CG malls europe - Commerz Real

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6.3 Distribution According to the above calculations, the earned returns (income returns) for 2009 without the depreciations on the value of the shopping centres would amount to approx. 3.8%. With a view to the ongoing negotiations with several new tenants who have made their decision to open a new business in the shopping malls dependent on the payment of a fit-out contribution by the owner, the Fund Management decided to set aside provisions toward this end, and to reduce the amount distributed to the investors to 3.25% per share. The distribution equals a 4.06% cash-on-cash return on the average fixed equity for 2009. The amount distributed will be paid on 19 July 2010. Total distribution in EUR 9,425,000.00 per share in EUR 3.25 Cash-on-cash return on initial equity invested 3.25% Cash-on-cash return on average fixed equity 4.06% 6.4 Future Developments As expected, the financial crisis did escalate into an economic crisis. During the opening months of 2010, the crisis moreover expanded to impact the weaker Eurozone member states as well. The national governments of the affected countries intend to address the crisis with – in some cases – extensive austerity measures. We assume that these austerity measures will have ramifications for the consumer behaviour in Portugal and Spain. This will in turn impact sales at our shopping centres. As a result, it is safe to expect that tenants will approach us with additional requests for bonifications and discounts. It is equally likely to affect upcoming lease negotiations in 2010. We therefore project a slightly lower rental income compared to the previous year. That said, we intend to counter this possible trend by stepping up our letting efforts. To facilitate the lease negotiations with suitable tenants we should cover the fit-out costs for shops they intend to open. Some of the cash flow not distributed will be earmarked for this purpose. Then again, investor interest in Spain appears to revive. Increased investment activities in these countries would precipitate a decline in yield rates and thereby bolster real estate values. One of our priorities remains to boost the competitiveness of the shopping malls. Accordingly, we will undertake various face-lifting measures that will upgrade the outer appearance of the malls. Manager‘s Report on the Fund 27
28 Property Report 1. Portfolio Overview CG malls europe started building up a diversified cross-European portfolio by acquiring three premium dominant regional shopping centres of premium quality. These malls, two of which are located in Lisbon/Portugal and one of which is located in León/ Spain, represents the Fund’s so-called seed portfolio. The following tables provide a brief summary of the seed portfolio’s metrics: Property information Almada Forum Espacio as at 31 December 2009 Forum Montijo León Total Type of asset Shopping Center Shopping Center Shopping Center Country Portugal Portugal Spain City / greater area Lisbon Lisbon León Adress Estrada do Caminho Zona Industrial do Avenida del Municipal 1011 Pau Queimada País Leonés n° 12 Vale de Mourelos Rua da Azinheira – Afonseiro 2810-354 Almada 2870-100 Montijo 24010 León Construction date 2002 2003 2004 Acquistion date 31 Oct. 2007 31 Oct. 2007 31 Oct. 2007 Site area (sqm) 197,888 198,638 29,946 426,472 Total GLA (sqm) 81,400 58,200 36,500 176,100 Thereof hypermarket (sqm) 21,900 17,500 0 39,400 GLA without hypermarket - Ownership of the fund - (sqm) 59,500 40,700 36,500 136,700 Ownership in % 100% 100% 100% Parking spaces 5,253 3,900 1,339 10,492 No. of shops 253 163 113 529 Purchase price of the properties (Oct. 2007 in million EUR) 381.3 171.7 104.0 657.0 Initial market value of the properties (Oct. 2007 in million EUR) 381.3 171.7 103.8 656.8 Market value of the properties (June 2009 in million EUR) 344.7 158.0 80.0 582.7 Current market value of the properties (Nov. 2009 in million EUR) 333.6 154.5 77.7 565.8 Current cap rate (Nov. 2009 in %) 6.55% 6.65% 7.50%
Page 1 and 2: Annual Report 2009 as at 31 Decembe
Page 3 and 4: 2 General Information Fund name: CG
Page 5 and 6: Almada Forum
Page 7 and 8: 6 Financials Balance Sheet by Fund
Page 9 and 10: Almada Forum
Page 11 and 12: 10 Manager‘s Report on the Fund O
Page 13 and 14: 12 For 2010, the Economist Intellig
Page 15 and 16: 14 Larger shopping centres of more
Page 17 and 18: 16 Shopping Centre Prime Initial Yi
Page 19 and 20: 18 As the figure above shows, many
Page 21 and 22: 20 All three Luxembourg companies a
Page 23 and 24: 22 5.2 Forum Montijo The acquisitio
Page 25 and 26: 24 The following list shows the per
Page 27: 26 6.2.1 Service and Management Cha
Page 31 and 32: 30 Tenancy information Almada Forum
Page 33 and 34: 32 The following table shows the to
Page 35 and 36: 34 Almada Forum As at 31 December 2
Page 37 and 38: 36 Shops by group of activity - lev
Page 39 and 40: 38 Almada Forum these malls are loc
Page 41 and 42: 40 Located next to the main entranc
Page 43 and 44: 42 Shops by group of activity - Gro
Page 45 and 46: 44 Forum Montijo Forum Montijo Catc
Page 47 and 48: 46 4. Espacio León The city of Le
Page 49 and 50: 48 Parking Parking Espacio León fl
Page 51: 50 Espacio León streets in the inn
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Page 56 and 57: 2.1 Internal Loan Portfolio The tab
Page 58 and 59: With the purchase of Almada Cda. an
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CG malls europe - Commerz Real

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