Press Release

Welsh, LLC Secures $200 Million Credit Facility from Rothschild Realty

Scott Frederiksen becomes CEO, Dennis Doyle continues as Executive Chairman of the Board

MINNETONKA, Minn. (December 2, 2010) - Welsh Property Trust, LLC ("Welsh") announced today that it has obtained a $200 million credit facility from Five Arrows Realty Securities V, L.P. ("FARS V") of up to $200 million.

Five Arrows is an investment fund managed by New York-based Rothschild Realty Managers, LLC, a leading provider of growth capital to public and private real estate companies. As part of this transaction, FARS V representatives John D. McGurk and Andrew M. Silberstein have joined the Welsh Board of Managers, which also includes Dennis Doyle, Scott Frederiksen, and Jean Kane.

Welsh will use the capital from Rothschild Realty Managers to expand its portfolio of properties and exercise an aggressive growth plan for its services businesses. Currently, the Welsh Property Trust portfolio contains both industrial and office buildings and spans many markets throughout the central and eastern United States. It also includes all of the operating businesses of Welsh Companies.

Scott Frederiksen will serve as chief executive officer of Welsh Property Trust, while Jean Kane will continue to oversee operations of the company's real estate services group as president and chief operating officer. Welsh founder Dennis Doyle will be executive chairman of the Board of Managers.

"The credit facility will allow Welsh Property Trust to acquire additional real estate and grow our services businesses, positioning the company for continued success," said Chief Executive Officer Scott Frederiksen. "We are very pleased with the addition of John and Andrew to our Board of Managers as they bring a long history, many excellent relationships, and great deal of expertise."

"Welsh has a long history of success, both as an owner/operator of high quality real estate and as a client-focused provider of real estate service throughout the central U.S. We believe the Welsh team has a great opportunity to utilize our commitment to grow its industrial portfolio and implement management's integrated growth strategy for the platform," added Andrew M. Silberstein, Managing Director, Rothschild Realty Managers.

About Welsh Property Trust, LLC

Formed to continue and expand upon the business of Welsh Companies, LLC and its affiliates, Welsh Property Trust, LLC ("Welsh") is a fully integrated commercial real estate company that owns, operates and manages industrial and office properties primarily in the United States, and provides real estate services to third-party commercial property owners of all product types. Headquartered in Minnetonka, Minn. Welsh has regional offices in Minneapolis/St. Paul, Minn.; Chicago, Ill.; St. Louis, Mo.; Detroit, Mich.; and Cincinnati, Ohio.

About Rothschild Realty

Rothschild Realty Managers, LLC is a New York-based investment manager that specializes in providing growth capital to public and private real estate operating companies. Since 1996, its primary investment activity has consisted of making $2.3 billion in private placements through its Five Arrows Realty Securities private equity funds. To learn more about Rothschild Realty, go to