Background and Ownership Structure NW1 Partners UK LLP (“NW1 UK”) was founded in 2017 and has its principal place of business in London, England (with an additional office in Chicago, Illinois). The principal owners of NW1 UK are Newincco 1404 Limited (“Newincco 1404”) and David Boyle. Newincco 1404 is wholly owned by Delancey Real Estate Asset Management Limited (“DREAM”). DREAM is owned by Cortx Holdings Limited, a UK Private Limited Company, which is owned by its Principals Jamie Ritblat and Paul Goswell.1 NW1 UK’s Strategic Investment Committee (which determines, among other things, the strategic direction of NW1 UK) is comprised of Jamie Ritblat, Paul Goswell, David Boyle and Brad Beanblossom. Advisory Services All descriptions of NW1 UK clients (“NW1 UK Clients” or “Clients”) in this Brochure, including, but not limited to, their investments, the strategies used in advising the NW1 UK Clients, the fees and other costs associated with the clients, and conflicts of interest faced by NW1 UK and its affiliates in connection with advisement of the NW1 UK Clients are qualified in their entirety by reference to the NW1 UK Clients’ respective advisory agreements and governing documents, as applicable (collectively, the “Client Documents”). NW1 UK advises non-U.S. private funds. Entities that are not affiliated with NW1 UK serve as the general partners of the NW1 UK Clients (the “General Partners”). NW1 UK pursues a “bottoms-up” investment strategy that relies on sourcing a significant number of potential transactions to select the best relative value opportunities available in the market to offer its clients. NW1 UK focuses on small cap investments and sources deals across all real estate asset sectors, with a significant focus on consumer-driven and granular asset sectors, such as “last mile” logistics and in-fill residential. NW1 UK also pursues select opportunities in the specialized industrial, self-storage, outdoor storage and hospitality asset classes. NW1 UK typically sources opportunities in major cities in the UK, Spain and Northern Europe such as London, Barcelona, Madrid and Amsterdam. NW1 UK typically structures arrangements for the NW1 UK Clients such that investments in the underlying assets are effected through joint venture vehicles (each, a “JV Vehicle”) owned by the day-to-day local operating partner and real estate adviser for the venture (the “Real Estate Adviser”).

The Real Estate Adviser will typically be deployed to source investment opportunities and subsequently execute the non-investment advisory asset management initiatives and plans. The investment committee of the for JV Vehicle of each NW1 UK Client consists of representatives of NW1 UK and the Real Estate Adviser. The JV Vehicle typically holds its interests in underlying property assets through special purpose vehicles (“SPVs”). NW1 UK provides advice to the NW1 UK Clients regarding the investment of 1 DREAM is an exempt reporting adviser (SEC file number 802-128436). the property assets and/or the divestment of assets based on its stated investment objectives and strategies. It is intended that NW1 UK will also enter into other programmatic and deal by deal joint ventures with local operating partners in select markets primarily in the UK and mainland Europe by sponsoring pooled investment vehicles to purchase real estate assets. NW1 UK does not participate in wrap fee programs. Side letters have been, and may in the future be, granted to incentivize or permit investors to invest with NW1 UK, invest certain amounts or invest with NW1 UK in the future. The side letters or other similar agreements have the effect of establishing rights under, altering or supplementing the terms of the relevant Client Documents with respect to one or more such investors in a manner that could be more favorable to such investors than those applicable to other investors. For example, the side letters or other similar agreements provide for “most favored nations” rights. For more information see Item 16. Pursuant to the Intra-Group Support Agreement between DREAM and its affiliated entities, DREAM provides support via its personnel and other resources to NW1 UK to enable it to provide services to its clients (and those DREAM personnel who provide services to the NW1 UK clients on behalf of NW1 UK are deemed to be NW1 UK personnel for purposes of its SEC compliance program). NW1 UK relies on certain no-action relief previously granted by the SEC in the Unibanco line of SEC Staff no-action letters in connection with the provision to NW1 UK of certain personnel and other resources by DREAM (a “Participating Affiliate”). As a Participating Affiliate, DREAM is not required to be registered under the Advisers Act. Regulatory Assets Under Management As of June 13, 2023 NW1 UK had $326,920,583 in non-discretionary regulatory assets under management and $0 in discretionary regulatory assets under management.