CCBRE Limited, Real Estate BrokerageCBRE Limited, Real Estate Brokerage|

INVESTMENT COMMERCIAL REAL ESTATE MARKET OVERVIEW IN ONTARIO / GTA

Presented by:Cynthia M.S. Wong , Broker, Asian Business Development

Richard Vilner, Managing Director, Research, Central Canada

CBRE

-4.00%

-3.00%

-2.00%

-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

Forecast

CANADIAN ECONOMIC OUTLOOK

Quarterly Gross Domestic Product (Annualized Growth)

Source: Conference Board of Canada, January 2017

CLIENT NAME | PRESENTATION TITLECBRE

-10.0% -5.0% 0.0% 5.0% 10.0% 15.0%

AgricultureForestry, fishing, mining, quarrying, oil and gas

UtilitiesManufacturing

Information, culture and recreationGoods-producing sector

Other servicesPublic administration

TradeFinance, insurance, real estate and leasing

Total employed, all industriesServices-producing sector

Transportation and warehousingConstruction

Accommodation and food servicesEducational services

Business, building and other support servicesHealth care and social assistance

Professional, scientific and technical services

% Change Since Dec. 2015 % Change Since Dec. 2011

CANADIAN EMPLOYMENT GROWTH

% Change in National Employment

Source: Statistics Canada, January 2017

CLIENT NAME | PRESENTATION TITLECBRE

95

100

105

110

115

120

125

$0.50

$0.60

$0.70

$0.80

$0.90

$1.00

$1.10

Mar-1

0

Jun-

10

Sep-

10

Dec-1

0

Mar-1

1

Jun-

11

Sep-

11

Dec-1

1

Mar-1

2

Jun-

12

Sep-

12

Dec-1

2

Mar-1

3

Jun-

13

Sep-

13

Dec-1

3

Mar-1

4

Jun-

14

Sep-

14

Dec-1

4

Mar-1

5

Jun-

15

Sep-

15

Dec-1

5

Mar-1

6

Jun-

16

Sep-

16

Dec-1

6

C$/US$ ( L ) Accommodation and Food Services ( R )Professional, Scientific and Technical Services ( R ) Finance, insurance, real estate and leasing

CANADIAN EMPLOYMENT VS. CAD$

Source: Bank of Canada, Statistics Canada, 2017.

Sectors That Could Benefit From Falling CAD

OFFICE OUTLOOK

CANADIAN REAL ESTATE MARKET OVERVIEW | Q4 2016CBRE

THE CANADIAN OFFICE MARKET

MONTREAL73,443,564 SF13.8%$18.321.4%TORONTO (GTA)

LONDON

WATERLOO REGIONHALIFAX

WINNIPEG

OTTAWA

CALGARY

EDMONTON

VANCOUVER47,151,360 SF10.8%$25.731.8%

26,101,047 SF17.8%$22.33-2.4%

65,896,173 SF23.8%$19.903.8%

12,929,484 SF8.7%$17.340.9%

5,717,025 SF17.0%$15.35-4.1%

14,327,528 SF14.6%$14.27-2.0%

160,644,295 SF9.2%$20.14-0.1%

40,577,977 SF11.1%$18.381.4%

12,562,979 SF15.2%$19.050.6%

150,000,000 SF 30,000,000 SF

MARKET

National Q4 2016 Current Q-o-Q Y-o-Y

Vacancy Rate 13.3%

Net Absorption 780,303

Class A Net Rent $20.15 psf

Total Inventory 459,331,432

INVENTORYVACANCY RATECLASS A NET RENTEMPLOYMENT (YOY CHANGE)

Source: CBRE Research, Q4 2016.

CLIENT NAME | PRESENTATION TITLECBRE

-100

0

100

200

300

400

500

600

700

800

0%

5%

10%

15%

20%

25%

Vancouver Calgary Edmonton Winnipeg Waterloo Toronto Ottawa Montreal Halifax National

Overall Vacancy Rate Q4 2016 Vacancy Change YoY (bps)

Overall Vacancy Rate Vacancy Change YoY (bps)

CANADIAN OFFICE PERFORMANCE BY MARKET

All CDN office markets posting higher vacancies YoY

Source: CBRE Limited, January 2017

CLIENT NAME | PRESENTATION TITLECBRE

11.8%

5.9%6.0%

3.4%

0.0%

2.0% 1.7%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

0

1

2

3

4

5

6

7

Edmonton Halifax Calgary Toronto Ottawa Vancouver Montreal

Total U/C Construction as a % of Inventory (R)

CANADIAN DOWNTOWN OFFICE DEVELOPMENT PIPELINE

Source: CBRE Limited, January 2017

Construction as a % of Inventory

SF (millions) % of Inventory

9

1

4

5

3

12

10

7

6

98

13

15

16

14

17

19

18

20

21

* Weighted Average based on Availabilities

GTA TOTAL155.1 Million sq. ft.

LAKEONTARIO

2

11

TORONTO CENTRAL 85.6 M1. Downtown 2. Midtown

Vacancy 4.2%Net Rent $26.53Additional Rent $23.64Gross Rent $50.17

Vacancy 5.8Net Rent $19.74Additional Rent $19.39Gross Rent $39.13

TORONTO NORTH 12.4 M3. North York West 4. North Yonge Corridor 5. Vaughan

Vacancy 7.0%Net Rent $15.15Additional Rent $16.16Gross Rent $31.31

Vacancy 99.0%Net Rent $19.08Additional Rent $20.26Gross Rent $39.34

Vacancy 10.7%Net Rent $23.58Additional Rent $13.78Gross Rent $37.36

TORONTO EAST 25.6 M6. East York/Don Mills South 7. Don Mills North 8. Consumers Road 9. Scarborough

Vacancy 14.4%Net Rent $12.06Additional Rent $15.89Gross Rent $27.95

Vacancy 77.0Net Rent $11.56Additional Rent $14.53Gross Rent $26.09

Vacancy 18.0%Net Rent $13.00Additional Rent $16.95Gross Rent $29.95

Vacancy 9.1%Net Rent $12.42Additional Rent $16.14Gross Rent $28.56

10. Gordon Baker/Victoria Park 11. Markham South 12. Markham North/Richmond Hill

Vacancy 18.9%Net Rent $13.00Additional Rent $14.33Gross Rent $27.33

Vacancy 6.9%Net Rent $14.32Additional Rent $13.93Gross Rent $28.25

Vacancy 12.3%Net Rent $17.15Additional Rent $13.76Gross Rent $30.91

TORONTO WEST 35.0 M13. Airport Corporate Centre/Airport

14. 427 Corridor/Bloor/Islington

15. Hwy 10/401 16. Brampton 17. City Centre

Vacancy 18.5%Net Rent $14.22Additional Rent $13.00Gross Rent $27.22

Vacancy 20.9%Net Rent $13.48Additional Rent $15.80Gross Rent $29.28

Vacancy 15.2%Net Rent $14.30Additional Rent $12.05Gross Rent $26.35

Vacancy 22.7%Net Rent $15.61Additional Rent $12.11Gross Rent $27.72

Vacancy 14.5%Net Rent $17.13Additional Rent $16.69Gross Rent $33.82

18. Meadowvale 19. Mississauga South 20. Oakville 21. Burlington

Vacancy 22.2%Net Rent $18.86Additional Rent $12.04Gross Rent $30.90

Vacancy 2.2%Net Rent $13.00Additional Rent $12.83Gross Rent $20.16

Vacancy 25.6%Net Rent $18.89Additional Rent $10.78Gross Rent $29.67

Vacancy 21.5Net Rent $16.61Additional Rent $11.20Gross Rent $27.81

ASKING NET RENT*High Low $33.65per sq. ft.

Financial Core$11.41per sq. ft.

Don Mills North

VACANCY RATEHigh Low 29.4%Airport Strip

19%Downtown South

Vacancy Rate (%) Net Asking Rent (per sq. ft.)

9.2% $17.53

Central53%

East16%

West23%

North8%

Source: CBRE, January 2017

TORONTO OFFICE VACANCY RATES & ASKING RENTS|

Percentage of Inventory by Submarket

10

VANCOUVER OFFICE VACANCY & ASKING RENTS

1

2

4

5

3

7

6

GVA TOTAL

47.1Million sq. ft.

DOWNTOWN23.6 M1.Downtown

Vacancy 7.7%Absorption 236,728 sq.ft.Net Rent $27.27 /sq.ft.Additional Rent $19.48 /sq.ft.

BROADWAY CORRIDOR4.5 M2. Broadway Corridor

Vacancy 3.4%Absorption (13,980) sq.ft.Net Rent $24.74 /sq.ft.Additional Rent $14.43 /sq.ft.

VACANCY RATEHigh Low

20.5%Surrey

3.4%Broadway

50%

10%

19%8%

4%6%

3%

Downtown

Broadway

Burnaby

RichmondNorth Shore

Surrey

New Westminster

BURNABY9.0 M3. Burnaby

Vacancy 17.5%Absorption (17,656) sq.ft.Net Rent $23.24 /sq.ft.Additional Rent $15.07/sq.ft.

NEW WESTMINSTER1.5 M7. New Westminster

Vacancy 14.8%Absorption 116,176 sq.ft.Net Rent $22.84 /sq.ft.Additional Rent $13.78 /sq.ft.

RICHMOND4.0 M4. Richmond

Vacancy 15.0%Absorption 66,948 sq.ft.Net Rent $20.47 /sq.ft.Additional Rent $11.50 /sq.ft.

NORTH SHORE1.7 M5. North Shore

Vacancy 7.2%Absorption (579) sq.ft.Net Rent $20.00 /sq.ft.Additional Rent $13.65 /sq.ft.

SURREY2.9 M6. Surrey

Vacancy 20.5%Absorption 883 sq.ft.Net Rent $21.18 /sq.ft.Additional Rent $11.00 /sq.ft.

ABSORPTIONHigh Low

236,728 sq. ft.

Downtown

(17,656) sq. ft.

Burnaby

Vacancy Rate (%) Quarterly Absorption

10.8% 203,596 sq.ft.

|

New Westminster

Percentage of Inventory by Submarket

11

Toronto Downtown Office Recent Developments

COMPLETED (9.6 million sq. ft.)01 RBC CENTRE, 155 WELLINGTON ST W (1.2 million sq. ft.) (2009)

02 BAY ADELAIDE CENTRE W, 333 BAY ST (1.1 million sq. ft.) (2009)

03 TELUS TOWER, 25 YORK ST (780,000 sq. ft.) (2009)

04 MAPLE LEAF SQUARE, 15 YORK ST (223,020 sq. ft.)(2010)

05 CORUS QUAY, 25 DOCKSIDE RD (450,000 sq. ft.) (2010)

06 18 YORK ST (657,106 sq. ft.) (2011)

07 RICHMOND-ADELAIDE CENTRE, 111 RICHMOND ST W (214,455 sq. ft.) (2012)

08 333 KING ST E (100,000 sq. ft.) (2013)

09 MaRS PHASE II (740,000 sq. ft.) (2013)

10 RBC WATERPARK PLACE, 88 QUEENS QUAY W (933,020 sq. ft.) (2014)

11 BREMNER TOWER, 120 BREMNER BLVD (652,083 sq. ft.) (2014)

12 QRC WEST, 134 PETER ST (285,581 sq. ft.) (2015)

13 BAY ADELAIDE CENTRE EAST (1.0 million sq. ft.) (2016)

14 ONE YORK ST (794,358 sq. ft.) (2016)

15 GLOBE & MAIL CENTRE, 351 KING ST E (462,000 sq. ft.) (2016)

FUTURE DEVELOPMENTS (12.4 million sq. ft.)20 BROOKFIELD PLACE III (800,000 sq. ft.)

21 81 BAY ST (1.5 million sq. ft.)

22 141 BAY ST (1.5 million sq. ft.)

23 WATERFRONT INNOVATION CENTRE (400,000 sq. ft.)

24 30 BAY ST (900,000 – 1.1 million sq. ft.)

25 16 YORK ST (800,000 sq. ft.)

26 20 YORK ST (1.0 million sq. ft.)

27 160 FRONT ST W (1.3 million sq. ft.)

28 ATRIUM ON BAY (295,000 sq. ft.)

29 QRC WEST PHASE II (74,100 sq. ft.)

30 TORONTO STAR LANDS (1.0 million sq. ft.)

31 BAY ADELAIDE CENTRE NORTH (730,000 sq. ft.)

32 THE WELL (1.0 million sq. ft.)

33 99 ATLANTIC (160,000 sq. ft.)

34 19 DUNCAN (105,422 sq. ft.)

35 LCBO LANDS (700,000 sq. ft.)

36 25 LIBERTY (265,000 sq. ft.)

UNDER CONSTRUCTION (1.6 million sq. ft.)16 20 WELLINGTON ST E (43,500 sq. ft.) (2017)

17 EY TOWER, 100 ADELAIDE ST W (905,720 sq. ft.) (2017)

18 KING-PORTLAND CENTRE (253,865 sq. ft.) (2019)

19 DANIELS WATERFRONT (398,000 sq. ft.) (2017)

Source: CBRE Research, Q4 2016.

12

Vancouver Downtown Recent Office Developments

CLIENT NAME | PRESENTATION TITLECBRE

66.4%

9.0%

5.8%

5.5%

4.9%

3.8%2.6% 2.1%

Technology Government Financial Services-Banks Legal Engineering Business Services-Accounting Business Services Creative Industries

OVERALL DEMANDFOR OFFICE SPACE:

1,728,500 SQ. FT

VANCOUVER OFFICE TENANTS IN THE MARKET

Source: CBRE Limited, January 2017

Tech Tenants Driving Demand in Vancouver

CLIENT NAME | PRESENTATION TITLECBRE

$0.00

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Spread Central Suburban

TORONTO OFFICE DEMAND: URBAN VS. SUBURBAN

GTA Net Rents

Source: CBRE Limited, January 2017

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Q4 20

09

Q2 20

10

Q4 20

10

Q2 20

11

Q4 20

11

Q2 20

12

Q4 20

12

Q2 20

13

Q4 20

13

Q2 20

14

Q4 20

14

Q2 20

15

Q4 20

15

Q2 20

16

Q4 20

16

Vacancy Rate, Downtown Vacancy Rate, Suburban

GTA Vacancy Rate

Source: CBRE Limited, January 2017.

CLIENT NAME | PRESENTATION TITLECBRE

PROJECTS COMPARISON TABLE

Project names Tour Aimia Tour Deloitte L’Avenue Maison ManuvieSomner Building

Extension Ilôt BalmoralTour Quartier des

Spectacles

Developer

SIZE (SF) 240,000Office- 495,000Retail- 20,000

Office- 81,000Retail- 37,000

471,200 200,000 350,000Ph. 1- 355,000Ph. 2- 825,000

PRE LEASED 58% 70% 75% 58% 100% 29% N/A

COMPLETION Q3. 2014 Q2. 2015 Q1. 2017 Q3. 2017 2017 2017 N/A

CLASS A AAA A AAA A A A

TENANTS AIMIA, ShopifyRIO Tinto,Deloitte,

WeWork, Loblaws,Starbucks

Manulife, Standard Life

Visa DesjardinsNational Film

BoardPRE LEASING

(aiming for 50%)

Source: CBRE Limited, Q1 2017

COMPLETED UNDER CONSTRUCTION PRE LEASING

New Supply:3.3M SF

(2015-2020)Pre-Leased:

± 70%

16

INDUSTRIAL OUTLOOK

CLIENT NAME | PRESENTATION TITLECBRE

-8%

-4%

0%

4%

8%

12%

16%

-600

-400

-200

0

200

400

600

800

Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal Halifax National

Availability Change YoY (bps) Overall Availability Rate Q4 2016

CANADIAN INDUSTRIAL PERFORMANCE BY MARKET

Source: CBRE Limited, January 2017.

Availability Change (bps) Overall Availability (%)

Q4 2016 Availability Rates across Markets

CLIENT NAME | PRESENTATION TITLECBRE

AVERAGE INDUSTRIAL LAND PRICE, > 5 ACRES

Vancouver largest discrepancy between major Canadian Markets

Source: CBRE Research, Q1 2016

$1,500,000

$750,000$650,000

$500,000

$1,000,000

$650,000$550,000

$250,000

$0

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

$1,400,000

$1,600,000

Vancouver Calgary Toronto West Montreal

CLIENT NAME | PRESENTATION TITLECBRE

Source: CBRE Research, Q4 2016.

CANADIAN INDUSTRIAL PERFORMANCE BY MARKET

Q4 2016 Record Availability Rates across Markets

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

Vancouver Calgary Edmonton Winnipeg London Waterloo Toronto Ottawa Montreal Halifax National

5-Year High 5-Year Low Q4 2016 Availability Rate

CLIENT NAME | PRESENTATION TITLECBRE

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Vancouver Calgary Toronto Montreal National

CANADA INDUSTRIAL: RENTAL RATES|

Net Asking Rents – 5 Year Spread

Asking Rent ($/SF)

Source: CBRE Research, Q4 2016.

CLIENT NAME | PRESENTATION TITLECBRE

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Vancouver Calgary Toronto Montreal National

CANADIAN INDUSTRIAL RENTAL RATES YEAR-OVER-YEAR|

GTA Rental Rates Increasing More Rapidly Than Other Canadian Markets

Source: CBRE Limited, 2017

RETAIL OUTLOOK

CLIENT NAME | PRESENTATION TITLECBRE

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

-100

-50

0

50

100

150

200

250

Vancouver Calgary Edmonton Winnipeg Toronto Ottawa Montreal Halifax National

Vacancy Change Y-o-Y (bps) Overall Vacancy Rate H1 2016

Availability Change (bps) Vacancy Rate

CANADIAN RETAIL PERFORMANCE BY MARKET

Source: : Select retail REIT and REOC portfolios, CBRE Research, H1 2016. *Based on REIT and REOC owned retail properties

Retail Vacancy Change, 4Q 2016

25

FOREIGN RETAILERS ENTERING THE CANADIAN MARKET

Source: CBRE Limited

2016 + Future20152014

CLIENT NAME | PRESENTATION TITLECBRE

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

0

5

10

15

20

25

30

35

40

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Travelers from U.S. (L) Travelers from China (L)

Other Travelers (L) CAD:USD (R)

CROSS BOARDER TRAVEL INTO CANADA

Annual Travelers

Source: Conference Board of Canada, January 2017

0

50

100

150

200

250

300

350

400

450

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Travelers from U.S. Travelers from ChinaOther Travelers CAD:USD

Annual Travelers Indexed to 2005

Source: Conference Board of Canada, January 2017

# of Travelers (millions) $CAD # of Travelers (millions)

27

RETAIL TRANSACTION:

AGINCOURT MALL

MULTIFAMILY | SENIOR HOUSING | HOTEL |

CBRE

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

10-Y

r A

vg.

MULTIFAMILY IS THE MOST STABLE SECTOR IN CANADA

National Historic Multifamily Vacancy Rates

Source: Conference Board of Canada, January 2017

CLIENT NAME | PRESENTATION TITLECBRE

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Calgary Vancouver Toronto Montreal

Forecast

IMMIGRATION FUELS DEMAND

Canadian Immigration by CMA

Source: Conference Board of Canada, January 2017

31

UNDERSTANDING NEW HOME PRICING IN CANADA

Source: RealNet, June 2016.

32

CANADIAN SENIORS HOUSING OVERVIEW

Source: Statistics Canada, 2015.

33

Region Vancouver Toronto Atlantic Canada Canada

Period Nov 2015

Nov 2016

Nov2015

Nov 2016

Nov 2015

Nov 2016

Nov 2015

Nov 2016

Occupancy Rate (%) 68% 72% 70% 75% 55% 56% 58% 60%

ADR (CAD) $140 $148 $150 $160 $120 $121 $135 $138

RevPAR (CAD) $95 $107 $105 $120 $66 $68 $78 $83

Source: PKF Consulting Inc., A CBRE Company, November 2016

HOTEL FUNDAMENTALS

CAPITAL MARKETS OUTLOOK

CLIENT NAME | PRESENTATION TITLECBRE

CANADIAN INVESTMENT VOLUME

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

$35,000

$40,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD 2016

Office Industrial Retail Multifamily Land Hotel Projection

Canadian Investment Volume ($MM)- By Asset Class

Source: CBRE Limited, Q3 2016

CLIENT NAME | PRESENTATION TITLECBRE

CANADIAN INVESTMENT VOLUME

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 YTD 2016

Private Canadian Investor Foreign Investor Pension Fund/Advisor REIT/REOC Institutional Private Equity

Canadian Purchaser Profile >$10mm

Source: CBRE Limited, Q3 2016

CLIENT NAME | PRESENTATION TITLECBRE

REGIONAL BREAKDOWN OF FOREIGN INVESTORS

United States, 55.2%China & Hong

Kong, 24.3%

Europe, 10.1%

Other, 10.4%

2012 - 2015 ($14.2B)

China & Hong Kong, 72.1%

United States, 7.5%

Other, 3.9%Europe, 16.5%

YTD 2016 ($5.38 B)

Asian Investors Remain Largest Investors In Canadian Real Estate

Source: CBRE Limited, Q3 2016

CLIENT NAME | PRESENTATION TITLECBRE

OFFICE FOREIGN INVESTMENT IN 2016

Royal Centre

Purchaser Kuehne + Nagel KG

Country off Origin

Switzerland

Size 589,000

Cap Rate 3.2% (estimated)

Price $425,000,000

1200 Bay Street

Client ProWinko Nederland B.V.

Nature of instruction

Netherlands

Size 96,284

Cap Rate 3.2%

Price $86,750,000

Bentall Centre

Client AnBang Insurance

Country of Origin

China

Size 1,474,000

Cap Rate 4.0% (estimated)

Price $1.06b

Source: CBRE Limited, 2017

CLIENT NAME | PRESENTATION TITLECBRE

RECENT TRANSACTIONS IN THE GTA – ASIAN INVESTORS–

4155 Yonge Street*

Sale Price $8,800,000

Date of Sale July 27, 2016

Size 34,680 sq. ft. (as of sale)

Purchaser 2519371 Ontario Inc.

Cap Rate Development site

482-484 Queen Street West

Sale Price $5,150,000

Date of Sale October 27, 2015

Size 3,500 sq. ft.

Purchaser The Pearl Group

Cap Rate N/A

1042 Queen Street East

Sale Price $3,700,000

Date of Sale November 30, 2016

Size 6,563 sq. ft.

Purchaser Tidestones Inc.

Cap Rate User investor

Source: CBRE Limited, 2017 *rendering of proposed development :

CLIENT NAME | PRESENTATION TITLECBRE

HOTEL MARKET STRONG IN CANADA

Westin Prince HotelToronto, Ontario

Sale Price $70,000,000

Date of Sale August 28, 2015

Size 395 Rooms23 Storeys

Price Per Room

$177,215

Cap Rate 5.7%

Westin Bayshore HotelVancouver

Sale Price $288,000,000

Date of Sale November 3, 2015

Size 511 Rooms18 Storeys

Price Per Room

$565,000

Cap Rate N/A

The Edward Village HotelMarkham, Ontario

Sale Price $28,000,000

Date of Sale October 20, 2015

Size 204 Rooms16 Storeys

Price Per Room

$137,255

Cap Rate N/A

Source: CBRE Limited, 2017

CLIENT NAME | PRESENTATION TITLECBRE

FOREIGN DEVELOPERS ACTIVE IN TORONTO

King BlueToronto, Ontario

Developer Greenland Group

Date of Sale 2014

Sale $113,000,000

Fedex LandsToronto, Ontario

Developer Greenland Group

Date of Sale October 13, 2016

Sale $166,050,000

Source: CBRE Limited, 2017

CLIENT NAME | PRESENTATION TITLECBRE

STUDENT HOUSING IN WATERLOO REGION

District Condos Waterloo, Ontario

Price per Unit $270,000 - 340,000

Size 262 Units26 Storeys with 5,382 sq.ft. retail

Construction Preconstruction

Cap Rate N/A

311-321 Lester StreetWaterloo, Ontario

Sale Price $22,750,000

Size 105 Units4.5 Storeys

Construction Completed 2014

Cap Rate N/A

Source: CBRE Limited, 2017

43

Cynthia M.S. Wong Broker, Asian Business DevelopmentInvestment Properties416.815.2327cynthia.wong@cbre.com

Richard VilnerManaging Director, Research, Central Canada416.874.7274richard.vilner@cbre.com

www.cbre.ca/research

For more information, please contact |

43

Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE Limited clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE Limited.