Mr. Lee Kok Sun, Chief Investment Officer, GIC Real Estate, said, "We are pleased to establish our partnership with Greystar with this acquisition. The U.S. multifamily sector's positive supply-demand dynamics and Monogram's high-quality assets in attractive markets provide a valuable seed portfolio that fits well with the venture's long-term strategy and Greystar's management capabilities.""Monogram's irreplaceable portfolio of assets allows Greystar to stand out in the current competitive environment," said Sylvain Fortier, President, Residential, Hotels and Real Estate Investment Funds at Ivanhoé Cambridge. "This transaction marks both the next step in our strategy of investing in quality residential properties globally and our successful and ongoing partnership with Greystar." "This transaction provided us the opportunity to capitalize on our existing investment in Monogram's best-in-class residential portfolio," said Werner Sohier, Senior Director Private Real Estate responsible for the Americas at PGGM. "We are excited to partner with Greystar on this opportunity and look forward to the continued long-term success of the venture." Morgan Stanley & Co. LLC served as exclusive financial advisor and Goodwin Procter LLP served as legal advisor to Monogram. J.P. Morgan Securities LLC served as exclusive financial advisor and Jones Day served as legal advisor to Greystar. Morgan, Lewis & Bockius LLP served as legal advisor to PGGM. Walker & Dunlop, Inc. (NYSE: WD) arranged the Freddie Mac financing for the transaction. ABOUT MONOGRAM Monogram is a fully integrated self-managed real estate investment trust that invests in, develops and operates high quality multifamily communities offering location and lifestyle amenities. Monogram invests in stabilized operating properties and properties in various phases of development, with a focus on communities in select markets across the United States. As of June 30, 2017, Monogram's portfolio includes investments in 48 multifamily communities in 10 states comprising 13,438 apartment homes. ABOUT GREYSTAR Greystar is a leading, fully integrated multifamily real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, Latin America and Asia-Pacific, Greystar is the largest operator of apartments in the United States, managing over 425,000 units in over 140 markets globally, with an aggregate estimated value of approximately $80 billion. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $21 billion in gross assets under management including more than $8 billion of developments that have been completed or are underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world class service in the rental housing real estate business. To learn more about Greystar, visit www.greystar.com. ABOUT APG ASSET MANAGEMENT N.V. APG Asset Management N.V. is a Dutch pension capital investor and one of the largest pension fiduciary asset managers worldwide. APG manages €451 billion (July 2017) on behalf of their pension fund clients and their 4.5 million active and retired participants from the public and private sectors representing over 30% of all collective pension plans in the Netherlands. For more information about APG, please visit www.apg.nl. ABOUT GIC GIC is a leading global investment firm with well over US$100 billion in assets under management. Established in 1981 to secure the financial future of Singapore, the firm manages Singapore's foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including real estate, private equity, equities and fixed income. GIC has investments in over 40 countries and has been investing in emerging markets for more than two decades. Headquartered in Singapore, GIC employs over 1,400 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg. ABOUT IVANHOÉ CAMBRIDGE Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and real estate companies in select cities around the world. It does so prudently, with a long-term view to generate optimal, risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, Ivanhoé Cambridge invests alongside key partners and major real estate funds that are leaders in their respective markets. Through subsidiaries and partnerships, Ivanhoé Cambridge holds interests in nearly 800 buildings, primarily in the residential, office, retail and logistics real estate sectors. Ivanhoé Cambridge held approximately C$56 billion in assets as at December 31, 2016. Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec ( cdpq.com), one of Canada's leading institutional fund managers. For more information about Ivanhoé Cambridge, please visit ivanhoecambridge.com. ABOUT PGGM PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On June 30, 2017 PGGM had EUR 205 billion in assets under management. The PGGM cooperative has approximately 720,000 members and is helping them to realize a valuable future. Either alone or together with strategic partners, PGGM develops future solutions by linking together pension, care, housing and work. For more information about PGGM, please visit www.pggm.nl.