LBG and Aviva Investors Acquire Hilltop Mall in San Francisco East Bay

July 26, 2017

LOS ANGELES (July 25, 2017) – LBG Real Estate Companies and Aviva Investors today announced the purchase of Hilltop Mall, a 1,100,000-square-foot regional mall in the East Bay city of Richmond, Calif. The property, located at 2200 Hilltop Mall Road, was originally developed in 1976 and renovated in 2007, and encompasses approximately 77 acres of land prominently located at the Hilltop Mall exit off of Interstate-80. It offers exceptional visibility and access to a dense and growing residential population, and spectacular views of the San Francisco Bay. Hilltop Mall features many well-known national tenants including Macy’s, Walmart, Sears, and 24-Hour Fitness.

Hilltop Mall

“Hilltop Mall has experienced higher tenant defections and has suffered from deferred maintenance over the past six years as it’s been either in foreclosure or lender owned,” said Leslie Lundin, Managing Partner for LBG. “LBG’s ownership will be the first true developer ownership for Hilltop Mall since the end of the last downturn. Hilltop is a sleeping giant just waiting for a chance to be reborn.”

The irreplaceable property is ideally situated 20 miles northeast of San Francisco, and 25 miles south of Napa, which is an ideal location for the rapidly growing area that is within a 30-minute drive from San Francisco, Oakland, Berkeley, Walnut Creek, Napa, and Marin County.

LBG plans to implement an entirely new merchandising strategy for the mall which, when combined with extensive rebranding and redevelopment, will once again create an inviting and exciting atmosphere for shopping, entertainment and dining and revitalize this formerly iconic destination in the East Bay. LBG will explore a larger redevelopment to take advantage of the zoning in place which would allow more than 9,600 housing units at the property as well as office and hotel uses.

“The Hilltop District has the potential to become the premier East Bay residential mixed use walkable community of the future,” said Doug Beiswenger, Managing Partner in charge of entitlements and construction for LBG.

The immediate retail redevelopment will include significant upgrades to the building exterior, interior common areas, and signage surrounding the property. “We believe our reimagined merchandising and branding strategies will increase consumer traffic dramatically, be very well received by the retail community and be well supported by residents throughout the East Bay,” said David S. Goldman, Managing Partner in charge of Leasing for LBG.

“The surrounding neighborhood has great growth opportunities that contribute to a strong value-proposition,” Russ Bates, head of the Americas of Aviva Investors’ Global Indirect Real Estate Group stated, “When considering such an opportunity for our client portfolios, we assess the prospect of repositioning a property along with demographic income levels and buying habits, and are pleased to joint venture with a real estate specialist of the caliber of LBG on this property.”

About LBG Real Estate Companies, LLC

With offices in the San Francisco East Bay, Los Angeles, and Newport Beach, LBG Real Estate Companies, LLC is a privately-held real estate investment company that specializes in the acquisition, repositioning, and development of commercial real estate throughout the United States. For more information, visit www.lbgfunds.com

About Aviva Investors

Aviva Investors America (AIA) is the US member of a group of internationally affiliated investment advisers collectively referred to as Aviva Investors. Aviva Investors is the global asset management business of Aviva plc, a publicly-traded multinational insurance company headquartered in London. The business delivers investment management solutions, services and client-driven performance to clients worldwide. Aviva Investors operates in 15 countries in Asia Pacific, Continental Europe, North America, and the United Kingdom with assets under management of over $437 billion US globally as of March 31, 2017. See www.avivainvestors.com

Aviva Investors Real Estate
*With on over 100 investment professionals globally and on the ground in London, Paris, Amsterdam, Frankfurt, New York and Singapore, Aviva Investors Real Estate has over $41 billion of real estate assets under management. The group has individuals focused on Governance, Strategy and Research and directly holds over 600 properties in developed and emerging markets.

*These numbers represent not just Aviva Investors in North America, but all Aviva Investors Real Estate companies globally, in aggregate.

Important Information

Opinions are those of LBG and Aviva Investors, as of July 24, 2017. Unless stated otherwise any sources and opinions are those of Aviva Investors and based on Aviva Investors internal forecasts. They should not be viewed as indicating any guarantee of return from an investment managed by Aviva Investors nor as advice of any nature. The value of an investment and any income from it may go down as well as up and the investor may not get back the original amount invested. Past performance is not a guide to future returns.

Products and strategies mentioned may not be available in all markets.

For use in North America

Aviva Investors is a global asset management firm comprised of a group of affiliated companies, each of which is regulated in the jurisdiction in which it operates. Each Aviva Investors affiliate is a subsidiary of Aviva plc, a publicly traded multi-national financial services company headquartered in the United Kingdom (UK). The professionals quoted in this press release are associated with Aviva Investors Holdings Limited (AIHL) and/or Aviva Investors Global Services Limited (AIGSL), UK based investment manager authorized by the Financial Conduct Authority (FCA).

Prepared for professional clients and /or qualified investors only. It is not to be viewed by or used with retail clients. The information provided in this document and any appendix is confidential.

For Use in Canada

Aviva Investors Canada, Inc (“AIC”) is located in Toronto and is based within the North American region of the global organization of affiliated asset management businesses operating under the Aviva Investors name. AIC is registered with the Ontario Securities Commission (“OSC”) as a Portfolio Manager, an Exempt Market Dealer, and a Commodity Trading Manager.

For Use in the United States

Aviva Investors Americas LLC is a federally registered investment advisor with the U.S. Securities and Exchange Commission. Aviva Investors Americas is also a commodity trading advisor (“CTA”) and commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (“CFTC”), and is a member of the National Futures Association (“NFA”). In performing its services, AIA utilizes the services of investment professionals of affiliated investment advisory firms who are best positioned to provide the expertise required to manage a particular strategy or product. In keeping with applicable regulatory guidance, each such affiliate entered into a Memorandum of Understanding (“MOU”) with AIA pursuant to which such affiliate is considered a “Participating Affiliate” of AIA as that term is used in relief granted by the staff of the Securities and Exchange Commission allowing US registered investment advisers to use portfolio management and trading resources of advisory affiliates subject to the supervision of a registered adviser. Investment professionals from AIA’s Participating Affiliates render portfolio management, research or trading services to clients of AIA. Investment professionals from the Participating Affiliate also render substantially similar portfolio management research or trading services to clients of advisory affiliates which may result in performance better or worse than presented herein. This means that the employees of the Participating Affiliate who are involved in the management of strategies and other products offered to US investors are supervised by AIA.

AIA’s Form ADV Part 2A, which provides background information about the firm and its business practices, is available upon written request to: Compliance Department, 225 West Wacker Drive, Suite 2250, Chicago, IL 60606

2017-0481_AIA/AIC_July 2017

# # #

Press Contact:

Leslie Lundin
(925) 254-1724