CG malls europe - Commerz Real

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Commerz Real Estate Master FCP – SIF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2009 5. Investment Properties Financial Statements On October 31, 2007 the Fund acquired two shopping centres, Forum Almada and Forum Montijo, both located south of Lisbon, Portugal, and the shopping centre Espacio León, located in Northern Spain, in the city of León (“Seed Portfolio”) from another fund managed by an entity of Commerz Real Group. The purchase price for investments acquired in 2007 was determined in accordance with the respective purchase agreements, and recorded accordingly. This also included the final purchase price adjustments recorded in 2008 for the investments acquired in 2007. The purchase price for investment property included equalisation for key money, tax effects, financing costs, and adjustments regarding “HIP”, a program related to the maintenance of the properties. Thus the initially recorded acquisition costs increased the fair value of the acquired property which was determined by the independent valuer. The below disclosed unrealised loss of 2007 was mainly influenced by this effect. In 2008 late adjustments on the purchase prices paid in 2007 were paid, resulting in a further increase in the acquisition costs of EUR 277,882 in total. In 2009 no further acquisition costs in regards to the Seed Portfolio were incurred. During the financial year 2009 the Fund did not acquire any further real estate investments. The movements in the investment values in the properties held by the fund until December 31, 2009 are as follows: At December 31, 2009 and 2008, the Group had no unprovided contractual obligations for future repairs and maintenance. Direct operating expenses recognised in the statement of comprehensive income include EUR 751,784 (2008: EUR 0) relating to investment property that was unlet. 89
90 Commerz Real Estate Master FCP – SIF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS AT DECEMBER 31, 2009 5. Investment Properties (continued) 84% of the investments held as at December 31, 2009 were located in Portugal (December 31, 2008: 85%), the remaining 16% of the investments are located in Spain (December 31, 2008: 15%). The geographical split of the investments held was the following at balance sheet date: The Fund’s investment properties were revalued as at November 17, 2009 by Cushman & Wakefield LLP based on an income based approach using a 10 year discounted cash flow method. Valuations were based on current parameters in an active market for all properties. For details please refer to note 4.1.
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Annual Report 2009 as at 31 Decembe
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2 General Information Fund name: CG
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Almada Forum
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6 Financials Balance Sheet by Fund
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Almada Forum
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10 Manager‘s Report on the Fund O
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12 For 2010, the Economist Intellig
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14 Larger shopping centres of more
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16 Shopping Centre Prime Initial Yi
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18 As the figure above shows, many
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20 All three Luxembourg companies a
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22 5.2 Forum Montijo The acquisitio
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24 The following list shows the per
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26 6.2.1 Service and Management Cha
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28 Property Report 1. Portfolio Ove
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30 Tenancy information Almada Forum
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32 The following table shows the to
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34 Almada Forum As at 31 December 2
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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 58 and 59: With the purchase of Almada Cda. an
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 89: 88 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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CG malls europe - Commerz Real

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