Real Estate Tinto

GEOFF BARRATT

** ***** ****’s Drive Toronto, CAN M8X 1S3

(Home) 647-***-**** (Cell) 647-***-**** *********@*******.***

EXPERIENCE

HBC SPECIAL SITUATIONS FUND

Managing Partner

Toronto, CAN

2016 – Current

Founded the US$550M Hudson’s Bay Company – Sprott Special Situations Real Estate Investment Fund I, focused on taking advantage of observed disconnects in Canadian and international real estate.

Focused on private investments, including the Trump Hotel Toronto, Starwood’s Westin portfolio and Parq Vancouver.

Created Gray Wave, a C$1B TEV retirement home company, with KKR and an ex-Chartwell management team.

Successful activism assignment on Granite REIT, working with Front Four and its advisors.

Management of a public Special Situation fund that has averaged an IRR of 22% over 12 years.

Secondary responsibility to manage institutional relationships, including KKR, Blackstone, Trian, GIC, 3G and ValueAct.

ONTARIO TEACHERS’ PENSION PLAN

Director, Public Equities

Toronto, CAN

2012 - 2015

Senior team member leading the Relationship Investing Group, including the management of a group of 8 people.

Management of an investment book of $10B long/short, with a global focus, via public markets, PIPEs and pre-IPOs.

Originated and structured, in partnership with the Baker and Mack families, a $500M investment in Hudson’s Bay Company which facilitated the $3B TEV acquisition of Saks, Inc., a value investment based on misunderstood real estate value.

Worked closely with the HBC on the acquisition of Kaufhof, the creation of two property joint ventures with Simon Properties and RioCan, including a $533M pension fund investment into the property joint ventures.

Highly successful investments in Airbus (buying blocks at depressed levels), Facebook, JD.com, ThyssenKrupp (deep value), Textron (value), First Data (value), Dassault Aviation and Constellium (buying blocks from Rio Tinto).

Worked in partnership with Magna International on several potential acquisitions, including Eagle Ottawa.

Achieved aggregate net alpha returns of C$216M for 2013 (C$1.5B AUM), C$40M for 2014 (C$2.5B AUM).

MI DEVELOPMENTS, INC. (now Granite REIT)

Restructuring Agent

New York, USA

2010 – 2011

Together with another partner, obtained a mandate from two hedge funds to restructure an under-valued real estate company.

Designed, structured and implemented key strategic initiatives for the company, including; structuring the company as a REIT, disposing of money losing businesses, designing a tax strategy, eliminating costs and enhancing the capital structure.

Negotiated the removal of the dual-class share structure with Frank Stronach.

Increased the stock price from $5 to $40 as a result of key actions we put in place. Benefitted from an RSU grant.

MORGAN STANLEY & CO.

Vice President, Principal Strategies (MSPS), Institutional Equities Division

New York, USA

2004 – 2009

Investment management of a special situations book with $8B in AUM. Direct responsibility over $1.5B in AUM.

Main strategic focus on value-oriented, activist and event-driven investments, long or short. Investments across all levels of the capital structure, globally, with a focus on equity. Primary sectors: industrials, telecom/tech, real estate and consumer.

Performed fundamental and technical analysis of investment ideas. Analysis included: accessing Wall Street experts, meeting with management teams, strategic business review, financial modeling and all elements of valuation.

Investments in the steel sector generated profit of $4M, $13M and $20M over 3 years, respectively.

My investments returned (unlevered, market-neutral, gross long and short): 21%, 8% and 5% in 2006, 2007 and 2008.

CIBC WORLD MARKETS CORP.

Director, Investment Banking

Toronto, CAN / Hong Kong / New York, USA

1997- 2004

Led all aspects of executing equity transactions; managed working groups, positioned and valued companies, drafted prospectuses, conducted due diligence, and developed investor presentations. M&A management including CIM drafting, evaluation of buyers/sellers and presentations to committees. Worked closely with the Li Ka-shing Group.

Developed extensive financial modeling (stand-alone, DCF, LBO, merger) and valuation (comps, precedents) skills.

Primary sector coverage: consumer, industrials and real estate. Secondary sector coverage: telecom/tech and financials.

One year rotation into Equity and Debt Capital Markets in 2000/2001, gaining extensive deal execution exposure.

EDUCATION AND DESIGNATIONS

THE WHARTON SCHOOL, University of Pennsylvania

Masters of Business Administration; Majors in Finance and Strategic Management

Philadelphia, USA

2006

RICHARD IVEY BUSINESS SCHOOL, University of Western Ontario

Honors Bachelor of Arts in Business Administration; Majors in Finance and Accounting.

London, CAN

1996

CPA DESIGNATION, Chartered Accountants of Ontario

1996

Level I and II of the CFA designation completed. Series 7 and 63.

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