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INTERNATIONAL DEVELOPMENT MANAGEMENT

Austin, Texas | United States of America
Dubai International Financial Center | United Arab Emirates

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Private Equity

Overview

Operating as a licensed and regulated investment manager, IDM (MENA) utilizes the highest quality legal, accounting, reporting, custodial, administrative and compliance systems, and employs the most experienced officers and staff. Investment management and advisory services are provided to internally sponsored closed-end off-shore tax-advantaged limited partnerships (funds), direct institutional clients, and qualified individual investors. The firm originates and manages investments in both privately held and publicly traded property equities, as well as in debt collateralized by real property including whole loans, securitized and syndicated loans and related derivatives. The firm provides analytical research, credit underwriting, risk analysis and active management of financial assets.

The principals and group affiliates of IDM (MENA) have originated, structured and financed large-scale investments worldwide and possess the expertise to underwrite equity and debt positions related to the financing, acquisition, development, repositioning or completion of a wide variety of property types, including, but not limited to, office, residential, hotel, retail, entertainment and mixed-use projects. Services provided by affiliates include development oversight, design supervision, project and construction management, industrial labor management, marketing, sales, leasing, asset and property management. This depth of capacity gives IDM (MENA) a unique ability to control the implementation of on-site high-value-added services which improve and enhance underlying asset values.

A sample of institutions with which IDM affiliates have originated, ventured and/or financed real property related investments include the World Bank's International Finance Corporation (IFC), the European Bank for Reconstruction & Development (EBRD), the US Overseas Private Investment Corporation (OPIC), Northwestern Mutual Life, the ATT Master Pension Trust, AEW Capital Management, York Capital Management, Starwood Capital, Credit Suisse, Raiffeisen Bank, Creditanstalt Bank and Bank of America, to name only a few. Recent transaction advisors and placement agents have included Goldman Sachs & Co., Morgan Stanley, Eastdil Secured and Jefferies.

Corporate

IDM (MENA) maintains principal offices in the United Arab Emirates. The UAE office is located in the Dubai International Financial Center (DIFC). The firm is licensed and supervised by the Dubai Financial Services Authority (DFSA) as a Category 3 Licensee. This allows the firm to operate in a globally benchmarked legal and regulatory framework. IDM (MENA) is an affiliate of International Development Management (IDM) which is based in Austin, Texas in the United States of America. Regional offices are established worldwide on an investment-specific basis.

Services

Overview

The Gulf Cooperation Council (GCC) consists of Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, Kuwait and Oman. It is home to one of the world's largest international investor bases. IDM (MENA) offers closed-end, off-shore, tax-advantaged investment funds which provide a conduit through which institutions and qualified individuals may participate in opportunistic real property investments which are managed by a licensed and regulated investment advisor based within the GCC. Services provided by IDM (MENA) include analytical research, acquisition, underwriting, risk analysis and mitigation, active management for yield maximization and timed disposition.

Equity Investments

IDM (MENA) sources, underwrites, acquires, repositions and disposes of real property equity assets on behalf of its funds, institutions, qualified individuals and principals. These assets may take the form of direct purchases of individual properties, entire property portfolios, and privately-held and/or publicly-traded equity securities which represent an ownership interest in real property assets. The firm seeks to maximize the value of the assets over time, and dispose of them with the objective of generating the highest risk-adjusted financial return. The assets, whether held directly or indirectly, in whole or in part, can represent real property at any stage in design, development, construction, monetization or operation. Decision-making and timing for both acquisition and disposition of equity investments is highly structured and predicated on the nature of the asset, the evolving trends in the asset’s specific market, and prevailing conditions in the global economic environment.

Debt Investments

IDM (MENA) sources, underwrites, acquires, restructures and disposes of privately-held and/or publicly-traded debt securities which are, directly or indirectly, collateralized by real property, on behalf of its funds, institutions, qualified individuals and principals. Investments may be made directly, or through licensed affiliates where appropriate, either independently or in partnership with other private capital and/or government agencies. These assets may take the form of whole loans, loan portfolios or asset backed securities. Debt assets may be purchased for resale in the secondary market or held to maturity. The firm seeks to maximize the value of the assets over time, and dispose of them with the objective of generating the highest financial return. Decision making and timing for both acquisition and disposition of debt investments is highly structured and predicated on the nature of the debt, the evolving prospects and credit quality of the borrower, trends in the secondary market, changes in regulatory and accounting rules, and prevailing conditions in the global economic environment, all of which may affect spreads, implied yields and valuation. IDM (MENA)’s funds are not lenders or primary issuers of debt. The firm seeks to take advantage of original issuer mispricing of risk by acquiring paper in the secondary markets on a highly opportunistic basis.

Underwriting and Analysis

IDM (MENA) utilizes a quantitative approach to investing. The firm is focused on traditional forms of real property analytical due diligence, and in the case of debt purchases, credit-issuer underwriting. Prior to recommending any investment, the firm analyses macro-economic trends to understand how the target asset may be affected by global and industry-wide economic cycles and events. Then market and/or issuer-specific research is undertaken to assess localized trends in the short-to-medium term. Once the level of overall and localized risk is understood, individual asset risk is assessed through property-specific underwriting. Experience and judgment is then applied to the factual data resulting in a recommendation with respect to acquisition, repositioning, restructuring or disposition.

Risk Mitigation

The modern financial environment is complex and highly integrated, which provides both opportunities and risks. The flow of information is nearly instantaneous on a worldwide basis. Markets react quickly to new data, which affects asset valuations and liquidity. Investments in institutional quality real property equity and debt are subject to these global cycles and events, in addition to being impacted by the local economies. Challenges in global markets may affect the quality and capacity of tenants and consequently the stability of property cash flow, the viability of lenders and consequently the availability and pricing of debt, and the demand for and valuation of property assets at sale, to name only a few.

Issues of risk present themselves in complex capital structures which must be designed and negotiated to provide optimal risk-adjusted returns. We have the expertise to access and parse the data at multiple levels, analyze the information flows, and build in protections for our assets. These may range from basic conservative valuations at acquisition to hedging in the securities markets.

We believe that not losing money is as important to success as making profitable investments. The key to an effective investment strategy is minimizing the impact of risk on a portfolio of assets. Therefore, we view risk management and mitigation as one of our most important jobs. We are very focused on the downward loss potential in everything we do, examining the risk in individual assets, asset types, markets and our overall exposure. We are disciplined, we pay careful attention to prudent diversification, and we use only modest leverage on all investments. Taken together, these risk strategies have allowed the firm to preserve capital, as well as make profits, in its investment programs.

People

Dr. Musab Jassim

Dr. Musab Jassim has been a property investor for the past 10 years. He is currently a principal in, and CEO of, Investments-House, a real property investment and management firm based in Dubai, UAE. Dr. Musab Jassim had previously founded and acted as CEO of Alseef, a property investment company also based in Dubai. Dr. Musab Jassim is a founder, principal and Member of the Board of Directors of IDM (MENA) Limited.

Mohammed Alkhalil

Mr. AlKhalil has been a property investor for 20 years. He is currently a principal in, and CEO of, Akwaan Properties, a real property investment management firm based in Riyadh, Saudi Arabia. Mr. AlKhalil is also a principal in, and Chairman of, ERA for the GCC, one of the largest real estate services organizations. He is currently Vice President of the Real Estate Committee of the Chamber of Industry & Commerce, and was previously the President of the National Real Estate Committee. Mr. AlKhalil is a founder, principal and Member of the Board of Directors of IDM (MENA) Limited.

Christopher Milam

Mr. Milam established IDM and its affiliates as investment vehicles nearly two decades ago. As President and Chief Executive Officer of IDM, he has direct authority over the group’s strategic decision making, capital investment and management activities, and all judgments related to property acquisitions, repositioning, development, finance and disposition. Prior to forming IDM, Mr. Milam held senior positions at the real estate investment affiliates of GE Capital and TrizecHahn.

During the past 20 years, Mr. Milam has been responsible for the origination and management of real property investments in the United States, Western, Central and Eastern Europe. Individual investments range in size from US $150 million to US $3.5 billion. Institutions with which Mr. Milam has ventured and financed large scale real property investments include the World Bank's International Finance Corporation (IFC), the European Bank for Reconstruction & Development (EBRD), the US Overseas Private Investment Corporation (OPIC), Northwestern Mutual Life, ATT Master Pension Trust, AEW Capital Management, Starwood Capital Global, York Capital Management, various university endowments including both Stanford and Harvard, Credit Suisse, Raiffeisen Bank, Creditanstalt Bank, LaSalle National Bank and Bank of America. Recent transaction advisors and placement agents acting for Mr. Milam have included Goldman Sachs & Co., Morgan Stanley, Eastdil Secured and Jefferies.

Mr. Milam and his affiliated organizations possess the expertise to underwrite equity and debt positions related to the financing, acquisition, development, repositioning or completion of a wide variety of property types, including, but not limited to, office, residential, hotel, retail, entertainment and mixed-use projects. Services provided by affiliates include development oversight, design supervision, construction management, industrial labor management, marketing, sales, leasing, asset and property management. This depth of capacity gives a unique ability to control the implementation of high-value-added services which improve real property assets and enhance their value.

Mr. Milam is a member of the American Academy for the Advancement of Science, (AAAS) New York Academy of Sciences (NAS), National Geographic Society (NGS), Natural Resources Defense Counsel (NRDC) and the Aircraft Owners and Pilots Association (AOPA). Mr. Milam is a licensed, instrument rated pilot. He is also a member of the Urban Land Institute (ULI) and the International Council of Shopping Centers (ICSC). Mr. Milam is a founder, principal and Member of the Board of Directors of IDM (MENA) Limited.

Funds

General Discussion

IDM (MENA)'s professionally managed closed-end, off-shore, tax-advantaged real property funds are a conduit for American and Gulf co-investment directed towards opportunistic real property equity and debt acquisitions in the US and MENA markets. IDM (MENA)'s funds provide a means for US and GCC institutional and qualified high net worth individual investors to co-invest in professionally selected, underwritten and structured real property assets, managed by IDM (MENA) which is based in the DIFC, and licensed and regulated by the DFSA.

IDM (MENA) provides investment advice, analytical research, acquisition, underwriting, risk analysis, mitigation, and on-going pro-active management and disposition services, to ensure maximization of risk adjusted returns. IDM (MENA)’s funds have the ability to invest directly in real property, as well as in property related securities (public or private) and/or property related debt (privately owned whole loans, publicly traded debt securities, and similar instruments) at any level in the capital stack, wherein the ultimate underlying assets are real property.

IDM Global Recovery Fund 1, LP

The IDM Global Recovery Fund 1 is a Cayman limited partnership. The Investment Manager for the Fund is IDM (MENA) Limited. The first closing for the Fund will be June 30, 2009. The maximum subscriptions for the Fund will be US $250,000,000 of which $12,500,000 (5.0%) has been pre-committed by an affiliate of the Investment Manager.

Maples Finance (Jersey) are the Custodian. Maples Finance (Cayman) are the Administrator. Maples and Calder are legal counsel in Cayman. Hadef & Associates are legal counsel in Dubai. Pillsbury Winthrop Shaw Pittmann are legal counsel in the United States for corporate, property and securities related matters. PwC are the external auditor. PKF are the internal auditor. Maples (Jersey) in conjunction with Bank of New York in the United States provide AML clearance services.

Asset Management

Overview

IDM is dedicated to producing the highest yields for its clients on their investments in real property assets. The firm originates and manages investments in both direct equity and debt, as well as securitized, syndicated and other derivative instruments. IDM is an active manager of its assets, from acquisition to disposition. The firm has significant worldwide experience in privately sponsored, large-scale projects of all types, as well as in government sponsored public-private partnerships. In addition to maximizing financial returns on its investments, IDM seeks assets which enhance the living and working lives of people, are additive to their communities, and are sensitive to the natural environment.

IDM has a global history and depth of experience which gives the firm the ability to manage investments from inception to completion. The firm’s principals have expertise in a wide range of asset types. Services provided include financial underwriting, development oversight, design supervision, project and construction management, industrial labor management, marketing, sales, leasing, operations, asset and property management. The reach and effectiveness of IDM is further extended through long-established relationships with institutional investors, commercial lenders, investment banks, advisors, design professionals, specialty consultants and contractors.

A sample of institutions with which IDM affiliates have originated, ventured and/or financed real property related investments include the World Bank's International Finance Corporation (IFC), the European Bank for Reconstruction & Development (EBRD), the US Overseas Private Investment Corporation (OPIC), Northwestern Mutual Life, the ATT Master Pension Trust, AEW Capital Management, York Capital Management, Starwood Capital, Credit Suisse, Raiffeisen Bank, Creditanstalt Bank and Bank of America, to name only a few. Recent transaction advisors and placement agents have included Goldman Sachs & Co., Morgan Stanley, Eastdil Secured and Jefferies.

Corporate

IDM maintains headquarters offices in the United States of America and the United Arab Emirates. The US office is located in Austin, Texas and is responsible for operations worldwide. The UAE office is located in the Dubai International Financial Center (DIFC) where the firm’s investment banking subsidiary IDM (MENA) Limited is based and operates under the supervision of the Dubai Financial Services Authority (DFSA). Regional offices are established worldwide on a project-specific basis.

Services

Overview

IDM employs its expertise to provide high-value-added services including development oversight, design supervision, project and construction management, marketing, sales, leasing, operations, asset management and disposition. The primary objective in all stages of an investment is to maximize yield in the shortest time possible, commensurate with the specific attributes of individual properties and portfolios.

Development and Financial

Development and Financial Management are disciplines concerned with the comprehensive organization and advancement of a project over a specific period of time, pursuant to a defined budget. The scope of work is broad and requires the application of executive expertise related to many different fields of knowledge, including implementing the business plan for the asset, organizing equity, debt and various levels of mezzanine financing, legal structuring, accounting, auditing, compliance, reporting and administration, design, specialty-consultants and job-site supervision, leasing, sales, and operations.

Construction Management

Construction Management is the discipline concerned with the organization and oversight of the physical construction process, and has both executive and job-site aspects. The scope encompasses technical supervision of the designers and the general contractor (including sub-consultants and sub-contractors) along with oversight of specialty design and construction firms. Also involved are budgeting, scheduling, procurement, and the mobilization and management of human and physical resources over the period of design, pre-construction, construction, completion and delivery.

Industrial and Costruction Labor

Industrial and Construction Labor Management are disciplines concerned with the organization and oversight of human resources, both skilled and manual labor, as applied to the construction or renovation of projects. The scope ranges from sourcing, organizing and supplying specific categories of labor for ongoing jobs, to designing, developing, implementing, staffing and operating full-scale labor camps in previously undeveloped areas.

Leasing and Sales

Leasing and Sales Management are disciplines concerned with the monetization of physical space in the form of either on-going cash flow (leasing) or proceeds from disposition (sales). These disciplines require establishing marketing, advertising, public relations, and media buying, along with all related design, photography, artwork, graphics, digital media and production services. Also required are the establishment of asset-specific, in-house brokerage and related contract administration services. These services include coordinating and motivating the outside brokerage community to ensure proper delivery of the asset to the broadest possible market of appropriate, potential tenants and purchasers. This coordination must be achieved before, during and after the launch event. The formulation of sophisticated pricing matrices and the proper execution of pre-launch stages is essential to the success of any program, as is following through with proper legal contracts, related documentation, closing and administration services.

Asset and Property Management

Asset and Property Management are disciplines concerned with the operation of completed real property assets. Asset Management is an executive function that encompasses property and/or portfolio-wide oversight, accounting, reporting, tracking lease and sale contracts, the collection of rent and sale proceeds, payment of high-level expenses such as mortgages and taxes, and the distribution of earnings to ownership. Property Management is an on-site function that encompasses oversight of daily operations, including collecting rents, paying building-level operating expenses (such as utilities), managing tenant relationships, property-level accounting, and maintenance. Asset and Property Management are provided together with integrated computerized systems and have the objective of maximizing revenues and tenant satisfaction, while at the same time minimizing ongoing operational costs commensurate with appropriate care, maintenance, and regulatory compliance.

People

Christopher Milam

Mr. Milam established IDM and its affiliates as investment vehicles nearly two decades ago. As President and Chief Executive Officer of IDM, he has direct authority over the group’s strategic decision making, capital investment and management activities, and all judgments related to property acquisitions, repositioning, development, finance and disposition. Prior to forming IDM, Mr. Milam held senior positions at the real estate investment affiliates of GE Capital and TrizecHahn.

During the past 20 years, Mr. Milam has been responsible for the origination and management of real property investments in the United States, Western, Central and Eastern Europe. Individual investments range in size from US $150 million to US $3.5 billion. Institutions with which Mr. Milam has ventured and financed large scale real property investments include the World Bank's International Finance Corporation (IFC), the European Bank for Reconstruction & Development (EBRD), the US Overseas Private Investment Corporation (OPIC), Northwestern Mutual Life, ATT Master Pension Trust, AEW Capital Management, Starwood Capital Global, York Capital Management, various university endowments including both Stanford and Harvard, Credit Suisse, Raiffeisen Bank, Creditanstalt Bank, LaSalle National Bank and Bank of America. Recent transaction advisors and placement agents acting for Mr. Milam have included Goldman Sachs & Co., Morgan Stanley, Eastdil Secured and Jefferies.

Mr. Milam and his affiliated organizations possess the expertise to underwrite equity and debt positions related to the financing, acquisition, development, repositioning or completion of a wide variety of property types, including, but not limited to, office, residential, hotel, retail, entertainment and mixed-use projects. Services provided by affiliates include development oversight, design supervision, construction management, industrial labor management, marketing, sales, leasing, asset and property management. This depth of capacity gives a unique ability to control the implementation of high-value-added services which improve real property assets and enhance their value.

Mr. Milam is a member of the American Academy for the Advancement of Science, (AAAS) New York Academy of Sciences (NAS), National Geographic Society (NGS), Natural Resources Defense Counsel (NRDC) and the Aircraft Owners and Pilots Association (AOPA). Mr. Milam is a licensed, instrument rated pilot. He is also a member of the Urban Land Institute (ULI) and the International Council of Shopping Centers (ICSC). Mr. Milam is a founder, principal and Member of the Board of Directors of IDM.

Jeanne Marie Mller

Jeanne Marie Möller leads the Design and Construction activities at IDM. Her responsibilities include design, programming, budgeting, scheduling and construction. She previously held senior management positions for resort, gaming, office, hotel and residential development firms in the Western US. Ms. Möller attended the Texas Tech University School of Architecture and is a licensed architect.

Neil B. Michaelsen

Neil Michaelsen leads Equity and Debt Financing activities at IDM. He was previously Managing Director of Investment Banking at APS where he lead the investment banking division while advising public and private companies in a wide range of corporate finance initiatives. Mr. Michaelsen is a graduate of the Arizona State University, Magna Cum Laude in Mathematics.

David Greenberg

David Greenberg leads Underwriting and Analysis activities at IDM. He was previously a member of the Investment Banking team at APS where he participated in a wide variety of debt and equity transactions. Mr. Greenberg holds a Juris Doctorate from Washington University School of Law.

Bill Tremper

Bill Tremper leads the Hospitality planning, branding, marketing and operations at IDM. He was previously Head of Marketing for W Hotels, and Regional Director of Marketing for Starwood Hotels & Resorts. Mr. Tremper is a graduate of George Mason University.

Jalene R. Greer

Jalene Greer is the Head of Accounting and the Controller at IDM. She has responsibility for all accounting, recording keeping, compliance and taxation related matters. Ms. Greer is a graduate of Brigham Young University and Western Governors University.

Projects

Warsaw Financial Center

A 750,000 square foot, 40-story office tower. The project was designed by Kohn Pedersen Fox. It is the tallest, new class-A office project in Central Europe, and was the first vertical condominium, the first building with interstitial parking, and was the largest private sector property loan in the CEE at the time of its financing. Financing was provided by the European Bank for Reconstruction and Development (EBRD).

West End City Center

WECC is a large-scale, mixed-use project incorporating the main train station, vehicular and light rail transportation with retail, office and residential components.

680 Lakeshore Drive

A 2,000,000 square foot mixed-use project containing high-end residential condominium, office and retail space. The building is one of the first fully integrated urban- residential mixed-use projects. Constructed in 1923 as the Furniture Mart, and renovated in 1981 and 1989, it is currently the headquarters of Playboy Enterprises.

Scottsdale WaterFront

A 1,000,000 square foot high-end residential condominium, office and retail project in Scottsdale, Arizona. The project was designed by Solomon Cordwell Buenz (Chicago). The Waterfront achieved the highest residential sales prices, highest office condominium sales prices, highest non-mall rents, and lowest sale cap rate (retail portion) in the history of Maricopa County.

Hill Country Galleria

A 2,250,000 square foot mixed-use development in Austin, Texas. The Galleria is a new town center incorporating a new city hall and various other public works improvements. It was the largest private sector development in the city at the time of its development and has achieved the highest retail rental rates in the market for a project of its type. The Galleria was designed by RTKL.

The Shops at the Galleria is a 535,000 square foot retail center in Austin, Texas. The Shops at the Galleria was designed by RTKL.

Warsaw Corporate Center

A 125,000 square foot office project. WCC was the first new office project in CEE and remains one of the most successful with sustained rents today in excess of those at opening, which were some of the highest in Central Europe at the time. Designed by A. Epstein & Sons (Chicago). Financing was provided by the International Finance Corporation (IFC), a part of the World Bank.

International Business Center

500,000 square foot twin office towers with two-level retail arcade. The project was designed by Denton Corker Marshall of Melbourne Australia.

Charles Square Center

A 400,000 square foot office and retail project located over the Prague underground metro (station on site).

Las Vegas Towers

A 9,500,000 square foot 5-star integrated resort development in Las Vegas, Nevada. The project contains the two tallest all-hotel buildings in the world. The project was designed by SOM, RTKL and PSDG, and is currently in development.

Nevsky 25

A 350,000 square foot office and retail redevel­opment. IDM planned, entitled and developed the project. Nevsky 25 remains the largest class-A office and retail redevelopment in St. Petersburg. Financing was provided by the US Overseas Private Investment Corporation (OPIC) and the EBRD.