Board Presentation
Acquisition approval · Confidential
10 September 2026

Berlin-Charlottenburg · Office-to-residential conversion

Uhlandstraße 181–183

Conversion of a 1992 office building into 163 apartments with ground-floor retail and 160 parking spaces, plus a new-build side wing. Architect: Max Dudler.

Residential units: 163
Residential NLA: 7,147 m²*
Commercial NLA: 1,911 m²*
Practical completion: Q3 2028
Equity IRR (pre-tax): 54%

* sqm without additional floor

Conversion and new-build extension in the very centre of Berlin

Uhlandstraße 181–183, between Kurfürstendamm and Kantstraße · Charlottenburg

Residential units: 1637,147 m² NLA
Retail: 21,911 m² NLA
Parking spaces: 160
Practical completion: Q3 2028

No planning risk. The asset carries an existing construction permit. Our new design has been agreed with the city planning office.
Debt from day one. Existing planning rights allow us to bring in debt at acquisition. Two term sheets from German banks (Berliner Volksbank, DKB); underwriting at 75% LTC, €47.7m.
Quick turnaround. The building has been stripped out internally and is vacant. Construction continues as soon as the transaction closes — expected Q4 2026.
Attractive returns. A vacant, partially stripped asset with planning rights in place compresses the hold period to under two years.

Equity IRR (pre-tax): 54.2%
Equity MOIC (pre-tax): 2.06x
Pre-tax profit: €18.9m
Profit on cost: 28.2%

Existing building, typical floor — stripped to the concrete frame · Post-tax: IRR 43.4% · MOIC 1.83x · profit €16.0m

Agenda

Acquisition approval · Uhlandstraße 181–183

01

Executive summary

Project, planning position, returns

02

Existing asset

History, vacancy, purchase price

03

Location

Charlottenburg · Ku’damm – Kantstraße

04

The product

Max Dudler design, façades, courtyard, typical floor

05

Financials

Cost-to-value bridge

06

Exit sensitivities

Yield and rent scenarios

07

Red flag report, risks & mitigants

Due diligence findings (CMS, structural, fire, MEP)

A

Appendix

Workstream status, construction budget, timeline, term sheet

Existing asset

A 1992 mixed-use building, vacant for years, acquired at a fraction of its last transaction price

The building was completed in 1992 as an office and retail block with a three-level underground garage. In 2018 it was acquired by Credit Suisse (now UBS) for approximately €110m.

The mixed-use asset has been vacant for the last years. Credit Suisse initially planned to develop the property themselves. With the sale of Credit Suisse to UBS, the owners decided to dispose of the asset — also given the high initial purchase price.

We acquire the asset for €28.5m, roughly a quarter of the 2018 price, with an existing construction permit and roughly half of the interior strip-out already completed.

Built: 1992 · 7 storeys + 3 basement levels
Last transaction: ~€110m · Credit Suisse, 2018
Purchase price: €28.5m · €1,320/m² GFA above ground
Acquisition costs all-in: €31.7m incl. RETT 6%, broker, notary, fees
Status: Vacant · interior strip-out ~50% complete · façade and roof in place
Site: 3,145 m² · Blockrand between Ku’damm and Kantstraße

Aerial view, existing building highlighted

Aerial view — Uhlandstraße 181–183 highlighted · Ku’damm to the south, Kantstraße / Zoo to the north

Interior strip-out, current state

Location

Charlottenburg · between Kurfürstendamm and Kantstraße · U Uhlandstraße

$Aerial view of City West with the site highlighted$

City West — Zoologischer Garten, Ku’damm and Kantstraße · site highlighted

Site U / S-Bahn Culture & retail Schools Supermarkets

Uhlandstraße 181–183 sits one block north of Kurfürstendamm and one block south of Kantstraße, in the retail and hotel core of City West. U Uhlandstraße (U1) is 250 m away, Zoologischer Garten with S-Bahn, regional and long-distance trains 700 m. KaDeWe, Savignyplatz and the Ku’damm boulevard are within a ten-minute walk.

The product

Designed by Max Dudler · plastered stone-grid façade to the street, planted brick courtyard

We have engaged the Swiss-German architect Max Dudler for design and permitting. We recently completed a comparable conversion project with the firm and were very satisfied with the result.

Max Dudler employs 120 architects and has close working relationships with the Berlin planning offices and the Senate. The firm was responsible for the redesign of the Bundesrat, the new Humboldt University library (Grimm-Zentrum) and the new Berlin Siemens headquarters.

The design keeps the 1992 concrete frame, replaces the envelope with a regular stone-grid façade, opens the courtyard into a planted garden and adds a slim seven-storey side wing in the rear. 163 apartments — predominantly studios and one-bedroom units — sit above two retail units on the ground floor.

Uhlandstraße — street perspective · Max Dudler, 07.09.2026

Planted inner courtyard

Street elevation

Typical floor

2nd floor · apartments around the courtyard, side wing to the rear · 1:333

Unit mix: 57 studios · 82 one-bed · 24 two–three-bed
Average unit: 43.8 m²
Residential NLA: 7,147 m²
Retail NLA: 1,911 m² · 2 units, ground floor
Parking: 160 spaces, levels –1 to –3
Bicycles: 188 spaces, ground floor
Balconies: Courtyard and garden side · roof terraces on the top floor
Floor heights: 3.20–4.16 m · existing frame

Plan: Max Dudler, Vorabzug 07.09.2026

Financials — from land to exit value

Standalone development appraisal, 9 September 2026 · €m · exit at practical completion, mid-2028

€28.5m

€2.3m

€0.9m

€27.2m

€4.7m

€3.4m

€67.0m

€18.9m

€1.3m

€87.2m

LandKG 100

RETT, notary, fees6% + 0.7% + 1.5%

Broker3.0%

Constructionnet of €2.5m grant

Soft costsfees, 10% contingency, DM

Financing4.0% all-in

GDCtotal

Profitpre-tax

Disposal1.5%

GDV4.0% NIY

Stabilised NOI: €3.49mp.a.
Exit yield / multiple: 4.0%22.9x net rent
Yield on cost: 5.5%excl. financing
Debt / equity: 75 / 25€47.7m / €15.9m

Rents: studios €35, one-bed €35, two–three-bed €32, retail €24 /m²/month; parking €80/space/month · vacancy 2%, opex 5% · 2% rent growth to exit · tax 15% · peak equity €17.9m

Exit sensitivities

Pre-tax · GDV in €m · profit in €m · equity IRR on actual quarterly cash flows · base case highlighted

Scenario	GDV	Profit	Profit on cost	Equity IRR	MOIC
Exit yield 3.75%
Rents -5%	88.3	20.0	29.9%	57.0%	2.12x
Rents +0%	93.0	24.6	36.7%	68.0%	2.38x
Rents +5%	97.6	29.2	43.6%	78.5%	2.63x
Exit yield 4.00%
Rents -5%	82.8	14.6	21.8%	43.2%	1.82x
Rents +0%	87.2	18.9	28.2%	54.2%	2.06x
Rents +5%	91.5	23.2	34.6%	64.6%	2.30x
Exit yield 4.25%
Rents -5%	77.9	9.8	14.6%	30.1%	1.55x
Rents +0%	82.0	13.8	20.7%	41.2%	1.77x
Rents +5%	86.1	17.9	26.7%	51.6%	2.00x
Exit yield 4.50%
Rents -5%	73.6	5.5	8.3%	17.7%	1.31x
Rents +0%	77.5	9.3	13.9%	28.9%	1.52x
Rents +5%	81.4	13.2	19.6%	39.4%	1.74x

Every 25 bp of exit yield moves profit by ~€5m; every 5% of rent by ~€4.3m. Break-even (zero profit) sits at ~5.2% NIY at base rents. GDC incl. financing held at €67.0m in all cases.

Red flag report, risks & mitigants

Extensive due diligence with four specialist advisers

Legal, tax, SPA: CMS — SPA negotiation, review of all contracts and easements, tax structuring, red flag report
Structure: Structural engineer — condition of the 1992 frame, load reserves, garage
Fire safety: Fire protection specialist — concept for residential use, existing encumbrances with the neighbouring hotel
Building services: Technical expert (MEP) — reuse of district heating, sprinkler, garage services

Item	Finding	Mitigant
Yellow items — to be inserted from red flag report
…	…	…
Green items — to be inserted from red flag report
…	…	…

Open: Red flag report to follow — table is a skeleton, ordered yellow to green as requested.

Appendix

A1 Status quo — workstreams · A2 Construction budget · A3 Project timeline · A4 Berliner Volksbank term sheet

Status quo — workstreams

Where the project stands ahead of signing

Planning rights

Current planning approved by the city planning office. Ongoing discussion to add an additional floor.

Playground & landscaping

Requirements have been simplified. No compensation payment required.

Easements & fire safety

Hotel Bristol plans to refurbish the hotel and is in the process of applying for a permit — giving us additional leverage to change the existing parking easement and fire safety concept.

Debt financing

Berliner Volksbank can provide €22m for acquisition and €47.7m in total debt (75% LTC). Flexible variable financing for 48 months, cancellable at any time. Our current underwriting assumes a €16m debt tranche for acquisition by February 2027.
→ Substantial IRR improvement

Work in progress

Construction budget, tendering documents and updated project timeline.

Total construction costs — reconciliation

All cost groups DIN 276 KG 200–700 plus contingency · net of VAT · Bestand €1,600/m² BGF, Seitenflügel €2,200/m² BGF, garage lump sum

€27.3mnet incl. 10% contingency · €1,265 / m² BGF · €167k / unit

€1.55m

€3.00m

€6.00m

€5.20m

€3.05m

€3.01m

€2.48m

025%50%75%€27.3m

Strip-out & demolition (VH rest. HH. Schadstoff)

KG 200

850

3.4%

Structure: HH Rohbau + Gründung. VH openings / Überzüge

KG 300

1.550

6.2%

Façade & windows (WDVS plaster. Kunststoff-Alu)

KG 300

3.000

12.1%

Roof. balconies. scaffolding & site setup

KG 300

1.400

5.6%

Interior fit-out (walls. doors. floors. ceilings. kitchens. stairs)

KG 300

6.000

24.2%

HVAC & plumbing (FW. FBH. sanitary. ventilation)

KG 400

3.000

12.1%

Electrical. lifts. PV. BMA. data

KG 400

2.200

8.9%

Underground garage refurbishment

KG 300/400

3.050

12.3%

Landscaping & courtyard

KG 500

440

1.8%

FF&E (studios)

KG 600

300

1.2%

Architect (Dudler. LPH 1–8)

KG 700

1.450

5.8%

Specialist planners (TWP. TGA. BSK. Bauphysik)

KG 700

1.050

4.2%

Site supervision. surveys. permits. insurance

KG 700

510

2.1%

Subtotal KG 200–700

24.800

100%

Contingency

10% on KG 200–700

2.480

10.0%

Total incl. contingency

27.280

Figures in € thousand. Planning & fees equal 14% of construction cost (KG 200–500 incl. garage). Basis: 11,889 m² existing BGF above ground, 1,251 m² new-build side wing, 6,842 m² garage; 163 residential units. Contingency 10% shown separately; model carries €2.77m gross at 15% effective VAT.

Office-to-Residential — Development Timeline 2026 – 2028

Revitalisation of existing building + rear-house new-build · GC tender open · Building permit Q4 2026

Transaction / Legal

Planning & Permitting

Tendering / Award

Demolition / Strip-out

Construction

Today

Berliner Volksbank — indicative term sheet

Construction interim financing · one of two term sheets received (DKB pending comparison)

Facility

Lender: Berliner Volksbank eG, Bundesallee 206, Berlin
Borrower: Cordia SPV
Purpose: Construction interim financing
Facility type: Revolving current-account facility (Kontokorrent)
Amount: €45,000,000
Term: 36 months, no fixed-rate period
Drawdown: Against invoices, up to 100% of verified construction progress
Commitment fee: 0.25% p.m. from month 6 after credit approval

Pricing — two options, indicative and non-binding

4.55% Option 1 · no upfront fee

Bank refinancing cost plus margin of 2.36% p.a. No arrangement fee.

4.06% Option 2 · with upfront fee

Bank refinancing cost plus margin of 1.85% p.a. One-off fee of €450,000 (1.0% of facility) payable at signing.

Security package

First-ranking land charge of €45,000,000, enforceable in rem and personally
Assignment of all rental and lease income
Assignment of rights under construction, service, architect and works contracts, including performance bonds
Corporate guarantee of €7,000,000 (selbstschuldnerische Bürgschaft)

Key conditions

LTV capped at 100% of the bank appraiser’s mortgage lending value
Sustainable net income must cover a notional annuity of 6.00% p.a. on total financing — tested once at application, explicitly not a covenant
Equity to be applied first, or deposited with the bank; equity already spent to be evidenced by invoices and payment proof
Cost evidence: signed construction contracts covering 50% and binding quotes covering 20% of budget
Tenant accounts to be held with Berliner Volksbank
Monthly construction progress reports; payment traffic via EBICS