CITYVIEW BUILDING Asset Divestment Proposal Prepared by CBRE for AF Global
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Delivering Exceptional Outcomes
The Investor Universe
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Our Strategy for Success
Pricing Analysis + Indicative Pricing
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The CBRE Advantage
Transaction Management Process
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Experience That Counts
Understanding the Market
The CBRE advantage provides scale and reach. Our strong network across all regions provide access to global capital.
DELIVERING EXCEPTIONAL OUTCOMES On behalf of everyone at CBRE, thank you for the opportunity to present our divestment strategy for Cityview Building . At CBRE, we see opportunity where others do not. We believe our experience and our very successful track record of divestment across the region will put us ahead of the game. Scale is our advantage and our extensive network of capital sources will demonstrate our connections locally and regionally to key decision makers. In this proposal, we will demonstrate our understanding of this operating asset and the market and provide our scope of work. We will also display our knowledge of investment and occupational fundamentals to influence underwriting and drive pricing. Our bespoke and highly dedicated team includes local Capital Markets specialists who are committed to achieving the best outcome for AF Global.
We will do so by focusing on the following transaction objectives: • Achieve the highest possible value for the asset • Target the most credible active buyers with strong appetite The team will ensure your asset received the attention it deserves. Supported by our market leading sales experience, our proven track record and ability to match the strongest lines of capital, we are confident we will deliver a superior result for this asset and drive the transaction to a successful conclusion on your behalf.
Hang Phuong Dang Managing Director CBRE Vietnam
OUR STRATEGY FOR SUCCESS Our objective is to maximise price returns for AF Global by ensuring a swift and efficient transaction. We understand that AF Global would like to divest their 65% stake of JV for this operating asset. Hence, we recommend running a full marketing which we suggest a much more targeted process to selected active investors with a current appetite.
OUR STRATEGY IS CLEAR • Confidential / high level pre-marketing exercise to identify the most appropriate investors • Formation of a hand-picked and exclusive group of the most aggressive capital • Targeted and exclusive campaign to this select group of identified capital only • Approach on an individual basis with face to face meetings, and bespoke investment presentations tailored to each investor • Emphasize the quality of the product and influence underwriting of each investor with a well structure marketing story • Ensure full engagement from the most appropriate target investors and capture interest from a number of investors with a compelling asking price • Call for a structure first round on a specific date in order to create competitive tension • Maintain flexibility to invite a small number of top dibbers into a second-round bid with increased target pricing
TARGETED MARKETING PROCESS THAT RESONATES 1. Professional showcase of the asset Use our professional expertise to showcase the quality of the property and the asset with high quality marketing collateral underpinned by best in class data and research
2. Drive aggressive underwriting Provide investors with latest market research about the macro-economic situation and micro-real estate / hotel trends in order to support the most aggressive under-writing possible
3. Think creatively Analyse the property from a number of different angles in order to present value enhancement and increased returns for an incoming investor (e.g. expanding the hotel and increasing keys)
4. Use CBRE’s transaction management platform We will use CBRE’s newly developed transaction management software to easily and effectively manage the entire sales process, from launch emails to data room hosting. We will track engagement levels throughout the process to actively service the engaged investors to select the best possible buyer.
SHOWCASING THE ASSET One of the earliest serviced apartments in Ho Chi Minh City, Cityview Apartment has been operated in 1996. The property is located in the heart of the city – District 1. Sitting on the doorstep of the Central Business District, the property is favored by businesses and families as it offers the convenience of strategic location. Land area: 2,690 sqm + Main Building: 2,150 sqm
+ New Wing: 540 sqm GFA: 12,856 sqm Structure:
+ Building: 11 floors (not including basement) + Serviced Apartment: 66 units + Office: 3 floors Construction: + Main Building: Sep 1996 + New Wing: Nov 1997
CBRE Vietnam crowned RCA #1 broker in H1/2020, complementing our leading position globally and across Asia Pacific, which demonstrates our unrivalled market intelligence.
THE INVESTOR UNIVERSE We will utilise all our contacts on the ground and across the region to review a wide range of target investors. We will then identify the most active and appropriate buyers for this asset using the following criteria: •
Appetite for office & serviced apartment assets in Vietnam
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Execution capability & proven track record
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Compatible investment return requirements
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Capacity to pay a premium through marketing process
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Institutional structure and appropriate governance
The Investor Universe has been split into the following groups of capital: •
International Investment Managers
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Regional Fund / Investment Managers
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Domestic Groups
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Korean Capital Sources
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Japan Corporation
INTERNATIONAL INVESTMENT MANAGERS One of the most active investors across all sectors in Asia Pacific. Brookfield have recently been acquiring a number of hotel assets across the region. They have deep experience in managing operational assets and are attracted by opportunities of scale. Recent relevant acquisitions: • Leela Palace Hotel Portfolio, India: $550m – September 2019 • Waterstone Hotel, Mumbai: $110m – July 2019 • The Conrad Hotel, Seoul: $110m – December 2016 Very active investor in operational assets across Asia. Has a stated desire to increase assets under management in the region. Can invest using value-add investment strategy, separate accounts, or the newly launched Global Core+ vehicle.
Recent relevant acquisitions: • Red Planet Sapporo Hotel, Hokkaido: $32m – Jul 2019 • Bangkok Edition Boutique Hotel: $185m – Jan 2017
Have recently begun a hotel strategy in the Asia region with the acquisition of three hotels in three separate countries. Opportunity driven investors who will analyse each individual opportunity if it is in line with their underwriting targets. Would be particularly attracted by a value creation strategy. Recent relevant acquisitions: • 608 Xikang Road Hotel, Shanghai: $40m – June 2018 • Novotel Okinawa Hotel, Okinawa: $N/A – Jan 2018 • J Hill Hotel, Seoul: $90m – Jan 2018
One of the more active international investors in hotels in Asia through their Lodgis platform. Have previously invested in Vietnam with the acquisition of the Vincom portfolio for over 1 bn USD. Recent relevant transactions: • Puxi New Century Hotel, Shanghai - $95m • Graceland international Hotel, Shanghai - $88m • Vincom portfolio, Vietnam - 1.2bn
One of the large developers who has owned a diversified portfolio of real estate, particularly prime hospitality assets in Singapore and Australia. Recent relevant assets: • Capella Singapore • Conrad Centennial Singapore • Regent Singapore
One of Japanese contractors who engages in the design and construction of apartments, condominiums, rental office buildings, factories and warehouses. Daito is active on acquiring trophy asset in Southeast Asia and Vietnam is their key market. Recent relevant assets: • Hilton KL, Malaysia • Meridian KL, Malaysia
REGIONAL FUNDS Have significant appetite for large deals currently with large amount of dry powder to deploy in the region. Recently acquired the Grand Hyatt, Seoul and are therefore extremely familiar with this type of transaction. Recent relevant acquisitions: • Grand Hyatt Hotel, Seoul: $420m – Aug 2019 • S-Peria Hotel, Nagasaki: $N/A – November 2017
One of the largest regional asset managers. They currently have an active hotel requirement in the region as do not have any hotels under management. They have recently stated interest in entering the Vietnam market. A recognised hotel asset would fit their first acquisition in the country. Recent relevant acquisitions: • The Atrium Mall, Chengdu: $115m – Jun 2019
Have deep experience of hotel investment in Asia with most recent relevant experience in Thailand and the Maldives. Could invest in this asset via their Core+ fund or their opportunistic fund vehicles depending on underwriting. Have raised a significant amount of capital for deployment over the next 6 months. Recent relevant acquisitions: • Micasa Hotel Apartments, Yangon: $46m – Jul 2016 • Suntara Cono Hotel, Thailand: $25m – Jun 2016
CBRE Vietnam has offices in Ho Chi Minh City, Hanoi and Danang with more than 700 professionals who are focused on results and client satisfaction.
DOMESTIC GROUPS One of the most active local investors in Vietnam for hospitality sector with Hilton Hanoi as one of their key hospitality asset. BRG have recently acquired a number of hotel assets in coastal area. They have experience in managing operational assets and are attracted by opportunities of scale. Recent acquisitions: Sheraton Danang, Sheraton Nha Trang
One of the biggest hospitality developers in Vietnam, who prefers to work with well-known operators such as InterContinental, Hyatt. Major developments: Frasers Suites Hanoi, InterContinental Phu Quoc and Regent Phu Quoc (2020)
The second largest local developer in Vietnam, particularly the Southern region. They are known through high-end residential projects. Besides, they are actively expanding in hospitality sector by developing multiple projects across the country. Major developments: Anantara Mui Ne Resort, NovaBeach Cam Ranh Resort & Villas, NovaWorld Ho Tram, New World Hotel, Four Seasons (HCMC)
A well-known hospitality developer in the North of Vietnam. Major developments: FLC Do Son Beach & Golf Resort, FLC Quang Ngai Beach & Golf Resort, FLC Luxury Resort Vinh Phu, FLC Quy Nhon Resort & Golf
Big developer/investor in Vietnam who invested in many hospitality properties in the past. Recent relevant acquisitions: Furama Da Nang, Ana Mandara Nha Trang, L’Alyana Ninh Van Bay
The largest real estate developer across all sectors in Vietnam. They have been developing their hospitality’s brand – Vinpearl across the country. They have experience not only in developing, but also managing the hospitality assets. Major developments: Vinpearl Nha Trang, Vinpearl Phu Quoc, Vinpearl Danang
A major local real estate investor in Vietnam, particularly in Ho Chi Minh City. They are known to own and operate hotels, office, F&B outlets in prime location. Major developments: The Reverie Saigon, Windsor Plaza, Saigon Prince, Sherwood Suites, Sherwood Residence, Mandarin Oriental (coming soon)
KOREAN CAPITAL SOURCES
One of the leading South Korean financial groups. They are currently undergoing a very large increase to their overseas real estate allocation and have been investing globally across all sectors and the full risk return spectrum. Recent relevant acquisitions: • Hilton Hotel Vienna: $420m – July 2019 • Tmark Grand Hotel Seoul: $180m – August 2016
One of the most active Korean investors in core properties globally with a track record of large scale ticket sizes. Are currently interested in geographical & property diversification strategy across the region to increase returns. Recent Relevant Acquisitions: • Hilton Hotel Vienna: $420m – July 2019 • Shinagawa Seaside TS Tower, Tokyo: July 2018
Can deploy capita through their AMC or Securities company acting on behalf of a large number of Korean institutional clients. Under pressure to source new opportunities in Asia as there is a lack of available investment product in the Korean market. Recent Relevant Acquisitions • Lotte Hotel, Guam: $65m – Jan 2019 • Hotel Sirius, Jeju, Korea: $52m- May 2019 Note: the CBRE cross-border group work together on a daily basis to achieve the best outcomes in our transactions. Our Korean outbound specialists would be involved throughout the process to ensure transaction efficiency.
JAPANESE CORPORATIONS
Engages in the real estate business. It operates through the following segments: Residential Development, Leasing, Investment Management, Property Brokerage and Corporate Real Estate (CRE), Property and Facility Management, and Other. Recent relevant acquisitions: • Sun Wah Tower: June 2018 • Zen Plaza: August 2019
In Asia, Mitsubishi Group established the subsidiary Mitsubishi Estate Asia Pte. Ltd. in Singapore in 2008. Since participating in a condominium development project in Vietnam in 2010, the Group has joined projects involving condominium and office development in Singapore. Moreover, the Group has decided to participate in a number of projects in China, mainly related to residence and retail property development in such cities as Shanghai, Suzhou and Chengdu.
A leading highly diversified global investment manager with approximately $40.9 billion of assets under management as of June 30, 2019. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. Recent relevant acquisitions: • Unizo Hotel Chain (in Japan): $1.3bil – October 2019 (offering)
PRICING ANALYSIS COMPARABLE TRANSACTIONS SECTOR
PROJECT
TRANSACTION DATE
DISTRICT
TRANSACTION VALUE (USD)
Nonhotel
Somerset Central TD Hai Phong City
Oct 2019
Haiphong
12,600,706
Capri by Fraser Ho Chi Minh
Dec 2017
HCMC
20,500,000
Sedona Suites Hanoi
April 2016
Hanoi
31,528,177
Riverside Serviced Apartments
June 2015
HCMC
20,098,150
Zen Plaza
Aug 2019
HCMC
30,000,000
Saigon Centre (Office)
Dec 2017
HCMC
48,396,347
Riverbank
Dec 2016
HCMC
9,683,628
Kumbo Asian Plaza (Office)
Dec 2016
HCMC
84,851,814
A&B Tower
Dec 2015
HCMC
67,000,000
Office
INDICATIVE PRICING We have underwritten this asset to produce a best case opinion of value for the project, based on the limited information currently provided. Having analysed the comparable set as well as the actual market of this destination, we believe the asset should be priced within the 10-11% NiY range. Upon successful appointment, we will produce a detailed cash flow analysis with full underwriting input and assumptions in order to advise incoming potential investors on their business plan and future returns.
KEY PRICING PARAMETERS Indicative Asking price* US$10.9 – 12.1 million Yield 10% to 11% EBITDA Margin 70% to 71% Total Revenue (2020) US$1.3 million Total Profit (2020) US$1.1 million Average Occupancy 85% * This indicative price is for entire building
THE CBRE ADVANTAGE A bespoke specialist team has been put together exclusively for this transaction to provide a comprehensive service that will deliver results and meet client objectives. The investment team brings extremely detailed knowledge of both the asset and the most active domestic sources of capital to the core transaction team.
Hang Dang Managing Director
Hien Mai Associate Director - Investments
Nhi Lam Senior Analyst - Investments
Duy Nguyen Director - Investments
An Nguyen Director – Research/Consulting
Tu Vuong Assistant Manager- Investments
INVESTMENT PROPERTIES
ACCESS TO GLOBAL CAPITAL SOURCES New Capital In order to compliment our targeted approach to pre-qualifies capital sources, the core transaction team will liaise with our global colleagues to ensure we consider every source of potential new capital to this transaction. This operating asset, combined with a strong operating history and solid long-term fundamentals is attractive at both an emotional and a financial level. It is therefore essential to cover new first-time wealth and established institutional capital.
We have the scale and reach to deliver success We make our networks work for you from start to finish with the resources and relationships in place to ensure your asset gets the attention it deserves. Our long-standing relationships around the globe means our colleagues can market your asset directly to investors at decisionmaking level.
We offer bespoke client solutions Whilst global coverage is key, it is the way we engage that sets our investor services apart. We take time to understand your asset and provide a solution that drives value and meets your business objectives.
We provide global knowledge and local expertise CBRE Hotels has a key contact in every market that is connecting to investors at all times. When an opportunity arises, we already have qualified potential leads. Our global team of brokers are always building upon their relationships with hotel owners and operators to keep ahead of market trends and demands. It is this connectivity that delivers successful results.
Hotel and Resort specialty knowledge With a dedicated Hotels team of 370 hospitality professionals globally, we have various resort specialists who have worked on a number of high-profile resort transactions such as Sugar Beach St Lucia Resort and Melia Resort.
We are the #1 brokerage firm globally CBRE has been crowned the top broker in Asia and Asia Pacific in 2018 with #1 positions across key markets – Singapore, Japan, Vietnam. This complements our global #1 position for the 8 th consecutive year.
EXPERIENCE THAT COUNTS Proven delivery of successful transactions in Vietnam UNILEVER FACTORY
ZEN PLAZA
Sale & Lease Back
Office Project
INDOCHINA PLAZA HANOI COMPLEX
TD PLAZA HAIPHONG
Shopping Centre & Office component
Grade A mix-used retail & residential development
DEVELOPMENT SITE IN DISTRICT 9
HYATT REGENCY
High rise development
4 hotels with sea views | 27 villas
SIX SENSES PRIVATE RESIDENCES CON DAO 50 private pool villas with uncompromised luxury
NAM HAI 60 one-bedroom hotel villas and 40 one-to-give bedroom pool villas
ZEN PLAZA South Vietnam - 2019 Buyer: Nomura Office Building Acquisition
The Challenge •
CBRE was appointed to look for Grade A or B office building in HCMC. Challenges include finding office buildings with strategic location and high-quality construction in order to generate stable income throughout investment period.
The CBRE Solution •
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A comprehensive site survey was conducted by CBRE with priority on areas satisfying Nomura’s requirements, resulting in many valuable options in the CBD of HCMC. CBRE Vietnam presented Nomura with available options, following by detailed quantitative and qualitative analysis on introduced properties with comprehensive recommendation. Applying negotiation strategy benchmarking against market, CBRE successfully closed deal for Nomura to acquire Zen Plaza at Nguyen Trai, District 1, Ho Chi Minh CIty.
INDOCHINA PLAZA HANOI North Vietnam - 2015 Buyer: GAW Capital Seller: Indochina Capital Office Building Acquisition
The Challenge •
CBRE was appointed to look for Grade A or B office building in Hanoi. Challenges include finding office buildings with strategic location and high-quality construction in order to generate stable income throughout investment period.
The CBRE Solution •
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A comprehensive site survey was conducted by CBRE with priority on areas satisfying GAW Capital’s requirements, resulting in many valuable options in the CBD and Cau Giay District. CBRE Vietnam presented GAW Capital with available options, following by detailed quantitative and qualitative analysis on introduced properties with comprehensive recommendation. Applying negotiation strategy benchmarking against market, CBRE successfully closed deal for GAW Capital to acquire Indochina Plaza Hanoi (IPH) at Xuan Thuy, Cau Giay District, Hanoi.
CBRE is the world’s largest real estate firm with over 450 offices in more than 100 countries. Our coverage is second to none.
TRANSACTION MANAGEMENT PROCESS Our goal during the marketing process is simple: provide a seamless sales process that maximises pricing.
In today’s fast-paced, global marketplace, transactions are done in the blink of an eye. Identifying the right investor, for the right property, at the right time is an art form. CBRE has brought order to the chaos with CBRE Deal Flow. CBRE Deal Flow is a digital marketing hub that streamlines the entire transaction process by providing property marketing capabilities, full-coverage tracking, a secure virtual deal room and reporting that provides a clear view of how prospective buyers interact with each listing. Each project can be designed individually, hosted confidentially and sent to selected clients only with full engagement tracking capabilities. The platform incorporates and hosts in one place:
Marketing Collateral
Marketing Process
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Teaser Investment Memo Investment Website Confidentiality Agreement
Investor List Launch Emails Investor Analytics External Client Reporting Internal Monitoring
CBRE has always taken pride in its ability to create a strong and effective link between advisors and the investors. Through a range of complex transactions, our deal team has exhibited its ability to be able to execute the most demanding deals together with all relevant advisors as an integral functioning deal team. We are confident the disposition of the Cityview Building will be managed effectively and productively by our deal team, together with your trusted legal, tax and technical advisors.
PROJECT TIMELINE Upon successful appointment in February 2021, we will work on a 6-month project period to ensure a successful deal close by August 2021. The timeline below shows our transaction management process and approximate duration per stage.
FEBRUARY 2021
1
CBRE appointed
4 WEEKS
2
Research & Analysis • •
4 WEEKS
3
Content Preparation •
12 WEEKS
4
5
SEPTEMBER 2021
6
Active conversations with potential investors Collaborate with regional team to connect with international buyers
Exclusivity Period • •
8 WEEKS
Prepare marketing collateral
Property Marketing • •
12 WEEKS
Research and collation of information Pricing analysis
NDA signed Prospective buyers to access asset information via Deal Flow
Closing / Legal Completion • • •
Commercial terms Risk management Close the deal
FEE STRUCTURE We would like to align our fee to your strategic objectives. We therefore propose a fee structure in order to ensure that our interests are fully aligned with AF Global and we achieve the best possible outcome. Our fee provides a full service to you with dedicated resourcing from our core sales team at al times, as well as the support of the entire CBRE team including experts in research, leasing, valuation, operational assets and more.
Brokerage fee
The fee will be only paid by in case AF Global successfully dispose the property to buyer/investor
3.5% of Selling/ Transfer Price
*Fees are exclusive of VAT at the prevailing rate at the time of payment, currently 10%
The above-mentioned remuneration is based on an asset deal. Out of pocket expenses such as legal, tax and accounting fees, as well as costs related to due diligence and third party advisors shall be paid by AF Global. CBRE will not accrue any expenses without prior consent from AF Global. Abortive Fee In respect of the time commitments necessary to complete the project, an abortive fee is payable should the vendor decide to cancel the sales process once it has begun. ▪ Should the vendor cancel the sale upon completion of all works identified as currently being in month 1, an abortive fee of US$25,000 + VAT is payable. ▪ Should the vendor cancel the sale process once the marketing campaign is active an abortive fee of US$35,000 + VAT will be payable. ▪ Should the vendor cancel the sale once verbally agreeing on transaction value, then an abortive fee of US$45,000 + VAT is payable, but deductible against any forthcoming commission fee.
UNDERSTANDING THE MARKET HCMC Office Market Update 2020 • HCMC office market continued to go through a stagnation period in terms of performance due to COVID-19, which strongly affected many enterprises. In 2020, the market witnessed negative net absorption of 20,544 sqm NLA for both grades. 27% of major transactions collected and closed by CBRE were for contraction purpose, an increase of 12 ppts compared to 2018. • Despite of the severity of COVID-19, HCMC office market still received three new office buildings in the reviewed year, with Friendship Tower (Grade B) in Q1, UOA Tower (Decentralised Grade A) and Opal Tower (Grade B) in Q4, adding 65,372 sqm NLA to the current supply. The amount of new supply launched in 2020 is down by 31% compared to the average number of the past three years. As of Q4 2020, HCMC office supply reached 1,422,486 sqm NLA from 18 Grade A buildings and 68 Grade B buildings. 20%
Asking Rent (US$/sqm/month)
$40
15%
$30 10% $20 5%
$10 $0
2018 Grade A Asking Rent Grade A Vacancy Rate
2019
2020
0%
Grade B Asking Rent Grade B Vacancy Rate
Vacancy Rate (%)
$50
• Despite of the severity of COVID-19, HCMC office market still received three new office buildings in the reviewed year, with Friendship Tower (Grade B) in Q1, UOA Tower (Decentralised Grade A) and Opal Tower (Grade B) in Q4, adding 65,372 sqm NLA to the current supply. The amount of new supply launched in 2020 is down by 31% compared to the average number of the past three years. As of Q4 2020, HCMC office supply reached 1,422,486 sqm NLA from 18 Grade A buildings and 68 Grade B buildings. • In 2020, Grade A vacancy was recorded at 18.1%, up 9.0 ppts y-o-y due to new supply launched to the market as well as many tenants in the reviewed year have contracted spaces either to exit the market or to relocate to cheaper options. Grade B vacancy also increased to 9.1%, up by 4.1 ppts y-oy due to the introduction of Friendship Tower and Opal Office Tower. Additionally, some Grade B buildings in District 1 were recorded vacancy increase as some tenants scaled down spaces as well due to its currently high rental rate.
• In the reviewed year, Grade A rent decreased by 5.3% y-o-y due the impact of UOA Tower, a new Decentralised Grade A building that offered an asking rent of US$23 psm pm, which is equal to half of the average asking rent of Grade A segment in the market. Landlords at some buildings also proactively adjusted asking rent downward to attract new tenants to back-up contracted spaces of old tenants. Some landlords maintained high asking rent but were more flexible in achieved rent, which allowing up to 20%-25% discount from the asking rent on top of flexible payment terms.
• COVID-19 has changed the structure of office demand. If in the previous two years of 2018 and 2019, Flexible Workspace was conquering the market, being the top demand driver; in 2020, however, the sector was totally quiet with very limited transactions. Replacing Flexible Workspace; Retail/Trade/Ecommerce, Information Technology and Manufacturing were the top three sectors the drove the market in the reviewed year with 53% out of the total major transactions closed and collected by CBRE Vietnam in 2020. Due to COVID-19, technology and online shopping utilisation have increased significantly, which led to the expansion of E-commerce companies in the reviewed year. • The pandemic also changed the real estate strategy of occupiers. Previously, employees were heavily relying on being in the office, however, they are now more flexible to work at different spaces. According to a survey conducted by PwC, organizations tend to restructure workplace model to a hybrid, which comprises of remote and office-based work, apart from reduce density in workplace. By this way, occupiers can save more rental cost on office leasing while still maintaining good business performance and healthy workplace for employees. • In 2021F and 2022F, the market is expected to have more than 150,000 sqm NLA from six new buildings of Pearl 5 Tower, Cobi Tower, The Graces, Saigon First House, Spirit of Saigon, and Etown 6. The pandemic is expected to be mitigated with the newly released vaccine and the market will start to recover in the next two years. Hence, although having more new supply, market performance is still projected to be positive. Rental rate of both grades will stay relatively stable with vacancy rates to gradually drop by years. Particularly, Grade A vacancy is forecasted to be 16% and 13% in 2021F and 2022F. Grade B vacancy is going to be 12% and 7% in the same projected years.
THANK YOU Asset Divestment Proposal Prepared by CBRE for AF Global