MSREF Real Estate Advisor, Inc. (the “Adviser”) was formed in 2006 and registered with the SEC under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) in 2006. The Adviser is a wholly-owned direct subsidiary of Morgan Stanley (collectively, with its affiliates, “Morgan Stanley”). As of December 31, 2023, the Adviser had approximately $11,197,708,2401 of real estate assets under management, of which approximately $10,484,588,840 was managed on a discretionary basis and approximately $713,119,400 was managed on a non-discretionary basis. The Adviser provides real estate-related investment advisory services to Prime Property Fund Asia Limited Partnership and its related commingled funds that comprise the Prime Asia investment program (“PPFA”) and each of Prime Property Fund Europe SCSp and Prime Property Fund Europe S.A., SICAV-RAIF and their related commingled funds that comprise the Prime Europe investment program (“PPFE”). Except as the context dictates, references to the “Fund” or the “Funds” shall include PPFA and PPFE. These advisory services consist primarily of advising and making investment decisions with respect to the acquisition, development and disposition of equity interests in real estate and real estate-related investments in Asia and Europe, respectively. In providing its services to each of its advisory clients, the Adviser formulates such client’s investment objectives, directs and manages the investment and reinvestment of assets, and provides reports to investors. The Adviser manages the assets of each advisory client in accordance with the terms of the governing documents applicable to such client. The Adviser’s affiliation with Morgan Stanley, including Morgan Stanley Real Estate Investing, the real estate investing business

of Morgan Stanley, together with its subsidiaries and the supporting units dedicated to the real estate investing business (collectively, “MSREI”), provides it with access to valuable relationships, market knowledge, and financial and operating expertise. Morgan Stanley has been engaged in the real estate business since 1969 and the investing businesses employ professionals worldwide who have demonstrated a proven ability to source deals, structure complex transactions and identify multiple exit strategies which enhance each of the Fund’s ability to meet its return objectives. With respect to PPFA, the Adviser has delegated a substantial portion of its advisory duties, including but not limited to assistance with respect to strategic planning for PPFA, recommending investment opportunities, recommending strategic exit opportunities with respect to PPFA’s investments, monitoring performance of PPFA and providing such other assistance as PPFA may require in connection with its day-to-day operations, legal entity management and investment 1 Real Estate Assets Under Management (RE AUM) represents gross fair market value of the Real Estate assets managed by the Adviser on behalf of its clients, presented at direct ownership interest. RE AUM for certain minority interests represents the clients’ equity investment in the entity. activities to an affiliate, Morgan Stanley Asia (Singapore) PTE., (the “Sub-Adviser”), pursuant to an agreement by and among the Adviser, the Sub-Adviser, PPFA and its general partner. The activities of the Adviser described in this Brochure may be performed by (i) the Adviser; (ii) one of its affiliates that acts as a general partner or managing member of the Funds; or (iii) certain non-U.S.-affiliated advisers that may provide advice or research for the Adviser for use with the Funds (in such capacity, “Participating Affiliates”).