27 September 2023 – Quilvest Capital Partners (“Quilvest”), a leading global private
investment firm and Dromeus Capital Group (“Dromeus”), an alternative investment manager
focused on Greek commercial real estate, are pleased to announce the launch of a joint
venture (the “Joint Venture”) to invest over €100 million in the acquisition and development of
industrial and logistics properties across Greece, with a strong emphasis on sustainable
assets.

The Joint Venture is focused on developing modern logistics assets that adhere to the highest
ESG standards, which include using sustainable construction materials and installing
photovoltaic panels to generate discounted renewable energy, as well as EV charging points
to power electric vehicles.

Building upon the success of a pilot investment completed in 2022, the Joint Venture is
currently in the process of advancing its inaugural project – a 42,000 sqm LEED Gold-certified
warehouse situated in Elefsina, West Attica. As the main logistics hub of Athens, West Attica
offers convenient access to the Attica ring road, the main motorways, the Port of Piraeus, and
the broader Athens metropolitan area. Furthermore, plans to expand the site by an additional
30,000 sqm are on the horizon, planned in the next two years.

The Athens logistics market has been showing strong growth fundamentals, fuelled by
Greece’s economic recovery, the rise of e-commerce in the country, and the increasing
importance of the Port of Piraeus as a gateway to Europe for global trade. The lack of modern
stock able to fulfil tenants’ demands has led to very low vacancies for prime warehouses and
significant rental level appreciation, a trend set to continue.

As the majority shareholder and financial partner, Quilvest has a distinguished track record of
partnering with local investors and managers globally to capitalise on investment opportunities
in sectors with strong fundamentals and growth potential. In the logistics/industrial sector,
Quilvest has acquired c. 700k sqm of real estate since 2015 and has demonstrated a
successful experience in aggregating and exiting portfolios in Europe and the US.
Michael Kandarakis, Partner and Co-Head of Real Estate at Quilvest, commented: “We are
delighted to introduce Herod, Greece’s first sustainability-focused logistics platform of
significant scale. It is a natural extension of a 10-year record of investing in the industrial and
logistics sector in Europe and the US. Our goal is to support Greece’s growing economic and
trading activity by developing storage space that adheres to the highest efficiency and ESG
standards. We are thrilled by our collaboration with the talented team at Dromeus.”

Achilles Risvas, CEO and Founder of Dromeus Capital Group, said: “We are very excited to
formally launch our logistics platform, Herod. The surging demand for modern, Grade-A
logistics warehouses coupled with the lack of existing supply underpins our investment thesis.
With Quilvest’s extensive expertise and resources, we have a powerful ally in our mission to
redefine the Greek logistics landscape.”
ENDS

About Quilvest Capital Partners:
Quilvest Capital Partners is a leading global investment firm focused exclusively on the midmarket. It operates four investment strategies: Real Estate, Funds & Co-Investments, Direct
Private Equity and Private Debt.
As one of the earliest pioneers in the alternative investment industry, Quilvest takes pride in
its rich and extensive history, with decades of experience deploying capital across multiple
business cycles and environments. The firm is trusted to manage over $7bn AUM for a
prestigious base of global investors, including leading pension plans, sovereign wealth funds,
insurance companies, and family offices. Quilvest’s heritage dates back more than a century
to 1917, when it began managing the wealth of the company’s founding shareholder, the
Bemberg family, which it continues to do to this day.
With six offices worldwide, the team is focused on identifying the global trends and themes
underpinning each investment strategy. In real estate, where the firm invests across Europe
and the US, the focus is on inefficient “niches within niches” in the lower mid-market value add
space, where risk is mispriced and competition scarcer. Since its inception in 2012, the team
has acquired $1.2bn of real estate across 30 transactions.
Quilvest overlays this thematic approach with an extensive global network of highly valued
relationships, enabling the team to identify and invest in the best opportunities for investors
and partners.

Quilvest Capital Partners is committed to the highest standards of excellence offering best-inclass infrastructure and the professionalism of a global investment firm, while retaining the
deeply personal, entrepreneurial, nimble approach rooted in its origins.
For more information, visit www.quilvestcapitalpartners.com

About Dromeus:
Dromeus Capital Group is an alternative investment management firm with a thematic, valueoriented investment philosophy. Established in 2008, the firm concentrates on a select
number of high-conviction thematic ideas with asymmetrical risk-reward characteristics.
These themes encompass a broad spectrum, including distressed investments, real estate,
digital infrastructure, and geographic-specific or sector-specific strategies.
In 2017, Dromeus ventured into the real estate investment sector, guided by its belief that
Greece’s improving macroeconomic conditions and several sector-specific dynamics provided
an opportune environment for targeted commercial real estate investments. Employing a
thematic investment strategy, Dromeus strategically allocated resources to Greek real estate
assets, spanning various risk levels, with a particular focus on opportunities within the office
and logistics sectors. Presently, Dromeus operates a robust local investment platform,
employing a team of 21 dedicated real estate professionals based in Athens. The company
owns and manages a diverse portfolio comprising 27 commercial real estate assets, with a
Gross Asset Value surpassing €0.5 billion.

For more information, please visit www.dromeuscapital.com.
Media contacts:
Greenbrook
Tashi Lassalle / Sofia Newitt
+44 (0) 20 7952 2000
QuilvestCapital@greenbrookadvisory.com

CapMan Real Estate’s Red Warehouse is completed, welcoming BCG Denmark into their new distinctive office space

CapMan Real Estate has finalised the rebuild of Red Warehouse, transforming the 140-year-old building from warehouse and workshop to modern distinctive office space. The buildings sole tenant, Boston Consulting Group Denmark (BCG), who has been a vital partner throughout the rebuild, started their move-in process on 1^st September.

The finalized space plays homage to the building’s history, showcasing state-of-the-art interior design which successfully combines the qualities of the original building from 1883 and merges them with new design solutions that ensure a unique design. The office space covers 6,000 sqm over three floors in addition to a basement space of 4,600 sqm which was converted to hold a gym as well as well as a large TED-like audience presentation room. The building is topped off by a 700m2 rooftop terrace and bar with space to do outside sport with views across the city.

The project has been in progress since 2019, and all details of the house are exclusively designed, featuring numerous artistic elements such as the central staircase. The house, in general, has been completed with a high level of fit-out.

”From the start, we knew this project was going to be a special. Performing such a comprehensive renovation in a historical building like this, holds huge opportunities but also its challenges. The results we see today are a direct result of a tight collaboration between professionals who all played an important part in this. I especially want to thank Steen Niebling from SN Consult, Mikkel Westfall, Natasja Cornelius and team at Act Architects, Ulrik Larsen from REVCO, and SWECO, and BCG for working with us on this memorable project”, says Peter Gill, Partner, Head of CapMan Real Estate Denmark.

“We are thrilled to move into our new premises. The results speak for themselves. Our objective was to establish a unique domicile for our valued employees to give them the best circumstances to excel. Throughout this project, in collaboration with CapMan, SN Consult, Act Architects, BRIQ, REVCO, and SWECO, we have devised solutions that we firmly believe will significantly enhance and elevate the office experience for our employees. The Red Warehouse stands as our new inspiring office that fosters a vibrant community where we solve the biggest problems,” shares Ulrik Sanders, Managing Director & Senior Partner at BCG.

CapMan Nordic Real Estate II fund acquired Red Warehouse in 2019. In 2022 the fund signed BCG on a long-term lease for the refurbished office and sold the asset to German family-owned THI Investments in a forward purchase, where construction was agreed to continue with takeover later in 2023.

CapMan Real Estate manages approximately €4.2 billion in real estate assets and the Real Estate Team comprises over 65 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Peter Gill, Partner, Head of CapMan Real Estate Denmark, +45 20 43 55 63

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With €5.1 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

• Approximately $350 million investment expected to create more than 1,300 jobs during construction period, 400 permanent jobs and contribute $6.4 billion to the local economy over the next 30 years

• Project to add several public amenities, including new public restrooms for Hudson River Park, an 1,850 square foot community amenity space, 25,000 square feet of waterfront open space and pier access, and safety improvements to the bikeway

New York & Los Angeles – August 29, 2023 – Today, Vornado Realty Trust (NYSE: VNO), Hudson Pacific Properties (NYSE: HPP), Blackstone (NYSE: BX), the City of New York, and New York City Economic Development Corporation (NYCEDC) announced they have entered into Manhattan’s first public-private partnership venture to build a purpose-built studio campus at Pier 94. Vornado, who contributed its long-term leasehold for Pier 94 to the venture, will own 49.9%; Hudson Pacific will own 25.6%; and Blackstone’s institutional Core+ Real Estate strategy will own 24.5%. Vornado will be responsible for development and Hudson Pacific will provide design oversight and manage the facility’s leasing and operations.

Sunset Pier 94 Studios will be a first-of-its-kind space, home to both state-of-the-art film and production technology that will make New York City even more competitive with other comparable markets, as well as impressive amenities for all New Yorkers including new public restrooms for Hudson River Park, an 1,850-square-foot community amenity space, 25,000 square feet of waterfront open space and pier access, and safety improvements to the bikeway. There will also be a program to support workforce development and training programs to connect local residents to opportunities in film, television, commercial and other media production.

The project represents a total investment of approximately $350 million from Vornado, Hudson Pacific and Blackstone, and is expected to create more than 1,300 construction jobs, 400 permanent jobs and contribute $6.4 billion to the local economy over the next 30 years. Construction will begin in third quarter 2023, utilizing $183 million in construction financing led by RBC, and delivery of the project is expected by year-end 2025.

“Our partnership with Blackstone, Hudson Pacific, and the City of New York will solidify New York as a leading market for content production and studio space, create jobs, drive economic momentum, and deliver a host of amenities to the surrounding community,” said Michael Franco, President and Chief Financial Officer at Vornado Realty Trust. “Together we’ll raise the bar for one of New York City’s signature industries and breathe new life into a key waterfront site.”

“We are thrilled to partner with the City of New York, Vornado, and Blackstone to bring this unparalleled, ideally located production experience to New York. The city has an extensive, well-established production infrastructure yet is highly supply constrained in terms of stages,” said Victor Coleman, Chairman and CEO of Hudson Pacific. “Once again we are leveraging our industry relationships and unique expertise in building and operating premier facilities for leading content creators in the highest-barrier-to-entry global media markets to create long-term value for our shareholders.”

“Content creation is one of our key global investment themes, and we are thrilled to be part of this one-of-a-kind, public-private partnership that delivers for our investors while aiming to create more than 1,300 construction jobs and 400 permanent jobs, and contribute $6.4 billion over the next 30 years to the local New York City economy. I want to thank the City of New York, Mayor Eric Adams, and the New York City Economic Development Corporation for helping make this project possible,” said Nadeem Meghji, Blackstone’s Head of Real Estate Americas.

“With our administration’s leadership, New York City is back – we have recovered 99 percent of the jobs lost during the pandemic, and visitors from across the world are returning to Broadway and Times Square,” said New York City Mayor Eric Adams. “At the same time, from Willets Points in Queens to Kips Bay in Manhattan to Kingsbridge Heights in the Bronx, we are advancing bold economic development projects across the entire city that will create tens of thousands of family-sustaining jobs in our communities, and the activation of Pier 94 will produce the same kinds of economic opportunities on the West Side of Manhattan. This project will bring critical, long-awaited investment to this public asset, turn an underutilized space into an economic driver, and improve public space and quality of life for New Yorkers.”

“Transforming Pier 94 into a world-class film and television production studio delivers multiple goals that are key to our continued recovery: economic development, local job creation, and public realm improvements,” said Deputy Mayor for Housing, Economic Development and Workforce Maria Torres-Springer. “This partnership between NYCEDC, Vornado, Hudson Pacific, and Blackstone will quickly revitalize this key waterfront asset and fortify our position as the capital of film and media.”

“Sunset Pier 94 Studios demonstrates a monumental public-private partnership that will have a lasting impact on our city by creating 400 film and TV jobs, over 1,300 construction jobs, along with an estimated economic impact of $6.4 billion over the next 30 years,” said New York City Economic Development Corporation (NYCEDC) President & CEO Andrew Kimball. “NYCEDC and our partners in this project look forward to the development and completion of the pier space – including significant improvements to the public realm and waterfront access on the west side of Manhattan that all New Yorkers will be able to enjoy. This project further advances NYCEDC’s mission of transforming New York City into a great place to live, work, do business, and play.”

Pier 94 will cement New York City as one of the preeminent places for the film and television industry to film while also contributing to the needs of the local community. Plans for the 266,000-square-foot Sunset Pier 94 Studios include six purpose-built soundstages with production control room facilities and 145,000 square feet of production support space and offices, with stunning Hudson River views and ample on-site parking. Several stages will have technological infrastructure for adaptation to virtual production. The facility’s location, design, size and technological capabilities will provide world-class convenience and flexibility for episodic television, live audience television and feature films. In alignment with the broader Sunset Studios portfolio, Sunset Pier 94 Studios will prioritize sustainability, targeting LEED Gold and Fitwel certification, with plans for operations to be powered by 100% renewable energy.

The new facility will be the first New York location for Hudson Pacific and Blackstone’s growing studio platform and synergistic with its existing Los Angeles operations. With the addition of Sunset Pier 94 Studios, Sunset Studios will comprise 69 existing and planned stages globally across six purpose-built facilities, all in top-tier locations within the well-established and supply constrained production epicenters of Los Angeles, London and New York. Hudson Pacific’s Quixote brand operates an additional 26 stages in Los Angeles and New Orleans and services productions in Los Angeles, New York, Atlanta, New Orleans and Albuquerque.

About Vornado Realty Trust
Vornado is a fully integrated real estate investment trust (“REIT”) with a portfolio of premier New York City office and retail assets and the developer of the new PENN DISTRICT. While concentrated in New York, Vornado also owns the premier assets in both Chicago and San Francisco. Vornado is a real estate industry leader in sustainability, with over 27 million square feet of LEED-certified buildings and over 23 million square feet at LEED Gold or Platinum.

About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. For more information visit HudsonPacificProperties.com.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $333 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. non-listed REIT, and Blackstone’s European yield-oriented strategy. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

About New York City Economic Development Corporation
New York City Economic Development Corporation is a mission-driven, nonprofit organization that works for a vibrant, inclusive, and globally competitive economy for all New Yorkers. We take a comprehensive approach, through four main strategies: strengthen confidence in NYC as a great place to do business; grow innovative sectors with a focus on equity; build neighborhoods as places to live, learn, work, and play; and deliver sustainable infrastructure for communities and the city’s future economy. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.

Forward-Looking Statements for Vornado Realty Trust
Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance. They represent Vornado’s intentions, plans, expectations and beliefs and are subject to numerous assumptions, risks and uncertainties. Vornado’s future results, financial condition and business may differ materially from those expressed in these forward-looking statements. You can find many of these statements by looking for words such as “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “would,” “may” or other similar expressions in this press release. For a discussion of factors that could materially affect the outcome of our forward-looking statements and Vornado’s future results and financial condition, see “Risk Factors” in Part I, Item 1A, of its Annual Report on Form 10-K for the year ended December 31, 2022. Currently, some of the factors are the increase in interest rates and inflation and the continuing effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect that these factors have had and may continue to have on Vornado’s tenants, the global, national, regional and local economies and financial markets and the real estate market in general.

Forward-Looking Statements for Hudson Pacific Properties
This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond Hudson Pacific’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect Hudson Pacific’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, Hudson Pacific disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause Hudson Pacific’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in Hudson Pacific’s Annual Report on Form 10-K filed with the Securities and Exchange Commission, or SEC, and other risks described in documents subsequently filed by Hudson Pacific from time to time with the SEC.

Contacts

Vornado
Tom Sanelli
(212) 894-7433
tsanelli@vno.com

Hudson Pacific Properties
Investor Contact: Laura Campbell
(310) 622-1702
lcampbell@hudsonppi.com

Media Contact: Laura Murray
(310) 622-1702
lmurray@hudsonppi.com

Blackstone
Jillian Kary
(212) 583-5379
Jillian.Kary@Blackstone.com

SAO PAULO, August 17, 2023 – GIC, a global institutional investor, in partnership with Barzel Properties, a leading real estate management and development firm, has completed the acquisition of five distribution centers and four retail stores through a sale-leaseback contract with Carrefour Brazil Group in a transaction valued at approximately R$1.2 billion.

The transaction is supported by a 20-year renewable lease contract with Carrefour Brazil Group, a leading Brazilian retail and private employer. Under this contract, Barzel Properties will ensure a stable, long-term revenue stream through a rental agreement, adjusted annually for inflation.

“We are thrilled to complete the acquisition of nine of Carrefour Brazil Group’s assets alongside our strategic partner, Barzel Properties,” said Lee Kok Sun, Chief Investment Officer of Real Estate, GIC. “GIC is confident in the portfolio’s long-term potential in Brazil, which is underscored by the stores’ strong operational performance and warehouses’ strategic locations in major logistics markets.”

“Despite uncertainties in the global macroeconomic environment, this transaction serves as a testament to GIC’s confidence in top-tier assets backed by robust companies with good credit ratings,” said Adam Gallistel, Head of Americas Real Estate, GIC. “In Brazil, we have been continuously exploring sale-leaseback opportunities underpinned by long-term contracts and companies with solid and growing operations, such as Carrefour Brazil Group.”

“We are immensely pleased to strengthen our partnership with GIC through this exceptionally promising transaction,” said Nessim Daniel Sarfati, CEO of Barzel Properties. “The strategic locations of these assets combined with Carrefour Brazil Group’s robust operational track record and the 20-year lease contract will provide a stable and reliable rent income stream. We have high confidence in the future potential of the acquired assets.”