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HEADQUARTERS OFFICE INVESTMENT FOR SALE

LET TO WOWCHER LIMITED (GUARANTEED BY DMG MEDIA LIMITED)

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INVESTMENT SUMMARY

� Excellent Northern City Fringe location in close proximity to Highbury & Islington Station and Highbury Fields Park.

� The property is well situated at the southern end of Swan Yard, a quiet mews adjacent to popular Upper Street which provides a diverse range of shops, restaurants, pubs and bars.

� Headquarters building construction in the early 2000s providing modern, air conditioned office accommodation.

� Approximately 10,428 sq ft of net internal office accommodation arranged over lower ground, ground and two upper floors.

� Let to Wowcher Limited on a new 10 year lease from 9th March 2015. Wowcher is the UK’s second largest online voucher website and has seen tenfold growth since its launch in 2011.

� The lease is guaranteed by Wowcher’s parent company DMG Media Limited, the consumer media arm of DMGT and one of the United Kingdom’s leading media companies. Benefits from a D & B rating of 5A1.

� The total current passing rent is £367,587 (£35.25 per sq ft) per annum exclusive.

� The building benefits from a mixed use planning consent for an additional third storey, highlighting future asset management possibilities.

� We are instructed to seek offers in excess of £6,000,000 exclusive and subject to contract for the Freehold interest. This reflects a gross yield of 6.13%, a net initial yield of 5.79% assuming purchaser’s costs of 5.8% and a low capital value of approximately £575 per sq. ft.

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LOCATIONThe property is located in the district of Islington which forms the central part of the London Borough of Islington, one of London’s oldest boroughs. It is a vibrant and affluent Central London location, approximately 2 miles from the City of London and the West End. It is well known as an established business, residential and leisure centre. The area is home to eclectic mix of high end fashion retailers, boutiques, bars and restaurants centred on Islington High Street, Upper Street and Essex Road.

The area also benefits from a lively theatre culture, several cinemas, numerous art galleries and music venues, such as the Union Chapel on Upper Street. It is still an area associated with the antiques trade which retains a strong presence in Camden Passage. The Business Design Centre is also located on Upper Street and hosts major events and trade shows throughout the year.

COMMUNICATIONS

RoadThe A1 is a key arterial route through the London Borough of Islington, travelling along Upper Street and down to Aldersgate in the City of London.

RailNumerous Underground, Overground and National Rail Stations serve the Borough. Highbury & Islington Station is a minute walk away, benefiting from Underground, Overground and National Rail connections. The Victoria Line provides direct access to King’s Cross and beyond to the central West End. The Overground service provides access to Stratford, Dalston and Shoreditch to the East, Hampstead and Richmond to the West. Direct access to the City and ‘Tech City’ is provided by regular First Capital Connect Services.

HIGHBURY & ISLINGTON STATION

Victoria Line – Journey times* � King’s Cross / St Pancras Station – 2

minutes (International Services via Eurostar)

� Oxford Circus Station – 7 minutes � Green Park Station – 9 minutes � Victoria Station – 11 minutes

* All journey times are approximate

SITUATION

The property is prominently situated at the southern end of Swan Yard, an attractive mews off Highbury Station Road and running parallel to the northern end of Upper Street in central Islington. Swan Yard comprises a mix of office and residential buildings in the main. Highbury Fields, Islington’s largest park, is located within a few minutes’ walk. It offers a range of sporting facilities and is surrounded by attractive Georgian and Victorian terraces.

Overground – Journey times* � Dalston Junction Station – 4 minutes � Shoreditch High Street Station – 11 minutes � Whitechapel High Street – 14 minutes (The new Crossrail Station

will be completed in 2018. Journey times to Canary Wharf will be reduced to 3 minutes, Heathrow will only be 39 minutes.

� Stratford Station – 15 minutes

National Rail Services – Journey time*

� Old Street Station – 5 minutes

� Moorgate Station – 7 minutes

Pentonville Road

City Road

Upp

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Str

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St Paul’s Road

Liverpool Road

Caledonia n Road

Gray’s Inn Road

New North Road

Old Street

Highbury &Islington

Essex Road

Old Street

Angel

CaledonianRoad

London St PancrasInternational

King’s Cross

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Highbury Fields

Essex Road Station

Upper StreetIslington Square

Highbury & IslingtonStation

Business DesignCentre

Angel Station /Angel Square

AngelCentral

DEVELOPMENTS & LOCAL AMENITIES Highbury & Islington Station A convenient minute walk from 12 – 27 Swan Yard. The station provides swift access to the City of London, the West End, King’s Cross/ St Pancras, Shoreditch and Stratford.

Angel Square128,700 sq ft office building situated above Angel Station, recently purchased by Derwent London PLC in Q4 2014 for approximately £75m.

Angel CentralFormally known as the N1 Centre, Angel Central is one of Islington’s pre- eminent shopping and entertainment destinations. It is home to over 20 retail and restaurant occupiers, including Gourmet Burger Kitchen, Wagamama, L’Occitane, GAP and MUJI. A large Vue Cinema and the O2 Academy Islington are also in occupation at Angel Central.

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Business Design CentreEurope’s first integrated trade, exhibition and conference centre incorporating 135,000 sq ft of permanent showroom and office accommodation. It hosts major events throughout the year and has approximately 100 resident companies in occupation.

Islington SquareA major regeneration and development of the former North London Mail Centre. The 500,000 sq. ft. mixed use scheme will include 170, 000 sq. ft. of retail and leisure space together with 356 residential units. The 4.5 acre site will also comprise offices, a cinema and health club. Completion is due in Q4 2016.

Upper StreetVibrant Upper Street runs between Angel Station on the Northern Line and Highbury & Islington Station on the Victoria Line. It is one of central London’s most popular shopping and leisure destinations providing an extensive variety of shops, boutiques, restaurants, bars and cafés.

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DESCRIPTION

12 – 27 Swan Yard provides approximately 969.11 sq m (10,428 sq ft) of purpose built office accommodation over lower ground to second floors. The property was built in 2002/2003 and was occupied by Circle Anglia Ltd for approximately 10 years until February 2015.

The property benefits from several attractive design features including a glass roof and a full height glazed atrium. There are two terraces at second floor level, with the larger terrace benefitting from views over Laycock Street Park.

Current specification and amenities:

� Passenger Lift � Air conditioning � Perimeter trunking � Metal tile suspended ceilings � Secure courtyard entrance � WCs on each floor � Large kitchen � Door entry control � 2 terraces at second floor level

Wowcher are undertaking a new fit out of the premises.

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ACCOMMODATION

The property has been measured in accordance with the RICS Code of Measuring Practice (6th Edition). The property provides the following approximate net internal floor areas:

Floor Size (sq ft) Size (sq m)

Second 1,740 161.72

First 2,991 277.93

Ground 2,862 265.95

Lower Ground 2,835 263.51

TOTAL 10,428 969.11

FLOOR PLANS:

Not to scale. For identification purposes only.

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PLANNING

Planning Permission for a third storey.

The property benefits from approved planning consent for the erection of a third storey to provide two residential units (2 x 2 bedroom flats), together with the internal reconfiguration of the existing office accommodation. This highlights the future asset management potential of the property.

Full information is available on request, can be downloaded from the Islington Council website (www.islington.gov.uk / planning reference P2012/0614/FUL) or the online data room.

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TENURE

The property is held Freehold.

The below indicates the extent of the property:

© Crown Copyright 2015. All right reserved. Promap licence number 100022432. Copping Joyce licence number 100004644. This plan is published for identification purposes only and is not to scale. It is believed to be correct but not guaranteed and does not form part of any contract.

TENANCY

The property is single let to Wowcher Limited, the UK’s second largest online voucher website, on the following terms:

� Lease: Full Repairing & Insuring held outside the security of tenure provisions of the Landlord and Tenant Act 1954.

� Term: 10 years from 9th March 2015 until 8th March 2025. � Rent: £367,587 per annum (£35.25 per sq. ft.) exclusive. � Rent Review: 9th March 2020. � Mutual Break Option: 9th March 2020 (subject to 6 months prior notice).

The Lease is guaranteed by DMG Media Limited (Company No. 5765286) for the entirety of the term. DMG Media Limited is one of the UK’s leading media companies and the consumer media company of DMGT, which has total revenues of £1,864m (FY 2014).

DMG Media Limited employs approximately 2,833 people. In addition to Wowcher brands include the Daily Mail, Mail on Sunday, MailOnline, Metro and a significant share of Zoopla Property Group*.

Recent Performance*:

2014 (£m) 2013 (£m)

Revenue 796 793

Operating Profit 95 80

Operating Margin 12% 10%

*Information provided by DMGT and DMG Media websites.

Fiscal Non- Consolidated GBPSep-13 (000’s)

Fiscal Non- Consolidated GBPSep-12 (000’s)

Profit / (Loss) Before Taxes 15,121 (157,967)

Tangible Net Worth 577,013 550,033

Net Current Assets (Liabilities) 11,430 (50)

Source: D & B (Dun & Bradstreet

DMG Media Limited has the highest D & B rating of 5A1 which represents the highest ranking of financial strength and a minimum risk of business failure.

VAT The property has been elected for VAT.

EPC The EPC rating is E with a score of 103.

PROPOSAL Offers are sought in excess of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT.

A purchase at this level reflects an attractive gross yield of 6.13%, a net initial yield of 5.79 % assuming purchaser’s costs of 5.8% and a low capital value of approximately £575 per sq. ft.

FURTHER INFORMATION:12-27swanyard.com

CONTACTS:

John Giblinjgiblin@coppingjoyce.co.uk

020 7749 1041

Nichola Pughenpughe@coppingjoyce.co.uk

020 7749 1041

Nicholas Silvernicholas@rib.co.uk

020 7927 0622

Misrepresentation Act 1967: Copping Joyce Surveyors Limited and Robert Irving Burns Limited for themselves, for any joint agents and for the vendors, lessors or assignors of this property whose agents they are given notice that: (i) The particulars are set out as a general guide only for the guidance of intending purchasers or lessees and do not constitute, nor constitute part of, an offer or contract (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them.(iii) No person in the employ of Copping Joyce Surveyors Limited, Robert Irving Burns Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property (iv) All rentals and prices are quoted exclusive of VAT(v) All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have however not been tested and therefore we give no warranty as to their condition or operation. Subject to Contract. March 2015

Background: Highbury Fields