Project Grid

Summary of price expectations

Value considerations Considering where we are in the market cycle at present, we expect the prospective buyer universe to be relatively broad fronted by international core+ and value-add investors. Colliers’ sum-of-parts valuations assume that the interest of an aggressive core+ investor is captured. Furthermore, based on recent trading trends and ongoing sales processes, it is Colliers’ assessment that the outcome of Project Grid will depend on: • Investor perception of portfolio premium relative to individual purchase portfolio aggregation, considering easier and faster capital deployment, reduced use of internal resources and lower deal costs

• Selecting the right process design at the time when the Property is put on the market

• Creating the right sales story and targeting the right investors

• If market consensus is that interest rates have peaked.

As the market is currently characterised by low transaction activity and some degree of uncertainty, we have quoted a price interval denoting the value of the Portfolio in three scenarios, reflecting the slightly negative to the slightly positive scenario, based on an assumed Q4 2023 sales process with expected closing in Q1 2024.

Summary of gross asset value estimates

SLIGHTLY NEGATIVE

SLIGHTLY POSITIVE

BASE CASE

Colliers| Proposal for advisory services | 27

DKK 1,675m 6.84% NIY DKK 7,309/SQ M

DKK 1,851m 6.16% NIY DKK 8,078/SQ M

DKK 1,763m 6.47% NIY DKK 7,693/SQ M