EXTREMELY PROMINENT GRADE A M25 OFFICE INVESTMENT REGUS HOUSE CROSSWAYS BUSINESS PARK DARTFORD DA2 6QD

EXTREMELY PROMINENT GRADE A M25 OFFICE INVESTMENT REGUS HOUSE CROSSWAYS BUSINESS PARK DARTFORD DA2 6QD

Investment Summary Single let Grade A office investment on an established M25 business park. Crossways Business Park is widely considered as one of the principal commercial centres in Kent and is highly sought after by numerous high profile occupiers. Crossways Business Park benefits from its strategic location adjacent to the Dartford Crossing, as well as direct train services to numerous London stations, all in under an hour. The property comprises a 55,149 sq ft modern office building over ground and three upper floors, together with an exceptional car parking ratio of 1:180 sq ft. Clearly visible from the M25 and Dartford Crossing, Regus House occupies one of the most prominent sites on Crossways Business Park, affording Regus strong brand association with the property. The property is let to Regus (Dartford Admirals Park) Ltd until 9 March 2026 (10.1 years unexpired) at 1,090,533 per annum, equating to a low passing rent of 19.77 per sq ft. Freehold. Offers sought in excess of 14,720,000 (Fourteen Million, Seven Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 7.00% after allowing for usual purchasers costs of 5.80%, and a capital value of 267 per sq ft. Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 1

Local occupiers QEII BRIDGE RIVER THAMES REGUS HOUSE 9 THAMES EUROPORT 1. Colorcon 2. Sky, Balfour Beatty & Mazda Motors 3. HSBC 4. Kuehne + Nagel 5. Co-operative 6. Steinhoff 7. Willmott Dixon 8. Laing O Rourke 9. ASDA 10. Hilton Hotel 11. The Wharf Pub DARTFORD TUNNEL 2 8 5 7 6 11 1 CROSSWAYS BUSINESS PARK 3 4 M25 A206 10 TO STONE CROSSING & GREENHITHE JUNCTION 1A TO DARTFORD Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD

Location DARTFORD TUNNEL QEII BRIDGE Crossways Business Park is located adjacent to Junction 1a of the M25, 2.5 miles north east of Dartford town centre. Dartford is an established commercial centre and commuter town within the County of Kent, located on the south bank of the River Thames. The town is located approximately 22 miles east of Central London, and 5 miles west of Ebbsfleet. Dartford benefits from excellent communication links and a strong professional employment base, making it an attractive commercial location of choice for both national and international occupiers. The town has a total working age population (16 64) of 53,184 (source: Census, 2011) and a very low rate of unemployment, standing at just 1.1% well below the national average of 5.2% (source: ONS, Oct 2015). Communications Road Crossways Business Park is located directly adjacent to Junction 1a of the M25 and the Dartford River Crossing, providing strong access to the wider national motorway network. In addition, the A2 lies 2 miles to the south which provides access into Central London (22miles), Canterbury (40 miles), and Dover (55 miles). Rail Dartford is served by the South Eastern train line, with Crossways Business Park being located in close proximity to three railway stations; Stone Crossing, Greenhithe and Dartford. These stations provide regular services into numerous Central London stations to include Charing Cross (45 mins), Waterloo East (39 mins), Victoria (52 mins), London Bridge (35 mins), Cannon Street (42 mins) and St Pancras International (41 mins). Furthermore, Ebbsfleet International station offers links direct to mainland Europe via the Channel Tunnel, and can be reached in eight minutes by car. Air Dartford benefits from strong connections to a number of international airports. Gatwick (36 miles), Stansted (37 miles), and Luton (57 miles) are all easily accessed via the M25, whilst London City Airport (14 miles) is easily reached via the A206. DARTFORD PRINCES RD CROSS DUNN WAY JUNCTION 1A PARK RD A225 M25 TROLLING JUNCTION 2 A2 TO CITY AIRPORT (14 miles) LONDON DOWN HILL COTTON LA WATLING ST JUNCTION 1B CROSSWAYS GORE ROAD COTTON LA TO GATWICK AIRPORT (36 miles) BOULEVA R D CROSSWAYS BUSINESS PARK STONE CROSSING LONDON ROAD ST JAMES LANE BASILDON A296 A206 A226 RIVER THAMES 1 MILE 2 MILES 3 MILES 4 MILES BLUEWATER SHOPPING CENTRE A206 CITY DARTFORD 1a GRAVESEND A2 2 A2 BROMLEY A20 3 1 A2 CROYDON A21 M20 2 A23 4 3 2 M20 4 5 6 M26 2a 5 FOLKESTONE M25 A20 7 6 SEVENOAKS MAIDSTONE A25 M23 A22 A21 A26 TONBRIDGE 31 REGUS HOUSE A13 CROSSWAYS BUSINESS PARK GREENHITHE 4 A229 7 ST CLEMENTS WAY BEAN ROAD A296 SOUTHFLEET ROAD 22 14 8 0.5 LONDON ROAD SWANSCOMBE A2 STANHOPE RD SOUTHFLEET RD EBBSFLEET INTERNATIONAL NORTHFLEET THAMES RD TO M2 MOTORWAY DOVER & FOLKSTONE MILES TO CENTRAL LONDON MILES TO LONDON CITY AIRPORT MINUTES DRIVE TO EBBSFLEET INTERNATIONAL MILES TO M25 (J1A) Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 3

Crossways Business Park Regus House is extremely visible from the Dartford River Crossing, with Regus benefiting from free advertising to the 51,000,000 cars using the QEII Bridge each year. Crossways Business Park is an established 315-acre mixed use scheme consisting of office, industrial and distribution accommodation all set within mature landscaped gardens. The Park is situated adjacent to Junction 1a of the M25 and is easily accessed from Dartford town centre. Occupiers on the Park benefit from a wide range of amenities to include three hotels, restaurants and leisure facilities. Furthermore, the premier retail and leisure destination Bluewater is just 3 minutes drive from the Park and provides access to a wide range of additional amenities. As a result, a number of the world s leading companies, to include HSBC, Kuehne + Nagel, Sky, Balfour Beatty and Mazda, have chosen Crossways Business Park as their corporate location of choice. Over 6,500 people now work on the Park, with this number expected to rise to 10,000 due to the multi-million pound Thames Gateway Regeneration project. It is anticipated that this Government backed regeneration and economic development scheme will see up to 50,000 new jobs, in excess of 10 million sq ft of commercial development and more than 30,000 new homes created over the next 20 years in the wider Thames Gateway region. Regus House is located on an extremely prominent site, being located to the front of the Park and adjacent to the M25. The property and Regus branding is in full view from the M25 and therefore visible to the 140,000 cars using the Dartford Crossing each day. The property is also well located in close proximity to the main entrance of the Park itself, allowing for easy access off the motorway. Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 4

Description The property provides a modern Grade A office building comprised over ground and three upper floors, and extends to a total of 55,149 sq ft NIA. The building benefits from a full height glazed reception, with two office wings that combine to form an L shaped building. Split level areas and communal mezzanines between each wing of the upper floors help to create strong integration of office areas and a sense of community between occupiers. As such, the property is a consistently strong performing asset within the Regus portfolio. We understand it benefits from a current occupancy rate of c. 77%. The property was built in 2001 and benefits from the following Grade A specification: Site The site extends to approximately 1.36 hectares (3.35 acres). CROSSWAYS BOULEVARD Regus House El Su 4 pipe fan coil air conditioning Floor to ceiling height of 2.7m Suspended ceilings Raised floors Category II lighting 2 x 13 person passenger lifts Male and female WC s on each floor Shower facilities on 1st and 3rd floors VICTORY WAY ETL The property has 300 car parking spaces and 6 disabled spaces, providing an exceptional car parking ratio of 1:180 sq ft. Accommodation Total 41,214 3,830 The property has been measured on a Net Internal Area (NIA) basis in accordance with the RICS Code of Measuring Practice (6th Edition), and provides the following areas: Tenure Freehold. Flagship House Not to scale. For identification purposes only. Floor Use Area (sq m) Area (sq ft) Third Office 1,251.3 13,469 Second Office 1,272.8 13,700 First Office 1,272.8 13,700 Ground Office 1,250.7 13,462 Ground Reception 76.0 818 Total 5,123.6 55,149 Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 5

Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 6

Tenancy The property is currently let in its entirety to Regus (Dartford Admirals Park) Ltd on an FRI lease from 10 December 2001 and expiring on 9 December 2017. The current passing rent is 1,090,533 per annum, equating to 19.77 per sq ft overall. A reversionary lease has been agreed with the tenant, commencing on 10 December 2017 and expiring 9 March 2026. The property therefore provides approximately 10.1 years unexpired term certain. The initial passing rent of the reversionary lease will be 1,090,533 per annum, with an upward only rent review due on 24 June 2019. The lease and reversionary lease is guaranteed by Regus Plc, although is limited to a guaranteed amount. This is arranged as follows: From and including 8 October 2015 until and including 23 June 2019 up to a maximum of 1,635,799.50. From and including 24 June 2019 until and including 31 December 2020 up to a maximum guaranteed amount of 1.5 times the annual revised rent, ascertained following the rent review due on 24 June 2019. From and including 1 January 2021 until the end of the Contractual Term up to a maximum guaranteed amount of the annual Revised Rent. Covenant Regus (Dartford Admirals Park) Ltd is a subsidiary company of Regus Plc, a FTSE 350 listed company with a market capitalisation of circa 1.6bn. Regus (Dartford Admirals Park) Ltd operates a successful business centre from Regus House, resulting in high demand from approximately 50 businesses, we understand it has a current occupancy rate of c. 77%. Regus Plc, founded in 1989, is a multinational corporation, and one of the world leaders in serviced office accommodation. The company currently operates approximately 1,500 business centres in 600 cities across 100 countries. The company is listed on the London Stock Exchange, and is a part of the FTSE 350 Index. The company, headquartered in Luxembourg, employ c. 7,100 people worldwide. Regus boast of having more than a million customers including half of the Fortune 500, as well as hundreds of thousands of start-ups, small and medium sized companies across all sectors. Financial Information Tenant Regus (Dartford Admirals Park) Ltd (Company No. 06955165) is rated N 2 by Dun and Bradstreet. Their most recent financial results are as follows. 31 Dec 2014 31 Dec 2013 31 Dec 2012 Sales Turnover 2,335 2,138 1,926 Profit / (Loss) Before Taxes Tangible Net Worth Net Current Assets (Liabilities) Guarantor (65) (456) (634) (2,396) (2,331) (1,875) (2,430) (2,383) (1,948) Regus Plc (Company No. J101523) is rated N 1 by Dun and Bradstreet. Their most recent financial results are as follows. 31 Dec 2014 31 Dec 2013 31 Dec 2012 Sales Turnover 1,676,100 1,533,500 1,244,100 Profit / (Loss) Before Taxes Tangible Net Worth Net Current Assets (Liabilities) 87,100 81,500 85,100 (12,500) 22,500 163,500 (303,900) 289,100 (183,700) Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 7

Market Commentary Crossways Business Park is an established M25 commercial location and the dominant market within Dartford. The combination of an appealing working environment, strong communication links and wide range of amenities has meant Crossways has consistently attracted numerous high profile occupiers across a range of sectors, to include Mazda Motors, Sky, Kuehne + Nagel, HSBC, Willmott Dixon and Balfour Beatty. Current availability on the Park is noticeably low at 63,159 sq ft. This is due to a combination of robust take-up and limited development. In recent years there has been very little speculative development activity on the Park, the most recent being the development of Corinthian House which was fully let within 12 months of completion, to tenants including Handelsbanken and Thomson Snell & Passmore. Of the currently available space on the Park, the majority is in Radius where 25,577 sq ft is being marketed at a quoting rent of 24.00 per sq ft. Take up on Crossways throughout 2015 totalled 41,349 sq ft. The majority was comprised over two deals to Mazda Ltd and Steinhoff, the most recent being Mazda s acquisition of 25,589 sq ft of space in CP25 at a rent of 23.50 per sq ft. Take-up has proven relatively consistent over the past two years, with a total of 30,661 sq ft of transactions occurring in 2014. Investment Market The South East office investment market experienced record breaking levels of turnover over the course of 2015. Total transactional volumes reached 3.5bn, eclipsing the previous peak of 3.1bn in 2006. This is testament to the continued strength and depth of demand for South East offices. Comparable investment transactions include; Date Address Tenant Term Certain Price NIY Capital Value (psf) Dec 15 Oct 15 Sep 15 Sep 15 Sep 15 Jun 15 Apr 15 Feb 15 54 Clarendon Road, Watford Mallards Reach, Maidenhead Crossways Point, Crossways Business Park, Dartford 4 Tilgate Forest Business Park, Crawley Metro Point, Croydon Lakeview East, Crossways Business Park, Dartford One City Park, Hove Three City Park, Hove Regus 4.7 years 8.85M 6.06% 297 Sanofi Pasteur MSD Ltd 5 years 16.85M 6.25% 449 Multi-let 10.7 years 14.39M 6.64% 335 OCS Group Ltd 7 years 6.38M 7.10% 249 Secretary of State 4.5 years 15.00M 5.78% 371 Kuehne + Nagel 4.7 years 4.41M 7.25% 258 Legal & General Assurance Society Ltd Legal & General Assurance Society Ltd 8.8 years 22.80M 6.10% 292 8.8 years 15.8M 6.14% 290 Prime rack rented yields remain at 5.00% NIY, stable for the last four quarters, with both UK funds and overseas investors keen to secure the very best income in best in class buildings. Analysts predict the South East will prove to have been the best performing asset class in 2015, with returns of circa 19% against an average of 15%. 2016 is expected to perform in a similar vein, with South East offices amongst the best performing sector. Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 8

REGUS HOUSE CROSSWAYS BUSINESS PARK DARTFORD DA2 6QD EPC The property has an EPC rating of E (115). VAT We understand the property will be treated as a Transfer of Going Concern for VAT purposes. Proposal We are instructed to seek offers in excess of 14,720,000 (Fourteen Million, Seven Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this price would reflect a net initial yield of 7.00% after allowing for usual purchasers costs of 5.80%, and a capital value of 267 per sq ft. SUBJECT TO CONTRACT AND EXCLUSIVE OF VAT. Further Information For further information or to arrange an inspection, please contact the following. Tim Smither 020 7861 1227 07876 145 909 tim.smither@knightfrank.com Freddie Owen 020 7861 1225 07725 650 802 freddie.owen@knightfrank.com Joe Jones 020 7861 1681 07709 454 208 joe.jones@knightfrank.com Joshua Morris 020 7861 5112 07986 281 571 joshua.morris@knightfrank.com IMPORTANT NOTICE (1) Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing ( information ) as being factually accurate about the property, its condition or its value. Knight Frank LLP has no authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). (2) Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. (3) Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. (4) VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Knight Frank LLP registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members names. January 2016. Regus House, Crossways Business Park, Admirals Park, Victory Way, Dartford DA2 6QD 9