Joint Venture Structuring

A sample of some of the equity partnership transactions that Mornington has structured and/or participated in are summarized below.

Sample Transactions

Czech, Slovakia - Retail & Residential Development

Barrington Hotels

Mornington structured several JV partnerships for Discovery Group, including with Deutsche Bank (now RREEF) and Grainger Trust, for the development of both retail and residential projects. The investment partnerships have a development value of circa €250 million.

Bulgaria - Residential Land Development

Capfield - Estonia

Mornington structured a JV between RREEF and leading Bulgarian developer Winslow, to acquire and develop residential land in Sofia. To date, the joint venture has committed over €35million of equity.

Asia - Luxury Resort JV

Groupe Olympe

Mornington established a US$50m JV for Six Senses Resorts, an Asian luxury hotel company that had, at the time, one successful resort in the Maldives, with Deutsche Bank Private Equity (now RREEF). The objective of the JV was to help expand the company into a world leading luxury hotel group. Six Senses now exceeds 20 resorts and spas open or under development.

Germany - German Hotel Investment Partnerships

Groupe Olympe

Mornington identified, negotiated and concluded two JV equity partnerships for the acquisition of German mid-level hotels. These partnerships were between local hotel operating partners and major global real estate investment partners (Lone Star with RIMC; Blackstone with Event Hotel Group) for in excess of €200million in aggregate.