Student Housing Opportunity

October 2020

February 2020

0
Market Opportunity

1
 Indian Higher Education Market

Key Highlights: Higher Education Enrolments (Mn)

▪ India's higher education system is the third

largest in the world 26.3% 27.1%
24.2% 24.5% 25.2% 25.8%
▪ Improving Gross Enrolment Ratio (“GER”),
however still low compared to other
economies

✓ GER for higher education is c. 87% in US 34.2 34.6 35.7 36.6 37.4 38.1
| 48% in China

▪ Enrolments growth at a CAGR of c. 2% from

2015-2020 2015 2016 2017 2018 2019 2020E
▪ Private sector participation has been growing Gross Enrolment Ratio (%)
at rapid pace and is further expected to
expand to meet the GER target

▪ Demand Drivers Private Sector Participation (Number of Institutes)

✓ Rising aspiration for global lifestyle Universities Colleges and Standalone Institutions(1)
✓ Re-emergence of courses in Art and Law

✓ Students to prefer domestic colleges as 385, 17880,

compared to growing abroad post Covid 39% 35%

608, 385, 39%

32776,
61% 65%
608, 61%

Private - Unaided Public and Private Aided

Note:
(1) Colleges affiliated to universities and standalone institutions
Source: AISHE Report 2019
Cerestra, 2020 | Strictly Private and Confidential 2
Universities in India

Central
Established and operated by the Central Government of India
Universities

State
Established and operated by the State Government
Universities

▪ Institutions that are conferred the status of a university because of their long tradition
Deemed of teaching, or specialisation and excellence
Universities ▪ Declared as Deemed-to-be-Universities as per Section 3 of the UGC Act

▪ Established through a state act by a sponsoring body such as a society, trust or a

State Private company registered as non-profit organization under section 8 of Companies Act.
Universities ▪ Sponsoring body is generally an institution with a history in the education field and
provides funds for the establishment of the University

✓ Targeted fee points (USD 1,600 – 3500)

✓ State-of-the-art infrastructure
Focus Zone for Student Housing Investments ✓ Modern facilities
✓ Transferable land and infrastructure
assets

Cerestra, 2020 | Strictly Private and Confidential 3

 Higher Education Target Opportunity

GER – 27% c.41% c.12%

Target
Higher Opportunity:
Education 384 private
Population 140.3 Mn 37.4 Mn 1.9 Mn universities
15.2 Mn
Population I age group Total Higher Education Private Higher Education with c. 1.9 Mn
Private Higher Education
18-23 years Enrolments Enrolments in Private enrolment(2)
Enrolments
Universities (Deemed University
and State Universities)

Student Housing Opportunity

▪ Existing on-campus beds are c. 43% of the total

enrolments
USD 8,666 per bed USD 7 Bn
Existing ▪ Beds to total enrolment expected to increase
Opportunity 0.8 Mn Student Housing to 50% in next 4-5 years
Market Size
Existing On- ✓ 50%: Students staying on-campus
Campus beds ✓ 25%: Local students
✓ 25%: Students staying off campus

Annual Growth in 2% 50% USD 8,666 c. USD 1 Bn

Opportunity
Annual Growth in Beds to enrolment Investment per bed Annual Investment
enrolments for next 5 ratio to increase to increasing at 5% every Opportunity
years 50% in next 4-5 years year

Note:
(1) Numbers as of 2019
(2) Excluding one private open university
Source: AISHE report 2019, Cerestra Knowledge Center Cerestra, 2020 | Strictly Private and Confidential 4
Emergence of Private Universities
Setting up of private universities under the State Private University Act by individuals and private trusts has been a new trend
of privatization of higher education in the country during the 21 st century

Private University Establishment Number (per year)

▪ 356 private universities 38
(mostly established
2020 34
after 2010)
▪ 124 deemed universities 30 29 29 30
28
25 26

19
17 16
Education demand driven by –
✓ Rising aspirations
✓ Rise of affluent households 8
✓ Higher income of middle 5 6
class citizens 2 3 3 3 3
1
✓ Globalization of economy

First private university

1995 established in the country
Legal Structure for Establishment

Trend towards privatization

and emergence of deemed Sponsoring the establishment
universities Sponsoring Body University
▪ Donating Funds
Trust / Society / Section 8 ▪ Asset acquisition Established as a separate non-
Company (Non-profit) ▪ Stabilizing operations profit entity
Up to Higher education controlled
1980 by Central Government

Cerestra, 2020 | Strictly Private and Confidential 5

Growth in Private Universities

Addition of 124 private universities

in last 4 years 371
304 316
Addition of 112 public universities in
last 4 years
181
127
79 80 75
32 34 43 46

State Private University Deemed University State Public University Deemed University Central University Institute of National
Private Government Importance

2015 2019

Private university demand is expected to increase backed by below factors

Increasing Safety Concerns Covid Impact

Affluence

Hostel Fee increase from USD 2000 Shift from Unorganized to More students to enrol in domestic
– 2600 Organized On-Campus Facilities universities compared to going
abroad

Cerestra, 2020 | Strictly Private and Confidential 6

COVID 19 | Impact on Student Enrolments

7
Impact on Study Abroad Plans
COVID-19 to impact study abroad plans of almost 50% Indian aspirants that would now be looking to enrol in Indian Universities

Pre- COVID-19

218,918
No of students

93,832
135,891
167,060
123,851

172,600
438,836 67,945
49,540
209,063 69,040
104,531
2017-18 2018-19 2019-20P

USA Canada Australia UK

❑ During academic year 2019, decline in overall student migration was mainly on account of decline in number of students going to US. This was
attributable to change in US government’s immigration policy for post-work visa
❑ With continued impetus on suspension of the entry of immigrants who pose risk to the US labour market during the economic recovery post
COVID-19 pandemic outbreak, students aspiring for higher education in USA might have to re-consider their options
❑ Moreover factors such as significantly lower return on investment (due to reduced chance of employability), changing global geo-political
landscape would also influence the prospective students’ decision making about studying abroad.

These factors would contribute to rising thrust of the students in Indian Private/ Deemed university.

Source: Cerestra Knowledge Centre

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University Selection Criteria by Students
University selection criteria of Indian students
for pursuing higher education also underwent
Safety shift owing to ongoing pandemic outbreak.

Thus, safety and infrastructure would become

Employability a key criteria in addition to the basic criteria of
job opportunities on course completion
Key
Deciding
Factors
Infrastructure

Social /
Night Life

CUIB’s robust university underwriting process and focus on developing a world class experience would help to tap
the demand from these students

Cerestra, 2020 | Strictly Private and Confidential 9

 Student Migration Trend
Top 5 Preferred Indian Cities by Students
31.3
Top 5 Based on the key selection
Preferred criteria of the prospective
17.9 Indian Cities students, Bengaluru remains
most preferred Indian city for
%

11.2 higher education owing to

8.5 7.7 balanced climatic conditions,
6.2 5.3 5.0 socio-cultural factors and
1.9 1.8 1.3 0.6 0.5 0.5 0.4 developing infrastructure.

Pune

Shimla

Jaipur
Kolkata
Solan

Ahemdaba
Chandigar

Hyderaba
Mumbai

Dehradun

Roorkee
Bengaluru

Delhi NCR

Chennai

Mohali
d
h

d
Student Mobility Preferences in India
Chennai 64 14 22 Mumbai has the maximum
migrant students from other
Mumbai 2 2 97 states whereas Bengaluru has
Chandigarh 4 14 82 relatively equal distribution of
student composition
Delhi NCR 8 6 85

Bengaluru 47 7 47

%
Same City Same State Inter-State

Source: Cerestra Knowledge Centre and Indian Student Mobility Report 2020, by QS I.GAUGE
Cerestra, 2020 | Strictly Private and Confidential 10
New Education Policy 2020 – Higher Education Initiatives

POLICY INITIATIVE SOCIAL IMPACT EDU INFRA IMPACT

▪ Achieve 50% Gross Enrolment Ratio in Higher Education by 2035 ▪ Greater demand for higher educational
▪ Reintegrating dropouts and ensure universal access to education - ✓✓✓ institutes seats
Flexible entry & exit into higher educational institutes. Inclusive Education ▪ Improving accessibility of higher
education courses

GLOBALISATION
▪ Stimulus towards new investment,
Foreign colleges will be allowed
100+
A to set up campuses in India ✓✓✓✓✓ building of better infrastructure & inflow
of foreign students
“Study in India” ▪ Increased demand for high quality
All existing higher education institutions & other
student housing infrastructure
B professional educational institutes to be transformed
into multi-disciplinary1 education.

▪ Regulatory push towards streamlining of

REGULATORY
✓✓✓✓ operations of Universities & College
All higher education institutions (except legal & Quality & ▪ Greater accountability in the system
medical colleges) to be governed by a single regulator Standardisation leading to creation of wide base of
university assets

AUTONOMY ✓✓✓ ▪ Increased investment towards

development of world class universities
Affiliated colleges will be granted Academic,
45,000+ Administrative & Financial Autonomy
Develop Market leading to creation of “investable assets”
Relevant Curriculum

NATIONAL RESEARCH FOUNDATION

▪
Promote a culture of Research & Innovation in the
universities along with establishment of industry-
✓✓✓✓✓ ▪
Establish India as R&D Hub
Lead to creation of infrastructure like
academic linkages Future Ready Talent incubation centres, technology
development centres, etc.

11
Note 1: A multidisciplinary institution is one that offers undergraduate and graduate programmes with high quality teaching, research & community engagement © Cerestra, 2020 | STRICTLY PRIVATE AND CONFIDENTIAL
 NEP and Student Housing

POLICY CHANGES INTERPRETATION

Meaning of University
▪ Inclusion of wider gamut of students
▪ A multi-disciplinary institution of higher learning that offers
▪ Student retention from undergraduate to graduate levels
undergraduate & graduate programmes

Multi-disciplinary HEIs
▪ Expansion of established universities
▪ All HEIs1 shall aim to become multi-disciplinary with at least 3000
▪ Development of infrastructure and education clusters
students
▪ Consolidation of existing education hubs
▪ Single stream HEIs to be phased out or become part of HEI clusters

Locations
▪ Existing universities opening new campuses
▪ At least one large multi-disciplinary HEI in or near every district by
2030 ▪ Emergence of new Universities across India

Nomenclatures
▪ Present nomenclatures such as ‘Deemed University’, ‘Affiliated ▪ Standardization in HEIs with focus on research and teaching
University’ etc to be replaced with ‘University’ after approvals

✓ Increase in occupancy of reputed universities introducing new

courses
Student Housing ✓ Scope for BTS for campus expansion, new campus in Tier 2 / Tier 3
Opportunity in next 5 Years cities
✓ Advantage for existing reputed universities in Tier 2 / 3 cities
which would be preferred as against new local universities

1. HEI – Higher Education Institution Cerestra, 2020 | Strictly Private and Confidential 12
Per Student Dynamics | Fees and Expenses

13
 Student Housing – Per Student Dynamics (USD)
Academic ▪ Academic & Student Housing fee collection is done together as per schedule
Fees of University –
▪ Every Quarter / Trimester/ Half-year / Year
▪ Caution Deposit collected upfront for entire duration of the student’s course
STUDENT Student Housing ▪ Typical course durations:
Caution Deposit
+ ▪ MBA and PhD.: 2 years | Bachelors: 3-4 years | Medical: 5 years
Fees Upfront

Financial transaction with the student - Student Housing Fees allocation in Universities with varied Fee Point providing varied services
1,667 2,333 3,333

Fees Points 2,000 2,667

(USD/Bed/Annum)

Food & Laundromat

Food & Laundromat
Net Operating Income 704
Net Operating Income 28% 733
800 35% 1,333
40%

50%

20%

Insurance & Taxes

23% Contractually Fixed Operating
44 2% Expenses – Repairs & Maintenance,
housekeeping, horticulture
452
Operator collects directly from Students Operator Charges to PropCo
Insurance & Taxes Contractually Fixed Operating
Expenses – Repairs & Maintenance,
53
2% housekeeping, horticulture
547
Operator collects directly from Students Operator Charges to PropCo

Expenses Incurred by PropCo Net Operating Income Expenses Incurred by PropCo Net Operating Income

Notes:
1. Students housing rooms can be single/double/triple occupancy. Fees for triple occupancy are typically lower in the range of USD 1667/bed/annum
2. Typical per month food costs range from USD 49 – 53.5| Laundry costs from USD 4 – 5.5| Insurance & Property Taxes USD 3.5 – 4/bed/annum
Cerestra, 2020 | Strictly Private and Confidential 14
Rationale for Valuation

15
Valuation Methodology

Location and Market Analysis

for Land
Land value is estimated using market
International Property transactions or adjusted market
Consultants (IPC) quotations for directly comparable
Methodology
Land & Building CBRE, Savills, Cushman Wakefield,
properties
Asset Valuation
Approach JLL etc. specialise in valuation
activities and are regulated by
Royal Institute of Chartered
Replacement Cost of
Surveyors (RICS) Building
Building value is estimated by
depreciating the replacement cost of
building over the age of building.

Total Revenue Less Capitalisation Rate

Expenses
Net Operating 10% - 12% Capitalisation Rate Asset Valuation
Total Fees collected towards applied on NOI
Income (NOI) Student Housing Fees minus
Approach operating costs towards operations
and management of assets derives
NOI

Lower Valuation out of the 2 approaches is considered for Asset Valuation and transaction

Cerestra, 2020 | Strictly Private and Confidential 16

Portfolio

17
Existing Investment & Expertise | Jain Global Campus – Bengaluru Hub

18
Transaction Overview

12.5 acres 3
ASSET (Land dedicated to 0.7 Mn sq. ft. Student Housing Assets
DETAILS Hostel ) (Built Up Area) underwritten by Jain
School & College Bengaluru

✓ Sale & Leaseback of other student housing facilities of the Group

BEDS
✓ Brownfield Expansion within existing campuses
3000 Beds (Existing) 3000 Beds (Future Potential)

▪ Leading school operators in South India

UNIVERSITY ▪ Operates leading colleges for undergraduate, post 85+ 51,600
CREDENTIALS graduate courses Educational Institutions Students

LEASE TERMS 15 yrs. Triple Net Lease

Lock- In Period

11% + 3% 2x USD 3.5 Mn

KEY FINANCIALS Entry Yield (Triple Net) Annual Yield Escalation Escrow Cover Annual Rent

USD 32 Mn
Total Investment

Note : 1. Transaction Closure has been achieved in Jan’2020 Cerestra, 2020 | Strictly Private and Confidential 19
Asset Pictures

Cerestra, 2020 | Strictly Private and Confidential 20

Asset Pictures

Cerestra, 2020 | Strictly Private and Confidential 21

Asset Pictures

Allied Facilities

Cerestra, 2020 | Strictly Private and Confidential 22

Pipeline

1. Advanced Stage discussions with Universities with Due Diligence process as next steps
2. Another 5 Assets to be added in next 2 quarters
3. Total market opportunity is to add c.100,000 beds in next 5 years
23
Asset Evaluation Checklist
Student Housing
Asset Category
Staff Housing

Freehold Land with clear & marketable title records

Leasehold Land with remaining lease life of 40+ years

Asset Quality
Institutional Quality Infrastructure

Well maintained infrastructure

Tier I and II Cities

Location Aero connected cities

Evaluation Criteria
Educational hubs

Operational Colleges with min. 2000+ students

Operational Metrics Student Housing revenue and Beds Underwritten by Educational Institutes
under a Nomination Agreement
Private Universities with course offerings in Medical/Business/
Multi-disciplinary and Engineering

University Selection Strong and Credible Brand

Criteria
University track record

NIRF1 (National Institute Ranking Framework) and other equivalent national

level rating

Note : 1. National Institutional Ranking Framework (NIRF) by Ministry of Human Resource Development, Government of India outlines a methodology to rank institutions across the
country. The parameters broadly cover “Teaching, Learning and Resources,” “Research and Professional Practices,” “Graduation Outcomes,” “Outreach and Inclusivity,” and
“Perception”. (https://www.nirfindia.org/Docs/Ranking_Methodology_And_Metrics_2017.pdf) Cerestra, 2020 | Strictly Private and Confidential 24
Investment Details
Total Land for Existing Brownfield Total
Existing New Existing BUA Brownfield
Asset Potential Existing Assets Investment Investment Investment(1) Credentials
Beds Beds (sq. ft) BUA (sq. ft)
Beds (Acres) (USD Mn) (USD Mn) (USD Mn)

Chennai Hub
• University focused on Liberal arts and
Project K 664 1100 1764 5 166,054 264,990 4.8 9.6 14.4 sciences courses
• Total Student Strength - 664
Nagpur Hub
• Recognized medical sciences university
attracting students from all over the
Project M 2547 2000 4487 15 642,650 426,800 24.3 20.7 45.0
country
• Total Student Strength – 5516
Bengaluru Hub
• Top rated university offering courses in
Project P 2066 3000 2100 3.5 375,000 600,000 12.5 21.8 34.3 management, engineering & law
• Total student base- 9311
Delhi – NCR Hub
• Among the top-rated Indian university
Project G 1327 3000 3827 4 295,000 660,000 12.1 29.5 41.5 Recipient of multiple awards
• Total Student Strength – 12561
• Renowned interdisciplinary research
university providing Ivy League quality of
Project B 2492 1600 4083 12 598,850 320,000 18.1 12.8 30.9
education
• Total Student strength – 2500
Total 9,096 10,700 19,796 40 2,077,554 2,271,790 71.8 94.4 166.2

IMMEDIATE INVESTMENT TOWARDS Existing

ACQUISITION AND BROWNFIELD 43%
Immediate
DEVELOPMENT Brownfield
57%

Note : 1. Investment cost is dependent on the land cost, building specifications, etc.
2. Pipeline Assets are in advance level discussions with next step towards Due Diligence and underwriting process
Cerestra, 2020 | Strictly Private and Confidential 25
Investment Structure | Asset Level

26
Asset Level Investment Structure

FUND

100%

Operations & Management

Sale of Student Housing
Contract
Assets (Land & Building)
University PropCo Operator
Transaction Fixed Management Fees + Pre-agreed
Consideration Operational Expenses

Academic Fee Manage the

Operations

Hostel Fee + Caution Deposit

Student

Student Housing Assets

Cerestra, 2020 | Strictly Private and Confidential 27

Security Package
Risk mitigated investment - 100% underwritten security package

Nomination Agreement Legal Structure of University & Sponsoring Body

100% Student Housing Revenue

underwritten by the University
Sponsoring the establishment
1. 100% revenue towards all beds to Sponsoring Body University
be underwritten by the University ▪ Donating Funds
under a nomination agreement by Trust / Society / Section 8 ▪ Asset acquisition Established as a separate non-
way of Company (Non-profit) ▪ Stabilizing operations profit entity

▪ Nominating number of students

equal to total number of beds to
the accommodation facility
Underwriting Structure
▪ Servicing of shortfall in revenue
towards unoccupied beds / any
fees unpaid by students

▪ University to pay to PropCo the

full student housing fee per bed
for every unoccupied bed
Nomination Agreement PropCo
University / Sponsoring Body
2. Nomination Agreement for a ▪ 100% beds revenue (Cerestra Student Housing)
minimum period of 15 years
▪ Shortfall servicing

Cerestra, 2020 | Strictly Private and Confidential 28

Fee Collection
Fee collection responsibility will be of University with technology support of CUIB

University PropCo
Authorization to
Primary fee collection responsibility as per raise invoices
agreed scheduled payment dates (Cerestra Student Housing)

Invoice raised in Service Revenue

the name of PropCo Shortfall

Accommodation Fee PropCo

Students Payment Fee Collection Account

Respective PropCo and OpCo share to

be transferred after collection

A technology tool that enables the University to raise invoices and

Support platform of CUIB
collect fees in the PropCo account under the nomination agreement

Collection Terms Escrow account

▪ Shortfall servicing for unoccupied

✓ 60 days payment period
✓ Periodic reminders to students
✓ Receivable from University after
60 days if student does not pay
✓ Online MIS
✓ Daily Collection Reporting
beds / any fees unpaid by students
Shortfall Servicing
▪ Minimum 30% of SH revenue to be
maintained in escrow account by the
University from its academic
revenues

Cerestra, 2020 | Strictly Private and Confidential 29

CUIB
Value Added Experiential Living for Students

Services Extra / ancillary services over and above the services mandated under Operator

Revenues Collection on per student basis | No underwriting from University

Share of costs transferred to CUIB and service provider; remaining revenue transferred
Sharing
to PropCo

Activities / Anillary
Services Proposed Information Temporary Food Support during
Trainings
(Within the Scope as per University Stalls / Kiosks Stalls / Trucks events
Guidelines & Regulations)
▪ Fitness & ▪ Bank stalls ▪ Outside food stalls ▪ Operational support
wellness ▪ Insurance stalls ▪ F&B over and above during campus
▪ Soft skills ▪ Additional learning the mandated food events
One-time / Subscription resources service ▪ Other ancillary
trainings
basis support

30 - 40% Payment to Service

Providers as per SLAs

10% Retained for

Collection Structure Student operating costs
Ancillary Fees

Per Student estimation: USD 100 per year

50 - 60% PropCo Share

Cerestra, 2020 | Strictly Private and Confidential 30

Revenue Streams for PropCo
Student Housing fees collected from ✓ Fixed yield of 11%
Revenue as per the student
✓ Fixed yield escalation of 5% per year
Nomination Agreement 100% underwritten by the
✓ Collection structure as per slide 2
University

Fees collected from student for

✓ Revenue estimation of USD 100 per student
providing extra services
Ancillary Revenue ✓ Potential upside in overall yield
One-time / Subscription basis
✓ Yield enhancement by 0.7% to 11.7%
Not underwritten by the University

30 - 40% Payment to Service

Providers as per SLAs

10% Retained for

Collection Structure Student operating costs
Ancillary Fees

50 - 60%
Transferred to PropCo

Revenue as per
PropCo OpCo
Nomination
Fee Collection Account Account
Agreement
PropCo Collections

Ancillary PropCo Current

Revenue Transferred to PropCo Account
50 – 60%

Cerestra, 2020 | Strictly Private and Confidential 31

Roles/Responsibilities & Sources of Revenue
University
Roles & Responsibilities
1. Academic and
accommodation fee
collection responsibility from
student
2. Nomination agreement with
PropCo
Sources of Revenue
1. Receipt of funds towards
sale of hostel block
2. Academic revenues
PropCo
Roles & Responsibilities
1. Ensuring fee collection from
University
2. Engaging student housing
operator
3. Exercising control on
operator
Sources of Revenue
1. Respective share of
student housing revenue
2. Ancillary revenue from
CUIB
CUIB Operator
Roles & Responsibilities Roles & Responsibilities
1. Lending the brand for 1. Managing and operating the
enhancement of student student housing assets
experience Free of Cost
2. Providing ancillary services
Sources of Revenue Sources of Revenue
1. Fees from student for 1. Management fees from
providing ancillary services PropCo
such as kiosks, gym / sports
trainers, event
management
Cerestra, 2020 | Strictly Private and Confidential 32
Investment Terms

33
Expected Returns
IRR Analysis (INR) ASSET LEVEL YIELD
Exit Cap rate- 5 years 8.5% 9.0% 9.5%
Gross IRR 38.3% 35.8% 33.4%
13.1% 13.9%
12.0% 12.6%
Net IRR 33.0% 30.9% 28.8% 11.5%

9.5%
IRR Analysis (USD)
Exit Cap rate- 5 years 8.5% 9.0% 9.5%
Higher effective entry on account of lower equity
Gross IRR 34.3% 31.9% 29.5% investment through utilization of Caution Deposit

Net IRR 29.2% 27.1% 25.1% Year 1 Year 2 Year 3 Year 4 Year 5
Currency depreciation @3.5%

Key Assumptions(1) EQUITY LEVEL YIELD

▪ Target Investment: USD 282 Mn
▪ Entry cap rate: 11% Gross Equity Yield
▪ Escalation – 3% p.a. including principal
repayment &
▪ Caution Deposit (SD) : INR 50,000 (USD 680) per 26.04% management fees
student 23.05%
20.33%
▪ Leverage: c. 65% 17.85%
15.61%
✓ Interest rate (including processing fee): 9.5% 12.6% 13.6% Cash Distribution post
11.6% principal repayment &
9.8% 10.7%
✓ Structured repayment management fees
9.5%
▪ Key tax assumptions:
✓ Taxation on regular income stream @10% (usually between
10% - 15% across jurisdictions) Year 1 Year 2 Year 3 Year 4 Year 5
✓ Capital gains tax on exit @ 10.9%
Interest
▪ Management Fee: 1% based on capital commitment Year 1 Year 2 Year 3 Year 4 Year 5
Rate Gross Equity Yield
▪ Liquidity Event @ year 5 (31 Dec 25) sensitivity to
9% 17.0% 19.4% 22.0% 24.9% 28.0%
interest rate
10% 14.4% 16.5% 18.9% 21.5% 24.4%
Notes:
1. Returns are not guaranteed, and performance is based on reasonable assumptions supported by objective data
2. Inclusive of principal repayment and management fee Cerestra, 2020 | Strictly Private and Confidential 34
 Exit Strategy – “Schoolhouse InvIT”

Indicative exit of the portfolio to “Schoolhouse InvIT”

India’s maiden Education Infrastructure focused platform to be listed as InvIT under

1 SEBI guidelines

ASSETS
(K12 School Edu Infrastructure Assets) (Student Housing Assets )

InvIT SIZE USD 400 Mn

Portfolio Listing Size

“InvIT listing to be achieved within the next 12 months”

Notes: 1 . Proposed InvIT Platform

Cerestra, 2020 | Strictly Private and Confidential 35
Investment Manager and Team

36
Snapshot
An entrepreneurial venture with unmatched expertise in identified specialized niche sectors

3 Offices 16 Professionals
Established in 2015
Hyderabad | Noida | London

Carefully Curated & Diversified Portfolio

Education
Life Sciences
USD 150+ Mn USD 170+ Mn USD 200 + Mn
Industrial
Equity Commitment Portfolio Value Robust Pipeline Assets
Identified Niche Sectors

Investment Philosophy

India Focussed Research Backed Investment Proactively Managing & Mitigating

Opportunity Identification Downside Risks

Cerestra, 2020 | Strictly Private and Confidential 37

Leadership
Jasmeet Chhabra, MRICS
Education- MBA
Management Development Institute (“MDI”)
19+ Years experience
▪ Co-founded Cerestra with Vishal Goel
➢ Conceptualized and executed investment strategies across all verticals of
Cerestra
➢ Established proof of concept for K-12 Education Infrastructure (edu-infra)
investments in India
➢ Responsible for new fund-raise initiatives and managing and developing
relationships across Investors & promoters
▪ Expertise in real estate and infrastructure, including 14 years spent in real
estate private equity with two leading India focused funds, with over USD 2
bn assets under management
▪ Managed a portfolio across Indiareit and Red Fort Capital representing
over USD 1 bn of assets under management in aggregate, across different
life- stages
▪ Key member in the growth of Indiareit from scratch to USD 900 mn
➢ Committed > USD 350 mn across Chennai, Bangalore, Hyderabad, Pune
and Mumbai, in resi, comm, IT/ITES SEZ parks with area 25 mn+ sq.ft
➢ Involved in multiple exits with IRR’s above 20% net of taxand money
multiples in the range of 2.2x-3.0x
▪ A thought-leader at real estate industry forums; regularly
contributes through articles and blogs
▪ Member of Industry Governing Council at RICS School of Built Environment
Jasmeet and Vishal manage a 11 member team with offices in Delhi and Hyderabad
Vishal Goel, MRICS
Education- MBA; Advance Programme from Harvard
Business School and Harvard Design School
19+ Years’ experience
▪ Co-founded Cerestra with Jasmeet Chhabra
➢ Conceptualized and executed investment strategy across verticals of
Cerestra
➢ Established proof of concept for K-12 Education Infrastructure (edu-
infra) investments in India
➢ Responsible for capital raise, deployment as well as stakeholders’
management
▪ Experience in Real Estate Advisory / REIT / Strategy / Industrial including
management of grounds-up core assets
▪ Managed portfolio for Red Fort Capital, focusing on optimizing core assets
portfolio and enhance valuation by ensuring leasing with credit tenants;
evaluated listing strategy for the portfolio in US/Singapore
▪ Formerly, MD / Head of India operations of Alexandria, a USD 8 bn NYSE
listed REIT for 5 years (2008 – 2013), wherein he deployed over USD 200 Mn
and personally managed development of over 1 Mn sq.ft. of R&D facilities
▪ Instrumental in conceptualizing and developing ‘Genome Valley’ knowledge
cluster in Hyderabad city, which is spread over 10,000 acres
▪ Prior to that, worked with E&Y for a decade where he handled large PPP
transactions and private equity advisory business of over USD 600 mn
➢ Advisor to Govt of Gujarat for ‘Vibrant Gujarat’ Summit (’05 – ‘09)
➢ Head of Transaction Advisory business for real estate from 2005 – 2008
Cerestra, 2020 | Strictly Private and Confidential 38
Execution Team

JASMEET CHHABRA VISHAL GOEL

Managing Partner Partner

VIKASH MALPANI KIRTI SHARMA MILIND RAVI ANURAAG JHUNJUNWALA AK SINGH SAI KRISHNA NARLA
Director Director Director Director Vice President Assistant Vice President

▪ 15+ years experience ▪ 10+ years experience ▪ 11+ years experience ▪ 10+ years experience ▪ 19+ years experience ▪ 8+ years experience
▪ Chartered Accountant ▪ MBA ▪ MBA ▪ MBA ▪ Science Graduate ▪ Company Secretary

PRIYANKA AGARWAL SAKSHI DAKHERA INDRAJA DIGHE EKTA TIKYANI ANIRUDH S

Associate Associate Associate Associate Analyst

▪ ▪4+15+
years experience
years exp ▪▪ 8+ years
10+ experience
years exp ▪ ▪3+19+
years experience
years exp ▪ 2+
11+years
yearsexperience
exp ▪ 1+ years experience
▪ ▪MBA
Chartered Accountant ▪▪ Chartered
MBA Accountant ▪ ▪MBA
TBD| Chartered Accountant ▪ Chartered
MBA Accountant ▪ Chartered Accountant

Cerestra, 2020 | Strictly Private and Confidential 39

Cerestra in News

Covid effect: Over 1,000 schools up for sale

across India | Sep 2020
Read More >
Partner Speak
Hyderabad: Expanding Genome Valley in
the process of adding 150 acres | Aug 2020
Read More >

Cerestra, 2020 | Strictly Private and Confidential 40

Thought Leadership
“ Niche Asset-Class with Significant Investment Potential ”

A comprehensive view of education infrastructure Overview of the National Education Policy 2020
opportunity and its likely growth trajectory in Click here for the report
India
Click here for the report

A comprehensive view on the US$12bn life sciences

real estate market in India capturing opportunities
and key clusters
Click here for the report

Private Equity Investments in Education Space in India

Click here for the report

Cerestra, 2020 | Strictly Private and Confidential 41

Disclaimer

This presentation has been prepared solely for providing information about Cerestra Advisors Private Limited which unless the context
otherwise indicates, refers to the company, While ‘we’, ‘us’, ‘our’ refers to The Fund, together with its affiliates.

No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or
correctness of such information or opinions contained herein. None of the Fund nor any of its respective affiliates, advisers or representatives
and their affiliates, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this
presentation or its contents or otherwise arising in connection with this presentation.

The information contained in this presentation is only current as of its date. Certain statements made in this presentation may not be based on
historical information or facts and may be "forward-looking statements", including those relating to the Fund’s general business plans and
strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory
environment. Actual results may differ materially from these forward-looking statements due to a number of factors, including future changes
or developments in the Fund’s business, its competitive environment, information technology and political, economic, legal and social
conditions in India.

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the Fund and neither any part of it shall
form the basis of or be relied upon in connection with any contract or commitment whatsoever.
The Fund may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of
such revision or changes .


Cerestra, 2020 | Strictly Private and Confidential 42