ABC Group is a large Dubai-based conglomerate with interests spanning different industries across the MENA region. The group is looking to expand their real estate portfolio and have been offered an opportunity to acquire a G+3 office building in Dubai comprising a mix of retail, office and storage. The vendors asking price is $100 million. You have been appointed as the buy-side advisor to recommend a bid price for ABC to present to the vendor. You will need to prepare a buy-side financial model. Kindly note that ABCs target unlevered IRR is 12%. The financial model should include the following:

Cash flow projections broken down as follows:

a) Base rent

b) Service charge

c) Operating expenses