ACRE Capability Green

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN LUTON LU1 3LU The London - M1 Corridors Premier Office Park

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONEXECUTIVE SUMMARYl Capability Green is the premier Office Park along the London M1 l The 3 headquarter offices total 92,351 sq ft of prestigious Grade A Corridor. accommodation that are arranged around a feature landscaped courtyard.l Capability Green totals approximately 1 million sq ft of headquarters offices and is home to numerous multi-national l Benefits from an unrivalled car parking provision of 1:180 sq ft. companies. l Multi-let to six tenants.l Capability Green is strategically positioned with excellent multi- modal connectivity having access to Jct 10 of M1 motorway (1 mile), l The property benefits from an average unexpired lease term of Luton Parkway Station (1 mile) and London Luton Airport (2 miles). 6.3 years to expiry and 4.75 years to break.l Luton Airport Parkway Station benefits from 8 trains per hour to l Produces a total current passing rent of £1,600,295 per annum. Central London with a fastest journey time of 20 minutes. This equates to only £17.33 per sq ft overall.l London Luton Airport is the fastest growing major London airport l Luton’s out of town Grade A vacancy rate is less than 1% with prime and is undergoing a £110 million investment upgrade. rents now at £22.00 per sq ft.l 400, 450 and 475 The Boulevard offers the opportunity to acquire l Capability Green, over the past 5 years, has secured 64% of all 3 headquarter offices which have been subject to a £3.4 million occupational take-up. comprehensive refurbishment programme. l The property is reversionary to at least £2,010,064 per annum.02

l 44% (40,421 sq ft) of the accommodation is subject to upward only subject to contract and exclusive of VAT for our client’s freehold rent reviews from March 2018 to October 2018. interest. This equates to a low capital value of only £204 per sq ft.l The asset’s letting velocity is unique. 94% (66,520 sq ft) of the space l A purchase at this level reflects an 8.00% net initial yield and a net that has become vacant in the last 4 years has secured pre-lets. reversionary yield of 10.00% assuming purchasers’ costs of 6.77%.l Numerous asset management initiatives to enhance the asset’s performance include: • Crystallise its reversionary potential (5 rent reviews within the next 5 years) • Re-gear the leases on 16% of the accommodation within the next 3 years • Exploit favourable lease events over the next few years on up to 33% of the accommodation which is let at a 40% discount to the current rental tonel Proposal – we are instructed to seek offers in excess of £18,800,000, 03

DAVID LLOYD HEALTH CLUB RUDOLPH WILD SCREEN PRGX KEEPMOAT ARDENT / GATEGROUP 475 - LUMESSEREGUS BLUE ARROW TECHNICON DESIGN 450 - RANDSTAD 400 - ERNST & YOUNG / ORACLE / RMG NETWORKS / TMF GLOBAL SERVICES SALEX GALILEO HANDELSBANKEN ANRITSU04

LUTON AIRPORT PARKWAY LUTON AIRPORTMARRIOTT Capability Green is a high quality office park and is widely recognised as the leading office park along London’s M1 corridor WATES ASTRA ZENECA AB INBEV M1 JCT 10 BARCLAYS / OAG AVIATION REXAM 05

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONBUSINESS PLANProvided below is a realistic asset business plan based on a 5 year hold period. The business plan initiatives for this comprehensively refurbishedasset range from:• Actioning 5 reversionary rent reviews on 91% (83,727 sq ft) of the accommodation• 2 of these reversionary rent reviews are in 2018. These reviews are on 44% (40,421 sq ft) of the accommodation. The passing rents are at a 35% discount to headline rental evidence.• Potential to extend the assets unexpired lease term and rental value through reletting options in 2019 and 2020 on 33% of the accommodation. 75% of this accommodation was fully refurbished in 2013 and is currently let at rental levels at a 40% discount to current headline rents.• Ability to extend the asset’s unexpired term by 5 years on 16% of the accommodation through removing 2 break options.The business plan is not only realistic but can be entered into with confidence, based on the following favourable factors:2.1 Letting VelocityAny space that has come available at 400, 450 and 475 Capability Green has either secured pre-lets or let shortly after the refurbishment works.Examples include:• Randstad agreed pre-let terms on 28,144 sq ft in October 2015, 4 months prior to practical completion of the works• Oracle Corporation agreed pre-let terms on 11,096 sq ft in November 2014, 1 month prior to practical completion of the works• Lumesse agreed pre-let terms on 23,214 sq ft in January 2012, 13 months prior to practical completion of the works2.2 Favourable Market ConditionsA purchaser will be able to exploit the properties asset’s management initiatives due to the following favourable market conditions:• Luton has a Grade “A” out of town vacancy rate of less than 1%• Capability Green, over the past 5 years, has accounted for 64% of occupational take-up• Occupational take-up is increasing. 2016 levels were approximately 50% higher than 2015 levels• Headline rents at Capability Green reflect £22.00 per sq ft• The asset’s average passing rent is only (£17.50 per sq ft), offering a 27% discountDetailed below are the asset’s realistic business plan initiatives mapped over a 5-year hold period:2017 Action Area Asset Management Benefit The Business Plan (sq ft) Term Certain Rental Income Capital Value Demise • The tenant is marketing their comprehensively 23,214 ÇÇÇ refurbished space. It will be difficult for them toBuilding 475 Joint Marketing let with a reversionary rent review due in March 2018. Opportunity to work with them and jointly market the space. They ideally would like to retain a presence in the building across one floor. • Passing rent is at a 40% discount to headline rents.06

2018 Action Area Asset Management Benefit The Business Plan (sq ft) Term Certain Rental Income Capital Value Demise • Action March 2018 rent review. 23,214 ÇÇ • Passing rent is at a 40% discount to headlineBuilding 475 Rent Review 17,207 ÇÇ rents.Building 400 • Action October 2018 rent review.Part Ground Rent Review • Passing rent is at a 31% discount to headline& 1st Floor rents.2019 Action Area Asset Management Benefit The Business Plan (sq ft) Term Certain Rental Income Capital Value Demise • Should the tenant vacate in December 2018, 7,640 ÇÇÇ opportunity to refurbish and re-let atBuilding 400 Potential Re-Let a premium and extend unexpired term.Part Ground • Current passing rent is at a 29% discount to headline rents.2020 Action Area Asset Management Benefit The Business Plan (sq ft) Term Certain Rental Income Capital Value Demise 11,096 • Remove March 2020 break option extending ÇÇ term certain by 5 years on this recentlyBuilding 400 Remove Break 11,096 ÇÇ refurbished space.2nd Floor Option 23,214 ÇÇÇ • Action March 2020 rent review.Building 400 Rent Review • Passing rent is at a 21% discount to headline2nd Floor rents.Building 475 Re-Let • Re-let this recently and comprehensively refurbished HQ at a premium rent and extend term certain. • Current passing rent is at a 40% discount to headline rents.2021 Action Area Asset Management Benefit The Business Plan (sq ft) Term Certain Rental Income Capital Value Demise 4,066 • Remove June 2021 break option, extending 4,066 ÇÇ term certain by 5 years on this recentlyBuilding 400 Remove Break ÇÇ refurbished space.Part Ground Option 17,207 ÇÇ • Action July 2021 rent review.Building 400 Rent Review 28,144 • Passing rent is at a 3.5% discount to currentPart Ground ÇÇ 28,144 headline rents.Building 400 Reversionary ÇÇPart Ground Lease • E&Y are committed to this building having& 1st Floor been in occupation since 1999 and extended their lease in 2013.Building 450 Rent Review • Negotiate further lease extension/reversionaryBuilding 450 Reversionary lease. Lease • Action April 2021 rent review. • Passing rent is at a 14% discount to current headline rents. • Whilst negotiating the April 2021 rent review opportune time to document lease extension at the 2023 expiry. Fully refurbished building in 2016. 07

CAPABILITY GREEN: THE BRAND Capability Green is regarded as one of the premier office parks in the North West M25 market as well as being the pre-eminent park of the M1 Corridor. Its success is proven both by the occupiers it has attracted as well at the calibre of investors who have purchased buildings on the park. Capability Green offers the benefit of unrivalled multi modal connectivity links, on site amenities, high quality accommodation, all of which has attracted an occupier mix comprising an array of global organisations.08

Capability Green Park AmenitiesCapability Green is now fully developed and totals approximately Major attractions of Capability Green to its global occupiers,1,000,000 sq ft of Grade A office accommodation and is set in 85 aside from its location and communication links, are the on-siteacres of landscaped grounds. amenities and services. They complete the Capability Green experience, offering a business community with convenientThe office park was originally developed by Pillar Property and services, social meeting places and recreation, all within aHaslemere Estates and now totals 22 HQ office buildings and landscaped environment.amenity facilities. Its positioning within the “Golden Triangle” ofCambridge, Oxford and London, its proximity to London Luton • David Lloyd Health ClubAirport and motorway networks has attracted a diverse range • Jigsaw Nurseryof major international corporate companies such as Oracle, • Café and restaurant facilitiesAstraZeneca, EY, OAG, Salex Galileo and Rexam. • 24-hour security patrols • CCTV • Information Centre Sustainable Transport The Park is served by a regular bus service from the Park into the Town Centre. 09

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONCAPABILITY GREEN – Communications / Multi Modal ConnectivityLUTON: THE FACTS The Park’s strategic location within 1 mile of the M1 motorway,Located within the “Golden Triangle” of Cambridge, and its proximity to both London Luton Airport and LutonOxford and London Parkway Station, results in an excellent level of connectivity against which very few office parks can compete.One of the most successful towns in England toattract business start-ups RoadIt is one of the largest towns in South East England Capability Green has excellent road links with the M1 motorwaywith a population of approximately 258,000 (Junction 10) being just 1 mile to the south west.23 million people within a two-hour reach – large and The M1 connects Luton to the M25 London Orbital Motorwayskilled labour pool and in turn provides access to the rest of the regional motorway network.Luton Council has set out a £1.5 billion investmentprogramme for the town Destination Distance M1 (Jct 10) 1 mileRecently completed £31 million upgrade of Junction M25 (Jct 21) 11 miles10 of the M1, vastly improving traffic flows to both the LondonAirport and Capability Green Cambridge 30 miles 42 milesConstruction already commenced on the £110 million Warwick Leamington Wellingborough RushdenAirport terminal improvements SpaDuring 2017 works will commence on the £200 million 15 14 Daventry Northampton St NeLight Rail Mass Passenger Transit (MPT) system – a 1324 hour service providing a direct link between the 11 16Airport and the Train Station 12 15 M1 BedfordHome of the University of Bedfordshire, one of the Milton Keynes Newport Pagnelllargest institutions in the country with over 24,000students 14 13 L 12 10 CAPABILITY GREEN LUTON Bicester Dunstable 11 9 Aylesbury 10 LUTO Kidlington 9Location Witney OXFORD Tring Hemel M1 14 HempsteadLuton is a long established commercial centre. It is the UK’s best connected Abingdon 8town for business, located 30 miles north of London, 42 miles south west of DidcotCambridge and 58 miles east of Oxford. Thame Berkhamsted 7The town’s strategic location and exceptional communication links have 8made the town into an established and successful office centre. A numberof multi-national organisations have established their UK headquarters, 7including Vauxhall Motors, Easyjet and TUI Travel. Other high profilecorporates include Oracle, AstraZeneca, Ernst & Young, Salex Galileo, Amersham 20Whitbread and Rexam. 19 5 6 18 Watford M 5 High Wycombe 17 M40 4 Beaconsfield Rickmanswor 3 2 Marlow Harrow 1 Henley-on-Thames Maidenhead Slough Uxbridge A 76 43 13 Reading M4 Windsor 14 HEATHR Newbury 12 10 13 11 Bracknell Staines 1 1110

Rail London Luton Airport Capability Green has excellent rail connections and benefits from two Capability Green is only 2 miles south west of London Luton Airport, the mainline stations. These are Luton Railway Station in the town centre UK’s fifth largest airport. The airport is one of the UK’s fastest growing, (2 miles north) and Luton Airport Parkway Station (1 mile north east). together with being the UK’s biggest for private jet travel. The airport serves over 100 national and international destinations including all Both stations provide frequent, direct services to four London major UK and European cities, together with intercontinental routes. destinations: St Pancras International, Blackfriars, Farringdon and City Thameslink. The fastest journey time to London is approximately London Luton Airport is a major economic driver for both London and 24 minutes. the UK and is one of Luton’s largest employers, generating around 9400 jobs and a further 7700 jobs for related activities. London Luton Airport As part of London Luton Airport’s transformation plan, rail services from is investing £110 million to transform the airport and its facilities. These Luton Airport Parkway Station have significantly improved with up to works have commenced and will be completed by 2020. 8 trains running to Central London every hour. London Luton Airport: Key Facts These additional services have increased passenger capacity by 50%. In addition, works will commence in 2017 to extend the rail line (MPT) • £110,000,000 upgrade commenced to connect Luton Airport Parkway to the Airport terminal itself. This • Serves over 100 destinations extension will reduce journey times to St. Pancras International to just • 9400 on airport jobs 19 minutes. • 7700 jobs through related activities • 12 million passengers per year A6 Newmarket LUTON GREEN ROAD 14eots 13 CAMBRIDGE 12 11 THE MALL CRAWLEY A505 M11 Haverhill A505 SHOPPING CENTRE WINDMILL LUTON Saffron Walden AIRPORT 10 TOWN CENTRE POSTCODE: LU1 3LS Biggleswade 9 KIMPTON AIRPORT WAY 11 ROAD 10 Royston PARK ST ROAD LONDON ROAD LUTON EWLANDS ROAD AIRPORT PARKWAYLetchworth FARLEY HILL HOE ROAD WAY 9 Hitchin 8 Stevenage STANSTED 7 Bishop's 8 CUTEN Stortford AIRPORT A1(M)ON 6 Welwyn Garden 5 City Hertford Ware M11 NSt 4 Hatfield HarlowAlbans Hoddesdon 7 3 LOWER HARPENDEN ROAD12 22 24 M25 25 265 Barnet Enfield 5 BrentwoodM1 2 Chigwell 28 M1 1 M11 4 29 10 4rth M25 10 MILESA40 LONDON CITY M25 LONDON ROAD CAPABILITY Woolwich GREEN 2 1 A4 Dartford 30 31ROW Richmond A20 Tilbury A24 Gravesend 2 Kingston Swanley upon Thames

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTON12

DESCRIPTION:COMPREHENSIVELYREFURBISHED HQOFFICES400, 450 and 475 Capability Green have benefited from an ongoingcapital investment programme to provide future-proofed and prestigiousGrade A offices totalling 92,351 sq ft.The 3 office buildings have benefited from a comprehensive phasedGrade A refurbishment. This commenced in March 2013 with the finalrefurbishment works completing in April 2016.The recent major capital expenditure projects at the buildings, which totalapproximately £3.4 million, have included.1. Comprehensive refurbishment in April 2016 of Building 450 including new VRV air conditioning, new LED Lighting, new metal tiled ceilings, new toilet facilities, new mains switch gear and lift car refurbishment.2. Comprehensive refurbishment in March 2013 of Building 475 including new VAV air conditioning, new LG7 Lighting, new suspended ceilings, new raised floors and new toilet facilities.3. Comprehensive refurbishment in December 2014 of Part Ground Floor and Second Floor of Building 400. This included new 4 pipe fan coil air conditioning, new LG7 Lighting, new metal tiled suspended ceilings and new toilet facilities.Buildings 450 and 475 are rectangular in shape. They are arranged overground and two upper floors and first floor respectively.Building 400 provides a crescent shaped floor plate and is arranged overground and two upper floors.All three buildings benefit from open plan, flexible floor plates with strongnatural light and excellent floor to ceiling heights.Car ParkingBuildings 400, 450 and 475 benefit from one of the very best carparking ratios in the UK. The 3 headquarter offices totalling 92,351 sq ftbenefit from the provision of 512 car parking spaces. This represents anexceptional ratio of 1:180 sq ft net.The car parking is provided at surface and basement levels as follows:Building No. of Spaces400 225450 160475 127TOTAL 512 13

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONBUILDING 400A multi-let, headquarters office building. The entire 2nd • New LG7 recessed lightingFloor and Part Ground Floor of the building have been • New male, female and disabled WC facilitiescomprehensively refurbished by the landlord in December • Two x 10 person passenger lifts2014 to provide contemporary, corporate office space. • Fully refurbished reception with feature lighting andThe building is of a steel frame construction with concrete bespoke reception deskfloors and attractive brickwork to its elevations. • 225 car-parking spaces provided at surface andIt is arranged over ground and two upper floors and basement level. A ratio of 1:182 sq ftextends to 40,993 sq ft. AccommodationIts refurbished institutional specification includes: Floor NIA (sq ft)• Flexible floor plates suitable for single or multi- Ground Floor Reception 984 occupation Ground Floor Offices 15,160 First Floor Offices 13,753• New 4 pipe fan coil air conditioning Second Floor Offices 11,096• New suspended metal tiled ceilings TOTAL• Fully accessible raised floors 40,993 sq ftFloor PlanTenancyDemise Tenant NIA Lease End Next Review Rent (sq ft) 12/06/2026 (Break) (per sq ft)Part Ground RMG Networks Ltd 4,066 19/12/2018Floor 13/10/2023 13/06/2021 £77,350Part Ground TMF Global Services 7,640 05/03/2025 (12/06/2021) (£21.25)Floor (UK) LtdPart Ground & Ernst & Young LLP 17,207 14/10/2018 £130,315First Floor (£17.00)Second Floor Oracle Corporation 11,096 06/03/2020 UK Ltd (05/03/2020) £288,938TOTAL 40,009 (£16.80) £200,966 (£18.11) £697,756 (£17.44)14

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400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTON16

BUILDING 450A single let, headquarters office building which was comprehensively refurbished in two phases, Phase 1 (Ground Floorand Part First Floor) completed in October 2015, whilst Phase 2 (2nd Floor and Part First Floor) completed in April 2016.The building now provides Grade “A”, flexible corporate accommodation.The building is of steel frame construction with concrete floors and attractive brick elevations.It is arranged over ground and two upper floors and extends to 28,144 sq ft.Its institutional specification includes:• Flexible floor plates suitable for single or multi occupation Accommodation NIA (sq ft)• New VRV air conditioning 264• New suspended metal tiled ceilings Floor 8,468• Fully accessible raised floors Ground Floor Reception 9,269• New LED recessed lighting Ground Floor Offices 10,143• Refurbished two x 10 person passenger lifts First Floor Offices• New male and female WC facilities on each floor Second Floor Offices 28,144 sq ft• Fully refurbished reception area TOTAL• New distribution boards and switch gear• New L2 fire alarm system• 160 car parking spaces, providing a ratio of 1:176 sq ftIn addition to the landlord’s Cat A refurbishment of the building totalling £1.66 million, the tenant has also spentapproximately £1.25 million on their Cat B works.Floor PlanTenancy NIA Lease End Next Review Rent (sq ft) 07/04/2023 (Break) (per sq ft) Tenant Randstad UK Holding Ltd 28,144 08/04/2021 £541,926 (£19.25) 17

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONBUILDING 475A single let, headquarters office building which was comprehensively refurbished in March 2013to create a corporate HQ office.The building is of steel frame construction with concrete floors and attractive brick elevations.It is arranged over ground and one upper floor and extends to 23,214 sq ft.Its institutional specification includes: Accommodation NIA (sq ft) 614• Flexible floor plates suitable for single or multi-occupation Floor 10,219• New VRF air conditioning Ground Floor Reception 12,381• New suspended mineral tiled ceilings Ground Floor Offices• Fully accessible raised floors First Floor Offices 23,214 sq ft• New LG7 recessed lighting TOTAL• A 10 person passenger lift• New male and female WC facilities on each floor• 127 car-parking spaces, providing a ratio of 1:183 sq ftFloor Plan Riser W/C Lift Down W/C Down Up DownTenancy NIA Lease End Next Review Rent (sq ft) 07/03/2023 (Break) (per sq ft) Tenant Lumesse (UK) Ltd 23,214 08/03/2018 £360,800 (24/03/2020) (£15.54)18

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400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONOCCUPATIONAL MARKET OVERVIEWCapability Green is a high quality office park and is widely recognised as the leading office park along London’s M1 corridor. Its proximity to London LutonAirport and connectivity to road and rail links has made it a desirable HQ office centre.The northern M25 office markets, combined with London’s M1 corridor, have witnessed healthy increases in both occupier demand and take up levels.This market has also witnessed a growing trend of relocations out of London as occupiers are attracted to it as an economical alternative location whichbenefits from exceptional multi-modal connectivity. This, combined with the vast amount of office space having been converted to residential uses, hasresulted in this market having constrained supply levels of quality office space, resulting in rents increasing at Capability Green and the wider markets.Market Snapshot• Luton has a total office stock of 3.3 million sq ft• 1 million sq ft of the town’s office provision is situated at Capability Green• Occupational take up is increasing. 2016 levels were approximately 50% higher than 2015 levels, whilst 2015 take up was 32% higher than 2014• Capability Green dominates take up in Luton. Over the past 5 years, it has accounted for 64% of all transactions over 5,000 sq ft• Grade A availability totals only 45,033 sq ft. This equates to a low vacancy rate of 1.3%• The market’s vacancy rate stands substantially below the M25 average• Rental levels on Capability Green currently reflect £22.00 per sq ft• Benefits from a strong and diverse occupier demand totalling approximately 110,000 sq ft• All competing centres are currently achieving rents in excess of the passing rent at 400, 450 and 475 Capability Green, as illustrated in our rental map.Letting TransactionsDate Address Tenant Rent Area TermSept 16 1 Capability Green Axis Communications £22.25 9,091 10 year lease break in year 5.June 16 400 Capability Green RMG £21.25 4,066 9 months rent free.April 16 450 Capability Green Randstad £19.25 28,144 10 year term break in year 5.Nov 15 1 Capability Green OAG £22.00 8,577 12 months rent free.Feb 15 400 Capability Green Oracle £19.00 10,800 7 year lease. 10 year lease. 9 months rent free. 10 year lease.The Reversionary Story 27% discount to ERV 400, 450 & 475 33% discount to Hemel Hempstead CAPABILITY GREEN 80% discount to Watford 85% discount to the average South East Business Park rent REVERSIONARY VALUE20

Bedford Banbury Newport Biggleswade Haverhill Pagnell Letchworth Sa ronRental Map Analysis Walden Milton Royston Keynes Chelmsford M1 Brentwood Hitchin Tilbury Gravesend Capability green £22.00 Stevenage Chatham Dunstable Luton Bishop's Stortford 400, 450 & 475 Capability green £17.50 Welwyn Garden City Ware Aylesbury St Albans £37.00 Hemel Hempstead £23.00 Hoddesdon Berkhamsted Thame M25 Amersham Watford £31.50 M40 Barnet Enfield High Wycombe Rickmansworth M1 Beaconsfield Marlow Harrow Maidenhead Henley-on-Thames Slough Uxbridge Chiswick Heathrow Ealing CENTRAL Staines LONDON Windsor Richmond Bracknell Reading M4 Kingston upon Thames Croydon Sutton FARNBOROUGH £27.50 Woking Basingstoke £21.00 Leatherhead Guildford £34.00 Sevenoaks Aldershot Tonbridge Farnham East Tunbridge Wells GrinsteadINVESTMENT MARKETAlton OVERVIEW CrawleyThe South-East Office Investment Market remains buoyant with transaction volumes reaching £3.05 billion in 2016.The continued success of this market is unsurprising, given the unrivalled depth of investor demand for this sector. Investors remain attracted to this marketas they wish to capitalise on the region’s economic growth and associated strong occupier demand and its significant rental growth potential.We detail below transactions recently completed in the South East:Date Address Tenant Term Certain Price NIY Capital Value (per sq ft)Under Offer Abbott House, Vanwall Business Park Abbott House 8.75 £35.10m c.5.60% £450 Multi-let 4.5 £5.21m 7.50% £288Mar 17 1 Capability Green Viasat 11.36 £67.00m 5.10% £814 Multi-let 4.17 £11.20m 6.00% £269Feb 17 Chiswick Green, Chiswick 10.40 £10.10m 5.10% £519 Hitachi Group 16.00 £25.15m 5.50% £447Feb 17 International House, Brighton Compass Group 8.50 £29.90m 5.28% £342 8.70 £23.75m 5.98% £487Dec 16 Hitachi House, Staines Oxfam 19.75 £27.00m 5.25% £403 Suntory 10.00 £56.25m 5.70% £467Nov 16 Compass House, Chertsey TK Maxx 12.40 £12.11m 6.00% £281 Centrica 10.00 £25.40m 5.20% £480Nov 16 Oxfam HQ, Oxford Business Park Wickes SuperdrugNov 16 Two Longwalk, Stockley ParkNov 16 64 Clarendon Road, WatfordNov 16 Centrica HQ, WindsorSep 16 Link & Vision House, WatfordSep 16 8 Bedford Park, Croydon 21

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONTENANCY SCHEDULEDemise Tenant Name Area* Rent p.a. Lease Start Break Option Rent Review (sq ft) £77,350 12/06/2021Building 400 RMG Networks Ltd 4,066 £130,315 13/06/2016 - 13/06/2021Part Ground £288,938 - TMF Global Services (UK) Ltd 7,640 £200,966 20/12/2013 05/03/2020 -Part Ground Ernst & Young LLP 17,207 £541,926 14/10/2013 14/10/2018 £360,800 24/03/2020Part Ground & Oracle Corporation UK Ltd 11,096 06/03/2015 06/03/2020First Floor £1,600,295 28,144 08/04/2016 08/04/20212nd Floor 23,214 08/03/2013 08/03/2018Building 450 Randstad UK Holding LtdBuilding 475 Lumesse (UK) LtdTOTAL 91,367 4.75 years22

Lease Expiry Rent ERV ERV Comments12/06/2026 (per sq ft) (per sq ft) (per annum) 19/12/2018 Fully refurbished. 6 months rent free if break not exercised. 9 months notice 13/10/2023 £21.25 £22.00 £89,450 on the break.05/03/202507/04/2023 £17.00 £22.00 £168,080 Not refurbished but enhanced via the service charge.07/03/2023 £16.80 £22.00 £378,554 Not refurbished but tenant has upgraded space. Tenant has been in 6.3 years £18.10 £22.00 £244,110 occupation for 18 years and regeared lease in 2013. £19.25 £22.00 £619,170 Fully refurbished. Service charge cap at £130,356 linked to RPI. £15.55 £22.00 £510,700 6 months’ notice on break. £17.50 £22.00 £2,010,064 Fully refurbished. Fully refurbished. 9 months rent free if break not exercised. Break payment of a quarters rent if break is exercised. 6 months notice on break. Rent deposit of £216,480. Tenant marketing their space. 23

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONCOVENANT PROFILERanstad UK Holdings Limited – Company Number 0175388234% of the incomeExperian ‘Low’ risk of business failure. 89/100 Delphi Score.Ranstad is the second largest recruitment company in the world. It specialises in business support, education and professional services recruitment.Established in the Netherlands in 1960 it has expanded into a global platform of different specialist recruitment businesses. In 2016, it acquired Monster, theonline recruitment company demonstrating its commitment to expansion and the move towards online recruitment. The Ranstad Group is listed on theNetherlands Stock Exchange. Ranstad Holdings (UK) Limited in the UK arm of the Randstad Group UK. Sales Turnover 31/12/2015 31/12/2014 31/12/2013 Profit (loss) before Tax - - - Tangible Net Worth Net Current Assets £33,151,000 (£7,378,000) (£190,548,000)Source: Experian £118,373,000 £125,319,000 £134,090,000 £119,594,000 £126,642,000 £134,090,000Ernst & Young LLP – Company Number OC 30000118% of the incomeExperian ‘Very Low’ risk of business failure. 100/100 Delphi Score.Ernest & Young LPP (EY) is a multinational professional services firm headquartered in London. It is one of the largest professionalservices firm in the world and is one of the “Big Four” accounting firms. Significantly, it has over 230,000 employees in over 700offices across 150 countries. Global turnover in the year to June 2016 was an impressive $29.6 billion. Sales Turnover 01/07/2016 03/07/2015 27/06/2014 Profit (loss) before Tax £1,830,000,000 £1,690,000,000 £1,868,000,000 Tangible Net Worth £400,000,000 £466,000,000 £488,000,000 Net Current Assets £196,000,000 £262,000,000 £234,000,000Source: Experian £218,000,000 £262,000,000 £234,000,000Oracle Corporation UK Limited – Company Number 0178250512.5% of the incomeExperian ‘Above Average’ risk of business failure. 43/100 Delphi Score.The Oracle Corporation is a leading global information technology company with 420,000 customers across 145 countries. Listed on the NYSE andheadquartered in California, Oracle dominates the cloud computing industry. Significantly, its customers include all the top 10 global defence, aerospace,banks, construction, pharmaceutical and oil and gas companies. In the last financial year, its turnover was in excess of $37 billion. The Oracle CorporationUK Limited is a subsidiary of the Oracle Corporation UK Holdings Limited. Sales Turnover 31/05/2015 31/05/2014 31/05/2013 Profit (loss) before Tax £765,406,000 £672,163,000 £681,148,000 Tangible Net Worth (£11,881,000) (£37,884,000) (£32,645,000) Net Current Assets (£167,484,000) (£125,497,000) (£138,951,000)Source: Experian (£49,273,000) £10,318,000 £3,311,00024

TMF Global Services (UK) Limited – Company Number 035619758% of the incomeExperian ‘Very Low’ risk of business failure. 100/100 Delphi Score.The TMF Group, a financial services consultancy was founded in the Netherlands in 1988. Today, it has more than 120 offices in over 80 countries andemploys more than 6,500 accountants, lawyers, corporate secretaries, HR and other professionals. Its headquarters are in London and it has two furtheroffices, a specialist tax division in Brighton and the subject property. Sales Turnover 31/12/2015 31/12/2014 31/12/2013 Profit (loss) before Tax £6,792,417 £5,902,026 £5,246,653 Tangible Net Worth £2,782,401 £1,971,227 £1,872,653 Net Current Assets £8,428,709 £6,165,957 £4,428,414Source: Experian £9,275,456 £7,014,704 £5,277,161RMG Networks Limited – Company Number – 025427765% of the incomeExperian ‘Very Low’ risk of business failure. 100/100 Delphi Score.The RMG Group is a global leader in digital communications, providing both hardware (LCD screens), software and customised digital messages. Its 7,500clients include Coca-Cola, Pfizer, Allianz and Citi Bank. RMG was established in 1980 in the USA. As such it has been at the forefront of digital marketing for36 years. RMG has offices in the USA, UK, Singapore and UAE and their campaigns can be found in 49 countries. They are estimated to have over 1 milliondigital displays. RMG has been listed on the NASDAQ since 2013. RMG Networks Limited is a subsidiary of RMG Network Holdings Company Limited. Its UKheadquarters is in the subject property. Sales Turnover 31/12/2015 31/12/2014 31/12/2013 Profit (loss) before Tax £10,026,959 £8,613.173 £8,230,880 Tangible Net Worth £264,494 Net Current Assets £167,731 £3,018,725 £154,685Source: Experian £3,146,746 £3,018,725 £2,822,255 £3,146,746 £2,822,255Lumesse (UK) Limited – Company Number 0390349522.5% of the incomeExperian ‘Maximum’ risk of business failure. 15/100 Delphi Score.Lumesse is an international human resource software company who specialise in building bespoke software systems for corporate clients. Founded in1999, the company employees 600 staff across the UK, Germany, Hong Kong and the USA. The private equity company, HG Capital is an investor in thecompany. The global headquarters are in the subject property. Sales Turnover 31/12/2015 31/12/2014 31/12/2013 Profit (loss) before Tax £7,369,872 £675,747 £1,564,226 Tangible Net Worth (£9,708,050) (£9,989,800) (£1,426,182) Net Current Assets (£18,339,883) (£11,802,367) (£645,727)Source: Experian (£9,731,896) (£370,158) (£8,987,853) 25

400, 450 & 475 THE BOULEVARDCAPABILITY GREEN, LUTONADDITIONAL INFORMATIONVATThe property is elected for VAT. It is intended that the transaction will be treated as a Transfer of a Going Concern (TOGC).Energy Performance CertificateA legal data room is available where the EPC’s are posted.TenureThe property is held freehold.Capital AllowancesThere are no capital allowances available.Legal Data RoomA comprehensive legal data room hosted by Pinsent Masons is available.Access is provided upon request. This official copy is incomplete without the preceding notes page.Estate Charge/Service ChargeEstate ChargeThe occupational leases provide for the full recovery of the estate service charge items which include maintenance/landscaping of all areas,park security etc. The total apportioned estate charge for the year ending 31st December 2017 is £177,245, which reflects £1.92 per sq ft basedon the managing agents net internal floor areas. The budget of £177,245 includes a Capability Green plot charge of £63,030, which reflects£0.68 per sq ft.Service ChargeBoth buildings 450 and 475 are single let on full repairing and insuring terms.Building 400 is multi-let. The service charge for this building for the year ending 31st December 2017 is £321,415, which reflects £7.87 per sq ft.This figure excludes utility charges.The works contained within the building budget in 2017 includes replacing the boilers, replacing the BMS system and refurbishing the lifts inBuilding 400. These total approximately £116,500 of the budget.26

PROPOSALWe are instructed to seek offers in excess of £18,800,000 (Eighteen Million, Eight Hundred Thousand Pounds),subject to contract and exclusive of VAT for our client’s freehold interest.A purchase at this level reflects an attractive net initial yield of 8.00% and a net reversionary yield of 10.00%,based on our opinion of ERV.A purchase at this level equates to a low capital per sq ft of £204, assuming purchaser costs of 6.77%.CONTACTS 6 Heddon Street LondonFor further information or to arrange an inspection, please contact the following: W1B 4BTMark Wilson www.acrellp.comDD: 020 3903 4369M: 07958 427643E: [email protected] GambleDD: 020 3903 4373M: 07803 266214E: [email protected] RichardsonDD: 020 3903 4371M: 07730 203428E: [email protected] TO CONTRACTDisclaimer: ACRE Capital Real Estate LLP. Notices relating to the Misrepresentation Act 1967 and Property Misdescriptions Act 1991.1. The particulars are set out as a general outline only for the guidance of intending purchasers and do not constitute part of an offer or contract.2. All information contained in these particulars is for guidance and general information only and will be used at your own risk.3. The particulars have been produced in good faith. We have made reasonable endeavours to ensure the accuracy of this information, however, we do not guarantee or warrant the accuracy or completeness or factual correctness or reliability of any information contained within.4. We do not accept any liability for any errors or omission including any inaccuracies or typographical errors. All maps and plans are provided for identification purposes only.5. Any intending purchasers or third parties should not rely on these particulars as statements of fact, but satisfy themselves by inspection or otherwise that they are correct and accurate especially in relation to floor areas and other measurements.6. Unless otherwise stated, all prices, rents and other charges are quoted exclusive of Value Added Tax (VAT). Any intending purchasers or tenants must satisfy themselves independently as to the incidence of VAT in respect of any transaction. April 2017. Designed and produced by Creativeworld. T 01282 858200. 27