News

CB RICHARD ELLIS INVESTORS CREATES AN INTERNATIONAL MULTI-MANAGER PLATFORM THROUGH THE ACQUISITION OF OXFORD PROPERTY CONSULTANTS (OPC) AND PLANS THE LAUNCH OF A SERIES OF EUROPEAN FUNDS OF FUNDS

OPC’s investment management business will be merged with CBRE Investors’ existing UK multi-manager business to offer an international multi-manager platform to clients. The merged business, to be known as CBRE Investors Global Multi Manager, will launch a series of funds of funds and capitalise immediately on the growing opportunities that exist in the global marketplace for the management of indirect real estate investment portfolios.

Jeremy Plummer and Professor Andrew Baum, OPC’s founders, have joined CBRE Investors. Jeremy Plummer is appointed Managing Director of the Global Multi Manager business and leads a team including Rupert Wingfield, who heads up CBRE Investors’ existing UK multi-manager business. Andrew Baum is appointed Chief Strategist.

Andrew Baum will maintain his roles with the University of Reading and Property Funds Intelligence (PFI), which is not included in the acquisition and remains an independent company.

The key features of the transaction are:

• OPC provides CBRE Investors with an immediate exposure to the fast-growing European indirect real estate investment market, where OPC has been operating for three years. OPC is investment adviser to Pan European Real Estate Fund of Funds (‘PREFF’), the first core-plus fund of funds in the European market. OPC also manages segregated multi-manager pan-European portfolios for institutional clients.

• OPC and CBRE Investors’ UK multi-manager businesses will be combined to provide CBRE Investors’ Global Multi Manager with initial mandates of £750m ($1.4 billion).

• CBRE Investors Global Multi Manager will launch a series of funds of funds, the first of which will be a core-plus fund targeting Europe excluding the UK. The fund will provide investors with a well-diversified exposure to the Continental European market and will be especially well suited to UK investors seeking their first investment in European property outside the UK. This fund will be followed by a value-added fund of funds targeting Europe, including the UK, and an Asian value-added fund of funds.

• CBRE Investors Global Multi Manager will also manage segregated UK, pan-European or global multi-manager portfolios for larger clients who require a tailored portfolio.

• The establishment of the Global Multi Manager business complements CBRE Investors’ direct investment and real estate securities lines of business. In 2005, CBRE Investors established its Global Real Estate Securities business, which invests in listed real estate securities and which currently has over $400 million under management. Jeremy Plummer will work with the Global Real Estate Securities team to offer clients global indirect solutions involving a mix of listed securities and unlisted funds.

Fund of funds launched by CBRE Investors Global Multi Manager will not be offered to U.S. investors.

Mike Marshall, chief executive, CBRE Investors UK, commented:

“A growing number of UK institutional clients are looking to have around 20% of their real estate exposure in markets outside the UK and many want to diversify risk by allocating capital across products and managers. The creation of CBRE Investors Global Multi Manager will provide our clients with a tailored service to access these markets with a highly experienced manager backed up by a network of international offices. We are very excited to be embarking on this next phase of our growth with the creation of this new business and look forward to welcoming Jeremy and Andrew to the team and benefiting from their significant expertise and track record.”

Jeremy Plummer, managing director, OPC, said:

“CB Richard Ellis Investors’ existing global business provides a strong platform to create a leading global multi-manager business. We will be uniquely well-placed to deliver international indirect investment solutions for clients.”

Andrew Baum, chairman, OPC added:

“The global market for indirect property solutions is growing strongly and is here to stay. As part of the CBRE Investors’ team we can immediately enhance our investment resources and quickly grow indirect assets under management by leveraging our collective skills, experience and contacts.

About CB Richard Ellis Investors:

CB Richard Ellis Investors, a global real estate investment management firm with over $17 billion in assets under management, sponsors investment programs across the risk/return spectrum for institutional investors and clients worldwide. In 2005, the firm closed $5.0 billion of new acquisitions throughout North America, Europe and Asia, and completed $2.3 billion in sales. In Europe, the firm has offices in London, Paris, Frankfurt, Milan and Luxembourg.

CB Richard Ellis Investors is an independently operated affiliate of CB Richard Ellis Group, Inc. (NYSE:CBG), and harnesses the research, investment sourcing and other resources of the world's premier, full-service real estate services company for the benefit of its investor clients and partners. Including partners and affiliates, CB Richard Ellis has over 300 offices in more than 50 countries.

For more information about CB Richard Ellis Investors, please visit www.cbreinvestors.com.

PROPERTY FUNDS INTELLIGENCE LIMITED IS CREATED BY THE SEPARATION OF OPC’S INFORMATION AND MULTI MANAGER BUSINESSES

London, 16th June 2006 – Oxford Property Consultants (‘OPC’), the property research and investment business which established the first European and global dataset of unlisted property vehicles, and became investment advisor to one of the first European fund of funds vehicles, announced today that it has agreed a full de-merger of these two businesses.

A new company, Property Funds Intelligence Limited, has acquired the research and information business of OPC. OPC, together with the investment management business, has at the same time been sold to CB Richard Ellis Investors (‘CBRE Investors’) to launch a new business, CBRE Investors Global Multi Manager.

Property Funds Intelligence Limited will be majority owned by the existing management of the OPC research and information business. Jane Fear has been appointed Managing Director, and Andrew Baum will continue as Chairman. Property Funds Intelligence will continue to operate from the former OPC office in Reading.

Jeremy Plummer and the OPC multi-manager team will transfer to CBRE Investors and will join with their existing multi-manager team to create CBRE Investors Global Multi-Manager. Andrew Baum will continue a part-time involvement in this business as chief strategist and chair of the Global Multi-Manager investment committee.

This de-merger preserves the independence of the unique Property Funds Intelligence datasets, and will provide more resources for further investment in the inter-active Private Property group of products (Private Property UK, Private Property Europe and Private Property Global) and for new product development.

Andrew Baum, Chairman of Property Funds Intelligence, said: “OPC’s successful move into fund management means that it is a natural development to separate these businesses for the benefit of our staff, and our customers and clients. We look forward to energetically pursuing Property Funds Intelligence’s objective to be the leading provider of high quality data and research describing the major sources of capital, investment vehicles, managers and advisors which together largely define the UK, European and global institutional property markets.”

PREFF PAN-EUROPEAN REAL ESTATE FUND OF FUNDS

ATRIUM, sponsor of the Fund, has announced that the first closing of PREFF Pan-European Real Estate Fund of Funds, was completed on 2nd May 2005.

PREFF, a closed-end company domiciled in Ireland, will invest in a portfolio of best-of-breed core and core-plus real estate funds, providing a well diversified exposure to European real estate within pre-defined country and sector allocations intended to optimise the risk/return profile of the fund.

PREFF aims to deliver a total return of 8 to 10% per annum, during its 10 year life. A significant part of that return will be delivered through a semi-annual dividend payment of 5 to 6% per annum.

The fund is targeted primarily to institutional clients, including pension funds, insurance companies and foundations. Some family offices will also be investors in PREFF. The initial investors were a pool of Portuguese institutional investors, including the Portuguese Social Security (IGFCSS), with a 10% stake in the fund, the subsidiaries of two major Spanish financial institutions and one leading international insurance group.

€58 million was raised at the first close and PREFF is targeting a total of €250 million through additional closings within the next 12 months.

According to Nuno Sampaio, a Director of ATRIUM, there is a very strong case for investing in an innovative fund such as PREFF, including the access to best-of-breed real estate funds with large minimum investment sizes, the broad pan-European diversification, the disciplined investment process and the strong credentials of OPC, the investment advisor. OPC is an independent real estate research and investment company, specialising in European indirect investment.

ATRIUM Investimentos, a Portuguese asset manager specialising in alternative asset classes, is sponsoring the fund. Capital Alliance Partners, a UK firm specialising in real estate and private equity, is acting as international placement agent. State Street is the custodian and administrator and Deloitte & Touche are the auditors and tax consultants of the fund.

02/05/05

OPC/EG top ten managers

The OPC/EG top ten managers of UK private property vehicles, published in Estate Gazette for the first time on June 21st 2003, shows Schroder Property Investment Management at the top of the list. Morley Fund Management is second. Combining capital sources and vehicle managed, Morley is the biggest manager of UK assets, just ahead of Prudential Property Investment Managers.

24/09/04

NPRF hires OPC as property consultants

The €10 billion National Pensions Reserve Fund (NPRF) of Ireland has hired Oxford Property Consultants and Pension Consulting Alliance (PCA) as its property consultants. The National Treasury Management Agency (NTMA), which administers the NPRF, said that OPC will cover Europe while PCA will advise the fund on the US property markets. The fund plans to invest around 4% of the total portfolio in indirect property investments. The fund is expected to grow to around €20 billion over five years, meaning that around €800 million would be allocated to property over this time frame.OPC is pleased to announce the addition of two new members of staff.

12/05/04

Events

INTERNATIONAL REAL ESTATE SYMPOSIUM, KUALA LUMPUR, MALAYSIA, APRIL 11-13th 200

For information, see www.iresnet.org

IPF – PRICING PROPERTY DERIVATIVES, LONDON, MARCH 7th 2006

For information, see www.ipf.org.uk

EUROPEAN REIT WORLD CONFERENCE, LONDON, DECEMBER 7-8th 2005

For information, see www.terrapinn.com/2005/reituk/

PROPERTY DERIVATIVES WORLD, LONDON, OCTOBER 19-20th 2005

Andrew Baum will be speaking on Wednesday October 19th.

For information, see www.terrapinn.com/2005/pdw_UK/

IPD INTERNATIONAL REAL ESTATE INVESTMENT COURSE, LONDON, OCTOBER 13-14th 2005

Andrew Baum will be running a two day seminar which will provide an insight into the application of portfolio management to international real estate investment.

For information, see www.ipdindex.co.uk/training/