GLOBAL PRINCIPAL INVESTMENT MAP

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Northstar

NorthStar Memorial Group was established in 2004 and is focused on the acquisition, ownership and operation of cemeteries and funeral homes in select markets within the U.S. The company typically targets “combination” facilities, characterized by a large cemetery with a funeral home either on-site or in close proximity. At the time of Evergreen’s initial commitment to NorthStar, we believed that cemeteries and funeral homes presented a contrarian investment opportunity, where cyclically low valuations reflected a relatively capital-starved environment in the sector. In addition, Evergreen was attracted to the lack of correlation to broader economic cycles and the high barriers to entry of this niche sector. Evergreen pursued a recapitalization of NorthStar in 2006 and has since participated in all of the company’s acquisition initiatives. www.nsmg.com

Goodstorage

GoodStorage was established in late 2013 and is focused on the conversion and ground-up development, ownership and operation of high-quality branded self-storage facilities in Brazil, with an initial geographic focus on São Paulo. Evergreen is also a substantial owner of The Lock Up’s self-storage portfolio in the U.S., of Pelican Self Storage in Scandinavia, and of Quraz in Japan. Leveraging its global self-storage experience, Evergreen established GoodStorage in partnership with Hemisfério Sul Investimentos, an experienced local partner, as a start-up entity to convert, develop and operate self-storage facilities in strategic urban infill locations. WWW.GOODSTORAGE.COM.BR

Raintree Partners

Raintree Partners was established in 2007 and is focused on value-add acquisitions, ground-up development or redevelopment, and ownership of multifamily properties in California. Evergreen targeted California multifamily as a geography and sector that exhibited the potential for outsized relative growth prospects over the long term. At the time of Evergreen’s commitment to Raintree, pricing for existing companies and portfolios was prohibitive, leading Evergreen to form the company as a start-up business alongside Raintree’s CEO, an industry veteran with over 30 years of sector experience on a local, regional and national level. Today, Raintree is recognized as a reputable owner and operator of high-quality multifamily properties throughout California. www.raintreepartners.com

Kitson Partners

Kitson & Partners was established in 1992 and specializes in master-planned community developments, including residential and commercial uses (typically retail) in Florida. Evergreen targeted Florida land development as a geography and sector that exhibits the potential for superior relative long-term growth prospects based upon key demographic metrics, which are expected to materially outpace U.S. averages over the next 20 years. Evergreen pursued a recapitalization of Kitson in 2006 and has since participated in all of the company’s development and acquisition initiatives. www.kitsonpartners.com

The Lock Up

The Lock Up was established in 1976 and is focused on the development, acquisition, ownership and operation of self-storage facilities in affluent, high-barrier and densely populated submarkets within the U.S. M3 has substantial global experience in the self-storage sector, having advised Security Capital Group on strategic corporate self-storage-linked investments in the 1990’s, as well as having raised capital and advised on mergers and acquisitions for numerous self-storage operators and developers in the U.S. and UK. Evergreen is also a substantial owner of Pelican Self Storage in Scandinavia, of Quraz in Japan, and of GoodStorage in Brazil. Leveraging its extensive self-storage experience, Evergreen pursued a recapitalization of substantially all of The Lock Up’s properties in 2005 and has since participated in all of the company’s development and acquisition initiatives. www.thelockup.com

Urbanest London

Urbanest London was founded in March 2009, when Evergreen broadened the mandate of existing platform Urbanest Australia. It is focused on the ground-up development, ownership and operation of quality branded student accommodation in the UK (specifically London). Urbanest provides a student-specific “direct-let” offering, with a particular focus on international students who typically seek high-quality but affordable accommodation. The expansion of Urbanest from Australia to the UK (specifically London) in 2009 was intended to take advantage of: (i) growing demand for high-quality student accommodation as increasing numbers of international students are attracted to London’s high-quality academic institutions; (ii) a retreat from the market by incumbent student accommodation developers; and (iii) a correction in UK real estate prices. Urbanest’s senior management has considerable experience and knowledge of the UK and London student accommodation markets, positioning it to access this opportunity. www.urbanest.co.uk/en

Centerscape

Centerscape was established in 2007 and is focused on the acquisition, development and ownership of high-quality food-anchored retail properties in Germany and CEE. Applying its research-driven approach to investing, Evergreen identified German food-anchored retail as an attractive macro-market opportunity. Given a lack of existing experienced and quality operators at the time, Evergreen backed a management team to create Centerscape as a start-up business and has worked closely with management to lay the foundations for successful platform growth. Today, Centerscape is an institutional-quality, food-anchored real estate company that is well recognized within its sector and market. www.centerscape.de

Extra

www.extraservices.co.uk Extra MSA is an owner, developer and operator of motorway service areas (“MSAs”), acquired out of administration by Evergreen from Lloyds Banking Group in October 2010. The acquisition of Extra MSA involved a complex public auction process, which Evergreen navigated in collaboration with the former senior management of Swayfields, Extra MSA’s predecessor company. In 2012, Extra completed its flagship MSA development in Cobham, on the M25 London orbital motorway, which was one of very few possible sites for new MSAs given strict spacing criteria in this sector. In March 2013, Extra purchased a national portfolio of nine MSAs operated by Welcome Break out of administration. This strategic acquisition doubled the number of MSA assets that Extra owns to 18, and reflects the platform’s ongoing commitment to invest in the UK’s motorway infrastructure.

Essential Living

www.essentialliving.uk.com Essential Living was established in 2012 and is focused on the development, operation and ownership of private rented residential properties in London, UK. Evergreen targeted this geography and sector having identified strong long-term rental growth prospects, resulting from demographic demand drivers and decreasing home ownership affordability, which is leading a structural shift towards renting in the London residential market. Essential Living was formed by Evergreen as a start-up company alongside the former management team of Essential Land, an established residential development company in the UK with expertise in land acquisition, planning and development. Today, Essential Living is well-positioned to access the London private rented sector, against a market backdrop of fragmented ownership and limited planning, development and operating capacity from competing institutional investors.

Pelican Self Storage

Pelican Self Storage was established in 2009 and is focused on the development, redevelopment, acquisition and operation of self-storage facilities in Scandinavia. Evergreen is also a substantial owner of The Lock Up’s self-storage portfolio in the U.S., of Quraz in Japan, and of GoodStorage in Brazil. Leveraging its self-storage experience, Evergreen established Pelican as a start-up entity to develop and operate self-storage facilities within the underserved Scandinavian market. Since inception, Pelican has established market presence and is a market leader in Helsinki and a market participant in Copenhagen and Stockholm. www.pelicanselfstorage.com

Urbanest Australia

Urbanest Australia was founded in January 2008 and is focused on the ground-up development, ownership and operation of quality branded student accommodation. M3 applied its experience in the student housing sector in the UK to identify on Evergreen’s behalf Australia’s nascent student accommodation market and backed a UK industry veteran to create and grow the Urbanest platform in Australia. Today, Urbanest has an international presence (expansion in 2009 to the UK market), and provides a student-specific “direct-let” offering, with a particular focus on international students who typically seek high-quality but affordable accommodation. www.urbanest.com.au/en

Quraz

As the largest owner and operator of self-storage facilities in Japan, Quraz has a c. 20% market share and was placed top in Oricon’s rental-storage customer satisfaction ranking for the last four years. Founded in 2001 and headquartered in Tokyo, since inception Quraz has assembled a portfolio of well-located self-storage facilities in urban sub-markets in Japan. Quraz self-storage facilities are characterized by their locations in dense residential sub-markets, physical en-bloc scale, and enhanced level of on-site amenities (concierge, marketing office, free parking and security), which differentiates the product in the marketplace. Evergreen is also a substantial owner of The Lock Up’s self-storage portfolio in the U.S., of Pelican Self Storage in Scandinavia, and of GoodStorage in Brazil. Leveraging its self-storage experience, Evergreen identified in Quraz the opportunity to acquire an established, market-leading operating platform in what Evergreen believes is the first large-scale institutional transaction involving self-storage properties in Japan, to capitalize on an emerging sector in a developed market. www.quraz.com/company/default_eng.aspx
SELF
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CEMETERIES /
FUNERAL
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SELF
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MULTIFAMILY

LAND
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ANCHORED
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VILA 11

VILA 11 was established in September 2017 and is focused on the ground-up development, ownership, and operation of multifamily properties in São Paulo. São Paulo is the main financial, corporate, and commercial center in South America with over 20 million people in the metro area. São Paulo is a city with infrastructure and transit complexities, driving people’s desire to live closer to their work. However, affordability is a challenge, resulting in more and more people considering renting as opposed to buying. VILA 11 will focus on locations in dynamic neighborhoods that are close to commercial districts, services and public transportation. VILA 11 is a start-up company led by a team of individuals that have spent their entire careers in the São Paulo residential market. Leveraging its local experience coupled with Evergreen's long-term investment program, VILA 11 aims to become a leading multifamily developer and owner in São Paulo. www.vila11.com.br