger ee urch Überzeugendes Wachstumspotenzial durch Renovierung\nNachvermietung; bewährter Standort mit Standorto| ‚- Zielre ıßerhalb, al im Einklang mit ESG-Anforderungen an Immobilien:\nMietwachstum | ler wit ‘en Logistikzentren bewährter Standort mit Mietwachstum"
+  },
+  {
+    "page": 8,
+    "text": "3. Investment-Szenarien\nBusinessplan-Annahmen\nZielländer Länderspezifische Annahmen\ncil\nLand Frankreich Deutschland Niederlande Skandinavien®\nZielallokation* Max. 35 % <10 % Max. 35 % Max. 35 %\nAnkaufs-NOIY? 5,5-6,0 % 5,5-6,0 % 5,5-6,0 % 5,75-6,25 %\n2%\n| SCHWEDEN 2024 3,0% 3,0 % 3,0% 3,0 %\n| 2025 3,0% 3,0 % 3,0% 3,0 %\nq Indexierung!\n$d =! 2026 3,0% 3,0 % 3,0% 3,0%\n2027+ 3,0% 3,0 % 3,0% 3,0%\nDANEMARK\nD 2024 5,0% 3,0 % 4,0% 2,5%\n| NIEDERLANDE 4\nERV- 2025 4,0% 2,5% 3,5% 2,0%\nPr\n“DEUTSCHLAND| Wachstum?\n2026 3,0% 2,0 % 3,0% 2,0 %\nFRANKREICIH—ar\n2027+ 2,3% 2,0 % 2,0% 2,0%\nExit / Stabilisierter NOIY? 5,0-5,53.% 3,0.-5,370 3,025,5.% 3,25.3,15:%\nt\n20,6 % (S) /\n“St Einkommensteuer 25,0 % 0,0 %3 25,8 %\n22,0 % (DK)\n2) Durchschnitjte Land, auf Grundlage einzelner Objekte geprüft.\n3) Abhängig von der Strukturierung\n4) Als prozentualer Anteil des Zielvolumens\n5) Hedging-Effekte zur Absicherung von Währungsrisiken sind noch nicht in der Zielrendite berücksichtigt\n6) Schweden und Dänemark\n7) Berechnet als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten geteilt durch den Kaufpreis zuzüglich Kaufnebenkosten"
+  },
+  {
+    "page": 9,
+    "text": "Europäische Logistikstrategie\n3. Investment-Szenarien\nESG-Strategie\nVerpflichtung zur\nKlassifizierung gemäß\nTeilnahme an ESG-\nArtikel 8 der EU-\nBenchmarks, darunter\nOffenlegungsverordnung\nGRESB\n(SFDR) beabsichtigt\n85 % Zielquote der\nImmobilien im Einklang Ausschlusskriterien\nmit EU-Taxonomie\nESG-\nbeabsichtigt\nKriterien\noO’ ©\nZertifizierung,\nKlare und strikte Regeln\nEnergieeffizienz und\nund Verfahren zur\nReduzierung des CO,-\nGovernance\nFußabdrucks"
+  },
+  {
+    "page": 10,
+    "text": "Europäische Logistikstrategie\n3. Investment-Szenarien\nESG-Strategie - 100 % Anteil an nachhaltigen Immobilien im Sinne von Artikel 2 Nr. 17 SFDR als Fondsstrategie\nVerordnung betreffend die Offenlegung nachhaltiger Finanzierung und EU-Taxonomie\nAbfrage der Kriterien beim Verkäufer, Integration der Kriterien in ESG-Due-Diligence, Kaufentscheidung\nInBrte tieon aan Nee altigke re najzkeren Ii anzulspror Integration selbst definierter Nachhaltigkeitsindikatoren im Ankaufsprozess\nPrüfung, ob das jeweilige Investitionsobjekt\n1. an der Gewinnung, Entnahme, Lagerung, Fertigung oder dem Transport\nvon fossilen Brennstoffen beteiligt ist;\n2. als energieeffizient (gemäß der Energieklasse) einzustufen ist.\nPrüfung, ob das potenzielle Investitionsobjekt möglicherweise\neine negative Auswirkung auf Nachhaltigkeit hat Offenlegung von mindestens einem der folgenden Indikatoren\n1. Treibhausgas-(GHG-)Emissionen\n2. Energieintensität (des Gebäudes, nicht des/der Mieter/s) |\n3. Abfallaufkommen\n4. Rohstoffverbrauch für Neubauten und wesentliche Renovierungsarbeiten\n5. Anteil vegetationsloser Oberfläche\n100 % Anteil nachhaltiger Immobilien im Sinne von Artikel 2 Nr. 17 SFDR innerhalb von 3 bis 5 Jahren nach Ankauf\nFür maximal 60 % der Investitionen\nMind. 40 % der Investitionen sollen bereits\nsoll über die Haltedauer die Energieeffizienz nachhaltig verbessert werden,\nmit Ankauf die Kriterien erfüllen.\nsofern sie am ersten Tag die DNSH’- und Good-Governance-Tests gemäß SFDR erfüllen.\na *) Prinzip der Vermeidung erheblicher Beeintrachtigung."
+  },
+  {
+    "page": 11,
+    "text": "Europäische Logistikstrategie\n3. Investment-Szenarien\nESG-Strategie - Beschleunigung des Übergangs zu Netto-Null-Emissionen und Steigerung des finanziellen und sozialen Werts der Immobilien\nC\nMaBnahmenplane Aktives Asset Management ESG-Wirksamkeit verbessern durch\nEnergieeinsparpotenziale auf Auswirkungen auf die Umwelt Erfassen,\nObjekt- und Portfolioebene auf ein Minimum Auswerten,\naufzeigen, Fortschritte beschränken. Verstärkung der Benchmarking,\nkontrollieren und Überblick positiven Auswirkungen im Reporting\nbezüglich langfristiger sozialen Bereich. aller ESG-bezogenen Daten auf\nPortfolioziele ermöglichen. Objektebene.\nKalkulationsrahmen CO,-Pfad Energiepfad\nEinmalige Einrichtungsgebühr und jährliche CO,-FuRabdruck auf Asset- und Liefert Überblick über\nLizenzgebühr je Asset entsprechend!) Portfolioebene verfolgen und in Bezug tatsächliche und erwartete\nBudgetierung auf Objektebene zum Pariser Klimaabkommen setzen. Verbräuche auf Grundlage der\nProjektmanagementgebühr für Umsetzung Daraus das „Stranding-Risiko“ möglichen Auswirkungen von\nauf Portfolio- oder Objektebene”) (unerwartete und vorzeitige Energieeinsparmaßnahmen.\nAbschreibung) von Immobilien ableiten.\nAktuell im Gebührenmodell noch nicht eingepreist.\n=A"
+  },
+  {
+    "page": 12,
+    "text": "Europäische Logistikstrategie\n3. Investment-Szenarien\nESG-Strategie - Verpflichtungen zur Förderung der Nachhaltigkeit und einer kontinuierlichen Verbesserungsagenda\nDer Fonds wird in Übereinstimmung mit der globalen Beschaffungsrichtlinie und dem Verhaltenskodex von\nGroup betrieben und wird die Menschenrechte und Arbeitnehmerrechte seiner Lieferanten in allen Einsatzländern aktiv\nfördern.\n2 Der Fonds verpflichtet sich, jährlich eine extern verifizierte Umfrage zum Kundenengagement durchzuführen und durch sein\npraxisorientiertes Asset Management aktiv nach Möglichkeiten zu suchen, die Kundenbindung der Mieter zu verbessern.\n3 Für alle verwalteten Vermögenswerte wird der Fonds in ein Datenmanagement-Tool investieren, um ESG-Daten (d. h. Energie,\nTreibhausgasemissionen, Wasser und Abfall) im Rahmen der betrieblichen und finanziellen Kontrolle zu überwachen und\nMieterkunden aktiv dazu zu ermutigen, ihre ESG-Daten weiterzugeben.\n4\nBei der gesamten Strom- und Gasbeschaffung wird der Fonds gemeinsam mit den Mietern erneuerbare Energien fördern.\n> Um die vorübergehenden Auswirkungen des Klimawandels zu bewältigen, überwacht der Fonds alle Immobilienanlagen im\nCarbon Risk Real Estate Monitor (CRREM) und fördert aktiv Maßnahmen zur Verbesserung des Risikoprofils des Fonds.\n6\nDer Fonds nimmt jährlich am Global Real Estate Sustainability Benchmark (GRESB) teil."
+  },
+  {
+    "page": 13,
+    "text": "Europäische Logistikstrategie\n4. Ankaufsplanung und Pipeline\nWir nutzen unser europaisches Netzwerk und sind in der Lage, On- und Off-Market-Transaktionen rasch umzusetzen\n| SCHWEDEN (#9)\n240 Mio. EUR\nWw\nGeprüft/analysiert\nAusgewählte Pipeline: 1,6 Mrd. EUR er\n>4 Mrd. EUR’\nom er NIEDERLANDE (#17)\n450 Mio.EUR 500Mio.EUR 420 Mio. EUR\n| DEUTSCHLAND (#21)\nFRANKREICH (#16)\n1) Erfasster Zeitraum: 1. Januar 2022 bis 30. Juni 2023\nStand: 30.06.2023"
+  },
+  {
+    "page": 14,
+    "text": "Europäische Logistikstrategie\nA. Ankaufsplanung und Pipeline: Zielstandort Frankreich\nZielmärkte 4 Ankaufsschwerpunkt\nIn Frankreich befinden sich die wichtigsten Logistikzentren rund um die vier größten Städte\nLille, Paris, Lyon und Marseille. Diese profitieren von einer hervorragenden Infrastruktur und\ngroßen Einzugsgebieten und bilden den französischen Logistikkorridor, der das Land dank der\nAutobahnen von Norden nach Süden durchquert:\nA 1 von Lille nach Paris\nA 6 von Paris nach Marseille via Lyon\nBis zum ersten Halbjahr 2023 machte der Logistikkorridor nur 40 % des Flächenumsatzes aus.*\nDaher sollen die Standorte in Bezug auf Wiedervermietungs- und Standortaufwertungs-\nstrategien gezielt angegangen werden.\nFRANKREICH\nMit der steigenden Nachfrage nach Logistikflächen sind in jüngster Zeit einige weitere\nalternative Logistikstandorte entstanden. In der Tat steigt der Anteil des Flächenumsatzes\naußerhalb des französischen Logistikkorridors seit 2015 stetig an und erreichte im ersten\nHalbjahr 2023 60 %.?\nTop-Standort Svcd 2 R\nIn diesem Zusammenhang haben andere Teilmärkte in unmittelbarer Nähe von Städten wie\nNantes, Bordeaux, Orl&ans und Toulouse starkes Mietwachstum und rückläufige Renditen\nDre ae; Nimes Ag = erlebt. Daher sollen diese Standorte auch im Hinblick auf Wiedervermietungs-,\n* ü Standortaufwertungs- und Wachstumsstrategien ins Visier genommen werden.\nZielstandort\n12 Quelle: JLL, Q2/2023.\n\"BA"
+  },
+  {
+    "page": 15,
+    "text": "Europäische Logistikstrategie\nA. Investment-Pipeline Frankreich - Beispiel 1\nInvestment-Highlights 2. STANDORTAUFWERTUNGSSTRATEGIE:\nj I Ik\nNeuentwicklung in der Region Tours, Frankreich (4\n* Logistikneubau mit hoher ESG-Spezifikation\nund Photovoltaikanlage Stadt/ Standort Neuillé-Pont-Pierre (Tours) B-Standort\n* Vollständig vermietet mit langfristigem Baujahr 2024 Moderne\nMietvertrag, 100 % indexiert auf Ausstattung u ER\nf ranzoössiiscsheenn en VPI ( (ILAT-Innidaenx)). m? / Vermietungsstand (%) 31.084 100 %\n» Aufstrebender B-Standort in der Nähe von —\nTours, der es ermöglicht, die Immobilie zu WALB (Jahre) 6/9 Jahre Langfristiger\neiner höheren Rendite als im französischen Mietvertrag\nLogistikkorridor zu erwerben.\n. ; Anzahl Immobilien / Mieter 1 1\n» Markt im Aufschwung, mit starken\nFundamentaldaten und Nachfrage, da die . j .\nMarkte in Paris und Orléans keine neuen Büroanteil / Höhe 1,8% 11,6 Meter\n\"Cherbourg on Cotentin\nEntwicklungskapazitäten bieten. rGuerensey 5 0\n. 3J erseeyt E= r+\nAnzahl Ladetore/ Quote 66 1:450 m?\nBodentraglast 5 t/m?\nErwarteter Kaufpreis! / je m? EUR 25 Mio. EUR 805\n= SantN ° a zsire N an 0 te:\nChallar\nLe° Reche-aur,Yon\nNOI p.a.? / NOI Yield? EUR 1,45 Mio. 5,75% Lea Sablep diene >“\nB iL y\ne\na eR\nT\noch\nS\neTllre!\nAuschüttungsrendite 49% 5,3%\nJahr 1 / Jahr 34\n1 Entspricht dem Kaufpreis ohne Kaufnebenkosten\n2 Net operating income ist definiert als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten\n3 Berechnet als NOI geteilt durch den Kaufpreis zuzüglich Kaufnebenkosten\n* Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital\njos Se Sa a nt n an i de t r— h an DonoSsebtaisati-:s"
+  },
+  {
+    "page": 16,
+    "text": "Europäische Logistikstrategie\nA. Investment-Pipeline Frankreich - Beispiel 2\nInvestment-Highlights 2. STANDORTAUFWERTUNGSSTRATEGIE:\nNeuentwicklung in der Region Bretagne, Frankreich\n° Logistikneubau mit hoher ESG-Spezifikation\n(BREEAM/seghutr) und Photovoltaikanlage Stadt / Standort Louverne (Laval) B-Standort\n° Vollständig vermietet mit langfristigem Baujahr 2024 Moderne Ausstattung\nMietvertrag.\n* B-Standort ermöglicht den Erwerb der m? / Vermietungsstand (%) 39.017 100%\nImmobilie zu höheren Einstiegsrenditen. Lanefristiger\nWALB (Jahre) 9 Jahre Mi m\n° Mieter mit starken finanziellen Kennzahlen JEINEFIFAE\n1 ( , C 0 o v M e r n d a . n t E s U ; R j ) ä hrlicher Umsatz von mehr als Anzahl Immobi=l ien/ Mi;eter 1 il Er ‚a znena -\n° Ausgezeichnete Anbindung an die Autobahn .. ce pages cum Ne enge\nA 81, welche die Städte Rennes, Le Mans und Büroanteil / Höhe 2,3% 10,3 NIEEEF as Be)\nParis miteinander verbindet Bun\nom . Anzahl Ladetore / Quote 55 1:710 nee N man\n° Zahlreiche behördliche Genehmigungen i\nliegen vor (ICPE-Klassifizierung erteilt), die z\nzahlreiche verschiedene Bodentraglast 5 t/m et\nLogistiknutzungsoptionen ermöglichen.\nErwarteter Kaufpreis! / je m? EUR 30 Mio. EUR 770 s\nNOI p.a.2 / NOI Yield? EUR 1,85 Mio. 6,0% I ir\n= N\nAuschüttungsrendite \" 5 \\\nJahr 1 / Jahr 34 a 2 SS\n1 Entspricht dem Kaufpreis ohne Kaufnebenkosten\n2 Net operating income ist definiert als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten\n3 Berechnet als NOI geteilt durch den Kaufpreis zuztiglich Kaufnebenkosten\n4 Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital . Nimes A @y- °1\n3 “Montpellier Mi\nSantander Fr"
+  },
+  {
+    "page": 17,
+    "text": "Europäische Logistikstrategie\nA. Ankaufsplanung und Pipeline: Zielstandort Niederlande\nZielmärkte \\ Ankaufsschwerpunkt\nDie wichtigsten niederländischen Logistikzentren sind weit verstreut, aber die wirklichen Kernmärkte\nGroningen befinden sich entlang der Hauptverkehrsachsen und in der Nähe der wichtigsten Häfen und Städte.\nDie wichtigsten Verkehrsachsen vom Hafen Rotterdam sind:\nA 20/ A 12 Rotterdam-Utrecht-Arnheim-Deutschland\nA 16/ A 17 Rotterdam-Breda-Antwerpen (Belgien)\nA 16 / A 58 Rotterdam-Tilburg-Eindhoven-Venlo-Deutschland\ner A 59 / A50 Rotterdam-Den Bosch-Nimwegen-Deutschland\nA 15 Rotterdam-Nimwegen\nWichtigste Häfen und Städte:\nHäfen Rotterdam/Amsterdam und Flughafen Amsterdam Schiphol\nG5-Städte (Amsterdam, Rotterdam, Den Haag, Utrecht, Eindhoven) für Logistik auf der letzten Meile\nUtrecht dank seiner zentralen Lage für E-Commerce innerhalb der Niederlande\nVenlo für internationalen E-Commerce wegen seiner Lage im Dreiländereck mit Deutschland und\nBelgien sowie der Anbindung an die Hauptautobahnen\nDer Ankauf für Nachvermietungs- und Standortaufwertungsstrategien wird sich um diese Standorte\nkonzentrieren.\nLandesweiter Knotenpunkt für\nDistribution und E-Fulfillment Mk op Zoom Zielstandorte werden sein:\nBm erenzüberschreitender ne | Kleinere Objekte im 15-km-Radius um die G5-Städte angesichts des E-Commerce- und Last-Mile-\n= en für E-Fulfillment ‘ Logistikwachstums\nQualitativ hochwertige Immobilien entlang der Verkehrskorridore, aber außerhalb der Haupt-\nZielstandort knotenpunkte (20-/30-km-Radius) und in kleineren Stadten/Markten\nAufstrebende Standorte: Markte entlang der Verkehrskorridore Richtung Norden und Nordosten\nder Niederlande"
+  },
+  {
+    "page": 18,
+    "text": "Europäische Logistikstrategie\nA. Investment-Pipeline Niederlande - Beispiel 1\n& 1. NACHVERMIETUNGSSTRATEGIE:\nInvestment-Highlights\nMittelaltes Objekt in Top-Lage in Bergen op Zoom, Niederlande\n° Top-Standort in West-Brabant (Bergen op\nStadt / Standort Bergen op Zoom A-Standort\nZoom) an der Verkehrsachse zwischen den\nHäfen Rotterdam und Antwerpen\nBaujahr 2010 mittelaltes Objekt\n° Kurzfristiger Mietvertrag mit 2,5 Jahren\nRestlaufzeit an einen führenden m? / Vermietungsstand (%) 42.950 100 %\nLogistikdienstleister\n» Etwa 35 % upside auf aktuelles Mietniveau WALB (Jahre) 2,5 Jahre Kurzfristiger Mietvertrag\nvon 50 EUR/m? p. a.\nAnzahl Immobilien/ Mieter 1 1\n° Kapitalwert unter Wiederherstellungskosten\n(Grundstück + Baukosten)\n° O Ei b n j h e e k i t t e is n t a f u le f x t i e b i e l l b a i r n . bis zu vier separate A B n ür z o a a h n l t e L i a l d / e t H o ö r h e e / Quote 4 45 , 5% 1 1: 0 9 M 5 e 4 ter Den H°e lder Z Harlingen Le——= eu H w© e a e r r d eö e n n v D e r e a n c o h ten A3 5 Gr a o A m n ss i i ° J e n K n g e n o pe W i a fi “ schotery P ape ° n e b e u e r g ZwischenBa \" a Ö hd w n e ” s t O e l r d s e t n j e Y = b d D u e e r li g t ienho N rs u to B St r i S e 4, e me a „ n c1 t hin\n° O B b e j g e r k e t n z z t u e k u I n n f v t e s s s t i i c t h i e o r n e z n u e m rf a o c r h de e r n li u ch n , d u m m it den Bodentraglast 4 t/m? Alkimta ar Ho©orn G In | N Mep X pel HoogeEnr . E re m m©en Me“pepeen Cloppppeennbbuurr V g ec°hta N\nLelystad Kampeno Zwolle Lingen\nheutigen (ESG-)Anforderungen in Einklang zu ° a\nbringen. Erwarteter Kaufpreis’ / je m? EUR 43 Mio. EUR 1.005 Amste X r AN d , l H a i m v m e e r ‘ A s A r u J m m e e r y s f , o , o H r a t r d _ e D r e wijk Apeldo | o De r v n e t nter e A u l o, melo E ns7 c N h e ed w e o s N ord R ho h n ei 5 n e Ibbe 2 n . b a üre O n s 2 n = a 0 b r — ü t c - k __ Maellie { BOa M ld a > in A de “ Ri n\n* A a n b f e ä r n E g r l r i e c i h c e h e R n e n d d e i r t e Z n i e u l n r t en e d r i d te e n n n F a o c n h dszielen, NOI p.a.2 / NOI Yield? EUR 2,1 Mio. 47% The R H o o a e t g : t u e e r da ; m = : Uv 1 e 0 c % h s f “ a y E A d e Arn hs hem 2 MüN o n. s t 2 er “ G B ü . t i e e rs l lo e h = f f eld ey n o D h e a a t u d °m se o a s n l a d izu =“ ti\nD N u a r c c h h v f e ü r h m r i u e n t g u n d g er Renovierung und Auschittungsrendite 3,8% 5,7%5 [Dörd 9 r echt 1 D ... e : ‘ s-Herto O g Y e nbosch .. \\ Yu ‚ Nü NO. megeIn eo Ha o m m , Lipp o stadt Pade2rborn\n1 2 3 E N B n e e t r t s e p o c r p h i e n c r e h a t t t i d a n l e g s m N i O n K I a c u o g f m e J p e t r e a e i i i h l st s t r d d o e u h f 1 r i n c n e / h i e K r d J a t e u a n a f l h n s K r e a N b u e f e 3 t p n t 4 r k o e o k i s a s t l t e zu m n z i ü e g t l e i c a h b z K ü a g u li f c n h e b n e i n ch k t o s u t m e l n egbarer Nebenkosten ae S i a nt-Ni e kl e f a i A e a { r n s R ' t o i o w ”F s g e e e r e n ’ d p a al 4 -B q ir \\ oe da | « Tilburg Ein \\ d f ho ven ‘ R S o s e 1 r2m % on 7 d V . e 5 rio F D a ü D , I s u \\ s i e s W l b E eed d u w s 2 r o o g r s S f o e l ii ° n n ge n Dort 2 m und Win B t W r ees i ia l r l a l o b i n e n g r e 'g n , are i c Wi m l e de\n* Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital e§ nt_> M\\echelen At \\ L ever S k e usen\n5 Nach Verlängerung zur Marktmiete : Aalst Brus \\ sel7 s \"euye S n ad f ‘Hassett OGen Z k.4} “3if3\n—Niiren\nColo\n|\ngne\n=\n7 )\nD\nS\nO\nSiegen\n2 rire"
+  },
+  {
+    "page": 19,
+    "text": "Europäische Logistikstrategie\nA. Investment-Pipeline Niederlande - Beispiel 2\n2. STANDORTAUFWERTUNGSSTRATEGIE: Neubau mit besten\nInvestment-Highlights\nSpezifikationen an einem sich schnell entwickelnden Standort\n= Lage in Süd-Limburg, eines der am\nStadt / Standort Heerlen Aufstrebender Standort\nschnellsten wachsenden und an Zugkraft\ngewinnenden Logistikzentren der\nBaujahr 2023 Neu\nNiederlande\n= In Heerlen an der A 76 gelegen, etwa 5 km m? / Vermietungsstand (%) 37.800 100 %\nvon der deutschen und belgischen Grenze\nWALB (Jahre) 10 Jahre Langfristiger Mietvertrag\n\" Langfristiger Mietvertrag mit einem\netablierten Logistikdienstleister Anzahl Immobilien / Mieter 1 1\n\" Der Neubau soll im Oktober 2023 übergeben\nwerden. Büroanteil / Höhe 3% 12,2 Meter Harli9 ngen Leeuw © a rden pee Gr — on ° i ngen Wifischoten' E i D Zwischen B a = a h d n ,\noa rs 5 Veertom — |(PPaapeengbbius\n= Der Erwerb von Neubau löst keine Grund- Anzahl Ladetore / Quote 40 1:945 Den H°e lder = ° Heereonveen Ass©en / Clop\nerwerbsteuer aus.\nBodentraglast 5 t/m? Mep % pel Hoog 2 e veen\nEmm=en\nMeppen\nAlkmaar oom r E\nm © Lelystad Kampeno’ Zwolle ‘d i. Bingen\n\" Energieklasse A++ und BREEAM-\no\nZertifizierung „sehr gut“ Erwarteter Kaufpreis! / je m? EUR40 Mio. EUR 1.058 Amste5r dam A Harderwik AITmelI A \\onordhorn\nKa amare | Deventer Hengelo { Siena ec\nNOI p.a.? / NOI Yield? oa 2 5,5% BR The H°a qgu e = U H V t i a r l ve u i v sc d e h r “ t s A u m m e rsfoort Ede Apeldcom ee E r c n r s o c y h e p de es f Ibbenbüren?\n\\ Rotterdam « 2 Arn%h em Müün°ster\nro Dordrecht ‘A > NijmeJ gen A=;\nAuschüttungsrendite 4,5% 4,6%\ns-Hertogenbosch Damm\nJahr 1 / Jahr 34\nRoosendaal—Br|e0d a’ Til0bur \\ { Dortmund\n\\ WERK Eindhoven aS Ess©en ©\nKnokke-Heist Ex r jo 31 Duinsburg\n1 Entspricht dem Kaufpreis ohne Kaufnebenkosten Blankenberge> Br ß < 2 Venlo A\n2 Net operating income ist definiert als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten Ost{1e nd Bruges DrE EE:7 Antw) erp _ Lt Düsse ° ldorf\n3 Berechnet als NOI geteilt durch den Kaufpreis zuzüglich Kaufnebenkosten 3 Sint-Niklaas Solingen\n4 Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital Ghent Mechelen Leverkus\nBears Aalst Hasselt SGenk.+ Cologn:\nYpres Kortrijk © Brussels Le0uven © H ° Sie"
+  },
+  {
+    "page": 20,
+    "text": "Europäische Logistikstrategie\nA. Ankaufsplanung und Pipeline: Zielstandorte Schweden und Dänemark\nZielmärkte Ankaufsschwerpunkt\n=\nNordisches Logistikdreieck, urbane Ballungsgebiete und etablierte Logistikstandorte\n<=\nu Stockholm Führende Städte sind Stockholm, Göteborg, Malmö, Kopenhagen und Aarhus\nDie Verteilerzentren werden in erster Linie in etablierten Logistikzentren in der Nähe von\nae »\nSCHWEDEN £ fe wichtiger Infrastruktur angesiedelt sein.\nDie Last-Mile-Logistik wird sich auf große und wachsende Konsumentenmärkte\nF - konzentrieren: die drei größten Städte in Schweden und die zwei größten Städte in\n4\nDänemark (gemessen an der Einwohnerzahl).\nYo Gothenburg\nIm Logistikmarkt sehen wir drei Segmente:\nLast-Mile\nPaket- und Umschlagszentren\nVerteilerzentren\nDie Strategie zielt darauf ab, ein attraktives Risiko-Ertrags-Verhältnis zu erzielen, indem\n4\ndas Risiko auf der Objektebene bewertet und kontrolliert wird. Die einzelnen\nInvestments werden die Risiken ausgleichen, z. B.\nkürzere Mietlaufzeiten, niedrige Mieterbonität oder schwächere\nts DÄNEMARK Gebäudequalität in etablierten Mikrolagen und\nx wi\nattraktiv bepreiste Objekte mit mittel- bis langfristigen Mietverträgen, höherer\nMieterbonität und besserer Gebäudequalität an aufstrebenden Mikrostandorten.\nm\nA"
+  },
+  {
+    "page": 21,
+    "text": "Europäische Logistikstrategie\nA. Investment-Pipeline - Beispiel Schweden\nee 2. STANDORTAUFWERTUNGSSTRATEGIE: Neue Logistikimmobilie\nInvestment-Highlights . Bu . .\nmit langfristigem Mietvertrag in guter B-Lage in Halmstad, Schweden\n\" Logistikneubau in moderner Ausführung Stadt / Standort Halmstad B-Lage\n= Voll vermietet auf Basis eines langfristigen\nund zu 100 % VPI-wertgesicherten Baujahr 2022 Moderne Ausführung\nMietvertrags\nm? / Vermietungsstand (%) 18.353 100 %\n= Starke B-Lage ermöglicht Kauf zu höherer\nEipnestti egsrendit\" e. WALB (Jahre) 9 Jahre LandgfriPstiger\nMietvertrag\n= Vermietet an borsennotiertes schwedisches\nEinzelhandelsunternehmen mit starker Anzahl Immobilien/ Mieter 1 1\nBonitat. | ah\nBüroanteil / Höhe 4,2% 11,7 Meter Latte ee EP x Be\n=\" Das Gebäude wurde für den derzeitigen weer DR 1 / en Er Uf\nMieter als strategisch wichtiger Logistikhub Anzahl Ladetore / Quote 11 1: 1,670 mm me ‘aa tal „ee“\n“a i ij a sr Sköyde i ie rt) ‘ca\nEINEREER.\nBodentraglast 20 t/m? pe oe r u \\\nSagen Goth satis Le W, ok Vastonvik coed\nErwarteter Kaufpreis! / jem? EUR16Mio. EUR 870 ee\nNOI p.a/. NO?I Yield? EUR 1,0 Mio. 5,75% ; A, un A Fr Be\nAuschüttungsrend ite Aerming a, ts E an BR: Fi\nJahr 1 / Jahr 34 . a Se =) 4,\nBillund Valle a EEE sine Es\n1 Entspricht dem Kaufpreis ohne Kaufnebenkosten P3—<idros Denmark 7 Malmd_ yasa\n2 Net operating income ist definiert als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten { Fr\n3 Berechnet als NOI geteilt durch den Kaufpreis zuzüglich Kaufnebenkosten\n* Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital my"
+  },
+  {
+    "page": 22,
+    "text": "Europäische Logistikstrategie\n4. Investment-Pipeline - Beispiel Dänemark\n9 2. STANDORTAUFWERTUNGSSTRATEGIE: Vier moderne, langfristig\nInvestment-Highlights\nvermietete Logistikimmobilien an guten B-Standorten in Dänemark\nPortfolio mit vier qualitativ hochwertigen\nnn Stadt / Standort Mehrere B-Standorte\nLogistikobjekten\n= Vollständig und langfristig vermietet mit Baujahr 2014-2020 Moderne Ausführung\nwertgesicherten Double-Net-Mietverträgen\nm? / Vermietungsstand (%) 35.777 m* 100 %\n\" Gute B-Lage ermöglicht Kauf zu höherer\nEinstiegsrendite. WALB (Jahre) 11 Jahre Langfristige Mietverträge\n\" Portfolio umfasst ein automatisiertes u .\nHochregallager und zwei Cross-Dock- Anzahl Immobilien/ Mieter 4 3\nImmobilien. —_\nBüroanteil / Höhe 8,5% 7,0-13,7 Meter =\n\" Zusatzliches Wertschöpfungspotenzial durch oS\nErweiterung eines der Objekte Anzahl Ladetore / Quote 125 1:290 fe \\ u are:\nEgersund 5 ® oo call Lidkoping oes N oe /\nBodentraglast n/a u i ne: 3\nErwarteter Kaufpreis! / je m? EUR61Mio. EUR 1.700 sahne Een [wpe\nNOI p.a.2/ NOI Yield? EUR3,8Mio. 6,0% i rag Se ll\nAuschittungsrendite 7 0 Nom A Keen ran}\nJahr 1 / Jahr 34 an 5,4 % we er\n1 Entspricht dem Kaufpreis ohne Kaufnebenkosten er car Denmark ¥sted\n2 Net operating income ist definiert als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten a\n3 Berechnet als NOI geteilt durch den Kaufpreis zuzüglich Kaufnebenkosten\n* Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital"
+  },
+  {
+    "page": 23,
+    "text": "Europäische Logistikstrategie\nA. Ankaufsplanung und Pipeline: Zielstandort Deutschland\nZielmärkte ~ ae Ankaufsschwerpunkt\na ea Top-Logistikstandorte auf Grundlage der „Fraunhofer Karte“ inkl. Dresden / A 4 umfassen\n—— Q Jee en. insgesamt 24 Logistikregionen in Deutschland.\nBremerhaven Ha ug Schar Ne Jenbt\nRelevanz einer Logistikregion wurde anhand von drei Kriterien ermittelt:\nbuy Q Attraktivität: demografische, wirtschaftliche und Infrastrukturfaktoren als Grundlage\nJ. Q Wolfsburg \\ \"m ILnotgeinsstiitkäbte:s Scthäafntdiogrutneg msiotw ideer A nhzöachhls tdeenr LLooggiissttiikkdkioennzsetnlteriasttieor nu nudn dL orgeilasttiivkeinmmobilien\nPotenzial: für die zukünftige Entwicklung innerhalb einer Logistikregion\n. Q. “re aa ele = Die Standorte werden nach der typischen Logistikfunktion unterschieden: globale Gateway-\nA yy Kas - sD älE UTSCHLAND \\ beipzig gr cas S I t n a d n us d t o r r i t e e s , t a e n u d r o o r p t ä e i , s c in h t e e r G r a e t g e i w o a n y a - l S e t N a e n t d z o w r e t r e k , s r t e a g n i d o o n r a t l e e u Ba n l d l z u e n n g t s r r a a l u e m s H t u a b n s d . orte, regionale\nI Boonn = Mit zunehmendem Wettbewerb an den Spitzenstandorten wird der Ankauf von Core-Plus-\nObjekten an den oben genannten Standorten sowie an Standorten, die nicht auf der Karte\nverzeichnet sind, weil es sich um kleinere Zentren handelt, in den Mittelpunkt rücken:\nCitylogistik einschließlich Last-Mile und B2B/B2C,\nLogistik in der Nähe von Gateway-Standorten: Autobahnkreuze, nahe gelegene\nTop:standarte Flughafen, Hafen und Hauptverkehrsadern sowie\nOp-stanaorte\naufstrebende Standorte mit überdurchschnittlicher Logistikbewertung oder z. B. durch\nTop-lopistikregionen angekündigte Betriebsansiedlungen oder größere Infrastrukturvorhaben\nAbgesehen von den Top-Logistikregionen auf der Karte können Core-Plus-Objekte auch in\nkleineren Zentren mit regionaler Bedeutung berücksichtigt werden.\nE*L ER"
+  },
+  {
+    "page": 24,
+    "text": "Europäische Logistikstrategie\nA. Investment-Pipeline Deutschland - Beispiel 1\n3. AUFWERTUNGSSTRATEGIE:\nInvestment Higshnligg hts — Ä=lteres Objekt in Top-Lage nahe Köln\n* Top-Lage in der Nähe von Köln\nStadt/ Standort Region Köln Top-Standort\n° Älteres Objekt mit höherem Büroanteil, aber\ngutem Lagerlogistikgrundriss Baujahr 1991 Alteres Objekt\n* Guter Instandhaltungszustand m? / Vermietungsstand (%) 26.500 100 %\n° Objekt mit kürzerer Mietrestlaufzeit bietet WALB (Jahre) Mittelfristig Mittelfristiger\nMöglichkeit zur Renovierung (inkl. Mietvertrag\nLaderampen und ESG-Upgrade) ORT a EE |\nAnzahl Immobilien/ Mieter 1 1 A Emdcen N h( siBeE S|IT STERaN ar en a vs\nÜ i i\n* Nachrüstung einer Photovoltaikanlage N the MM EN DI\nua Büroanteil / Höhe n/a n/a l Te ar pot ng Bl/\n° Mieter mit starker Bonität woe ee {can a\nne Pp em 4 ‘Zwolle “ Fe oun brig u Hanover 9 Wohebu ’ r n £0. |, op‚B seerlri n,> f\n* Kapi. talwert unter Wie. derherstellungskosten Anzahl Ladetore/ Quote n/a n/a ee 77 En Ba pee wie ick’, eél 28 de Br unswick 2a { Brandenbufg_CPotsdam|’/ Here\nf 3 Paderborn 7 — A Co\nBodentraglast n/a os ee a ad\nRods iter A ‘ Leese + ; PN \\ Fe\n“1/7: 2 P Sen Ghent af) — ; Germany by be) _ Dresden\nErwarteter Kaufpreis! / je m EUR 21 Mio. EUR 792 > gE te Pd un\nNOI p.a.?/ NOI Yield? EUR 1,4 Mio. 5,9% a R = nah) PR\na \\Frank EN N N\nK TT] NS yam Bamberg Bang\nAuschüttungsrendite 50% 47% ‘i ees eee N\n(0) () y y £ he) Becks Ir\nJahr 1 / Jahr 3* ’ ’ De A) Nuremberg\n- Heidelberg f My ee |\nRe \\ = 270,7 Heilbronn =: © NS ine\n1 Entspricht dem Kaufpreis ohne Kaufnebenkosten mF KR 7% x) E ee I, Heiner i x\n2 Net operating income ist definiert als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten # / 5 Nancy Ss sues Lt en\n3 Berechnet als NOI geteilt durch den Kaufpreis zuzüglich Kaufnebenkosten N Tr eB) about if Lo nf a me Page\n4 Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital a ES , YO Py gi —Auagburg I G = = et a\nee Mw NCO Fed \\ AN | _\\ Rosenheim"
+  },
+  {
+    "page": 25,
+    "text": "Europäische Logistikstrategie\nA. Investment-Pipeline Deutschland - Beispiel 2\nInvestment Highlights & 1. Nachvermietungsstrategie:\nÄlteres Objekt im Automobil-Cluster in Glauchau\n° Guter Standort im Automobil-Cluster in\n; ; Stadt/ Standort Glauchau Guter Standort\nGlauchau mit guter Anbindung\n° Standort profitiert von Nachfrage nach Baujahr 1973-2001 Gute Ausstattung\nE-Mobilitat and Elektrotechnologie im N SR a\nAutomobilsektor. m?/ Vermietungsstand (%) 38.815 100 % Cushaven „cn. I, a tutes. wager sur We\n* Hauptmiei ter: DAX-Konzern WALB (Jahre) 3 Jahre se i ni ist l i e ; Ar G Breme 7 r ; h aven s S a e “ E H a N mb A ur L T g E | S oY y = H — S — chw a er i \\ n \\ Waren N eubrandenbur T g i hs wi a no g uij a scie\nMietvertrag “Groningen SU N LonebirgTM <a (a\n.. . j “ii eae / Oldenburge, Bremen/ ? =\n°» Alteres Objekt, aber gute Ausstattung und | —E><\nQualität. Kein typischer Logistikgrundriss, Anzahl Immobilien/ Mieter - 3 an hen ‚\n5 N R ‘on, ; „Berlin. -\naber passgenau für die Region angesichts der FR Hanover = Wolfsburg IE cet\n“IE = os wi a0 Osnabrück‘; RL Brunswick. { Brandenburg Fe Ler Ota—\nvorherrschenden Automobilindustrie Büroanteil / Höhe 7,3% 8,5 Meter ia “ \\arsioreih i idesneims cxf Magdeburg\" “\n| Münster. So, a } : % .\n° Grundriss und kürzere Mietrestlaufzeit Anzahl Ladetore / Quote Al 1:950 wim ee PL Ef =\nermöglichen Kauf zu höherer \\ Bez T > Fr N, as\nEiR nsti.\negsrendi\ns\nt e. Bodentraglast 5 t/m? A,\nDü ss\nA\nel\nN\ndor\nA\nf,”\nN\n\\ ya\nGer many )\nBR\nu\n\\A\nF F = (Bonn RE ir ie wo ea Uptinad Ze c\n* Kapitalwert unter Wiederherstellungskosten pte . AP OY ir ee Ka\nErwarteter Kaufpreis! / jem EUR 24 Mio. EUR 618 = pia ps Tepe N,\ni n AN > ae arlov va 25\na \\Frankfurt— Si. : EN Prague_\nNOI p.a.?/ NOI Yield? EUR 1,5 Mio. 5,6% SS sd Ue i N\nAuschüttungsrendite “eons a Nuremberg ah\na 5,0 % 4,8 % £ Heidelberg ee i |\nJahr 1 / Jahr 3 A i Ceske\nBadscie G3) : Regensburg Budejovice\n1 Entspricht dem Kaufpreis ohne Kaufnebenkosten ; Nancy a Ss, YFP open N { Ingolstadt az\n2 Net operating income ist definiert als Nettokaltmiete abzüglich nicht umlegbarer Nebenkosten | e( => Sa fe eg Fr\n3 Berechnet als NOI geteilt durch den Kaufpreis zuzüglich Kaufnebenkosten Se ; ai Ashe Linz\n* Berechnet als Ausschüttungen in Jahr 1 und Jahr 3 geteilt durch das eingesetzte Eigenkapital ? FP räiburgim { Munich, = x:\n/ “Like Cfo lmarJt B> reioseg au h i u _ N\\W Gorenhein Ze tEer\n= Mulhouse fs £ NO Jesii:"
+  },
+  {
+    "page": 26,
+    "text": "|\nEuropäische Logistikstrategie\n5. Manager - Leistungsbilanz\nUnsere aussagekräftige und starke Erfolgsbilanz belegt, wie wir Werte schaffen und über den\ngesamten Immobilieninvestitionszyklus hinweg überdurchschnittliche risikogewichtete Renditen\nerwirtschaften.\nAl Mehr als 20 Jahre Erfahrung in Europa und Großbritannien\nA Rund 1,5 Mrd. EUR verwaltetes Vermögen in Logistik- und Light-Industrial-Immobilien\n= >450 Mio. EUR an Logistikankaufen in Europa seit Januar 2023\nLI Investment-Pipeline von 1,6 Mrd. EUR für diese Strategie identifiziert*\n*) in den letzten 18 Monaten bis 30. Juni 2023"
+  },
+  {
+    "page": 27,
+    "text": "Europäische Logistikstrategie\nAppendix |: Vorgeschlagene Gebührenstruktur\nMöglicher Gebührenansatz auf Fondsebene — Anlagestrategie\nGebührenart Turnus / Basis Beispiel Gebührenansatz für den Fonds\nTransaktionsgebühr Ankauf BNL1 / Kaufpreis 100 bps?\nTransaktionsgebühr Verkauf BNL!/ Verkaufspreis 80 bps\nESG und Bauprojektmanagement Pro Baumaßnahme / Gesamtbetrag der Baumaßnahme 4%\nLaufende Vergütung (Asset-Management-Fee) Monatlich/ GAV 60 bps p. a. 374\nErfolgsbasierte Vergiitung (Performance-Fee) ” Ist im Zusammenhang mit laufender Vergütung zu besprechen.\nGebühr Verwahrstelle Monatlich / GAV Extern - erfahrungsgemäß ca. 0,015 % p. a.\nIntegrierung eines neuen Property-Managers Einmalig je neuem Property-Manager EUR 25.000°\nEs ist vorgesehen, das Hedging zur Absicherung von\nHedging-Effekte (+/-) Währungsrisiken auf Fondsebene abzubilden. Hedging-Kosten sind\naktuell weder im Gebührenmodell noch in der Rendite eingepreist.\nKeine zusätzlichen Gebühren für Vermietung und Fremdfinanzierung (in der laufenden Vergütung enthalten).\nWeitere Kosten gemäß Kostentragungsregelungen BAB in Anlehnung an BVI-Kostenstandard.\n1BNL = Übergang Besitz, Nutzen, Lasten\n2 Für Portfoliotransaktionen etc. sind Pauschalen möglich.\n®Kann sich ggf. im Zusammenhang mit einer zu vereinbarenden erfolgsbasierten Vergütung (Performance-Fee) verringern.\n4 Ab dem ersten vollen Geschäftsjahr mind. EUR 30.000 p. a. und mind. EUR 60.000 ab dem zweiten vollen Geschäftsjahr, zzgl. eines Betrags in Höhe von EUR 5.000 p. a. für jede Immobiliengesellschaft."
+  },
+  {
+    "page": 28,
+    "text": "Europäische Logistikstrategie\nAppendix Il: Investment-Szenarien\nKriterien für Zielanlagen\nKRITERIEN RR 1. NACHVERMIETUNG ©) 2. AUFSTREBENDER STANDORTE re 3. AUFWERTUNG DER IMMOBILIE\nStandort Etablierter Standort Aufstrebender Standort Etablierter Standort\nBaujahr >2010 >2015 <2010\nMietrestlaufzeit (WALB) Kurz (<3 Jahre) Lang (>5 Jahre) Mittel (3-5 Jahre)\nAusstattung guter Standard moderner Standard Sanierung auf modernen Standard\nVermietbare Fläche >15.000 m? >15.000 m? >20.000 m?\nHallenhöhe >10 Meter >12 Meter >8 Meter\nParkplatzverhältnis 1:100 m? 1:100 m? 1:100 m?\nAutobahnanschluss <5 km <5 km <5 km\nBodenbelastbarkeit »5 t/m? >5 t/m? >3 t/m?\na (in % vermietbarer 10% 10% 10%\nLaderampenverhältnis 1:1.000 m? 1:1.000 m? 1:1.500 m?\nSprinklerung Ja Ja Nachrüstung möglich\nPhotovoltaikanlage Nachrüstung möglich Ja (oder Nachrüstung möglich) Nachrüstung möglich\nESG Einstufung möglich Hohe Einstufung Einstufung möglich\nCAPEX Investitionsbedarf begrenzt-mittel begrenzt Sanierung\nMieterbonität hoch (A-Rating oder vergleichbar) mittel (B-Rating oder vergleichbar)\nWertsicherung im Mietvertrag Indexierung nach Verbraucherpreisindex Indexierung nach Verbraucherpreisindex\nAlle Vermögenswerte, die dem Anlageausschuss vorgelegt werden, lassen sich entsprechend der oben\nenannten Kriterien überwiegend einer der drei Teilstrategien zuordnen."
+  },
+  {
+    "page": 29,
+    "text": "Europäische Logistikstrategie\nAppendix III Research"
+  },
+  {
+    "page": 30,
+    "text": "|\nEuropäische Logistikstrategie\nNutzernachfra ge: Ausrichtung der Nachfrage auf Flächen mit hochwertiger Qualität\nNutzernachfrage konzentriert sich auf Immobilien, die Automatisierung und Robotik,\nzügige Versandabwicklung und Nachhaltigkeit miteinander verbindet\nReibungslose und zügige\nAutomatisierung und Robotik Versandabwicklung Nachhaltigkeit\nVersorgung mit Energie aus\nEnergieversorgungskapazität und Nähe zum Kunden\nerneuerbaren Quellen\nInternetkonnektivität\nIntelligentes Design\nEnergieeffizienz\nNutzerspezifische Baustandards aufgrund\nhoher Mieterinvestitionen Zufahrt und Beladung\nElektrische Ladestationen"
+  },
+  {
+    "page": 31,
+    "text": "Europäische Logistikstrategie\nWirtschaftswachstum: BIP und Konsumausgaben sind die besten\nFrühindikatoren für die Logistiknachfrage\nDurchschnittliches jährliches BIP-Wachstum (2023-2027) Durchschnittliches jährliches Wachstum der Konsumausgaben (2023-2027)\n2,5%\n3,0%\n2,0% 2,5%\n2,0%\n1,5%\n1,5%\n1,0%\n1,0%\n0,5% 0,5% 0\n0,09\n0,0% x < oO ) c\n€ z 2 8 5 : R 5 E €\nE B = = 2 5 E 5 £ g\noO x ® = = < = Rz) © =\n3 x 2 = £ O iv > o 7\na is 3 = a A 2\na Zz\nQuelle: Oxford Economics, Q3/2023. Quelle: Oxford Economics, Q3/2023.\n|ER"
+  },
+  {
+    "page": 32,
+    "text": "Europäische Logistikstrategie\nStrukturelles Wachstum: Länder mit hoher E-Commerce-Penetrationsrate\nwerden ein höheres Wachstum der Spitzenmieten erleben\nE-Commerce-Penetrationsrate\n35% >\n¢ Gleichbleibend hoher Umsatz\n30% ¢ Nutzerkonsolidierung in Top-Lagen\nEtabliert - « Höheres Wachstum bei Spitzen-\n25% mieten\n° Stabile Einstiegsrenditen +1 Mrd. EUR Online-Konsum\nCO I Rl lc 4424240040400400.0: 1:\n15% ickeind _ * Schnell steigende Nachfrage\nEnLAIENE In ° Breites Mietwachstum bei Durch-\nCE | — ED DE N I NEE schnitts- und Spitzenmieten\n¢ Rückläufige Einstiegsrenditen\n5%\n5 Aufstrebend\n0% x ~ © Begrenzte Auswirkung auf\n= Logistikmarkt re\nE + 75.000 m? Logistikflächen-\nfo) nachfrage\na\nsdnalrehteN\nm 2019 2023 02027\n|"
+  },
+  {
+    "page": 33,
+    "text": "Europäische Logistikstrategie\nAngebotsflächenmangel: Es besteht ein akuter Mangel an hochwertigen Logistik-\nflächen in den Zielländern\nLeerstandsquote bei Logistikimmobilien im Spitzensegment\n8%\n7%\n6%\n5%\n4%\n3%\n2%\n0%\nDänemark Frankreich Deutschland Niederlande Schweden\nm03 2015 #03 2023\na ~—"
+  },
+  {
+    "page": 34,
+    "text": "Europäische Logistikstrategie\nj Angebotsflächenmangel: Es wird immer schwieriger, neue Lagerfläche zu bauen\niM 7\nMaterial, Lohn- und Mangel an verfügbaren Steigende Steigende Anforderungen\nFinanzierungskosten Entwicklungsgrundstücken Anforderungen an die an Nachhaltigkeit\nGenehmigungsplanung\nEE____ EE1"
+  },
+  {
+    "page": 35,
+    "text": "Europäische Logistikstrategie\nj Mietwachstum: Die Mieter sind in der Lage, mehr Miete für ihre Flächen zu zahlen\nInflationsangepasste Logistikmieten (Index, 100 = 2008) Kostenstruktur eines klassischen Logistikmieters\n130\n125\n120\n115\n110\n105 5% 15% OR\n100\n95\n90\n85\n80\n2008 2011 2014 2017 2020 2023\nMH Miete M Arbeitskosten FD Energiekosten W Transport FH Ware\n—— Dänemark —=Frankreich Deutschland ——Niederlande ==Schweden\nEl"
+  },
+  {
+    "page": 36,
+    "text": "Europäische Logistikstrategie\nj Mietwachstum: Hohe Nachfrage und knappes Angebot treiben den Mietpreisanstieg\nPrognostiziertes jährliches Wachstum der Logistikspitzenmiete (2023-2027) Prognostizierte jährliche Gesamterträge der Spitzenlogistik (2023 -2027)\n6% 12%\n5% 10%\n4% 8%\n3% 6%\n2% 4%\n1% 2%\n0% 0%\nDänemark Frankreich Deutschland Niederlande Schweden Dänemark Frankreich Deutschland Niederlande Schweden\nQuelle: CBRE, Q3/2023. Quelle: CBRE, 03/2023."
+  },
+  {
+    "page": 37,
+    "text": "Europäische Logistikstrategie\nj Einstiegsrendite: Günstiger Einstiegspunkt für neue Investoren\nEinstiegsrendite für Logistikimmobilien im Spitzensegment: Höhere Rendite trotz fundamental unveränderter Situation auf Nutzerseite\n6,0%\n5,5%\n|\nI\n4 u !i !1 !I |\n1 l 5,0%\nı u u u d J i n m in | I 4,5%\nI\n4,0% -\n3,5%\n3,0%\n2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027\nDänemark Frankreich ee Deutschland = \\\\iederlande Schweden\nQuelle: CBRE, 03/2023\n|BR"
+  }
+]

prototypes/ocr_demo/output/Teaser 3 FINAL-OCR.json

@@ -0,0 +1,210 @@
+[
+  {
+    "page": 1,
+    "text": "CONTENTS\n01 URBAN INDUSTRIAL & LOGISTICS CONVICTION\n02 EIREF, A DISTINCTIVE INVESTMENT STRATEGY\n03 TRACK RECORD & EXPERTISE\n04 A WELL-ESTABLISHED PLATFORM\nAPPENDICES"
+  },
+  {
+    "page": 2,
+    "text": "EXECUTIVE SUMMARY\nUnique opportunity: instant exposure to high quality industrial portfolio\nURBAN INDUSTRIAL & EIREF, A DISTINCTIVE TRACK RECORD\nLOGISTICS CONVICTION INVESTMENT STRATEGY & EXPERTISE\n>» Exposure to structural trends » Establish sustainable income » 10% net IRR since inception in 2018?\nand strong occupier market with a contractual link\ndynamics to inflation > Aim at an attractive risk-return profile,\nlow volatility and limited downside risk\n>» A yield premium of 100-150bp > Explore market opportunities\nrelative to “big boxes”! >» A stabilised portfolio of 50+ assets\n» Create value by active across three countries\n> The ability to drive income management and smart\nby substantial pricing power investments » 5 years WALB3, 6.2% GIY4 providing\nof the landlord secured and growing rental income\n» Recent repricing of industrial » A manager with track record in the\n& logistics real estate provides sector and local specialised teams\nan ideal entry point in each market\n9%\nNET IRR since i\n1Big Boxes include properties larger than 10,000 sqm located in rural areas on larger plots with direct access to the\nmotorway. Primary occupiers comprise larger international businesses operating on international scale\n|? For first closing investors. Past performance is not a reliable indicator for future performance and may vary over time\n| SWALB: Weighted Average Lease-length to Break. | 4GIY: Gross Initial Yield."
+  },
+  {
+    "page": 3,
+    "text": "A DIVERSIFIED PORTFOLIO IN THE EUROZONE\nProperties\ner? Bremerh0av6e namburs erling. Occupancy*\nGroningen @Bremen\nUnited a e e @ Hanover Tenants 140\nKingdom The Hoovged co. Monster Total lettable area 538,773 sam\nLondon 3 3 e BEoye ®P O Dortmund German y Offi4 ce rati1o\nOpn ® Bousseldort\ne 5 e@nBt russels Köln Parki E ng spaces\nBelgium\nÄ e Opus Gross annual rent\nmiens\n4 Luxembourgx\nRouen Bean WALB\ne I * eANNIE Valuation\ne\nFrance GIY\n®@ Portfolio assets Zuricht 5\n© Acauisitions 2024 : Sapital alle\n@ Air and port logistics hubs Switzerland\na ron *Geneva\nItalv"
+  },
+  {
+    "page": 4,
+    "text": "FUND TERMS\nName\nTarget return 5% income return and 7.5% total return per annum*\nStrategy Acquire assets at attractive initial yields, hold long term and manage actively to sustain and enhance income\nTypes of assets Urban industrial & logistics\nGeography Eurozone: Benelux, France and Germany\nLeverage Target 30% LTV (Loan-to-Value) on portfolio level; maximum 35% on portfolio level\nVehicle Luxembourg FCP - RAIF (feeder fund for German institutional investors is a Luxembourg SICAV-RAIF-SA)\nTerm Open-ended, with quarterly liquidity (redemption rights, dual pricing)\nTarget minimum occupancy The fund is not allowed to buy assets with vacancy if the occupancy rate on a portfolio level is below 85%\nSingle property Maximum 20% of Fund GAV\nInception date 21 December 2018\nDrawdowns by a Subscription Vintage, pro rata, before the Commitments of the Investors for the next following\nDrawdown mechanism\nSubscription Vintage are drawn down; 10 business days notice period\nLock in period 24 months after committing\nInvestors Professional and institutional investors\nAIFM Pandoo Management\nAnnual management fees Class A & B (Institutional): 0.93% on NAV; Class D (Wholesale): 1.80% on NAV; Class P (Wholesale): 1.25% on NAV\nClass A & B (Institutional): € 15 million per investor; lower commitments down to € 5 million subject to IAC approval;\nMinimum commitment Class D (Wholesale): € 125,000 (subscription only through a nominee structure of the private bank);\nClass P (Wholesale): € 2 million\n*On average over a 10 years holding periodfor class A and B unit holders The return objective is based on the\nachievement of market assumptions madeby nd\ndoes not constitute a promise of return."
+  },
+  {
+    "page": 5,
+    "text": "CONVICTION\nTRENDS DRIVING DEMAND\nEXPOSURE TO SUBSTANTIAL PRICING\nSTRUCTURAL POWER FOR THE\nTRENDS LANDLORD\n» Strong demand for warehouses >» A tenant base of high\nquality SME’s\n> In particular in urban areas » Opportunity to drive\nincome\na\nvw!\nFOCUS ON SMALLER REPRICING AND\nAND MEDIUM SIZED MARKET TIMING\nWAREHOUSES » Valuations as well as\n>» Yield premium over “big market prices fully\nboxes”? adjusted and stabilised\n> More diversification > Therefore, the Fund is\npotential currently deploying\navailable capital\n1 Big boxes include properties larger than 10,000 sqm located in rural areas on larger plots with direct access to\nthe motorway. Primary occupiers comprise larger international businesses operating on international scale."
+  },
+  {
+    "page": 6,
+    "text": "CONVICTION\nEXPOSURE TO STRUCTURAL TRENDS\nDriving strong occupier demand\n=\nE-COMMERCE, SCARCITY\n| LAST MILE RE-SHORING / URBANISATION OF LAND\nDELIVERY NEAR-SHORING & LABOUR AND PRODUCT\nRelocation of Rising\nmanufacturing, construction cost\nExpected dsit s o t r r a i g b e u t a io n n d The United e a n n v d ironmental\nE-Commerce closer to the end- og peet consideration\ngrowth in Europe consumers world's limit new supply\nuntil 20291 .\npopulation to\nlive in urban\nareas by 2050\n(2023: 56%)\n1 Source: Statista as of May 2024."
+  },
+  {
+    "page": 7,
+    "text": "CONVICTION\nEXPOSURE TO STRUCTURAL TRENDS\nStrong occupier market dynamics and low vacancy\np, net absorpti d vacancy in F and the Netherla\n6.000 5%\n5.000\n4%\n4% 4.000\n3%\n3.000\n2.000\n1.000\n0%\nQ4 Q1 @2 09 Q4 Ql Q2 Q3 Q4 Ql Q2 QS Q4 Ql Q2 Q3 Q4 Ql Q2 03 G4 Ql Q2\n2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024\nnoitprosba\nteN\ndna\npu-ekaT\n)dnasuoht\n,mas(\nweWa\neNa\nXeNa\nr=\nReBB\nycnacaV\nmm Take-up Net absorption —— Vacancy\nSource: CBRE, ERIX 2024, preliminary figures."
+  },
+  {
+    "page": 8,
+    "text": "CONVICTION\nFOCUS ON SMALL AND MEDIUM WAREHOUSES\nA yield premium of 100-150bp over big boxes!\nYield evolution dustrial? ver:\n10%\n8%\n6%\n4%\n2%\n0%\nesS< )\\ ££So S8 s e NSo 8sySy -S Yc £sy © =a© *5 min “ O C%i 552 ssS # * * o ,%\n=Light Industrial ===Large Boxes\nYield premium related to:\n> Perceived risk of SME dominated tenant base .\nLocal presence with\n» Granularity and complexity of aggregating assets to achieve diversification specs\n» Management intensity related to smaller lot sizes\nSources : based on data for the period 2007-2024 across the Netherlands, Germany, France, Sweden and United\nKingdom. CBRE, 2024. |! Big boxes include properties larger than 10,000 sqm located in rural areas on larger plots\nwith direct access to the motorway. Primary occupiers comprise larger international businesses operating on\ninternational scale. |? Light industrial includes properties with area of up to 7,500 sqm and located on peripheral\nlocation near small to large sized urban areas. Primary occupiers comprise of smaller local businesses and larger\n(inter)national businesses operating on national level."
+  },
+  {
+    "page": 9,
+    "text": "CONVICTION\nSUBSTANTIAL PRICING POWER OF LANDLORDS\nPotential to increase rents to market rent\nReversion rates of market rent per country\n6%\n80 REVERSION\nUOT\n11%\nREVERSION\n—5\nraey/mqs/€\n70\n7%\nREVERSION\n55\n|\nThe Netherlands Germany France\nei\nmCurrentrent mERV\n1 ERV: Estimated Rental Value. Source, as of +: (N as of 30 September 2024."
+  },
+  {
+    "page": 10,
+    "text": "CONVICTION\nREPRICING AND MARKET TIMING\nHigher interest rates and substantial rental growth can be seen on the market\nPrime initial yields\n5,0%\n4,5% — Germany\n4,0%\n3,5% France\n3,0%\n2,5% The Netherlands\nQl 2 Q3 a 1 @2 98 a 1 @2 G2 a Ql G2 Q3 a Ql Q2 03 Q4 Ql Q2\n2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024\nSource: PMA, June 2024.\nExpected average rental growth per annum, 2024 - 9 >» High occupier demand for smaller and\nmedium sized warehouses in the proximity\n3.5% 3.3% 3,1% 3,0% of main cities\n3,0% 2,8% 2,8% 2,6% 2,6% 2,6% 2,5% 2,5% 2,4%\n2,5% | | | | . 2.1% 2,0% > Low vacrataes annd climiyted availability\n2,0%\n1,5%\n1,0%\n0,5%\n0,0%\nEs &\nhtworg\nlatneR\n| > oLfi msiptaecde new supply as a result of scarcity\nof available land, high debt financing\ncosts, increasing construction costs and\nNG 3x o& & & £ & S Xx@ & 3 N Cy © envi; ronmental consi|derations\neS Se S SF eS LMS\n< r & bo)5 ” Kal& x\nFe Source: PMA. 50 Sepleirber 2025;"
+  },
+  {
+    "page": 11,
+    "text": "STRATEGY\nEURO INDUSTRIAL REAL ESTATE\nStable income and value potential at the right point of time\nESTABLISH\nSUSTAINABLE CREATE VALUE\nINCOME WITH En NABEET BY ACTIVE\nA CONTRACTUAL MANAGEMENT\nLINK TO INFLATION\nDiversification: >» Select assets that are » Off market sourcing\naccretive to the total of undermanaged assets\n„Countries resüfntand Ihe » Drive income and value\n» Risk profile distributions of the fund ipyrantiverenaagement with\n» Sub segment > Selective risk taking with tenants\nvalue add assets .\n» Assets » Pushing contractual rents to\n. > Disciplined sales to market level (rent reversion)\n> Tenant/Tenant industry maintain and enhance | i\n) Lease maturity profile the quality of the portfolio >» Accretive ESG investments\n» Pro-active capital\nmanagement"
+  },
+  {
+    "page": 12,
+    "text": "STRATEGY\nESTABLISH SUSTAINABLE INCOME\nDiversification across countries, sectors and tenants\nDiversification across countries Risk profile: favour core\n> © at least and core+ assets with a targeted\nQZ 2 n allocation to value add assets to\nenhance returns\nDiversification across P| Tenant mix: limit exposure to a\nSbe Tets: n I logisti light ST RAT EG Y Tenant selections:i nfgolce utse noann fti n(a<n1c0i%a)l\nindustrial and multi-let light\nindustrial standing and energy consumption\nTarget average lot size . |\nof € 10-20 million to generate diversifie ‘\ndiversification across assets expiry profile\nThe information contained in this document reflects the current investment strategy, which may change over time."
+  },
+  {
+    "page": 13,
+    "text": "STRATEGY\nEXPLOIT MARKET OPPORTUNITIES\nEnhance portfolio quality and returns\nSelect assets that are Selective risk taking Disciplined sales to\naccretive to the returns with value add assets maintain and enhance the\nand distributions quality of the portfolio\nFavour off-market sourcing > Allocation of up to 1/3 to value Criteria for sale:\nthrough local teams add assets balanced out with 1. Business plan executed\nand network exposure to core assets\n2. Below average forward looking\nCapitalize on track record Focus on leasing risk in return\nin the market and credibility established locations with strong\nof execution capabilities occupier demand (Lyon, Paris, 3. Quality and ESG credentials\nAmsterdam) compliant with future occupier\nApply strict return requirements requirements.\naccording to risk profile No compromise to location, no\nmajor zoning or permitting risk\nEstablish business plan with clear\nobjectives and milestones"
+  },
+  {
+    "page": 14,
+    "text": "STRATEGY\nCREATE VALUE BY ACTIVE MANAGEMENT\nOff market sourcing of undermanaged assets\n> Benefit from direct approach of non-specialised often\nprivate owners\n> Those owners often lack real estate expertise and capacity\nto invest which offers opportunities to buy undermanaged\nassets\n» Buy under rented assets in order to mitigate downside risk\nand create potential to increase income in the near future\nFavour assets where there is potential to accommodate\na growth of the business of the tenant » Buy undermanaged and vacant asset in excellent\n. . . location from private vendor\n> Benefit from the capacity of the fund to invest, extract > Smart investment of substantial capex to upgrade\nvalue and improve quality the building\n> Source tenants with direct involvement and presence\n» Capitalize on local presence of team to identify of local team\ntenants in order to lease vacant space\nLease up 27,200 sqm well ahead of business plan"
+  },
+  {
+    "page": 15,
+    "text": "STRATEGY\nCREATE VALUE BY ACTIVE MANAGEMENT\nDrive income and value by active engagement with tenants\nBenefit from proximity of local teams to meet with\nthe tenant regularly\nIdentify tenant needs and willingness to consolidate\nthe lease and/or increase the rent\nSME’s allow for more pricing power of the landlord because:\n+ their profit margins often allow for higher rents\n+ they are less inclined to leave and often bound\nto the location\n+ they appreciate the real estate expertise > Buy adjacent land to provide an extension\nof a professional landlord to a growing tenant\n. a. . > Result: extension of the lease, increase of the income,\n» Explore extension potential in case of the tenant’s business strong improvement of the quality of the building\ngrowing in order to consolidate the lease and to improve\nthe quality of the building\n> Buy adjacent land to provide an extension Net gain in valuation 1\nto a growing tenant\n>» Result: extension of the lease, increase of the income,\nstrong improvement of the quality of the building\nPo 1 Past performance is not a reliable indicator for future performance and may vary over time."
+  },
+  {
+    "page": 16,
+    "text": "STRATEGY\nCREATE VALUE BY ACTIVE MANAGEMENT\nPushing contractual rents to market level\n» Acquire under rented assets (contracted rent is lower than\nthe market rent): in off-market transactions with non-\nprofessional vendors, the potential rent reversion is often\nmispriced\n» Under rentness mitigates downside risk: in case of an\nunexpected departure of the tenant or a bankruptcy, there\nis also upside potential that is available sooner than\nexpected\n>» Upside potential: actively seek possibilities to bridge the\ngap between the market rent and the passing rent by active > The tenant (Apple) asked us to invest € 400,000\nengagement with the tenant, also well before the break date in the ventilation of the building\nor expiry of the lease > Asaresult, and 1.5 years before the expiry date, a\nconsolidation of the lease (+5 years) and an increase\nof 14% of the rent to market rent was agreed\n> The valuation increased by 11%1\nIncrease of valuation !\n1 Past performance is not a reliable indicator for future performance and may vary over time. )"
+  },
+  {
+    "page": 17,
+    "text": "STRATEGY\nCREATE VALUE BY ACTIVE MANAGEMENT\nAccretive Sustainability investments\n> Identify investments in the building that are accretive 2\nto the income and/or the value while reducing the carbon\nemissions: =\n+ Installations\n+ Roof insulation\n+ LED lighting\n« Smart meters\n> Efficient use of capital expenditure: benefit from regular\nmaintenance to incorporate ESG measures and investments\nIdentify additional investments that add a source of income\nand value such as solar panels and EV chargers\nInstall smart meters to increases the sensitivity of the\ntenants to energy costs, triggering the possibility to share\ncosts, increase income and reduce energy usage\nThese investments often unlock an opportunity to Total investment Additional income Expected total\nrenegotiate the lease, extend it and increase the passing per annum return\nrent to market level\nCertify the assets with BREEM to increase the value and the\nsustainability level of the assets\nThe fund has a GRESB score of 87 points/4 star (2023) and\nis the #13 of the 79 industrial funds in Europe\nThe expected performances do not constitute a guarantee, a projection or a prediction and are not necessarily -\nindicative of future results."
+  },
+  {
+    "page": 18,
+    "text": "STRATEGY\nCREATE VALUE BY ACTIVE MANAGEMENT\nLow leverage allows for flexibility to adapt to market situation\n® 4\nRISK\nTARGET MANAGEMENT SECURITY STRATEGY\nAverage target > Benefit from low LTV and > Only first ranking >» Refinance sub-portfolios\nleverage: 30% diversification: long term mortgage, non- on a country-by-country\n(maximum 35%) (5 years) bullet loans recourse basis, aim for green loans\n(interest only)\nMaintain flexibility > Usual covenant (debt » Manage LTV level pro-\naccording to market > Interest rate risk: fix for yield/DSCRI/LTV) actively across the real\ncircumstances (typical the term of the loan with with significant estate cycle\nLTV range maximum 1/3 short term headroom at closing\n= 10-30%) rates to facilitate efficient\nuse of sale proceeds\n> Diversification of lender\nand maturity profile\n1DSCR: Debt Service Coverage Ratio. ot"
+  },
+  {
+    "page": 19,
+    "text": "TRACK-RECORD\nATTRACTIVE RISK-RETURN PROFILE\nAttractive entry point to achieve solid distribution yield 4\n9%\nIRR SINCE INCEPTION\n15% For first closing investors\n12,7%\nvo: on 4.5%\nDISTRIBUTIONS\nTt\nSo\n5% 4,8% 42% 5,u 4% 3,6% Bu > ©© 2 7%\n3,1% 27% » 2 0\n0,0% Re} LOAN TO VALUE\n0,7% e\n0% — £\n2019 2020 2021 2022 20) 2024 (E) g 9 9%\n= 0\nz RENT COLLECTION\n-5% = Including Covid-19 period\n-6,0% ®\n2 0\nPe 100%\n<\nINDEXATION\nmDistribution yield Capital return 83% of leases fully indexed\nPast performance is not a reliable indicator for future performance and may vary over time.\nTotal return figures represents the combined net performance across different unit classes.\nBES5°: 2s per 50 June 2024."
+  },
+  {
+    "page": 20,
+    "text": "TRACK-RECORD\nLOWER VOLATILITY OF CAPITAL RETURN\nThe volatility shows more reliability than the industry average\nPortfolio quarterly capital returns against major logistic and industrial benchmark\n10%\n5%\nhtworg\nlatipaC\n0% un\n-10%\nos a aa os i N EZ DZ ag sid& Ds& RZ\na & or & oo & or oo 4\n== Capital Growth = Capital Growth\n; 1 (INREV Logistic and Industrial index)\nPast performance is not a reliable indicator for future performance and may vary over time."
+  },
+  {
+    "page": 21,
+    "text": "TRACK-RECORD\nESTABLISH SUSTAINABLE INCOME\nDiversification across assets, countries and risk profile\nN = The Netherlands (38 assets)\n= Germany (9 assets)\n10 largest Country\nassets split\nFrance (8 assets)\n= Core\n= Lit rial (28\nRisk\nMulti-let Light Industrial (8 assets) Profi= le = Core Rplus\n= Small Logistics (20 assets)\nValue add\n= on market value of portfolio assets as per 30 September 2024."
+  },
+  {
+    "page": 22,
+    "text": "TRACK-RECORD\nESTABLISH SUSTAINABLE INCOME\nDiversification across tenants and industries\n>» 94% of passing rent contribution classified with a D&B Rating\n>» >79% of passing rent contributed by tenants with minimal and low risk indicator\n» >79% of passing rent contributed by tenants with low default risk\n= Warehousing & Logistics\n= Consumer goods\n= Industrial\nDurable consumer goods\n10\nlargest Sector Construction\nasset exposure, Healthcare\nAutomotive\nOther\nTechnology\nHospitality\nas of 30 September 2024,"
+  },
+  {
+    "page": 23,
+    "text": "TRACK-RECORD\nESTABLISH SUSTAINABLE INCOME\nDiversified lease expiry profile and short-term upside potential\nLease expiry overview (30-9-2024)\nDifference between\n€ 7.000.000 passing rent and market\nrent\n€ 6.000.000\n25%\n€ 5.000.000\nm 15% to 25%\n€ 4.000.000 m5% to 15%\nu -5% to 5%\n€ 3.000.000\n-15% to -5%\n€ 2.000.000 M u | -25% to -15%\nu | -25%\n€ 1.000.000\n—\n€-\n2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034\n17% maturing\nin 2024-2026\n4.5%\nupside\npotential!\nMR3.3 25 ©: 50 september 2024\n!The average passing rent of leases maturing in 2024-2026 is 4.5% below market rent."
+  },
+  {
+    "page": 24,
+    "text": "TRACK-RECORD\nPIPELINE\nCurrent pipeline (in or close to exclusivity)\nAsset ze (sqm) pe\n11,700 Small Logistics\nIN PIPELINE\n16,340 Light Industrial\n25.249 Light Industrial\n11,800 Small logistics\n21,900 Small logistics IN PIPELINE\n10,700 Small logistics\n13,691 Light Industrial\n24,803 Light Industrial UNDER OFFER\n4,012 Light Industrial"
+  },
+  {
+    "page": 25,
+    "text": "TRACK-RECORD\nEXPLOIT MARKET OPPORTUNITIES\nAcquisitions with accretive returns\n» KEY METRICS\nNet acquisiBtriiocne € 96,555,000\nValuation* € 99,470,000\nDifference +3%\nAverage GIY 6.7%\nOccupancy* 97%\nAverage WALT 5.9 years\nAverage CoC 6.1%\n(ungeared)\n*Developments at cost & occupancy excluding developments.\nThe expected performances do not constitute a guarantee, a projection or a prediction and are not necessarily\nindicative of future results 30 September 2023: 29"
+  },
+  {
+    "page": 26,
+    "text": "TRACK-RECORD\nEXPLOIT MARKET OPPORTUNITIES\nSelective risk-taking: leasing risk in established markets\nRISK TAKING FOCUSED ON LEASING\nRISK IN PROVEN URBAN LOCATIONS\nExpected average rental growth per annum, 2024-2028\n4%\n3,4%\n3,0% 3,0% 3,0% 3,0%\n2.6% 2.6% 2.5% 2.5% 2.4% > a\n| | | | |\na & S6 2 Ro)\nR8\nwea\nx ie\nhtworg\nlatne\nW8wW\nNRe\nNea\nerB\no2\nCP\n% Ser Zxr EFF S FS ELSE NEN £\nw &S D Ss RSZ ur Pasx) x&\nHl BE cices not have assets in EN: assets in\nSource: PMA, 30 September 2024 0"
+  },
+  {
+    "page": 27,
+    "text": "TRACK-RECORD\nEXPLOIT MARKET OPPORTUNITIES\nDisciplined sales in order to maintain and enhance portfolio quality\n» High office ratio\n>» Tenant specific Date of sale 29 December 2022\n» Secondary location , Warehouse area 2,918 sqm\n; OWeirented Office area 1,196 sqm (30%)\n> Short WALT Alle SA yaars\nRent [ERV] p.a. € 402,551 [€ 378,672]\nSales price € 5,850,000 (GIY 6.9%)\nLatest valuation € 5,460,000 (GIY 7.4%)\n» Too granular Buyer FY\n>» Tenant specific Date of sale 24 February 2023\n> Non-logistics activity Warehouse area 962 sam\n» Dyeifentea Office area 179 sqm (16%)\nWALB 10.0 years\nj Rent [ERV] p.a. €135,152 [€ 112,750]\nSales price € 1,850,000 (GIY 7.3%)\nLatest valuation € 2,140,000 (GIY 6.3%)"
+  },
+  {
+    "page": 28,
+    "text": "TRACK-RECORD\nCREATE VALUE BY ACTIVE MANAGEMENT\nOff market sourcing of undermanaged assets\n» Off market sourcing of three different adjacent buildings from three different private vendors\n> In avery densely built out industrial area at a central strategic location\nCreating the possibility to redevelop the entire site in 2025/2026\nAlignment of the leases with a maturity now in 2025\nEstablishing running income with the redevelopment potential available"
+  },
+  {
+    "page": 29,
+    "text": "TRACK-RECORD\nCREATE VALUE BY ACTIVE MANAGEMENT\nDRIVE INCOME AND\nVALUE BY ACTIVE @ PARTNERING WITH TENANT TO IMPROVE\nTHE RISK-RETURN DEAL PROFILE\nTENANT ENGAGEMENT\n» Sale and lease back transaction\n» Highly under-rented asset with 3 years WALT\n» Retained tenant with 52% increase of rent\nCAPITALIZE ON FAVORABLE MARKET DEAL CHARACTERISTICS\nDEVELOPMENTS\n» Strong rental growth Total area 9,493 sqm\n» Sought after location for its proximity to the Net value € 6,780,000\nmain manufacturing regions Rhine-Main and (as per Q3 2024)\nRhine-Neckar Net value change +48%\n» Low vacancy and limited new supply of (since acquisition)\nspace Passing rent € 455,664\n(as per Q3 2024)\nPassingrent change +52%\nGREAT LOCATION (since acquisition)\n» Close to major economic regions such as Occupancy 100%\nFrankfurt, Mannheim, Heidelberg and WALT 6.3 years\nKarlsruhe (as per Q3 2024)\n» Dense clustering of established WALT change +3.3 years\nmanufacturing companies (since acquisition)\nWell integrated into the transportation\ninfrastructure with access to road, rail, air\nand water transport\nPast performance is not a reliable indicator for future performance and may vary over time.\nas per 30 September 2024."
+  },
+  {
+    "page": 30,
+    "text": "TRACK-RECORD\nCREATE VALUE BY ACTIVE MANAGEMENT\nPushing contractual rents to market level\nGrowth of passing rent\n130\n125\nFu 120\nTis\n110\n105\n100\nend 2018 end 2019 end 2020 end 2021 end 2022 end 2023\n— Acquisitions 2018 Acquisitions 2019 —_—— Acquisitions 2020 — Acauisitions 2021 = Acauisitions 2022\nFe ae December 202%:"
+  },
+  {
+    "page": 31,
+    "text": "TRACK-RECORD\nCREATE VALUE BY ACTIVE MANAGEMENT\nAccretive Sustainability Investments: solar panels\nFO eae|\nu\n> QUALITATIVE f x\nBENEFITS: BS\n» Solar panel energy production helps tenants y %\nto grow their business and reduce operating\n» INVESTMENT cost and carbon emissions G R E S B\nRETURNS » Reduce the impact of an increase of energy ae\n2023\n. prices on net rent\nSize of p th r e o g to r t a a m l € 9,a70e0, 000 > ne the qualii ty of the buiillddii ng and the 87 poi2nts\nExpectedIRR 10.9% > Improve BREEAM and EPC rating of the Bee TRE ZL\nassets and GRESB rating of the fund\nExpected NIY 10.1% » Potential to implement smart grid solutions\n>» Reduces the margin on debt financing 13th aR ESE\n>100% of the total » Benefit. from subsid\" ies nu INDUSTRIAL | EUROPE\nAverage ti >» Potentially longer lifespan of roof as it is\npir oduction .ofM etrhgey s ecloencstuemd patsisoent s more protected 4 agai: nst thheei i mpact o f The GRESB Score is an overall\nsunlight, rain and wind measure of ESG performance -\n” . represented as a score\n(100 points maximum).\nTotal program 21 assets\nThe growth/performance/return objective is based on the achievement of market assumptions made by the\nland does not constitute a promise of growth/performance/return. 35"
+  },
+  {
+    "page": 32,
+    "text": "TRACK-RECORD\nCREATE VALUE BY ACTIVE MANAGEMENT\nAlmost €100million of green loans at decreased interest rates\nLender Amount Base rate Margin* . All-in Maturity Interest fixed until\n(€ million) interest rate\n€ 55.4m 2.64% 1.67% 4.31% 11/7/2028 11/7/2028\n€51.0m (0.06)% 1.59% 1.53% 11/7/2028 28/12/2025\n€31.0m 2.46% 1.25% 3.71% 8/11/2028 8/11/2028\n€14.0m 2.98% 1.26% 4.24% 28/04/2029 28/04/2029\n€151.4m 3.25% 3.9 years 3.1 years\n*To be decreased with 2.5-5bp if certain ESG objectives are realised: solar panels,\nBREEAM certification, number of energy inefficient assets."
+  },
+  {
+    "page": 33,
+    "text": "TRACK-RECORD\nCREATE VALUE BY ACTIVE MANAGEMENT\nUse leverage to reduce volatility and deploy available capital at the right time\nPortfolio quarterly capital returns against major logistic and industrial benchmark\n10% 30%\n.\n25%\n20%\n15%\ns 10%\n=\n2\na -10%\n3 5%\n8\no\n-15% 0%\n> 2 2 2 2 fb i> fb fb & >\nN N se oe N N a se Sy N Da\nley ley [ei ies ley [ey fet & ¢ fet fet\n=== Capital Growth = Capital Growth ee LTV\n| (INREV Logistic and Industrial index)\nPast performance is not a reliable indicator for future performance and may vary over time.\nI Logistics as of 30 June 2024."
+  },
+  {
+    "page": 34,
+    "text": "A leading conviction-driven investment house specialised\nin Asset Management and Private Banking, addressing the needs\nof an international clientele of wealthy families, entrepreneurs,\ndistributors and institutional investors.\n100\nFamily\nOur approach: owned\n» Our family shareholding structure guarantees independence\nin advisory and management services\n» Uniquely close-knit relationships combined with the\nexpertise of an international group 163 21.2%\n» Proactive teams who anticipate economic changes when = eA massas Selen\ndesigning our products and services Son SBN dese 1229\n» Access to a full range of financial products and services\n2,600 7\nemployees business lines"
+  },
+  {
+    "page": 35,
+    "text": "PLATFORM\nAt a glance\nTHE Success in real estate is determined by a local presence and local knowledge;\nQ> PLATFORM\nWe have 140+ professionals across Europe and a network of local partnerships.\nWe are a conviction-driven investment house, targeting specific investment\n= INVETSHTEMENT strategies in select markets with a strong ESG focus;\nPHILOSOPHY Our ambition: having a lasting impact on the asset, its energy consumption,\nrisk profile, market attractiveness and services delivered to its tenants.\nWe tailor our offerings to meet client needs, operating through open- and\nclosed-ended funds, bespoke client mandates and direct transactions;\nWe execute equity and debt investments focused on the green office,\nindustrial/logistics, modern residential and life science sectors.\nTHE TRACK We have a strong track record and significant pipelines in our target markets;\nRECORD Our size allows us to remain selective, nimble and entrepreneurial."
+  },
+  {
+    "page": 36,
+    "text": "PLATFORM\nSECTOR EXPERTISE WITHIN THE PLATFORM\nAUM breakdown by sector\nINVESTMENT SOLUTIONS\nRetail Funded strategies across Europe\n6,1% Pooled open-en¢ nded funds\nHotel &\nLeisure\n9,9% Modern Living\n33,4%\n€ 12.1..\nIndustrial &\nLogistics TOTAL AUM\n19,6%\nMixed Use / Urban\nOffice\n31,1%"
+  },
+  {
+    "page": 37,
+    "text": "PLATFORM\nTHE INVESTMENT PHILOSOPHY\nOur investment themes guide our sectorial conviction\n@ FOCUS ON STABLE INCOME\n& CAPITAL PRESERVATION\nSeeking regular dividend distribution with\ndownside risk mitigation\n@ MARKET\nOPPORTUNITIES\nBenefit from changing markets and repricing\nto seek superior risk adjusted returns\n© ESG & SOCIAL IMPACT\nLowering the carbon footprint and making sure\nassets contribute to the well being of end users\nand their community\n@ MEGATRENDS\nTaking into account demographic\nand technological evolutions\nTBED\nThe foundation of all of our investment strategies\nis to actively apply one or more investment themes\nto our sectorial convictions:\nLOGISTICS & INDUSTRIAL MODERN RESIDENTIAL\nInfrastructure favoring flows linked Addressing t1e population\nLo new forms of distribulion\nGREEN OFFICES LIFE SCIENCE\nUrban locations and close to Creating an eco-system of transport nodes and amenities companies in the health/life sector\nEQUITY\n45"
+  },
+  {
+    "page": 38,
+    "text": "CONCLUSION\nImmediate exposure to repriced assets and\ngrowing income\n» KEY FACTS\n> | offers an opportunity to benefit from structural trends\nwith an attractive risk-return profile Assets 55\n> An established and diversified portfolio and the recent LORIE een SSE 77/5 Sahni\nrepricing provide a perfect entry point to invest\nGAV €552 million\n> A granular portfolio with an SME type of tenant base offers\nmany opportunities to generate sustainable income and Occupancy 96%\nextract value\nWALB! 5.6 years\n> has the track record, capabilities\nand required local presence to drive income and crystalize GIY2 6.2%\npotential value\nLTV3 27%\nAll in friaxteed oinnt edreebstt 925a\n1WALB:Weighted Average Lease-length to Break.\n2 GIY: Gross Initial Yield.\n3 LTV: Loan-to-Value."
+  },
+  {
+    "page": 39,
+    "text": "CONVICTION\nREPRICING AND MARKET TIMING\nTransactional evidence: bid-ask spread closing\nBid-ask spread per country\n10%\n0% @ eee ©, @e e ° -\nce @° e° ee, ee\n10%y |» o __e, %@ se ® e ° En e _ f © __- OS ade ® l@e e o e e e 9%\n.e “_\noo Ce\n-20% @ — :®\ne ®\n-30% e @ ee\ne e\n-40%\n-50% @\n-60%\nDec/22 Mar/23 Jun/23 Oct/23 Jan/24 Apr/24 Jul/24\n® The e@ France e@ Germany «**sss*0= Linear\nNetherlands trendline\nBubble size indicate the size of the | i _ _ __ Si"
+  },
+  {
+    "page": 40,
+    "text": "APPENDICES\nFRANCE INDUSTRIAL MARKET (1/2)\nA French Market that registers moderate rental growth\nOccupier Market\n>» In Q1 2024, the take-up volume reached 641,000 sqm. Geographically, the outside backbone (Centre-Val de Loire\nregion) takes over with 69% of the transactions since the beginning of 2024.\n» Supply increased by 16% over the last 3 months, reaching 2.8 million sqm by the first quarter of 2024, however, the\nvacancy rate remained low at 3.5%.\n» After two years of significant increases, prime rents in the “French backbone” have temporarily stabilized. However, the\nphenomenon of users moving to neighboring regions continues to drive rents up outside the backbone.\nLogistics take-up (in thousands of sqm) Prime logistics rent (€ per sqm)\n6.000\nFrench Backbone Min Max\nile-de-France + Oise 50 84 Marseille 8 |\n5.000\nAURA/Lyon 55 67\n4.000\nHauts-de-France/Lille 40 54 Lyon\n3.000\nPACA/Marseille 55 63\n21..000000 ; y\nNouvelle- Lille\nAquitaine/Bordeaux 50 60\n0 i\nNormandie/Le Havre 45 55\n2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Centre-Val de Loire/Orléans 44 $4 Paris 84\nmQl mQ2 =03 a4 Grand Est/Strasbourg 45 58\nSource: BNP Q1 2024; CBRE, Q1 2024"
+  },
+  {
+    "page": 41,
+    "text": "APPENDICES\nFRANCE INDUSTRIAL MARKET (2/2)\nIndustrial and Logistics, an asset class that still attracts\nInvestment market\n> The investment in I&L totaled over € 679 million in the first quarter of 2024, representing an increase of 14% compared\nto the first quarter of 2023\nThe I&L asset class achieved a record market share, representing 38% of the total amount invested in commercial real\nestate in the first quarter\nThe prime rate increased slightly for Class A logistics assets reaching 5% and remained at 5.75% for light industrial assets\ndemonstrating the resilience of the asset class\nI&L investment volume (£, billion) Prime Yields\n8 40% 8%\n6% 5,75%\n30% 5,00%\n4%\n20% 2% 2,82%\n0%\n10%\n-2%\nu 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Ql\n2024\nu 2 m 0 1 | 8 & L i _ nv 2 e 0 s 1 t 9 me nt vo 20 l 2 u 0 m e (Em 2 ) 0 21 — — W 2 e 0 i 2 gh 2 t . i _ n t 2 ot 0 a 2 l 3 vol Q um 1 e 2 0 i 2 nv 4 ested — Class A Logistics — Industrial ——OAT 10 ans\nSource: BNP Q1 2024; CBRE, Q1 2024"
+  },
+  {
+    "page": 42,
+    "text": "APPENDICES\nGERMANY INDUSTRIAL MARKET (1/2)\nLow supply and low vacancy counter lower demand\nOccupier market\n» Challenges persist in the German occupier market given macro-economic constraints\n» Take-up in 2023 is down by more than 26% y-o-y (ca. 6.3 million sqm), but almost on par with 2019 / 2020 levels\n» Key issues are development constraints and reduced land supply in and outside the major logistics regions\n>» While overall take-up is lower, the tightness of the market is evidenced by low vacancy levels in key markets and rising\nrents\n» Onaverage, prime rents rose by 9 % and average rents by 11 % over the past 12 months\nTake-up (in million sqm) Average Prime Rent (in € per sqm per month)\n10,0 9,0 ee8,3\nso\n8,0\n6,0\n7,0\n6,0\n5,0 3,0\n4,0\n3,0 0,0\n2,0 S8U6N 6LE8HA9N8LH6AN60N6 69L850H986A068N598 L86 H98A66M65NN65\nTo) s82a 88a 3 a8383 ex3 3aA 2H3 a 3re3s a3s832 ı3a38n23n n3m25n3n5\nEr SSAS SA RRR RR RSS\n2019 2020 2021 2022 2023\nmQl 202 203 =Q4\nSources: BNP Paribas Real Estate, Cushman & Wakefield, Collers, @4 2023"
+  },
+  {
+    "page": 43,
+    "text": "APPENDICES\nGERMANY INDUSTRIAL MARKET (2/2)\nUpturn in market activity and sustained sabilization of yields\nInvestment market\nvV\nY\nv\nThe German logistics investment market carried over the positive momentum of the second half of 2023 into 2024\nTransactions in Q1 2024 are up by 48 % y-o-y (c. 1.4 bn) mainly driven by international investors\nCore investors are continuing to keep a low profile, while value-add investors are looking for opportunities\nThe prospect of a sustained stabilisation of prime yields is having a positive impact on investors’ ability to plan\nand invest\nPrime Yield Logistics (NIY)\n4,5%\n4.0%\n3,5%\n3,0%\n2,5%\n2.0% ...9102 ...9102 ...9102 ...9102 ...0202 ...0202 ...0202 ...0202 ...1202 ...1202 ...1202 ...1202 ...2202 ...2202 ...2202 ...2202 ...3202 ...3202 ...3202 ...3202 ...4202\nInvestment Volume Logistics (€ million)\n12\n10\n8| i\n4\n2019 2020 2021 2022 2023 2024\n)i\nmQl mQ02 8Q3 \"Q4\nSources: BNP Paribas Real Estate, Cushman & Wakefield, Colliers, Q1 2024"
+  },
+  {
+    "page": 44,
+    "text": "APPENDICES\nNETHERLANDS LOGISTICS MARKET (1/2)\nOccupier market: flight to quality despite global demand decline\nOccupier market\n> Activity slows down in the Dutch logistics occupier market in correlation with the Port of Rotterdam reporting a 6% y-\no-y decline in cargo throughput in 2023 due to limited economic growth and geopolitical tensions.\n» This is demonstrated by declining market activity, as the year’s take-up is 40% lower than in 2022. In comparison to\nprevious quarter, we notice a slight improvement (Q3 y.o.y. was -45%).\n» The demand for higher building efficiency (a.o. higher clear heights, heavier floor load capacity) continue to persist.\nHowever, due to limited pipeline of newly constructed projects (capacity issues of the electric grid, nitrogen\ndisposition and discussions around boxification), a shortage of quality going forward is to be expected.\n» The vacancy rate has increased 80 bps q.o.q. to 2.3%, this amount is reflective of new speculative developments\ndelivered in H2 2023 that haven't been fully let yet. Occupier choice has now widened for grade A supply.\nTake-up volume (million) & vacancy rate Evolution of prime rents logistics\n6 6,00% €110\n2\n25 5,00% € 100\n=\n4 4,00% €90\n3,00% €80\n42) \\ | 21,,0000%% ££6700\na 0,00% =\n2016 2017 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023\nAmsterdam Utrecht ===Rotterdam North-Brabant\nmamma Take-up (sam) =——Vacancy Rate\nEn Source: JLL Research; Freight News, @4 2023"
+  },
+  {
+    "page": 45,
+    "text": "APPENDICES\nNETHERLANDS LOGISTICS MARKET (2/2)\nThe investment market finalizing the adjustment process\nInvestment market\n> Total logistics investment volume has experienced a 75% decrease compared to Q4 2022 (y.o.y.).\n» The investment market is displaying adaptative signs to the economic environment. Transactions have pivoted from\nlarge, core deals to smaller, core+/value-add deals.\n> Investment volume totalled €1.2 billion for the year.\n> Sentiment for logistics remains relatively positive, prime yield is expanded to 4.75% which reflects an outward\nmovement of only 5 bps from the previous quarter, indicating the gap between buyer and seller expectations is\nclosing in.\nPrime yields industrial vs. logistics (NIY) Investment volume logistics (million)\n10%\ne€ 4.500\nS €4.000\nor = €3.500\n5s € 3.000\n= € 2.500\nes € 2.000\nae €1.500\n%n €1“.0”00 5 U |\n2% €0\n2012 2014 2016 2018 2020 2022 2023 2018 2019 2020 2021 2022 2023\nLight industrial —— Logistics Ql m02 mQ3 =Q4\nPe So EE 912024"
+  },
+  {
+    "page": 46,
+    "text": "APPENDICES\nNETHERLANDS INDUSTRIAL MARKET (1/2)\nMarket activity restrained amid economic uncertainty\nOccupier market\n» Demand remains relatively strong despite slowdown of Dutch economy. 9 Dutch provinces saw more transactions this\nyear, such as in Noord-Holland and Overijssel.\n> Still, within the industrial market over 55% of all properties have been built prior to 2000, offering opportunities for\n(re)development to meet increasing demand for quality. Same constraints as mentioned for logistics (limited pipeline)\nare relevant for industrial.\n» The vacancy rate increased 10 bps 1.7% and the total take-up for 2023 amounts 2.4m sqm. The average size of a light\nindustrial asset offered for let has been decreasing in size since 2020. The low vacancy has been attributed to lack of\nnew supply being delivered to the market as development activity has declined over the past year.\nTake-up volume (million) & vacancy rate Quarterly A in take-up volume\n4 6,00% 30%\ns4g 40%\n= 5,00%\n= 3 | 30%\n4,00% 20%\n2 3,00% 10% |\n0% =\n1,00% -20%\n-30%\n- 0,00%\n2016 2017 2018 2019 2020 2021 2022 2023 40%\nmm Take-up (sam) Vacancy Rate 2201 2202 2203 2204 2301 2302 2303 2304\nFe Sources Jit Research."
+  },
+  {
+    "page": 47,
+    "text": "APPENDICES\nNETHERLANDS INDUSTRIAL MARKET (2/2)\nInvestors maintain cautious in the present economic climate\nInvestment market\n» Light industrial fared better than the overall market: the bulk of properties valuation are below €30 million, with a\nlower sensitivity to interest rates’ volatility as investors are less reliant on borrowed capital.\n» Activity started to picked up in the last quarter (€169 million Q4) totalling to €531 million for the year. This is a 44%\ndecline compared to 2022.\n» Also, for industrial, investment sentiment remains relatively positive, prime yield is stabilizing at 5.95% which reflects\nan outward movement of only 10 bps, indicating the gap between buyer and seller expectations is closing in.\nEvolution of prime rents light industrial Investment volume light industrial (million)\n€120 w» €1.200\n8\n€110 == €1.000\n€100\nach € 800\n€80 Ss € 600\n€ 70\n€ 400\n€ 60\n€50 € 200\n€40\n2017 2018 2019 2020 2021 2022 2023 €0\n2017 2018 2019 2020 2021 2022 2023\n— Amsterdam ex Utrecht\n—Rotterdam North-Brabant mQ1 mQ2 mQ3 mQ4\nFe Sources JLL Research."
+  },
+  {
+    "page": 48,
+    "text": "APPENDICES\nGOVERNANCE\nMANAGEMENT\nLaunch date 21 December 2018\nManager (AIFM)\nSupervisory authority\nManagement company\nInvestment and Real estate adviser\nDepository\nCentral administrator\nAuditor\nLegal adviser\nIndependent valuer EN values the properties at each quarter end.\nValuations\nis the valuer for French and German assets.\nInvestor advisory committee (IAC) Yes"
+  },
+  {
+    "page": 49,
+    "text": "APPENDICES\nINVESTMENT RESTRICTIONS\nSingle property < 20% of GAV\nDevelopment risk\nForward commitments: < 20% of GAV\nForward funding: < 15% of GAV\nCombined forward commitments & fundings: < 25% of GAV\nTenants and vacancy\nSingle tenant: < 15% of the total gross rental income ofthe fund\nVacancy: < 15%\nVacancy combined: < 25% including forward commitments and forward fundings\nGeography\nEurozone 100% of GAV\n. < 40% of GAV\nGermany:\nPo Note tee Festnenem apy enterthe ena oT the war patna Pad"
+  },
+  {
+    "page": 50,
+    "text": "APPENDICES\nINVESTMENT ADVISORY COMMITTEE (IAC)\nSummary\nAppointment € 30 million minimum commitment to appoint a representative to the [AC\nNumber of [AC members Maximum 5 (First come, first served); Manager may send non-voting representatives\nQuorum Majority of members present\nVotes Each member has one vote, regardless of size of equity commitments\nCasting vote If required, the first member of IAC has the casting vote\nSingle asset acquisitions > € 15m purchase price, with 66.67% majority\nPortfolio acquisitions > € 45m purchase price, with 66.67% majority\nIAC approves Investments outside the Benelux and Germany, unanimously\nWaiver of minimum commitment of € 15 million, with 50.1% majority\nThe Fund incurring any development and capex monitoring fees with the manager,\nwith 50.1% majority\nOther related party transactions, with 66.67% majority\nTwo meetings per year during the Initial Investment Period, one meeting per year\nMeeting frequency\nthereafter.\nFor a comprehensive and detailed description of the IAC and its rights,\npleaser refer to the Offering Memorandum of the Fund. | 64"
+  },
+  {
+    "page": 51,
+    "text": "APPENDICES\nPRICING MECHANISM AND LIQUIDITY\nDual Pricing Model and Quarterly Liquidity\nPRICING MECHANISM:\nAudited financial statement IFRS\nINREV valuation principles: IFRS +\nInvestor napertüing) and] panfenmenee « Amortization of upfront acquisition costs over a 10 years period\nNSU * Market-to-market of fixed rate bank debt\nIssue price INREV NAV + adjustment for amortised acquisition costs\nBid price INREV NAV -/- adjustment for costs of selling assets\nLIQUIDITY:\nLock up period 2 years starting at the end of the quarter following subscription\nQuarterly vintages, redemptions to be submitted until 10 days before the\nFrequency end of the quarter"
+  },
+  {
+    "page": 52,
+    "text": "APPENDICES\nSERVICES AND REMUNERATION\nService Remuneration\n1.00% on purchase price if with broker\nAcquisition\n1.50% on purchase price if without broker\nAnnual Management 0.93% p.a. on NAV\nDi: sposiati on 0F.20% on sale price provided the sale price exceeds the total investment\ninto the property\n. 15% of first year annual net rent assuming a five-year lease is signed, and no\nLeasing\nleasing broker involved. Adjustments pro rata temporis.\nManager receives 15% of excess return above hurdle of 6% income return\nPerformance-related Fee = A\np.a., measured over 3 year rolling period."
+  }
+]

prototypes/ocr_demo/output/Teaser 4 FINAL-OCR.json

@@ -0,0 +1,190 @@
+[
+  {
+    "page": 1,
+    "text": "European Core Fund\nFebruary 2025 | Confidential"
+  },
+  {
+    "page": 2,
+    "text": "Firm Overview"
+  },
+  {
+    "page": 3,
+    "text": "Innovative Investment Strategies\n* Continue to innovate with our network of ~200 in assets under management on\nuniversities and 30 health systems behalf of 620 investors located in -30 countries!\n= 7\nInception Date Liquidity Investment Strategy\nDeliver capital appreciation through\n2006 Closed-End North America development and other value creation activities\n2011 Open-End United States Investme p n r t o i d n u s c t i a n b g il a iz s e s d e , t s cash-flow\nDeliver capital appreciation through\n2015 Closed-End Europe development and other value creation activities\nPursue lower-to-mid size investments spanning\n2018 Open-End North America digital, utilities, power, renewables and\nsocial infrastructure\nInvestment predominately in stabilized, cash-\n2021 Open-End Canada flow producing properties, up to 35%\nvalue-creation assets\n10 2025 Open-End Europe Investme p n r t o i d n u s c t i a n b g il a iz s e s d e , t s cash-flow\nSS—"
+  },
+  {
+    "page": 4,
+    "text": "Proprietary Data & Insights\nExtensive and granular proprietary data from nearly 20 years and $70 billion invested across alternative\nreal assets drives our informed and differentiated investment decisions!\nGranular data on tenant preferences, occupancy patterns, and property performance enhances market forecasting and demand analysis\nData-driven underwriting such as rent growth, operating expenses, vacancy rates, and exit cap rates by asset type and market\nInvestment lifecycle data, such as development timelines, stabilization periods, and value-add execution guides our portfolio construction\nMarket performance, historical returns, and asset-specific performance utilized to design data-driven hurdle rates and highly structured\ninvestments to reflect appropriate risk/return profiles of each investment\nHistorical construction costs and insight on key risks including\npermitting and cost overruns across $35 billion of development\nA\nMUH\nProprietary benchmarks of key operating metrics, such as =\nrental rates, operating expenses and capital expenditures by\nproperty type and markets enhance asset management\nAsset performance trends, market timing, and tenant demand\ninforms dynamic exit strategies tied to performance metrics\nScenario planning augmented with detailed sector and market —\nperformance over multiple cycles\nInformational advantage in sectors where"
+  },
+  {
+    "page": 5,
+    "text": "Specialist Manager\n* Early mover in demographic-driven, needs-based real assets in North America and Europe\n* Cycle-tested firm with established investment process and demonstrated investment thesis resiliency\n* 19-year track record with exclusive, pure play focus in alternative sectors\nEstablished Platform\n* Stable leadership team with collective lessons gained investing together through multiple cycles\n* Dedicated and passionate global team of subject-matter experts\n« Established network with leading operators and developers across our target sectors\nInformational Advantage\n* Extensive proprietary data, research and deal flow to enhance investment decisions\n* Exclusive intelligence in sectors where access to information is still not widely available\n* Proprietary data accumulated across $70 billion invested provides insight to real-time market and asset-level trends\nAs of September 30, 2024"
+  },
+  {
+    "page": 6,
+    "text": "Depth of Experience\nStudent Senior Healthcare Life\nHousing Housing Delivery Sciences Build-to-Rent Storage Digital\n$22.58 $14.58 $9.48 $8.3B $5.5B $3.5B $3.48\nGross Value Gross Value Gross Value Gross Value Gross Value Gross Value Gross Value\n410 326 382 66 45 311 24\nProperties Properties Properties Properties Properties Properties Assets\n222,000 43,000 24.5M 10.5M 14,000 209,000 2.0Gw\nBeds Total Units Square Feet Square Feet Units Units Capacity\n180 39 30 15 30 30 14\nUniversities States/Provinces Health Systems Markets Cities States/Provinces Markets"
+  },
+  {
+    "page": 7,
+    "text": "Lu O\n5—OQ_fd)©c fe)_d)\nLL Oo O v\n== >®_> S"
+  },
+  {
+    "page": 8,
+    "text": "Europe Core Real Estate Fund\nInvestment Strategy\nManage the first pure-play European Core fund exclusively investing in diversified alternative real estate sectors pursuing\ninvestments in stabilized properties across desirable European markets. ie: investments in these assets,\nincluding student accommodation, alternative residential, senior housing, life sciences, medical office and self storage will provide\nan attractive combination of strong current income and long-term growth.\nTarget First Close Q1 2025\nStructure Open-end, perpetual life, Luxembourg domiciled\nInitial Target Size* €2 billion\n6-8% total return, including a 4% distribution yield,\nm through complete market cycles\nTarget Leverage 25-30%\nImpact Energy and health goals (disclosure under SFDR Article 8)\n*Initial target strategy size represents the target NAV within four years from launch\nPlease refer to the disclaimer section at the end of the presentation for additional orl related to forward looking estimates.\nThe strategy terms, allocatioannsd d herein are illustrative and for 1 purposes only.\nPhoto: representative photo"
+  },
+  {
+    "page": 9,
+    "text": "HS European Core: Executive Summary\nOpportunity to access scalable exposure to Pan European alternative real estate at an\nattractive point in the cycle, on attractive terms and with a proven manager\nes\nWhy Europe Core? Why | | Street? Why Now?\nDiversification Specialist Manager Market Timing\nAdditional diversification within wider real 18-year proven track record in the Unprecedented inflection point capitalising\nestate portfolios with a low correlation to alternative sectors on strong operating fundamentals and\ntraditional sectors Establi. shed Platform current cap7i taAl muarket dislocations.\nDefensive Qualities Pan European platform with local offices ePrice\nResilient sectors that are not closely linked and expansive local operating partner Favorable market conditions have emerged\nto economic cycles network following recent repricing, presenting an\nopportune time to launch the fund\n; Stable ers} A ee vee ee, First Mover Advantage\neiuelails eee. Sees Isksiei ces ee a. tesea ie Lack of solutions in alternative core real\nInlszekesenDsssikise estate and ability to access new sectors and\nLower Volatility Track Record markets at scale\nHS anticipates lower dispersion of returns rs Mr. Be = Senn fhe Attractive Returns\nas evidnencsed bNy aHaSr U SO DCoCrEe IFnudnedx! r elative AmCelivre! icsa Ceoree, FEunTd w ithAiboveerl $ 1316o er ave Potenti5al to outperform target returns due\nto current capital market dislocation, based\non current modelled assumptions\n= on = = = calculated from Core Funds quarterly gross total returns against that of ODCE, where ODCE is defined as market returns. Please refer to the\ndisclaimer for additional information on the NCREIF ODCE Fund Index.\n2 As of 30 September 2024"
+  },
+  {
+    "page": 10,
+    "text": "Target Allocations\nAlternative Living\nAlternative Living\nStrong secular demand drivers underpinned by compelling demographic trends\n80%-90%'\nMaturing investible universe, proven liquidity and well-established operators\nStudent\nAccommodation Senior Housing Specialty Residential? Student Accommodation\nGeographic Focus: UK, Ireland, Iberia, Nordics, Netherlands, Germany, France, Italy\nSpecialty\nResidential Emerging Alternatives\nSenior\nHousing Nascent sectors where European institutional adoption is in the early stages\nHS expects the Core investment opportunity will develop with time\n> we\nEmerging Life Sciences Self Storage Medical Office\nAlternatives\n10%-20%! Geographic Focus: UK, Ireland, Iberia, Nordics, Netherlands, Germany, France, Switzerland\n1 Based on GAV\n|CU"
+  },
+  {
+    "page": 11,
+    "text": "Phased Portfolio Construction Approach —\nTarget Portfolio Construction — Year 5\nCurrent capital market dislocation has led to certain sectors and markets repricing quicker than others, creating the\nopportunity for a phased approach to portfolio construction:\n+ Phase 1: Target investments in sectors and markets where and repricing has been greatest, liquidity has returned,\nand 0] no further repricing will occur.\n* Phase 2: Sectors and marketsfbelieves further repricing will occur within the next year.\n* Phase 3: Less mature sectors and markets from a Core institutional investment perspective that believes will\ndevelop with time\nAlternative Living Emerging Alternatives\n80-90%! 10-20%!\nFa Student Specialty N x .\n| Accommodation Residential? Senior Housing ıl Life Sciences Self Storage Medical Office\nUK l f 7\nIreland \\ [} [1 [m Mm\nIberia !\nItaly ı Mm [7] 7]\nGermany l [ea [ea w [ea\nFrance 1\nNetherlands \\ M [7] Mm H [7] [af\nNordics Se |I4 oo’ SS ML UL .\nPhase 1: Year 1 [|\nPhase 2: Year 2 - 3 ic)\nPhase 3: Year 3+ [7]\n1 Based on gross asset value\n2 Specialty Residential includes build-to-rent, single family rental and micro living\nProvided for illustrative purposes only to demonstrate the target allocations post four-year stabilization period and is subject to change EN"
+  },
+  {
+    "page": 12,
+    "text": "Alternative Sector Repricing\nFavorable market conditions have emerged following recent repricing, presenting an\nopportune time to acquire assets at a discount\n6.00% r 160\n4 145 + 140\n5.00% A135\n125\n120 r 120\n115\n4.00% 105\n100 100, 100 100 100 r 100\n90\n3.00% r 80\n70 70 65\nF 60\n2.00% 50\n+ 40\n1.00% 25\nr 20\n0.00% - 0\nD E D ® 2 D i D D 2 D D e D D e D\nf3e) fen ) i3e) £6 35 3° [e1 ) f3e) f3o) 91 3e) efei) feT ) f3e) 3° feT ) 3°\nI = I an a I hr = I br I I 7 I I = I\nee 2 5 3 gw E22 5&5 E a a ee F 3 € F 6\n3a § * S/S 82 § $ &@ § Sa § FS a Fs\n2 n 2 wn Bp n 2 n 2 iv)\nwn wn wn wn wn\nUK Spain Germany France Netherlands\nmQ2 2022 NIY (LHS) m O4 2024 NIY (LHS) 30 Month Yield Expansion (RHS, bps)\nSource: CBRE\nEEE"
+  },
+  {
+    "page": 13,
+    "text": "Living Sectors Comparison\nSpecialty Residential\nStudent Senior Traditional\nBuild-to-Rent Micro Living Sing R l e e n t F a a l mily Housing Housing Multifamily\nAmenitized High High Low to Moderate Moderate High Low to None\nYoun Young\nTypical Tenant me) Professionals Families Students Seniors Varied\nProfessionals\n& Students\nTypical Location City Centre City Centre Suburbs Near Universities Suburbs Varied\nTypical Rent per sf High High Moderate Moderate High Varied\nServices Revenue High High Moderate High High Low\nTypical No. Units 150 - 500 150 - 400 100 - 250 100 - 600 70- 120 1- 100\nAv Length of Stay 0.5 - 2 Years 3 - 12 months 1-3 Years 9 - 12 months 1-5 years 1-10 Years\nTypical Cap Rate (UK) 4.25% + 4.5%+ 4.25% + 4.75%+ 5.5%+ 3.0%+\n2023 Rent Growth (UK) 5-10% 5- 10% 2-4% 6 - 10% 6-8% 1-4%\nOperating Costs Moderate High Low High High Lowest\nCap rates and rent growth representative of UK investments, as of Q2 2024.\nSource CBRE, Oxford Economics. Representative photos"
+  },
+  {
+    "page": 14,
+    "text": "First Close Incentives\nCornerstone Incentives\nMin. Commitment €100m\nWindow Earlier of 6-months from initial closing or £500M of\nequity commitments\nLockup Period 3 years\nFees 50bps on invested NAV\nGovemance Permanent LPAC member\nCo-Investment Key co-investment rights\nFirst Close Discount\nMin. Commitment £10m\nna\nREB\nREEB\nSO\nS8\nEO\n'\nWindow Earlier of 6-months from initial closing or £500M\nof equity commitments\nLockup Period 3 years\nFees 10% discount to the standard fee schedule\nAggregator Incentives\nAggregation incentives for advisors and intermediaries.\nThe strategy terms, allocations and restrictions contained herein are illustrative and for discussi\nonly. All first closing incentives are subject to conditions laid out in the PPM."
+  },
+  {
+    "page": 15,
+    "text": "Leveraging the Success of our US Core Platform\nEuropean alternative real estate sectors show similar characteristics to those in the US 10 years ago. By\nleveraging the depth of our US experience, we will strive to replicate the Fund's success with a refined,\nEuropean approach\n13YR 6.87% 250YRS ~10YR\nTrack Record Net Total Return Core Investment Average Lag on\nAnnualized S.l. Experience European Sector Maturity\nAcross 40 Investment Professionals.\nGross Asset Value $12.5 billion NAV EvolutiRan on — USD, Bielliogns\n12.0\nNet Asset Value $9.4 billion 00\nNumber of Properties 362 a0\n6.0\nOccupancy! 91% 40\nLoan-to-Value 25.0% 2.0 | l\nee oe |\nAverage Gross Investment Size? $33.5 million 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023\nAs of December 31, 2024\n1 Occupancy excludes development and value-add assets\n2 Shown at the Core Fund's ~ share"
+  },
+  {
+    "page": 16,
+    "text": "Core Fund Track Record\nTime-Weighted Returns\n8%\n6% E\n4%\n2%\n0%\n-2%\na8Core Fund Gross Apprec iBODCE Gross Apprec\n49 Core Fund Gross Income MODCE Gross Income\n= © Core Fund Net Total © ODCE Net Total\nCore Fund Regulatory Net Total\n-6%\n-8%\nOne Year Three Year Five Year Ten Year Since Inception\nCore Fund ODCE Core Fund ODCE Core Fund ODCE Core Fund ODCE Core Fund ODCE\nGrossTotalRewm 0,93% | 1.43% 2.16% | -2.32% 4.41% | 2.87% 6.98% | 5.88% 7.84% | 7.36%\nNar ieee | 02953 -2.27% 1.23% -3.14% 3.47% 1.99% 6.02% 4.94% 6.87% 6.40%\nRegulatoryNetRetum| — -0.51% N/A 1.01% N/A 3.23% N/A 5.77% N/A 6.58% N/A\nGross Retum Spread +206bps +448bps +154bps +110bps +48bps\nNet Retum Spread +198bps +437bps +148bps +108bps +47bps\n‚PAesr foofr Dmeancceem.b eTrh e3r1e, c20a2n4 .b eT nhoe aNsCsRurEaInFc eF uthnadt Itnhde eFxu n- Odp weilnl cEonndti Dniuvee rtsoi faicehdi Cevoer ec oEmqpuiatrya b(l\"eO DrCesEu\"lt)s reTshulet st iamse p-uwbeliigshhteedd b rye tNuCmRsE IpFr.o vPiadsetd hepreerifno ramraenc cea ilsc nuloatt iendd ibcya tdilvvei cnionrg an egtu airnacnotmeee aonfd fluoturre\naEpepirnenciiantgi onne tb ya swseeitgs hbtaeldan-caev.e rAalgl ea mnoeut natssse tssh. oWweni gnhette odf- aamvoeurnagtes naellto acsasteetds taor en ocna-lccounltartoeldl ibnyg aidntdeirensgt. t iAlmle -fwuenid glhetveeld rceotnturmisb urteifloencst ttoh,e a dnedd usucbttiroacnt ionf g getniemrea-lw feuingch-tleevde ld iestxrpiebnutsieosn sa fnrdo ma,d ctihteional\naSdijnucset mIennctesp ttioo mn”e et pgeuriodd eils imneeass suerte fdo rothv eirn tthhee CFuonrde' sF uLnidm iltifeed, Pbaergtinnenrisnhgip w Aitghr etheem e1n0t 2 w0h1i2c hp erreiqoudi.r eRse tthuem sam foorrt ibzoatthi oCno rofef oFrumnadt iaonnd e OxDpeCnEse asr eo vaenrn utahlei zineidti aol vfeifrt teehne (1135). 0y0e ayresa ro fp tehrei oFdu andn'ds alrifee as of\nDecember 31, 2024. This information should be read together with the glossary of terms and disclosures at the end of this presentation containing important additional information concerning"
+  },
+  {
+    "page": 17,
+    "text": "Strong Performance and Low Volatility Compared to ODCE\nCore Fund has outperformed ODCE on a risk-adjusted basis, with a low correlation (beta) to the index,\ndemonstrating its diversification benefit to traditional core\nQuarterly Gross Total Returns!\nStrong Performance and Lower Volatility: 10.2012 — 40 2024\nCore Fund ODCE\ne -\ne Smaller variation in the returns for the Core Fund = D 7% ®\n5% 5% e\ne More consistent performance since inception a e\n3% 3%\ne Core Fund standard deviation of only 3.12% 1% |e of unbey, 1% Q By, 12.9Oy%\ncompared to ODCE at 5.02% 1% ; -1%\ne Low correlati2 on to tradiatai onal real estate vi: a the -3% e -3%\nODCE with a beta of 0.482 -5% >%\nCore Fun ODCE\ne Risk mitigation with many fewer negative S| Gross Total Return: 7.84% SI Gross Total Return: 7.36%\nquarterly gross total returns SI Net Total Return: 6.87% S| Net Total Return: 6.40%\nSI Reg. Net Total Return: 6.58% SI Reg. Net Total Return: N/A\nStandard Deviation: 3.12% Standard Deviation: 5.02%\nBeta?: 0.48 Beta?: 1.0\nAs of December 31, 2024. The NCREIF Fund Index - Open End Diversified Core Equity (\"ODCE\") results as published by NCREIF. Past performance is not indicative nora guarantee of future\nperformance. There can be no assurance that the Fund will continue to achieve comparable results. The time-weighted retums provided herein are calculated by dividing net income and/or\nappreciation by weighted-average net assets. Weighted-average net assets are calculated by adding time-weighted contributions to, and subtracting time-weighted distributions from, the\nbeginning net assets balance. All amounts shown net of amounts allocated to non-controlling interest. All fund-level retums reflect the deduction of general fund-level expenses and additional\nadjustments to meet guidelines set forth in the Fund's Limited Partnership Agreement which requires the amortization of formation expenses over the initial fifteen (15) years of the Fund's life.\n“Since Inception” period is measured over the Core Fund life, beginning with the 1Q 2012 period. Retums for both Core Fund and ODCE are annualized over the 13.00 year period and are as of\nDecember 31, 2024. This information should be read together with the glossary of terms and disclosures at the end of this presentation containing important additional information conceming\nFmaujnodri ptey roffo trhmea ndactea a pnodin ctosm 1p arBiestoan c oteof fOiDciCeEn.t c|a l1 cSuhlaatdeed df rroegmi Cono rseh oFwusn dq uQauratrertleyr lyg rgorsos stsot taolt rale truemtsu mbse tagwaeienns t- t1h%at a onfd O 4DC%E , for wChoerree FOuDndC Ean ids dOeDfiCnEed s aisnc mea Crokrete rFeutnudm'ss inception and illustrates the"
+  },
+  {
+    "page": 18,
+    "text": "Core vs INREV ODCE\n+ HR European Core Fund is designed to be the first pure-play core real estate fund in Europe exclusively\ntargeting alternative real estate sectors with strong secular demand drivers underpinned by compelling demographic\ntrends\n* Alternative sectors have consistently outperformed and shown a low correlation to traditional sectors\nEurope Core INREV ODCE\nAlternative Living Sectors: 80-90% Office: 32%\n(Student Housing, Specialty Residential, Senior Housing) Logistics: 31%\nResidential (Traditional Multi-family): 17%\nSector Allocation\nRetail: 15%\nEmerging Alternatives: 10-20% Hotel: 2%\n(Life Sciences, Self Storage, Medical Office) Other: 3%\nYield Expansion Student Housing: 75bps Office: 200bps\n02 ‘22 to Q2 ‘24 Specialty Residential: 7Sbps Logistics: 200bps\nUK Market Yields Senior Housing: 100bps Retail: 100bps\nDepreciation Europe Core = N/A INREV ODCE = -21.17%\nQ2 ‘22 to Q2 ‘24 US Core = -11.27% NCREIF ODCE (US) = -24.08%\nActual Annualized Net Total Returns:\nTarget:\nTyr: -4.66%\nPerformance 6-8% net total return through complete market cycles,\nSyr: -0.27%\nincluding a 4% net distribution yield\n7yrı 1.58%\nBeta Coefficient! US Core = 0.48 NCREIF ODCE = 1.00\nLiquidity US Core = 9.6% of NAV NCREIF ODCE = 15-20% of NAV\nOutstanding Redemptions?\nLegacy No- the fund will invest in newly built, highly quality, Yes - large allocations to aged properties struggling with\nInvestments future proof properties with no preexisting portfolio low occupancy and challenging liquidity\nAs of 30 September 2024, unless otherwise stated.\narterly gross total returns against that of ODCE, where ODCE is defined as market returns. Po"
+  },
+  {
+    "page": 19,
+    "text": "EU / UK Arbitrage Opportunity\nNear-Term Opportunity More Attractive on the Continent\n+ Eurozone swap rates are over 200 basis points lower than in the UK\n+ Long-term corporate bond yields have largely exhibited a stable or gentle downward trend with a similar EU/UK spread\n* This is representative of lower all in financing costs on the continent for core investment opportunities\nCentral Bank Policy Benchmark Rates Corporate Bonds Yields Steady or Easing\n6.0% 8.0%\n5.0% 7.0%\n6.0%\n4.0% |\n5.0%\n3.0%\n4.0%\n2.0% |\n3.0%\n1.0% |\n2.0%\n0.0%\n1.0%\n-1.0% 0.0%\n2016 2017 2018 2019 2020 2021 2022 2023 2024 sisi sol u ‚Si sas || BE an\n—UK —EU us CAD — kK eu us CAD\nSource: EEEceriral Bank Websites, Bloomberg"
+  },
+  {
+    "page": 20,
+    "text": "Oo ©\n©"
+  },
+  {
+    "page": 21,
+    "text": "Actionable Pipeline\nProjected Acquisition\nNo. Assets Projected Gross Cost Projected Equity\nCap Rate\nAlternative Living\nUK - Student Accommodation 2 € 95,000,000 € 95,000,000 5.00 - 5.50%\nItaly - Student Accommodation 1 € 41,000,000 € 29,000,000 5.75 -6.25%\nSpain - Student Accommodation 1 € 12,000,000 € 8,000,000 5.25.-5.50%\nPortugal - Student Accommodation 1 € 16,000,000 € 11,000,000 6.00 - 6.25%\nGermany - Student Accommodation 5 € 55,000,000 € 38,500,000 5.25 -5.50%\nFrance - Student Accommodation 6 € 180,000,000 € 125,000,000 4.75 - 5.00%\nDenmark - Student Accommodation 2 € 190,000,000 € 135,000,000 4.75 - 5.00%\nGermany - Specialty Residential 1 € 37,000,000 € 26,000,000 4.50 - 5.00%\nSpain - Senior Housing 6 € 45,000,000 € 35,000,000 6.25 - 6.50%\nUK - Senior Housing 6 € 139,000,000 € 97,000,000 5.75 - 6.25%\nEmerging Alternatives\nUK - Life Sciences 1 € 100,000,000 € 70,000,000 5.00 - 5.25%\nGermany - Life Sciences 1 € 58,000,000 € 29,000,000 4.75 - 5.00%\nUK - Self Storage 2 € 26,000,000 € 26,000,000 6.00 - 6.25%\nTotal 35 € 986,000,000 € 716,500,000 5.00 - 5.50%\nAs of Decembe3r1, 2024\nThere iso guarantee that the Fund will participate in any orall the future pipeline deals and is provided for illustrative purposes only to a the types of investments the\nFund may make. There can be no guarantee that the Fund will be successulin making any such investment.\nIllustrative exchange rate - GBP/EUR =1.21\nrojections contained herein are subject to numerous risks and actual results may differ from projected results"
+  },
+  {
+    "page": 22,
+    "text": "Representative Pipeline Opportunity\nStudent Accommodation:\nOpportunity in review\nrem Investment Rationale / Highlights\n* Opportunity to acquire a prime PBSA portfolio of scale with six assets\nLocation and 1,277 units, five of which are located ir 0UUttt—s—SY\nSize 1,277 units ;\n+ IE: sse:s are strategically located near top universities and ;\nProject Type Acquisition in the city’s 1% and 24 ring-roads, and are well-connected to the\nProposed Gross Cost? €180 million broader metropolitan area by dense transport networks\nProposed Equity? €125 million * Strong, resilient student market with onerous planning regulation ensures\nsupply remains tight into the future\nAll-In Cost of Debt? 4.00%\nAssets operated by an existing EEE operating partner, with\nAcquisition Yield / Cash Yield? 5.00% / 6.00% a current occupancy of 98%\n. HR ies have significantly re-based by approx. 100bps over\nthe past two years - recent comparable trade occurred at a 4.50-4.75%\nyield\nDebt is currently accretive and produces a cash-on-cash yield of 6%+\nNewly constructed portfolio with assets completed between 2019 to\n2022, with best-in-class ESG standards ensuring liquidity with\ninstitutional investors\nProjected to Close Q2 2025\n1 Indicative figures which are subject to change\n2 Based on preliminary underwritten projections. Projections contained herein are subject to numerous risks and actual results may differ from projected results. Includes the entry\nield and yield of the stabilized asset."
+  },
+  {
+    "page": 23,
+    "text": "Representative Pipeline Opportunity\nStudent Accommodation:\nOpportunity in review\nInvestment Highlights\nTransaction Details!\nLocation fF * Acquisition of a stabilized, 78-bed operating PBSA asset in the\nheart of BEER within the | neighborhood and\nSize 78 beds adjacent to the 000 students)\nProject Type Acquisition + Asset was delivered in 2023 and reached 97% occupancy in first\nyear operations with a combination of nomination and direct let\nProposed Gross Cost? €12.2 million\nagreements\nProposed Equity? €8.1 million\n* The asset is located within a 10-min walk from the\nAcquisition Yield? 5.25% , a vast array of local\namenities, and is easily connected to the city centre and airport\nby public transport (20-min / 40-min)\n+ EE is within 20-min via public transport, where\nmany other universities are located\n* Best in-class student amenities including a gym, terrace, co-\nworking, solarium, multimedia, and study rooms\n* Resilient demand from a city with >300,000 FT students, of which\n9,000 atten benefits from a strong\ninternational student population of >33,000 (11%)\n* There is a major undersupply of PBSA beds in GB efecting a\nProjected to Close O1 2\nstudent to bed ratio of 7.8x vs. London at 5.3x\n1 Indicative figures which are subject to change\n2 Based on preliminary underwritten projections. Projections contained herein are subject to numerous risks and actual results may differ from projected results\nn N"
+  },
+  {
+    "page": 24,
+    "text": "Representative Pipeline Opportunity\nStudent Accommodation\nOpportunity in review\nTransaction Details! Investment Highlights\nLocation * Acquisition of a stabilized 143 bed prime PBSA asset |\nSize 143 beds\n. u + Asset was delivered for academic year 22/23 and has an EPCA\nProject Type Acquisition and BREEAM Excellent rating\nProposed Gross Cost a Ealimilmlien * The property is well located being a 10-minute walk away from a\nProposed Equity €40 million nderground station whilst also being within walking\nAcquisition Yield? 5.00%\n* Property benefits from having noe ffordable rental\nprovision and comprises a mixture of clusters and studios\n* Resilient demand from a diversified tenant base with 38% of\nresidents being UK nationals\n* There is a major undersupply of PBSA beds in BEER: over\n240,000 full time students unable to access PBSA reflecting a\nstudent to bed ratio of 3.5x vs. the UK average of 3.0x\nProjected to Close O1 2\n1 Indicative figures which are subject to change\n2 Based on preliminary underwritten projections. Projections contained herein are subject to numerous risks and actual results may differ from projected results\nEPC = Energy Performance Certification"
+  },
+  {
+    "page": 25,
+    "text": "Representative Pipeline Opportunity\nStudent Accommodation:\nOpportunity in review\nInvestment Highlights\nTransaction Details’\n+ Acquisition of a prime PBSA portfolio of four assets located in central\n(677 units) and one asset ins 19 units)\n* The portfolio is located across the ,\nSize 996 units, 2 assets districts with immediate access to public transport and\nProject Type Acquisition each within a 20min commute to the major universities, including\nProposed Gross Cost? €190 million\nAttractive >25% discount to replacement cost\nProposed Equity* €135 million . EEE has a total of 85,000+ students and a low PBSA provision\nAcquisition Yield? 4.75% rate of 26% which highlights the strong demand/supply imbalance\n. Tri: =: =: similarly has direct access to public transport to the\nuniversity, with 38,000+ students and a vast undersupply of smaller unit\nsizes tailored to the younger demographic\nAcauisition yields in ave been significantly rebased by\napprox. 125bps over the past two years and the blended entry yield of\n4.7% represents an attractive entry basis for the high-quality portfolio\nExisting debt facility benefits from an all-in rate of <1.3% pa which\nprovides positive leverage and generates a cash-on-cash yield\nexceeding 6%\n* The] lassets are stabilized with <1% vacancy. The\nasset is currently undergoing a strong lease up with stabilization forecast\nfor Q1 2025\nProjected to Close Q2 202 * The portfolio was constructed between 2018 and 2023 except\nHEEhich is a redevelopment of a previous office building,\ncompleted in 2022. All assets have achieved EPC >A\n1 Indicative figures which are subject to change\nProjections contained herein are subject to numerous risks and actual results may differ from projected results"
+  },
+  {
+    "page": 26,
+    "text": "Representative Pipeline Opportunity\nStudent Accommodation:\nOpportunity in review\nInvestment Highlights\nTransaction Details!\nLocation Acquisition of a newly delivered, 331-bed operating PBSA asset\ninthe , a short walk to the\nSize 331 beds 10,000 students) and the Institute of Applied\nArts and Design (2,700 students)\nProject Type Acquisition\nPhase II due to start operation in Q3 2024 and Phase| is\nProposed Gross Cost? €41.2 million\ncurrently undergoing a strong lease up through the first semester\nProposed Equity? €29.0 million of AY 2024/5\nAcquisition Yield? 5.75% Attractive 10% discount to replacement cost\nThe asset is within a 20-min bus to the\ncampus (80,000 students) and has an array of local amenities\nnearby. It is well connected to the city centre and airport by public\ntransport (20-min / 60-min)\nBest in-class student amenities including a gym, terraces,\ncafeteria, padel and basket courts, study rooms, and library\nTurin is home to 110,000 students, of which 12% are intemational,\nproviding a strong demand pool for PBSA. The number of\ninternational students has grown at an average rate of 5% p.a.\nbetween 2010/11 - 2020/21\nProjected to Close O1 20)\nThere is a major undersupply of PBSA beds in Turin reflecting a\nprovision rate of 6.3% vs. London at 28.0%\n1 Indicative figures which are subject to change\n2 Based on preliminary underwritten projections. Projections contained herein are subject to numerous risks and actual results may differ from projected results\n| ad"
+  },
+  {
+    "page": 27,
+    "text": "Representative Pipeline —\nMicro-living:\nOpportunityin ving\nTenseikn Be Investment Highlights\n. Opportunity to acquire a trophy micro-living asset in an attractive\nSize 117 units The asset is located in IEEE a lively and multicultural district 15 min\nwalk from the city centre. There are multiple amenities around the asset\nProject Type Acquisition tion cvlaurdiionugs rceosrtpauorraanttes ,o fcfaifceess, (bea.gr.s aand supermarkets. The distric ta ins dhome\nProposed Gross Cost?\nProposed Equity? The asset is fully stabilized and has recently recorded 10% YoY rental\ngrowth since completion in 2022\nStabilized Yield?\nThe asset is managed by the Seller's operational entity. The average\nrental profile of approx. €1,400 p.m. is low compared to competition\nand provides significant reversionary potential\nThe asset has been developed to the highest energy efficiency\nstandards and features best-in class amenity offering and FF&E\ns population has historically been one of the fastest growing in\nand is expected to expand by further 4.3% by 2030. The city\nis home to major Iii corporations including fF\nHEE is a also home to the well-known a: : has a\ntotal of 72,240 students and a low private PBSA provision rate of 3.6%\nAcquisition yields in have been significantly rebased by\napprox. 100bps over the past two years and the entry yield of 4.5%\nrepresents an attractive entry basis for a high-quality asset with\n1 Indicative figures which are subject to change opportunity post business plan execution to reach a 5% yield\n2 Based on pi Pp contained herein are subject to numerous risks and actual results may differ from projected results. Includes the entry yield and yield of the\nbilized asset.\n| u"
+  },
+  {
+    "page": 28,
+    "text": "Representative Pipeline Opportunity\nSenior Housing:\nOpportunity in review\nraneactcmDataie! Investment Highlights\nLocation fF Acquisition of a stabilized portfolio of 9 senior housing and\nmental health facilities (545 beds) with 6 assets located in\nSize 545 beds, 9 asset HB23d the remaining 3 in prime HE ities\nProject Type Acquisition * Half of the assets built within the last 5 years with the rest\nProposed Gross Cost? €45 million benefitting from recent renovation programs.\nProposed Equity €36 million + Assets are leased on long term triple-net leases to one of the\nlargest European operators and benefit from annual CPI-\nAcquisition Yield? 6.50% indexed rental payments.\nMature urban locations with strong alternative values.\nConcentration around ith 6 out of 9 properties located\nwithin te i\nNo operational or occupancy risk, as operator leases the full\nbuilding to conduct its business from the property owner.\n. Underlying business performance delivering EBITDAR to Rent\ncover of approximately 2.0 times, reducing risk of rent defaults\n—_ Strong demand drivers, partly underpinned by government\nBBenesentative image funding, with govemment covering approximately 30% of\nProjected to Close O2 2 residents’ fees.\n1 Indicative figures which are subject to change\n2 Based on preliminary underwritten projections. Projections contained herein are subject to numerous risks and actual results may differ from projected results\nEPC = Energy Performance Certification"
+  },
+  {
+    "page": 29,
+    "text": "Representative Pipeline Opportu\nLife Sciences:\nOpportunity in review\nTransaction Details! Investment Highlights\nL ocation PF * eOppoirtuncity tho acq uisi rceo nasni dienrceodm eth pe rmoodsutci dnygn ascmiiecn sccei peancrek einco-\nSize 235,000 sq ft system within the\n+ ERbas registered significant rental growth with a 5yr CAGR\nProject Type Acquisition of 10.0%+ which is expected to remain dynamic at 4.5%+ pa as the\na market remains supply constrained\nProposed Gross Cost? €100 million\n. | has an estimated shortage of lab space of 850,000 sq ft\nProposed Equity? €71 million which results in very limited options for science occupiers\nAcquisition Yield? 5.5% * The science park is one of the only freehold science parks in\nHR© fering a high-degree of flexibility to the owner\n+ The asset is multi-let to 20 tenants and is under-rented with average\nrents of approx. £22 psf and a WALT of 5+ yrs offering a significant\nrent reversion in excess of 25%+\n* 79% of income is derived from tenants whose headquarters are at\nthe science park\n* The science park includes 14 acres of development land which offers\nopportunities for additional pre-let developments of the existing\ntenant base\nProjected to Close O2 2\n1 Indicative figures which are subject to change\n2 Based on preliminary underwritten projections. Projections contained herein are subject to numerous risks and actual results may differ from projected results"
+  },
+  {
+    "page": 30,
+    "text": "Representative Pipeline Opportunit\nSelf Storage:\nOpportunity in review\nTransaction Details! Investment Highlights\n. + Acquisition of two self storage assets in the Bicomprising 118,000\nsqft of lettable storage space.\nSize 118,000 Sqft * Both sites benefit from being on major main roads into their\nrespective cities with exceptional prominence, footfall and\nProject Type Acquisition accessibility.\nProposed Gross Cost? €26 million + Attractive 25% discount to replacement cost\nProposed Equity? Säilion 5 | is the most mature storage market in Europe comprising\napprox. 40% of total European self storage floor space. Despite this,\nAcquisition Yield? 6.5% the ffstil only has a total supply ratio of 0.76 sqft/ capita (vs. the US\nof 9.44)\nThis supply/demand imbalance has continued to drive occupancy\nand rental rate growth across Europe — Hikental rates have\nincreased by a CAGR of 5.6% over the past 3 years with occupancy\nrising from 76% to 83% in this timeframe\nThe maturity of the self storage market relative to other\nEuropean countries has been primarily driven by:\n* (1) Its reputation as a liquid real estate market\n+ (2) The rate at which conurbations have grown\n+ (3) The general propensity of its inhabitants to move\nProjected to Close Q1 2025\n1 Indicative figures which are subject to change\n2 Based on preliminary underwritten projections. Projections contained herein are subject to numerous risks and actual results may differ from projected results\nSource: CBRE, Oxford Economics"
+  },
+  {
+    "page": 31,
+    "text": "Market Update"
+  },
+  {
+    "page": 32,
+    "text": "The Case for Core Alternatives\nMacro: Near-to-medium term dislocation opportunity Student Housing: Significant unmet demand particularly on the\ncontinent\nRepricing: Opportunity to acquire well-performing core 2,000\nalternative assets at between a 75bp to 125bp discount to\npricing 18 months ago\nInflation: Euro Area and UK inflation now sit at 2.4% and 3.4%,\nrespectively. Forecasts anticipate that inflation in both\ngeographies will be below 2% by the end of 2024.\nBase Rate: Improved inflation numbers now fueling calls for rate\ncuts. Money markets now pricing in first rate cuts by the end of\nH1 2024 for both the ECB and the BoE. 75bp of cumulative rate\ncuts are anticipated by the end of 2024.\nBuild-to-Rent: Affordability ratios for homeownership are at 150-\nyear lows (UK) 12\na The last time UK house prices were this expensive relative to\n£ 10 4 earnings was in 1876 es\ng + So 8\ne2.s0\nEOnw 6 -D ge\n32 &€ *\nrw oD 2\ng g\n< ie) oDOL RS cOOE eSSO9HTAoBAR 29T H2o0 D9 T 29R 9A0o TR2G99S S 2So Og E92 R gAQ oAe K oNR m\nsdnasuohT\nynamreG\n1,500\n1,000\n500\n0\nm PBSA stock\necnarF ylatI\nmm\nniapS\nu\ndnaloP\nI\nlagutroP\nmj Unmet demand - High estimate\nI\nairtsuA\nliM\nsdnalrehteN\nI\ndnalerI\n-— —. Mi m\ng>s = co x&\n28 Fe\nSE= f@ c ze & &\nu Unmet Demand - Low Estimate\nLife Sciences: European life sciences fundamentals\n35% markedly different to U.S.\n30%\n25%\n20%\n15%\n10% 5%\n0%\nytiC\nkroY\nweN\nogacihC\nSource: Bloomberg, Savills, JLL, Cushman and Wakefield. Overnight Index Swaps as of April 2024.\nmahruD-hgielaR notsoB aerA\nyaB\nFS\nmm\nelttaeS\n=\nyesreJ\nweN\nmm\nogeiD\nnaS\n=\nrevneD\nmu\nDM\nnabrubuS\n8a u\n*nodnoL\nBa0.5o%0.3%\n© 8 x «x ze GG Pf 2,2 2\n2 o 2 2 09 x 8o\nEO 5 E O5o\nOo"
+  },
+  {
+    "page": 33,
+    "text": "European Macroeconomic Overview\nInflation\nDisinflationary period across Europe well under way 12%\nand inflation falling significantly across most of Europe 10%\nForecasts suggest inflation will be below 2% in 8%\nEurozone by 2024 and sub 3% for the UK atthe same 6%\ntime 4%\nUnemployment 2%\n0%\nWhile unemployment is expected to rise in the next\nfew quarters, it is forecast that the rise will be limited\nUnemployment is forecast to peak in mid-2024 and\nreturn to current levels by Q1 2025 - still below levels\nseen in during the Covid-19 pandemic\nGDP\nMost European economies have avoided recession in\n2023\nForecasts suggest that growth in the UK and Eurozone\nwill be relatively small over the next 24 months but will\naccelerate in 2025\netaR\ntnemyolpmenU\noO\neav\nkf\nInflation Forecast To Fall Quickly\nGiven the countercyclical nature of HSRE’s sectors, these\nimpacts are anticipated to be minimal to demand and\nperformance\nSource. Oxford Economics. Forecasts as of Apri! 2024.\n98a\nFN\nk\nxe\n8\nxw\n101202 201202\nNL\n101202\n301202\n201202\n401202\n301202\n102202\n401202\n202202\n102202\n302202\n202202\n402202\n302202\n103202\n402202 103202\n203202\n203202\n303202\n303202\n403202\n403202 104202\n204202\n204202\n304202\n304202\n404202\n404202\n105202\n105202 205202 305202 405202\nEurozone ——UK\n205202 305202 405202\nLabour Markets Anticipated to Remain Resilient\nEurozone —— United Kingdom\n|"
+  },
+  {
+    "page": 34,
+    "text": "External Macro Factors Impacting Real Estate\nInflationary environment in Europe has eased towards target Underlying price pressures (measured by core inflation)\nlevels have also started to slow\n12% 8%\n10% 6%\n8%\n6% 4%\n4% 2%\n2%\n0% 0%\n2%=2z>n2> 2>2 >oa 5-5 c>n> >o n> 5%>=> -3, > r>n >D >m >% ,- .>>m z2o2o 2v2n a2 5+\" 2 n> o> n2 a2% -2 >32 n2 o2r2 2a —HKı>2\nSISIIISS ISASIZSISSNANISNN NAAaa A2S9a RRA ADR S2 AtNs SSISIISICASISZaRSA AZEARn NRnIRmN RAnmN Rm IHA2A sNt\nSNO NO ON ONO ON NON NOO ON ON CNO NCO NON NOO CNO N0 CO ONO NC OXDN N0960 0N oN oNoN ONO NOO ıON Noo SNNO SNS NSO 0ON NSS ON0 N© SNNO NON N©\n= — Euro Area UK === Spain === Ireland Germany — UK = Euro Area\nMoney markets are pricing in 75bp of cumulative rate cuts EURIBOR forward curve suggests near-term Euro opportunity for\nthis year; first cuts anticipated in before the end of H1 accretive financing\n6% 5.5%\n5% 4.5% 5.0%\n45%\n4% 3.19 4.0%\n3% 3.5%\n2% 3.0%\n1% 2.5%\n0% 2.0%\nMeeting Meeting Meeting Meeting Meeting Meeting Meeting gyQ9Nqggguggag_gag_gaggNanggyadaantagaq\nECB mBoE oS FO EOSOT S xS F SrlE Oo ESCS m S WoOe S WO9E aOxS N EwKmoS A E cTaoE FoSoT o EOW SfA E DnTN SF A EOn OS T F E T0y E W S9S O FW ExD A S=N\noooo0o0o0o000000000000000000\n—-EURIBOR ——SONIA\nSource National Statistics Offices, Bloomberg, Chatham Financial. Data as of April 2024\n©"
+  },
+  {
+    "page": 35,
+    "text": "The Case for Student Housing in Europe\nMature and Maturing PBSA markets to provide greatest short-term opportunity for core acquisitions\nCou Nunlaor ai Total PBSA Beds Provision Rate Core Market Status\nFull-Time Students\n1 UK 2,175,835 697,734 32.1% Mature 1\n7 I Ireland 196,005 38,155 19.5% Maturing I\nI I\n1 France 2,968,936 464,789 15.7% Maturing I\nL Netherlands 832,721 1125433 13.5% Maturing j\nNordics* 776,702 80,098 10.3% Emerging\nGermany 2,941,915 217,402 7A Emerging\nSpain 1,396,979 102,707 74% Emerging\nItaly 1,838,695 65,409 3.6% Emerging\nPortugal 416,652 14,952 3.6% Emerging\nEurope has seen strong enrolment growth since Covid Adding to already strong levels of unmet demand\n15% Year-on-Year Enrolment Growth 2,000 Fa re,\n10% 1,500 | ; I\n5% | O5 aon 1 ,000 i1| 11\ni |\n0% EU ua. = DE m ° ' 1\n= 8 500 ! ' i\n5% NsBS £ 2 > BD aDd BD x os'u I i HE... u...\n5 2 aD 8 zg Fi S g [m] 5 © > 9 > £€ VDBweseyguvwu FD Fg x\na v = 8 @ F 2 & ° =~ D=B [r8m eS 3 8 Ec © F 6s f ©¢ > 2E R e 2 e 8 € 39 % 2 8 5 s&£s 8 8 G 2 E 6s SS £ DF g O E e 8\n3 ° 5 2 = «ua 8\n= 2\nm2020 =2021 mPBSA stock m Unmet Demand - Low Estimate.\nmj Unmet demand - High estimate\nSource: MM Cushman & Wakefield, Savills, Bonard\nNote: Nordics defined as Denmark and Sweden. Note 2022 enrolment data not yet available across all countries therefore 2020 & 2021 data used."
+  },
+  {
+    "page": 36,
+    "text": "The Case for Student Housing in Europe\nForecast demographics are positive with strong growth Demand has translated to record occupancy at the start of\nof European young population\n100%\n98%\n96%\n94%\n92%\n90%\nP SP P sh E S PS K KI LKSA DS K vIam AO P SWo SA sOoKS s h hh nohg Shn Seahd D\nKey European student countries ====Key European student cities\nRents across Europe have also increased significantly when\ncompared to the previous year\nUK 9%\nThe Netherlands 7%\nGermany or\nSpain LL5%\nBelgium m ®*\nItaly —— 3%\nFan 3%\n0% 2% 4% 6% 8% 10%\n= 2023/24 TM 2022/23\n)%(\nsnruteR\nlatoT\nOccupancy | | | 98%\n= na > E ‚e me}\n20\n15:\n10\n5\nie)\n-5\n-10\n-15\nagutroP dnalrehteN namreG\n2023/24 academic year\nPBSA\n<x 2D uigleB iapS naloP ecnarF ylatI\nNE\ndnalreztiwS\nThese combined dynamics have led to UK PBSA\noutperforming commercial sectors on a risk-adjusted basis\n16.7\n. J ll N :\n49\nSep-20 Sep-21 Sep-22 Sep-23\nmStudent Accommodation = All Commercial Property\nSource: Savills, JLL & CBRE. Note UG refers to undergraduate enrolment. Note 2023 occupancy numbers not yet available.\nEEE\nairtsuA"
+  },
+  {
+    "page": 37,
+    "text": "The Case for Build-to-Rent in Europe\nWhile many European countries have mature multifamily markets, BTR remains in its infancy across continental Europe\nNumber of © —\nPRS Households Share of Households % of PRS Institutionally — areyMultifamily BTR Market Maturity\nPRS (%) Owned\n(m)\n1 UK 49 18% 3% BTR Maturing I\nI\nI Ireland 0.3 20% 4% Mix Maturing I\nıı Spain 3.8 15% 7% Mix Maturing '\nGermany 20.8 49% 37% Multifamily Emerging\nNetherlands 17 30% 37% Multifamily Emerging\nFrance 79 22% 3% Multifamily Emerging\nAs UK BTR stock grows, overall private rental stock is European housing starts in 2024 are significantly below\ndeclining as BtL** investors exit the market national housing needs\n~B e 60,000 90% 81%\n§ 40,000 80%\n8 & 20,000 on EEEenn ,\n3 =g - 60% 64% 11 60% !\n2 2 20,000 ! 50% 40%!\n& E -40,000 50% 1 I\n‘62 .5 60,000 40% 11 F\n2 g % & -80,000 DD OO ONnN nn 99 90 << A 30% 1I i'\n2 ersreer see ea.. See\nSSeFSZVAQs5s7283328e I ı\n10% ' 1\nmmm Buy to Let Mortgage Redemptions 0% I\nmmmf Buield to Rent ent ComplCoemptletii ons USA Australia tI France UK Germany I\nSource: Savills, BPF, JLL. Note: *Institutional ownership in European countries predominantly multifamily product not BTR. Share of BTR in these countries is below UK. **BtL = Buy-\nto-Let. Note: National housing needs and forecast starts provided by JLL.\na:"
+  },
+  {
+    "page": 38,
+    "text": "ot\necirP\nesuoH\negarevA\nThe Case for Build-to-Rent in Europe\nAffordability ratios for homeownership are at 150-year lows (UK) Leading to strong PRS demand which is currently at\n12 record levels\nThe last time UK house prices were this\n}ej\n°\n& expensive relative to earnings was in 1876 40 v- /\n& 8 20 All time\n= 0 high\n06\n5 , -20\n5 -40\n“>2 -60\nai 0OO9009909090909090090000\neeg2oo2o2 eo oa ao ao ao OM DSOeMo g agn eoO e—- nene yTSoS TmSoSn oAuN ARmN\nSBROSSHAHDTHBDRGOESHAN SSEGGHGSFSSSSSSSSOSSSS\nHHH DRAARARARARKARRKSSSS ANANAASN AN\nThese dynamics are set to underpin PRS growth, with over 1m Rents have already grown significantly as a result of these\nmore PRS households by 2031 (UK) 20% supply/demand dynamics\n1,200,000 a\nun\n& 1,000,000 15%\n3 — 00,000\n3 5 5 8 600,000 109°\ng2 e ®s 400,000 5% |\n200,000 i | ll\n3- I D 0 o, Mn u En |\n25 % 3 Ss Ss 5 Re] E = #\nZ -200,000 sa MO tT DH DR OD a 9 <= 5 © f 3 aa) £ = 3 < 8 8&©8 $z 32 58\nN N N N N N N N N oO oa vo fe} = ® a\nSN oN 8N6 8NS 5NS 5NS SNF oNS 8NS SN SN c5o a %E\nMall 16-24 Mall 25-34 Wall 35-44 <\nmall 45-54 all 55-64 all 65 or over m1Y m5Y Average"
+  },
+  {
+    "page": 39,
+    "text": "The Case for Senior Housing in Europe\nWhile European senior supply is growing, it remains chronically undersupplied or obsolete in many European markets\nQuality of UK Care Home Units Growth of Retirement\n1,000\n800\n&\nS 600\nSo\n2\n‘= 400\n5\n200\n0\n2020 2025\n«Investment Grade =Substandard = Obsolete mUK u Germany m France\nThis is whilst European demographics are forecast to age quickly Penetration rates are low and are forecast to remain\nlow due to significant growth in 65+ cohort\n2,500 30% a\nzum 25% 8 600 4.0%\n2 20% gS\nE 1,500 15% © 2 900 3.0% 5\nBq 1,000 10% 2 5 400 5\n28 500 5% So 2 o\nvo 0% ° © 300 20% 5\n& 2 0 Om Eu 6%) 5% =® 300 2+\n3 (500) 3 ite)\n2 (10%) 8 1.0% 8\ng (1,000) (15%) 5 100\n(1,500) 2022 2023 2024 2025 2026 2027 2028 2029 2030 (20%) > Eu INS ons wowone 222%\nm Non 65+ A mom 65-75 A m 75+ Aw EU 65+ % mmm US 65+ % aE SRSRERZRSZRSRIRAURIRSRIRRR SANHS\nOxford Economies, Knight Frank, Eurostat zu Units UK Penetration Rate"
+  },
+  {
+    "page": 40,
+    "text": "The Case for Life Sciences in Europe\nThe UK and the Netherlands provide the greatest and most extensive opportunity for core investments at present\nCore Strategy\nTop Life Sciences\nCountry Core Market Status Ownership VC F(u2n0d2 3r)a ising University Stabilised Sale\nPresence* Assets\nLeaseback\n1 UK Mature Private, Public, Corporate €2,070m 13 v |\nT1 ' Netherlands Maturing Private, Public, Corporate €510m 3 v v I\n' Germany Emerging Mostly corporate and public €390m 10 4 1\nI Switzerland Emerging Mostly corporate and public €800m 4 v I\nIreland Emerging Mostly corporate and public €160m 1 v\nNordics** Emerging Mostly corporate and public €840m 5 v\nFrance Emerging Mostly corporate and public €1,080m 4 v\nSpain Emerging Mostly corporate and public €315m ie} v\n* The UK is Europe’s most mature life sciences real estate market, lagging the United States by approximately 5 to 10 years. Most European\ncountries lag the UK's development by a similar amount but are now starting to catch up and provide opportunity for real estate investors\n* At this stage, the UK is the only mature market with a high percentage investable private stock and a large number of specialized investors;\ninstitutions now also buy life-science real estate\n+ In rest of Europe, we anticipate that public/corporate ownership will decrease over time and these disposals will most likely take place to\nprivate investors, following a similar path to the UK\n+ While all strategy options are generally available across all European markets the acquisition of stabilised assets is most likely confined to\nthe UK and Netherlands at present\n* Germany and Switzerland provide a short to medium-term opportunity for core acquisitions, particularly through sale and leaseback\nopportunities, as corporates optimize their real estate footprints on balance sheet\nSource: Cushman & Wakefield, Bidwells, JLL., Pitchbook. Times Higher Education\n*Times Top 100 Global University Ranking for Life Sciences. **Nordics refers to Sweden and Denmark only"
+  },
+  {
+    "page": 41,
+    "text": "The Case for Life Sciences in Europe\nCommercial Lab/R&D space remains undersupplied and future demand indicators remain resilient\nCommercial Lab Estimated Demand\nCluster an Vacancy Rate Development Pipeline\nProvision (Current sqft)*\nCambridge ~ 5.1 million 0.3% 1.2 million Cambridge Biomedical Campus, Peterhouse Tech\nPark, Genome Campus, etc.\nOxford ~ 1.7 million 0.5% 550k TOSP, Ox North, Oxpens, Harwell etc.\nLondon ~ 0.5 million 5.0% 790k Tribeca, Whitechapel, British Library Site etc.\nStevenage ~ 1.4 million Unknown Unknown GSK Campus, Town Centre\nManchester ~ 1.2 million <5% 300k iD, Upper Brook St, etc.\nEdinburgh ~ 200k < 5% 100k EBO\nnB€\nForward looking demand indicators, like venture capital fund Existing fundamentals are strong; undersupply of life sciences\nraising, have remained strong\n8 12% CAGR\n6\n4 I\nie} 2016 2017 2018 2019 2020 2021 2022 2023 mUK u Europe (exc. UK)\nSource: Cushman & Wakefield, Bidwells, JLL., Pitchbook.\n*Demand figures based on our market intelligence through conversations with leasing brokers. **Stevenage cluster is driven by GSK and therefore demand is unclear\nytiC kroY weN ogacihC mahruD-hgielaR notsoB\nreal estate and strong demand has led to low vacancy\naerA yaB FS\nmm\nelttaeS\n=\nyesreJ weN\nm\nogeiD naS\nmm\nrevneD\na\nDM nabrubuS\n}aB .0% I | N 0.5% 0.3%\no * § 2 3 £ 3 § 8 2 8 5 % 2 & S c $ oB <«2 0x G8T = oO me) =a\n& £\n8\n3 5\n=\nE8\n58 (6)\noO"
+  },
+  {
+    "page": 42,
+    "text": "The Case for Self-Storage in Europe\nThe UK and EU have significantly undersupplied storage UK customer awareness of self-storage has matured\nsupply when compared internationally\n70%\n10 9.4 mLow Awareness ml Good Awareness\n= 9 60% | | 51%\ng8 50%\ng7\n26 40%\nos\n30%\noaO4\n=a> 3 2.07 20%\n10%\ni1 o0.t1e6 =\n0%\nEU UK Aus US 2016 2017 2018 2019 2020 2021 2022\nIn turn, there has been an increase in realised demand and UKmarket occupancy has grown as the market has matured\n10% potential demand\n90%\n8% 85%\na CAE\n6% 80%\n75%\n4%\n70%\n2%\n65%\n0%\n2018 2019 2020 2021 2022 60%\nml am considering using self storage in the next 12 months 2011 2012 2013 2014 2015 20162017 2018 2019 2020 2021 2022\nglam currently using self storage\nSource: JLL_ SSA UK Industry Report 2022 Stor-age Annual Report 2021"
+  },
+  {
+    "page": 43,
+    "text": ""
+  },
+  {
+    "page": 44,
+    "text": "Impact Strategy\nOur sustainability initiative, which originated in 2013, strives to implement pioneering ESG practices\nthat deliver superior risk management and positive value creation for stakeholders\nEnvironmental Social Governance\nMaintain resilient investment Enhance occupant experience Embed leading risk and\nportfolios reporting policies\nFel Mo RW(Y6\nS\n),\n* Real estate efficiency * Demographic-driven assets « Diverse teams and talent\n* Carbon and clean energy * Tenant and building health * Transparent processes\n* Climate risk * Community engagement ° Stakeholder trust\nMM GRESB TCFD =PRI Principlfeosr Aligned with\n> I R ap M RE e A m L b e ES r TATE I Re n s v p e o s n t s m i e b n l t e bevevoGptm eAnLtS L F e r a a d m i e n w g o r I k nd s ustry\nMEMBER SINCE 2013 MEMBER SINCE 2020 MEMBER SINCE 2021\nESGAWARDS aiPRI Principles for Work Recognized\nResponsible by Leading Industry\nInvestment\nLI INL \\ Organizations\n2023 ESG MOMOENTUM AWARD 2022 HIGHLIGHTED CASE STUDY 2022 AH CONSECUTIVE YEAR 2023 BEST PLACES TO WO9RTM YKEAR\nESG refers to “Environmental, Social and Governance” factors, and to the consideration of these factors when making investment decisions. Having ESG screens does not\nassure compliance with the UN-sponsored \"Principles for Responsible Investment.” No strategy, formula or approach can guarantee gains or avoid losses. GRESB is an\nindependent fee based real estate sustainability benchmark that offers validated ESG performance data and portfolio analysis tools to investment managers and other\ninstitutional clients. GRESB dated scores reflect the review of the prior calendar year.\nPREA ESG Awards recognizes PREA members who are at the forefront of ESG within real estate investing. Recipients submitted for the ESG award and winners were chosen by\nad aptaan ealb oouft a enaocnhy pmaorutisc ivpotaetrisn.g cTohem paawnayr dt hwaats i nrcelcuedievse da in qMueasrtciohn n2a0i2r3e. cPoemnpslieotnesd & b yIn tvhees temmepnlto yBeesrt a Pnlda cae ss attoi sWfaocrtkio an wsaurrvde iys ca otmwpol etpaertd a bsys ecsosmmpeannt yd eesmipglnoyeede tso. ga2t0h2e3r Pdeentsaiiolends &\nrded in December 2023 for the 2023 calendar year\n|"
+  },
+  {
+    "page": 45,
+    "text": "Europe Core ESG Goals\nSFDR Article 8\nCarbon 70% reduction by 2025 from 2020 baseline\nReduction (Firmwide target)\nPlan for 80% of properties have EPC rating A\nEnergy\nor B or developed an energy efficiency plan\nEfficiency\nwithin 2 years\nHealth 80% of occupied, applicable buildings Fitwel\nCertificates certified within one year of acquisition\nBuilding BREEAM Very good or higher, where\nCertifications applicable\nWater conservation plan in place for 100% of\nWater\nassets"
+  },
+  {
+    "page": 46,
+    "text": "2023 GRESB Results\nEUROPE FUND II EUROPE FUND Ill\nwk kk kkk\n83 \\ GRESB Score 90 GRESBScore “7\nechnology/Science\n100 GRESB Average 75 100 GRESB Average 75 assets (out of 20)\nPeer Average 71 Peer Average 73\nKey Activities to Improve/Maintain Score Key Activities to Improve/Maintain Score\n+ Increased certification coverage (i.e., BREEAM and Fitwel), + Life Science improved data coverage of tenant-controlled\nEPC ratings spaces & achieved a 7.5% like-for-like energy reduction\n* Student accommodation increased renewable electricity through efficiency retrofits\ncoverage & reduction in market-based emissions through + Electricity reduction with renewable electricity PPA reduced\nrenewable power purchase agreement market-based GHG emissions by 40%\n+ New development deliveries included critical energy & + Energy, water, & waste audits expanded & identified\nwater efficiency measures and integrated risk assessments + Retrofits and operational initiatives were carried out to\nas part of design process. reduce energy, water, and landfill waste\nKey Activities for Continuous Improvement Key Activities for Continuous Improvement\n* 2022 operational data new construction deliveries monitored * Performance will be maintained through continuous\nto ensure achievement of efficiency design targets monitoring of energy, GHG emissions, water, and waste\n+ Renewable electricity procurement evaluated for BTR * Further efficiency retrofits at life science assets is expected\nproperties to lower carbon emissions to continue to improve EPC ratings of the historical\n+ Waste monitoring & diversion optimizations evaluated with buildings\ntenant-engagement programming\nUS Core Fund Canada Fund US Infrastructure Fund\nkKweKkk* rk 2 2 2%\n88 GRESB Score 92 GRESB Score 93\nGRESB Score\n100 GRESB Average 75 100 GRESB Average 75 100\nGRESB Average 83\nPeer Average 76\nPeer Average 77 Peer Average 79\nZiel ni 1st in Canada Core Diversified (out of 16) 2nd in US (out of 20)"
+  },
+  {
+    "page": 47,
+    "text": "Europe Weighted\nESG Performance: Europe Funds 87 GRESB Score *k* kx\nGRESB Average 75 Peer Average 78\nAEA RENEWABLE ENERGY oO ENERGY RATINGS\nASSET HIGHLIGHT\n4\n481 55% 90%\nEnergy Ratings across\nRatable Sq ft\nWeighted average on-\nOn-site solar installed rene s w i a t b e l a e n d e n o e f r f- g s y i t u e sed* Energy savings & tenant engagement\nthrough smart sensors\nSmart sensors installed in over 10,000 beds\n() CLIMATE RISK MANAGEMENT across 29 European Build-to-Rent and Student\nBUILDING CERTIFICATIONS Housing assets use Utopi technology to monitor\nenergy consumption and emissions. The smart\nsensors have saved an average £109 per unit per\nGreen Building\nCertified year.\nNot |\nCertified INTERNAL PROCEDURE The smart sensor system measures kWh,\nHIGHLIGHT temperature, noise, air quality, and occupancy.\n8 1 feY) o CBe Hur eit ali ldf tii hne ygd Climate-risk ratings are assessed M i e m a p s r u o r v i e n N g O t I h , i s a h n e d l p b s o o r s e t d u a c s e s e e t n v e a r l g u y e. costs,\nfor all transaction and assets\nPing Sq f a t c h h a i s e v c e er d t i o f r i c i a n tion under management and pricing q B u y i c t k r l a y c k a i d n d g r e e n s e s r i g s y s u s e p s i k l e i s k , e m p a r l o f p u e n r c t t y i t on e i a n m g s H c V an AC\nCertification oars impact is assessed in collaboration systems or misused tenant usage, preventing\nwith third-party advisors. waste. The smart metering system also provides\nan opportunity for engagement between\nM Ce o r r ti e f i t c h a a t n io n 1 property management and the residents to help\nmeet property emissions reductions goals.\nAs of September 30, 2024, unless otherwise indicated. *As of December 31, 2023.\nESG refers to “Environmental, Social and Governance” factors, and to the consideration of these factors when making investment decisions. Having ESG screens does not assure\ncompliance with the UN-sponsored “Principles for Responsible Investment.” No strategy, formula or approach can guarantee gains or avoid losses. Please see disclaimer page for further\n1"
+  }
+]

prototypes/ocr_demo/output/Teaser 5 FINAL-OCR.json

@@ -0,0 +1,158 @@
+[
+  {
+    "page": 1,
+    "text": "August 2024"
+  },
+  {
+    "page": 2,
+    "text": "Table of Contents\nExecutive Summary\nFund Manager\nIntroduction to the Nordics\nInvestment Strategy 11\nESG 14\nFund Assets & Capital Deployment 28\nFund Terms 37\nTrack Record 39\nAppendices 47\nAugust 2024"
+  },
+  {
+    "page": 3,
+    "text": "Executive Summary\n|e Plus Open-ended Fund aims to acquire a diversified portfolio of quality Nordic real estate\nESG as a top priority — the fund will operate in accordance with key standards and be recognized as a top performer amongst peers\nCore Plus : a : : N R\npencended * The fund targets well-located, income yielding assets where there is scope to increase value over time through active asset management\n* Targeting a 7-8% net total annual return and a 3-4% dividend yield\n* €273 million of equity commitments closed\n* Primary focus on well-located logistics, residential and office assets in liquid investment and leasing markets\nInvestment * Prioritizing assets where strong growth is expected over the next decade\nStrategy * The fund will target assets with scope to add value through active asset management over the medium-term\n* Pursuing an ambitious ESG strategy, including targeting a GRESB 5-star rating and path to carbon neutrality\n* The fund has completed the acquisition of six properties representing a total market value of c. €188m as per 2024\n® Assets owned include four fully let logistics properties in Sweden, a residential property in Greater Copenhagen and an office asset in Oslo\nFund Portfolio * Most /all portfolio properties will be BREEAM certified, and EU Taxonomy aligned at exit\nAs of 2Q24, the fund has invested and committed c. 76% of capital commitments\nAll but one leases in the portfolio are fully linked to CPI\nEstablished in 2003 is an independent, partner-owned Nordic real estate investment manager operating from 4 offices with 33\ndedicated employees\nHMas been a leader in addressing environmental issues consistently achieving 4 or 5-star GRESB ratings and ranking above peers\nSpecialist Nordic\nTrack record of active asset management, having increased NOI for divested assets (26) by c. 44% on average\nManager\n€3.5 billion of real estate transactions completed since 2003\nStrong track record delivering a 17% net IRR, 1.7x net multiple across all divested assets (both discretionary and non-discretionary\nmandates)\nAugust 2024"
+  },
+  {
+    "page": 4,
+    "text": ""
+  },
+  {
+    "page": 5,
+    "text": "Nordic Real Estate Investment Manager\nFounded in 2003, ENis a fully independent, Nordic specialist real estate investment manager\n€3.5 billion ov\nof real estate transactions 3 3\n84\ntotal\ntransactions\ndetargetni-yllacitreV erutcurts\n1. Fund Manager\n20 years\nOn-the-ground\nmarket presence\n100% Only 2. 5 assets per\nowned by senior\nasset manager management\nStrong local reputation and Felationships with sellers, Local presence with\n4 offices\ndevelopers and advisors\n17% 1.7X 44%\nnet IRR across divested net equity multiple across NOI growth across 26\nassets divested assets divested assets\nnearly 50% of acquisitions sourced off-market\nAverage rating of “Very “ae\nGood” including 3 Target 5-star rating, with\n“Excellent” ratings for allowance for 4-star rating 5 assets EU Taxonomy\nassets sold after 2019 during first years aligned in 2023"
+  },
+  {
+    "page": 6,
+    "text": "1. Fund Manager\nStrong Fund Track Record\nGross Target Returns Expected / Leverage\nFund Vintage Strategy Status (at inception)! Realized Gross IRR? (Max)\n| it So Ka €417m committed by eight investors from [I Fund 11, 100% {Hee deus hea En\n| er 5007 ae €176m from 12 ietanoeeliivess from the Netherlands Hate a deh ee en\nNet IRR for Divested Assets? Net Multiple for Divested Assets? NOI-Growth for Divested Assets?\n4Before management fee and promote\nDistributed capital through actual and expected capital calls\n*Track record across all divested assets (26)\nAugust 2024"
+  },
+  {
+    "page": 7,
+    "text": ""
+  },
+  {
+    "page": 8,
+    "text": "2. Introduction to the Nordics\nStrong and Stable Region\n* Globally competitive— the Nordic region “punches above their weight”\nfor their size\n* Combined the Nordics would be the world’s 12¢* largest economy\n* Mature economy with consistent growth\n* — Highly stable and transparent government with sound fiscal conditions\nand low debt\n® Strong state welfare and pension system\n* Growing population with a high disposable income and quality of life 3 =\nPopulation 2023 Population Growth GDP 2023E GDP per capita 2023E Unemployment\n(million) 2022-2050 (USD billion) (USD) 2023\nThe Nordics 28 +10% 1,901 67,385 6.1%\nEuropean Union 446 -6% 18,351 41,114 5.9%\nJapan 125 17% 4,231 33,950 2.3%\nUnited States 335 +11% 26,950 80,412 3.8%\n{The Nordics include: Sweden, Finland, Norway, Denmark, Iceland and the Faroe Islands. EEE target markets are Sweden, Finland, Norway, Denmark\nSources: IMF 2023; Eurostat 2023; United Nations World Population Prospects 2022\nAugust 2024"
+  },
+  {
+    "page": 9,
+    "text": "2. Introduction to the Nordics\nStrong GDP and Population Growth\n* The Nordic’s forecasted GDP development 2023-2028 to slightly Consumption Expenditure per Capita\nunderperform the Eurozone, though, Sweden forecasted to clearly 2021 (constant 2015 USD)\noutperform 35 000\n* Real expenditure for the Nordics exceeds Eurozone average by a 30.000\nwide margin 25 000 | I\nMR\n* Population growth is projected to significantly surpass the Eurozone Mi\n20.000 I 1\nMR\nGDP 15.000\n(2023 = 100) Eurozone Nordics Finland Sweden Denmark Norway\n130 Source: World Bank 2023\nPopulation Growth Forecast\n(2023 — 2028)\n5.0%\n4.0%\n3.0%\nWE\n2 1 . . 0 0 % % t I |\n0.0% EI —\n2023E 2024E 2025E 2026E 2027E 2028E\n-10%\n=== Eurozone === Nordics Finland Sweden Denmark Norway Eurozone Nordics Finland Sweden Denmark Norway\nSource: IMF October 2023 Source: IMF 2023\nAugust 2024 3"
+  },
+  {
+    "page": 10,
+    "text": "2. Introduction to the Nordics\nSound Public Finances and Banking Sector\n* Sweden, Denmark and Norway are not part of the Eurozone with their own currencies and control of their own monetary\npolicies\n® Low government debt, strong banking sector balance sheets and solid economic growth ensuring stable economic and fiscal\nconditions\n* Strong credit ratings (Norway, Sweden, and Denmark S&P: AAA, Finland S&P: AA+), and the Nordics generally take top\nranking on worldwide prosperity measures\nDebt and Economic Performance EU-wide Stress Test 2023\nBaseline — CET 1 Ratio 2022 Actual\n6.0% 20%\ne\n5.0% . Spain\nPoland\n4a 04.%0% =\n= Denmark @ Ld\n= 3.0% Norway Eu 15%\nEn e e\n[8= 2.0% Sweden oe Tiland France\n1.0% Germany |\n0.0% 10%\n0% 20% 40% 60% 80% 100% 120% FS OS FSS LT RI LOCH ES\nGovernment debt FOL EF wg Toe & w & &\n(% of GDP)), 2022 &\nSource: Eurostat 2023, OECD 2023 Source: European Banking Authority 2023\nAugust 2024 10"
+  },
+  {
+    "page": 11,
+    "text": ""
+  },
+  {
+    "page": 12,
+    "text": "3. Investment Strategy\nInvestment Strategy\nAcquire a defensive, income-producing portfolio of Nordic real estate across the capitals and key regional cities\nI Plus\nLeveraging local market knowledge to source investments and implement asset management strategies\nOpen-ended\nOverview Prioritizing assets where strong growth is expected over the next decade\nTargeting a 7-8% net annual return and a 3-4% dividend yield, reflecting a target LTV of 35% (capped at 37.5%)\nPrimarily targeting logistics, residential and office assets, utilising a strict and diligent selection process\nFocusing on logistics assets situated near major transport hubs and catchment areas serving urban populations\nResilient Asset\nClasses Residential properties located in areas with strong population growth and low vacancy levels\nWell-located office assets in established markets with attractive supply-demand fundamentals, and a preference for energy efficient,\nnon-specialized, multi-let properties\nTargeting properties that are comparatively sustainable in their local market and can be made meaningfully more sustainable during\nESG as a Top the Fund’s holding period\na anda * All business plans aligned with a strict ESG Policy, assuring full compliance with key ESG regulations and standards at exit\neey rR eturn * Most /all investments planned to be, inter alia, BREEAM certified (top-level) and EU Taxonomy compliant before divested\n* Strict ESG measures allow the Fund to benefit from the increasing interest in ESG factors of tenants and property investors alike\n* Diversification across 4 countries enables the fund to modify focus and increase/decrease exposure to markets as required,\nStable and acquiring/disposing of assets during optimal market conditions\nMature Nordic . a\nMarkets * Geographic spread helps to mitigate risk\nIn the short — medium-term, Stockholm and Copenhagen represent the most attractive targets\nAugust 2024 12"
+  },
+  {
+    "page": 13,
+    "text": "3. Investment Strategy\nDiversified Portfolio\nEstimated Country Allocation Hard Caps Country Allocation\n40%\n30% x\nT\ni x x\n20% fxa a: Mh e 2\nx a x a Fa 5 wSweden MNorway Denmark M Finland\nx\n10% 4\n0% Hard Caps Sector Allocation\nSweden Norway Denmark Finland\n20%\nEstimated Sector Allocation\n40%\nLogistics Mm Residential Office mm Other\n30% ra 8\n20% a a ° Other Hard Caps\nx\na x 67 17.5% maximum of the fund’s equity invested in a single asset\n10% N No greenfield development\n=] Capital expenditure limit of €900 per m? for the first 5 years of\n0% ownership of an asset\nLogistics Residential Office Other\nAugust 2024"
+  },
+  {
+    "page": 14,
+    "text": ""
+  },
+  {
+    "page": 15,
+    "text": "4. ESG\nBackground: Nordic Cities and Investors Leading the Way\n* The Nordics are very sustainable and market ESG expectations and competition is very high\n* Stockholm and Copenhagen are \"trailblazers” in the space with a solid track record of planning for a sustainable future and already have considerable\nmomentum, experience and accumulated knowledge\n* Leaders in green energy grids and district heating systems e.g., in Stockholm 80% of buildings are connected\n* Copenhagen is aiming to become the world’s first carbon-neutral capital city by 2025*\n* Ambitious net zero city targets compared to other key cities including Los Angeles, Amsterdam, Paris, Singapore, New York, Dubai, and Hong Kong which\nare all targeting 2050\nNet Zero City Target 2040 2025 2030 AMF Fastigheter v v\nBalder v v\nGrid Decarbonisation Target 2040 2025** 2035 Castellum v Ä\nNew.Bulliäldiin gs/;All Bulillddii ngs 2030 / 2050 2030 / 2050 2030 / 2050 Diose Fastrighet v 4\nto Operate Net Zero by Fabege v a\naaa Score 3 lowest ranking 5! lowest ranking Lowest ranking | u = x\nHeimstaden u\nUrban Nature Declaration se wr wf Magnolia Bostad v\nSignatory\nNREP v v v\nCieteywei de Bieodieveresi ty Strategy ff v v Vasakronän m w\nCircular Economy/ Zero 2 v v Wihlborgs wt X\nWaste Targets\nWillhem v a X\n*Source: JLL’s Decarbonising Cities and Real Estate Report 2022: [believes some of the city projections are ambitious,\nbut the overall message remains accurate\n** Carbon neutral heating\nAugust 2024 13"
+  },
+  {
+    "page": 16,
+    "text": "4. ESG\nBackground: An Early Mover in Environmentally Responsible Investment\n“All funds are GRESB assessed (started in 2016)\n. | Bi ll ranked 1* in Northern Europe by GRESB in 2020 (5-star rating) in the diversified value-add category. In 2021, it also ranked 3\" of 34 in\nperformance score\n° EN wes an early adopter of property level sustainability certifications with solid track record. Assets sold after 2019 have achieved an average BREEAM In-\nUse rating of “Very Good”, including 3 “Excellent” ratings\n. BEER: at the forefront of aligning assets with EU Taxonomy: 5 assets EU Taxonomy aligned in 2023\nManager, Portfolio or Property level benchmarks, standards and reporting:\nwen\nn %\nYar \\ Partnership for\n7 Financials\nGRESB\nSCIENCE\nBASED Principles for\nResponsible\nTARGETS Investment\nSUSTAINABLE TCFD TASK FORCE on\nDEVELOPMENT CLIMATE-RELATED\nGALS F D I I N S A C N L C O I S A U L RES\nAugust 2024 16"
+  },
+  {
+    "page": 17,
+    "text": "Environmental\nWw\n—Z\n>\nTargets & Reporting\n1 will set SBTi targets in 2023 and will implement and report using PRI\nFund targets include the consolidated property implementation and consumption targets, but also bespoke fund targets such as risk\nmanagement, supplier and tenant due diligence and regulatory compliance\nSetting\nProperty targets will focus on operations, construction and leasing. Property targets include both implementation and consumption\nMeasurable\ntargets such as energy consumption, embodied carbon, recycling, solar panel installations, green leases and health & safety\nTargets\nThe Fund aims to achieve a GRESB 5-star rating, while the properties aim to achieve BREEAM In-Use (current version) Very Good or\nExcellent certifications and Paris Alignment using the CRREM Pathway model\nThe Fund will report to CSSF using Article 8 of the Sustainable Financial Disclosure Regulation (SFDR)\nApplication of TCFD Framework (Task Force on Climate-related Financial Disclosures) to demonstrate how climate related risk factors\nare being fully integrated into all aspects of fund management and reporting\nDeveloping decarbonization pathways for each property usingthe CRREM tool and reporting continuous progress, integrated into\nTransparent and annual corporate reports, investor reports, and others (e.g., regulatory & finance)\nQuantitative\nReporting ® Financial statements prepared in accordance with Green House Gas Accounting and Reporting for Private Equity (GHG Protocol) and\nPCAF Real Estate Sector, including the Attribution of Carbon to equity investors and debt providers\n* Specific ESG reporting including GRESB, Green Bond regulation reporting, GRI Index 2021 and Impact on UN SDG, TCFD Reporting, SBTi\nReporting 2023, and UN PRI\n* ESG elements are incorporated into all aspects of the fund’s life cycle, from initial investment screening and acquisition underwriting,\nfund management and investment committee review through to individual CAPEX and operating activities\nIntegration\nacross all * Business plans and budgeting account for energy efficiency motivated CAPEX, carbon pricing, and social and governance elements\nbusiness lines Risk management includes both physical risks from climate change and transition risk (regulatory & market)\nESG elements considered throughout the Fund, asset and business level supply chain\n-an only make such a commitment after the completion of decarbonization pathway models for the initial portfolio\nAugust 2024"
+  },
+  {
+    "page": 18,
+    "text": "Environmental\nMeasures: Energy and Carbon Management\nManage carbon reduction using internationally accepted Carbon Reduction Hierarchy principles\nDevelop CRREM compliant energy efficiency and decarbonization pathway models for all assets\nupon acquisition and made available publicly\n+ BEB crm model is used as a pro-active asset model and includes operational and capital improvement\nsuggestions with their corresponding energy savings, economic payback Carbon Management Hierarchy\n* Property level CRREM Pathway models used by Asset Managers to plan, execute and track the reduction of\nenergy intensity (KWh per square meter) at each building Energy efficiency Builds asset\n* Aconsolidated Fund-Level CRREM Models with excess emission reduction targets value directly\nEnergy Audits / Carbon Mapping site renewable energy\n* Foundation for each building’s CRREM model Builds asset\n* An energy audit / carbon map is prepared for each building. Besides providing base energy data, the study Offsi. te renewable energy value indirectiy\nidentifies both operational and capital improvements to reduce energy and cure “stranded assets” with each\nsuggestion evaluated using asset carbon targets, economic payback, and exit buyer demands (i.e., Green\nPremium) wable energy\ncertifica Builds corporate\nEnergy efficiency is the priority, with carbon offsetting being the last tool to be utilized value indirectly\n* Establish PED (“Primary Energy Demand”) targets in business plan at acquisition expressed as the number of KWh\nper square meter\n* Focus on PED also reduces regulatory risks associated with the Energy Efficiency in Buildings Directive and\nTaxonomy Alignment which both focus on specific PED levels\nMaximize On-Site Generation\n* Solar installations reduce grid-energy, but are often accretive to returns\n* Exciting new technology in geothermal installations make geothermal also profitable\nEmbodied carbon considered throughout renovation design, materials used and machinery\npurchasing decisions\n* LCA are prepared on all construction projects\n* Basic concept for embodied carbon reductions: reduce, re-use, recycle\n|can only make such a commitment after the completion of decarbonization pathway models for the initial portfolio (in progress)."
+  },
+  {
+    "page": 19,
+    "text": "Environmental\nBuilding Renovation Passport: Energy Reduction Pathway Model\nStep-by-step CAPEX and Operational Change Effects Energy intensity kWh/m2/year\n® Active Investment Management\nmodel to manage and drive energy\nefficiency implementation in\nbuildings\n@ Eu: © Install Geothermal * Based on leading international\nHeating & Cooling standard: CRREM Pathway model\n250 ® SPruont ection ® Cwhianndgoews * Focus on Energy Efficiency, not\namraiivdnn offsetting carbon (Vertical Axis is\nExcess Eihissions Gaiety chaning Energy Intensity or KWh psm)\nzum Led lights 19) Radiators\ns ‘acti and Pipes * Blue CRREM line reflects Paris\nfae Instal P ehanigini alHignment\nB An liquid 410A» Orange line is projected Energy\n= Changing Performance after Actions taken\n5 HVAC\n5 100 BREEAM Excecllcenat —— ® Red Area is Excess Emissions (i.e.,\na. building is stranded)\n50 * Integral part of Asset Business Plan\n— both CAPEX and Operational\n0 * Fund will set annual Excess\nEmission Reduction targets\n2022 2025 2030 2035 2040\n* Asset Managers deliver actions to\ndeliver portfolio reductions\nCRREM Target / Energy Intensity With\nParis Alignment Implementation * Model is also used in ESG Risk\nAnalysis\nAugust 2024 19"
+  },
+  {
+    "page": 20,
+    "text": "Environmental\nMeasures: Energy Efficiency Implementation in Renovations\nHelp to reduce the risk of stranded assets, protect against value drift and increase value by:\n* Lower operating costs\na ieee aaah) Install Smart Building Install Solar Panels Change to\n* Reduce excess emissions Management Systems Geothermal\n* Avoidance of EPC regulatory restrictions for non-compliance\n* High liquidity\n* Improve occupancy rates\n* Increase tenant satisfaction\n* Protect exit yields/value Insulate Roofs & Modernize HVAC Modernize Windows\n* Likely to get minimum standards from institutional and listed property investors Facades\n* Insurance and bank restrictions and benefits for high ESG performance\n© ©\n2Q\n=\n2\nBicycle Storage and Install Smart Light Tune, Renew,\nChanging Rooms Systems and LED Modernize Existing\n(Especially Logistics) Mechanical\nInstallations\nValue at risk\noO ®\nTime 100% Electric Car Change Tenant Behavior Sun Protection on\nCharging Capabilities Windows\nAugust 2024 20"
+  },
+  {
+    "page": 21,
+    "text": "Environmental\n=\neZ2\nMeasures: Energy Management Systems & Audits\nWhat is Measured is Managed: Fund\nProperty\nAccurate and Integrated Information Collected (Wende\n* Metering for common areas, tenant spaces, major machinery, etc.\n* Collects energy and carbon data from local/national suppliers\n* Feedback loop to Al or other smart HVAC systems\n° Air quality and ambient noise to improve employee wellbeing\n* Water\n* Potentially solid waste\nAccessible and User-Friendly\n* Easily operated by the local property manager\n* Continues to operate fully for the exit buyer with little or no changes and easily\nconnectable to a new system\nea\nOutputs\n* Feedback, goal setting and engagement with employees on energy usage\n* Owner, tenant, bank, and potentially other stakeholder reporting\n* PCAF Data Quality Level 1a or 1b\n* Baseline data to feed into operational improvements and CAPEX implementations : E ed\n* Output will feed into creating energy audits for every building = ------------------ >\nAugust 2024"
+  },
+  {
+    "page": 22,
+    "text": "Environmental\nMeasures: EU Taxonomy Alignment\nGap Analysis\nSuede rn | ®\n* Every investment will have a roadmap in place to ensure EU Es een e e\nTaxonomy A4 lignment (a roadmap can extend into next owner’s Nee, rennen rs ®\n* PER hes conducted a gap analysis study on all assets across 3 ia =e e\nfunds Denmark 17. heuaind oswoertshipi of boinns ® ®\n‘Sweden 7.7. Acqustion andownership of budings ® r )\n* After execution of an asset’s business plan, almost all assets will be ee 2: kcedeton areca e e@\nEU Taxonomy aligned [EI ‘set level EU Taxonomy traffic-light gap analysis\nClimate Risk and Mitigation Planning\n* Climate risk gap analyses are conducted on all assets\n* Each property is assessed for the 28 different climate risks noted in\nEU Taxonomy regulation\n* Ifa risk is identified, a mitigation plan is developed including roadmap\nto EU Taxonomy alignment\n* [ERRwill assess recommendations and act as appropriate\n* Requested by insurance companies and likely to be requested by\nbuyers in the near future\nHe: risk analysis and key mitigation action plan\nAugust 2024 22"
+  },
+  {
+    "page": 23,
+    "text": "Environmental\nIZ\n5?\n=\nMeasures: Construction Materials & Embodied Carbon\nI FRE | # | Materialsroup | Materialtpe 3 | uantity | unit |\nit\n* General policy for embodied carbon: measure, reduce, re-use, recycle Eündarient 30/37 Concrete 4.250 Ma\n+\n* Policy amendments and white paper around sustainable building\nA i = js ‘ 2 Ground Floor Slab 30/37 Concrete 28.331 M3\nmaterials for designers, construction companies and construction project\nmangers 2b Rebar Steel Reinforcement 3.258.042 Kg\n* Rework design, materials purchasing and construction processes to 3-6 Steel Columns Structural Steel Profile 1.034.423 Kg\nreduce embodied carbon\n7 Fagade Elements Sandwich Elements 14.220 M2\n* Select, purchase and install low carbon building materials including re-\nusing items 8 Fagade Windows Windows 748 M2\n8b Window Profile 1.497 Mm2\nMeasurement of Embodied Carbon in Construction Materials via LCA Studies 9 Roof Metal Structure Structural Steel Profile 1.342.350 Kg\n* LCA is legally required in most Nordic countries 10 Roof Metal Trapezoidal steel deck sheet 70.827 m2\n* All meaningful construction projects will have LCA studies\n* LCA has been completed for four renovations across four properties\n* Carbon budgets established for all larger construction projects\n* Comparison of pre-set carbon budgets against actuals The valuetewithinth\nConcrete Volume / GFA 0,41 0,4-0,6-0,9 e value Is within the\nexpected range\nMeasurement of Construction Waste Kg Rebar/m3 concrete 100 90-125-160 The value is within the\nexpected range\n* All construction project waste separated into multiple waste streams and\nmeasured\n* Actively selling & re-using materials from construction sites\nAugust 2024"
+  },
+  {
+    "page": 24,
+    "text": "Measures: Social Responsibility and Community Impact\n* Due Diligence and Engagement of Business Relations allowing [EM to tailor their\ncollaboration with business partners to further improve social impacts\nWe emphasize the importance of risk management, incl. human rights of affected stakeholders [ei\n=\nin our value chain\n* Our grievance mechanism is open to internal and external stakeholders to voice their concerns\n: ie En men\nEngageme\n* Fund suppliers must * Measurement of Establish an investor ESG\nhave active Human ambient noise, and data Engagement Group\nRights policies, and key provided to tenantsto Tenant surveys with\nsuppliers must have encourage actions to follow-up action taken\nindependent audits reduce\nProactive\nannually Air quality measured and communication with\nPromotion of Human maintained tenants over\nRights issues to all Onsite bike racks, shower sustainability and energy\nstakeholders and storage facilities, efficiency\nPrioritise health and studio rooms, gyms etc. Supplier survey with\nsafety at all properties Provide collaborative follow-up activities\nand construction sites work and social space to Community engagement\n. Provide clean and bring people, ideas and plans to be developed on\nhygienic workspaces businesses together a property-by-property\nCPR and First Aid training Positively favour new basis\nfor tenants tenants that provide\nbenefits to the\nneighbourhood\nAugust 2024"
+  },
+  {
+    "page": 25,
+    "text": "Renovation — Minimize Embodied during Con\nand Reduce Operating Energy by more than 50\nACTION IMPACT\nRetrofits of existing buildings are essential to accelerate the An aligned action plan created based on a gap analysis. Four Reduce PED (“Primary Energy Demand” from\ndecarbonization of real estate in order to deliveorn the Paris focus areas were defined: approximately 200+ KWh by more than 50% to 65- 85\nA in g J r a e n e u m a e r - n y a t 2 b a 0 u n 2 i d l 2 d a i c n h g E i i e n v M c e e n “ t n a r e c a t q l - u z i I e r r e o d ” t b h y e 2 o 0 f 5 fi 0 u c . b e j p ec r t o p t e o rty T w a 1. i o l h l i e g b n h e s - R u r p e r e e e d n r u o m f c v i o e a n r t i m t e m o a d t a n , a l c l t e h e h e i n e n a e s t c r u u l g l r a y o r t s i e c s o n , o n t t . n h s i A e n u s m e d u p x l e i t a s m t i t i a o i o n n n n g d w w i c l i o l n n b t d e r o o w r l s ep a l n a d ce r d o o b f y s f T K E o h n W r e e h S r e g w p n y e s e d c m r l e . g a n y s T s c ( h i t o . e a e n r . s . r g u e e T s t m a u : p l x t E t o i i P n n o C g o n m r P w a y E i t l e D A l l f i b i s r e g o l n i r m e k e d e G d ) ly u t c w o i e t d C h i b n y t 6 h 6 e % top 15% T b 1 h e 8 e 7 e - s g m t e e a o t b t l e h i r e s r h h e m o d a l e l b s y c i e n b n o t t r h e i e r n g w i 4 ll 0 x\nhistorical preservation regulations. ventilation system will be installed. With a life-cycle Two additional floors will be made of wood ground - where cooling and\nB i b s u u i i o l l l t d d i i a n n g n 1 d i 9 n 5 i t n 5 o e - f 1 a f i 9 m c 5 o i 9 e d n / e t 1 . r 9 n O 7 u 9 o r , f f m m i i c o e s s s p t i r o o o n f p t e i h s r e t t o y t t e i r n c l a h i n n n i s e c f w a o l i r t m e h q t u E h i U e pment a e 2. s p t p a r b o l a i M s c h h i i n w g e a n a g r e e ic o a n t r h o mb e w o r n m i i a n f v o l e o z s e t t p n i r e g ei r a n g t t i y n g c e t n h t e e r p o i s n s i t b h i e l i g t r y o o u f nd. 0 R Re e . n n 8 o o 5 v v W a a / t t i i m o o 2 n n K o o f f a r l o l o w f, i n i d m o p w ro s v , i l n o g w U e - r v a U l - u v e a l f u r e o f m r 0 o . m 6 3 t . o 0 0 t . o 1 w he h a e t n c a n n e e b d e e s d t d o u r r e i d n a g n t d h e used\nTaxonomy and the Paris Agreement, that will attract new The extension will be constructed of wood and low carbon w/m2k various seasons of the year\ntenants in the tech- and creative segment of Stockholm’s concrete. The property has been inspected by a recycling, Replacing existing insulation with high-performance PIR\nbusiness scene. expert and so far, we have sold’ 4,000 square meters of insulation, improving U-value of approx.: 0.2W/m2K.\ntextile carpets (more will come). At least 25% of the (Historical value regulations prevent us from even\nbuilding's volume will consist of reused or recycled more)\nw 8 i 0 ll % s t o il f l b b u e i l i d n i n u g s s e i i n n d 2 e 0 v 5 e 0 loped cities T m r 3. a h e t e s e r p t i o e a M n n l a a . s n x i t i b m p i i r z l o f e ir g to r h ym e a a m o l u t G r h r e a t e e n n n d e a s n w t t e s a l . l w b T i e e l i l n n a e g n n f s t o u r s r c t e r e e e n e n a n n g s t a s w g i e ll m e p n ro t v a id n e d S e N l o e e l c a w t r r d i p c e a i m n t a e y n l p d s r - o o t c d n e o u n n a c a t l t n l r i t e o o s f l n f l e e ( c a d t p i v p v e r e n o t r x i o . l o a 6 f t 5 s i 0 o u n m r f 2 s a ) y c s e t s e f f r m o i r e n o d n ly site\n* Location: * Segment: Office alone y's caterer acicene commuting by quick-fix stations for bicycle etc.\n* Completion: energy & water consumption. An inner yard will ensure Raise tenant awareness through monitoring and\n* Nene: ii 2026 biodiversity preservation & recreational space. tracking of indoor climate parameters and consumption.\nyee un ze oetustion 4. Enhance climate resilience\nyear: 1956-\n59/1979\ny y y\n7 7 7\nAcquisition Hold Disposal"
+  },
+  {
+    "page": 26,
+    "text": "Measures: Case Example — El VA II)\nPUBLIC — Reusing Building Materials and Old Installations,\nReducing Energy by 40%\nACTION IMPACT\nHR consists of two interconnected buildings, | Solar panels are installed on the tower with a capacity of During our hold the building is transformed into an EU\nand tower is an area defining landmark 90,000 kWh/year. Additional solar panels will be installed Taxonomy aligned building where we during the renovation\nwitha high degree of visibility from all directions. on the lower building with an expected capacity of 57,000 have duly considered all ESG aspects\nkWh/year. The building enjoys strong access to public Carbon emissions are reduced materially (exact reduction\ncommunications, providing easy access to both central We send a major part of the ventilation system to Germany still subject to investigation).\njairport. for testing at the production facilities of TROX. The results\nenable us to reuse all this system instead of buying new The building has onsite electricity production of more than\nWe want to create a modern and engaging building ones. 140,000 KWH/year.\nattracting successful tenants wanting an extraordinary and\navantgarde building as their business home. One ofthe We are going to install metering of electricity, heat, and Embodied carbon is duly considered during the renovation building's key selling points will be its strong ESG profile. water for all tenants. Thereby the tenants can monitor their and is kept toa minimum. Diligent life cycle assessments\nown consumption. We install 40 new heat pumps (the are carried out.\nThere are ample amenities that include a library, entire system), reducing their energy consumption by\na sports/well-being center and high-quality meeting rooms. approx. 40 %. CRREM pathway to zero-carbon emissions is put in place.\nBuilt in the early 2000s, the energy consumption of the We install LED in all lamps together with sensors for activity ESG work extends to our suppliers through our Supplier\nbuilding exceeds what tenants expect from a modem office and incoming light to significantly reduce the energy Engagement Process.\nbuilding. required for lighting.\nHigh degree of tenant engagement, evaluation of tenant We demount and sell or reuse the old Industrial kitchen satisfaction, plentiful feedback on energy consumption and\n* Location: Segment: Office facilities, the old cabinets from the lab, the old hardwood other ESG metrics.\n|| Completion: floor, and several other items.\n31 2026 Implement an intelligent environmental management\n» Size:32704sam + C ye o a n r s : t r 2 u 0 c 0 t 2 i / on 2010 F a o n r d t a e m n e a n n i t t i w e e s l . l-being we create high-end common areas f p M r l a a o n t m a f o g B r u e m i m l w e d h i n n i t g c h S M y a c s o n t l a e l g m ec s e t . m s e r n ea t l S -t y i s m t e e b m u s i l a d n i d n g E l n e e v r e g l y energy data\ny\n7\nAcquisition\n~~\nOnsite electricity production\nfrom solar panels to exceed\n140,000 KWh/year\nAchievements prior to renovation simply\nfrom the adjustment of existing systems\nHeating [MWh] 1,000 909\n459 456\n1459 1365\nHeating wr/m2] Mer 6a\nElectricity [kWh/m2} 33 32\ny\n7\nDisposal 103 ”"
+  },
+  {
+    "page": 27,
+    "text": "Measures: Case Example in\nShare data with tenants and make an impact\nACTION IMPACT\nTenants generally consume around 70% of the energy in an We try to see ESG through a tenant's lens, making a With our tenant engagement program we hope to.\noffice building. Hence, any fundamental long-term solution thorough assessment of their own requirements. increase general awareness, improve tenants’\nto sustainability requires the joint effort of the landlord and understanding of their energy use and allow for the Tenant engagement makes a\nthe tenants, Is tenant engagement program Installation of metering equipment tenant by tenant. This long-term reduction of energy use. The possible impact\nis the cornerstone of that joint effort on the will include water and energy consumption, but also in is still being reviewed, but reduction of up to 20% solely difference. A 2020 study of\npath to sustainability. most cases measurement of air quality and ambient noise. t b h a e s e l d o n o g n e r t e t n e a r n m t engagement should be feasible over Danish residential tenants\nA key element is our tenant screen project, providing Installation of screens for each tenant but also in common shows that tenant\nt c e o n n a s n u t m s p t w i it o h n , n a e i a r r q r u e a a li l t - y t i a m n e d f o e t e h d e b r a c E k S o G n m e t t h r e i i c r s e . nergy ‘ a s v p a a i c l e a s b l ( e l t o o b b v y i s s i c t r o e r e s n t s o ) , t h m e a k bu i i n l g di n b g u . ilding aggregate ESG data j H o i i g n h t l l y e b ve e l t o w f e e te n n a t n h t e e te n n g a a n g t e s m a e n n d t , t h w e h e la r n e d l t o a r r d gets are set f e e n e g d a b g a e c m k e o n n t e t n h e r r o g u y gh active\nImportant to the Fund’s social plan is the promotion of Further raise awareness of ESG impact/metrics by recurring\nhealth & well-being among tenants. Therefore, the screens reporting and meetings. Strong ESG profile and engagement a means to not only consumption via screens\nwill also be used to encourage tenant well-being at work attract but also to retain tenants, helping to reduce reduces energy consumption\nand at home. ‘The goal is to inspire and enable our tenants to act in a investment in tenant improvements\nsustainable way by: by 7-20%\nTenant education and behavioral change strategies are * Presenting their premises and its sustainability aspects\nintegral to effective energy management programs. * Helping tenanttso recognize and assess their\nenvironmental impact — and impact reduction\nI a n n c d r e r a e s p i o n r g t l i y n c g o r m e m q e u r i c r i e a m l en t t e s n , a n m t a s k i h n a g v e e n th g e a i g r e o m w e n n t E S o G n g t o hi a s ls = O Of p f p e o r r i t n u g n i r t e i g e u s lar communication - promoting ESG issues Tenants generally consume around\ntopic a necessity for any successful landlord via campaigns and newsletters 70% of the energy in an office\nbuilding\nProgress is followed up by annual tenant meetings and\ntenant satisfaction surveys.\ny7 yyf y7\nResearch Pilot Project Implementation"
+  },
+  {
+    "page": 28,
+    "text": ""
+  },
+  {
+    "page": 29,
+    "text": "5. Fund Assets & Capital Deployment\nPortfolio Overview\nMarket Value CPI-linkage for Targeted EU Taxonomy Net Annual\n# Property Country Sector Type Size (m2) Acquired (€m, 02-24) _Exisitng Contracts BREEAM level status Return (Q2-24)\n1 Sweden Logistics Leased 16,900 Sep-21 29.5 100% Excellent Aligned 8.9%\n2 Denmark Residential Forward commit 7,100 Dec-22 30.0 100% Excellent Aligned 9.4%\n3 Norway Office Leased 18,400 May-22 585 ©. 93% Very good Partially aligned 8.6%\n4 Sweden Logistics Leased 22,900 Jul-22 224 100% Very good Aligned 8.9%\n5 Sweden Logistics Leased 26,500 Jul-22 19.3 100% Very good Aligned 9.4%\n6 Sweden Logistics Leased 45,700 Apr-23 28.8 100% Very good Aligned 9.6%\nTotal 137,500 188.4 c. 98% 85%\nRe\nCapital Committed (as of 2024)\n= Sweden\nBy Country* Norway\n= Denmark\nm rF 5\n“120\n= Logistics\nBy Sector* Office\n= Residential Committed/ Remaining Total Capital\nAllocated Capital Capital\n*Split by equity\nAugust 2024"
+  },
+  {
+    "page": 30,
+    "text": "5. Fund Assets & Capital Deployment\nProperty\n. Two fully-let logistics properties 'r\n+ BBs one of the best last-mile logistics areas in [NN with direct access to the E-18 highway\nlinking Sweden to Norway\n* 23% of Sweden’s population lives within an hour drive\n. 16,900 m? of NLA let to two reputable, credit rated tenants, including a 3PL-company one of Sweden’s\nlargest nutrition suppliers\nInvestment Rationale\n. Fully-let with a WALT of 8.4 years with annual CPI rental uplifts\n* Defensive strategy with stable cashflow, no vacancy and potential for strong rental growth upon lease\nexpiry, currently more than 20% under-rented\n. Increasing demand for high-quality last-mile logistics properties in this area, further supporting rental\ngrowth\nAsset Management Initiatives (business plan)\n. Re-negotiate rents to market upon expiration\n* Improve asset sustainability to align with the EU Taxonomy, including fine-tuning technical installations,\ninstalling on-site electricity production, & smart lighting\nCurrent Status and Active AM Initiatives\n* LED lights installed to one (of two) of the buildings\n. A downsi/ ezxpiannsigon agreement was made between the two tenants (net effect: 200 sqm of new\noffice premises will be constructed). Additionally, this agreement extended the lease term of JEN\nby 10 years Key Information (as per Q2-24)\n. An agreement has been reached with EEECo install solar panels at the property. The\ncapacitoyf the installation will amount to 1 MW and will in turn generatec. 750 MWh per year. The Sector Logistics Current Yield 5.2%1\ninstallation is expected to be finalized during 4024 Built 2015/2016 Market Value €29.5m\nNo. of Tenants 2 Est. CAPEX €1.7m\nOccupancy 100% LIV 49.3%\nWALT 8.1 years Net Annual Return 8.9%\nunderrented (estimasa ptere acquisition)"
+  },
+  {
+    "page": 31,
+    "text": "5. Fund Assets & Capital Deployment\nProperty\n. 7,133 m? residential development pL Closing scheduled to December 2022\n. 100 apartments with an average sizoef 71 m?\n* 22 minutes by train or a 35-minute drive from [EEEThe property is located a short walk from the\nInvestment Rationale\n* ERB as upgraded in 2019 with a new train line. Significant local infrastructure upgrades are\nunderway. A new regional hospital is being built adding a significant number of jobs to the area\n° Recent boom for apartments with tenants seeking larger units\n* Expected to be 70-80% let at closing, with the seller contracted to deliver at least 50%\n® Rental growth is expected following infrastructure upgrades\n* Vacancy for newly built residential property is below 1% in Greater\na Rent to income ratio of 31% supports affordability and potential for rent growth\nAsset Management Initiatives (business plan)\n* Lease up vacancy and re-let units at higher rents upon tenant turnover\n* Targeting to reduce the property's environmental footprint, seek the appropriate environmental certification\nand ensure alignment with EU-taxonomy\nCurrent Status and Active AM Initiatives\n. Construction works on schedule, closing occurred on 22 December 2022\n® An additional 260 sqm of solar panels have been installed on the roof, doubling the original on-site electricity\nproduction to 98 MWh per year\nKey Information (as per Q2-24)\n> Currently 99% let\nSector Residential Current Yield AB%\nBuilt 2022 Market Value €30.0m\n| b\nLettable Area 7,133 m? Est. CAPEX €1.4m\n+ is u Occupancy 9 LIV 57.3%\nr r Average size 71m? Net Annual Return 9,1%\net a on"
+  },
+  {
+    "page": 32,
+    "text": "5. Fund Assets & Capital Deployment\nProperty\n. 18,428 m? multi-let office property located on the EEEBuilt in 1965 and significantly\nupgraded in recent years\n. The main tenants ar The average WALT is 6 5 years, but five leases representing ca 20%\nof GRI roll in the first 3 years\nInvestment Rationale\n. Upside from leasuip nthge 11% vacancy\n. Projected rental growth offers reversionary (62% underrented) potential on lease events\n* Strong annual CPl-linkage (c. 93%)\n. 50 meters from the new metro station on the EEE scheduled for completion by 2027. Following the\nimproved connectivity, tenant demand is expected to increase significantly\n. Potential to add significant value by obtaining planning for an additional 22,000 m? of space on site by 2030\nAsset Management Initiatives (business plan)\n= Complete planned capital expenditure to let the remaining vacancy\n* 80% of the property is under rentby ecirdca 15%. Market rents are also expected to increase further given\nthe infrastructure improvements\n. Targeting to reduce the property's environmental footprint, seek the appropriate environmental certification\nand ensure partial alignment with EU-taxonomy\nCurrent Status and Active AM Initiatives\n° Preparations for the divestment process of the petrol station ongoing\n. The municipality has now agreed the new metro station to the area will be constructed, and in return, a fee\nwill be payable by property owners developing any new sam of space Key Information (as per Q2-24)\n® A comprehensive energy reduction project is currently in an advanced planning phase. The objective is to n\naperadeittie current Pe3c level'of G to level’, The planned works areproiected to startbytheendofzona St Offiics _ Current eld 5.8%\nBuilt 1965 Market Value €58.5m\nNo. of Tenants 11 Est.CAPEX €14.8m\nOccupancy 79% LIv 38.9%\nWALT 6.4 years Net Annual Return"
+  },
+  {
+    "page": 33,
+    "text": "5. Fund Assets & Capital Deployment\nProperty\n+ Newly-built, top-modern logistics building with automation packaging system and an 11.7-meter in\nceiling height located in\n- BEE: among the top logistics locations in Sweden, situated between {EEE in close\nproximity to the E18 highway\n* 22,900 m? property is fully let to aa\n* Fully-let to a single tenant on a 10-year lease, with 100% annual CPI-linkage\nInvestment Rationale\n* Situated in an established logistics location -good potential for rental growth\n. The tenant has invested approximately €14m in one of Scandinavia’s most efficient auto-store robotics\nsolutions, with 149 robots\nLa The tenant has an option to expand the building by circa 10,000 m? by 2028. The option exercise is expected\nbut the expansion will proceed in any case with the new space let to a third party\n. The property is already of high standard with LED lights, solar panels, usage metering equipment and\nadvanced air cleaning systems to ensure the environment is healthy for staff, stored goods and\nautomated systems\nAsset Management Initiatives (business plan)\n. Expand the property by 10,000 m? and let to current or third-party tenant\n* Sustainability improvements will be implemented to make the property aligned with EU-taxonomy\nCurrent Status and Active AM Initiatives\n* Fully operational and income producing (as per business plan)\n3 Ongoing planning process regarding ESG investments (incl. i.a., additional metering, solar panels) Key Information (as per Q2-24)\nSector Logistics Current Yield 5.5%\nBuilt 2022 Market Value €22.4m\nNo. of Tenants 1 Est. CAPEX €12.3m\nOccupancy 100% LTV 36.8%\nWALT 8.6 years Net Annual Return 8.9%!\n‘Return based on a leverage of 37.5%"
+  },
+  {
+    "page": 34,
+    "text": "5. Fund Assets & Capital Deployment\nProperty\n« — 'Newlybeit dopanadorn logistics klklingwilie 14.7 imeler ceiling hilight [boated iim\n- EBs a logistics hub located in the middle of Sweden, along the EA highway connecting Stockholm,\nOslo and Copenhagen\n* 26,500 m? property fully let tof the state-owned postal service\n+ Fully let property to single tenant on a 10-year lease, with 100% CPl-linkage\nInvestment Rationale\n* Strong location BER: considered an intersection of the main roads between the Nordic capitals\n* The property is under rented (c.35%) with significantly rent reversion expected\n* Defensive strategy with strong cashflow and good potential for NOI-growth on rollover\n* The office space totaling 800 m? is of very high standard for a logistics property\n+ The property is already of high standard with LED lights, solar panels, usage metering equipment\nand advanced air cleaning systems to ensure the warehouse environment is healthy\nAsset Management Initiatives (business plan)\n* Limited asset management before the lease with Postnord expires\n* Sustainability improvement will be executed with the goal of making the property aligned with EU\ntaxonomy\nCurrent Status and Active AM Initiatives\n° Fully operational and income producing (as per business plan)\n* Ongoing planning process regarding ESG investments (incl. i.a., additional metering, solar panels)\nKey Information (as per Q2-24)\nSector Logistics Current Yield 6.0%\nBuilt 2022 Market Value €19.3m\nNo. of Tenants 1 Est. CAPEX €1.0m\nOccupancy 100% LTV 39.5%\nWALT 7.8 years Net Annual Return 9.4%\n‘Return based on a leverage of 37.5%"
+  },
+  {
+    "page": 35,
+    "text": "5. Fund Assets & Capital Deployment\nProperty\nI Newly-built, top-modern logistics building with automation packaging system and an 11.7-meter in\nceiling height located in\n- TE: among the top logistics locations in [J situated between MINN, and\nTER along the £4 highway\n* 45,675 m? property is fully let to one of the world’s leading producers of outdoor power products,\nHEE © 3 10-year lease, with 100% annual CPl-linkage\nInvestment Rationale\n* Situated in a strong and established logistics location\n& Great potential for rental uplift at expiry/re-gear (current rent c. 55% below market)\n. The tenant has an option to expand the building by 25-35,000 m? by 2024. The option exercise is expected,\nand the completion is estimated in 04/2025\n. The property is already of high standard with LED lights and solar panels (installed soon by the tenant)\nAsset Management Initiatives (business plan):\n. Expand the property by c. 30,000 m? for the current tenant\n* Sustainability improvements will be implemented to make the property aligned with EU-taxonomy and to\nreduce the building’s climate impact (below CRREM pathway)\nCurrent Status and Active AM Initiatives\n5 Fully operational and income producing\n* Ongoing proactive planning process regarding ESG investments\n* The tenant has decided to exercise the extension option to add 35,000 sqm of new warehouse space. The Key Information (as per Q2-24)\nagreed fixed price construction agreement is set at c. SEK 60m higher level than originally estimated due to Sector Logistics Current Yield 6.0%\nadditional specifications for the tenant, hence, asa compensation, a higher rent has been negotiated with .\nthe tenant, [EE(UW SEK 356/sqm vs SEK 480/sqm agreed). The expansion project is in an early Built 2022 Market Value €28.8m\nplanning phase with the estimated completion date being late 2025\nNo. of Tenants 1 Est. CAPEX €0.6m\nOccupancy 100% LTV 0%\nWALT 8.4years Net Annual Return 9.6%\n‘Return based on a leverage of 37.5% (debt taken in 2026)\nugust 2024 36"
+  },
+  {
+    "page": 36,
+    "text": ""
+  },
+  {
+    "page": 37,
+    "text": "6. Fund Terms\nKey Terms\nSectors Focus on logistics, residential and office (minimum 75% collectively), but may selectively target assets in other sectors\nRegions Sweden, Norway, Denmark and Finland\nFund Scale Targeting to accumulate a diversified portfolio of >EUR 1 billion of assets over the next 5 years\nTarget Total Return 7-8% net total annual return to investors\nTarget Dividend Yield 3-4% of NAV per annum on average during the life of the fund\nLeverage Target LTV of 35% and maximum 37.5% on portfolio level; up to 60% on individual assets\nFund Term Open-ended with an initial 24-month lock-in for new investors\nFund Structure Luxembourg FCP-RAIF\n* Management fee of 85 bps on NAV. Acquisition fee of 30 bps\n* Further, the management fee may be topped up based on NOI increases on a like-for-like basis, with any such performance related\nManagement Fee uplift capped at 0.20% of fund NAV in any given year and with a highwater mark in place\n* Rebates available for large investors\nHE commitment 1% of commitments, capped at €2.0m\nINREV Compliant; I C2pital Management is an AIFM supervised by the CSSF in Luxembourg; Compliant with German real estate\nGovernance\nquota rules\nAugust 2024 38"
+  },
+  {
+    "page": 38,
+    "text": ""
+  },
+  {
+    "page": 39,
+    "text": "7. Track Record\nRealized Track Record\nEquity Equity Project Level Project Level NOI%\nInvestment Capital Source Sector Acquired Divested Invested (€m) Returned (€m) IRR Multiple Increase\nLogistics Dec-07 5.6 18.0 74.2% 2 11%\nOffice Aug-07 85 24.8 66.3% 2.9 21%\nOffice Jul-07 0.7 21 71.2% 3.0 16%\nOffice Dec-07 07 1.5 55.1% 21 10%\nOffice Nov-04 Aug-07 28.9 743 2.6 46%\nOffice Mar-08 Jan-15 54.4 98.3 1.8 73%\nOffice Mar-10 Feb-15 38.0 64.4 1.7 9%\nOffice Dec-09 Apr-15 18.4 47.2 26\nOffice Dec-07 May-15 56.9 1.6\nOffice Jun-08 Dec-15 43.6 22\nRetail Jun-08 Jan-15 8.0 1.6\nRetail Jun-08 25.2 31.4 1.2 “11%\niffice May-07 Feb-17 14.8 15.5 1.0 23%\nRetail Dec-07 Feb-17 31.0 31.1 4%\nLogistics May-17 Aug-17 67 9.2 1.4 45%\nOffice Dec-15 Feb-19 18.6 55.5 3.0 45%\nOffice Apr-16 Mar-19 26.3 38.0 14 61%\nJun-17 Dec-19 27.1 40.3 18.3% 1.5 21%\nLogistics Jan-18 Mar-20 32.1 56.2 31.2% Le 16%\nOffice ar-18 May-21 9.5 96 6 19 539\nLogistics Mar-19 far-21 20. 24.3\nOffice Ju-16 Mar-2, 32.7 51.7 1.6\nOffice Jun-18\nOffice Jun-15\nRetail Jun-18\nOffice Jun-18\nTotal Realized"
+  }
+]