Successful Real Estate Investment Track Record
Successful Real Estate Investment Track Record
CBRE Strategic Partners Asia Fund II
Fund summary
- -$1.2 billion of investments in
twelve real estate projects in
China and Japan
- Investments made between Q4
2007 and Q2 2008
- Investments sold between Q1
2010 and O4 2011
Fund Highlights Investment Highlights
- Top performing fund at CBRE Investors and one
of the best in the overall market from 2007-2011
— Profitable asset sales in China with a projected
portfolio IRR of 17% for the Chinese investments
— Successful termination of 3 binding forward
commitments to acquire properties in Japan,
avoiding a potential $110 million loss
Fund Returns Investment summary
Tianjin Center - Mixed-use development
- -$300 million investment in a
mixed-use development in Tianjin,
China
- Investment made in Q4 2007
- Investment sold in Q1 2010
- Mixed-use twin tower buildings with:
- 49-story offices with a 5-star Raffles hotel
- 42-story serviced apartment tower
- 6-story retail podium
- Above ground GFA: -1.4 million sq. ft.
- Taxes minimized with offshore ownership
structures
Investment Returns
Leveraged IRR > 10.0% Unleveraged IRR > 60.0%
Equity multiple) -1.3x Equity multiple' ) - 3.0x
(a) Represents the total amount of equity returned over the total amount of equity Invested
(b) Includes all 27 commercial (Ia re}l(irtlildi 17100,419e REITs %Mach existed befuroon Oct-1997 and Mar•2000
American Medical Properties Imperial Credit Commercial Mortgage
Investment Cor • oration
REIT summary
ICCMIC REIT
— Publicly traded REIT
invested in commercial
real estate and loans
— $510 million IPO
oversubscribed 10x
- $500 million warehouse
line of credit Share price performance
IPO (10/97) to Sale (3/00)
REIT Highlights 78%
42%
Industry ct• ICCMIC
average
— Top performing mortgage REIT among all of the 27
commercial and residential mortgage REITs from
the IPO in 1997 to the sale in 2000
- $250 million securitization financed $290 million of
mortgage loans with a 30%+ annualized ROE
— Sale / leaseback of 17 properties in Arizona, Texas
and New Mexico with an automotive dealer at 11%
base rent + CPI generating a proforma IRR of 18%
REIT Returns
Dividend Yield
Equity multiplem - 8% paid quarterly
— 1.0x
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