Master European Value Partners II Pitchbook - October 2019 - v.01

European Value Partners Fund II
October, 2019
For Professional Investors only. All investments involve risk, including the possible loss of capital.
Confidential information. Not for further distribution.

Table of Contents
I. Executive Summary & Who We Are
II. European Value Partners I – Track Record
III. European Value Partners II – Investment Strategy & Pipeline
IV. European Value Partners II – Key Fund Terms
Appendix
 Market Research
 EVP I Detailed Track Record
 Biographies & Important Information
PGIM Real Estate | European Value Partners Fund II | REF: 19ADELI-BEDBDS

2
Confidential Information. Not for further Distribution.
I. Executive Summary

PGIM – The 2nd largest Global Real Estate Investment Manager1
Prudential Financial, Inc. (“PFI”)*
 140+ years of managing assets
 $1.4 trillion+ of AUM
 ‘A’ rated (long term)2 by Standard & Poors

PFI
PGIM, Inc. (“PGIM”)
 Global Asset Manager with $1.2 trillion of AUM
 Top 10 Worldwide Institutional Money Manager2
 Diversified suite of institutional asset management product offerings
 Over 1,100 Investment Professionals
PGIM Real Estate

Fully integrated debt and equity platform
 US$173.5 billion3 gross AUM globally (debt and equity)

 48 year+ Track Record
 Leader in management of open-ended funds
 31 offices in the United States, Latin America, Europe and Asia Pacific
⃰ Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential Plc, a company incorporated in the United Kingdom.
1 IPE Top 100 Real Estate Investors November 2018 as of 31st December 2018.2 Pensions & Investments' Top Money Managers list, May 2018; based on PFI total worldwide institutional assets under management as of 31st December 2017.
PGIM is the trading name for the global investment management businesses of Prudential Financial, Inc. (‘PFI’) of the United States. PFI of the United States is not affiliated in any manner with Prudential plc, a company incorporated in the
United Kingdom.3 As of June 30, 2019 total net assets under management equal $50.1 billion
4
Strong European Platform and Experienced Portfolio Management Team
Stable Team and Proven Sourcing Capability
EVP II Portfolio Management Team PGIM Real Estate - Europe
Raimondo Amabile  Fully integrated debt and equity platform

Managing Director
Senior Portfolio Manager  Locally based staff in 5 European offices to source and manage assets
RE Experience: 22 years
 181 employees, out of which 84 investment professionals
 US$12.6 billion1 current gross European AUM
Sebastiano Ferrante
Managing Director  Since 2012, €16.1 billion in equity and debt (excluding senior financing)
Senior Portfolio Manager
transactions completed throughout Europe on behalf of investors
RE Experience: 20 years
– Average annual acquisition volume over the last 5 years: €1.6 billion
– Average annual disposition volume over the last 5 years: €1.0 billion
Nabil Mabed
Managing Director
Portfolio Manager
RE Experience: 13 years € 2,000
€ 1,500
€ 1,705
€ 1,676
€ 1,619
€ 1,593
€ 1,543
Ruediger Schwarz
€ 1,346
€ 1,327
€ 1,000
Managing Director
€ 985
Portfolio Manager
€ 815
€ 773
RE Experience: 13 years € 500
€ 722
€ 719
€ 635
€ 630
€0
2018 2017 2016 2015 2014 2013 2012
Acquistions Dispositions
1 As of June 30, 2019. 2 Staffing as of March 31, 2019 in allocated full-time employees. Note: Percentages may not sum to 100% due to rounding.
5
Executive Summary – European Value Partners II
European Value Partners II (EVP II) will aim to replicate the successful strategy of European Value Partners (EVP I) and focus on value-
add opportunities in strong locations within Europe’s largest markets of France, Germany, Italy, Spain and with the addition of the UK
 Demonstrable Track Record: Strong investment platform across Closed-end Commingled Real Estate Fund
Europe, with strong risk-adjusted track record, projecting 31% Targeting Value-Add Opportunities in Europe
gross IRR and 1.7x EM1,2,3
Fund Structure Euro-denominated Limited Partnership
 Opportunity: Target Fund Size €750 million
‒ Significant rental growth in Continental Europe driven by €439 million (First Closing in Dec-18)
Current Fund Size
improved economic environment as well as continued low Additional €40m co-investment side car raised
supply Countries of Focus France, Germany, UK, Italy and Spain
‒ Potential for distress/re-pricing in the UK Investment Period 3 years with two 1-year extensions
‒ Logistics and housing in Continental Europe and the UK
supported by strong structural trends Term 7 years (from final close) with two 1-year extensions
 Asset-driven Investment Philosophy: Focus on properties in Targeted Portfolio Leverage Target 60% LTV (max. 65% LTV)
urban, infill locations requiring active asset management Targeted Returns4 12% Net IRR
strategies, such as CapEx investment, leasing and adaptive re-use Available for investors committing more than €50
Co-investment Priority Right
million
 Local Expertise: Strong sourcing and asset management
capabilities in local European offices
 €53m equity committed to date: Completed on two investments

in French residential and logistics markets
1 Targeted returns are not guaranteed. Excludes Fund costs, and is shown levered post-tax, before management fees and carried interest. 2 Based on equity committed to investments. 3 Forecasted Net returns of 25% IRR and 1.5x EM
(Figures net of fund costs, management fees and carried interest). 4 Targeted returns are not guaranteed and are subject to change. Target returns are net of taxes, fund costs, management fees and carried interest.
6
II. European Value Partners I
Track Record

European Value Partners I – Overview
 EVP I closed in July 2016 with a total equity of €457m Overview of Equity Commitments3,4
– €72m of additional capital raised through two co-investments side cars
 91% of the equity committed to 14 investments, corresponding to 52 individual  91%

Committed to
Investments
assets (84% of the equity drawn as of 10 July 2019)
 9% Fund Reserve
– 8 investments were sourced off-market, representing 65% of the committed
equity
– Focus on the strongest locations in Europe with 84% of the equity committed to
Paris, Frankfurt and Munich Geographical Diversification3
– c. 70,000 sqm let or renewed and €270m of CAPEX initiated since inception  47% Paris
 50% France
– Limited use of leverage: 51% LTV as of June, 30th 2019, with all leverage non-  25% Frankfurt
 48% Germany
recourse financing  12% Munich
 2% Italy
 16% Other
 To date, €215m has been distributed to the investors (47% of the Fund’s size), as
a result of the full realisation of four investments and the partial realisation of a fifth
one
– Total distributions forecast at €290m by December 2019 Asset Classes Diversification3
 Exceptional risk-adjusted projected returns given the quality of the portfolio and  81% Office
the sound use of leverage1,2:  8% Residential
– Projected Gross IRR of 31% and Equity Multiple of 1.7x1  5% High Street Retail
 4% Logistics
– Realised Gross IRR of 64% and Equity Multiple of 2.2x  2% Hotel
(representing 24% of the Fund’s committed equity)
– NAV based Gross IRR of 41% and Equity Multiple of 1.6x as of 30 June 20192
1 Targeted returns are not guaranteed. Excludes Fund costs, and is shown levered post-tax, before management fees and carried interest. Projected Net returns of 25% IRR and 1.5x EM (figures net of fund costs, management fees and carried
interest). Excludes signed investments not completed. 2 NAV based returns are calculated using NAV of fund. Current Net returns of 32% IRR and 1.5x EM (Figures net of fund costs, management fees and carried interest). 3 Based on equity
drawn or Committed to Investments. Includes Signed Investments. 4 As % of Total Investor Commitments. Note: There is no guarantee that targeted returns will be achieved. Past performance is not a guarantee of future results.
8
EVP Performance
As of June 30, 2019
Original
Realised or Projected3,4
Underwriting2
EVP Ownership U/W U/W Projected Projected Realised or
Acquisition Property Equity % of Fund held by Levered Levered Levered Levered Projected
Project Name Closing Date Type Location Committed Size EVP IRR Multiple IRR Multiple Sale Date
41 Ybry 7/30/2015 Office Paris, France €46.7 10% 100% 16% 1.5x 92% 1.9x 7/28/2016
Thomas Dehler Str. 5/02/2016 Office Munich, Germany €7.9 2% 100% 11% 1.1x 58% 2.0x 8/01/2017
Neumarkter Str. 5/02/2016 Office Munich, Germany €14.4 3% 100% 11% 1.6x 43% 2.0x 2/09/2018
Hansa Str. 5/02/2016 Office Munich, Germany €24.5 5% 100% 19% 2.2x 45% 2.9x 3/29/2019
Realised Investments €93.5 20% 64% 2.2x
German Residential Portfolio 3/31/2016 Residential Various, Germany €16.0 4% 90% 16% 1.7x 25% 1.9x 2020
Junghof Plaza 12/21/2016 Office Frankfurt, Germany €68.5 15% 64% 23% 1.5x 12% 1.5x 2021
The Square 9/27/2018 Office Paris, France €48.6 11% 100% 14% 1.3x 39% 1.6x 2019
Partly Realised / Ongoing Dispositions €133.1 29% 19% 1.6x
German Residential Portfolio II 12/2017 - 4/2018 Residential Various, Germany €15.6 3% 90% 12% 1.5x 16% 1.4x 2022
Swell 5/15/2018 Office Paris, France €35.0 8% 100% 20% 1.5x 25% 1.5x 2021
M Campus 5/29/2018 Office Paris, France €65.0 14% 65% 15% 1.6x 15% 1.6x 2022
Via Borgognona 9/26/2018 Retail Rome, Italy €9.5 2% 100% 14% 1.4x 11% 1.4x 2021
Ladenburg 3/6/2019 Logistics Ladenburg, Germany €15.0 3% 100% 26% 1.6x 54% 2.0x 2020
Portes Sud** 29/7/2019 Office Frankfurt, Germany €12.4 3% 100% 26% 1.6x 26% 1.6x 2021
MainOffice Offenbach** 31/7/2019 Office Toulouse, France €34.5 8% 100% 13% 1.2x 13% 1.2x 2021
Unrealised Investments €187.0 41% 20% 1.5x
Total EVP Portfolio €413.6 91% 31%1 1.7x1
** Transactions closed in Q3 2019 but signed before 30 June 2019
1 Targeted returns are not guaranteed. Excludes Fund costs and is shown levered post-tax, before management fees and carried interest. Forecasted Net returns of 25% IRR and 1.5x EM (Figures net of fund costs, management fees and
carried interest). Excludes deals signed but not yet completed. 2 Original underwriting refers to the base case scenario for the (Including original hold period) Fund as reflected in the Investment Committee Case. IRR and equity multiple are
after fees. 3 Realised IRR and equity multiple are after management fees, before carried interest, and are based on the actual results of each investment. 4 Projected IRR and multiple are after management fees, before carried interest and are
the portfolio team’s projections for each investment based on the most recent asset management business plan, which includes assumptions for leverage and interest rates, vacancy rates, rental and expense growth and capitalization rates.
Note: Past performance is not a guarantee, or a reliable indicator, of future results.
9
EVP I – Asset Management Achievements1
Value Creation Through On-The-Ground Asset Management
 69,400 sq.m of leases signed or renewed since inception
 €270m of CapEx initiated since inception2
41 Ybry Swell
15,000 sq.m pre-let/ €42m of CapEx €54m1
10 year-firm lease with Sephora for its global HQ Construction on-going (risks with the seller)
Full restructuring of the asset
Conversion of storage to office space
German Residential Portfolio I and II M Campus

10,500 sq.m let/ €10m1 of CapEx 400 sq.m let
Decrease of vacancy from 24% to 10% Extension of tenant HP in building B1
Creation of 16 additional attic floor units Multiple discussions on-going to lease building B2 (c.
16,000 sq.m) and re-gear main tenant in B3 to B6
Munich Office Portfolio3 The Square
14,500 sq.m let/ €6m of CapEx 6,900 sq.m pre-let/ €8m of CapEx
Regearing of 8,500 sq.m at a higher rent Pre-letting of the entire building to a reputable law firm
Vacant office space in the three buildings fully let 3 months after acquisition
Obtention of a preliminary building permit to add Light refurbishment planned
up 11,000 sqm in the Hansa Str. asset
Junghof Plaza Ladenburg Logistics

22,100 sq.m pre-let/ €120m of CapEx €30m1 of CapEx
Signing of a 10 year-firm lease with Clifford Chance Re-development of an industrial site to create 56,000
(61%) and a boutique hotel (34%) sqm of class A warehouse space
Complete redevelopment of the building into a mixed-
used property (office, hotel and high street retail)
1 As of 31 March 2019. 2 CapEx kicked-off / signed but not finalised yet. Includes development costs and fit-out costs. 3 Comprises of the three following buildings : Hansa Strasse, Neumarkter Strasse, Thomas Dehler Strasse
10
41 rue Ybry – Off-Market – Realised in Q3 2016
Asset Repositioning & Modernisation
Asset Highlights Investment Rationale at Acquisition Realised Performance
Excellent Office Location Sold in July 2016 at 92% IRR and 1.9x EM1
 Established office market. Sought-after for  Full renovation of the building and upgrade of its
headquarters of corporates looking for quality real estate specifications without taking building permit risk
close to the CBD but with lower rents
 Total staff capacity of the building increased by more than
 Low vacancy market and limited future supply 10%
Excellent Building Fundamentals  559 archive sqm (rent: €300/ sqm) transformed into
 Possibility to significantly increase the quality of the meeting rooms
building with limited CapEx  10.5-year lease contract signed in January 2016 with
Sephora at underwritten rent
Off-Market Opportunity from Distressed Seller
 Purchased the asset at an attractive price through an  Closing on 28 July 2016. Sale Proceeds of €86m
Office building (14,867 sqm, 280 parking units)
off-market transaction distributed to investors on 12 August 2016
Neuilly-sur-Seine,  Reps & warranties to the buyer limited to €2m (expired)

Location
Paris, France
Business Plan at Acquisition
Sector Office Returns1
Asset Management
Gross Rent at Acq. None  Lease the asset for a 6-year firm lease after significant Targeted Realised
CapEx program (€21.2m) at a headline rent of €530/
Vacancy at Acq. 100% sqm for office space IRR 16% 92%
Financing EM 1.5x 1.9x
All-In Acquisition Cost €111.0m  65% Loan-to-Cost financing at 3.18% all-in interest cost
from two French banks
Equity Committed €46.7m Exit
 Sell the asset in year 3, at an exit cap rate of 4.75%
1 Before management fees, taxes and carried interest. Note: There is no guarantee that targeted returns will be achieved. Past performance is not a guarantee of future results
11
Hansa Strasse – Realised in Q2 2019
Under-Utilised Real Estate
 The asset was significantly under-rented, with key Office Space Fully Let in Less Than 2 Years
tenants paying rents of €10-13 / sqm / month at
acquisition vs market rent of €14 / sqm / month  13,500 sqm let or renewed to date
 Strong tenant base: 50% of rental revenue has  Increase of the WALT from 3 to 6 years
German sovereign credit  Successful GRI growth on the asset (uplifted by 18%
 The Munich office market is characterised by high from €3.8m at acquisition to €4.5m as of Q3 2017)
demand with low supply as the overall vacancy rate
at acquisition was 5%, the lowest rate for over 10 Upgrade of the Building and Additional Constructability
years  Renovate the facade, the entrance, the lobby and general
 Potential for creation of additional lettable space refreshing/ improvement of the buildings
 Stabilized Yield-on-Cost of 6.2%  Preliminary building permit obtained to add up to 11,000

Office building (33,300 sqm) sqm to the building
Business Plan at Acquisition Sold to an institutional investor in March 2019, generating

Location Munich, Germany
45% IRR and 2.9x EM1
Sector Office Asset Management Returns1,2
 Lease renewal of the key tenants (Fraunhofer and
Gross Rent at Acq. €3.8m Freistaat Bayern at an increased rent of €14 / sqm /
month) Targeted Realised
Vacancy at Acq. 9%
 Lease up of the vacant space after light
refurbishment IRR 15% 45%
All-In Acquisition Cost €78.9m
Equity Committed €24.5m
 67.5% LTC for €53m by a German bank
Exit
 Exit in March 2021 at a 5.0% cap rate
1 Fund Stake. 2 There is no guarantee that these target returns will be achieved. 3 Before management fees, taxes and carried interest. Past performance is not a guarantee or a reliable indicator of future results.
12
The Square – Ongoing Realisation
 Excellent location in the heart of Paris CBD Office space fully pre-let 3 months after acquisition
 Very good architectural specifications and high  Signed at a rental level in line with the business plan and
quality interior layouts one year ahead of the current tenant’s departure
 Downside protection as Paris CBD is a structurally  10y firm lease, which will enter into force after the current
supply constrained market (current vacancy rate tenant’s departure
below 2%)
Planned Upgrade of the Building
 Value creation potential: current tenant Christian
Dior Parfums will exit the property at the end of 2019  Currently securing contracts for the light refurbishment of
the building to meet the specifications of the new tenant
 Unique opportunity to refurbish, let and sell prime
building in an excellent market momentum Exit
Office building (6,900 sqm)  Attractive Yield-on-Cost of 4.7% ( vs stabilised cap  Ongoing sale of investment achievable as a result of the
rates of 3.0% in Paris CBD) due to complex early pre-letting of the asset
Location Paris, France acquisition background and structuring
Returns1,2
Sector Office
Business Plan at Acquisition
Asset Management
Gross Rent at Acq. €5.3m
 Renovate the property after the departure of the
current tenant through a €6m CapEx program Targeted Projected
Vacancy at Acq. 0%
 Re-let the asset to a single tenant with no void period
IRR3 14% 39%
at a headline rent of €825 / sq.m
All-In Acquisition Cost €122.8m
Equity Committed €48.5m
 60% LTC
Exit
 Exit in March 2021 at a 3.75% cap rate
1 Fund Stake. 2 There is no guarantee that these target returns will be achieved. 3 Before management fees, taxes and carried interest. Past performance is not a guarantee or a reliable indicator of future results.
13
III. European Value Partners II
Investment Strategy & Pipeline

EVP II – Investment Strategy
Key Investment Themes
Theme Sector Dynamics
 Active management of tenancy, lease structures  Offices in primary cities in core countries, where supply
and building specifications, including targeted remains subdued and demand remains strong1
capex
 Creating mixed-use assets from office to cater to
Asset Repositioning &  Upgrading B grade real estate to A grade, and changing demands from tenants
exiting to core buyers
60% Modernisation  Selected developments in supply-constrained
 Structural Trends
markets (capped at 15% for speculative ► Development of logistics in and around
development) urban markets serving ecommerce users
 Eg: 41 Ybry, The Square, Junghof Plaza, ► Focus on alternative asset classes (i.e.
Ladenburg Logistics Development senior and student housing)
 Acquisition of performing real estate from distressed

sellers
 Focus on stock that is under-rented, partially
vacant or has suffered from poor management  Structural Trends
Under-Utilised  Selected acquisitions of real estate assets out of ► Residential assets in major metropolitan
non-performing loan structures areas offering opportunity to enhance value
40% Real Estate through re-leasing and/or unit sales
 Adaptive re-use of obsolete real estate
► Converting under-utilised urban retail into
 Eg: Hansa Strasse, German Residential mixed use, with focus on department stores
Portfolio, M-Campus and high street retail
► Redeveloping existing assets into hospitality
1 “Core countries” refers to the UK, Germany, France, Italy and Spain.
15
Investment Strategy
Strategy France Germany UK Spain Italy
 Office  Office  Re-Pricing of  Office
Repositioning and Repositioning Office Repositioning
Development Top 7 German cities Potential re-pricing and Development
Paris and Lyon of London or Madrid
Manchester office
Asset
Repositioning &  Logistics
Development
 Logistics
Development
 Logistics
Development
 Hotel Conversion
Redeveloping
Modernisation North / South North/South Near multi-modal properties into
backbone backbone hubs hotels in urban
Structural Trends
locations in Rome,
 Hotel Conversion in  Senior and Student Milan and Venice
Paris Living
Redeveloping Build to suit
properties into hotels
 Residential  Residential  Residential  Residential  Logistics High
Affordable Housing Affordable Housing Affordable Housing Affordable Housing Yielding Assets
Northern Italy
Under Utilised
Real Estate  Distressed  Distressed
opportunities opportunities
Take advantage of Acquiring real estate
seller’s urgency to from non-performing
sell (e.g. loan loan vehicles
expiration)

16
Off Market – Project Silver – Pre-sold Affordable
Housing Development, France CLOSED
Overview
 Long term lack of affordable housing in France, with strong political support for new
constructions. On a national level, c. 1.5 million units are needed by 2025 to match the
legal requirements of 25% of affordable housing. Moreover, as of today c. 2 million
households are awaiting an affordable housing solution
 Selection of best projects (c. 2,250 units) out of a pipeline of more than 3,700 units,
fully secured by a quickly growing developer originally from the South of France
 The developer specializes in small/medium-sized turnkey projects of affordable/social

housing located in the greater area of large cities
Strategy
Investment Strategy Pre-Sold Development  Set up a joint-venture with a privately-owned developer to provide equity to fund the
secured pipeline. The developer co-invests 10% of the equity required
Size c. 2,250 units
Total Investment Costs1 €200m  Block exits are secured through forward funding to affordable housing companies before
Equity1 €40m land acquisition and start of construction
Performance Objectives2  No zoning risk, limited administrative and exit risk. Key risk is technical i.e. delivering the
Holding Period 4 years projects on budget and on time
Unlevered IRR/ EM 15% / 1.5x
Levered IRR/ EM2 n.a.
1 Total Investment Costs are the all-in development costs of the pipeline. The equity requirement is €40m. 2 There is no guarantee that these target returns will be achieved. 2 Post tax, before fund costs, management fees and carried
interest.
17
Off Market – Logistics Development, Greater Paris CLOSED
Overview
 Speculative logistics development located in a prime location, in Southern Paris along
French logistic backbone (Lille-Paris-Lyon-Marseille). Greater Paris is the first logistics
market in France in terms of take-up (1.2 million sqm in 2018) and shows a steadily
decreasing vacancy rate since 2010
 Strategic location at 25 km of Paris and well-connected to the French logistic backbone

by major motorways. The asset will be developed in a well-established logistics market,
attracting major tenants and presenting high rents (i.e. €54/sqm). The micro-location is
supply-constrained since there is no vacancy in the area
 Rare opportunity to develop a warehouse because of land scarcity in Greater Paris
Strategy
Investment Strategy Speculative Development
Size 31,000 sqm

 Acquisition of the land and signature of a development contract (at fixed costs) with a
specialized real estate developer (IDEC) at a yield on cost of 6.16%
Total Investment Costs €30m
Equity €13m  Pre-let at a face rent of €54/sqm with a 12 month rent free period on a 9 year firm
Performance Objectives1 duration
Holding Period 24 months
 Dispose the asset after completion (24 months) at cap rate of 4.50%
Levered IRR/ EM2 17% / 1.3x
Please note that the transaction shown has not been closed and there is no guarantee that it can be completed. 1 There is no guarantee that these target returns will be achieved. 2 Post tax, before fund costs, management fees and
carried interest.
18
Off-market – Logistics Portfolio, North of France
Overview
 Off-market opportunity to acquire a portfolio of 4 logistics assets well located in the Lille
region along French logistic corridor (Lille-Paris-Lyon-Marseille)
 Lille region is the second logistics market in France in terms of take-up (403,000 sqm in
2018) and is a strategic location close to Paris and to Northern Europe on the French
logistics backbone
 All the assets are located within a 15 km radius from Lille, and are less than 10 minutes
away by car from major motorways (A1 / A25)
 Fully let to 3 prime tenants including a French logistics business, a furniture retailer and a
textile retailer at an average rent of €38/sqm (under-rented vs. current market rent) with a
4.5-year WALB
Investment Strategy Under-Utilised Real Estate
 Grade A technical specifications: all the assets offer a good dock door ratio and three
Size 120,000 sqm
having a minimum clear height of 12m
Equity €27m Strategy
Performance Objectives1
 Acquire the portfolio at a net initial yield of 6.25%
Holding Period 5 years
Unlevered IRR/ EM 7% / 1.3x  Collect in-place rents, re-gear leases at market rent and stabilize occupancy
Levered IRR/ EM2 14% / 1.7x  Dispose the whole portfolio or the assets one by one after 5 years at a cap rate of 5.25%
vs. a current prime logistics cap rate of 4.40%
Please note that the transaction shown has not been closed and there is no guarantee that it can be completed. 1There is no guarantee that these target returns will be achieved. 2Post tax, before fund costs, management fees and carried
interest.
PGIM Real Estate | European Value Partners Fund II | REF: 19NLAZA-BC6D8S 19

Logistics Portfolio, France
Overview
 The portfolio comprises 17 warehouses totalling 425,000 sqm, of which 76% are located
on the French logistics corridor (Lille-Paris-Lyon-Marseille) and 50% in the Paris region
 Current passing rent is €15m p.a. (€36/sqm) with a WALB of c.3 years (WALT c.7 years)
 Due to strength of the individual assets there is strong rental growth potential. ERV on a
fully let basis is c.€18m p.a. (€43/sqm)
Strategy
 Acquire the portfolio at a net initial yield of 5.50% on rented areas and 6.50% cap rate on
the ERV of vacant areas
Investment Strategy Under-Utilised Real Estate

 Collect in-place rents, as the major part of the portfolio is let
Size 425,000 sqm  Let vacant space within the portfolio and renegotiate expired leases at higher market rent
 Divest the assets through a portfolio sale or individually
Equity €115m
Please note that the transaction shown has not been closed and there is no guarantee that it can be completed. 1There is no guarantee that these target returns will be achieved. 2Post tax, before fund costs, management fees and carried
interest.
PGIM Real Estate | European Value Partners Fund II | REF: 19NLAZA-BC6D8S 20

Parkside Office Gallery, Office Repositioning, Berlin UNDER
Overview EXCLUSIVITY
 Well maintained multi-tenant office located in a attractive micro location in central
Berlin in close proximity to CBD-West and overlooking both the Zoo and the Tiergarten
 Attractive capital value of €5,822 per sqm in relation to more established locations
nearby (c. €12,000 / sqm), under-managed asset
 Occupancy of 91% with in-place GRI of €4.1m vs. ERV of €8.2m, reflecting an under-
rent of 100%; average in-place office rent of 15.29 €/sqm vs. Day-1 office ERV of c.
€27.00
Strategy
 Several value-add initiatives to be implemented as part of the business plan:
‒ Improving entrance and atrium as well as refurbishment of vacant office space to
Investment Strategy Office Repositioning unlock higher rents and reduce operating costs
Size 24,515 sqm ‒ Re-gear or replace existing tenants to realize reversionary potential
‒ Site offers further re-development potential – to be investigated in due diligence
Equity €60m
Performance Objectives1  Significant supply and demand in-balance in Berlin office market
Please note that the transaction shown has not been closed and there is no guarantee that it can be completed. 1 There is no guarantee that these target returns will be achieved. 2 Post tax, before fund costs, management fees and
carried interest.
21
Off-market – Logistics Development, UK UNDER
EXCLUSIVITY
Overview
 UK logistics market is performing well, with significant occupational demand driven by
robust E-commerce growth (UK is the largest E-commerce market in Europe, with online
sales representing c.18% of total retail sales)
 Off-market opportunity to acquire JV interest with options to develop logistics hubs in NW

England, first two developable opportunities located between Manchester and Liverpool
 Opportunity to work with an experienced partner with a 10+ year track record of investing
in UK logistics with PGIM
 Strategic positioning within the UK being close to Manchester and Liverpool, both with
large populations (customers and workforce) and adjacent to the national motorway
network
Investment Strategy Development Funding
 Attractive yield on cost of c.7% provides significant spread to UK prime logistics yields of
Size 2,800,000 sq ft (potential)
4.50%
Initial Equity €4m Strategy
 Size of investment opportunity provides and opportunity for co-investment for larger LPs
of the Fund
 Acquire the JV interest for €4m and execute a phased development of grade A
warehouse space
Please note that the transaction shown has not been closed and there is no guarantee that it can be
completed.  Enter a phased development profile allowing a pre-leasing and built-to-suit properties,
1 There is no guarantee that these target returns will be achieved.
2 Post tax, before fund costs, management fees and carried interest. disposing of fully let assets on practical completion
22
Off Market – Residential Development
Greater Stockholm UNDER
EXCLUSIVITY
Overview
 Leading and experienced Swedish residential developer focusing predominantly on the
greater Stockholm area
City Population Growth (%) 2015-2030  Strategic market with Stockholm population growth forecast at 24% by 2030 (highest in
Europe), significantly above EU 28 forecasts at c.2%, combined with continued GDP
growth (forecast at 1.5% p.a. to 2023) resulting in material demand for new housing.
 Top 5 European market in terms of real estate transaction volumes in H1 2019 (€8.3bn)
 Lending regulations introduced that have prevented new residential construction starts,
creating further supply and demand in balances. Current forecasts require 67,000
apartments p.a., with current supply below 60,000 p.a. and failing
 Developer has a proven track record of successfully developing and disposing several
projects since 2006, including JVs with PGIM
Strategy
Investment Strategy Speculative Development
 Joint venture with the developer in order to develop selected new projects
Size Pipeline of c. 230,000 sqm
Maximum Equity1 €35m  Market opportunity to acquire development land at a discount resulting from lower
Performance Objectives2 demand driven by the weaker financing market. JV partner was already secured
financing terms from leading local banks
Unlevered IRR/ EM 11% / 1.5x  Sell the buildings unit by unit after completion
Please note that the transaction shown has not been closed and there is no guarantee that it can be completed. 1 Maximum equity of €35m represents fund stake of joint venture. 2 There is no guarantee that these target returns will be
achieved. Returns are based on historic projects and current pipeline. 2 Post tax, before fund costs, management fees and carried interest, JV Promote.
23
IV. European Value Partners II
Key Fund Terms

Key Fund Terms
Key Terms Management Fee
Fund Structure Euro denominated, Standard Tiered Fees

Limited Partnership >/= €150m
Invested Capital 120 bps
Target Fund Size €750 million
Uninvested Capital 25 bps
Leverage Target 60% LTV at portfolio level (max. 65% LTV)
(end of investment period)
>/= €100 – €150m
Investment Period 3 years with two 1-year extensions Invested Capital 130 bps
Term 7 years (from final close) with two 1-year extensions Uninvested Capital 55 bps
Target Return 12% IRR net1 >/= €50 – €100m
Minimum Investment €10 million Invested Capital 140 bps

Uninvested Capital 65 bps
Manager Co-investment 5% of the total commitments capped at €37.5 million
Geographic Focus Pan-European with focus on Europe’s ‘Top Five’: Germany, France, the UK, Italy and < €50m
Spain (at least 80% of the equity committed)
Invested Capital 150 bps
Sectors  Minimum 70% of portfolio in office, retail, industrial, and residential Uninvested Capital 75 bps
 Maximum 30% in alternative sectors such as senior housing, student housing and
hotels
 Maximum 15% of total commitments per investment Carried Interest

Diversification
 Maximum 15% of the Fund’s size invested in ground-up speculative developments
20% of the proceeds in excess of a 9% preferred return
to investors, 50% catch up
Co-investment Right  Investors committing more than €50m would have a co-investment right
1 Net of taxes, fund costs management fees and carried interest. Target returns are not guaranteed. Fund details may change.
25
Appendix

Market Research

Continental Europe: Economic Growth Slowing, Low Supply & Capex Shortfalls
Economic sentiment has eased, but near-term rental growth prospects supported by low supply
GDP Growth and Economic Sentiment: Europe ex. UK Annual Net Additions to Europe ex. UK Office Stock (% Existing)
Index 4%
6% 125 Range of typical cyclical peaks
Sentiment is still elevated, though growth
momentum has softened. 3%
Additions to remain much
4% 115
lower than in past cycles
2%
Avg: 1991-18
2% 105
1%
Forecast
0% 95 0%
91 93 95 97 99 01 03 05 07 09 11 13 15 17 19 21 23
-2% 85 Eurozone Investment Growth – Buildings and Structures (% p.a.)

5%
Pre-Crisis
-4% 75
0%
Post-Crisis
Capex edging back up, but
-6% 65 -5% shortfall remains
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 substantial
-10%
GDP Growth Forecast Sentiment (RHS)
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
Key Points
 Economic growth across Continental Europe eased in 2018 and in the first quarter of 2019. Economic sentiment has dampened, but is still consistent with positive economic growth in 2019,
supporting real estate space demand.
 At the same time, supply growth remains low in a historical context, owing to caution among developers, bank lending restrictions for speculative developments, and withdrawals of older stock.
 In many markets, there is a lack of available Grade A space and occupiers are turning towards well-located non-CBD markets to meet requirements. A legacy of low capex growth points
towards ongoing opportunities to refurbish existing stock alongside selective development strategies.
Sources: Oxford Economics, Eurostat, PMA, OECD, PGIM Real Estate. As of May 2019.
28
UK: Brexit Uncertainty Persists
Investment volume is down, but signs of distress are limited. Debt and structural plays appealing in the short term
UK Transaction Volume and Pricing Prime Office Annual Rental Growth

£ billion Index: 1Q03=100 30%
25 250 Paris, Frankfurt & Munich London City
Pricing has edged up 20%
again after softening post-
Brexit in central London 10%
20 200 0%
-10% Rents under pressure in
15 150 -20% London
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
10 100 Prime Office Yields

7%
Prime UK Prime DE / FR
6%
5 50
5%
4%
0 0 3% Widening yield gap implies future
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 opportunities
2%
Domestic Cross-Border Central London Office Values (1Q03=100)
03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
Key Points
 In the UK, take-up and investment volume are subdued, but sentiment is recovering and signs of distress are limited. Pricing in central London has started to edge up again after falling in the
months following the referendum. Domestic investors are still relatively active but, in general, the market is still in “wait-and-see” mode until more clarity about Brexit is forthcoming.
 Rental growth in the central London office market is weak and yields are now higher than in other core continental European markets. Risks are to the downside in the near-term but relative
pricing points to opportunities further down the line, assuming an easing of Brexit uncertainty later in the year.
 Debt strategies that offer some downside capital value protection look attractive in the current environment, along with opportunities in sectors undergoing structural change, including growing
for-rent in UK residential and both student and senior housing that are benefiting from favourable demographic shifts.
Sources: Real Capital Analytics, MSCI, Cushman & Wakefield, PMA, PGIM Real Estate. As of May 2019.
29
Logistics: Build-to-Suit Opportunity
Structural demand shift and improving rental growth prospects point to opportunities to provide logistics stock
Online Retail as a Share of Retail Sales (%) Prime Rent Index: Europe Logistics (1Q03=100)
120
25%
110
Online retail share rising across
Europe, favouring logistics over Forecast
20% retail space 100
90 Positive outlook for logistics

rental growth…
15%
80
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23
10% Logistics Yield Spread vs. Office and Retail (Basis points)
250 …and yield spreads still
favourable
200
5%
150 Spread vs. office
100
0%
50 Spread vs. retail
Spain Italy Poland France Sweden Germany N'lands UK
2013 2018 2023f 0
00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18
Key Points
 Structural increase in logistics demand via rising online sales. Annual space absorption has doubled since 2014.
 Vacancy now at a cyclical low and rental growth outlook is much stronger than in the past. Elevated rental growth in the UK and US – which are ahead of Continental Europe in terms of online
penetration – points to upside risks as retail supply chains expand.
 While returns compare favourably to other commercial sectors, yield spreads remain elevated.
 Opportunity to work with retailers and third party logistics providers to provide built-to-suit assets to enhance return potential.
Sources: Cushman & Wakefield, PMA, PGIM Real Estate. As of May 2019.
30
Residential: Further Growth Potential
Major markets are reporting rising rents and values, while opportunity set is expanding into other living sectors.
Rental Growth – Major Cities (% p.a.) Residential Investment Market Scale

10% 45% 25
Residential rents have fared better
8%
than commercial in this cycle
6%
40%
4%
2% 20
0% 35%
Germany is Europe’s largest residential
-2% market, while France offers significant
-4% 30%
untapped potential
-6% 15
01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 25%
Residential Commercial
20%
9% Residential Rental Growth by Major City (% p.a.) 10
7% German cities and Amsterdam 15%
5% recording substantial rental growth
3% 10%
5
1%
5%
-1%
Munich
S'holm
Berlin
Frankfurt
Hamburg
London
Paris
A'dam
0% 0
Germany UK Sweden N'lands Spain Switz. France Austria Other
Since 2001 Last Five Years Share of European Residential Volume Rental Households (RHS, Million)
Key Points
 For-rent residential has outperformed commercial rental growth for much of the current cycle, in part reflecting weakness in the retail sector.
 Major German cities such as Munich, Berlin and Frankfurt – along with Amsterdam in the Netherlands – continue to report substantial rental growth as household formations in major
metropolitan areas is outstripping supply. Residential capital values are also rising rapidly in these markets, although yields are low.
 Germany is the largest investment market, although France offers significant untapped potential, with over 11 million rental households.
 Opportunity set expanding to other non-traditional living sectors that benefit from favourable trends, such as senior living and student accommodation.
Sources: MSCI, DZ Hyp, Savills, Real Capital Analytics, Eurostat, PGIM Real Estate. As of May 2019.
31
EVP I Detailed Track Record

EVP I – Realised Investments
Asset Repositioning &
Modernisation
41 Ybry, Thomas Dehler Strasse, Neumarkter Strasse, Hansa Strasse

Office, Paris Office, Munich Office, Munich Office, Munich
Off Market
Acquired in 2015 Acquired in 2016 Acquired in 2016 Acquired in 2016
Underwriting1,2 Actual2 Underwriting1,2 Actual Underwriting1,2 Actual Underwriting1,2 Actual

16% IRR 92% IRR 11% IRR 58% IRR 11% IRR 43% IRR 19% IRR 45% IRR
1.5x EM 1.9x EM 1.1x EM 2.0x EM 1.6x EM 2.0x EM 2.2x EM 2.9x EM
Exit in 2018 Exit in 2016 Exit in 2017 Exit in 2017 Exit in 2021 Exit in 2018 Exit in 2021 Exit in 2019
65% LTC 67% LTC 67% LTC 67% LTC
€47m Committed €8m Committed €14m Committed €24m Committed
1 Original underwriting refers to the base case scenario for the Fund when originally marketed, and included in the Investment Committee Case. 2 Excludes fund costs, and is shown levered post-tax, before management fees and carried
interest. Past performance is not a guarantee or a reliable indicator of future results. Projected returns cannot be guaranteed.
33
EVP I – Partly Realised & Ongoing Disposals
Under-Utilised Real
Estate
Junghof Plaza, The Square, German Residential

Office, Frankfurt Office, Paris Portfolio I
SALE SIGNED ONGOING SALE 79% REALISED
Co-Investment
Off Market Off Market

Acquired in 2016 Acquired in September 2018 Acquired in 2016
Underwriting1,2 Projected2 Underwriting1,2 Projected2 Underwriting1,2 Projected2

23% IRR 12% IRR 14% IRR 39% IRR 16% IRR 25% IRR
1.5x EM 1.5x EM 1.3x EM 1.6x EM 1.7x EM 1.9x EM
Sale signed in 2018
Exit in 2019 Closing in 2020 Exit in 2020 Exit in 2019 Exit in 2021 Exit in 2020
68% LTC 60% LTC 66% LTC
€68m Committed €48m Committed €16m Committed
34
EVP I – Unrealised Investments In Portfolio
Swell Ladenburg Logistics,

Office, Paris Mannheim
Off Market Off Market

Acquired in May 2018 Acquired in 2016
Underwriting1,2 Underwriting1,2
25% IRR 54% IRR
1.5x EM 2.0x EM
Exit in 2021 Exit in 2021
65% LTC 66% LTC
€35m Committed €16m Committed
35
EVP I – Unrealised Investments In Portfolio
M Campus Via Borgognona German Residential MainOffice, Frankfurt Portes Sud

Office, Paris Retail, Rome Portfolio II
Co-Investment
Off Market Off Market Off Market Off Market

Acquired in tranches Q4 2017 - Q2 Signed in Q4 2018 Signed in Q4 2018
Acquired in May 2018 Acquired in September 2018
2018 Closing targeted in Q3 2019 Closing targeted in Q3 2019
Underwriting1,2 Underwriting1,2 Underwriting1,2 Underwriting1,2 Underwriting1,2
15% IRR 14% IRR 16% IRR 16% IRR 30% IRR
1.6x EM 1.4x EM 1.4x EM 1.3x EM 1.8x EM
Exits staggered over 4-year hold until

Exit in 2022 Exit in 2021 Exit in 2022 Exit in 2021
2022.
67% LTC 55% LTC 68% LTC 60% LTC 0% LTC
€65m Committed €9m Committed €16m Committed €35m Committed €12m Committed
36
Biographies

Raimondo Amabile
Senior Portfolio Manager & Head of Europe / Interim Head of UK & Ireland
Raimondo Amabile is a managing director at PGIM firm in Italy. He also was a vice president at Morgan
Real Estate and head of Europe / Interim head of Stanley Real Estate and was a senior associate with
UK & Ireland. Ray is also a senior portfolio manager GE Capital Real Estate’s European acquisitions
for the EVP and EVP II funds. Based in London, Ray team.
is responsible for the development and
implementation of the strategy and oversight of Ray has a bachelor’s degree in civil engineering
PGIM Real Estate’s businesses in Europe. He is a from the University of Naples and a doctorate in real
member of the Global Management Council, the estate investment and finance from University of
Global Investment Committee, the European Padova.
Executive Council, the Europe Investment
Committee, and the Global Product Committee.
Most recently, Ray was co-head of Europe, and

earlier was head of European Transactions for PGIM
Email: [email protected] Real Estate. Before joining PGIM Real Estate, Ray
Phone: +44 (0) 20 7766 2460 was managing director and head of European
business development for Tishman Speyer. Earlier,
Years with PGIM: 6 he led operations for Southern and Eastern Europe.
Real Estate Experience: 22 Prior to Tishman, Ray was a founding partner at
Realty Partners, an independent fund management

38
Sebastiano Ferrante
Senior Portfolio Manager & Head of Germany and Italy
Sebastiano Ferrante is a managing director at PGIM Earlier, he was a Co-Founder of Lang & Cie. Real
Real Estate and Head of Germany and Italy. Based Estate AG, a Frankfurt based Commercial Real
in Frankfurt, Sebastiano is responsible for a global Estate Developer and Investment Management
platform of specialized products for German Boutique.
investors and the strategic growth of the business in
Italy. He is also a senior portfolio manager of PGIM Between 2002 and 2006 Sebastiano was Associate
Real Estate's European Value Partners Fund. Director at Deka Immobilien Investment where
Sebastiano is a member of the European Sebastiano was team leader of the Investment
Investment Committee and serves on the European Department, Europe.
Executive Committee.
Sebastiano holds a diploma of Psychology from
Prior to joining PGIM Real Estate in 2013, Goethe Universität in Frankfurt / Main and a
Sebastiano was Co-Head of Germany at Tishman graduate in Real Estate Economics
Speyer, responsible for leading the properties (“Immobilienökonom”) at EBS Oestrich-Winkel.
Email: [email protected]
Phone: +49 69 244341 686 operational platform which comprised property
management, asset management, leasing and
Years with PGIM: 6 construction management services for the fund
Real Estate Experience: 20 entities.

39
Nabil Mabed
Portfolio Manager & Head of Transactions France and Spain
Nabil Mabed is a managing director at PGIM Real Earlier, he was an analyst within the acquisitions
Estate, head of Transactions for France and Spain team at Morgan Stanley Real Estate in Paris
and portfolio manager for the EVP and EVP II funds. focused on acquisitions and asset management for
Based in Paris, Nabil is responsible for overseeing the Morgan Stanley Real Estate Funds and Special
sourcing, acquisitions and dispositions in France and Situations Funds.
Spain for all funds and separate client accounts.
Nabil started his career in the Investment Banking
Prior to joining PGIM Real Estate in 2014, Nabil was division of Morgan Stanley in London.
a senior associate at Doughty Hanson & Co.,
responsible for acquisitions and asset management Nabil has a masters degree in civil engineering and
in France for their European Real Estate finance from the Ecole Centrale Paris and is fluent in
Opportunistic Fund. French, English, Arabic and Spanish.
.
Phone: + 33 1 53 30 01 06
Years with PGIM: 5

Real Estate Experience: 13

40
Ruediger Schwarz
Head of Portfolio & Asset Management Germany and Luxembourg
Ruediger Schwarz is a managing director at PGIM Before assuming this role, Ruediger was during
Real Estate and head of Portfolio & Asset 2006 and 2010 responsible for capital markets in
Management for Germany and Luxembourg. Based Continental Europe. In addition he also ran the sales
in Luxembourg, Ruediger is the senior portfolio department responsible for coordinating all sales
manager responsible for overseeing asset activities of PGIM in Continental Europe.
management activities, acquisitions and dispositions
as well as debt financing for all equity funds and Prior to joining PGIM in 2006, Ruediger worked in
separate accounts based in these regions. In several divisions of Investment banking and
addition, he is overseeing investor reporting and corporate finance in Germany and Austria.
communication to investors.
Ruediger graduated from Rosenheim University of
Ruediger serves as board member of PGIM Real Applied Sciences, Germany and Buckinghamshire
Estate Luxembourg, which is authorized to act as an University, England, and holds a master of business
AIFM, and is also a member of the core Portfolio administration degree from the Vienna University of
Management teams of seven regulated investment Economics and Business. Ruediger is fluent in
Phone: + 352 691 276 253
Funds. German and English as well as basic in French.
Years with PGIM: 13


41
Faris Mansour
Head of Business Development, EMEA
Faris Mansour is head of Business Development for Prior to joining PGIM Real Estate in 2014, Faris was
EMEA at PGIM Real Estate. Based in London, Faris a director with Macquarie Capital Advisers based in
is also member of the European Executive the United States and Dubai, where he focused on
Committee, and manages Europe’s direct financial advisory assignments, capital raising and
investment platform, where he executes real estate principle investments on behalf of the firm.
investments on behalf of PGIM Real Estate’s co-
investment clients. Overall, Faris has over 20 years Previously in his career, Faris held positions with
of experience and has been involved in over $16 BMO Capital Markets, Silver Portal Capital, JP
billion of transactions in both advisory and principal Morgan and Wachovia Securities where he focused
roles across the real estate and infrastructure on real estate and infrastructure financing, capital
sectors. raising and strategic advisory work,
Previously, Faris served as a director for PGIM Real Faris has a bachelor’s degree in economics from the
Estate’s investment platform based in Abu Dhabi, University of Chicago.
where he led the platform’s investment, product
development and capital raising activities.
Phone: +44 (0) 20 7766 2434
Years with PGIM: 4


42
Killian Currey-Lewis
Vice President
Killian Currey-Lewis is a vice president at PGIM Real Killian also worked on numerous real estate
Estate. Based in London, Killian is a junior portfolio restructuring mandates, including advising UK
manager on the EVP fund series. He also manages clearing and overseas banks on OpCo/PropCo
the European tech strategy team and is a member of exposures and loan book work outs.
the PGIM Real Estate Global Tech Strategy Group.
Prior to this, Killian worked in the Restructuring and
Prior to this role, Killian was the chief underwriter for Financial Due Diligence teams advising on
the European business, used to run the transactions in TMT, Transport, Consumer Products,
Transactions, Portfolio and Asset Management Healthcare and Banking industries.
program (TPAMS) working across multiple asset
classes and sectors. Killian is a chartered accountant and is a member of
the Institute of Chartered Accountants of Scotland,
Prior to joining PGIM Real Estate in May 2013, (ICAS).
Killian spent four years in the Corporate Finance
team at Ernst and Young, which included two years
Email: [email protected] in the Real Estate Corporate Finance team where he
Phone: +44 (0) 20 7766 2425 worked on buy and sell side M&A mandates for both
debt (Single Loans & Non-Performing Loan
Years with PGIM: 6 portfolios) and equity deals.

43
Important Information
PGIM Real Estate and PGIM are trading names of PGIM, Inc. the principal asset management business of Prudential Financial, Inc (‘PFI’) of the United States. PFI is not affiliated in any manner with Prudential plc, a
company incorporated in the United Kingdom. PGIM, the PGIM logo and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide.
This document is being distributed on a confidential basis by PGIM Real Estate to certain sophisticated investors in order to gauge their potential interest in acquiring interests (“Interests”) in European Value Partners
Fund II (the “Fund”). Distribution of this document to any person other than the person to whom it was originally delivered and to such person’s advisers is unauthorized, and any reproduction of these materials, in
whole or in part, or the divulgence of any of its contents without the prior consent of PGIM Real Estate, is prohibited.
This document is not intended as an offer or solicitation with respect to the purchase or sale of any Interests and, before any Interests are offered, PGIM Real Estate Luxembourg S.A. (the “Manager”) will distribute
an Information Memorandum and the constitutional documents of the Fund (including a limited partnership agreement and a subscription agreement) to potential investors. Potential investors should review and
carefully consider these documents, especially the risk factors explained within them. If there is any conflict between this document and the constitutional documents of the Fund, the constitutional documents shall
prevail.
The information contained in this document is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere in this document. It does not take into account
individual client circumstances, objectives, or needs, no determination has been made regarding the suitability of the Interests for particular clients or prospects and potential investors should seek advice from their
legal, tax, and other relevant advisers before making any decision to invest in the Fund. All performance and/or targets contained herein are subject to revision by PGIM Real Estate and are provided solely as a
guide to current expectations.
There can be no assurance that the Fund will meet any performance or other targets referenced in this document, historical returns may not be indicative of future results and no representations are made by the
Manager, the Fund or any of their respective affiliates as to the actual composition or performance of the Fund and/or its underlying investments. An investment in the Fund is not guaranteed by the Fund, the
Manager, any of their respective affiliates or any governmental agency. Any discussion of risk management is intended to describe the Manager’s efforts to monitor and manage risk but does not imply low risk.
Investments in commercial real estate and real estate‐related entities are subject to various risks, including adverse changes in domestic or international economic conditions, local market conditions and the
financial conditions of tenants; changes in the number of buyers and sellers of properties; increases in the availability of supply of property relative to demand; changes in availability of debt financing; increases in
interest rates, exchange rate fluctuations, the incidence of taxation on real estate, energy prices and other operating expenses; changes in environmental laws and regulations, planning laws and other governmental
rules and fiscal policies; changes in the relative popularity of properties risks due to the dependence on cash flow; risks and operating problems arising out of the presence of certain construction materials; and acts
of God, uninsurable losses and other factors which are beyond the control of the Manager. As compared with other asset classes, real estate is a relatively illiquid investment. In addition, as recent experience has
demonstrated, real estate is subject to long‐term cyclical trends that give rise to significant volatility in real estate values. An investor could lose some or all of its investment in the Fund.
This document may contain confidential information and by receiving this document, a potential investor agrees to maintain the confidentiality of such information. The information contained in this document is
current as of its date of issue (or such earlier date as may be specifically referenced in this document) but none of the Manager, the Fund or any of their respective affiliates accepts any obligation to update any or all
such information or makes any express or implied warranties or representations as o the completeness or accuracy of all or any such information. This document is not intended for distribution to or use by any
person in any jurisdiction where such distribution or use would be contrary to local law or regulation.

44
The Manager is entitled to market Interests to professional investors (as that term is defined in the Alternative Investment Fund Managers Directive) those EU member states in respect of which it has obtained
permission to do so from the Commission de Surveillance du Secteur Financier under Luxembourg’s implementation of Article 32 of the Alternative Investment Fund Managers Directive (a “Passported Member
State”). However, this document may not be distributed or to any non‐professional investor in a Passported Member State or to any investor in any other EU member state, except as may be permitted by the laws of
such states. PGIM Real Estate is the real estate investment management business of PGIM, Inc., the principal asset management business of Prudential Financial, Inc.. PGIM Real Estate Luxembourg S.A. is
registered in Luxembourg No. B28214, Registered Office, 2, Boulevard de la Foire, L-1528 Luxembourg.
Risk Factors: Investments in commercial real estate and real estate-related entities are subject to various risks, including adverse changes in domestic or international economic conditions, local market conditions
and the financial conditions of tenants; changes in the number of buyers and sellers of properties; increases in the availability of supply of property relative to demand; changes in availability of debt financing;
increases in interest rates, exchange rate fluctuations, the incidence of taxation on real estate, energy prices and other operating expenses; changes in environmental laws and regulations, planning laws and other
governmental rules and fiscal policies; changes in the relative popularity of properties risks due to the dependence on cash flow; risks and operating problems arising out of the presence of certain construction
materials; and acts of God, uninsurable losses and other factors which are beyond the control of the Manager and the Fund. As compared with other asset classes, real estate is a relatively illiquid investment.
Therefore, investors' withdrawal requests may not be satisfied for significant periods of time. Other than its general fiduciary duties with respect to investors, PGIM Real Estate has no specific obligation to take any
particular action (such as liquidation of investments) to satisfy withdrawal requests. In addition, as recent experience has demonstrated, real estate is subject to long-term cyclical trends that give rise to significant
volatility in real estate values.
The Interests have not been and will not be registered under the U.S. Securities Act and are being offered and sold in compliance with Regulation D under the U.S. Securities Act. The Interests are subject to
restrictions on transferability and resale and may not be transferred or resold except as permitted under Regulation D under the U.S. Securities Act and the applicable state, foreign and other securities laws,
pursuant to registration or exemption there from. The transferability of Interests will be further restricted by the terms of the Partnership Agreement of the applicable Fund. Prospective Investors should be aware that
they may be required to bear the financial risks of this investment for an indefinite period of time.
These materials are for informational or educational purposes. In providing these materials, PGIM (i) is not acting as your fiduciary and is not giving advice in a fiduciary capacity and (ii) is not undertaking to provide
impartial investment advice as PGIM will receive compensation for it’s investment management services.
In the United Kingdom and various other jurisdictions in Europe, all investment activities are carried out by representatives of PGIM Limited, which is authorized and regulated by the Financial Conduct Authority of
the United Kingdom (registration number 193418). PGIM Real Estate, which is affiliated to PGIM Limited, is the real estate investment management business of PGIM. Both PGIM Real Estate and PGIM are trading
names of PGIM, Inc. the principal asset management business of Prudential Financial, Inc. (‘PFI’) of the United States. PFI is not affiliated in any manner with Prudential plc, a company incorporated in the United
Kingdom. PGIM Limited is registered in England No. 3809476 VAT no. 447 1835 36, Registered Office, Grand Buildings, 1-3 Strand, Trafalgar Square, London WC2N 5HR.

45
PGIM Real Estate Germany AG is a German Capital Management Company with a respective license pursuant to sec. 20, 22 of the German Capital Investment Act (Kapitalanlagegesetzbuch – KAGB). In case
PGIM Real Estate Germany AG markets or distributes units or shares in external investment funds, i.e. investment funds for which PGIM Real Estate Germany AG does not provide the collective portfolio
management within the meaning of Directive 2011/61/EU or, respectively, the KAGB, such marketing or distribution is performed in accordance with sec. 20 para. 3 no.6 KAGB. PGIM Real Estate Germany AG is not
responsible for the collective portfolio management (including portfolio and risk management) within the meaning of Directive 2011/61/EU or, respectively, the KAGB, with regard to the respective investment funds in
this case. It is also not responsible for the content of any marketing material (including prospectus, Offering Memoranda etc.) provided by the fund manager or other third parties. PGIM Real Estate Germany AG will
not examine or assess the individual situation of any prospective investor and does not provide any personal recommendations, including recommendations related to tax issues, to prospective investors relating to
transactions in the respective investment funds. Where relevant, prospective investors should seek advice from qualified third parties before they take an investment decision.
PGIM Real Estate, PGIM Inc., the PGIM logo, and the Rock symbol are service marks of Prudential Financial, Inc. (“PFI”) and its related entities, registered in many jurisdictions worldwide. PFI of the United States is
not affiliated in any manner with Prudential plc, a company incorporated in the United Kingdom.
Contact:
Michael Doerffler
PGIM Real Estate Germany AG
Taunusanlage 18
60325 Frankfurt am Main, Germany
Tel: + 49 69 244 341 664
[email protected]

46

Master European Value Partners II Pitchbook - October 2019 - v.01

Uploaded by

Copyright:

Available Formats

Master European Value Partners II Pitchbook - October 2019 - v.01

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Master European Value Partners II Pitchbook - October 2019 - v.01

Uploaded by

Copyright:

Available Formats

European Value Partners Fund II

Confidential information. Not for further distribution.

I. Executive Summary & Who We Are

II. European Value Partners I – Track Record

III. European Value Partners II – Investment Strategy & Pipeline

IV. European Value Partners II – Key Fund Terms

PGIM Real Estate | European Value Partners Fund II | REF: 19ADELI-BEDBDS

Confidential information. Not for further distribution.

 ‘A’ rated (long term)2 by Standard & Poors

 Top 10 Worldwide Institutional Money Manager2

 Diversified suite of institutional asset management product offerings

 Over 1,100 Investment Professionals

PGIM Real Estate

 US$173.5 billion3 gross AUM globally (debt and equity)

 Leader in management of open-ended funds

Raimondo Amabile  Fully integrated debt and equity platform

 €53m equity committed to date: Completed on two investments

Confidential information. Not for further distribution.

 91% of the equity committed to 14 investments, corresponding to 52 individual  91%

German Residential Portfolio I and II M Campus

Junghof Plaza Ladenburg Logistics

Neuilly-sur-Seine,  Reps & warranties to the buyer limited to €2m (expired)

 Stabilized Yield-on-Cost of 6.2%  Preliminary building permit obtained to add up to 11,000

Business Plan at Acquisition Sold to an institutional investor in March 2019, generating

Confidential information. Not for further distribution.

 Acquisition of performing real estate from distressed

PGIM Real Estate | European Value Partners Fund II | REF: 19ADELI-BEDBDS

 The developer specializes in small/medium-sized turnkey projects of affordable/social

 Strategic location at 25 km of Paris and well-connected to the French logistic backbone

 Rare opportunity to develop a warehouse because of land scarcity in Greater Paris

Size 31,000 sqm

PGIM Real Estate | European Value Partners Fund II | REF: 19NLAZA-BC6D8S 19

Investment Strategy Under-Utilised Real Estate

PGIM Real Estate | European Value Partners Fund II | REF: 19NLAZA-BC6D8S 20

 Off-market opportunity to acquire JV interest with options to develop logistics hubs in NW

Confidential information. Not for further distribution.

Fund Structure Euro denominated, Standard Tiered Fees

Target Return 12% IRR net1 >/= €50 – €100m

Minimum Investment €10 million Invested Capital 140 bps

 Maximum 15% of total commitments per investment Carried Interest

Confidential information. Not for further distribution.

Confidential information. Not for further distribution.

-2% 85 Eurozone Investment Growth – Buildings and Structures (% p.a.)

UK Transaction Volume and Pricing Prime Office Annual Rental Growth

10 100 Prime Office Yields

90 Positive outlook for logistics

Rental Growth – Major Cities (% p.a.) Residential Investment Market Scale

Confidential information. Not for further distribution.

41 Ybry, Thomas Dehler Strasse, Neumarkter Strasse, Hansa Strasse

Acquired in 2015 Acquired in 2016 Acquired in 2016 Acquired in 2016

Underwriting1,2 Actual2 Underwriting1,2 Actual Underwriting1,2 Actual Underwriting1,2 Actual

Junghof Plaza, The Square, German Residential

SALE SIGNED ONGOING SALE 79% REALISED

Off Market Off Market

Underwriting1,2 Projected2 Underwriting1,2 Projected2 Underwriting1,2 Projected2

Swell Ladenburg Logistics,

Off Market Off Market

25% IRR 54% IRR

Exit in 2021 Exit in 2021