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Press Release 1 st October 2013

Private Real Estate Fundraising Experiences Another Strong Quarter

In the last 6 months p rivate real estate funds have raised an aggregate $39bn in investor capital,compared to $25bn in the same 6-month period last year.

The $18bn raised by private equity real estate funds holding final closes in Q3 represented a strong quarter for fundraising, with the aggregate capital raised by funds closed in Q2 and Q3 2013 reaching a combined $39bn, ahealthy 56% increase on the $25bn raised in the same 6-month period last year. Furthermore, an aggregate $46bn

has been raised by private real estate funds in 2013 so far, compared to $38bn raised in Q1 to Q3 2012.Q3 2013 Key Facts :

Q3 2013 saw 31 funds reach a final close, raising an aggregate $18bn in capital commitments.

The largest fund to close in Q3 2013 was Brookfield Strategic Real Estate Partners, which raised $4.4bn;Blackstone Real Estate Debt Strategies II was the second largest fund to close, raising a total of $3.5bn ininvestor capital.

The average time taken for funds to reach a final close has decreased for the first time since 2010, from 19.8months in 2012 to 18.5 months in 2013 so far.

81% of the capital raised in Q3 was by funds focusing on real estate in North America, at $14.9bn; comparatively,only $3.4bn was raised by funds focusing on Europe.

As of the start of Q4, there are 448 closed-end private real estate funds in market, targeting an aggregate $159bnin capital commitments, a small decline on the $168bn which was targeted by 446 funds at the start of Q3 2013.

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Q3 2013 Real Estate FundraisingOctober 2013

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8377

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37 3645

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464242

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43 42

2015 14

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Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2008 2009 2010 2011 2012 2013

No. of FundsClosed

AggregateCapital Raised($bn)

Fig. 1: Quarterly Closed-End Private Real Estate Fundraising, Q1 2008- Q3 2013

Quarter

Fig. 5: 10 Largest Closed-End Private Real Estate Funds to Hold a Final Close in Q3 2013

Fund Firm Strategy Size (mn) Geographic Focus

Brookeld Strategic Real Estate Partners Brook eld Asset Management Opportunistic 4,400 USD GlobalBlackstone Real Estate Debt Strategies II Blackstone Group Debt 3,500 USD North America, EuropePerella Weinberg Real Estate Fund II Perella Weinberg Partners Opportunistic 1,300 EUR EuropeKTR Industrial Fund III KTR Capital Partners Value Added 1,200 USD North AmericaCrow Holdings Realty Partners VI Crow Holdings Capital Partners Core-Plus, Opportunistic, Value Added 1,067 USD USMerlone Geier Partners Fund XI Merlone Geier Partners Value Added 900 USD USHarrison Street Real Estate Partners IV Harrison Street Real Estate Capital Opportunistic 750 USD US

AllianceBernstein Commercial Real Estate Debt Fund AllianceBernstein Debt 700 USD USGTIS US Residential Strategies GTIS Partners Debt, Distressed, Opportunistic 526 USD USEncore Housing Opportunity Fund II Encore Housing Opportunity Fund Distressed, Opportunistic 460 USD US

Fundraising by Region81% of the capital raised in Q3 was by funds focusing on real estatein North America, at $14.9bn; comparatively, only $3.4bn was raised byfunds focusing on Europe.

Notable Funds Closing in Q3 2013The largest fund to close in Q3 2013 was Brook eld Strategic Real EstatePartners, which raised $4.4bn; Blackstone Real Estate Debt Strategies IIwas the second largest fund to close, raising a total of $3.5bn in investor capital.

Time Taken to Close FundsThe average time taken for funds to reach a nal close has decreasedfrom 19.8 months in 2012 to 18.5 months in 2013 so far.

Funds in Market As of the start of Q4, there are 448 closed-end private real estate funds inmarket, targeting an aggregate $159bn in capital commitments, a smalldecline on the $168bn which was targeted by 446 funds at the start of Q3 2013

21

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14.9

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North America Europe Asia & Rest of World

No. of FundsClosed

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Fig. 2: Closed-End Private Real Estate Fundraising in Q3 2013 by FundPrimary Geographic Focus

Primary Geographic Focus

381390378376363383 378403

428439435434450 449457467451434446448

228227199

173178147 134 132138

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165166 162168148156168159

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Q1Q2 Q 3Q4Q1Q2 Q3Q4Q1 Q2Q3Q4 Q1Q2Q3Q 4Q1Q2Q3 Q4

2009 2010 2011 2012 2013

No. of FundsRaising

AggregateTargetCapital ($bn)

Fig. 3: Closed-End Private Real Estate Funds in Market, Q1 2009 - Q42013

9.2

11.5

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19.818.5

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2007 2008 2009 2010 2011 2012 Jan-Sep2013

Fig. 4: Average Time Taken for Closed-End Private Real Estate Fundsto Achieve a Final Close by Year of Fund Close

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Quarter Year of Final Close