The. Epworth Shoreditch. Landmark Newly Developed Long Let. Shoreditch Investment Opportunity. 25 City Road EC1

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1 The EC1 Epworth Shoreditch 25 Landmark Newly Developed Long Let Shoreditch Investment Opportunity

2 Executive Summary A landmark 1930s Art Deco building beautifully modernised for the creative industries by award-winning architects Buckley Gray Yeoman. 62,789 sq ft (5,833 sq m) of newly developed best in class Grade A office space arranged over lower ground, ground and six upper floors. Virtual Freehold interest (subject to a fixed ground rent of 830 per annum). 01 Situated just a few hundred metres from Roundabout and Tech City, at the heart of London s thriving creative and technology cluster. The forthcoming Elizabeth Line (Crossrail) at Liverpool Street/ Moorgate is located within a five minute walk to the south east. station is located less than 300 metres to the north. Long term income stream, securely let to NTT Data UK Consulting and IT Solutions Limited and Spaces with a WAULT of over 13 years. Gross rental income of 3,872,722 per annum ( per sq ft overall). Offers are sought in excess of 78,000,000 for the shares in the UK company which holds the property, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.85% allowing for purchaser s costs of 2.30%.

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4 Perfectly The Epworth Old Spitalfields Finsbury Liverpool Street Broadgate Moorgate placed Market Square Shoreditch The HAC Barbican Principal Place The Nobu Hotel Roundabout White Collar Factory The Bower

5 London, Europe s leading technology hub London is not only the birthplace of the cultural, legal and business practices that define global trade, but it is also a powerful media and technology hub and major advertising centre London is regarded as Europe s leading technology centre with over 3,000 new businesses (according to Start-up Genome Project) as well as Google s largest office outside Silicon Valley. Finsbury Square Newly created sectors such as Fintech, where financial services meet with technology, require offices located near to their clients but in order to attract the highest calibre workforce, such organisations must provide a creative working environment which does not undermine their credibility alongside mature financial organisations. The movement of creative businesses from their traditional base of Soho began in Clerkenwell. Shoreditch has followed more recently and benefits from the extensive infrastructure available to the City of London, particularly at Moorgate and Liverpool Street stations, yet provides attractive Victorian warehouse buildings with exposed brick and cast iron columns finishes synonymous with the creative districts of New York. 06 London is the capital of digital media driving the annual 0 billion UK internet economy whilst digital job growth is now 07 Alphabeta outperforming all other sectors. Although the Financial and Insurance sectors remain key drivers, the Technology, Media and Telecommunications (TMT) sector has now overtaken these sectors in terms of office take-up in Central London. 3,000 NEW BUSINESSES Europe s leading tech centre Substantially improved transport infrastructure White Collar Factory Digital media brings UK internet economy to 0 billion per annum Substantial improvements to the locality s transport infrastructure continue to attract major organisations from the financial and corporate sectors in addition to the traditional media and tech companies. The location is set to improve further upon the delivery of major forthcoming infrastructure projects including the Liverpool Street and Moorgate entrances to the Elizabeth Line (Crossrail) and a 50m upgrade to station. 50 Million upgrade to station

6 Shoreditch and Tech City have become distinct as London s new centre of creativity and innovation Shoreditch, London s centre of 08 creativity and communication 09 occupies a prominent corner site at the heart of Shoreditch, an area which is home to the third largest cluster of tech and web companies in the world. The Tech City cluster surrounding Roundabout is located just a few hundred metres to the north of and has strong Government support aimed at making the UK the best place to start and run a digital business via The Digital Charter manifesto. An unprecedented influx of technology, media, and telecommunication companies (TMT) to Shoreditch and the area surrounding Roundabout in recent years has secured its position as a major global technology hub. Shoreditch and Tech City have become distinct as London s new centre of creativity and innovation. The area serves as an incubator for startups in fintech, media, and technology, fashion, music and art industries, with the landmark Google Campus London within a few hundred metres to the south on Bonhill Street. Being the pre-eminent location for tech occupiers in London, Shoreditch is home to the leading brands within the industry including Amazon, Google Campus London, Silicon Valley Bank, Yammer, Inmarsat, Adobe Systems, Lowe Group (Interpublic), and QuidCo.

7 Local Developments Shoreditch is one of London s fastest growing sub-markets and has been subject to unprecedented development activity in recent years, with a pipeline to suggest this will continue Arnold, Great Eastern Street, The Property Trust 75,000 sq ft Completion Q Mark Square, EPIC 62,718 sq ft 100% pre-let to WeWork Completion 2018 Finsbury Tower, Bunhill Row, Finsbury Tower Estates (CIT) storey extension providing 289,151 sq ft offices and 25 affordable residential units Completion 2021 Principal Place, Worship Street, ENPAM (Developed by Brookfield) 642,000 sq ft and 301 residential units 100% pre-let to Amazon Completed Q This is largely being driven by occupational demand from rapidly growing tenants within the tech and creative sectors which have made Shoreditch the international tech hub that it is today. With one of the lowest vacancy rates across Central London, developers are competing to capture this strong occupational demand. White Collar Factory, 1 Yard, The Bower, , C Space, City Rd, 1 Fairchild Place, 10 Derwent London 237,000 sq ft Completed Q Helical Plc Phase 1: 140,000 sq ft offices and retail, 100% pre-let Phase 2: 180,000 sq ft offices, with retail, a third pre-let to WeWork P1 completed 2016, P2 scheduled Q ,000 sq ft Helical Plc 75% pre-let to Mullins Lowe Completed 2015 Highgate Holdings 101,000 sq ft and 200 bed hotel Completion 2021 or beyond Mitchell Street Whitecross Street Banner Street Fortune Street Dufferin Street Whitecross Street Bath Street 11 Lamb s Passage Bunhi l Row 4 Bunhill Row 6 Featherstone Street Leonard Street Bunhill Fields The HAC Chiswell Street Finsbury Square Tabernacle Street Epworth Street Bonhill Street 13 Wilson Street Paul Street Sun Street Luke Street Clifton Street Clifton Street Rivington Street Great Eastern Street Great Eastern Street 3 Worship Street Appold Street Charlotte Road 9 Curtain Road Scrutton Street Primrose Street 5 1 Shoreditch High Street 8 Shoreditch High Street Shoreditch High Street The Stage, Scrutton Street, Cain Hoy Enterprises 220,000 sq ft and 4 residential units Office 100% pre-let Completion Q The Shoreditch Estate, Blossom Street, British Land 355,000 sq ft offices, 38,000 sq ft retail & 40 apartments Completion 2021 or beyond 20 Bonhill Street, The Estate Office 70,000 sq ft Completion 2020 or beyond 13 Be Wilson, 70 Wilson Street, 71,550 sq ft offices Completed Summer 2017 Spectrum, 160, Great Portland Estates + BP Pension Fund 153,000 sq ft offices, with café and restaurants Completion Q Alphabeta, Finsbury Square, Sinar Mas Land (Developed by Resolution) 244,661 sq ft Completed in 2015

8 There are a number of leading hotels within the immediate vicinity, with more under construction to satisfy increasing demand Shoreditch and the surrounding area has evolved over the last ten years into one of the most vibrant and exciting retail and leisure destinations in London, Montcalm Royal London House Finsbury Square, EC2 Completed in 2016, this luxury hotel overlooks Finsbury Square and has 256 rooms, a spa and a high quality restaurant. The Hoxton 81 Great Eastern Street, EC2 This 208 room contemporary hotel, with exposed brick features and an American style grill restaurant operated in conjunction with the Soho House Group, is a landmark in the local area. Nobu Hotel Willow Street, EC2 The luxury Nobu brand opened their first London 5 star Nobu Hotel in It provides 148 bedrooms, and Nobu s newest luxury restaurant, and spa. 13 and now has international status attracting established global brands With the growth in residential development, the area has become a seven day trading destination serving an increasingly affluent population. The type of local workers, visitors and residents present a unique opportunity to retailers, cafés, bars and restaurants as, in general, these consumers want a different experience to the typical brands present on most UK high streets. Boxpark, London s first pop-up mall situated adjacent to Shoreditch High Street station, features a continuously changing line-up of retailers and is an example of how a pioneering trading format can succeed. M by Montcalm Shoreditch , EC1 A 269 room five star hotel, situated north of Roundabout, which opened in October The hotel offers a spa, pool, two bars and a 17th floor restaurant with a Michelin starred chef. The Curtain Curtain Road, EC2 A Five-Star hotel, restaurant, live music venue and members club. Centred around 0 guest rooms and suites, there is a rooftop pool and lounge, 24-hour gym, treatment rooms, co-working space and 6,000 square feet of event space, with a ballroom and screening room. South Place Hotel 3 South Place, EC2 Situated 150 yards to the south of Finsbury Square is the City of London s leading contemporary hotel comprising 80 rooms. The hotel is operated by D&D London and provides two restaurants, three bars and five private dining/ meeting rooms.

9 Meet the neighbours 4 14 Goswell Road Barbican Aldersgate Street Golden Lane Whitecross Street Banner Street Banner Street Golden Lane Beech Street Whitecross Street Fortune Street Dufferin Street Wood Street Mitchell Street 19 Barbican Arts and Conference Centre London Wall Silk Street Aldermanbury Lamb s Passage Fore Street 14 Bath Street Moor Lane Bunhill Row 10 Bunhi l Row 17 Featherstone Street Leonard Street Bunhill Fields The HAC Chiswell Street Tabernacle Street Epworth Street Bonhill Street Ropemaker Street Eldon Street Moorgate Moorgate Moorgate London Wall Finsbury Square Finsbury Circus Wilson Steet Blomfield Street Wilson Street Paul Street Sun Street Luke Street Clifton Street Clifton Street Broadgate Circle Rivington Street Great Eastern Street Great Eastern Street Worship Street 16 Appold Street Charlotte Road Scrutton Street 19 9 Liverpool Street 11 Curtain Road Liverpool Street Primrose Street Brushfield Street Artillery Ln Bishopsgate Shoreditch High Street Shoreditch High Street Shoreditch High Street Local Occupiers Tech Occupiers 1 UBS 11 Herbert Smith Freehills 1 Central Working Shoreditch 11 Fund Apps 2 Deutsche Bank Pinsent Masons 2 Google Campus London WeWork 3 ICAP 13 Charles Stanley Group 3 Mind Candy 13 Morning Star 4 Royal Mail Group 14 Invesco 4 Pivotal Software 14 Interactive Data 5 Royal Bank Of Scotland 15 Grant Thornton 5 EMAP 15 TSYS 6 EBRD 16 London Metal Exchange 6 BOX 16 FactSet 7 Allianz 17 Simmons & Simmons 7 University of Liverpool 17 Cass Business School 8 Hill Dickinson 18 Slaughter & May 8 Inmarsat 18 SAS 9 Ashurst 19 Linklaters 9 Amazon 19 ING-Media 10 Mayer Brown 20 HSBC 10 Stock Exchange 20 I-AM

10 Connectivity benefits from exceptional transport connectivity being located a short distance from the following Underground and Mainline stations: Angel 7 minutes 11 minutes 21 minutes Shoreditch High Street 3 minutes 8 minutes < 1 minute 1 minute roundabout / station upgrade station is to undergo a 50m upgrade which will convert the existing 1970s roundabout into an attractive new pedestrianised public space, including seating and trees. It will see the northwestern arm of the junction by closed and two-way traffic reintroduced to the gateway to Tech City as it becomes a new hub for the thousands of people who live, work and socialise nearby. 39 architects were invited to submit their proposals for the roundabout, and four have been shortlisted. The winning design will be selected soon, and the roundabout will likely provide advertising space to rival that at Piccadilly Circus, at the heart of Tech City. Moorgate Stratford 8 mins Reading Heathrow Bond Street Farringdon Whitechapel 2 minutes 61 mins 33 mins 7 mins 2 mins 2 mins 16 6 minutes 17 Barbican 4 minutes 10 minutes 16 minutes All journey times taken from the building. Source: TfL Liverpool Street 3 minutes 10 minutes Slough 37 mins Paddington 10 mins Tottenham Court Road 4 mins Liverpool Street Canary Wharf 6 mins The Elizabeth Line (Crossrail) Crossrail is Europe s largest infrastructure project and is set to transform London s transport network. It is estimated that the new rail line will bring an extra 1.5 million people to within 45 minutes of Central London. Services are due to commence in December 2018 with Liverpool Street set to become one of the key hubs which is located approximately 800 metres from. Liverpool Street Crossrail will provide direct links to the West End, Canary Wharf and London Heathrow. The Liverpool Street and Moorgate entrances to the Elizabeth Line are approximately a five minute walk to the south east of the property and will provide access to Bond Street and Canary Wharf within seven minutes and Heathrow within 33 minutes, from late One of the four shortlisted designs - Gpad London s proposal for the redevelopment of Roundabout and station. New Elizabeth Line entrance at Liverpool Street station

11 An iconic building with a rich history 18 The name Epworth comes from the small town in Lincolnshire where John and Charles Wesley, Founders of Methodism, were born and raised More recently the name Epworth has also been used as the imprint for Methodist books and is intimately linked with Wesley s Chapel (just to the north at 49 ) and to the predecessor building, the Foundery. The name Foundery comes from the disused cannon foundery, which was damaged in an explosion in the early 18th century and was repaired and occupied by John Wesley as his London Headquarters. It was used until the current, New Chapel at 49, was opened in There is a Museum in the basement of the Chapel which outlines this history. In the 1930s there were three stages of rebuilding the properties acquired in the 19th century until it became the building prior to the current renovation. During the war, the building suffered heavy damage together with all the surrounding buildings. It was for a time commandeered by the Honourable Artillery Company situated opposite. In 1940 a Field Library was operated from the property sending parcels of books to the chaplains at the Front for the use of the soldiers. In the 1980s the Methodist Publishing House moved out of the building, first to Wimbledon and then to Peterborough. Their work is now done in-house at the company Headquarters Building on Marylebone Road. The Building 19 Beautifully modernised landmark 1930s Art Deco building comprises a landmark 1930s Art Deco building beautifully modernised for the creative industries by award winning architects Buckley Gray Yeoman in The project involved the substantial refurbishment and reconstruction of three separate buildings to provide approximately 62,789 sq ft (5,833 sq m) of best in class Grade A office accommodation arranged over lower ground, ground and six upper floors. The rear half of the building has been demolished and rebuilt as a new steel frame behind the beautifully retained Art Deco facade. Two upper partial floors have been removed and replaced by three new floors, with the 5th and 6th benefiting from substantial roof terraces. Along both and Epworth Street, new double height voids have been formed to link the ground and lower ground. The office floor plates provide high quality space sympathetically restored with a sophisticated industrial aesthetic. Typical floor plates comprise approximately 9,000 sq ft (836 sq m) and benefit from exceptional levels of natural light. The offices are accessed via a prominent entrance fronting, leading to a dramatic full height atrium featuring balconies for tenant interaction.

12 The challenge was to breathe new life into the building and its mix of architectural styles whilst also remaining sensitive to the site s prominent urban setting. Matt Yeoman Director at Buckley Gray Yeoman Specification A detailed specification is available within the data room, but in summary:- Refurbished external façade, white painted 1930s faience tiles and refurbished and new textured red brick; Audio visual door system providing 24 hour access; White painted plasterboard ceilings with exposed concrete soffit under stairs; New suspended LED lighting; Attractive warehouse style double glazed black Crittal windows; Three new person lifts within rebuilt lift shaft serving all floors (basement only served by one); Four pipe fan coil air conditioning; Unisex WCs and accessible WCs located at every floor; A block of seven showers, including one accessible shower, located on basement level accessed directly from the main core and served by an integral changing area with storage lockers along each wall; 70 secure bicycle spaces, discreetly accessed via the Tabernacle Street entrance to the rear; Substantial terraces to the 5th and 6th floors; Excellent environmental credentials, having been awarded a BREEAM rating of Very Good.

13 Accommodation Sophisticated industrial aesthetic with exceptional levels of natural light The property has been independently measured by Plowman Craven in accordance with the RICS Code of Measuring Practice 6th Edition and provides the following Net Internal Areas:- Floor Use NIA sq ft NIA sq m 6th Office 5, th Office 7, th Office 9, rd Office 9, nd Office 9, st Office 9, Ground Office 6, Ground Reception 1,417* 132 Lower Ground Office 5, Total 62,789 5,833 * The reception area is not included in NIA Floor Plans Ground Floor 6,880 sq ft / 639 sq m Typical Upper Floor 9,024 sq ft / 838 sq m 5th Floor 7,552 sq ft / 702 sq m 6th Floor 5,039 sq ft / 468 sq m Epworth Street Epworth Street Epworth Street Epworth Street N Floor Core Reception Terrace For indicative purposes only. Not to scale.

14 Tenure & Site Wesley s Chapel Tenancy Virtual Freehold 100% pre-let ahead of The property is held Virtual Freehold under title number NGL for a term of 999 years from 25 March 1902 (883 years unexpired) from Epworth Street Investments Ltd, at a fixed ground rent of 830 per annum. Epworth Street Tabernacle Street Bonhill Street practical completion was 100% pre-let ahead of practical completion to two tenants in accordance with the tenancy schedule set out below. The leases are drawn on effective full repairing and insuring terms and provide exceptionally long term secure income with a weighted average unexpired term of over 13 years. The 4th, 5th and 6th floors are let to NTT Data UK Consulting and IT Solutions Limited on three seperate leases for a term of ten years at a passing rent of 1,478,953 per annum ( per sq ft). The lower ground to 3rd floors are let on a single lease to Spaces at an overall passing rent of 2,393,769 per annum ( per sq ft). The lease is guaranteed by Regus Plc on a capped basis as set out in the Covenants section. The total gross passing rent equates to 3,872,722 per annum ( per sq ft overall) with a net rent passing of 3,871,892 per annum after deduction of head rent. 24 This plan sets out the approximate position of the property and is for identification purposes only. We make no warranty, express or implied, nor accept any responsibility or liability for its accuracy or completeness. Tenancy Schedule 25 Tenant Floor Use Area Sq ft Area Sq m Lease Start Lease Expiry First Review Rent PAX Rent PSF Comments NTT Data UK Consulting and IT Solutions Limited 6th Offices 5, /05/18 30/05/28 31/05/23 5th Offices 7, , th Offices 9, /05/18 30/05/28 31/05/23 600, , Rent deposit equivalent to 9 months rent plus VAT held. Lease held outside the Security of Tenure and Compensation Provisions of the Landlord & Tenant Act 1954 Part II (as amended). London Epworth House Centre Ltd (Spaces) 3rd 2nd Offices Offices 9,101 9, st Offices 9, /06/18 05/06/33 06/06/23 2,393, Ground Offices 6, Lease held inside the Security of Tenure and Compensation Provisions of the Landlord & Tenant Act 1954 Part II (as amended). Lease guaranteed by Regus Plc on a capped basis. Lower Ground Offices 5, Ground Reception 1, Total 62,789 5,883 3,872, Spaces Business Club

15 Covenants Spaces (London Epworth House Centre Ltd) Regus Plc The Guarantor NTT Data UK Consulting and IT Solutions Limited (38% of total income) (62% of total income) Spaces provides shared workspace communities and services for its members which include small and medium enterprises, freelancers, start-ups, established companies, mobile workers and entrepreneurs. Originating in Amsterdam, the business now has over 140 centres in 32 countries, across seven continents. The business is currently undergoing an expansion drive to meet the demand of the modern office occupier, with other recent London locations at City Point, Fitzrovia, Teddington, Park Royal, and forthcoming locations confirmed in Chiswick and Oxford Circus. The brand offers a full-service workspace from tech support, office furnishing, bicycle hire, dry cleaning, and secretarial support. The majority of these services can be booked via smart phone on the Spaces app. The Spaces lease is guaranteed by parent company Regus Plc who is the largest provider of flexible workspace solutions in the world, founded in Brussels, in Regus Plc s network includes nearly 3,000 business centres across almost 900 cities in 0 countries and is listed on the London Stock Exchange. NTT DATA is a global IT services provider and innovation partner which is headquartered in Tokyo, with over 76,000 employees working at business operations in over 40 countries. The company aims to develop innovative business and IT solutions for companies in the private and public sectors across areas such as cloud solutions, business intelligence, consulting, big data, and analytics. NTT DATA UK is headquarted at the nearby Royal Exchange at the heart of the City of London, with the other UK office in Birmingham. The company aims to use information technology to create paradigms and values, which help contribute to a more affluent and harmonious society. Some of their more high profile clients include leading software vendors such as Microsoft, SAP, TIBCO and Genesys. Dun & Bradstreet provides NTT Data UK Consulting and IT Solutions Limited with a rating of 3A1 representing a minimum risk of business failure. NTT Data UK Consulting and IT Solutions Ltd Accounts as at 31/03/2017 Turnover 35,637,353 In November 2016, Regus Plc rebranded as International Workplace Group (IWG) and moved Profit (Loss) before taxes (92,509) its headquarters to Switzerland. Spaces comprises one of their wide range of office formats, as they Tangible Net Worth 8,675,222 continue to grow their mobile, virtual office and workplace recovery business, enabling customers Net Current Assets 7,518, maximum flexibility in terms of their business environment Regus Plc provides a Parent Company Guarantee to the Space lease as follows: Term (Years) Months Dun & Bradstreet provides Regus Plc with a rating of 1A1 representing a minimum risk of business failure. Regus Plc Accounts as at 31//2017 (000 s) Turnover 2,341,700 Profit (Loss) before taxes 167,200 Profit after tax 131,600 EBITDA 388,600

16 Planning The property is located in the London Borough of Islington. It is not listed, but is situated within the Bunhill Fields and Finsbury Square Conservation Area. VAT The property is elected for VAT. Contact For further information, access to the data room or to arrange a viewing please contact: James Abrahams james.abrahams@allsop.co.uk Matthew Millman matthew.millman@allsop.co.uk Christopher Room EPC christopher.room@allsop.co.uk A copy of the property s EPC certificate can be found on the online data room and is available upon request Proposal Offers are sought in excess of 78,000,000 for the shares in the UK company which holds the property, subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.85% allowing for purchaser s costs of 2.30%. Data Room Further information can be found on the online data room. Please contact the vendor s agents to request access. DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. June Designed and produced by Cre8te cre8te.london

17 The EC1 Epworth Shoreditch 25