PRESS RELEASE

Europa Capital and REAM Capital acquire Flexspace from Safeland

Europa Capital LLP is pleased to announce that Europa Fund III has entered into a joint venture with REAM Capital Partners and completed the £26 million purchase of a portfolio of flexible workspace assets from Safeland.

The Flexspace portfolio comprises eleven assets providing 69,500 sq m (748,000 sq ft) of industrial/warehouse and office accommodation located across England. There are over 350 tenants in the portfolio representing small and medium enterprises typically occupying on flexible short term contracts.

The portfolio will be asset managed by REAM Capital Partners.

Rob Sim, Partner and Head of Northern Europe, Europa Capital, said:

"We have been working with REAM to secure investment opportunities from banks reducing their real estate exposure, and are delighted to enter into this high yielding management intensive opportunity, with the potential to grow the joint venture with further investments."

Mike Birch, Managing Partner of REAM Capital, said:

"We are very pleased to have concluded our first joint venture with Europa, which is part of a banking initiative that began almost three years ago. The transaction, which includes the transfer of 16 staff, forms a platform for growth for the REAM business".

For further information, please contact:

Rob Sim, Europa Capital Partners

+44 20 7881 6800

Mike Birch, REAM Capital Partners

+44 20 7182 2863

Gordon Simpson / Arif Shah, Finsbury PR

+44 20 7251 3801