16 June 2008 - MGPA, the private equity real estate investment advisory company, announces the final closing of MGPA Fund III with commitments of US$5.2 billion.

MGPA Fund III consists of two regionally based private equity real estate funds, MGPA Europe Fund III and MGPA Asia Fund III, with mandates to invest in Europe and Asia respectively. Combined, the Funds have received commitments of US$5.2 billion from over 65 investors, and include a substantial level of renewed commitments from existing investors, based throughout North America, Australia, Europe and the Middle East. MGPA has attracted a broad range of investors including corporate and public pension funds, insurance companies, foundations and endowments looking for exposure in the European and Asian real estate markets.

MGPA Chairman and CEO Jim Quille said, “We are extremely pleased with the strong demand and continued commitment from our investors, reflecting their confidence in MGPA’s expertise and our track record in delivering strong returns from our property funds”.

As a hands-on, value-add fund advisor, MGPA looks for inefficiencies and dislocations within the market where it can bring its asset and development management skills to bear. MGPA finds opportunities in all cycles of the market and the current uncertainty in the capital markets provides excellent opportunities for the Funds.

Jim Quille added, “We are currently witnessing less competition for deals, especially where high levels of leverage and financial engineering were driving certain buyers. Unless you can create real value through physically improving, developing or active asset management of real estate today, opportunities are less obvious and this plays to MGPA’s strengths.”

Europe

MGPA Europe Fund III has raised US$1.3 billion (EUR841.5 million), resulting in a potential buying power of US$5.2 billion (EUR3.4 billion). The Fund has already committed US$161 million (EUR103 million) to investments in the residential sector in Wrocław, Poland and a strategic development site in Athens, Greece. The Fund has a mandate to invest in the 27 states of the EU together with Switzerland and Norway.

Alex Jeffrey, CEO of MGPA Europe, said “In an environment of falling prices but with occupational markets remaining relatively robust, the investment landscape is particularly favourable for MGPA Europe Fund III. We will be focusing on opportunities arising from dislocation and distress in western Europe as well as continuing growth and convergence in central and eastern Europe”.

Asia

MGPA Asia Fund III has raised US$3.9 billion, resulting in a potential buying power of US$15.6 billion. The Fund has already committed equity of US$2.2 billion to investments in Singapore, Japan, China and Thailand in the office, retail, residential, hotel and logistics sectors. In addition, it has active opportunities under consideration in South Korea, Malaysia, Taiwan and Australia with a remit to invest across Asia.

Simon Treacy, CEO of MGPA Asia Investments, said “The Fund has made a strong start investing in its primary markets and is currently 56% committed and well positioned to take advantage of opportunities across the region”.

About MGPA

MGPA, which was formed in 2004 as a result of a joint venture with the Macquarie Group, has recently changed its name to MGPA from Macquarie Global Property Advisors. Since 2004, MGPA has been an independently managed business and the management and day-to-day control of MGPA continues to remain with the existing management. Rebranding the company to MGPA serves to reinforce the independence of the company and is a reflection of MGPA’s success within the markets in which it operates.

M3 Capital Partners Limited acted as placement agents for MGPA Fund III.