CG malls europe - Commerz Real

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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 57
58 Valuers Statement CG Real Estate Luxembourg S.à.r.l. 25 rue Edward Steichen L-2540 Luxembourg July 08, 2009 Valuers Statement - Re-Valuation of the retail properties of the CG Real Estate Master FCP-SIF CG malls europe as at June 2009 To whom it may concern, Cushman & Wakefield LLP Westhafenplatz 6 60327 Frankfurt am Main Tel +49 69 50 60 73 0 Fax +49 69 50 60 73 400 www.cushmanwakefield.de E-Mail: info.de@eur.cushwake.com In accordance with your written instruction dated May 22, 2009 we have prepared a revaluation of the three retail properties of the CG Real Estate Master FCP-SIF CG malls europe fund which we initially valued in October 2007 and last re-valued in December 2008. We performed the current valuation on the basis of the information provided to us electronically on May 14, 2009. The current market environment was also taken into consideration. We are now pleased to provide you with our results based on a DCF model. Our input assumptions as well as changes concerning the property and/or market environment since our previous valuation will be detailed in the individual summary valuation reports. Having given the matter careful consideration we are of the opinion that the Market Value of the subject properties as at June 01, 2009 was in the order of: Property City Country Market Value Forum Almada Almada Portugal 344.748.000 Forum Montijo Montijo Portugal 157.977.000 Espacio Leon León Spain 79.950.000 Total 582.675.000 Yours sincerely, CUSHMAN & WAKEFIELD LLP Martin Belik MRICS i.A. Tony Loughran MRICS i.A. Eric Van Leuven FRICS Head of VAS, Germany Head of VAS, Spain Managing Partner, Portugal Cushman & Wakefield LLP Frankfurt Branch ist eine Niederlassung der Cushman & Wakefield LLP mit Sitz in London, die beim Companies House in Großbritannien unter OC 328588 als Partnerschaftsgesellschaft englischen Rechts ohne persönliche Haftung der Partner ("LLP") registriert ist. Eine Liste der Partner kann eingesehen werden am obigen Sitz der Niederlassung. Umsatzsteuer-Identifikationsnummer: DE 213 062 633 Bankverbindung: Barclays Bank Plc Konto-Nr.: 07 365 440 01 BLZ 503 104 00 IBAN DE14 5031 0400 0736 5440 01
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 and 28: 26 6.2.1 Service and Management Cha
Page 29 and 30: 28 Property Report 1. Portfolio Ove
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
Page 54 and 55: the future net tax income to the cl
Page 56 and 57: 2.1 Internal Loan Portfolio The tab
Page 60 and 61: CG Real Estate Luxembourg S.à.r.l.
Page 62: Financial Statements Financial Stat
Page 65 and 66: 64 Commerz Real Estate Master FCP -
Page 95 and 96: Commerz Real Estate Master FCP - SI
Page 101 and 102: 100 Commerz Real Estate Master FCP
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