CG malls europe - Commerz Real

Commerz Real Estate Master FCP – SIF
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS AT DECEMBER 31, 2009
3.1. Financial risk factors (continued)
Financial Statements
The following tables summarise the liquidity gaps split by residual maturities as at December 31, 2008 and December
31, 2009:
Liquidity risks may also stem from derivative instruments held by the Fund. The Management will in general not provide
for currency hedging on CG malls europe’s level and will under no circumstances use derivatives for speculative purposes.
Nevertheless, the Fund Management has full discretion to use futures, options or other derivatives for selective
hedging purposes to mitigate currency and/or interest rate risks. At reporting date the fund did not hold any derivatives
instruments.
Liquidity risks for the Fund might also stem from the redemption of units of the Fund’s investors. Each investor has
the right to have its units redeemed, subject to the Fund’s notice period, with the notice period varying between three
and thirty months. The redemption price shall equal the NAV per Unit at the time the redemption becomes effective.
In order to fund redemptions, the Management Company may use funds that would otherwise constitute distributable
cash flow, call undrawn capital commitments, sell assets belonging to CG malls europe (including real estate), incur
debt subject to the prescribed borrowing restrictions or use available funds from other sources. At reporting date no
redemptions were issued.
85