Taurus Presentation (English)

Taurus Investment Holdings, LLCCompany Overview

Brief Overview

• Taurus was founded in 1976 in Munich, Germany by Lorenz and Günther Reibling as a real estate developer and later advisor for wealthy European families and several prominent German and Swiss institutions. It initiated its U.S. operations in 1979 in Pompano Beach, Florida.

• Since then it has grown into a premier owner-operator of commercial real estate throughout the United States, Canada, Argentina, Germany and Turkey

• In the past three decades it has invested in over 20 million square feet of office, retail, residential and hotel assets as well as thousands of acres of land.

• Taurus’ investor club has grown from a German and Swiss basis to include equity from Argentina, Canada, Chile, Ireland, Israel, Mexico, Turkey and the U.S.

As CEO and co-founder of Taurus, Peter defines the overall strategy of the company and oversees its execution. Peter has negotiated, structured and closed more than $3 billion worth of complex real estate transactions, spanning over 20 years in numerous U.S. states and 8 countries.

Peter is co-founder of Taurus Investments Holdings, LLC, along with Lorenz Reibling and Günther Reibling. He capitalizes on entrepreneurial opportunities and executes economically viable projects that yield long-term value for both investors and communities.

Partners

Peter Merrigan

Lorenz Reibling is Chairman of Taurus Investment Holdings, LLC. He focuses on the development and cultivation of international relationships with key clients and product sources. He is a frequent speaker at real estate conferences, and an advisor to the renowned MIT/CRE Center of Real Estate in Cambridge, MA, and acts as spokesperson for the firm.

Lorenz is a co-founder of Taurus, and has been involved in hundreds of commercial real estate transactions over the past 36+ years.

Partners

Prof. Lorenz Reibling

Günther Reibling is the Executive Vice President, COO, and co-founder of Taurus. He manages and oversees development activities of new projects, including underwriting and acquisition. In addition Günther manages the German operations and investors in particular.

He has managed real estate construction, development, and sales since 1971. In 1976, Günther and partners formed TBG Taurus Bau GmbH, a Munich-based development company. In 1979, Günther was the first of the Taurus group to come to the US to explore development opportunities.

Günther Reibling

Partners

• Local Real Estate Expertise: The Managing Directors of Taurus are leading local experts in their respective markets. Taurus’ regional office approach allows it to gain access to quality deal flow at the local level in key markets and capture value resulting from market inefficiencies.

• Global Financing Access: As a leading real estate advisor to high net worth individuals and financial institutions Taurus has access to international high quality equity sources.

• Trust: Success is the product of mutual trust. Taurus’ enduring client relationships are the result of consistent performance for over thirty years and the reliability of its operating partners.

Keys to Success

• Taurus Investments utilize an entrepreneurial value creation strategy. The main objective is to substantially improve the property’s value within the projected holding period.

• Taurus seeks real estate investment opportunities where risk and return can be clearly identified and addressed via an adequate structure and whereby Taurus and its partners are adequately rewarded for risk.

• The deal structures ensure that any potential conflict of interest is virtually eliminated. Taurus focuses on capital preservation with sponsorship compensation strictly tied to performance.

Investment Model

• Historically, Taurus has produced consistent returns to its investors. Since 1996, a 19.78% Average IRR has been achieved across the portfolio.

• Taurus currently owns and operates 56 active projects and portfolios throughout the world. The Property Management functions are performed in the local markets. Asset Management is centralized at the Boston and Orlando office.

• Taurus is continuously replenishing a pipeline of potential on and off market deals in various markets and asset classes. Local knowledge and presence allows the managing directors to have access to the best deals those markets have to offer.

Past, Present and Future

Investors

High Net Worth Investors

• Taurus has over 450 HNW Investor relationships, 350 of which are currently invested in Taurus Club Deals.

• These limited partners have invested over $600 million in Taurus offerings since 1996.

• The HNW families are geographically based as follows:– US 220– Germany 200– Israel 1*– Switzerland 16– Other 48

* All Israeli activity is conducted through our representative office, Profimex, which manages over 200 private family and institutional relationships)

Investors

Institutional Investors

• Taurus also has relationships with strong Institutional Equity Partners which have invested over $350 million in Taurus offerings since 1996. The most important ones are listed below:

Anglo Irish BankAREA Bank of AmericaBlackrockDivco WestFederal Realty Investment TrustGreenstreet Capital AdvisorsIndependenciaINVESCO Stichting Pensionfonds voor Huisartsen (SPH)Stichting Pensionfonds voor Medische Specialisten (SPMS)GI Partners

Projects – German Retail Portfolios

• German Retail Portfolios – collectively one of the largest retail portfolios in Germany.

Aggregate Asset Value: over €600 millionTotal Number of Assets: 103Acquisition Period: 2004 – 2010 Fund Detail: The Hornbach Portfolio – triple net sale and lease-back

transaction of eight Do-It-Yourself stores with Hornbach-Baumarkt A.G., one of the leading Do It Yourself retailers in Germany. It is intended to provide a stable long term high-yield leveraged cash flow to investors, with tax beneficial treatment of capital gains after the 10 year hold period.Taurus Euro Retail Funds I & II – aggregation of multiple grocery-anchored shopping centers located throughout Germany. They are focused on value creation through the aggregation and consolidation of long term leases of selected credit tenants to create institutional quality portfolios. The Retail Development Fund – offers investors access to attractive development opportunities.

• Taurus is currently recapitalizing the German Retail Funds, to take advantage of the distressed pricing in the market due to overleveraged and undercapitalized sellers, with a goal of growing the overall German Retail Portfolio to over €1 billion. The target volume of €1+ billion would allow for a public exit in Germany or other markets.

• Taurus will start by recapitalizing Taurus Euro Retail Fund II, a Joint Venture with Blackrock, by acquiring BlackRock’s share of the Fund by the end of September and growing this platform.

• Taurus has an extensive pipeline or German Retail projects and portfolios and intends to continue purchasing assets within the class taking advantage of distressed pricing in the market. The acquisition pricing is expected to be around a 10 multiple, while financing is available at sub 4% interest rates (plus amortization), providing significant current cash flow (10%+) to the investors

• Taurus has a significant local presence in Germany with an experienced team that has connections with all major retailers, providing unmatched property and asset management capabilities.


• In 2012, Taurus developed a 350,000 SF Logistics park near the Frankfurt Airport in JV with nextparx, a logistics developer and operator. The transaction was off market.

• The property is 100% leased. Long-term leases with Metro Group and Kuehne & Nagel (in JV with Lufthansa) are in place. The anticipated holding period is 5-10 years.

• The facility contains leading technological and sustainability components and is the first cooling warehouse in Europe that received a Deutsche Gesellschaft für Nachhaltiges Bauen - certificate (DGNB - silver)

• Taurus currently has 3 sites in the pipeline for similar new developments with nexparx as the JV partner. The projects are scheduled to begin construction over the next 18 months.

Projects – German Logistics

Projects – German Logistics

• The Newbury Street Aggregation Program purchased properties in Boston's Back Bay neighborhood, one of the premier retail, housing, and office locations, not only in the United States, but worldwide.

• The aggregation of these properties allows for better and more efficient management, and provides unique branding and marketing opportunities for tenants.

• The Program was created to take advantage of improved pricing in the form of higher entrance cap rates.

• It sought to create value by bringing below market rents up to market levels, standardizing leases, increasing operating efficiencies and optimizing use/tenant mix.

• By increasing the scale of this program became more competitive in attracting and retaining quality tenants making it more valuable to a broader range of institutional buyers upon exit.

• The Project was sold on October 31, 2011 generating an overall 1.98 equity multiple.

Projects – Newbury Street

Projects – Newbury Street

• Mixed-use Project in Ankara, Turkey (Shopping Center & Office Tower)

Total Investment: €170 millionTotal Buildable Area: 169,000 sqm

Office Buildable Area: 28,000 sqmStatus: Pre-Sold

Location: Ankara, TurkeyMall Buildable Area: 141,000 sqm (including parking)Mall GLA: 42,000 sqmAnchor Tenants: Media Markt and TescoMajor Tenants: Zara and H&MPre-Lease: 58%Finance: SecuredPlanned Opening: 2014

Projects – Shopping Center, Turkey

Projects – Shopping Center, Turkey

Projects – Parque Austral, Argentina

• University-Research, Technology & Business Park, Buenos Aires, Argentina

Initial Investment: $20 million ($9 million construction loan)Total Buildable Area: 320,000 sqm of offices, laboratories, retail and related

facilities, including “incubator” building with the latest modern infrastructure3 buildings totaling 9,000 sgm have been constructed

Total Land Size: 67 developable acres (45 year ground lease)Location: Pilar, Argentina the fastest growing economic area in

Argentina, 50 kilometers north of the Buenos Aires CBD, along the main northern artery, the Pan-Americana highway. Current development is on Austral Boulevard in the main square next to IAE Business School and the Austral University Hospital.

Major Current Tenants: Oracle, Citibank and Hexagon Metrology

• Taurus has identified an opportunity in the Argentinean market to provide high quality, state-of-the-art FlexSpace (office/distribution/warehouse) product.

• The FlexSpace projects are all equity financed, require around €2 million per building and 50%+ pre-leasing before start of construction, limiting the development risk. The expected cash-on-cash returns are 12%+.

• The first FlexSpace project was delivered in the first part of 2012, and a second project will commence shortly.

• Taurus expects to deliver 2-3 Flex projects per year.


Projects – Whisper Valley, Texas

• Mixed-use master-planned community development in Austin, Texas

Total Investment: $130 millionTotal Land Size: 2,000 developable acres (one of the largest in USA)Housing units: 7,500Commercial Area: 2 million sf of retail and officeExpected Project Value: $2 billion (housing, retail, office space and civic uses)Public Use: 700 acres of parks and open spacesFinancing: $100 million of reimbursement agreements and bond

issuances by the City of AustinLocation: “Desired Development Zone” in Austin, Texas

(along state Highway 130, 10 minutes from the Airport and 20 minutes from the city center)

Austin, Texas: One of the youngest and most dynamic cities in the USA attracting technology sector, value add employment. The young population creates positive outlook for household creation and housing demand.

Projects – Whisper Valley, Texas

• Aldwych House is a 163,000 SF Class B office property situated in the prime location of Midtown, London (between the West End and the City) with excellent access directly to and from the subway, bus routes, and main train stations.

• The property was purchased for £82.7 million • Supply of Class A office suites available in the market is limited and the barriers of

entry into the market are high. The Midtown vacancy rate is the second lowest of all the Central London markets.

• The asset offers significant repositioning potential. Taurus is in the process of dramatically changing the internal appearance and style of the building through extensive refurbishments converting the property into an Class A building.

• A large number of tenants currently pay below market rental rates, leading to higher rents as leases expire.

• Taurus acquired the property through a tax efficient structure that avoids various taxes.

Projects – Aldwych House, London

Projects – Aldwych House, London

Taurus Presentation (English)

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