Angelo, Gordon began investing in real estate in Europe in 2009 and has acquired more than $2 billion of properties in this region by gross purchase price. Our strategy is pan-European, with a focus on investment in the major cities of the United Kingdom and Western Europe. We have real estate professionals in London, Amsterdam, Frankfurt, and Milan. Angelo, Gordon typically purchases assets from owners who lack the capital, patience or expertise to improve cash flow and value. The assets are often attractively priced due to inefficiency of the sale process, information gaps due to lender control, specific attributes of the asset, or a creative approach which Angelo, Gordon may take to reposition the underlying asset. Generally, we will work in tandem with our network of over 40 local operating partners to source assets, correct the asset’s underperformance and add significant value. Additionally, Angelo, Gordon expects that it will be able to utilize the firm’s deep network of relationships with leading European banks, loan servicers and bankruptcy liquidators to acquire many properties in a privately negotiated process.