June 28, 2010

National Australia Bank’s NAB Asset Management acquires Presima

NAB Asset Management, the direct investment management arm of National Australia Bank, has reached an agreement to acquire Presima Inc. from SITQ, a subsidiary of the Caisse de dépôt et placement du Québec (CDPQ).

The National Australia Bank is one of the largest financial institutions in the world. In addition to its extensive Australian operations, the Bank operates in the United Kingdom, North America and New Zealand.

NAB Asset Management is making a strong commitment to Presima. The acquisition of Presima fits cleanly into NAB Asset Management’s strategy to build a global portfolio of boutique investment managers. Strategically and operationally, Presima also fits well into NAB Asset Management’s framework for managing its investments through strong partnerships.

NAB Asset Management has much to offer Presima and its clients. National Australia Bank and NAB Asset Management bring a depth of knowledge and experience in global real estate markets that will complement our own expertise. They also bring extensive distribution channels and the financial strength to enable Presima to further expand globally. In addition, NAB Asset Management has assembled a team of highly qualified professionals who will be dedicated to supporting the Presima team and the activities we carry out.

Finally, NAB Asset Management brings a local presence in Australia, where Presima already has a presence in the market, and where we have developed excellent relationships with large pension funds and investment consultants.

The Presima team will continue to operate from the company’s current head office within the CDPQ campus in downtown Montreal.

The closing date of the transaction was on June 28, 2010.