GROSVENOR INVESTMENT MANAGEMENT, KUWAIT FINANCE HOUSE FORM PARTNERSHIP TO INVEST IN UP TO $600 MILLION OF U.S. HEALTHCARE PROPERTY

Grosvenor Investment Management US, Inc. (GIM) has formed an investment partnership with Kuwait Finance House (KFH), one of the world's leading Islamic banks, to invest in up to $600 million of U.S. healthcare-related real estate. This is GIM's second investment partnership with KFH. GIM is the North American subsidiary of London-based Grosvenor Fund Management (GFM).

Over the next seven years, the partnership will target the acquisition and development of private-pay senior living facilities and medical office buildings in the U.S. Investments will be made through the formation of equity joint ventures with local and regional operating and development partners. GIM will oversee all investment activities, including sourcing, underwriting, structuring, financing, closing, asset managing, and exiting the partnership's investments, all of which will comply with Shari'ah (Islamic law).

"The formation of this partnership reflects the strength of the U.S. healthcare sector, which is expected to benefit from attractive demand/supply characteristics, driven by favorable demographic trends and limited supply growth," said Eric Cannon, Director of Acquisitions, GIM. "During the recent economic downturn, the sector's cash flows have proven more stable and less correlated with the overall business cycle than other major property types."

"Healthcare is currently the nation's largest industry and also its leading projected sector for job creation," added Douglas Callantine, President, GIM. "We believe that now is an opportune time to be investing in this sector. We have an excellent track record creating value for KFH in the U.S. and look forward to building on this relationship."

"We are very excited to continue investing with Grosvenor to expand our portfolio into this sector. Growing healthcare expenditures both in absolute terms and as a percentage of GDP, coupled with increasing average life spans, are likely to drive demand for this sector well into the future," stated Ali O. Al-Ghannam, Head of the International Real Estate Department of KFH.

Between 2004 and 2007, GIM sourced, structured, closed, and asset managed KFH's first investment in the U.S. healthcare sector, acquiring a total of 15 New England senior living properties in a joint venture with Benchmark Assisted Living of Wellesley, MA. As reported by The Wall Street Journal, GIM sold the 1,174-unit portfolio in November, 2007 for $268 million to GPT Group of Australia. GIM personnel started working with KFH in 1999, finding a variety of ways to structure investments in compliance with Shari'ah.

GIM's partnership with KFH continues the recent momentum of GIM's parent organization, London-based Grosvenor Fund Management (GFM), which recently formed a joint venture partnership with the Canada Pension Plan Investment Board to invest in London's West End office market over the next two years. GFM also recently led a consortium that acquired a portfolio of four retail properties in Sweden and two shopping centers in France for approximately $595 million.

Investment opportunities for the new partnership may be submitted to: Eric Cannon, Director of Acquisitions, +1.215.575.3706 - eric.cannon@grosvenor.com.

About Kuwait Finance House: Incorporated in 1977, Kuwait Finance House (KFH) is one of the leading Islamic banks in the world with a market capitalization of USD $10 billion and total assets of USD $37 billion. KFH operates fully owned and independently functioning banks throughout the region, including Turkey, Malaysia, Bahrain, Saudi Arabia, UAE, Singapore and Australia, in addition to establishing significant stakes in numerous Islamic banks both regional and international. Its investment activities span the US, Europe, South East Asia and the Middle East. KFH is positioned at the forefront of the Islamic Finance Industry in terms of international presence, strategic alliances, innovation and spectrum of activities. KFH has also maintained its solid ratings by international agencies which affirm its financial strength, the quality of its assets, and its recognition globally. KFH has 18 years of international real estate experience. For further information on KFH visit http://www.kfh.com/en/.

About Grosvenor Investment Management US, Inc. - Grosvenor Investment Management US, Inc. serves as Grosvenor's real estate investment management platform in North America. GIM is part of Grosvenor Fund Management, which was established in 2005 as a vehicle for third-party participation in Grosvenor-managed investments. As of year-end 2010, Grosvenor Fund Management had total funds under management of approximately USD$6.0 billion internationally.

Grosvenor is a privately owned property group with offices in 18 of the world's most dynamic cities. It has four regional investment and development businesses in Britain & Ireland, the Americas, Australia and Asia Pacific; an international fund management business, which operates across these markets and in continental Europe; and a portfolio of indirect investments. As of December 31, 2010, these six businesses had total assets under management of US$17.1bn. Unusual for a private company, Grosvenor publishes a full Annual Report & Accounts, available at www.grosvenor.com