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Development Advisory and Real Estate Research Capabilities and track record

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Development Advisory and Real Estate ResearchCapabilities and track record

Cavendish Maxwell2205 Marina PlazaDubai MarinaP.O. Box 118624DubaiUnited Arab Emirates

Tel: +971 4 453 9525

Development Advisory and Real Estate Research

Track record and expertise

The following provides examples of project work conducted by our market leading team of advisory and research professionals.

Our work over the past two years has helped leading banks, developers and investors to maximise the value of their development assets.

The clients have included single plot land owners to quasi-government master developers on a range of assets including residential, office, retail, industrial as well as non-core asset classes such as healthcare, education and airports.

Our core experience covers the following areas of expertise:

• Market research: assessing market potential & establishing best practise.

• Market and financial feasibility: establishing viability to inform design, source finance and investment.

• Asset strategy: working with occupiers to engage in the real estate development process.

This document includes examples of our advisory mandates over the past two years. We appreciate the support of our clients on this work and hope that we can expand these services to support your business in the future.

Yours sincerely

Amit Shukla Senior AssociateDevelopment Advisory & Real Estate ResearchFor and on behalf of Cavendish Maxwell

Amit Shukla MEng, AMBA-MBM

Title: Senior Associate Real Estate Experience: 9 years

As lead advisor of the team the core area of experience has involved advising developers on large scale development projects providing market, financial and development strategy advice to support investment decisions. Prior to joining Cavendish Maxwell was previously with CBRE in London having started his career with King Sturge. Amit has provided vital advisory services for JV negotiations, development viability consulting, portfolio/single asset acquisitions and divestments for all asset classes along with corporate finance mandates. Amit is supported by a first class professional team who have represented the likes of Colliers International, Deloitte and CBRE both in the Middle East and other major international markets. Our innovative market data business, The Property Monitor, supports our advisory work and means that our due diligence reflects real time market trends for the benefit of our clients.

Development Advisory and Real Estate Research | Track record and expertise

Introduction

Development Advisory and Real Estate Research | Capabilities and Track Record4

Palm JumeirahBuyer profiling and pricing strategy

• Cavendish Maxwell were instructed to advise Better Homes on their pricing and marketing strategy for apartments in Royal Amwaj, Palm Jumeirah (subsequently branded under the Anantara)

• The deliverable provided a detailed market study of sales transactions in key apartment buildings on the Palm.

• The study involved operator consultation, investor survey and communicating with over 70 agents active on the Palm.

• The client has used our deliverable to inform their pricing strategy prior to the project launch.

KIZAD Abu DhabiLabour accommodation market research

• KIZAD is the industrial freezone and operational port stretching over 417 sq km located within 30 minutes drive of Abu Dhabi island.

• The deliverable provided a detailed market review and audit of the labour accommodation covering 75% of total stock and extensive tenant consultation.

• We provided detailed analysis of the data using primary evidence, official government sources and internal modelling to assess demand and supply across various segments.

• Our advice informed investment decisions on the development of workforce accommodation at KIZAD.

Dubai World Central, DubaiMarket and financial feasibility

• Cavendish Maxwell were appointment on behalf of industrial and logistics operator and developer Glenbeigh Holdings regarding their speculative development at Dubai World Central (DWC).

• As part of this study we conducted detailed benchmarking of competing stock in Dubai and provided demand and supply analysis and soft market testing with tenants to identify the market.

• Our recommendations were used by the client to progress detailed design and negotiations with master developer DWC.

Market Research track record

Development Advisory and Real Estate Research | Capabilities and Track Record5

ADPC (KIZAD), UAE & GCC WideMarket research and recommendations

• Market research study collating detailed pricing data for 28 industrial locations throughout the UAE and GCC.

• Undertook desk based research on an exhaustive list of UAE locations and selected areas throughout the GCC and concluded with a comparable assessment and recommendation regarding the client’s land lease framework

• Provided recommendations, based on the comparables sourced and review of the Client’s land portfolio, as to the appropriate land pricing strategy at KIZAD.

Dubai World Central Plot, DubaiMarket review and recommendations

• The Client has recently launched the first residential community in Dubai World Central where Cavendish Maxwell were instructed to test the design for a 1,118 apartment development across 72,536 sq m (780,770 sq ft) land area.

• We conducted detailed sizing, pricing, payment plans and absorption benchmarks of similarly positioned developments.

• The output of the study included assessment analysis to inform our conclusions on tested criteria of the exercise.

Dubai Wide, DubaiResidential market study • Cavendish Maxwell was appointed to conduct a residential market study focused on operational costs.

• The study included over 20 buildings across several areas of Dubai within the luxury, upscale, middle market and branded residence residential development classifications.

• The output of the study included conclusions on detailed operational cost components within each of the development classifications.

Market Research track record

Development Advisory and Real Estate Research | Capabilities and Track Record6

Dubai Wide, DubaiResidential market review and recommendations

• Cavendish Maxwell was appointed to conduct a residential market study to establish best practice and market trends.

• Benchmarked over 40 off-plan projects within the luxury, upscale and middle market residential classifications with developments including apartments, villas and townhouses across the Dubai market.

• The output of the study included conclusions which informed recommendations on positioning, sizing, pricing and quality per segment.

Zonescorp, ICAD, Abu DhabiIndustrial benchmark study

• Cavendish Maxwell was appointed to conduct an industrial benchmark study for ICAD.

• This included pricing strategy assessment for 10 zones across Dubai, Abu Dhabi and the wider GCC region.

• Our team were employed to conduct a market assessment to identify opportunities moving forward and the appropriate business model for delivery.

• The output will be used by the Zones Corp to inform corporate strategy and business planning.

Dubai Land Plot, Rukan, DubaiMarket review and recommendations • Stantec (the scheme architect) were instructed by Intercontinental Investments to progress a detailed design for a 400 plot villa development across 1.2m sq m in Dubai Land.

• The site represented a prime plot within the master development and the client required our input to satisfy a Municipal requirement.

• We conducted detailed benchmarks and value analysis within Dubai Land to inform our conclusions.

• The output of the study will be used by the client appointed architect to progress design and gain approval.

Market Research track record

Development Advisory and Real Estate Research | Capabilities and Track Record7

Al Khawaneej, DubaiMarket and financial feasibility

• Cavendish Maxwell were instructed to advise Amlak Finance on the highest and best use of their 89 plots across 150,000 sq m (1,614,585 sq ft) in Al Khawaneej, Dubai. • Our deliverable provided detailed market research of the industrial and labour accommodation markets, supply and demand analysis and development strategy to ensure maximum value. • Our advice was used by the client to inform future design work and as a basis for discussion with investors.

Palm Jumeirah private portfolio, DubaiMarket study and investment appraisal

• Cavendish Maxwell were appointed by a private investor to carry out a market study & investment appraisal to establish the business case at the inception of a long-term investment portfolio on Palm Jumeirah Island in Dubai.

• Cavendish Maxwell canvassed the market to identify specific investment opportunities of acquiring a portfolio of residential units in Palm Jumeirah to be targeted as top management accommodation by the Palm Hotels.

• The output of this investment appraisal informed the Client by detailed demand trends of target market and detailed investment financials.

Feasibility track record

Motor City & Green Community, DubaiMarket and financial feasibility

• Cavendish Maxwell was instructed to provide a market and financial feasibility study to validate the extension of two residential communities in Dubai. The land plots jointly covered 193,932 sq m (2,087,469 sq ft).

• The feasibility covered extensive benchmarking regarding project performance and design, as well as financial analysis to establish viability of the proposed development.

• The study was used to source project finance from a UK based fund and inform subsequent detailed project design.

Development Advisory and Real Estate Research | Capabilities and Track Record8

Jumeirah Lakes Towers, DubaiMarket and financial feasibility

• Prime plot within the most prominent commercial district of Dubai covering approximately 18,580 sq m (200,000 sq ft).

• The existing scheme details proposals for a 98 storey mixed use development and a GFA of 118,916 sq m (1,280,000 sq ft) with potential for alternative schemes, subject to DIFC approval.

• We are retained on this long-term mandate by a developer who represents the delivery partner in a proposed joint venture structure.

• Cavendish Maxwell’s role is to provide market and financial due diligence and negotiation in the brokerage of the joint venture agreement.

Palm Jumeirah Plot, Dubai, UAE Hotel - market and financial feasibility

• Prime plot within prestigious residential and hospitality district of Dubai covering approximately 11,148 sq m (120,000 sq ft) and a BUA of circa. 60,387 sq m (650,000 sq ft). The client appointed NORR architect (designer of Atlantis and Emirates Towers) to deliver a detailed design for the FAR 2.35 permitted plot.

• Cavendish Maxwell were appointed to provide market and financial feasibility and valuation advice and engage with operators to explore a hotel apartment concept.

• Cavendish Maxwell provided recommendations that were in-line with the needs of the market and continue to work with the Client to identify an international operator.

UniestateMarket and financial feasibility study

• Cavendish Maxwell was appointed by Uniestate to carry out a market and financial feasibility study for 7 dedicated floors to be designed as a hospitality scheme within the Union Height Tower in Ras Al Khaimah.

• The overarching objectives of the study were to establish the market viability of the proposed uses and the potential financial performance.

• The output was used mainly as a reference point to inform internal budgeting discussions.

Feasibility track record

Development Advisory and Real Estate Research | Capabilities and Track Record9

Business Bay Plot, DubaiMarket and financial feasibility

• Cavendish Maxwell were instructed to advise on the feasibility of a prime plot located on a major intersection in Business Bay covering approximately 10,451 sq m (112,496 sq ft) with a BUA of circa 123,000 sq m (1,323,960 sq ft).

• The project has a detailed design work for twin towers of G+27 and G+28 floors.

• We tested the financial feasibility of the envisaged development and provided detailed hospitality market analysis. The output also informed our conclusions on the provided development design.

Downtown Burj Khalifa Plot, Dubai, UAEMarket and financial feasibility

• Market research, valuation and engagement with operators to establish viability of 46,452 sq m (500,000 sq ft) BUA plot in prime Downtown Dubai.

• Testing of residential, serviced apartment and hotel apartment models including detailed benchmarking, demand, supply and financial modelling.

• The output of the study will be used by the client’s appointed architect to progress design, secure finance and source potential delivery partners.

Downtown Burj Khalifa Plot, Dubai, UAEMarket review and recommendations

• The Client is an internationally renowned contractor who is making an initial venture into the real estate Dubai market.

• The plot represents a prime plot in the heart of the Burj Khalifa District and the client appointed architect is progressing the detailed design.

• Cavendish Maxwell are retained to provide market advice which initially involved detailed market benchmarking of the Downtown area.

• We provided detailed recommendations on unit mix, sizing, premium and positioning to inform the on-going design.

Feasibility track record

Development Advisory and Real Estate Research | Capabilities and Track Record10

Sharjah 17, Sharjah Market and financial feasibility study and development briefing

• Cavendish Maxwell were appointed by Abdulla Al Rostamani Properties to carry out a market feasibility study for a 74,061 sq m (797,186 sq ft) plot of land in Sharjah 17.

• The overarching objective of the study was to establish the market viability of the speculative redevelopment options and compare with the viability of accommodating the group tenants. The corporate real estate tenant operations include predominately service centers and yard storage focused on the automotive industry.

• The outputs of the study were used by the client to make strategic redevelopment decisions with regards to this development.

Asset Strategy track record

Al Fahidi, DubaiMarket and financial feasibility study and development briefing

• Cavendish Maxwell were appointed by Abdullah Al Rostomani Properties to carry out a market feasibility study.

• The study focused on the redevelopment options for an existing residential G+4F building located alongside Al Fahidi Street in Al Souq Al Kabeer District.

• The outputs of the study were used by the client to make strategic redevelopment decisions with regards to this development. It will also be used to inform the project architect with benchmarked unit sizing.

Dubai Academic City, DubaiMarket and financial feasibility and debt advisory

• Cavendish Maxwell were approached by a private investor looking to acquire a plot to implement a student housing concept in Dubai.

• To inform his investment decision we conducted a comprehensive market study, engaging with Universities and government agencies to establish demand.

• We benchmarked local and international models to inform our recommendations which formed the basis of our detailed financial modelling.

• We provided valuation and negotiation support on the land acquisition and are retained to seek debt finance on the client’s to deliver the construction.

Development Advisory and Real Estate Research | Capabilities and Track Record11

Business Bay Plot, Dubai, UAELand Disposal

• Cavendish Maxwell were appointed by Abdulla Al Rostamani Properties to carry out a market feasibility study for a 74,061 sq m (797,186 sq ft) plot of land in Sharjah 17.

• The overarching objective of the study was to establish the market viability of the speculative redevelopment options and compare with the viability of accommodating the group tenants. The corporate real estate tenant operations include predominately service centers and yard storage focused on the automotive industry.

• The outputs of the study were used by the client to make strategic redevelopment decisions with regards to this development.

International University, DubaiAsset strategy

• Cavendish Maxwell are appointed on behalf of a major international university to help assess a series of options regarding their future occupational strategy in Dubai.

• To inform our client’s decision we reviewed existing lease documentation and canvassed the market to identify a number of land and property options.

• Various business models were explored alongside financial analysis and valuation which concluded with a recommended investment strategy.

Media Occupier, Dubai, UAEOccupier options strategy

• Cavendish Maxwell were appointed on behalf of a major media operator in Dubai to explore the various options for expanding their operation in Dubai.

• This included engaging with a number of internal stakeholders to establish their preferred space requirements and business operation. The exercise involved the development of a design brief and valuation of a preferred plot for a new purpose built facility.

• Cavendish Maxwell coordinated design and cost advice to inform our conclusions.

Asset Strategy track record

12Development Advisory and Real Estate Research | Capabilities and Track Record

How we deliver

1. Sourcing data that captures market value in real-time

2. Ensuring data quality with multi-layer processes overseen by RICS-accredited staff

3. Providing deep insight into market movements and risk by complementing the source data with Cavendish Maxwell’s professional view

4. Providing access to anyone, anytime, anywhere

5. Growing in value by the day as the Property Monitor gains more data

6. Allowing you to build custom solutions by offering bespoke software development services

Data download

The Property Monitor addresses these challenges by:

13Development Advisory and Real Estate Research | Capabilities and Track Record

Cavendish Maxwell clients

Residential valuation clients

Approved partners: Property Monitor

14Development Advisory and Real Estate Research | Capabilities and Track Record

Commercial valuation and advisory clients

IntroductionThe following outlines our experience in the fields relevant to the Client demonstrating our ability to support the client with a range of services with a focus on the following:

• Residential and commercial valuations: details the range of client who rely on our valuations to make informed lending and investment decisions.

• Property Monitor: a sample of Approved Partners providing transactional data to Cavendish Maxwell.

Amit Shukla Senior AssociateDevelopment Advisory and Real Estate ResearchT: +971 4 453 9525M: +971 56 360 3540E: [email protected]

PROPERTY SERVICESMIDDLE EAST & AFRICA

Dubai office

2205 Marina PlazaDubai MarinaP.O. Box 118624DubaiUnited Arab Emirates

T: +971 4 453 9525 E: [email protected]

Abu Dhabi office

1006 Corniche Bakery BuildingAl Firdous StreetTourist Club AreaAbu DhabiUnited Arab Emirates

T: +971 4 453 9525 E: [email protected]

CavendishMaxwell.com

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