Market Overview

Texas Real Estate Developers and Global Alternative Investment Firm Värde Partners Acquire Windsong Ranch in Prosper, Texas

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Värde
Partners
and Texas-based real estate developers Craig Martin and
David Blom today announced their joint acquisition of Windsong
Ranch
, a master planned community in Prosper, Texas, from an
affiliate of the Terra Verde Group. Messrs. Martin and Blom, the
original developers of Windsong Ranch, have teamed up with Värde to form
a new real estate development company, Tellus Group, to continue leading
the project. Tellus Group now seeks to build on the momentum established
at Windsong Ranch including the completion of the community's new Crystal
Lagoon
amenity attraction.

"In a dynamic real estate market with consistently strong job growth,
Windsong has experienced strong demand and is now one of the most sought
after residential locations in the greater Dallas metro area," said Mr.
Martin, president of Tellus Group. "Given our experience with the
project going back several years, we are excited to partner with Värde
to acquire it and see it through to completion. With the formation of
Tellus Group, we are also now positioned to find similar high-quality
projects to invest in."

Windsong Ranch is a 2,030-acre, award-winning,
master planned development located at 1001 Windsong Parkway South, just
2.5 miles west of the Dallas North Tollway on the north side of U.S.
Highway 380. Approximately one-quarter of its planned homes are
currently occupied or completed. Tellus Group will oversee the
development of the remaining acreage through the completion of the
project.

Setting a new standard in the Dallas market, Windsong Ranch will be the
first development in North Texas to offer a Crystal Lagoon. Slated to
open in spring 2019, the amenity will feature a five acre, man-made,
crystal clear, turquoise blue fresh water lagoon creating a beach-like
lifestyle complete with watersports and white sand beaches. In addition,
Windsong Ranch offers two pools, a cafe, mountain biking trails, a disk
golf course, tennis and basketball courts, multiple fishing lakes, a
community garden, 600 acres of open green space interconnected by 30
miles of walking trails, an event lawn, dock and amphitheater.

"We're excited to partner with two local experts with deep experience in
the market as we expand our real estate portfolio to include a
best-in-class master planned community in Texas," said Brendan Bosman, a
managing director at Värde Partners responsible for real estate
investing in the U.S. "We have been investing in residential real estate
developments for more than 10 years and look forward to sourcing more
opportunities with Tellus Group in the future."

"The popularity of Windsong Ranch has been a big contributor to
Prosper's development," said Mr. Blom, Partner at Tellus Group. "Our new
partners share our vision of continuing that growth and success and
investing in similar projects. We will be looking for other
opportunities of this scale where we can apply the same quality
standards and concepts in other parts of Texas and the country."

Upon completion, Windsong Ranch will consist of 3,100 single-family
homes and 150 acres of mixed-use development along U.S. Highway 380.
Homes are from the upper $200,000s to over $1 million and range from
villas to single-family homes on 61' - 86' lots. Builders include:
American Legend Homes, Belclaire Homes, Britton Homes, Chesmar Homes,
Darling Homes, Drees Custom Homes, Grenadier Homes, Highland Homes,
Huntington Homes, and MainVue Homes. Models are open daily for tours.

Windsong Ranch is 35 minutes from downtown Dallas, 30 minutes from DFW
Airport and 40 minutes from Dallas Love Field. Major shopping
conveniences are just outside the community's entrance.

For more information on Windsong Ranch, please visit: http://www.windsongranchliving.com

About Tellus Group

Tellus Group, LLC, is a real estate investment firm focused on
opportunistic residential and mixed-use land development real estate
assets. Its principals have decades of combined experience in
investments and development in the real estate marketplace. Tellus Group
seeks to deliver risk-adjusted rates of return that build and sustain
investor trust throughout the investment cycle. Tellus creates value by
engineering and executing smart, disciplined, proactive management and
capital strategies, while adhering to the core values it shares with its
partners.

About Värde Partners

Värde Partners is a nearly $14 billion global alternative investment
firm that employs a value-based approach to investing across a broad
array of geographies, segments and asset types, including specialty
finance, real estate, corporate credit, mortgages, energy, real assets
and infrastructure. The firm sponsors and manages a family of private
investment funds with a global investor base that includes foundations
and endowments, pension plans, insurance companies, other institutional
investors and private clients. Now in its third decade, Värde employs
more than 300 people globally with regional headquarters in Minneapolis,
London and Singapore.

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