CG malls europe - Commerz Real
CG malls europe - Commerz Real
CG malls europe - Commerz Real
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4. Fund Structure<br />
The chart below shows the Fund’s current structure which comprises nine companies<br />
in four countries, and is designed to optimise the interest structure of the seed portfolio<br />
and to provide a perfect basis for future investments.<br />
Fund Structure<br />
<strong>CG</strong>M Lux 2 (L)<br />
Forum Almada<br />
Gestão de Centro Comercial<br />
S.U., Lda. (P)<br />
70%<br />
Forum Almada<br />
Gestão de Centro Comercial<br />
S.U., Lda. II & Comandita (P)<br />
30%<br />
<strong>CG</strong>M Lux 1 (L)<br />
<strong>CG</strong>M Lux 3 (L)<br />
Forum Montijo<br />
Gestão de Centro Comercial<br />
S.U., Lda. (P)<br />
Brafero<br />
Sociedade Imobiliária S.A.<br />
(P)<br />
Management<br />
<strong>CG</strong> NL Holding B.V.<br />
(NL)<br />
Espacio León<br />
PropCo S.L.<br />
(E)<br />
Almada Forum Forum Montijo Espacio León<br />
<strong>CG</strong> <strong>malls</strong> <strong>europe</strong> owns three Luxembourg holding companies, these being <strong>CG</strong>M Lux<br />
1 S.à r.l., which is the top-tier parent company in the holding structure, and its two<br />
Luxembourg subsidiaries, <strong>CG</strong>M Lux 2 S.à r.l. and <strong>CG</strong>M Lux 3 S.à r.l. While the two-tier<br />
approach in Luxembourg is quite common as it allows to sell the whole portfolio at once<br />
by selling the interest of the second-tier company, our approach of having two companies<br />
at the second tier takes the specific structure of the seed portfolio into account. It also<br />
helped to prevent the payment of transfer taxes on the purchase of Almada Forum.<br />
Manager‘s Report on the Fund<br />
<strong>CG</strong> <strong>Real</strong> Estate<br />
Luxembourg<br />
19
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