DEFOE COURT 44 FEATHERSTONE STREET

DEFOE COURT 44 FEATHERSTONE STREET LONDON EC1 The Amundi Collection

A STRIKING FREEHOLD WITH SIGNIFICANT REPOSITIONING POTENTIAL, LOCATED IN THE CLUSTER OF NEW CREATIVE OFFICE SPACE IN OLD STREET. CGI of proposed scheme.

INVESTMENT SUMMARY Freehold. Exceptionally located within 150 metres of Old Street Roundabout. Situated within a key development cluster in London s dynamic tech belt. Multi-let office building comprising 43,146 sq ft, arranged over lower ground, ground and five upper floors. Currently let to five tenants (along with a rental guarantee on two floors), producing a total rent of 1,508,284 per annum, reflecting a low passing rent of 34.96 per sq ft overall. Vacant possession available on c.70% of the NIA in 2018. A feasibility study has been undertaken by Thirdway Architects for a full refurbishment of the property. Opportunities exist to: - Remodel the reception and external facade; - Provide a rear extension to the ground floor; - Create a stand-alone ground and lower ground office with an interlinking staircase; - Fully refurbish the office floors; - Add an additional 6th floor of accommodation. Repositioning Defoe Court will allow a purchaser to capitalise upon the increased rental levels now being achieved in Old Street. Offers are sought in excess of 32,500,000, subject to contract and exclusive of VAT, for our client s freehold interest in Defoe Court. A purchase at this level reflects a net initial yield of 4.56% and a capital value of 753 per sq ft on the existing area, assuming an acquisition of the JPUT and purchaser s costs of 1.80%.

LOCATION DEFOE COURT 44 FEATHERSTONE STREET LONDON EC1

6 7 LOCATION Defoe Court is exceptionally well located within the centre of one of the most dynamic areas of London. The Old Street Roundabout, commonly referred to as Silicon Roundabout, has become the leading location driving London s creative, media, tech and fintech industries. Old Street is not a conventional, bland office neighbourhood, but one dominated by trendy amenities and businesses. It is an area thriving on energy, talent and funding that has delivered a new identity within the capital. In 2017, London attracted more investment in technology companies than any other European country, due to the capital s significant growth markets of fintech and artificial intelligence. Along with the UK Government s Digital Charter, which intends to make the UK the best place to start and grow a digital business, London is set to continue to be the leading European capital of tech. Once seen as the location exclusively for start-up businesses, the area has evolved to include some of the world s largest tech and web-based companies, along with corporate occupiers looking to re-brand and attract the exceptional workforce talent that London offers. SITUATION Defoe Court is situated within a two minute walking distance to the south west of Old Street Roundabout, on the north side of Featherstone Street. This thoroughfare runs parallel to Old Street and links two notable office schemes; Spectrum and White Collar Factory. AMENITY Old Street is rich with a wide variety of amenities. These include the White Cross Street Market, located approximately four minutes to the west of Defoe Court. This weekday market offers high quality street food to cater to all tastes, from a diverse range of vendors. Old Street s new developments are further enhancing the amenities within the area. The Bower is due to provide 18,240 sq ft of retail and leisure accommodation across the whole scheme, whilst Old Street Yard comprises a brand new public courtyard with a variety of retail and restaurant offerings.

Defoe Court 44 Featherstone Street London 8 9 CONNECTIVITY Defoe Court offers excellent transport connectivity, being within 15 minutes walking distance of five separate London Underground lines, London Overground, National Rail services, and from the end of 2018, the Elizabeth Line (Crossrail). The area is also well serviced through Transport for London s Cycle Superhighway system, with the CS1 route from Liverpool Street to Tottenham passing through Old Street. TRANSFORMATION OF OLD STREET ROUNDABOUT Old Street Roundabout is about to undergo significant enhancement works as part of an upgrade to the area by the Mayor of London, Transport for London, Islington and Hackney Borough Councils. The purpose of the works is to create a new gateway to London s tech district. The major changes will include the removal of the roundabout itself by permanently closing the northwest branch, thereby reducing traffic volumes and allowing for the creation of a pedestrian friendly environment. A new main entrance to Old Street station will be created as part of the works, along with improved public realm and the closure of three out of four existing subways and replacing them with surface-level, signal-controlled crossings. Final plans are due to be submitted for approval in the summer of 2018, with main construction works set to commence in the winter of 2018/19. STATION WALKING DISTANCE CONNECTIVITY OLD STREET 2 mins Northern Line National Rail Services MOORGATE 10 mins Circle Line Hammersmith & City Line Metropolitan Line Northern Line National Rail Services Elizabeth Line LIVERPOOL STREET 13 mins Central Line Circle Line Hammersmith & City Line Metropolitan Line National Rail Services Elizabeth Line BARBICAN 13 mins Circle Line Hammersmith & City Line Metropolitan Line CGI of the proposed improvements to Old Street Roundabout THE ELIZABETH LINE (CROSSRAIL) The Elizabeth Line (Crossrail) represents one of the most significant infrastructure improvements to London and the south east. The new line will improve the east-west connectivity across the capital, ease the current congestion of London s existing infrastructure and improve journey times. The Elizabeth Line will extend beyond Central London, with the western-most terminus being Reading and the eastern-most being Shenfield. Defoe Court is uniquely positioned within close proximity to the Elizabeth Line services at Moorgate and Liverpool Street; the two stations will each provide an entrance onto the same Elizabeth Line platform respectively. The graphic below illustrates the journey times available from the station to key locations: READING MAIDENHEAD HEATHROW 33 MINS SOUTHALL HANWELL WEST EALING EALING BROADWAY ACTON MAIN LINE PADDINGTON 10 MINS 7 MINS BOND STREET CGI of the proposed Elizabeth Line entrance at Moorgate station TOTTENHAM COURT ROAD 4 MINS 2 MINS FARRINGDON LIVERPOOL STREET WHITECHAPEL 8 MINS STRATFORD CANARY WHARF CUSTOM HOUSE 10 MINS WOOLWICH LONDON CITY AIRPORT SHENFIELD ABBEY WOOD

10 11 Peerless Street Baldwin St City Road East Road 4 Brunswick Place 8 Pitfield Street LOCAL OCCUPIERS AND DEVELOPMENT ACTIVITY Bath Street 6 4 1 5 5 Old Street Old Street Old Street Banner Street Bunhill Row Old Street Featherstone Street City Road 2 2 1 DEVELOPMENTS: The property is surrounded by some of Old Street s most significant developments: NEIGHBOURING OCCUPIERS & LOCAL AMENITIES: Old Street boasts an impressive occupier base, ranging from small start-ups to large technology companies, along with a broader range of corporates. OFFICE OCCUPIERS AMENITIES 4 6 Quaker Gardens 5 3 Bunhill Fields Burial Ground 1 7 2 9 6 4 7 Cowper Street Leonard Street Tabernacle Street Paul Street 1 The Bower Owner/Developer: Helical 2 White Collar Factory & Old Street Yard Owner/Developer: Derwent London 3 The Featherstone Owner/Developer: Southern Space 4 Spectrum Owner/Developer: Great Portland Estates 5 Bentima House Owner/Developer: Bond Street Estates 6 Monmouth House* Owner/Developer: Derwent London 7 Finsbury Tower* Owner/Developer: CIT *Future development opportunities. 1 Adobe 2 Inmarsat 3 Google 4 WeWork 5 Allegis Group 6 Turner Broadcasting 7 Box.com 8 MullenLowe 9 Capital One 10 NTT Data 1 Wahaca 2 XOYO 3 Flight Club 4 Nuala 5 Shoreditch Grind 6 Gym Box 7 Ozone Coffee 8 Bounce 8 Epworth Street Scrutton Street Dufferin Street 7 10 Bonhill Street 3 Clifton Street HAC 3 Worship Street Finsbury Square

PROPERTY Defoe Court 44 Featherstone Street London DESCRIPTION Defoe Court is of an in-situ cast concrete frame construction with an L shaped configuration. Originally developed in 1968, the property subsequently underwent a comprehensive refurbishment in 1988. The office floors underwent a further refurbishment in 2006 to a Grade A specification. In 2013, a refurbishment of the reception area and the ground floor was undertaken. In 2014, the 1st floor was completely repositioned to a more appropriate specification for the location. The property comprises 43,146 sq ft of office accommodation arranged over lower ground, ground and five upper floors. A typical floor is approximately 6,700 sq ft. The 5th floor benefits from its own terrace. The core is set towards the south-east corner of the building with a secondary means of escape in the north-west corner. 5 car-parking spaces are located in the rear yard, accessed across a 50 Featherstone Street s driveway. SPECIFICATION Three 10-person passenger lifts serving all floors; Enhanced floor to ceiling heights of approximately 3.20 metres (lower ground), 3.00 metres (ground), 2.90 metres (1st no suspended ceiling) and 2.55 metres (remaining upper floors); Metal tiled suspended ceilings, except for the 1st floor, which features exposed services; Raised access floors with under-floor trunking; A mixture of LG7 compliant and CAT II lighting, except for the 1st floor, which provides suspended LED lighting; Four pipe fan coil air-conditioning except for the 1st floor, which offers an independent VRV system; Male and female WCs on each floor, with a disabled WC on the ground floor; Cycle provisions and shower facilities at basement level.

Defoe Court 44 Featherstone Street London 14 15 EXISTING ACCOMMODATION FLOOR PLANS The property provides the following approximate net internal areas, in accordance with RICs Code of Measuring Practice (6th Edition): FIRST FLOOR Office: 6,704 sq ft GROUND FLOOR Office: 3,761 sq ft * KEY FLOOR USE NIA (SQ FT) NIA (SQ M) 5 Office 6,274 582.9 4 Office 6,720 624.3 3 Office 6,727 625.0 2 Office 6,720 624.3 1 Office 6,704 622.8 Part Ground Office 1,425 132.4 Part Ground Office 2,336 217.0 Reception 548 50.9 Lower Ground Office / Storage 5,692 528.8 TOTAL 43,146 4,008.4 The property has also been measured in accordance with IPMS. A copy of the report is held on the data room. Featherstone Street FIFTH FLOOR Office: 6,274 sq ft Featherstone Street Featherstone Street OFFICES CORE WC RECEPTION KEY OFFICES CORE WC *Floor sub divided as per accommodation table above. Floor plans are not to scale and are for indicative purposes only. Additional floor plans available upon request. Floor plans are not to scale and are for indicative purposes only. Additional floor plans available upon request.

196 15 to 18 3 5 4 6 9 7 11 8 10 12 19 to 23 15 210 24 to 28 2 to 4 70 to 74 58 to 64 75 73 81 77 55 to 71 91 TENURE / TENANCY Defoe Court 44 Featherstone Street London TENURE Defoe Court is held Freehold under title number LN194908. The approximate extent of the site is highlighted green on the plan below. The site area is approximately 0.24 acres (0.10 hectares). TCB 207 to 211 THE BOWER Cycle Hire Station 213 Subway S t Agnes Well C R Old S treet (Underground S tation) dy OLD STREET ROUNDABOUT 16 17 TCB Shelter OLD STR E ET Subways 188 to MALLOW STRE ET WHITE COLLAR FACTORY 1 Old Street Yard 18.0m 38 to 40 37 36 PH 1 48 44 F E AT HE R S T ONE S T R E E T 18.3m TCB Shelter Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright.

Defoe Court 44 Featherstone Street London 18 19 TENANCY RECENT LEASING TRANSACTIONS Defoe Court is currently multi-let to five office tenants in accordance with the below tenancy schedule. All the tenancies are held outside the provisions of the Landlord & Tenant Act 1954. The property produces a current passing rent of 1,041,044 per annum. Accounting for the vendor s rental guarantee of the vacant lower ground and 1st floor, the property would produce a total income of 1,508,284 per annum, equating to a low passing rent of 34.96 per sq ft overall. The property produces a weighted average unexpired lease term (WAULT) on the current passing rent of 1.06 years to tenant break options and 2.43 years to expiries (exclusive of the vendor s top up). Vacant possession of c.70% of the office space can be achieved in 2018. PROPERTY DATE AREA FLOOR TENANT RENT TERM (SQ FT) (PER SQ FT) (BREAK) EPWORTH HOUSE, 25 CITY ROAD, EC1 Feb-18 9,081 4th NTT Data 66.50 10 years (5th year) THE BOWER, 207-211 CITY ROAD, EC1 Feb-18 6,811 1st Ooyala 59.50 5 years SPECTRUM, 160 OLD STREET, EC1 Dec-17 97,127 LG, Mezz, G 3rd Turner Broadcasting System 50.00 15 years 70 WILSON STREET, EC2 Sept-17 9,416 LG & G Microsoft UK 59.00 (G) 47.50 (LG) 10 years (5th year) 2 OLD STREET YARD, EC1 Aug-17 3,382 1st NP Group 62.50 10 years (5th year) 2 OLD STREET YARD, EC1 May-17 3,381 2nd End Clothing 62.50 5 years (3rd year) 70 WILSON STREET, EC2 May-17 11,912 5th & 6th Bio Agency 72.00 10 years (5th year) RENT TENANT FLOOR USE AREA LEASE START BREAK LEASE EXPIRY PER ANNUM PER SQ FT COMMENTS Luxoft UK Ltd 5 Office 6,274 21/08/2015 20/08/2020 20/08/2025 290,985 46.38 Rent review 21/08/2020. Guarantor Luxoft Holdings Onc. IDT Global Ltd 4 Office 6,720 23/06/2013 23/06/2020 23/06/2023 201,450 29.98 Rent review 23/06/2018. 2 parking spaces; 1 for cars and 1 for bicycles. Service charge cap linked to RPI. Hobsons Plc 3 Office 6,727 12/08/2013 11/08/2018 201,720 29.99 Schedule of Condition. Service charge cap linked to RPI. Excelian Ltd 2 Office 6,720 24/06/2013 23/06/2018 194,271 28.91 Schedule of Condition. 1 car parking space. Service charge cap linked to RPI. Vacant 1 Office 6,704 385,480 57.50 18 month rental guarantee. Pod Talent Ltd Part Gr Office 1,425 24/09/2013 23/09/2018 46,508 32.64 Service charge cap linked to RPI. Vacant Part Gr Office 2,336 81,760 35.00 18 month rental guarantee. Reception Gr 548 IDT Global Ltd LG Office 5,692 23/06/2013 23/06/2018 23/06/2023 106,110 18.64 Notice was served to break the lease on 06/09/2017. Service charge cap linked to RPI. TOTAL 43,146 1,508,284 34.96 All tenancies are contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954.

REPOSITIONING POTENTIAL Defoe Court 44 Featherstone Street London 10 20 21 21 PROPOSED SCHEME A feasibility study has been undertaken by Thirdway Architects, commissioned in December 2017, for a full refurbishment of Defoe Court. As Old Street has grown into an established and dynamic office cluster, a full refurbishment of the asset provides the opportunity to capitalise upon the uplifts in rental values seen over the last few years. THE STUDY HIGHLIGHTED THE FOLLOWING OPPORTUNITIES: A full remodelling of the main reception to create a new street levelled entrance, improving the arrival experience and accessibility into the building; Extension of the ground floor into the rear loading bay and car parking to enlarge the ground floor to approximately 4,564 sq ft; Enhancement of the lower ground offering by removing part of the ground floor slab to increase levels of natural light; Creating a stand-alone ground and lower ground floor office, with a private entrance and interlinking feature staircase; Refurbishment of office accommodation, utilising a modern, exposed services concept, highly desired by creative, tech and media occupiers; Full refurbishment of the M&E, common parts and WC facilities; Improving the external appearance; Potential to increase massing through a new 6th floor, providing further lettable office accommodation of c. 4,000 sq ft. CGI of a new reception. CGI of the new ground floor, illustrating the void areas of the lower ground. CGI of the proposed new entrance to the combined ground and lower ground unit. CGI of a typical upper floor. CGI of the lower ground floor, illustrating the floor in open plan, with connection between the two floors.

Defoe Court 44 Featherstone Street London 22 23 PROPOSED FLOOR AREAS FLOOR PLANS FLOOR USE NIA (SQ FT) NIA (SQ M) ERV ( PER SQ FT) ESTIMATED TOTAL RENT ( PER ANNUM) 6 (Potential Roof Extension) Office 4,015 373.0 65.00 260,975 5* Office 6,274 582.9 67.50 423,495 4 Office 6,720 624.3 65.00 436,800 3 Office 6,727 625.0 65.00 437,255 2 Office 6,720 624.3 65.00 436,800 1 Office 6,704 622.8 62.50 419,000 Ground Office 4,564 424.0 57.50 262,430 Reception 548 50.9 Lower Ground Office 5,339 496.0 45.00 240,255 TOTAL 47,611 4,423.2 61.27 2,917,010 GROUND FLOOR Office: 4,564 sq ft Featherstone Street The above floor areas are the results of an initial feasibility study, and therefore subject to planning, third party consent and potential change. *Terraced floor. LOWER GROUND Office: 5,339 sq ft NEW SIXTH FLOOR Office: 4,015 sq ft Featherstone Street Featherstone Street KEY OFFICES CORE WC Floor plans are not to scale and are for indicative purposes only. Additional floor plans available upon request. KEY OFFICES CORE WC Floor plans are not to scale and are for indicative purposes only. Additional floor plans available upon request.

Defoe Court 44 Featherstone Street London 25 25 ADDITIONAL INFORMATION PLANNING VAT ENVIRONMENTAL PERFORMANCE CAPITAL ALLOWANCES DATA ROOM The local planning authority is the London Borough of Islington and is not listed. PROPOSAL Offers are invited in excess of 32,500,000, subject to contract and exclusive of VAT, for our client s freehold interest in Defoe Court. This represents a net initial yield of 4.56% and a capital value of 753 per sq ft on the existing area, assuming acquisition costs of 1.80% through the purchase of the JPUT. MATT PALMER The property is elected for VAT. The property has an EPC rating of E (114). Defoe Court is part of the Amundi Collection of eight UK properties located in London, Glasgow and Cardiff. These assets are available individually or as a portfolio. Full details can be found at www.amundicollection.com CONTACTS For further information or to arrange an inspection of Defoe Court, please contact: ADAM STEPHENS It is anticipated that any capital allowances may be available to qualifying parties. Further details of these, if applicable, are available in the online data room. BEN COOK Access to an online dataroom is available upon request. ARGIE TAYLOR BROCHURE DESIGNED AND PRODUCED BY SAENTYS +44 (0)20 7407 8717 INFO@SAENTYS.COM SAENTYS.COM T: +44 (0)20 3296 4862 matthew.palmer@cushwake.com T: +44 (0)20 3296 4116 adam.stephens@cushwake.com T: +44 (0)20 3296 3632 ben.cook@cushwake.com M: +44 (0)7711 917 830 argie.taylor@cushwake.com Important Notice Cushman & Wakefield gives notice to anyone who may read these particulars as follows: 1. These particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. 8. All photographs are for indicative purposes only. June 2018