CG malls europe - Commerz Real

With the purchase of Almada Cda. and Brafero S.A., two existing loans were bought,
amounting to EUR 90,175,323.50 in Almada Cda. and EUR 55,000,000.00 in Brafero S.A.
The comparison of the fixed interest rates and current market conditions as of 31 October
2007 revealed that the fixed conditions would be much more attractive. The seller of
the companies received compensation. The amounts, calculated for the remaining fixedinterest
period of the respective loans, were EUR 1,610,282.00 for the loan in Almada
Cda. and EUR 981,294.00 for the loan in Brafero S.A. Accordingly, the respective loans
have been revalued in the balance sheets of the companies, resulting in a decrease in
the loan value in the balance sheet and an increase in the companies’ equity. Over the
remaining fixed-interest period, the loan amounts will be written-up to the redemption
amounts against the respective equity position. From 2007 to 2009, the loan in Almada
Cda. was written-up with an amount of EUR 1,197,893.00 and the loan in Brafero S.A.
with an amount of EUR 732,046.00. This brings the total value, including León, up to
EUR 377,251,934.50 as at 31 December 2009.
Fair value of loans as at 31 December 2009
Financial Report
Company Loan amount Fair value as Total write-up Total write-up Loan amount as
at purchase amount amount 2007 - 2009 at 31.12.2009
Almada Cda. 90,175,323.50 88,565,041.50 1,610,282.00 1,197,893.00 89,762,934.50
Brafero S.A. 55,000,000.00 54,018,706.00 981,294.00 732,046.00 54,750,752.00
León PropCo 61,980,000.00 60,974,831.00 1,005,169.00 293,417.00 61,268,248.00
other loans 171,470,000.00 171,470,000.00 0.00 0.00 171,470,000.00
Total 378,625,323.50 375,028,578.50 3,596,745.00 2,222,952.00 377,251,934.50
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