This document provides an overview of Cushman & Wakefield's EMEA Capital Markets capabilities. Cushman & Wakefield is a global commercial real estate services firm with over 14,000 employees operating from 253 offices in 60 countries. The document outlines Cushman & Wakefield's investment sales and acquisitions, sales, corporate finance, and examples of recent transactions in Europe totaling over €13 billion in 2012. It also lists the firm's global reach and full range of real estate services.

1. 2013
A Cushman & Wakefield Publication
EMEA CAPITAL MARKETS
CAPABILITIES
GUIDE TO SERVICES

2. OUR CLIENTS ARE OUR
COMMITMENT
Founded in 1917, Cushman & Wakefield is the world’s largest
privately-held commercial real estate services firm, with
approximately 14,000 employees operating from 253 offices in 60
countries and six continents.
What makes Cushman & Wakefield the preferred choice?
It’s simple. Our success and longevity are built on a simple
philosophy which guides everything we do and has made us the
world’s preferred real estate services provider for the last 100
years.
Every aspect of our platform has been honed to achieve value
on behalf of our clients.With a commitment to global
collaboration, consistency and creativity, we provide customised
services and solutions that see beyond the brick and mortar of
each real estate transaction.Whether you are a tenant, landlord,
investor, or developer, a global company or a small business,
Cushman & Wakefield provides solutions that fit your strategic,
operational, and financial goals.

3. OUR SERVICES
We provide services across the real estate continuum, advising, implementing,
transacting, and managing on behalf of owners, occupiers, investors, and developers
through every stage of the real estate process.
These services are consistent in every office around the world. Whether you are
in Paris or Moscow, Cushman & Wakefield offers the same resources, same
intelligence, uses the same processes, and the same platform.
OUR GLOBAL REACH
Our professionals have in-depth expertise in more than 200 local marketplaces.
But we understand that having offices around the world is only part of the story.
Cushman & Wakefield takes the extra step – we have put standards and processes in
place that ensure collaboration and sharing of intelligence across borders.
OUR PEOPLE
To ensure creative thinking, we recruit talented professionals from all backgrounds
– not just real estate – including management consulting, finance, engineering, tax,
legal, and systems management. Our people come to the table with entrenched
networks and relationships that enhance their ability to make the deal, optimize the
engagement, and maximize results.
OUR RESULTS
We deliver on our promises.
Our partnership with our clients goes beyond the ‘deal’ to support your core
objectives.We demonstrate how your real estate holdings can be harnessed to
improve productivity and profitability, optimize asset value, strengthen branding, and
sharpen your competitive edge.
EMEA
CAPITAL MARKETS
CAPABILITIES

4. €13 bnOur team has transacted and advised on
more than €13 billion across EMEA in 2012“ ”
4

5. Services include:
Investment Sales
& Acquisitions
Corporate Finance
Equity, Debt &
Structured Finance
EMEA CAPITAL MARKETS
Whether you are seeking to dispose of an asset in London, financing
the purchase of a hotel in Italy, or structuring a complex cross
border portfolio deal, Cushman & Wakefield’s expertise in capital
markets is the gold standard.
EMEA Capital Markets provides
comprehensive advice and execution
services to clients engaged in buying,
selling, investing in, financing or developing
real estate and real estate-related assets.
Our solutions are tailored to meet the
objectives of private and institutional
owners and investors. A dedicated
specialist team provide tailored solutions
for corporate owners and occupiers.
We transacted and advised on more than
€13 billion in 2012 and have helped
hundreds of clients maximise the value of
their real estate.
EMEA Capital Markets liaise with
colleagues across 56 fully owned and
associate offices.
• Relationships with more than 1,500
capital sources
• 510 investment and corporate finance
professionals globally
• Unsurpassed reach into global capital
markets
• Reliable investor intelligence
• Real-time local market intelligence
supported by a proprietary research
platform
• Access to Cushman Wakefield’s full
global brokerage capabilities
• Creative financing/disposition solutions
• Professionals with expertise in various
disciplines including ownership,
development, finance, taxation,
accounting, lending, legal, and consulting
5CUSHMAN WAKEFIELD
EMEA
CAPITAL MARKETS
CAPABILITIES

6. INVESTMENT SALES ACQUISITIONS
€148 Billion
We have completed
approximately €148 billion in
transaction volumes over the
past five years and have helped
hundreds of clients maximize
the value of their real estate.
For investors looking to sell or buy
investment grade properties or portfolios,
we offer comprehensive global transaction
solutions.
Located in major markets around the world,
our professionals execute customised
acquisition and disposition strategies across
all major property types including office,
retail, industrial, multifamily, hospitality,
senior housing, and healthcare.
Our Capital Markets team deliver on our
promises. Unlike our competitors, CW
offers clients a holistic approach. In addition
to our capital markets expertise, we draw
on our related capabilities in research,
leasing, asset management, operations, and
valuation to deliver optimised and
integrated solutions.
Additionally, CW provides our clients
with unique access to opportunities and
capital sources worldwide.As a global
leader in investment transactions, we have
an unsurpassed network of buyers and
sellers, access to international capital, and
superior market data.
SINGLE ASSET PORTFOLIO
TRANSACTIONS
Acquisition
Whether you are seeking to acquire a
property investment for short, medium or
long-term gain, we identify the most
suitable opportunities in the market across
every sector.
Disposition
We can help you monetize your investment,
dispose of a single asset or multiple assets,
or divest from a particular market.
We support our clients at all stages of the
sales cycle, including due diligence,
underwriting, market research, financial
analysis, marketing strategy and campaigns,
placement strategy, transaction
negotiations, and closings.
CW will advise you on the best strategies
available to help you achieve a maximum
return on your property or portfolio and
minimize your risk.
MARKET RESEARCH FINANCIAL
ANALYSIS
Our team of experts provide extensive due
diligence and real-time market data,
coupled with on-the-ground professionals
who understand every aspect of real estate
investment.
ADVISORY CONSULTING
SERVICES
We provide expert advice and consulting
expertise to help clients maximize the
value of their real estate holdings.
6

7. DELIVERING ON
OUR PROMISES
Breaking new ground.
Setting new benchmarks.“ ”
7CUSHMAN WAKEFIELD
EMEA
CAPITAL MARKETS
CAPABILITIES

8. ACQUISITIONS
8

9. UK
HERMES REAL ESTATE
Volume: €360m
CW Involvement: 50% acquisition of three shopping centres
from Westfield
Client: Hermes Real Estate Investment Management
CZECH REPUBLIC
FORUM NOVA KAROLINA , FORUM USTI NAD LABEM
Volume: €300m
CW Involvement:Acquisition
Client: Meyer Bergman
CZECH REPUBLIC
VGP PORTFOLIO
Volume: €330m
CW Involvement: Acquisition advice
Client:AEW
GERMANY
CENTRO, OBERHAUSEN
Volume: €720m
CW Involvement:Acquisition of a 50% share in CentrO
Client: CPPIB
9CUSHMAN WAKEFIELD
EMEA
CAPITAL MARKETS
CAPABILITIES

10. SALES
10

11. FRANCE
RIVER OUEST
Volume: €360m
CW Involvement: Disposal
Client: HRO
DENMARK
ROSENGÅRDCENTRET
Volume: Approx €400m
CW Involvement: Disposal
Client: Property Partners
UNITED KINGDOM
JUNCTION PORTFOLIO
Volume: €302m
CW Involvement: Disposal
Client: Junction LP
UNITED KINGDOM
EALING BROADWAY SHOPPING CENTRE
Volume: €290m
CW Involvement: Disposal
Client: Wereldhave
11CUSHMAN WAKEFIELD
EMEA
CAPITAL MARKETS
CAPABILITIES

12. CORPORATE FINANCE
Our Corporate Finance and
Investment Banking team
combines professionals with
backgrounds in real estate,
banking, accountancy, tax, and
investment management.
Corporate Finance and Investment Banking
provides transaction and advisory services
to property investors, occupiers and fund
managers.
We design and execute real estate finance
strategies which maximize value, reduce
costs, and optimize accounting and tax
implications.
Whether your objectives are to release or
raise capital, re-structure leases, or
implement complex financial solutions, our
global finance and banking teams bring a
wealth of experience to help achieve both
financial and strategic goals.
OCCUPIER SOLUTIONS
We advise occupiers on how best to align
real estate interests to their corporate
strategy. The team is a market leader in
portfolio disposals having executed over
€9bn in sale and leasebacks and €2bn in
lease liability transfers.
When developing an optimal occupancy
and control solution, we carefully assess
each client’s circumstances, and the
implications to their cost base; financial
statements; tax efficiency; and financial
covenant.
DEBT MARKET EXPERTISE
We provide our clients with debt
origination, restructuring and re-financing
solutions across the capital stack. Over the
last 10 years, the team has originated debt
in excess of €3bn across EMEA.
We maintain strong relationships with
many UK and European lenders, and have
the knowledge and capability to secure the
most appropriate debt package.
LOAN SALES GROUP
Our team comprises both real estate and
banking professionals, who have advised on
over €18bn of loan portfolio transactions
and loan portfolio sales worth in excess of
€1.5bn.
EQUITY ADVISORY
Our private equity advisory team advises
investors, fund and asset managers on the
structuring and launch of funds or joint
ventures. We have closed in excess of
€3bn of commitments into real estate
investment products.
12

13. 13CUSHMAN WAKEFIELD
EMEA
CAPITAL MARKETS
CAPABILITIES

14. UNITED KINGDOM
LG PROPERTY INCOME FUND
€370m
BACKGROUND
Cushman Wakefield was appointed by Legal General Property
(LGP) as sole European Placement Agent for their new flagship
UK Property Income Fund (UK PIF), a diversified core/core-plus
strategy, and the first LGP product created specifically for non
UK investors.
FUND STRATEGY
Core / Core-plus UK Fund diversified by sector and targeting
assets of €45m+
CW ROLE
Commercial advice throughout structuring and product
development phase.
Drafting of PPM and marketing materials, development of fund
model and preparation of online data room. Co-ordination of
extensive marketing campaign across continental Europe.
Assistance throughout investor due diligence and closing process,
including strategic advice during commercial negotiations with
cornerstone investors.
THE RESULT
The Fund features an innovative structure enabling investors to
customise their level of gearing by utilising both geared and
un-geared partnerships. €370m was secured from 14 investors
across Europe,Asia, the Middle East and North America. On the
back of this success, CW was shortlisted for the 2011 PERE
European Placement Agent of theYear award.
CASE STUDIES
EUROPE/US
THE CHURCH OF ENGLAND
€116m
BACKGROUND
Cushman Wakefield was appointed by the Church
Commissioners of England to provide advice on potential
investments into the US and European real estate debt markets.
CW ROLE
The team was commissioned to carry out a detailed review of
these markets with the view to making a series of commitments
to funds active in this space.
The report addressed the following:
Analysis of the real estate debt markets in the US and Europe:
history, size of markets, key participants, debt instruments and
characteristics (CMBS, senior, mezz, etc.), fund strategies
(discounted pay-off, loan-to-own, new originations rescue capital).
A high level review of all of the funds operating in this space and
open for investment.
Detailed review of a shortlist of funds in each market
(management capability, track record, investment strategy,
appraisal of deal pipeline/seed portfolio, review of key terms) and
recommendation of preferred funds.
THE RESULT
The client made a commitment to the MG European Debt Fund
in 2009. In the US, the Commissioners opted to prioritise an
investment into a unique distressed equity fund that CW
introduced and also provided commercial due diligence on. In
addition, in 2012 an allocation was made to the PCCP EquityVI
US distressed opportunity fund.
14

15. UNITED KINGDOM
RESOLUTION PROPERTY
€100m
BACKGROUND
The UK Capital Markets team were aware that a loan secured
against a £90m asset had been sold to a private equity investor
(“PEI”). The client had a medium term hold strategy for the asset
to execute their business plan but the existing loan was due to
expire in 2014.
The loan was being serviced with an LTV of 85% to 90%. A
breach of loan covenants was imminent. The PEI had acquired
the loan at a discount, was IRR driven and therefore open to a
potential realisation through a discounted pay-off (“DPO”).
CW ROLE
The Corporate Finance Team was mandated to negotiate a DPO
of the loan and arrange senior debt and mezzanine finance to
re-finance the current debt. UK CMG was involved in DPO
negotiations with reference to the asset value.
Our services included modelling the income stream, preparing
and presenting a funding proposal to a select group of lenders,
negotiating the best terms, managing the credit process and legal
documentation to successful drawdown of the loan.
THE RESULT
The Corporate Finance Team arranged a loan equating to 80% of
value. The senior debt piece equated to 60% of value and the
mezzanine loan raising the LTV to 80%.
The client equity value had been significantly enhanced through
the DPO and refinance and the loan was no longer breaching
covenants.
UNITED KINGDOM
VIRGIN MEDIA
€82m
BACKGROUND
Virgin Media’s property team was spending a disproportionately
large amount of time and resources dealing with the surplus
problem rather than adding value to the operational estate of
over 650 properties. In addition, the quarterly re-assessment of
the surplus property provision under FASB 146 (equivalent to IAS
37) was causing unwelcome PL volatility.
CW ROLE
CW was instructed to dispose of the surplus leasehold portfolio
in a single transaction. Following a two stage competitive
marketing process, the portfolio was successfully transferred to
Legacy Portfolio who assumed all the obligations arising from
these leasehold liabilities.
The portfolio comprised 28 secondary office buildings spread
across the UK with a total floor area of 530,000 sq ft. In addition,
the portfolio also included 5 vacant assets and 2 flexible short-
term sale leasebacks.
THE RESULT
We were able to:
• Remove surplus property risk and PL volatility;
• Remove the management burden of surplus property;
• Structure a ‘profit trap’ so that Legacy Portfolio are incentivised
to remove the liabilities as quickly as possible; and
• Provide put options to transfer additional risk in the future at a
pre-determined price.
15CUSHMAN WAKEFIELD
EMEA
CAPITAL MARKETS
CAPABILITIES

16. DRIVINGVALUE FOR OUR CLIENTS AROUND THE WORLD
253
United States
Alabama
Birmingham*
Arizona
Phoenix
Tempe
Tucson*
California
Carlsbad
Inland Empire
Los Angeles
L.A. South Bay
L.A.West
Marin/Sonoma County
Oakland
Orange County
Sacramento
San Diego Downtown
San Diego Eastgate
San Francisco
SiliconValley
Walnut Creek
Colorado
Colorado Springs*
Denver
Connecticut
Hartford
Stamford
Delaware
Wilmington
Dist. of Columbia
Washington, DC
Florida
Ft. Lauderdale
Ft. Myers*
Jacksonville
Miami
Orlando
Palm Beach Gardens
Tampa
Georgia
Atlanta
Savannah*
Hawaii
Honolulu
Illinois
Chicago
Chicago Suburban
Indiana
Bloomington*
Indianapolis*
Kentucky
Louisville*
Maine
Portland
Maryland
Baltimore
Bethesda
Massachusetts
Boston
Michigan
Detroit*
Grand Rapids*
Holland*
Kalamazoo*
Lansing*
Muskegon*
Minnesota
Minneapolis**
Minneapolis-Sub**
Missouri
Kansas City*
St. Louis*
Nevada
LasVegas*
New Hampshire
Manchester
New Jersey
East Rutherford
Edison
Morristown
NewYork
Albany*
Binghamton*
Buffalo*
Corning/Elmira*
HudsonValley*
Islandia
Ithaca*
Melville
N.Y. – Downtown
N.Y. – Midtown
Rochester*
Syracuse
Syracuse*
Utica*
Watertown*
Westchester County
North Carolina
Charlotte*
Raleigh/Cary
Raleigh/Durham*
Ohio
Cincinnati*
Cleveland*
Columbus*
Toledo*
Oklahoma
Oklahoma City*
Tulsa*
Oregon
Portland
Pennsylvania
Philadelphia
Philadelphia-Sub
Pittsburgh*
Puerto Rico
San Juan*
Rhode Island
Providence*
South Carolina
Charleston*
Greenville/Spartanburg*
Tennessee
Chattanooga*
Knoxville*
Memphis*
Nashville*
Texas
Austin*
Dallas
Houston
San Antonio*
Utah
Clearfield/Ogden*
Park City*
Provo/Orem*
Salt Lake City*
St. George*
Virginia
Fredericksburg*
Lynchburg*
McLean
Newport News*
Norfolk/Virginia Beach*
Richmond*
Roanoke*
Washington
Bellevue*
Seattle*
Wisconsin
Milwaukee*
Canada
Alberta
Calgary
Edmonton*
British Columbia
Vancouver
Manitoba
Winnipeg*
New Brunswick
Fredericton*
Moncton*
Saint John*
Newfoundland
St. John’s*
Nova Scotia
Halifax*
Ontario
London
Newmarket
Ottawa*
Toronto-Central
Toronto-Northeast
Toronto-West
Prince Edward Island
Charlottetown*
Quebec
Montréal Central
Montréal Suburban
Mexico
Ciudad Juárez
Guadalajara*
Mexico City
Monterrey
Central America
Costa Rica
San Jose*
South America
Argentina
Buenos Aires
Brazil
Manaus
Porto Alegre
Rio de Janeiro
São Paulo
São Paulo-Barueri
Chile
Santiago
Colombia
Bogotá
Peru
Lima
Venezuela
Caracas
AMERICAS
Austria
Vienna*
Bahrain
Manama
Belgium
Brussels
Bulgaria
Sofia*
Channel Islands
Jersey*
Czech Republic
Prague
Denmark
Copenhagen*
England
Birmingham
London-City
London-West End
Manchester
ThamesValley
Finland
Helsinki*
France
Paris
Germany
Berlin
Dusseldorf
Frankfurt
Hamburg
Munich
Greece
Athens*
Hungary
Budapest
Ireland
Cork*
Dublin*
Israel
Tel Aviv*
Italy
Milan
Rome
Kazakhstan
Almaty*
Kosovo
Pristina*
Luxembourg
Macedonia
Skopje*
Netherlands (The)
Amsterdam
Rotterdam
Northern Ireland
Belfast*
Norway
Drammen*
Oslo*
Stavanger*
Poland
Warsaw
Portugal
Lisbon
Romania
Bucharest
Timisoara
Russia
Moscow
Scotland
Edinburgh
Glasgow
Slovakia
Bratislava
South Africa
Cape Town*
Durban*
Johannesburg*
Pretoria*
Spain
Barcelona
Madrid
Sweden
Stockholm
Switzerland
Basel*
Geneva*
Zürich*
Turkey
Istanbul
UAE
Dubai
EUROPE, MIDDLE EAST AFRICA
Offices in
60 Countries
GLOBAL REACH
16

17. Australia
Melbourne*
Sydney
China
Beijing
Chengdu
Guangzhou
Hong Kong
Shanghai
Shenzhen
Fiji*
India
Bangalore
Chennai
Gurgaon
Hyderabad
Kolkata
Mumbai
Mumbai Sub
New Delhi
Pune
Indonesia
Jakarta
Japan
Tokyo
Malaysia
Kuala Lumpur*
New Zealand
Auckland*
Wellington*
Pakistan
Karachi*
Philippines
Manila*
Singapore
South Korea
Busan
Seoul
Taiwan
Taipei*
Thailand
Bangkok*
Vietnam
Hanoi
Ho Chi Minh City
* = Alliance/ Associate Offices ** = JointVentures
ASIA-PACIFIC
GLOBAL CONTACTS
Greg Vorwaller
Global Head, Capital Markets
greg.vorwaller@cushwake.com
+ 1 312 470 1800
Jan-Willem Bastijn
Head of EMEA Capital Markets
JanWillem.Bastijn@eur.cushwake.com
+3120 800 2081
John Stinson
Head of Asia Pacific Capital Markets
john.stinson@ap.cushwake.com
+ 65 6232 0878
17CUSHMAN WAKEFIELD
EMEA
CAPITAL MARKETS
CAPABILITIES

18. EMEA CAPITAL MARKETS CONTACTS
BELGIUM
Maxime Xantippe
Partner, Head of Capital Markets
maxime.xantippe@eur.cushwake.com
+32 2 514 4000
CZECH REPUBLIC
James Chapman
Partner, Head of Capital Markets
james.chapman@eur.cushwake.com
+420 234 603 210
FRANCE
Thierry Juteau
Partner, Head of Capital Markets
thierry.juteau@eur.cushwake.com
+33 1 53 76 95 51
GERMANY
FRANKFURT
Frank Nickel
Partner, CEO Germany
Frank.nickel@eur.cushwake.com
+49 69 506073 111
BERLIN
Hanns-Joachim Fredrich
Partner, Capital Markets
HannsJoachim.Fredrich@eur.cushwake.com
+49 30 20 21 4 46 20
HAMBURG
Dr. Michael Thiele
Partner
michael.thiele@eur.cushwake.com
+49 40 300 88 11 10
MÜNCHEN/MUNICH
Thomas Müller
Partner, Capital Markets
thomas.mueller@eur.cushwake.com
+49 89 242 14 33 33
HUNGARY
Charles Taylor
Partner, Head of Capital Markets
charles.taylor@eur.cushwake.com
+36 1 268 1288
ITALY
MILAN
Stephen Screene
Partner, Head of Capital Markets
stephen.screene@eur.cushwake.com
+39 02 63 7991
ROME
CarloVanini
Partner , Capital Markets
carlo.vanini@eur.cushwake.com
+39 06 4200791
THE NETHERLANDS
Mathijs Flierman
Partner, Director Capital Markets
mathijs.flierman@eur.cushwake.com
+3120 800 2089
POLAND
Wojciech Pisz
Partner, Retail Capital Markets
wojciech.pisz@eur.cushwake.com
+48 22 8202059
PORTUGAL
Luis Antunes
Partner, Head of Capital Markets
luis.antunes@eur.cushwake.com
+351 21 322 4753
ROMANIA
Charles Henry
Partner, Head of Capital Markets
charles.Henry@eur.cushwake.com
+40 744 333 094
RUSSI A
Tom Cashel
Partner, Head of Capital Markets
tom.cashel@eur.cushwake.com
+7 495 799 9875
SLOVAKIA
James Chapman
Partner, Head of Capital Markets
james.chapman@eur.cushwake.com
+420 234 603 210
SPAIN
BARCELONA
Reno Cardiff
Partner, Capital Markets
reno.cardiff@eur.cushwake.com
+34 93 488 18 81
MADRID
Rupert Lea
Partner, Retail Capital Markets
rupert.lea@eur.cushwake.com
+34 91 781 38 37
SWEDEN
Magnus Lange
Managing Partner
magnus.lange@eur.cushwake.com
+46 85 456 7714
TURKEY
Togrul Gonden
Managing Partner
togrul.gonden@eur.cushwake.com
+90 212 334 78 00
UNITED KINGDOM
David Erwin
CEO, Capital Markets UK
david.erwin@eur.cushwake.com
+44 20 7152 5016
Michael Rhydderch
Partner
michael.rhydderch@eur.cushwake.com
+44 207 152 5060
Michael Lindsay
Partner, Head of EMEA Corporate Finance
michael.lindsay@eur.cushwake.com
+44 20 7152 5008
All other EMEA queries:
Jan-Willem Bastijn
Partner, EMEA Capital Markets
janwillem.bastijn@eur.cushwake.com
+3120 800 2081
18

20. www.cushmanwakefield.com