BREOF II

October 2011

First Avenue acted as lead placement agent and together with Park Madison Partners in NY raised its hard cap of $500m October 26th 2011 for VBI Real Estate's second Brazil Real Estate Opportunities Fund (BREOF II). The Fund was oversubscribed. Their success in fundraising, in this very uncertain global environment, can be ascribed to their deep, local market presence and proven track record, as well as the perception that Brazil has largely been spared the full impact of the global recession.

VBI Real Estate is a leading, independent Sao Paulo based real estate investment management firm owned by its senior management team. BREOF II continues and expands on the investment strategy of their first fund ("BREOF I"), which closed in 2009. First Avenue was lead placement agent for this fund too.

Like its predecessor, BREOF II will continue to focus on managing real estate development projects in the housing, retail and office sectors, in both the primary capital cities and in secondary metropolitan areas with populations greater than 250,000.

The investor base of BREOF II is comprised of BREOF I investors and a diverse group of US and European public and corporate pension funds, insurance companies, non-profit foundations and family offices sourced predominately from the U.S.